ANSYS (ANSS) 10-Q 5 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2021
Entity File Number	0-20853
Entity Registrant Name	ANSYS, Inc.
Entity Central Index Key	0001013462
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-3219960
Entity Address, Address Line One	2600 ANSYS Drive,
Entity Address, City or Town	Canonsburg,
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15317
City Area Code	844
Local Phone Number	462-6797
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		87,151,573
The Nasdaq Global Select Market
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	ANSS
Security Exchange Name	NASDAQ

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 987,427	$ 912,672
Short-term investments	516	479
Accounts receivable, less allowance for doubtful accounts of $14,000	394,289	537,564
Other receivables and current assets	278,720	268,522
Total current assets	1,660,952	1,719,237
Long-term assets:
Property and equipment, net	93,207	96,503
Operating lease right-of-use assets	125,635	137,730
Goodwill	3,036,783	3,038,306
Other intangible assets, net	677,357	694,865
Other long-term assets	201,675	225,119
Deferred income taxes	22,419	28,830
Total long-term assets	4,157,076	4,221,353
Total assets	5,818,028	5,940,590
Current liabilities:
Accounts payable	16,970	18,691
Accrued bonuses and commissions	24,911	112,491
Accrued income taxes	6,260	26,116
Current portion of long-term debt	4,688	0
Other accrued expenses and liabilities	204,622	199,466
Deferred revenue	366,596	372,061
Total current liabilities	624,047	728,825
Long-term liabilities:
Deferred income taxes	102,221	110,321
Long-term operating lease liabilities	109,454	120,940
Long-term debt	793,515	798,118
Other long-term liabilities	76,822	84,514
Total long-term liabilities	1,082,012	1,113,893
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; 95,266,320 shares issued	953	953
Additional paid-in capital	1,346,601	1,434,203
Retained earnings	3,876,991	3,804,593
Treasury stock, at cost: 8,128,708 and 8,693,809 shares, respectively	(1,075,537)	(1,124,102)
Accumulated other comprehensive loss	(37,039)	(17,775)
Total stockholders' equity	4,111,969	4,097,872
Total liabilities and stockholders' equity	$ 5,818,028	$ 5,940,590

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Allowance for doubtful accounts	$ 14,000	$ 14,000
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	95,266,320	95,266,320
Treasury stock, shares	8,128,708	8,693,809

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue:
Total revenue	$ 363,226	$ 304,985
Cost of sales:
Amortization	14,949	9,552
Total cost of sales	62,103	50,116
Gross profit	301,123	254,869
Operating expenses:
Selling, general and administrative	146,215	130,522
Research and development	100,479	86,112
Amortization	4,407	4,162
Total operating expenses	251,101	220,796
Operating income	50,022	34,073
Interest income	517	2,775
Interest expense	(3,315)	(3,651)
Other income, net	399	127
Income before income tax benefit	47,623	33,324
Income tax benefit	(24,775)	(12,740)
Net income	$ 72,398	$ 46,064
Earnings per share - basic:
Earnings per share	$ 0.83	$ 0.54
Weighted average shares	86,808	85,798
Earnings per share - diluted:
Earnings per share	$ 0.82	$ 0.53
Weighted average shares	87,986	87,369
Software licenses
Revenue:
Total revenue	$ 132,604	$ 87,830
Cost of sales:
Total cost of sales	7,606	4,926
Maintenance and service
Revenue:
Total revenue	230,622	217,155
Cost of sales:
Total cost of sales	$ 39,548	$ 35,638

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net income	$ 72,398	$ 46,064
Other comprehensive loss:
Foreign currency translation adjustments	(19,264)	(24,292)
Comprehensive income	$ 53,134	$ 21,772

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income	$ 72,398	$ 46,064
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and intangible assets amortization	27,082	20,702
Operating lease right-of-use assets expense	5,699	5,075
Deferred income tax benefit	(3,564)	(5,442)
Provision for bad debts	18	3,116
Stock-based compensation expense	35,119	30,941
Other	975	1,553
Changes in operating assets and liabilities:
Accounts receivable	159,038	117,830
Other receivables and current assets	(12,071)	12,013
Other long-term assets	(1,909)	(3,426)
Accounts payable, accrued expenses and current liabilities	(80,050)	(99,112)
Accrued income taxes	(20,954)	1,006
Deferred revenue	1,204	4,784
Other long-term liabilities	(11,878)	12,308
Net cash provided by operating activities	171,107	147,412
Cash flows from investing activities:
Acquisitions, net of cash acquired	(10,783)	(2,348)
Capital expenditures	(5,045)	(6,987)
Other investing activities	(35)	(264)
Net cash used in investing activities	(15,863)	(9,599)
Cash flows from financing activities:
Principal payments on long-term debt	0	(75,000)
Purchase of treasury stock	0	(161,029)
Restricted stock withholding taxes paid in lieu of issued shares	(86,049)	(62,425)
Proceeds from shares issued for stock-based compensation	11,892	9,716
Other financing activities	(51)	0
Net cash used in financing activities	(74,208)	(288,738)
Effect of exchange rate fluctuations on cash and cash equivalents	(6,281)	(3,421)
Net increase (decrease) in cash and cash equivalents	74,755	(154,346)
Cash and cash equivalents, beginning of period	912,672	872,094
Cash and cash equivalents, end of period	987,427	717,748
Supplemental disclosure of cash flow information:
Income taxes paid	20,641	6,757
Interest paid	$ 2,956	$ 5,628

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2019	$ 3,453,379	$ 946	$ 1,188,939	$ 3,370,706	$ (1,041,831)	$ (65,381)
Beginning balance, shares at Dec. 31, 2019		94,628			8,893
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury shares acquired	$ (161,029)				$ (161,029)
Treasury shares acquired, shares	690				690
Stock-based compensation activity	$ (21,772)		(70,769)
Stock-based compensation activity					$ 48,997
Stock-based compensation activity, shares					(541)
Other comprehensive loss	(24,292)					(24,292)
Net income	46,064			46,064
Ending balance at Mar. 31, 2020	3,292,350	$ 946	1,118,170	3,416,770	$ (1,153,863)	(89,673)
Ending balance, shares at Mar. 31, 2020		94,628			9,042
Beginning balance at Dec. 31, 2020	4,097,872	$ 953	1,434,203	3,804,593	$ (1,124,102)	(17,775)
Beginning balance, shares at Dec. 31, 2020		95,266			8,694
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury shares acquired	$ 0
Treasury shares acquired, shares	0
Stock-based compensation activity	$ (39,037)		(87,602)
Stock-based compensation activity					$ 48,565
Stock-based compensation activity, shares					(565)
Other comprehensive loss	(19,264)					(19,264)
Net income	72,398			72,398
Ending balance at Mar. 31, 2021	$ 4,111,969	$ 953	$ 1,346,601	$ 3,876,991	$ (1,075,537)	$ (37,039)
Ending balance, shares at Mar. 31, 2021		95,266			8,129

Organization

Organization	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization ANSYS, Inc. (Ansys, we, us, our) develops and globally markets engineering simulation software and services widely used by engineers, designers, researchers and students across a broad spectrum of industries and academia, including aerospace and defense, automotive, electronics, semiconductors, energy, turbomachinery, consumer products, and healthcare. As defined by the accounting guidance for segment reporting, we operate as one segment. Given the integrated approach to the multi-discipline problem-solving needs of our customers, a single sale of software may contain components from multiple product areas and include combined technologies. We also have a multi-year product and integration strategy that will result in new, combined products or changes to the historical product offerings. As a result, it is impracticable for us to provide accurate historical or current reporting among our various product lines. We are closely monitoring the spread of COVID-19 and continually mitigating its potential effects on our business. The COVID-19 pandemic has had, and is expected to continue to have, an adverse impact on our business and employees.

Accounting Policies

Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information for commercial and industrial companies, the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, the accompanying unaudited condensed consolidated financial 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 unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements (and notes thereto) included in our Annual Report on Form 10-K for the year ended December 31, 2020 (2020 Form 10-K). The condensed consolidated December 31, 2020 balance sheet presented is derived from the audited December 31, 2020 balance sheet included in the 2020 Form 10-K. In our opinion, 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 months ended March 31, 2021 are not necessarily indicative of the results that may be expected for any future period. Recently Adopted Accounting Guidance Income taxes: In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12), as part of its initiative to reduce complexity in the accounting standards. The amendments in ASU 2019-12 eliminated certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also clarified and simplified other aspects of the accounting for income taxes. We adopted ASU 2019-12 on January 1, 2021 with no material impact to our condensed consolidated financial statements. Cash and Cash Equivalents Cash and cash equivalents consist primarily of highly liquid investments such as deposits held at major banks and money market funds. Cash equivalents are carried at cost, which approximates fair value. Our cash and cash equivalents balances comprise the following: March 31, 2021 December 31, 2020 (in thousands, except percentages) Amount % of Total Amount % of Total Cash accounts $ 548,833 55.6 $ 571,587 62.6 Money market funds 438,594 44.4 341,085 37.4 Total $ 987,427 $ 912,672 Our money market fund balances are held in various funds of two issuers.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Revenue from Contracts with Customers Disaggregation of Revenue The following table summarizes revenue: Three Months Ended (in thousands, except percentages) March 31, March 31, Revenue: Lease licenses $ 65,077 $ 44,874 Perpetual licenses 67,527 42,956 Software licenses 132,604 87,830 Maintenance 213,674 200,488 Service 16,948 16,667 Maintenance and service 230,622 217,155 Total revenue $ 363,226 $ 304,985 Direct revenue, as a percentage of total revenue 71.8 % 73.6 % Indirect revenue, as a percentage of total revenue 28.2 % 26.4 % Our software licenses revenue is recognized up front, while maintenance and service revenue is generally recognized over the term of the contract. Deferred Revenue Deferred revenue consists of billings made or payments received in advance of revenue recognition from customer agreements. The timing of revenue recognition may differ from the timing of billings to customers. Payment terms vary by the type and location of customer and the products or services offered. The time between invoicing and when payment is due is not significant. The changes in deferred revenue, inclusive of both current and long-term deferred revenue, during the three months ended March 31, 2021 and 2020 were as follows: (in thousands) 2021 2020 Beginning balance – January 1 $ 388,810 $ 365,274 Deferral of revenue 362,043 308,817 Recognition of revenue (363,226) (304,985) Currency translation (6,898) (3,355) Ending balance – March 31 $ 380,729 $ 365,751 Total revenue allocated to remaining performance obligations as of March 31, 2021 will be recognized as revenue as follows: (in thousands) Next 12 months $ 607,500 Months 13-24 178,935 Months 25-36 75,807 Thereafter 74,259 Total revenue allocated to remaining performance obligations $ 936,501 Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes both deferred revenue and backlog. Our backlog represents installment billings for periods beyond the current quarterly billing cycle. Revenue recognized during the three months ended March 31, 2021 and 2020 included amounts in deferred revenue and backlog at the beginning of the period of $209.3 million and $191.3 million, respectively.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
Acquisitions	Acquisitions During the quarter ended March 31, 2021, we completed an acquisition with a purchase price of $10.8 million to enhance our customers' experience. The effects of the business combination were not material to our consolidated results of operations. The preliminary purchase allocations are $5.6 million of identifiable intangible assets, $6.2 million of goodwill and $1.0 million of net liabilities. The preliminary fair values of the assets acquired and liabilities assumed may change as additional information becomes available during the measurement period (up to one year from the acquisition date). On December 1, 2020, we acquired 100% of the shares of Analytical Graphics, Inc. (AGI), a premier provider of mission-simulation, modeling, testing and analysis software for aerospace, defense and intelligence applications. The acquisition expands the scope of our offerings, empowering users to solve challenges by simulating from the chip level all the way to a customer's entire mission. The transaction closed with a purchase price of $722.5 million. On April 1, 2020, we acquired 100% of the shares of Lumerical Inc. (Lumerical), a leading developer of photonic design and simulation tools, for a purchase price of approximately $107.5 million, paid in cash. The acquisition adds best-in-class photonic products to our multiphysics portfolio, providing customers with a full set of solutions to solve their next-generation product challenges. The operating results of each acquisition have been included in our condensed consolidated financial statements since each respective date of acquisition.

Other Receivables and Current A

Other Receivables and Current Assets and Other Accrued Expenses and Liabilities	3 Months Ended
	Mar. 31, 2021
Other Receivables and Current Assets and Other Accrued Expenses and Liabilities [Abstract]
Other Receivables and Current Assets and Other Accrued Expenses and Liabilities	Other Receivables and Current Assets and Other Accrued Expenses and Liabilities Our other receivables and current assets and other accrued expenses and liabilities comprise the following balances: (in thousands) March 31, December 31, Receivables related to unrecognized revenue $ 135,828 $ 192,154 Income taxes receivable, including overpayments and refunds 59,876 31,628 Prepaid expenses and other current assets 83,016 44,740 Total other receivables and current assets $ 278,720 $ 268,522 Payroll-related accruals 41,431 20,117 Accrued vacation 39,156 34,132 Consumption, VAT and sales tax liabilities 28,370 45,156 Accrued expenses and other current liabilities 95,665 100,061 Total other accrued expenses and liabilities $ 204,622 $ 199,466 Receivables related to unrecognized revenue represent the current portion of billings made for customer contracts that have not yet been recognized as revenue.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
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 awards 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 (in thousands, except per share data) March 31, March 31, Net income $ 72,398 $ 46,064 Weighted average shares outstanding – basic 86,808 85,798 Dilutive effect of stock plans 1,178 1,571 Weighted average shares outstanding – diluted 87,986 87,369 Basic earnings per share $ 0.83 $ 0.54 Diluted earnings per share $ 0.82 $ 0.53 Anti-dilutive shares 27 28

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Intangible assets are classified as follows: March 31, 2021 December 31, 2020 (in thousands) Gross Accumulated Gross Accumulated Finite-lived intangible assets: Developed software and core technologies $ 862,677 $ (382,824) $ 859,620 $ (370,338) Customer lists and contract backlog 283,592 (137,680) 288,085 (136,093) Trade names 175,090 (123,855) 175,626 (122,392) Total $ 1,321,359 $ (644,359) $ 1,323,331 $ (628,823) Indefinite-lived intangible asset: Trade name $ 357 $ 357 Finite-lived intangible assets are amortized over their estimated useful lives of two years to seventeen years. Amortization expense for the intangible assets reflected above was $19.4 million and $13.7 million for the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021, estimated future amortization expense for the intangible assets reflected above was as follows: (in thousands) Remainder of 2021 $ 55,244 2022 77,005 2023 78,298 2024 77,451 2025 74,950 2026 72,559 Thereafter 241,493 Total intangible assets subject to amortization 677,000 Indefinite-lived trade name 357 Other intangible assets, net $ 677,357 The changes in goodwill during the three months ended March 31, 2021 and 2020 were as follows: (in thousands) 2021 2020 Beginning balance – January 1 $ 3,038,306 $ 2,413,280 Acquisitions and adjustments (1) 8,215 (336) Currency translation (9,738) (14,260) Ending balance – March 31 $ 3,036,783 $ 2,398,684 (1) In accordance with the accounting for business combinations, we recorded adjustments to goodwill for the effect of changes in the provisional fair values of the assets acquired and liabilities assumed during the measurement period (up to one year from the acquisition date) as we obtained new information about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. During the first quarter of 2021, we completed the annual impairment test for goodwill and the indefinite-lived intangible asset and determined that these assets had not been impaired as of the test date, January 1, 2021. No other events or circumstances changed during the three months ended March 31, 2021 that would indicate that the fair values of our reporting unit and indefinite-lived intangible asset are below their carrying amounts.

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
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 our 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. Our current and long-term debt is classified within Level 2 of the fair value hierarchy because these borrowings are not actively traded and have a variable interest rate structure based upon market rates. The carrying amount of our current and long-term debt approximates the estimated fair value. See Note 10, "Debt", for additional information on our borrowings. The following tables provide the assets carried at fair value and measured on a recurring basis: Fair Value Measurements at Reporting Date Using: (in thousands) March 31, Quoted Prices in Significant Other Significant Assets Cash equivalents $ 438,594 $ 438,594 $ — $ — Short-term investments $ 516 $ — $ 516 $ — Deferred compensation plan investments $ 1,601 $ 1,601 $ — $ — Fair Value Measurements at Reporting Date Using: (in thousands) December 31, 2020 Quoted Prices in Significant Other Significant Assets Cash equivalents $ 341,085 $ 341,085 $ — $ — Short-term investments $ 479 $ — $ 479 $ — Deferred compensation plan investments $ 1,602 $ 1,602 $ — $ — The cash equivalents in the preceding tables represent money market funds, valued at net asset value, with carrying values which approximate their fair values because of their short-term nature. The short-term investments in the preceding tables represent deposits held by certain foreign subsidiaries. The deposits have fixed interest rates with original maturities ranging from three months to one year. The deferred compensation plan investments in the preceding tables represent trading securities held in a rabbi trust for the benefit of non-employee directors. These securities consist of mutual funds traded in an active market with quoted prices. As a result, the plan assets are classified as Level 1 in the fair value hierarchy. The plan assets are recorded within other long-term assets on our condensed consolidated balance sheets.

Leases

Leases	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Leases	LeasesOur right-of-use (ROU) assets and lease liabilities primarily include operating leases for office space. Our executive offices and those related to certain domestic product development, marketing, production and administration are located in a 186,000 square foot office facility in Canonsburg, Pennsylvania. The term of the lease is 183 months, which began on October 1, 2014 and expires on December 31, 2029. The lease agreement includes options to renew the contract through August 2044, an option to lease additional space in January 2025 and an option to terminate the lease in December 2025. No options are included in the lease liability as renewal is not reasonably certain. In addition, we are reasonably certain we will not terminate the lease agreement. Absent the exercise of options in the lease, our remaining base rent (inclusive of property taxes and certain operating costs) is $4.5 million per annum through 2024 and $4.7 million per annum for 2025 - 2029. The components of our global lease cost reflected in the condensed consolidated statements of income are as follows: Three Months Ended (in thousands) March 31, March 31, Lease liability cost $ 7,001 $ 6,218 Variable lease cost not included in the lease liability (1) 1,282 1,097 Total lease cost $ 8,283 $ 7,315 (1) Variable lease cost includes common area maintenance, property taxes, utilities and fluctuations in rent due to a change in an index or rate. Other information related to operating leases is as follows: Three Months Ended (in thousands) March 31, March 31, Cash paid for amounts included in the measurement of the lease liability: Operating cash flows from operating leases $ (6,827) $ (5,733) Right-of-use assets obtained in exchange for new operating lease liabilities 587 19,601 As of March 31, 2021 2020 Weighted-average remaining lease term of operating leases 7.1 years 8.0 years Weighted-average discount rate of operating leases 3.1 % 3.4 % The maturity schedule of the operating lease liabilities as of March 31, 2021 is as follows: (in thousands) Remainder of 2021 $ 20,283 2022 24,304 2023 19,027 2024 17,956 2025 16,877 Thereafter 49,834 Total future lease payments 148,281 Less: Present value adjustment (15,787) Present value of future lease payments (1) $ 132,494 (1) Includes the current portion of operating lease liabilities of $23.0 million, which is reflected in other accrued expenses and liabilities in the condensed consolidated balance sheets. There were no material leases that have been signed but not yet commenced as of March 31, 2021.

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	Debt In February 2019, we entered into a credit agreement for a $500.0 million unsecured revolving credit facility, which includes a $50.0 million sublimit for the issuance of letters of credit (Revolving Credit Facility), with Bank of America, N.A. as the Administrative Agent. The Revolving Credit Facility becomes payable in full on February 22, 2024 and is available for general corporate purposes, including, among others, to finance acquisitions and capital expenditures. The Revolving Credit Facility had not been utilized as of March 31, 2021. We amended our credit agreement (Amended Credit Agreement) on October 16, 2019. The amendment provided for a new $500.0 million unsecured term loan facility to finance our acquisition of Livermore Software Technology (LST) in the fourth quarter of 2019. The term loan was funded on November 1, 2019 and matures on November 1, 2024. Principal on the term loan will be payable on the last business day of each fiscal quarter commencing with the ninth full fiscal quarter after the funding date at a rate of 1.25% per quarter, increasing to 2.50% per quarter after the next four fiscal quarters. We repaid $75.0 million of the unsecured term loan balance in January 2020 prior to the scheduled maturity dates in 2022 ($25.0 million) and 2023 ($50.0 million). In connection with the acquisition of AGI, we entered into a credit agreement (AGI Credit Agreement) on November 9, 2020, with Bank of America, N.A. as the Administrative Agent. The AGI Credit Agreement provided for a new $375.0 million unsecured term loan facility to finance a portion of the cash consideration for the acquisition. The term loan was funded on December 1, 2020 and matures on November 1, 2024. Principal on the term loan will be payable on the last business day of each fiscal quarter commencing with the fifth full fiscal quarter after the funding date at a rate of 1.25% per quarter, increasing to 2.50% per quarter after the next four fiscal quarters. Borrowings under the Amended Credit Agreement and the AGI Credit Agreement (collectively, the Credit Agreements) accrue interest at the Eurodollar rate plus an applicable margin or at the base rate, at our election. For the quarter ended March 31, 2021, we elected to apply the Eurodollar rate. The base rate is the applicable margin plus the highest of (i) the federal funds rate plus 0.500%, (ii) the Bank of America prime rate and (iii) the Eurodollar rate plus 1.000%. The applicable margin for these borrowings is a percentage per annum based on the lower of (1) a pricing level determined by our then-current consolidated leverage ratio and (2) a pricing level determined by our debt ratings (if such debt ratings exist). This results in a margin ranging from 1.125% to 1.750% and 0.125% to 0.750% for the Eurodollar rate and base rate, respecti vely. The weighted-average interest rates in effect for the three months ended March 31, 2021 and 2020 were 1.45% and 3.03%, respectively. As of March 31, 2021, the rate in effect for the Credit Agreements was 1.45%. The Credit Agreements contain language in the event the Eurodollar rate is not available due to LIBOR changes. If this occurs, the base rate will be used for borrowings. However, we may work with the Administrative Agent to amend the Credit Agreements to replace the Eurodollar rate with (i) one or more rates based on the Secured Overnight Financing Rate (SOFR); or (ii) another alternative benchmark rate, subject to the lenders' approval. The Credit Agreements contain customary representations and warranties, affirmative and negative covenants and events of default. The Credit Agreements also each contain a financial covenant requiring us to maintain a consolidated leverage ratio of indebtedness to earnings before interest, taxes, depreciation and amortization not exceeding 3.50 to 1.00 as of the end of any fiscal quarter (for the four-quarter period ending on such date) with an opportunity for a temporary increase in such consolidated leverage ratio to 4.00 to 1.00 upon the consummation of certain qualified acquisitions for which the aggregate consideration is at least $250.0 million. As of March 31, 2021 and December 31, 2020, the carrying values of the term loans were $798.2 million, which is net of $1.8 million of unamortized debt issuance costs, and $798.1 million, which is net of $1.9 million of unamortized debt issuance costs, respectively. We were in compliance with all covenants as of March 31, 2021 and December 31, 2020.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our income before income tax benefit, income tax benefit and effective tax rates were as follows: Three Months Ended (in thousands, except percentages) March 31, March 31, Income before income tax benefit $ 47,623 $ 33,324 Income tax benefit (24,775) (12,740) Effective tax rate (52.0) % (38.2) % Tax benefit for the three months ended March 31, 2021 and 2020 was due to increased tax deductions related to stock compensation, many of which were recognized discretely. These tax benefits were in excess of tax expense at the annualized effective tax rate for the three months ended March 31, 2021 and 2020, resulting in a net tax benefit. Our expected annualized effective tax rate remains positive for 2021.

Stock Repurchase Program

Stock Repurchase Program	3 Months Ended
	Mar. 31, 2021
Class of Stock Disclosures [Abstract]
Stock Repurchase Program	Stock Repurchase Program Under our stock repurchase program, we repurchased shares as follows: Three Months Ended (in thousands, except per share data) March 31, March 31, Number of shares repurchased — 690 Average price paid per share $ — $ 233.48 Total cost $ — $ 161,029

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
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 (in thousands, except per share data) March 31, March 31, Cost of sales: Maintenance and service $ 3,562 $ 2,866 Operating expenses: Selling, general and administrative 17,223 15,144 Research and development 14,334 12,931 Stock-based compensation expense before taxes 35,119 30,941 Related income tax benefits (42,625) (25,906) Stock-based compensation expense, net of taxes $ (7,506) $ 5,035 Net impact on earnings per share: Basic earnings per share $ 0.09 $ (0.06) Diluted earnings per share $ 0.09 $ (0.06) Stock-based compensation is a net benefit for the three months ended March 31, 2021. The tax benefits on stock-based compensation exceed the gross stock-based compensation expense due to increased excess tax benefits recognized related to awards issued in prior periods that were either exercised or released in the current period.

Geographic Information

Geographic Information	3 Months Ended
	Mar. 31, 2021
Segments, Geographical Areas [Abstract]
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 (in thousands) March 31, March 31, United States $ 152,701 $ 125,113 Japan 42,015 37,359 Germany 31,346 30,097 South Korea 22,398 15,561 France 15,386 15,469 Other Europe, Middle East and Africa (EMEA) 56,543 43,841 Other international 42,837 37,545 Total revenue $ 363,226 $ 304,985 Property and equipment by geographic area is as follows: (in thousands) March 31, December 31, United States $ 62,890 $ 65,633 India 7,077 7,408 Germany 5,541 5,277 France 5,239 5,749 Other EMEA 5,688 5,847 Other international 6,772 6,589 Total property and equipment, net $ 93,207 $ 96,503

Contingencies and Commitments

Contingencies and Commitments	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments	Contingencies and Commitments We are subject to various investigations, claims and legal proceedings that arise in the ordinary course of business, including commercial disputes, labor and employment matters, tax audits, alleged infringement of intellectual property rights and other matters. In our opinion, the resolution of pending matters is not expected to have a material adverse effect on our 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 our results of operations, cash flows or financial position. Our Indian subsidiary has several service tax audits pending that have resulted in formal inquiries being received on transactions through mid-2012. We could incur tax charges and related liabilities of approximately $7.4 million. As such charges are not probable at this time, a reserve has not been recorded on the condensed consolidated balance sheet as of March 31, 2021. The service tax issues raised in our notices and inquiries 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) issued a favorable ruling to Microsoft. The Microsoft ruling was subsequently challenged in the Supreme Court by the Indian tax authority and a decision is still pending. We can provide no assurances on the impact that the present Microsoft case’s decision will have on our cases, however, an unfavorable ruling in the Microsoft case may impact our assessment of probability and result in the recording of a $7.4 million reserve. We are uncertain as to when these service tax matters will be concluded. We sell software licenses and services to our customers under contractual agreements. Such agreements generally include certain provisions indemnifying the customer against claims of intellectual property infringement or non-compliance to contractual terms and conditions by third parties arising from such customer’s usage of our products or services. To date, payments related to these indemnification provisions have been immaterial. For several reasons, including the lack of prior material indemnification claims, we cannot determine the maximum amount of potential future payments, if any, related to such indemnification provisions.

Accounting Policies (Policies)

Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information for commercial and industrial companies, the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, the accompanying unaudited condensed consolidated financial 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 unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements (and notes thereto) included in our Annual Report on Form 10-K for the year ended December 31, 2020 (2020 Form 10-K). The condensed consolidated December 31, 2020 balance sheet presented is derived from the audited December 31, 2020 balance sheet included in the 2020 Form 10-K. In our opinion, 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 months ended March 31, 2021 are not necessarily indicative of the results that may be expected for any future period.
Changes in Accounting Policies	Recently Adopted Accounting Guidance Income taxes: In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12), as part of its initiative to reduce complexity in the accounting standards. The amendments in ASU 2019-12 eliminated certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also clarified and simplified other aspects of the accounting for income taxes. We adopted ASU 2019-12 on January 1, 2021 with no material impact to our condensed consolidated financial statements.
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 funds. Cash equivalents are carried at cost, which approximates fair value. Our cash and cash equivalents balances comprise the following: March 31, 2021 December 31, 2020 (in thousands, except percentages) Amount % of Total Amount % of Total Cash accounts $ 548,833 55.6 $ 571,587 62.6 Money market funds 438,594 44.4 341,085 37.4 Total $ 987,427 $ 912,672 Our money market fund balances are held in various funds of two issuers.

Accounting Policies (Tables)

Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Cash and Cash Equivalents	Our cash and cash equivalents balances comprise the following: March 31, 2021 December 31, 2020 (in thousands, except percentages) Amount % of Total Amount % of Total Cash accounts $ 548,833 55.6 $ 571,587 62.6 Money market funds 438,594 44.4 341,085 37.4 Total $ 987,427 $ 912,672

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table summarizes revenue: Three Months Ended (in thousands, except percentages) March 31, March 31, Revenue: Lease licenses $ 65,077 $ 44,874 Perpetual licenses 67,527 42,956 Software licenses 132,604 87,830 Maintenance 213,674 200,488 Service 16,948 16,667 Maintenance and service 230,622 217,155 Total revenue $ 363,226 $ 304,985 Direct revenue, as a percentage of total revenue 71.8 % 73.6 % Indirect revenue, as a percentage of total revenue 28.2 % 26.4 %
Changes in Deferred Revenue	The changes in deferred revenue, inclusive of both current and long-term deferred revenue, during the three months ended March 31, 2021 and 2020 were as follows: (in thousands) 2021 2020 Beginning balance – January 1 $ 388,810 $ 365,274 Deferral of revenue 362,043 308,817 Recognition of revenue (363,226) (304,985) Currency translation (6,898) (3,355) Ending balance – March 31 $ 380,729 $ 365,751
Remaining Performance Obligations, Expected Timing of Satisfaction	Total revenue allocated to remaining performance obligations as of March 31, 2021 will be recognized as revenue as follows: (in thousands) Next 12 months $ 607,500 Months 13-24 178,935 Months 25-36 75,807 Thereafter 74,259 Total revenue allocated to remaining performance obligations $ 936,501

Other Receivables and Current_2

Other Receivables and Current Assets and Other Accrued Expenses and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2021
Other Receivables and Current Assets and Other Accrued Expenses and Liabilities [Abstract]
Schedule of Other Receivables and Current Assets and Other Accrued Expenses and Liabilities	Our other receivables and current assets and other accrued expenses and liabilities comprise the following balances: (in thousands) March 31, December 31, Receivables related to unrecognized revenue $ 135,828 $ 192,154 Income taxes receivable, including overpayments and refunds 59,876 31,628 Prepaid expenses and other current assets 83,016 44,740 Total other receivables and current assets $ 278,720 $ 268,522 Payroll-related accruals 41,431 20,117 Accrued vacation 39,156 34,132 Consumption, VAT and sales tax liabilities 28,370 45,156 Accrued expenses and other current liabilities 95,665 100,061 Total other accrued expenses and liabilities $ 204,622 $ 199,466

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Details of Basic and Diluted EPS	The details of basic and diluted EPS are as follows: Three Months Ended (in thousands, except per share data) March 31, March 31, Net income $ 72,398 $ 46,064 Weighted average shares outstanding – basic 86,808 85,798 Dilutive effect of stock plans 1,178 1,571 Weighted average shares outstanding – diluted 87,986 87,369 Basic earnings per share $ 0.83 $ 0.54 Diluted earnings per share $ 0.82 $ 0.53 Anti-dilutive shares 27 28

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets (Indefinite-Lived)	Intangible assets are classified as follows: March 31, 2021 December 31, 2020 (in thousands) Gross Accumulated Gross Accumulated Finite-lived intangible assets: Developed software and core technologies $ 862,677 $ (382,824) $ 859,620 $ (370,338) Customer lists and contract backlog 283,592 (137,680) 288,085 (136,093) Trade names 175,090 (123,855) 175,626 (122,392) Total $ 1,321,359 $ (644,359) $ 1,323,331 $ (628,823) Indefinite-lived intangible asset: Trade name $ 357 $ 357
Intangible Assets (Finite-Lived)	Intangible assets are classified as follows: March 31, 2021 December 31, 2020 (in thousands) Gross Accumulated Gross Accumulated Finite-lived intangible assets: Developed software and core technologies $ 862,677 $ (382,824) $ 859,620 $ (370,338) Customer lists and contract backlog 283,592 (137,680) 288,085 (136,093) Trade names 175,090 (123,855) 175,626 (122,392) Total $ 1,321,359 $ (644,359) $ 1,323,331 $ (628,823) Indefinite-lived intangible asset: Trade name $ 357 $ 357
Estimated Future Amortization Expense for Intangible Assets	As of March 31, 2021, estimated future amortization expense for the intangible assets reflected above was as follows: (in thousands) Remainder of 2021 $ 55,244 2022 77,005 2023 78,298 2024 77,451 2025 74,950 2026 72,559 Thereafter 241,493 Total intangible assets subject to amortization 677,000 Indefinite-lived trade name 357 Other intangible assets, net $ 677,357
Changes in Goodwill	The changes in goodwill during the three months ended March 31, 2021 and 2020 were as follows: (in thousands) 2021 2020 Beginning balance – January 1 $ 3,038,306 $ 2,413,280 Acquisitions and adjustments (1) 8,215 (336) Currency translation (9,738) (14,260) Ending balance – March 31 $ 3,036,783 $ 2,398,684 (1) In accordance with the accounting for business combinations, we recorded adjustments to goodwill for the effect of changes in the provisional fair values of the assets acquired and liabilities assumed during the measurement period (up to one year from the acquisition date) as we obtained new information about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date.

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value of Assets and Liabilities Measured on Recurring Basis	The following tables provide the assets carried at fair value and measured on a recurring basis: Fair Value Measurements at Reporting Date Using: (in thousands) March 31, Quoted Prices in Significant Other Significant Assets Cash equivalents $ 438,594 $ 438,594 $ — $ — Short-term investments $ 516 $ — $ 516 $ — Deferred compensation plan investments $ 1,601 $ 1,601 $ — $ — Fair Value Measurements at Reporting Date Using: (in thousands) December 31, 2020 Quoted Prices in Significant Other Significant Assets Cash equivalents $ 341,085 $ 341,085 $ — $ — Short-term investments $ 479 $ — $ 479 $ — Deferred compensation plan investments $ 1,602 $ 1,602 $ — $ —

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Schedule of Lease Cost	The components of our global lease cost reflected in the condensed consolidated statements of income are as follows: Three Months Ended (in thousands) March 31, March 31, Lease liability cost $ 7,001 $ 6,218 Variable lease cost not included in the lease liability (1) 1,282 1,097 Total lease cost $ 8,283 $ 7,315 (1) Variable lease cost includes common area maintenance, property taxes, utilities and fluctuations in rent due to a change in an index or rate.
Lessee, Operating Lease Other Information	Other information related to operating leases is as follows: Three Months Ended (in thousands) March 31, March 31, Cash paid for amounts included in the measurement of the lease liability: Operating cash flows from operating leases $ (6,827) $ (5,733) Right-of-use assets obtained in exchange for new operating lease liabilities 587 19,601 As of March 31, 2021 2020 Weighted-average remaining lease term of operating leases 7.1 years 8.0 years Weighted-average discount rate of operating leases 3.1 % 3.4 %
Schedule of Maturity of Operating Lease Liabilities	The maturity schedule of the operating lease liabilities as of March 31, 2021 is as follows: (in thousands) Remainder of 2021 $ 20,283 2022 24,304 2023 19,027 2024 17,956 2025 16,877 Thereafter 49,834 Total future lease payments 148,281 Less: Present value adjustment (15,787) Present value of future lease payments (1) $ 132,494 (1) Includes the current portion of operating lease liabilities of $23.0 million, which is reflected in other accrued expenses and liabilities in the condensed consolidated balance sheets.

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Income Tax Benefit	Our income before income tax benefit, income tax benefit and effective tax rates were as follows: Three Months Ended (in thousands, except percentages) March 31, March 31, Income before income tax benefit $ 47,623 $ 33,324 Income tax benefit (24,775) (12,740) Effective tax rate (52.0) % (38.2) %

Stock Repurchase Program (Table

Stock Repurchase Program (Tables)	3 Months Ended
	Mar. 31, 2021
Class of Stock Disclosures [Abstract]
Stock Repurchase Program	Under our stock repurchase program, we repurchased shares as follows: Three Months Ended (in thousands, except per share data) March 31, March 31, Number of shares repurchased — 690 Average price paid per share $ — $ 233.48 Total cost $ — $ 161,029

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
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 (in thousands, except per share data) March 31, March 31, Cost of sales: Maintenance and service $ 3,562 $ 2,866 Operating expenses: Selling, general and administrative 17,223 15,144 Research and development 14,334 12,931 Stock-based compensation expense before taxes 35,119 30,941 Related income tax benefits (42,625) (25,906) Stock-based compensation expense, net of taxes $ (7,506) $ 5,035 Net impact on earnings per share: Basic earnings per share $ 0.09 $ (0.06) Diluted earnings per share $ 0.09 $ (0.06)

Geographic Information (Tables)

Geographic Information (Tables)	3 Months Ended
	Mar. 31, 2021
Segments, Geographical Areas [Abstract]
Revenue by Geographic Area	Revenue by geographic area is as follows: Three Months Ended (in thousands) March 31, March 31, United States $ 152,701 $ 125,113 Japan 42,015 37,359 Germany 31,346 30,097 South Korea 22,398 15,561 France 15,386 15,469 Other Europe, Middle East and Africa (EMEA) 56,543 43,841 Other international 42,837 37,545 Total revenue $ 363,226 $ 304,985
Property and Equipment by Geographic Area	Property and equipment by geographic area is as follows: (in thousands) March 31, December 31, United States $ 62,890 $ 65,633 India 7,077 7,408 Germany 5,541 5,277 France 5,239 5,749 Other EMEA 5,688 5,847 Other international 6,772 6,589 Total property and equipment, net $ 93,207 $ 96,503

Organization (Detail)

Organization (Detail)	3 Months Ended
	Mar. 31, 2021segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1

Accounting Policies - Cash and

Accounting Policies - Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Cash accounts, Amount	$ 548,833	$ 571,587
Money market funds, Amount	438,594	341,085
Total	$ 987,427	$ 912,672
Cash
Percent Of Cash And Cash Equivalents	55.60%	62.60%
Money Market Funds
Percent Of Cash And Cash Equivalents	44.40%	37.40%

Accounting Policies - Cash an_2

Accounting Policies - Cash and Cash Equivalents - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021
Money Market Funds
Cash and Cash Equivalents [Line Items]
Concentration risk, % of money market funds with two issuers	100.00%

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Amount of revenue recognized from beginning deferred revenue and backlog	$ 209.3	$ 191.3

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Disaggregation of Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Total revenue	$ 363,226	$ 304,985
Lease licenses
Disaggregation of Revenue [Line Items]
Total revenue	65,077	44,874
Perpetual licenses
Disaggregation of Revenue [Line Items]
Total revenue	67,527	42,956
Software licenses
Disaggregation of Revenue [Line Items]
Total revenue	132,604	87,830
Maintenance
Disaggregation of Revenue [Line Items]
Total revenue	213,674	200,488
Service
Disaggregation of Revenue [Line Items]
Total revenue	16,948	16,667
Maintenance and service
Disaggregation of Revenue [Line Items]
Total revenue	$ 230,622	$ 217,155
Direct revenue, as a percentage of total revenue
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	71.80%	73.60%
Indirect revenue, as a percentage of total revenue
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	28.20%	26.40%

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Changes in Deferred Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Movement in Deferred Revenue [Roll Forward]
Beginning balance	$ 388,810	$ 365,274
Deferral of revenue	362,043	308,817
Recognition of revenue	(363,226)	(304,985)
Currency translation	(6,898)	(3,355)
Ending balance	$ 380,729	$ 365,751

Revenue from Contracts with C_6

Revenue from Contracts with Customers - Remaining Performance Obligations, Expected Timing of Satisfaction (Detail) $ in Thousands	Mar. 31, 2021USD ($)
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount	$ 936,501
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount	$ 607,500
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount	$ 178,935
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount	$ 75,807
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount	$ 74,259
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($) $ in Millions	Dec. 01, 2020	Apr. 01, 2020	Mar. 31, 2021
Payments to acquire businesses, gross			$ 10.8
Identifiable intangible assets			5.6
Goodwill			6.2
Total identifiable net liabilities			$ 1
Lumerical
Payments to acquire businesses, gross		$ 107.5
Percentage of shares acquired		100.00%
Analytical Graphics, Inc.
Payments to acquire businesses, gross	$ 722.5
Percentage of shares acquired	100.00%

Other Receivables and Current_3

Other Receivables and Current Assets and Other Accrued Expenses and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Other Receivables and Current Assets and Other Accrued Expenses and Liabilities [Abstract]
Receivables related to unrecognized revenue	$ 135,828	$ 192,154
Income taxes receivable, including overpayments and refunds	59,876	31,628
Prepaid expenses and other current assets	83,016	44,740
Total other receivables and current assets	278,720	268,522
Payroll-related accruals	41,431	20,117
Accrued vacation	39,156	34,132
Consumption, VAT and sales tax liabilities	28,370	45,156
Accrued expenses and other current liabilities	95,665	100,061
Total other accrued expenses and liabilities	$ 204,622	$ 199,466

Earnings Per Share - Details of

Earnings Per Share - Details of Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net income	$ 72,398	$ 46,064
Weighted average shares outstanding - basic	86,808	85,798
Dilutive effect of stock plans	1,178	1,571
Weighted average shares outstanding - diluted	87,986	87,369
Basic earnings per share	$ 0.83	$ 0.54
Diluted earnings per share	$ 0.82	$ 0.53
Anti-dilutive shares	27	28

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Amortization of intangible assets	$ 19.4	$ 13.7
Minimum
Finite-lived Intangible asset, useful life	2 years
Maximum
Finite-lived Intangible asset, useful life	17 years

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Intangible Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Intangible Assets [Line Items]
Amortized intangible assets, gross carrying amount	$ 1,321,359	$ 1,323,331
Amortized intangible assets, accumulated amortization	(644,359)	(628,823)
Indefinite-lived intangible assets (excluding goodwill)	357
Trade Names
Intangible Assets [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	357	357
Developed Software and Core Technologies
Intangible Assets [Line Items]
Amortized intangible assets, gross carrying amount	862,677	859,620
Amortized intangible assets, accumulated amortization	(382,824)	(370,338)
Customer Lists
Intangible Assets [Line Items]
Amortized intangible assets, gross carrying amount	283,592	288,085
Amortized intangible assets, accumulated amortization	(137,680)	(136,093)
Trade Names
Intangible Assets [Line Items]
Amortized intangible assets, gross carrying amount	175,090	175,626
Amortized intangible assets, accumulated amortization	$ (123,855)	$ (122,392)

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Estimated Future Amortization Expense for Intangible Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2021	$ 55,244
2022	77,005
2023	78,298
2024	77,451
2025	74,950
2026	72,559
Thereafter	241,493
Total intangible assets subject to amortization	677,000
Indefinite-lived trade name	357
Other intangible assets, net	$ 677,357	$ 694,865

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Changes in Goodwill (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Goodwill [Roll Forward]
Beginning balance	$ 3,038,306	$ 2,413,280
Acquisitions and adjustments	8,215	(336)
Currency translation	(9,738)	(14,260)
Ending balance	$ 3,036,783	$ 2,398,684

Fair Value Measurement - Fair V

Fair Value Measurement - Fair Value of Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 438,594	$ 341,085
Short-term investments	516	479
Deferred compensation plan investments	1,601	1,602
Quoted Prices in Active Markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	438,594	341,085
Short-term investments	0	0
Deferred compensation plan investments	1,601	1,602
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	516	479
Deferred compensation plan investments	0	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
Deferred compensation plan investments	$ 0	$ 0

Fair Value Measurement - Additi

Fair Value Measurement - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments maturity	3 months
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments maturity	1 year

Leases - Additional Information

Leases - Additional Information (Detail) $ in Millions	Mar. 31, 2021USD ($)ft²
Lessee, Lease, Description [Line Items]
Current portion of operating lease liabilities	$ 23
Canonsburg Office, New Company Headquarters
Lessee, Lease, Description [Line Items]
Area of real estate property | ft²	186,000
Period of leased property	183 months
Base rent through 2024	$ 4.5
Base rent 2025-2029	$ 4.7

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Cost (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Lease liability cost	$ 7,001	$ 6,218
Variable lease cost not included in the lease liability	1,282	1,097
Total lease cost	$ 8,283	$ 7,315

Leases - Lessee, Operating Leas

Leases - Lessee, Operating Lease Other Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Operating cash flows from operating leases	$ (6,827)	$ (5,733)
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 587	$ 19,601
Weighted-average remaining lease term of operating leases	7 years 1 month 6 days	8 years
Weighted-average discount rate of operating leases	3.10%	3.40%

Leases - Schedule of Maturity o

Leases - Schedule of Maturity of Operating Lease Liabilities (Detail) $ in Thousands	Mar. 31, 2021USD ($)
Leases [Abstract]
Remainder of 2021	$ 20,283
2022	24,304
2023	19,027
2024	17,956
2025	16,877
Thereafter	49,834
Total future lease payments	148,281
Present value adjustment	(15,787)
Present value of future lease payments	$ 132,494

Debt (Detail)

Debt (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 01, 2020	Nov. 01, 2019
Debt Disclosure [Line Items]
Unsecured debt	$ 798,200,000		$ 798,100,000
Term loan principal repayment rate, initial	1.25%
Term loan principal repayment rate, increased	2.50%
Early debt repayment	$ 75,000,000
Early repayment of debt due in 2022	25,000,000
Early repayment of debt due in 2023	$ 50,000,000
Weighted-average interest rate over time	1.45%	3.03%
Weighted-average interest rate at point in time	1.45%
Consolidated leverage ratio	3.50
Consolidated leverage ratio increased	4
Qualified acquisition amount	$ 250,000,000
Unamortized debt issuance cost	1,800,000		$ 1,900,000
Livermore Software Technology Corporation
Debt Disclosure [Line Items]
Unsecured debt					$ 500,000,000
Analytical Graphics, Inc.
Debt Disclosure [Line Items]
Unsecured debt				$ 375,000,000
Revolving credit facility
Debt Disclosure [Line Items]
Line of credit, maximum borrowing capacity	500,000,000
Outstanding borrowings under the credit agreement	0
Letters of credit
Debt Disclosure [Line Items]
Line of credit, maximum borrowing capacity	$ 50,000,000
Base rate
Debt Disclosure [Line Items]
Debt instrument, basis spead on federal funds rate	0.50%
Debt instrument, basis spread on Eurodollar rate	1.00%
Base rate | Minimum
Debt Disclosure [Line Items]
Debt instrument, basis spread on variable rate	0.125%
Base rate | Maximum
Debt Disclosure [Line Items]
Debt instrument, basis spread on variable rate	0.75%
Eurodollar | Minimum
Debt Disclosure [Line Items]
Debt instrument, basis spread on variable rate	1.125%
Eurodollar | Maximum
Debt Disclosure [Line Items]
Debt instrument, basis spread on variable rate	1.75%

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Tax Benefit (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income before income tax benefit	$ 47,623	$ 33,324
Income tax benefit	$ (24,775)	$ (12,740)
Effective tax rate	(52.00%)	(38.20%)

Stock Repurchase Program (Detai

Stock Repurchase Program (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Class of Stock Disclosures [Abstract]
Number of shares repurchased	0	690
Average price paid per share	$ 0	$ 233.48
Total cost	$ 0	$ 161,029

Stock Repurchase Program - Addi

Stock Repurchase Program - Additional Information (Detail) shares in Millions	Mar. 31, 2021shares
Class of Stock Disclosures [Abstract]
Stock repurchase program, remaining number of shares authorized to be repurchased	2.8

Stock-Based Compensation Expens

Stock-Based Compensation Expense and Its Net Impact on Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Employee Service Share-Based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense before taxes	$ 35,119	$ 30,941
Related income tax benefits	(42,625)	(25,906)
Stock-based compensation expense, net of taxes	$ (7,506)	$ 5,035
Basic earnings per share	$ 0.09	$ (0.06)
Diluted earnings per share	$ 0.09	$ (0.06)
Maintenance and service
Employee Service Share-Based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense before taxes	$ 3,562	$ 2,866
Selling, General and Administrative
Employee Service Share-Based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense before taxes	17,223	15,144
Research and Development
Employee Service Share-Based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense before taxes	$ 14,334	$ 12,931

Geographic Information - Revenu

Geographic Information - Revenue by Geographic Area (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 363,226	$ 304,985
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	152,701	125,113
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	42,015	37,359
Germany
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	31,346	30,097
South Korea
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	22,398	15,561
France
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	15,386	15,469
Other Europe, Middle East and Africa (EMEA)
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	56,543	43,841
Other international
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 42,837	$ 37,545

Geographic Information - Proper

Geographic Information - Property and Equipment by Geographic Area (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net	$ 93,207	$ 96,503
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net	62,890	65,633
India
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net	7,077	7,408
Germany
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net	5,541	5,277
France
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net	5,239	5,749
Other EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net	5,688	5,847
Other international
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net	$ 6,772	$ 6,589

Contingencies and Commitments (

Contingencies and Commitments (Detail) $ in Millions	Mar. 31, 2021USD ($)
India Service Tax Audit
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss	$ 7.4