PITTSBURGH – Ansys reported fourth quarter GAAP revenue of $302.3 million, up 12% year-over-year.

Net income for the quarter was $52.6 million, down 25% compared to the same quarter in 2016.

For 2017, GAAP revenue was $1.1 billion, an increase of 11% compared to 2016. Net income for the full year was $259.3 million, down 2%.

“Our performance in 2017 significantly exceeded my expectations coming into the year,” said Ajei Gopal, president and CEO of Ansys . “We broke through the $1 billion revenue barrier; we grew our annual revenue by double-digits for the first time in five years, and we were added to the S&P 500 Index. We have made continued progress with our go-to-market initiatives, as illustrated by the 21% annual growth in our deferred revenue and backlog, ending the year at a record $770 million."

For the first quarter ending Mar. 31, the company expects GAAP revenue of $261 million to $281 million.

For 2018, Ansys projects GAAP revenue between $1.152 billion and $1.232 billion.