PITTSBURGH – ANSYS reported third quarter GAAP revenue of $343.9 million, up 18.8% year-over-year.

Net income was $89.5 million, a slight increase of 0.22% compared to the third quarter of 2018.

“Once again we delivered an outstanding quarter, with double-digit ACV and revenue growth and strong operating income,” said Ajei Gopal, ANSYS president and CEO. “Our pervasive simulation strategy is working. With a growing market, world-class products, deep customer relationships and robust execution, we continue to make excellent progress toward our goal of $2 billion in ACV by 2022.”

“Our strong third quarter revenue performance drove bottom-line results well ahead of the high end of our third quarter 2019 EPS guidance, positioning ANSYS for a strong finish to 2019,” said Maria Shields, ANSYS CFO. “In addition, deferred revenue and backlog grew to $650 million, an increase of 19% over the same period in 2018. Other financial highlights for the quarter include annual contract value growth of 14% in constant currency and total operating cash flows of $120 million, a 9% increase compared to the third quarter of 2018. To reflect the near-term operating strength that we see in our business, we are raising our guidance for 2019, and we remain confident in our ability to drive double-digit constant currency ACV growth and achieve our 2022 long-term targets.”

For the first nine months of 2019, ANSYS recorded GAAP revenue of $1.03 billion, an increase of 17.3% year-over-year. Net income was $285.4 million, up 7.2%.

On Nov. 1, ANSYS acquired LSTC for a purchase price of $779.9 million. The company also closed the acquisition of Dynardo for approximately €30.0 million.

For the fourth quarter, the firm expects GAAP revenue between $449.6 million and $475.2 million.

The company currently expects 2019 GAAP revenue between $1.479 billion and $1.504 billion.

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