Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
DEI - Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'ANSS | ' |
Entity Registrant Name | 'ANSYS INC | ' |
Entity Central Index Key | '0001013462 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 91,908,430 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $816,805 | $742,486 |
Short-term investments | 665 | 500 |
Accounts receivable, less allowance for doubtful accounts of $5,400 and $5,700, respectively | 83,253 | 97,845 |
Other receivables and current assets | 148,069 | 200,734 |
Deferred income taxes | 26,228 | 26,031 |
Total current assets | 1,075,020 | 1,067,596 |
Property and equipment, net | 65,099 | 60,538 |
Construction-in-progress - leased facility | 32,009 | 18,136 |
Goodwill | 1,313,754 | 1,255,704 |
Other intangible assets, net | 277,514 | 291,390 |
Other long-term assets | 4,074 | 10,586 |
Deferred income taxes | 21,568 | 18,432 |
Total assets | 2,789,038 | 2,722,382 |
Current liabilities: | ' | ' |
Accounts payable | 3,225 | 7,939 |
Accrued bonuses and commissions | 32,884 | 43,992 |
Accrued income taxes | 6,094 | 9,333 |
Deferred income taxes | 112 | 49 |
Other accrued expenses and liabilities | 63,939 | 69,343 |
Deferred revenue | 301,026 | 309,775 |
Total current liabilities | 407,280 | 440,431 |
Long-term liabilities: | ' | ' |
Non-cash obligation for construction-in-progress - leased facility | 32,009 | 18,136 |
Deferred income taxes | 41,171 | 66,899 |
Other long-term liabilities | 52,861 | 60,670 |
Total long-term liabilities | 126,041 | 145,705 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $.01 par value; 2,000,000 shares authorized; zero shares issued or outstanding | 0 | 0 |
Common stock, $.01 par value; 300,000,000 shares authorized; 93,236,023 shares issued | 932 | 932 |
Additional paid-in capital | 911,377 | 926,031 |
Retained earnings | 1,469,875 | 1,284,818 |
Treasury stock, at cost: 1,421,141 and 917,937 shares, respectively | -107,850 | -72,891 |
Accumulated other comprehensive loss | -18,534 | -2,644 |
Total ANSYS, Inc. stockholders' equity | 2,255,800 | 2,136,246 |
Noncontrolling interest | -83 | 0 |
Total stockholders' equity | 2,255,717 | 2,136,246 |
Total liabilities and stockholders' equity | $2,789,038 | $2,722,382 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $5,400 | $5,700 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 93,236,023 | 93,236,023 |
Common stock, shares outstanding | 0 | 0 |
Treasury stock, shares | 1,421,141 | 917,937 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenue: | ' | ' | ' | ' |
Software licenses | $139,965 | $129,185 | $406,883 | $381,177 |
Maintenance and service | 94,035 | 83,473 | 274,763 | 244,063 |
Total revenue | 234,000 | 212,658 | 681,646 | 625,240 |
Cost of sales: | ' | ' | ' | ' |
Software licenses | 7,095 | 6,244 | 21,603 | 19,978 |
Amortization | 9,477 | 9,215 | 28,198 | 29,073 |
Maintenance and service | 20,622 | 19,710 | 63,816 | 59,032 |
Total cost of sales | 37,194 | 35,169 | 113,617 | 108,083 |
Gross profit | 196,806 | 177,489 | 568,029 | 517,157 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative | 58,172 | 51,345 | 174,002 | 156,620 |
Research and development | 41,033 | 38,882 | 123,251 | 113,559 |
Amortization | 6,793 | 5,625 | 17,374 | 17,367 |
Total operating expenses | 105,998 | 95,852 | 314,627 | 287,546 |
Operating income | 90,808 | 81,637 | 253,402 | 229,611 |
Interest expense | -149 | -226 | -578 | -967 |
Interest income | 655 | 656 | 2,206 | 2,131 |
Other expense, net | -395 | -357 | -772 | -851 |
Income before income tax provision | 90,919 | 81,710 | 254,258 | 229,924 |
Income tax provision | 25,440 | 19,280 | 69,201 | 60,526 |
Net income | $65,479 | $62,430 | $185,057 | $169,398 |
Earnings per share - basic: | ' | ' | ' | ' |
Basic earnings per share | $0.71 | $0.67 | $2.01 | $1.83 |
Weighted average shares - basic | 91,875 | 92,541 | 92,224 | 92,770 |
Earnings per share - diluted: | ' | ' | ' | ' |
Diluted earnings per share | $0.70 | $0.66 | $1.96 | $1.78 |
Weighted average shares - diluted | 93,905 | 95,265 | 94,397 | 95,157 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net income | $65,479 | $62,430 | $185,057 | $169,398 |
Other comprehensive (loss) income, net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustments | -19,348 | 5,477 | -15,890 | -8,825 |
Comprehensive income | $46,131 | $67,907 | $169,167 | $160,573 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $185,057 | $169,398 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 61,223 | 61,263 |
Deferred income tax benefit | -13,698 | -18,184 |
Provision for bad debts | 1,645 | 1,129 |
Stock-based compensation expense | 27,583 | 26,742 |
Excess tax benefits from stock-based compensation | -9,619 | -8,739 |
Other | 20 | 49 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 14,093 | 15,182 |
Other receivables and current assets | 48,561 | 23,363 |
Other long-term assets | 434 | 193 |
Accounts payable, accrued expenses and current liabilities | -18,859 | -14,971 |
Accrued income taxes | 5,856 | 8,860 |
Deferred revenue | -2,080 | 1,673 |
Other long-term liabilities | -7,182 | -17,936 |
Net cash provided by operating activities | 293,034 | 248,022 |
Cash flows from investing activities: | ' | ' |
Acquisitions, net of cash acquired | -102,517 | -4,224 |
Capital expenditures | -20,628 | -14,147 |
Purchases of short-term investments | -265 | -147 |
Maturities of short-term investments | 96 | 97 |
Net cash used in investing activities | -123,314 | -18,421 |
Cash flows from financing activities: | ' | ' |
Principal payments on long-term debt | 0 | -53,149 |
Principal payments on capital leases | -86 | 0 |
Purchase of treasury stock | -108,613 | -73,457 |
Restricted stock withholding taxes paid in lieu of issued shares | -5,108 | -4,269 |
Contingent consideration payments | -4,504 | -3,174 |
Proceeds from issuance of common stock under Employee Stock Purchase Plan | 3,629 | 2,987 |
Proceeds from exercise of stock options | 23,094 | 26,633 |
Excess tax benefits from stock-based compensation | 9,619 | 8,739 |
Net cash used in financing activities | -81,969 | -95,690 |
Effect of exchange rate fluctuations on cash and cash equivalents | -13,432 | -3,280 |
Net increase in cash and cash equivalents | 74,319 | 130,631 |
Cash and cash equivalents, beginning of period | 742,486 | 576,703 |
Cash and cash equivalents, end of period | 816,805 | 707,334 |
Supplemental disclosures of cash flow information: | ' | ' |
Income taxes paid | 90,606 | 72,160 |
Interest paid | 633 | 735 |
Construction-in-progress - leased facility | $13,873 | $11,222 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2014 | |
Organization | ' |
Organization | |
ANSYS, Inc. (hereafter the "Company" or "ANSYS") develops and globally markets engineering simulation software and technologies widely used by engineers, designers, researchers and students across a broad spectrum of industries and academia, including aerospace, automotive, manufacturing, electronics, biomedical, energy and defense. | |
As defined by the accounting guidance, the Company operates as three segments. However, the Company determined that its three operating segments are sufficiently similar and should be aggregated under the criteria provided in the related accounting guidance. | |
Given the integrated approach to the multi-discipline problem-solving needs of the Company’s customers, a single sale of software may contain components from multiple product areas and include combined technologies. The Company also has a multi-year product and integration strategy that will result in new, combined products or changes to or discontinuation of the historical product offerings. As a result, it is impracticable for the Company to provide accurate historical or current reporting among its various product lines. |
Accounting_Policies
Accounting Policies | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Accounting Policies | ' | |||||||||||
Accounting Policies | ||||||||||||
Basis of Presentation | ||||||||||||
The accompanying unaudited condensed consolidated financial statements have been prepared by ANSYS in accordance with accounting principles generally accepted in the United States for interim financial information for commercial and industrial companies and the instructions to the Quarterly Report on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, the accompanying statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. The accompanying condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements (and notes thereto) included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. The condensed consolidated December 31, 2013 balance sheet presented is derived from the audited December 31, 2013 balance sheet included in the most recent Annual Report on Form 10-K. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial statements have been included, and all adjustments are of a normal and recurring nature. Operating results for the three and nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for any future period. | ||||||||||||
The noncontrolling interest position of an acquired subsidiary is reported as a separate component of consolidated equity from the equity attributable to ANSYS stockholders as of September 30, 2014. The noncontrolling interest in the Company's net income was not significant to the consolidated results for the period presented and therefore has been included as a component of other expense, net in the condensed consolidated statements of income. | ||||||||||||
Cash and Cash Equivalents | ||||||||||||
Cash and cash equivalents consist primarily of highly liquid investments such as deposits held at major banks and money market mutual funds. Cash equivalents are carried at cost, which approximates fair value. The Company’s cash and cash equivalent balances comprise the following: | ||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||
(in thousands, except percentages) | Amount | % of Total | Amount | % of Total | ||||||||
Cash accounts | $ | 447,892 | 54.8 | $ | 439,348 | 59.2 | ||||||
Money market mutual funds | 368,913 | 45.2 | 303,138 | 40.8 | ||||||||
Total | $ | 816,805 | $ | 742,486 | ||||||||
The Company's money market mutual fund balances are held in various funds of a single issuer as of September 30, 2014 and December 31, 2013, respectively. |
Acquisitions
Acquisitions | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Acquisitions | ' | |||
Acquisitions | ||||
SpaceClaim Corporation | ||||
On April 30, 2014, the Company completed the acquisition of SpaceClaim Corporation ("SpaceClaim"), a leading provider of 3-D modeling technology. Under the terms of the agreement, ANSYS acquired SpaceClaim for a purchase price of $84.9 million, which was paid almost entirely in cash, plus retention vehicles and an adjustment for working capital. | ||||
SpaceClaim's software provides customers with a powerful and intuitive 3-D direct modeling solution to author new concepts and then leverage the power of simulation to rapidly iterate on these designs to drive innovation. The broad appeal of the SpaceClaim technology can help the Company deliver simulation tools to any engineer in any industry. The complementary combination is expected to accelerate development of new and innovative products to the marketplace while lowering design and engineering costs for customers. | ||||
The operating results of SpaceClaim have been included in the Company's condensed consolidated financial statements from April 30, 2014, the date of acquisition. The operating results of the acquired business were not material to the Company's consolidated results of operations during the period from April 30, 2014 to September 30, 2014. | ||||
The assets and liabilities of SpaceClaim have been recorded based upon management's estimates of their fair market values as of the acquisition date. The following tables summarize the fair value of consideration transferred and the preliminary fair values of identified assets acquired and liabilities assumed at the acquisition date: | ||||
Fair Value of Consideration Transferred: | ||||
(in thousands) | ||||
Cash | $ | 84,843 | ||
ANSYS replacement stock options | 68 | |||
Total consideration transferred at fair value | $ | 84,911 | ||
Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed: | ||||
(in thousands) | ||||
Cash | $ | 723 | ||
Accounts receivable and other tangible assets | 1,857 | |||
Developed technology (10-year life) | 15,800 | |||
Customer relationships (6-year life) | 9,400 | |||
Trade name (6-year life) | 1,300 | |||
Contract backlog (6-year life) | 550 | |||
Non-compete agreement (2-year life) | 300 | |||
Net deferred tax assets | 5,257 | |||
Accounts payable and other liabilities | (1,925 | ) | ||
Deferred revenue | (700 | ) | ||
Total identifiable net assets | $ | 32,562 | ||
Goodwill | $ | 52,349 | ||
The goodwill, which is not tax-deductible, is attributed to intangible assets that do not qualify for separate recognition, including the assembled workforce of the acquired business and the synergies expected to arise as a result of the acquisition of SpaceClaim. | ||||
The fair values of the assets acquired and liabilities assumed are based on preliminary calculations and the estimates and assumptions for these items are subject to change as additional information about what was known and knowable at the acquisition date is obtained during the measurement period (up to one year from the acquisition date). During the period since the SpaceClaim acquisition date, the Company increased the fair value of deferred revenue from $0.5 million to $0.7 million and increased the fair values of net deferred tax assets from $4.1 million to $5.3 million, with the offset recorded as a $1.0 million decrease to goodwill. These adjustments were based on refinements to assumptions used in the preliminary valuation of deferred revenue and information about what was known and knowable as of the acquisition date in the calculation of the net deferred tax assets. | ||||
Pro forma results of operations have not been presented as the effects of the SpaceClaim business combination were not material to the Company's consolidated results of operations. | ||||
In valuing deferred revenue on the SpaceClaim balance sheet as of the acquisition date, the Company applied the fair value provisions applicable to the accounting for business combinations. Acquired deferred revenue with a historical carrying value of $3.3 million was ascribed a fair value of $0.7 million on the opening balance sheet. As a result, the Company's post-acquisition revenue will be less than the sum of what would have otherwise been reported by ANSYS and SpaceClaim absent the acquisition. The impact on reported revenue for the three and nine months ended September 30, 2014 was $0.8 million and $1.4 million, respectively. The expected impact on reported revenue is $0.6 million for the quarter ending December 31, 2014 and $0.6 million for the year ending December 31, 2015. | ||||
Reaction Design | ||||
On January 3, 2014, the Company completed the acquisition of Reaction Design, a leading developer of chemistry simulation software. Under the terms of the agreement, ANSYS acquired Reaction Design for a purchase price of $19.1 million in cash. Reaction Design's solutions enable transportation manufacturers and energy companies to rapidly achieve their clean technology goals by automating the analysis of chemical processes via computer simulation and modeling solutions. | ||||
The operating results of Reaction Design have been included in the Company's condensed consolidated financial statements since the date of acquisition, January 3, 2014. The total consideration transferred was allocated to the assets and liabilities of Reaction Design based on management's estimates of the fair values of the assets acquired and the liabilities assumed. The allocation included $7.0 million to identifiable intangible assets, including core technology, customer lists and trade names, to be amortized over periods between two and eleven years, and $8.6 million to goodwill, which is not tax-deductible. The fair values of the assets acquired and liabilities assumed are based on preliminary calculations and the estimates and assumptions for these items are subject to change as additional information about what was known and knowable at the acquisition date is obtained and assessed during the measurement period (up to one year from the acquisition date). During the period since the Reaction Design acquisition date, the Company decreased the fair values of identifiable finite-lived intangible assets from $9.2 million to $7.0 million and increased the fair values of net deferred tax assets from $2.3 million to $2.6 million, with the offset recorded as an increase to goodwill of $1.3 million and a reduction in noncontrolling interest of $0.6 million. These adjustments were based on refinements to assumptions used in the preliminary valuation of intangible assets and information about what was known and knowable as of the acquisition date in the calculation of the net deferred tax assets. The operating results of Reaction Design are not material to the condensed consolidated financial statements. | ||||
In valuing deferred revenue on the Reaction Design balance sheet as of the acquisition date, the Company applied the fair value provisions applicable to the accounting for business combinations. Acquired deferred revenue with a historical carrying value of $2.3 million was ascribed no fair value on the opening balance sheet. As a result, the Company's post-acquisition revenue will be less than the sum of what would have otherwise been reported by ANSYS and Reaction Design absent the acquisition. The impact on reported revenue for the three and nine months ended September 30, 2014 was $0.4 million and $1.8 million, respectively. The expected impact on reported revenue is $0.3 million for the quarter ending December 31, 2014 and $0.3 million for the year ending December 31, 2015. | ||||
EVEN - Evolutionary Engineering AG | ||||
On April 2, 2013, the Company acquired EVEN - Evolutionary Engineering AG ("EVEN"), a leading provider of composite analysis and optimization technology. Under the terms of the agreement, ANSYS acquired EVEN for a purchase price of $8.1 million, which consisted of $4.5 million in cash and an estimated $3.6 million of contingent consideration based on EVEN's achievement of certain technical milestones during the three years following the acquisition date. The Company made its first contingent payment totaling $1.6 million in March 2014. | ||||
The total consideration transferred was allocated to the assets and liabilities of EVEN based on management's estimates of the fair values of the assets acquired and the liabilities assumed. The allocation included $2.6 million to identifiable intangible assets, including customer lists and core technology, to be amortized over a period of five years, and $5.9 million to goodwill, which is not tax-deductible. The fair values of the assets acquired and liabilities assumed are based on management's estimates of their fair values as of the acquisition date. |
Other_Receivables_and_Current_
Other Receivables and Current Assets | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Other Receivables and Current Assets | ' | |||||||
Other Receivables and Current Assets | ||||||||
The Company's other receivables and current assets comprise the following balances: | ||||||||
(in thousands) | September 30, | December 31, | ||||||
2014 | 2013 | |||||||
Receivables related to unrecognized revenue | $ | 103,892 | $ | 140,051 | ||||
Income taxes receivable, including overpayments and refunds | 24,391 | 42,357 | ||||||
Prepaid expenses and other current assets | 19,786 | 18,326 | ||||||
Total other receivables and current assets | $ | 148,069 | $ | 200,734 | ||||
Receivables for unrecognized revenue represent the current portion of annual lease licenses and software maintenance that has not yet been recognized as revenue. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share | ' | |||||||||||||||
Earnings Per Share | ||||||||||||||||
Basic earnings per share ("EPS") amounts are computed by dividing earnings by the weighted average number of common shares outstanding during the period. Diluted EPS amounts assume the issuance of common stock for all potentially dilutive equivalents outstanding. To the extent stock options are anti-dilutive, they are excluded from the calculation of diluted EPS. | ||||||||||||||||
The details of basic and diluted EPS are as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
(in thousands, except per share data) | September 30, | September 30, | September 30, | September 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income | $ | 65,479 | $ | 62,430 | $ | 185,057 | $ | 169,398 | ||||||||
Weighted average shares outstanding – basic | 91,875 | 92,541 | 92,224 | 92,770 | ||||||||||||
Dilutive effect of stock plans | 2,030 | 2,724 | 2,173 | 2,387 | ||||||||||||
Weighted average shares outstanding – diluted | 93,905 | 95,265 | 94,397 | 95,157 | ||||||||||||
Basic earnings per share | $ | 0.71 | $ | 0.67 | $ | 2.01 | $ | 1.83 | ||||||||
Diluted earnings per share | $ | 0.7 | $ | 0.66 | $ | 1.96 | $ | 1.78 | ||||||||
Anti-dilutive options | 237 | 1,148 | 877 | 1,145 | ||||||||||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||||
Goodwill and Intangible Assets | ||||||||||||||||
The Company's intangible assets and estimated useful lives are classified as follows: | ||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||
(in thousands) | Gross | Accumulated | Gross | Accumulated | ||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||
Amount | Amount | |||||||||||||||
Amortized intangible assets: | ||||||||||||||||
Developed software and core technologies (3 – 11 years) | $ | 322,093 | $ | (221,502 | ) | $ | 300,493 | $ | (203,236 | ) | ||||||
Customer lists and contract backlog (3 – 15 years) | 240,310 | (132,331 | ) | 237,173 | (119,368 | ) | ||||||||||
Trade names (2 – 10 years) | 114,593 | (60,073 | ) | 102,651 | (50,990 | ) | ||||||||||
Non-compete agreement (2 years) | 300 | (33 | ) | — | — | |||||||||||
Total | $ | 677,296 | $ | (413,939 | ) | $ | 640,317 | $ | (373,594 | ) | ||||||
Unamortized intangible assets: | ||||||||||||||||
Trade names | $ | 14,157 | $ | 24,667 | ||||||||||||
The decrease in unamortized trade names in the table above was due to the movement of certain trade names to amortized intangible assets. Amortization expense for the intangible assets reflected above was $16.3 million and $14.8 million for the three months ended September 30, 2014 and 2013, respectively. Amortization expense for the intangible assets reflected above was $45.6 million and $46.4 million for the nine months ended September 30, 2014 and 2013, respectively. | ||||||||||||||||
As of September 30, 2014, estimated future amortization expense for the intangible assets reflected above is as follows: | ||||||||||||||||
(in thousands) | ||||||||||||||||
Remainder of 2014 | $ | 15,526 | ||||||||||||||
2015 | 57,069 | |||||||||||||||
2016 | 47,697 | |||||||||||||||
2017 | 44,172 | |||||||||||||||
2018 | 30,566 | |||||||||||||||
2019 | 16,781 | |||||||||||||||
Thereafter | 51,546 | |||||||||||||||
Total intangible assets subject to amortization | 263,357 | |||||||||||||||
Indefinite-lived trade names | 14,157 | |||||||||||||||
Other intangible assets, net | $ | 277,514 | ||||||||||||||
The changes in goodwill during the nine months ended September 30, 2014 and 2013 were as follows: | ||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||
Beginning balance – January 1 | $ | 1,255,704 | $ | 1,251,247 | ||||||||||||
Acquisitions | 61,031 | 5,936 | ||||||||||||||
Currency translation and other | (2,981 | ) | (1,908 | ) | ||||||||||||
Ending balance – September 30 | $ | 1,313,754 | $ | 1,255,275 | ||||||||||||
During the first quarter of 2014, the Company completed the annual impairment test for goodwill and indefinite-lived intangible assets and determined that these assets had not been impaired as of the test date, January 1, 2014. No events or circumstances changed during the nine months ended September 30, 2014 that would indicate that the fair values of the Company's reporting units or indefinite-lived intangible assets are below their carrying amounts. |
Fair_Value_Measurement
Fair Value Measurement | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Fair Value Measurement | ' | |||||||||||||||
Fair Value Measurement | ||||||||||||||||
The valuation hierarchy for disclosure of assets and liabilities reported at fair value prioritizes the inputs for such valuations into three broad levels: | ||||||||||||||||
• | Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; | |||||||||||||||
• | Level 2: quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument; or | |||||||||||||||
• | Level 3: unobservable inputs based on the Company's own assumptions used to measure assets and liabilities at fair value. | |||||||||||||||
A financial asset's or liability's classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. | ||||||||||||||||
The following tables provide the assets and liabilities carried at fair value and measured on a recurring basis: | ||||||||||||||||
Fair Value Measurements at Reporting Date Using: | ||||||||||||||||
(in thousands) | September 30, | Quoted Prices in | Significant Other | Significant | ||||||||||||
2014 | Active Markets | Observable | Unobservable | |||||||||||||
(Level 1) | Inputs | Inputs | ||||||||||||||
(Level 2) | (Level 3) | |||||||||||||||
Assets | ||||||||||||||||
Cash equivalents | $ | 368,913 | $ | 368,913 | $ | — | $ | — | ||||||||
Short-term investments | $ | 665 | $ | — | $ | 665 | $ | — | ||||||||
Liabilities | ||||||||||||||||
Contingent consideration | $ | (2,653 | ) | $ | — | $ | — | $ | (2,653 | ) | ||||||
Fair Value Measurements at Reporting Date Using: | ||||||||||||||||
(in thousands) | 31-Dec-13 | Quoted Prices in | Significant Other | Significant | ||||||||||||
Active Markets | Observable | Unobservable | ||||||||||||||
(Level 1) | Inputs | Inputs | ||||||||||||||
(Level 2) | (Level 3) | |||||||||||||||
Assets | ||||||||||||||||
Cash equivalents | $ | 303,138 | $ | 303,138 | $ | — | $ | — | ||||||||
Short-term investments | $ | 500 | $ | — | $ | 500 | $ | — | ||||||||
Liabilities | ||||||||||||||||
Contingent consideration | $ | (7,389 | ) | $ | — | $ | — | $ | (7,389 | ) | ||||||
Deferred compensation | $ | (704 | ) | $ | — | $ | — | $ | (704 | ) | ||||||
The cash equivalents in the preceding tables represent money market mutual funds. | ||||||||||||||||
The short-term investments in the preceding tables represent deposits held by certain foreign subsidiaries of the Company. The deposits have fixed interest rates with maturity dates ranging from three months to one year. | ||||||||||||||||
The contingent consideration in the tables above represents potential future payments related to the EVEN and Apache Design, Inc. ("Apache") acquisitions in accordance with the respective agreements. The deferred compensation in the table above is attributable to a retention agreement for a key member of Apache management, and was accounted for outside of that business combination. The net present value calculations for the contingent consideration and deferred compensation include significant unobservable inputs in the assumption that all remaining payments will be made, and therefore the liabilities were classified as Level 3 in the fair value hierarchy. | ||||||||||||||||
The following tables present the changes in the Company’s Level 3 liabilities that are measured at fair value on a recurring basis during the three and nine months ended September 30, 2014 and 2013: | ||||||||||||||||
Fair Value Measurement Using | ||||||||||||||||
Significant Unobservable Inputs | ||||||||||||||||
(in thousands) | Contingent | Deferred | ||||||||||||||
Consideration | Compensation | |||||||||||||||
Balance as of January 1, 2014 | $ | 7,389 | $ | 704 | ||||||||||||
Contingent payment | (1,578 | ) | — | |||||||||||||
Interest expense and foreign exchange activity included in earnings | 164 | 3 | ||||||||||||||
Balance as of March 31, 2014 | $ | 5,975 | $ | 707 | ||||||||||||
Interest expense and foreign exchange activity included in earnings | 87 | 4 | ||||||||||||||
Balance as of June 30, 2014 | $ | 6,062 | $ | 711 | ||||||||||||
Contingent payments | (3,288 | ) | (712 | ) | ||||||||||||
Interest expense and foreign exchange activity included in earnings | (121 | ) | 1 | |||||||||||||
Balance as of September 30, 2014 | $ | 2,653 | $ | — | ||||||||||||
The final payment related to the retention of a key member of Apache management was paid in the third quarter of 2014. As a result of making this final payment, the Company no longer has a deferred compensation liability at September 30, 2014. | ||||||||||||||||
Fair Value Measurement Using | ||||||||||||||||
Significant Unobservable Inputs | ||||||||||||||||
(in thousands) | Contingent | Deferred | ||||||||||||||
Consideration | Compensation | |||||||||||||||
Balance as of January 1, 2013 | $ | 6,436 | $ | 1,394 | ||||||||||||
Interest expense included in earnings | 31 | 6 | ||||||||||||||
Balance as of March 31, 2013 | $ | 6,467 | $ | 1,400 | ||||||||||||
EVEN contingent consideration | 3,597 | — | ||||||||||||||
Interest expense and foreign exchange activity included in earnings | 134 | 7 | ||||||||||||||
Balance as of June 30, 2013 | $ | 10,198 | $ | 1,407 | ||||||||||||
Contingent payments | (3,288 | ) | (712 | ) | ||||||||||||
Interest expense and foreign exchange activity included in earnings | 295 | 5 | ||||||||||||||
Balance as of September 30, 2013 | $ | 7,205 | $ | 700 | ||||||||||||
The carrying values of cash, accounts receivable, accounts payable, accrued expenses, other accrued liabilities and short-term obligations approximate their fair values because of their short-term nature. |
Geographic_Information
Geographic Information | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Geographic Information | ' | |||||||||||||||
Geographic Information | ||||||||||||||||
Revenue to external customers is attributed to individual countries based upon the location of the customer. Revenue by geographic area is as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
(in thousands) | September 30, | September 30, | September 30, | September 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
United States | $ | 81,833 | $ | 72,671 | $ | 233,612 | $ | 214,342 | ||||||||
Japan | 25,823 | 25,835 | 82,543 | 81,538 | ||||||||||||
Germany | 23,835 | 23,892 | 73,337 | 68,905 | ||||||||||||
Canada | 3,246 | 3,508 | 9,735 | 10,341 | ||||||||||||
Other European | 52,836 | 48,257 | 157,992 | 142,494 | ||||||||||||
Other international | 46,427 | 38,495 | 124,427 | 107,620 | ||||||||||||
Total revenue | $ | 234,000 | $ | 212,658 | $ | 681,646 | $ | 625,240 | ||||||||
Property and equipment by geographic area is as follows: | ||||||||||||||||
(in thousands) | September 30, | December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||||
United States | $ | 49,188 | $ | 45,116 | ||||||||||||
India | 3,259 | 3,226 | ||||||||||||||
Other European | 8,551 | 9,095 | ||||||||||||||
Other international | 4,101 | 3,101 | ||||||||||||||
Total property and equipment | $ | 65,099 | $ | 60,538 | ||||||||||||
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Stock-Based Compensation | ' | |||||||||||||||
Stock-Based Compensation | ||||||||||||||||
Total stock-based compensation expense and its net impact on basic and diluted earnings per share are as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
(in thousands, except per share data) | September 30, | September 30, | September 30, | September 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Cost of sales: | ||||||||||||||||
Software licenses | $ | 490 | $ | 335 | $ | 1,289 | $ | 1,023 | ||||||||
Maintenance and service | 549 | 590 | 1,587 | 1,762 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative | 4,520 | 4,392 | 12,766 | 12,755 | ||||||||||||
Research and development | 4,394 | 3,764 | 11,941 | 11,202 | ||||||||||||
Stock-based compensation expense before taxes | 9,953 | 9,081 | 27,583 | 26,742 | ||||||||||||
Related income tax benefits | (2,843 | ) | (2,623 | ) | (7,703 | ) | (8,490 | ) | ||||||||
Stock-based compensation expense, net of taxes | $ | 7,110 | $ | 6,458 | $ | 19,880 | $ | 18,252 | ||||||||
Net impact on earnings per share | ||||||||||||||||
Basic earnings per share | $ | (0.08 | ) | $ | (0.07 | ) | $ | (0.22 | ) | $ | (0.20 | ) | ||||
Diluted earnings per share | $ | (0.08 | ) | $ | (0.07 | ) | $ | (0.21 | ) | $ | (0.19 | ) |
Stock_Repurchase_Program
Stock Repurchase Program | 9 Months Ended |
Sep. 30, 2014 | |
Stock Repurchase Program | ' |
Stock Repurchase Program | |
In February 2014, the Company's Board of Directors increased the authorization for the repurchase of shares from the remaining 1.5 million shares under its then existing authorization to 3.0 million shares. Under the Company’s stock repurchase program, the Company repurchased 1,431,503 shares during the nine months ended September 30, 2014 at an average price per share of $75.87, for a total cost of $108.6 million. During the nine months ended September 30, 2013, the Company repurchased 988,000 shares at an average price per share of $74.35, for a total cost of $73.5 million. As of September 30, 2014, approximately 1.6 million shares remained authorized for repurchase under the program. In November 2014, the Company's Board of Directors increased the authorization from the remaining 1.6 million shares to 5.0 million shares. |
Contingencies_and_Commitments
Contingencies and Commitments | 9 Months Ended |
Sep. 30, 2014 | |
Contingencies and Commitments | ' |
Contingencies and Commitments | |
The Company is subject to various investigations, claims and legal proceedings that arise in the ordinary course of business, including alleged infringement of intellectual property rights, commercial disputes, labor and employment matters, tax audits and other matters. In the opinion of the Company, the resolution of pending matters is not expected to have a material, adverse effect on the Company’s consolidated results of operations, cash flows or financial position. However, each of these matters is subject to various uncertainties and it is possible that an unfavorable resolution of one or more of these proceedings could materially affect the Company’s results of operations, cash flows or financial position. | |
An Indian subsidiary of the Company received a formal inquiry after a service tax audit was held in 2011. The Company could incur tax charges and related liabilities, including those related to the service tax audit case, of approximately $6 million. The service tax issues raised in the Company’s notice are very similar to the case, M/s Microsoft Corporation (I) (P) Ltd. Vs Commissioner of Service Tax, New Delhi, wherein the Delhi Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has passed a favorable ruling. The Company can provide no assurances on whether the Microsoft case’s favorable ruling will be challenged in higher courts nor on the impact that the present Microsoft case’s decision will have on the Company’s audit case. The Company is uncertain as to when the service tax audit will be completed. | |
The Company sells software licenses and services to its customers under proprietary software license agreements. Each license agreement contains the relevant terms of the contractual arrangement with the customer, and generally includes certain provisions for indemnifying the customer against losses, expenses and liabilities from damages that are incurred by or awarded against the customer in the event the Company’s software or services are found to infringe upon a patent, copyright or other proprietary right of a third party. To date, the Company has not had to reimburse any of its customers for any losses related to these indemnification provisions and no material claims asserted under these indemnification provisions are outstanding as of September 30, 2014. For several reasons, including the lack of prior material indemnification claims, the Company cannot determine the maximum amount of potential future payments, if any, related to such indemnification provisions. |
SaleLeaseback_Arrangement
Sale-Leaseback Arrangement | 9 Months Ended |
Sep. 30, 2014 | |
Sale-Leaseback Arrangement | ' |
Sale-Leaseback Arrangement | |
On September 14, 2012, the Company entered into a lease agreement for 186,000 square feet of rentable space located in an office facility in Canonsburg, Pennsylvania, which will serve as the Company's new headquarters. The lease was effective as of September 14, 2012, but because the leased premises were under construction, the Company is not obligated to pay rent until three months following the date that the leased premises were delivered to ANSYS, which occurred on October 1, 2014. The term of the lease is 183 months, beginning on October 1, 2014. The lease agreement terms provide that the Company is responsible for paying the cost of certain tenant improvements that exceed an allowance to be paid by the landlord. There is no cap to the Company's obligation in excess of the landlord allowance, and the improvements do not meet the definition of "normal tenant improvements" as defined in the accounting guidance. As a result, the Company is considered the owner of the building during the construction period and the lease is subject to sale-leaseback treatment. | |
As of September 30, 2014, the Company has recorded a $32.0 million construction-in-progress asset and a corresponding liability for construction debt funded by the lessor on its condensed consolidated balance sheet. The building was completed and delivered to the Company on October 1, 2014. The sale-leaseback treatment of the lease during the construction period did not have any impact on the Company's results of operations or cash flows. |
New_Accounting_Guidance
New Accounting Guidance | 9 Months Ended |
Sep. 30, 2014 | |
New Accounting Guidance | ' |
New Accounting Guidance | |
Revenue from contracts with customers: In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU 2014-09). ASU 2014-09 supersedes most current revenue recognition guidance, including industry-specific guidance. Previous guidance requires an entity to recognize revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the seller's price to the buyer is fixed or determinable, and collectibility is reasonably assured. Under the new guidance, an entity is required to evaluate revenue recognition by identifying a contract with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations in the contract and recognizing revenue when (or as) the entity satisfies a performance obligation. This guidance will be effective for annual periods beginning after December 15, 2016, including interim periods within that reporting period. Entities have the option of using a full retrospective, cumulative effect or modified approach to adopt the guidance. This update will impact the timing and amounts of revenue recognized. The Company is currently evaluating the effect that implementation of this update will have on its financial results upon adoption. |
Accounting_Policies_Policies
Accounting Policies (Policies) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Basis of Presentation | ' | |||||||||||
Basis of Presentation | ||||||||||||
The accompanying unaudited condensed consolidated financial statements have been prepared by ANSYS in accordance with accounting principles generally accepted in the United States for interim financial information for commercial and industrial companies and the instructions to the Quarterly Report on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, the accompanying statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. The accompanying condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements (and notes thereto) included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. The condensed consolidated December 31, 2013 balance sheet presented is derived from the audited December 31, 2013 balance sheet included in the most recent Annual Report on Form 10-K. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial statements have been included, and all adjustments are of a normal and recurring nature. Operating results for the three and nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for any future period. | ||||||||||||
The noncontrolling interest position of an acquired subsidiary is reported as a separate component of consolidated equity from the equity attributable to ANSYS stockholders as of September 30, 2014. The noncontrolling interest in the Company's net income was not significant to the consolidated results for the period presented and therefore has been included as a component of other expense, net in the condensed consolidated statements of income. | ||||||||||||
Cash and Cash Equivalents | ' | |||||||||||
Cash and Cash Equivalents | ||||||||||||
Cash and cash equivalents consist primarily of highly liquid investments such as deposits held at major banks and money market mutual funds. Cash equivalents are carried at cost, which approximates fair value. The Company’s cash and cash equivalent balances comprise the following: | ||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||
(in thousands, except percentages) | Amount | % of Total | Amount | % of Total | ||||||||
Cash accounts | $ | 447,892 | 54.8 | $ | 439,348 | 59.2 | ||||||
Money market mutual funds | 368,913 | 45.2 | 303,138 | 40.8 | ||||||||
Total | $ | 816,805 | $ | 742,486 | ||||||||
The Company's money market mutual fund balances are held in various funds of a single issuer as of September 30, 2014 and December 31, 2013, respectively. |
Accounting_Policies_Tables
Accounting Policies (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Cash and Cash Equivalents | ' | |||||||||||
The Company’s cash and cash equivalent balances comprise the following: | ||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||
(in thousands, except percentages) | Amount | % of Total | Amount | % of Total | ||||||||
Cash accounts | $ | 447,892 | 54.8 | $ | 439,348 | 59.2 | ||||||
Money market mutual funds | 368,913 | 45.2 | 303,138 | 40.8 | ||||||||
Total | $ | 816,805 | $ | 742,486 | ||||||||
Acquisitions_Tables
Acquisitions (Tables) (SpaceClaim Corporation [Member]) | 9 Months Ended | |||
Sep. 30, 2014 | ||||
SpaceClaim Corporation [Member] | ' | |||
Schedule Of Consideration Transferred Components | ' | |||
Fair Value of Consideration Transferred: | ||||
(in thousands) | ||||
Cash | $ | 84,843 | ||
ANSYS replacement stock options | 68 | |||
Total consideration transferred at fair value | $ | 84,911 | ||
Schedule of Recognized Identifiable Assets Acquired and Liabilities Assumed | ' | |||
Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed: | ||||
(in thousands) | ||||
Cash | $ | 723 | ||
Accounts receivable and other tangible assets | 1,857 | |||
Developed technology (10-year life) | 15,800 | |||
Customer relationships (6-year life) | 9,400 | |||
Trade name (6-year life) | 1,300 | |||
Contract backlog (6-year life) | 550 | |||
Non-compete agreement (2-year life) | 300 | |||
Net deferred tax assets | 5,257 | |||
Accounts payable and other liabilities | (1,925 | ) | ||
Deferred revenue | (700 | ) | ||
Total identifiable net assets | $ | 32,562 | ||
Goodwill | $ | 52,349 | ||
Other_Receivables_and_Current_1
Other Receivables and Current Assets (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Schedule of Other Receivables and Current Assets | ' | |||||||
The Company's other receivables and current assets comprise the following balances: | ||||||||
(in thousands) | September 30, | December 31, | ||||||
2014 | 2013 | |||||||
Receivables related to unrecognized revenue | $ | 103,892 | $ | 140,051 | ||||
Income taxes receivable, including overpayments and refunds | 24,391 | 42,357 | ||||||
Prepaid expenses and other current assets | 19,786 | 18,326 | ||||||
Total other receivables and current assets | $ | 148,069 | $ | 200,734 | ||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Details of Basic and Diluted EPS | ' | |||||||||||||||
The details of basic and diluted EPS are as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
(in thousands, except per share data) | September 30, | September 30, | September 30, | September 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income | $ | 65,479 | $ | 62,430 | $ | 185,057 | $ | 169,398 | ||||||||
Weighted average shares outstanding – basic | 91,875 | 92,541 | 92,224 | 92,770 | ||||||||||||
Dilutive effect of stock plans | 2,030 | 2,724 | 2,173 | 2,387 | ||||||||||||
Weighted average shares outstanding – diluted | 93,905 | 95,265 | 94,397 | 95,157 | ||||||||||||
Basic earnings per share | $ | 0.71 | $ | 0.67 | $ | 2.01 | $ | 1.83 | ||||||||
Diluted earnings per share | $ | 0.7 | $ | 0.66 | $ | 1.96 | $ | 1.78 | ||||||||
Anti-dilutive options | 237 | 1,148 | 877 | 1,145 | ||||||||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Intangible Assets and Estimated Useful Lives | ' | |||||||||||||||
The Company's intangible assets and estimated useful lives are classified as follows: | ||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||
(in thousands) | Gross | Accumulated | Gross | Accumulated | ||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||
Amount | Amount | |||||||||||||||
Amortized intangible assets: | ||||||||||||||||
Developed software and core technologies (3 – 11 years) | $ | 322,093 | $ | (221,502 | ) | $ | 300,493 | $ | (203,236 | ) | ||||||
Customer lists and contract backlog (3 – 15 years) | 240,310 | (132,331 | ) | 237,173 | (119,368 | ) | ||||||||||
Trade names (2 – 10 years) | 114,593 | (60,073 | ) | 102,651 | (50,990 | ) | ||||||||||
Non-compete agreement (2 years) | 300 | (33 | ) | — | — | |||||||||||
Total | $ | 677,296 | $ | (413,939 | ) | $ | 640,317 | $ | (373,594 | ) | ||||||
Unamortized intangible assets: | ||||||||||||||||
Trade names | $ | 14,157 | $ | 24,667 | ||||||||||||
Estimated Future Amortization Expense for Intangible Assets | ' | |||||||||||||||
As of September 30, 2014, estimated future amortization expense for the intangible assets reflected above is as follows: | ||||||||||||||||
(in thousands) | ||||||||||||||||
Remainder of 2014 | $ | 15,526 | ||||||||||||||
2015 | 57,069 | |||||||||||||||
2016 | 47,697 | |||||||||||||||
2017 | 44,172 | |||||||||||||||
2018 | 30,566 | |||||||||||||||
2019 | 16,781 | |||||||||||||||
Thereafter | 51,546 | |||||||||||||||
Total intangible assets subject to amortization | 263,357 | |||||||||||||||
Indefinite-lived trade names | 14,157 | |||||||||||||||
Other intangible assets, net | $ | 277,514 | ||||||||||||||
Changes in Goodwill | ' | |||||||||||||||
The changes in goodwill during the nine months ended September 30, 2014 and 2013 were as follows: | ||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||
Beginning balance – January 1 | $ | 1,255,704 | $ | 1,251,247 | ||||||||||||
Acquisitions | 61,031 | 5,936 | ||||||||||||||
Currency translation and other | (2,981 | ) | (1,908 | ) | ||||||||||||
Ending balance – September 30 | $ | 1,313,754 | $ | 1,255,275 | ||||||||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Fair Value of Assets and Liabilities Measured on Recurring Basis | ' | |||||||||||||||
The following tables provide the assets and liabilities carried at fair value and measured on a recurring basis: | ||||||||||||||||
Fair Value Measurements at Reporting Date Using: | ||||||||||||||||
(in thousands) | September 30, | Quoted Prices in | Significant Other | Significant | ||||||||||||
2014 | Active Markets | Observable | Unobservable | |||||||||||||
(Level 1) | Inputs | Inputs | ||||||||||||||
(Level 2) | (Level 3) | |||||||||||||||
Assets | ||||||||||||||||
Cash equivalents | $ | 368,913 | $ | 368,913 | $ | — | $ | — | ||||||||
Short-term investments | $ | 665 | $ | — | $ | 665 | $ | — | ||||||||
Liabilities | ||||||||||||||||
Contingent consideration | $ | (2,653 | ) | $ | — | $ | — | $ | (2,653 | ) | ||||||
Fair Value Measurements at Reporting Date Using: | ||||||||||||||||
(in thousands) | 31-Dec-13 | Quoted Prices in | Significant Other | Significant | ||||||||||||
Active Markets | Observable | Unobservable | ||||||||||||||
(Level 1) | Inputs | Inputs | ||||||||||||||
(Level 2) | (Level 3) | |||||||||||||||
Assets | ||||||||||||||||
Cash equivalents | $ | 303,138 | $ | 303,138 | $ | — | $ | — | ||||||||
Short-term investments | $ | 500 | $ | — | $ | 500 | $ | — | ||||||||
Liabilities | ||||||||||||||||
Contingent consideration | $ | (7,389 | ) | $ | — | $ | — | $ | (7,389 | ) | ||||||
Deferred compensation | $ | (704 | ) | $ | — | $ | — | $ | (704 | ) | ||||||
Changes in Level 3 Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs | ' | |||||||||||||||
The following tables present the changes in the Company’s Level 3 liabilities that are measured at fair value on a recurring basis during the three and nine months ended September 30, 2014 and 2013: | ||||||||||||||||
Fair Value Measurement Using | ||||||||||||||||
Significant Unobservable Inputs | ||||||||||||||||
(in thousands) | Contingent | Deferred | ||||||||||||||
Consideration | Compensation | |||||||||||||||
Balance as of January 1, 2014 | $ | 7,389 | $ | 704 | ||||||||||||
Contingent payment | (1,578 | ) | — | |||||||||||||
Interest expense and foreign exchange activity included in earnings | 164 | 3 | ||||||||||||||
Balance as of March 31, 2014 | $ | 5,975 | $ | 707 | ||||||||||||
Interest expense and foreign exchange activity included in earnings | 87 | 4 | ||||||||||||||
Balance as of June 30, 2014 | $ | 6,062 | $ | 711 | ||||||||||||
Contingent payments | (3,288 | ) | (712 | ) | ||||||||||||
Interest expense and foreign exchange activity included in earnings | (121 | ) | 1 | |||||||||||||
Balance as of September 30, 2014 | $ | 2,653 | $ | — | ||||||||||||
The final payment related to the retention of a key member of Apache management was paid in the third quarter of 2014. As a result of making this final payment, the Company no longer has a deferred compensation liability at September 30, 2014. | ||||||||||||||||
Fair Value Measurement Using | ||||||||||||||||
Significant Unobservable Inputs | ||||||||||||||||
(in thousands) | Contingent | Deferred | ||||||||||||||
Consideration | Compensation | |||||||||||||||
Balance as of January 1, 2013 | $ | 6,436 | $ | 1,394 | ||||||||||||
Interest expense included in earnings | 31 | 6 | ||||||||||||||
Balance as of March 31, 2013 | $ | 6,467 | $ | 1,400 | ||||||||||||
EVEN contingent consideration | 3,597 | — | ||||||||||||||
Interest expense and foreign exchange activity included in earnings | 134 | 7 | ||||||||||||||
Balance as of June 30, 2013 | $ | 10,198 | $ | 1,407 | ||||||||||||
Contingent payments | (3,288 | ) | (712 | ) | ||||||||||||
Interest expense and foreign exchange activity included in earnings | 295 | 5 | ||||||||||||||
Balance as of September 30, 2013 | $ | 7,205 | $ | 700 | ||||||||||||
Geographic_Information_Tables
Geographic Information (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Revenue by Geographic Area | ' | |||||||||||||||
Revenue by geographic area is as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
(in thousands) | September 30, | September 30, | September 30, | September 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
United States | $ | 81,833 | $ | 72,671 | $ | 233,612 | $ | 214,342 | ||||||||
Japan | 25,823 | 25,835 | 82,543 | 81,538 | ||||||||||||
Germany | 23,835 | 23,892 | 73,337 | 68,905 | ||||||||||||
Canada | 3,246 | 3,508 | 9,735 | 10,341 | ||||||||||||
Other European | 52,836 | 48,257 | 157,992 | 142,494 | ||||||||||||
Other international | 46,427 | 38,495 | 124,427 | 107,620 | ||||||||||||
Total revenue | $ | 234,000 | $ | 212,658 | $ | 681,646 | $ | 625,240 | ||||||||
Property and Equipment by Geographic Area | ' | |||||||||||||||
Property and equipment by geographic area is as follows: | ||||||||||||||||
(in thousands) | September 30, | December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||||
United States | $ | 49,188 | $ | 45,116 | ||||||||||||
India | 3,259 | 3,226 | ||||||||||||||
Other European | 8,551 | 9,095 | ||||||||||||||
Other international | 4,101 | 3,101 | ||||||||||||||
Total property and equipment | $ | 65,099 | $ | 60,538 | ||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Stock-Based Compensation Expense and Its Net Impact on Basic and Diluted Earnings Per Share | ' | |||||||||||||||
Total stock-based compensation expense and its net impact on basic and diluted earnings per share are as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
(in thousands, except per share data) | September 30, | September 30, | September 30, | September 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Cost of sales: | ||||||||||||||||
Software licenses | $ | 490 | $ | 335 | $ | 1,289 | $ | 1,023 | ||||||||
Maintenance and service | 549 | 590 | 1,587 | 1,762 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative | 4,520 | 4,392 | 12,766 | 12,755 | ||||||||||||
Research and development | 4,394 | 3,764 | 11,941 | 11,202 | ||||||||||||
Stock-based compensation expense before taxes | 9,953 | 9,081 | 27,583 | 26,742 | ||||||||||||
Related income tax benefits | (2,843 | ) | (2,623 | ) | (7,703 | ) | (8,490 | ) | ||||||||
Stock-based compensation expense, net of taxes | $ | 7,110 | $ | 6,458 | $ | 19,880 | $ | 18,252 | ||||||||
Net impact on earnings per share | ||||||||||||||||
Basic earnings per share | $ | (0.08 | ) | $ | (0.07 | ) | $ | (0.22 | ) | $ | (0.20 | ) | ||||
Diluted earnings per share | $ | (0.08 | ) | $ | (0.07 | ) | $ | (0.21 | ) | $ | (0.19 | ) |
Organization_Additional_Inform
Organization - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2014 | |
Segment | |
Organization and Nature of Operations [Line Items] | ' |
Number of operating segments | 3 |
Cash_and_Cash_Equivalents_Deta
Cash and Cash Equivalents (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Cash and Cash Equivalents [Line Items] | ' | ' | ' | ' |
Cash accounts, Amount | $447,892 | $439,348 | ' | ' |
Money market mutual funds, Amount | 368,913 | 303,138 | ' | ' |
Total | $816,805 | $742,486 | $707,334 | $576,703 |
Cash accounts, % of Total | 54.80% | 59.20% | ' | ' |
Money market mutual funds, % of Total | 45.20% | 40.80% | ' | ' |
Acquisition_Additional_Informa
Acquisition - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Apr. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Apr. 30, 2014 | Jan. 03, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Apr. 03, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | SpaceClaim Corporation [Member] | SpaceClaim Corporation [Member] | SpaceClaim Corporation [Member] | SpaceClaim Corporation [Member] | Reaction Design [Member] | Reaction Design [Member] | Reaction Design [Member] | EVEN-Evolutionary Engineering Aktiengesellschaft [Member] | EVEN-Evolutionary Engineering Aktiengesellschaft [Member] | Minimum [Member] | Maximum [Member] | ||||
Reaction Design [Member] | Reaction Design [Member] | ||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total consideration transferred at fair value | ' | ' | ' | ' | $84,911 | ' | ' | ' | $19,100 | ' | ' | $8,100 | ' | ' | ' |
Deferred revenue | ' | ' | ' | ' | ' | 700 | 700 | 500 | ' | ' | ' | ' | ' | ' | ' |
Net deferred tax assets | ' | ' | ' | ' | ' | 5,257 | 5,257 | 4,100 | 2,300 | 2,600 | 2,600 | ' | ' | ' | ' |
Goodwill, period increase (decrease) | ' | ' | ' | ' | ' | ' | -1,000 | ' | ' | ' | 1,300 | ' | ' | ' | ' |
Acquired deferred revenue, amount lower than the historical carrying value recorded on the opening balance sheet | ' | ' | ' | ' | ' | ' | ' | 3,300 | 2,300 | ' | ' | ' | ' | ' | ' |
Business acquisition write down of deferred revenue impact on reported revenue | ' | ' | ' | ' | ' | 772 | 1,426 | ' | ' | 412 | 1,762 | ' | ' | ' | ' |
Acquired deferred revenue, expected impact on reported revenue in next quarter | ' | ' | ' | ' | ' | 566 | 566 | ' | ' | 270 | 270 | ' | ' | ' | ' |
Business acquisition write down of deferred revenue expected impact on revenue next fiscal year | ' | ' | ' | ' | ' | 614 | 614 | ' | ' | 254 | 254 | ' | ' | ' | ' |
Finite-lived intangibles | ' | ' | ' | ' | ' | ' | ' | ' | 9,200 | 7,000 | 7,000 | ' | 2,600 | ' | ' |
Finite-lived intangible asset, useful life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '2 years | '11 years |
Goodwill | 1,313,754 | 1,255,704 | 1,255,275 | 1,251,247 | ' | 52,349 | 52,349 | ' | ' | 8,600 | 8,600 | ' | 5,900 | ' | ' |
Noncontrolling interest, period increase (decrease) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -600 | ' | ' | ' | ' |
Cash paid | ' | ' | ' | ' | 84,843 | ' | ' | ' | ' | ' | ' | 4,500 | ' | ' | ' |
Business combination, contingent consideration, liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,600 | ' | ' | ' |
Contingent consideration, installment payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,600 | ' | ' |
Recognized_Amounts_of_Identifi
Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Apr. 30, 2014 | Sep. 30, 2014 | Apr. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | SpaceClaim Corporation [Member] | SpaceClaim Corporation [Member] | SpaceClaim Corporation [Member] | Developed Technology | Customer Relationships | Trade Names | Contract Backlog | Non-compete Agreements | ||||
SpaceClaim Corporation [Member] | SpaceClaim Corporation [Member] | SpaceClaim Corporation [Member] | SpaceClaim Corporation [Member] | SpaceClaim Corporation [Member] | ||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid | ' | ' | ' | ' | $84,843 | ' | ' | ' | ' | ' | ' | ' |
ANSYS replacement stock options | ' | ' | ' | ' | 68 | ' | ' | ' | ' | ' | ' | ' |
Total consideration transferred at fair value | ' | ' | ' | ' | 84,911 | ' | ' | ' | ' | ' | ' | ' |
Cash | ' | ' | ' | ' | ' | 723 | ' | ' | ' | ' | ' | ' |
Accounts receivable and other tangible assets | ' | ' | ' | ' | ' | 1,857 | ' | ' | ' | ' | ' | ' |
Finite-lived intangibles | ' | ' | ' | ' | ' | ' | ' | 15,800 | 9,400 | 1,300 | 550 | 300 |
Net deferred tax assets | ' | ' | ' | ' | ' | 5,257 | 4,100 | ' | ' | ' | ' | ' |
Accounts payable and other liabilities | ' | ' | ' | ' | ' | -1,925 | ' | ' | ' | ' | ' | ' |
Deferred revenue | ' | ' | ' | ' | ' | -700 | -500 | ' | ' | ' | ' | ' |
Total identifiable net assets | ' | ' | ' | ' | ' | 32,562 | ' | ' | ' | ' | ' | ' |
Goodwill | $1,313,754 | $1,255,704 | $1,255,275 | $1,251,247 | ' | $52,349 | ' | ' | ' | ' | ' | ' |
Recognized_Amounts_of_Identifi1
Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) (SpaceClaim Corporation [Member]) | 9 Months Ended |
Sep. 30, 2014 | |
Developed Technology | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Finite-lived intangible asset, useful life | '10 years |
Customer Relationships | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Finite-lived intangible asset, useful life | '6 years |
Trade Names | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Finite-lived intangible asset, useful life | '6 years |
Contract Backlog | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Finite-lived intangible asset, useful life | '6 years |
Non-compete Agreements | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Finite-lived intangible asset, useful life | '2 years |
Other_Receivables_and_Current_2
Other Receivables and Current Assets - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other receivables and current assets | $148,069 | $200,734 |
Receivables Related to Unrecognized Revenue | ' | ' |
Other receivables and current assets | 103,892 | 140,051 |
Income Taxes Receivable, Including Overpayments and Refunds | ' | ' |
Other receivables and current assets | 24,391 | 42,357 |
Prepaid Expenses and Other Current Assets | ' | ' |
Other receivables and current assets | $19,786 | $18,326 |
Details_of_Basic_and_Diluted_E
Details of Basic and Diluted EPS (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share [Line Items] | ' | ' | ' | ' |
Net income | $65,479 | $62,430 | $185,057 | $169,398 |
Weighted average shares outstanding - basic | 91,875 | 92,541 | 92,224 | 92,770 |
Dilutive effect of stock plans | 2,030 | 2,724 | 2,173 | 2,387 |
Weighted average shares outstanding - diluted | 93,905 | 95,265 | 94,397 | 95,157 |
Basic earnings per share | $0.71 | $0.67 | $2.01 | $1.83 |
Diluted earnings per share | $0.70 | $0.66 | $1.96 | $1.78 |
Anti-dilutive options | 237 | 1,148 | 877 | 1,145 |
Intangible_Assets_and_Estimate
Intangible Assets and Estimated Useful Lives (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Intangible Assets [Line Items] | ' | ' |
Amortized intangible assets, gross carrying amount | $677,296 | $640,317 |
Amortized intangible assets, accumulated amortization | -413,939 | -373,594 |
Developed Software and Core Technologies | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Amortized intangible assets, gross carrying amount | 322,093 | 300,493 |
Amortized intangible assets, accumulated amortization | -221,502 | -203,236 |
Customer Lists and Contract Backlog | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Amortized intangible assets, gross carrying amount | 240,310 | 237,173 |
Amortized intangible assets, accumulated amortization | -132,331 | -119,368 |
Trade Names | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Amortized intangible assets, gross carrying amount | 114,593 | 102,651 |
Amortized intangible assets, accumulated amortization | -60,073 | -50,990 |
Non-compete Agreements | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Amortized intangible assets, gross carrying amount | 300 | 0 |
Amortized intangible assets, accumulated amortization | -33 | 0 |
Trade Names | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Indefinite-lived intangible assets (excluding goodwill) | $14,157 | $24,667 |
Intangible_Assets_and_Estimate1
Intangible Assets and Estimated Useful Lives (Parenthetical) (Detail) | 9 Months Ended |
Sep. 30, 2014 | |
Minimum [Member] | Developed Software and Core Technologies | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite-lived intangible asset, useful life | '3 years |
Minimum [Member] | Customer Lists and Contract Backlog | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite-lived intangible asset, useful life | '3 years |
Minimum [Member] | Trade Names | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite-lived intangible asset, useful life | '2 years |
Minimum [Member] | Non-compete Agreements | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite-lived intangible asset, useful life | '2 years |
Maximum [Member] | Developed Software and Core Technologies | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite-lived intangible asset, useful life | '11 years |
Maximum [Member] | Customer Lists and Contract Backlog | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite-lived intangible asset, useful life | '15 years |
Maximum [Member] | Trade Names | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite-lived intangible asset, useful life | '10 years |
Maximum [Member] | Non-compete Agreements | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite-lived intangible asset, useful life | '2 years |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization | $16,270 | $14,840 | $45,572 | $46,440 |
Estimated_Future_Amortization_
Estimated Future Amortization Expense for Intangible Assets (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Estimated Amortization Expense for Intangible Assets [Line Items] | ' | ' |
Remainder of 2014 | $15,526 | ' |
2015 | 57,069 | ' |
2016 | 47,697 | ' |
2017 | 44,172 | ' |
2018 | 30,566 | ' |
2019 | 16,781 | ' |
Thereafter | 51,546 | ' |
Total intangible assets subject to amortization | 263,357 | ' |
Other intangible assets, net | 277,514 | 291,390 |
Trade Names | ' | ' |
Schedule of Estimated Amortization Expense for Intangible Assets [Line Items] | ' | ' |
Indefinite-lived intangible assets (excluding goodwill) | $14,157 | $24,667 |
Changes_in_Goodwill_Detail
Changes in Goodwill (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Goodwill [Line Items] | ' | ' |
Beginning balance | $1,255,704 | $1,251,247 |
Acquisitions | 61,031 | 5,936 |
Currency translation and other | -2,981 | -1,908 |
Ending balance | $1,313,754 | $1,255,275 |
Fair_Value_of_Assets_and_Liabi
Fair Value of Assets and Liabilities Measured on Recurring Basis (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | $368,913 | $303,138 |
Short-term investments | 665 | 500 |
Contingent consideration | -2,653 | -7,389 |
Deferred compensation | ' | -704 |
Quoted Prices in Active Markets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 368,913 | 303,138 |
Short-term investments | 0 | 0 |
Contingent consideration | 0 | 0 |
Deferred compensation | ' | 0 |
Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 0 | 0 |
Short-term investments | 665 | 500 |
Contingent consideration | 0 | 0 |
Deferred compensation | ' | 0 |
Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 0 | 0 |
Short-term investments | 0 | 0 |
Contingent consideration | -2,653 | -7,389 |
Deferred compensation | ' | ($704) |
Fair_Value_Measurement_Additio
Fair Value Measurement - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Short-term investment time deposits maturity minimum, in months | '3 months |
Short-term investment time deposits maturity maximum, in years | '1 year |
Changes_in_Level_3_Liabilities
Changes in Level 3 Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Detail) (Significant Unobservable Inputs (Level 3), USD $) | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 |
Contingent Consideration | ' | ' | ' | ' | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ' |
Beginning balance | $6,062 | $5,975 | $7,389 | $10,198 | $6,467 | $6,436 |
Contingent payments | -3,288 | ' | -1,578 | -3,288 | ' | ' |
Interest expense and foreign exchange activity included in earnings | -121 | 87 | 164 | 295 | 134 | 31 |
EVEN contingent consideration | ' | ' | ' | ' | 3,597 | ' |
Ending balance | 2,653 | 6,062 | 5,975 | 7,205 | 10,198 | 6,467 |
Deferred Compensation | ' | ' | ' | ' | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ' |
Beginning balance | 711 | 707 | 704 | 1,407 | 1,400 | 1,394 |
Contingent payments | -712 | ' | 0 | -712 | ' | ' |
Interest expense and foreign exchange activity included in earnings | 1 | 4 | 3 | 5 | 7 | 6 |
EVEN contingent consideration | ' | ' | ' | ' | 0 | ' |
Ending balance | $0 | $711 | $707 | $700 | $1,407 | $1,400 |
Revenue_by_Geographic_Area_Det
Revenue by Geographic Area (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Total revenue | $234,000 | $212,658 | $681,646 | $625,240 |
UNITED STATES | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Total revenue | 81,833 | 72,671 | 233,612 | 214,342 |
JAPAN | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Total revenue | 25,823 | 25,835 | 82,543 | 81,538 |
GERMANY | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Total revenue | 23,835 | 23,892 | 73,337 | 68,905 |
CANADA | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Total revenue | 3,246 | 3,508 | 9,735 | 10,341 |
Other European | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Total revenue | 52,836 | 48,257 | 157,992 | 142,494 |
Other International | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Total revenue | $46,427 | $38,495 | $124,427 | $107,620 |
Property_and_Equipment_by_Geog
Property and Equipment by Geographic Area (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Total property and equipment | $65,099 | $60,538 |
UNITED STATES | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Total property and equipment | 49,188 | 45,116 |
INDIA | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Total property and equipment | 3,259 | 3,226 |
Other European | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Total property and equipment | 8,551 | 9,095 |
Other International | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Total property and equipment | $4,101 | $3,101 |
StockBased_Compensation_Expens
Stock-Based Compensation Expense and Its Net Impact on Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Employee Service Share-Based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense before taxes | $9,953 | $9,081 | $27,583 | $26,742 |
Related income tax benefits | -2,843 | -2,623 | -7,703 | -8,490 |
Stock-based compensation expense, net of taxes | 7,110 | 6,458 | 19,880 | 18,252 |
Basic earnings per share | ($0.08) | ($0.07) | ($0.22) | ($0.20) |
Diluted earnings per share | ($0.08) | ($0.07) | ($0.21) | ($0.19) |
Software Licenses | ' | ' | ' | ' |
Employee Service Share-Based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense before taxes | 490 | 335 | 1,289 | 1,023 |
Maintenance and Service | ' | ' | ' | ' |
Employee Service Share-Based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense before taxes | 549 | 590 | 1,587 | 1,762 |
Selling, General and Administrative | ' | ' | ' | ' |
Employee Service Share-Based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense before taxes | 4,520 | 4,392 | 12,766 | 12,755 |
Research and Development | ' | ' | ' | ' |
Employee Service Share-Based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense before taxes | $4,394 | $3,764 | $11,941 | $11,202 |
Stock_Repurchase_Program_Addit
Stock Repurchase Program - Additional Information (Detail) (USD $) | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Feb. 28, 2014 |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' |
Stock repurchase program, remaining number of shares authorized to be repurchased | 1,568,497 | ' | 1,500,000 |
Stock repurchase program, repurchase authorization | 5,000,000 | ' | 3,000,000 |
Treasury stock, shares, acquired | 1,431,503 | 988,000 | ' |
Treasury stock acquired, average cost per share | $75.87 | $74.35 | ' |
Purchase of treasury stock | $108,613 | $73,457 | ' |
Contingencies_and_Commitments_
Contingencies and Commitments - Additional Information (Detail) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Loss Contingencies [Line Items] | ' |
Loss contingency, estimate of possible loss | $6,000 |
SaleLeaseback_Arrangement_Deta
Sale-Leaseback Arrangement (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | Canonsburg Office, New Company Headquarters [Member] | ||
Sale-Leaseback Transaction [Line Items] | ' | ' | ' |
Construction-in-progress - leased facility | $32,009 | $18,136 | ' |
Original lease term | ' | ' | '15 years 3 months |