/ Q1 2024 Results Revenue of $466.6 million GAAP diluted earnings per share of $0.40 and non-GAAP diluted earnings per share of $1.39 GAAP operating profit margin of 9.3% and non-GAAP operating profit margin of 32.2% Operating cash flows of $282.8 million and unlevered operating cash flows of $292.7 million Annual Contract Value (ACV) of $407.4 million Deferred revenue and backlog of $1,369.5 million on March 31, 2024       PITTSBURGH, May 01, 2024 (GLOBE NEWSWIRE) -- ANSYS, Inc. (NASDAQ:ANSS), today reported first quarter 2024 revenue of $466.6 million, a decrease of 8% in reported and constant currency, when compared to the first quarter of 2023. For the first quarter of 2024, the Company reported diluted earnings per share of $0.40 and $1.39 on a GAAP and non-GAAP basis, respectively, compared to $1.15 and $1.85 on a GAAP and non-GAAP basis, respectively, for the first quarter of 2023. Additionally, the Company reported first quarter ACV growth of 2% in reported currency or 3% in constant currency, when compared to the first quarter of 2023. For 2024, quarterly ACV and revenue growth rates will be variable across the quarters and are affected by the performance comparisons to 2023. As discussed in the Q4 2023 press release, we expected that Q1 2024 ACV and revenue results would be the lowest amongst the 2024 quarters. Our actual results for the first quarter met our expectations. We continue to expect double-digit ACV and revenue growth in the remaining quarters of the year, and expect FY 2024 ACV to grow double-digit. On January 15, 2024, the Company entered into a definitive agreement with Synopsys, Inc. (Synopsys) under which Synopsys will acquire Ansys. The transaction is anticipated to close in the first half of 2025, subject to approval by Ansys shareholders, the receipt of required regulatory approvals and other customary closing conditions. As previously announced, in light of the pending transaction with Synopsys, Ansys has suspended quarterly earnings conference calls and no longer provides quarterly or annual guidance.       The non-GAAP financial results highlighted represent non-GAAP financial measures. Reconciliations of these measures to the comparable GAAP measures for the three months ended March 31, 2024 and 2023 can be found later in this release.       / Summary of Financial Results Ansys' first quarter 2024 and 2023 financial results are presented below. The 2024 and 2023 non-GAAP results exclude the income statement effects of stock-based compensation, excess payroll taxes related to stock-based compensation, amortization of acquired intangible assets, expenses related to business combinations and adjustments for the income tax effect of the excluded items. Our results are as follows:   GAAP (in thousands, except per share data and percentages) Q1 2024   Q1 2023   % Change Revenue $         466,605     $         509,447             (8.4)% Net income $ 34,778     $ 100,622     (65.4)% Diluted earnings per share $ 0.40     $ 1.15     (65.2)% Gross margin   85.3 %     86.7 %     Operating profit margin   9.3 %     25.1 %     Effective tax rate   15.1 %     16.7 %       Non-GAAP (in thousands, except per share data and percentages) Q1 2024   Q1 2023   % Change Net income $ 121,996     $ 161,763             (24.6)% Diluted earnings per share $ 1.39     $ 1.85             (24.9)% Gross margin   90.9 %     91.2 %     Operating profit margin   32.2 %     39.8 %     Effective tax rate   17.5 %     17.5 %       Other Metrics (in thousands, except percentages) Q1 2024   Q1 2023   % Change ACV $         407,405   $         399,407   2.0 % Operating cash flows $         282,817   $         260,766   8.5 % Unlevered operating cash flows $         292,667   $         269,516   8.6 % Supplemental Financial Information / Annual Contract Value (in thousands, except percentages) Q1 2024   Q1 2024 in Constant Currency   Q1 2023   % Change   % Change in Constant Currency ACV $ 407,405   $ 410,433   $ 399,407   2.0 %   2.8 % Recurring ACV includes both subscription lease ACV and all maintenance ACV (including maintenance from perpetual licenses). It excludes perpetual license ACV and service ACV. / Revenue (in thousands, except percentages) Q1 2024   Q1 2024 in Constant Currency   Q1 2023   % Change   % Change in Constant Currency Revenue $ 466,605   $ 470,508   $ 509,447   (8.4)%   (7.6)% REVENUE BY LICENSE TYPE (in thousands, except percentages) Q1 2024   % of Total   Q1 2023   % of Total   % Change   % Change in Constant Currency Subscription Lease $ 94,800   20.3 %   $ 147,922   29.0 %   (35.9)%   (35.5)% Perpetual   65,521   14.0 %     71,230   14.0 %   (8.0)%   (7.7)% Maintenance1   289,340   62.0 %     268,593   52.7 %   7.7 %   8.8 % Service   16,944   3.6 %     21,702   4.3 %   (21.9)%   (21.3)% Total $ 466,605       $ 509,447       (8.4)%   (7.6)% 1Maintenance revenue is inclusive of both maintenance associated with perpetual licenses and the maintenance component of subscription leases. REVENUE BY GEOGRAPHY (in thousands, except percentages) Q1 2024   % of Total   Q1 2023   % of Total   % Change   % Change in Constant Currency Americas $ 208,697   44.7 %   $ 256,915   50.4 %   (18.8)%   (18.8)%                         Germany   36,198   7.8 %     38,674   7.6 %   (6.4)%   (7.6)% Other EMEA   82,417   17.7 %     82,404   16.2 %   — %   (1.5)% EMEA   118,615   25.4 %     121,078   23.8 %   (2.0)%   (3.4)%                         Japan   36,532   7.8 %     38,086   7.5 %   (4.1)%   7.1 % Other Asia-Pacific   102,761   22.0 %     93,368   18.3 %   10.1 %   11.5 % Asia-Pacific   139,293   29.9 %     131,454   25.8 %   6.0 %   10.2 %                         Total $