Ansys Announces Q2 Financial Results With Q2 Record Revenue, ACV and Operating Cash Flow

Other Financial Metrics

(in millions, except percentages) Q2 QTD
2020
  Q2 QTD
2019
  % Change  % Change in
Constant
Currency
Annual Contract Value (ACV) $ 344.4   $326.1  6% 6%
Operating cash flows $ 131.6   $88.5  49%  


(in millions, except percentages) Q2 YTD
2020
  Q2 YTD
2019
  % Change  % Change in
Constant
Currency
ACV $ 645.5   $629.6  3% 3%
Operating cash flows $ 279.0   $240.1  16%  
             

ACV is a metric the Company uses to better understand the business. There is no GAAP measure comparable to ACV. ACV is composed of the following:

  • the annualized value of maintenance and lease contracts with start dates or anniversary dates during the period, plus
  • the value of perpetual license contracts with start dates during the period, plus
  • the annualized value of fixed-term services contracts with start dates or anniversary dates during the period, plus
  • the value of work performed during the period on fixed-deliverable services contracts.

Management's 2020 Financial Outlook

The Company's third quarter and fiscal year 2020 revenue and diluted earnings per share guidance is provided below. The Company is also providing its fiscal year 2020 guidance for ACV and operating cash flows. The revenue and diluted earnings per share guidance is provided on both a GAAP and non-GAAP basis. Non-GAAP financial measures exclude the income statement effects of acquisition adjustments to deferred revenue, stock-based compensation, amortization of acquired intangible assets and acquisition-related transaction expenses.

The financial guidance below reflects the Company's current estimates of the adverse impacts of the global pandemic. This guidance is based on certain assumptions made by the Company and the Company's evaluation of factual information it has determined to be relevant. Additional details related to the Company's financial guidance, including assumptions and economic impacts of COVID-19, are detailed in its prepared remarks document.

Third Quarter 2020 Guidance

The Company currently expects the following for the quarter ending September 30, 2020:

(in millions, except per share data) GAAP  Non-GAAP
Revenue$344.9 - $374.9 $347.0 - $377.0
Diluted earnings per share$0.61 - $0.90 $1.10 - $1.34

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