0001013462-24-000007 | 10-K | XBRL Viewer

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Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Contingency [Line Items]
Deferred tax assets, operating loss carryforwards, state and local	$ 2,300
Tax credit carryforwards	7,500
Significant change in unrecognized tax benefits is reasonably possible, amount of unrecorded benefit	3,200
Unrecognized tax benefits that would impact effective tax rate	13,500
Penalty expense	700	$ 700	$ 1,800
Interest income (expense)	300	(100)	$ 200
Liability for penalties	8,700	7,900
Liability for interest	2,600	$ 3,000
Tax Credit Carry Forward With No Expiration Date
Income Tax Contingency [Line Items]
Tax credit carryforwards	500
Tax Credit Carryforward With Expiration
Income Tax Contingency [Line Items]
Tax credit carryforwards	7,000
Subject To Utilization Limitations
Income Tax Contingency [Line Items]
Tax credit carryforwards	900
Federal Domestic
Income Tax Contingency [Line Items]
Net operating loss carryforwards	7,200
Federal Domestic \| Operating Loss Carryforward With No Expiration Date
Income Tax Contingency [Line Items]
Net operating loss carryforwards	6,500
Federal Domestic \| Subject To Expiration
Income Tax Contingency [Line Items]
Net operating loss carryforwards	700
Foreign Country
Income Tax Contingency [Line Items]
Net operating loss carryforwards	128,300
Foreign Country \| Operating Loss Carryforward With No Expiration Date
Income Tax Contingency [Line Items]
Net operating loss carryforwards	88,700
Foreign Country \| Subject To Expiration
Income Tax Contingency [Line Items]
Net operating loss carryforwards	39,600
Unrealizable Tax Assets
Income Tax Contingency [Line Items]
Valuation allowance, deferred tax asset, increase (decrease), amount	(200)
Currency Fluctuations on Balances relating to Foreign Jurisdictions
Income Tax Contingency [Line Items]
Valuation allowance, deferred tax asset, increase (decrease), amount	$ 500

Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement [Line Items]
Total revenue	$ 2,269,949	$ 2,065,553	$ 1,906,715
Subscription lease licenses
Statement [Line Items]
Total revenue	786,050	687,665	617,643
Perpetual licenses
Statement [Line Items]
Total revenue	302,698	301,313	328,154
Software licenses
Statement [Line Items]
Total revenue	1,088,748	988,978	945,797
Maintenance
Statement [Line Items]
Total revenue	1,103,523	1,004,245	896,037
Service
Statement [Line Items]
Total revenue	77,678	72,330	64,881
Maintenance and service
Statement [Line Items]
Total revenue	$ 1,181,201	$ 1,076,575	$ 960,918
Direct revenue, as a percentage of total revenue \| Revenue Benchmark \| Sales Channel Concentration Risk
Statement [Line Items]
Concentration risk, percentage	73.90%	76.10%	76.30%
Indirect revenue, as a percentage of total revenue \| Revenue Benchmark \| Sales Channel Concentration Risk
Statement [Line Items]
Concentration risk, percentage	26.10%	23.90%	23.70%

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Disaggregation of Revenue

The following table summarizes revenue:


	Year Ended December 31,
(in thousands, except percentages)	2023			2022			2021
Revenue:
Subscription lease licenses	$	786,050		$	687,665		$	617,643
Perpetual licenses	302,698			301,313			328,154
Software licenses	1,088,748			988,978			945,797
Maintenance	1,103,523			1,004,245			896,037
Service	77,678			72,330			64,881
Maintenance and service	1,181,201			1,076,575			960,918
Total revenue	$	2,269,949		$	2,065,553		$	1,906,715

Direct revenue, as a percentage of total revenue	73.9		%	76.1		%	76.3		%
Indirect revenue, as a percentage of total revenue	26.1		%	23.9		%	23.7		%

Our software licenses revenue is recognized up front, while maintenance and service revenue is 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 years ended December 31, 2023 and 2022 were as follows:


(in thousands)	2023		2022
Beginning balance – January 1	$	435,758	$	412,781
Acquired deferred revenue	8,030		5,818
Deferral of revenue	2,305,294		2,099,550
Recognition of deferred revenue	(2,269,949)		(2,065,553)
Currency translation	621		(16,838)
Ending balance – December 31	$	479,754	$	435,758

Total revenue allocated to remaining performance obligations as of December 31, 2023 will be recognized as revenue as follows:


(in thousands)
Next 12 months	$	897,393
Months 13-24	371,957
Months 25-36	150,744
Thereafter	52,490
Total revenue allocated to remaining performance obligations	$	1,472,584

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 deferred revenue associated with installment billings for periods beyond the current quarterly billing cycle and committed contracts with start dates beyond the end of the current period. Revenue recognized during the years ended December 31, 2023 and 2022 included amounts in deferred revenue and backlog at the beginning of the period of $846.3 million, of which $414.0 million was in deferred revenue, and $764.9 million, of which $391.5 million was in deferred revenue, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Accounting Policies - Schedule of Risk Concentration (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Concentration Risk [Line Items]
Total	$ 860,201	$ 614,391
Customer Concentration Risk \| Revenue Benchmark \| Channel Partner
Concentration Risk [Line Items]
Concentration risk, percentage	26.00%	24.00%	24.00%
Credit Concentration Risk
Concentration Risk [Line Items]
Cash and cash equivalents held in excess of deposit insurance, foreign and domestic	$ 846,723	$ 597,471
Largest balance of cash and cash equivalents held with one financial institution, foreign and domestic	359,362	238,058
United States \| Credit Concentration Risk
Concentration Risk [Line Items]
Total	529,092	326,784
Foreign \| Credit Concentration Risk
Concentration Risk [Line Items]
Total	$ 331,109	$ 287,607

Geographic Information - Revenue by Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 2,269,949	$ 2,065,553	$ 1,906,715
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	1,058,293	932,587	867,125
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	203,013	186,199	193,096
Germany
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	199,068	198,612	158,541
China and Hong Kong
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	111,467	105,101	82,933
South Korea
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	106,261	127,948	105,853
Other EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	406,719	349,159	359,074
Other international
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 185,128	$ 165,947	$ 140,093

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Accounting Policies - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Net income	$ 500,412	$ 523,710	$ 454,627
Weighted average shares outstanding - basic	86,833	87,051	87,100
Dilutive effect of stock plans	553	439	1,002
Weighted average shares outstanding - diluted	87,386	87,490	88,102
Basic earnings per share	$ 5.76	$ 6.02	$ 5.22
Diluted earnings per share	$ 5.73	$ 5.99	$ 5.16
Anti-dilutive shares	218	300	23

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

Stock-Based Compensation - Assumptions to Estimate Fair Value of Stock Awards (Details) - Restricted Stock Unit Compensation Expense - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	4.60%	1.80%	0.30%
Expected dividend yield	0.00%	0.00%	0.00%
Expected term (in years)	2 years 9 months 18 days	2 years 9 months 18 days	2 years 9 months 18 days
Correlation factor	0.83	0.84	0.84
Weighted average fair value per share (in dollars per share)	$ 452.14	$ 290.65	$ 238.87
Ansys Stock Price
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	36.00%	37.00%	36.00%
Nasdaq Composite Index
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	25.00%	26.00%	26.00%

Contingencies and Commitments - Additional Information (Details) $ in Millions	Dec. 31, 2023 USD ($)
India Service Tax Audit
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss	$ 7.1

Leases - Lessee, Operating Lease Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating cash flows from operating leases	$ (28,281)	$ (26,767)	$ (28,474)
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 12,913	$ 36,735	$ 13,586
Weighted-average remaining lease term of operating leases	6 years 4 months 24 days	6 years 10 months 24 days
Weighted-average discount rate of operating leases	3.40%	3.10%

Royalty Agreements	12 Months Ended
Royalty Agreements	Dec. 31, 2023
Royalty Agreements [Abstract]
Royalty Agreements	Royalty Agreements We have entered into various renewable license agreements under which we have been granted access to the licensor's technology and the right to sell the technology in our product line. Royalties are payable to developers of the software at various rates and amounts, which generally are based upon unit sales, revenue or flat fees. Royalty fees are reported in cost of software licenses and were $39.0 million, $32.0 million and $36.9 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Property and Equipment - Components of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 253,254	$ 239,145
Less: Accumulated depreciation	(175,474)	(158,307)
Property and equipment, net	77,780	80,838
Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	136,112	127,672
Computer Software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	29,210	27,030
Buildings and Improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	39,728	38,991
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	29,587	27,560
Furniture
Property, Plant and Equipment [Line Items]
Property and equipment, gross	15,921	15,196
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,696	$ 2,696
Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives (years)	1 year
Minimum \| Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives (years)	1 year
Minimum \| Computer Software
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives (years)	1 year
Minimum \| Buildings and Improvements
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives (years)	2 years
Minimum \| Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives (years)	1 year
Minimum \| Furniture
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives (years)	1 year
Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives (years)	40 years
Maximum \| Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives (years)	15 years
Maximum \| Computer Software
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives (years)	5 years
Maximum \| Buildings and Improvements
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives (years)	40 years
Maximum \| Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives (years)	17 years
Maximum \| Furniture
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives (years)	10 years

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Lease liability cost	$ 28,481	$ 27,543	$ 28,357
Variable lease cost not included in the lease liability	5,749	4,436	4,085
Total lease cost	$ 34,230	$ 31,979	$ 32,442

Unconditional Purchase Obligations - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Unconditional Purchase Obligations (Excluding Capital Stock Redemptions) [Abstract]
Unconditional purchase obligations, beginning of year	$ 54.8	$ 54.8	$ 44.9

Revenue from Contracts with Customers - Remaining Performance Obligations, Expected Timing of Satisfaction (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount	$ 1,472,584
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	1,472,584
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount	$ 897,393
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, amount	$ 897,393
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount	$ 371,957
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, amount	$ 371,957
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount	$ 150,744
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, amount	$ 150,744
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount	$ 52,490
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period
Revenue, remaining performance obligation, amount	$ 52,490

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Pittsburgh, Pennsylvania

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Intangible Assets [Line Items]
Amortized intangible assets, gross carrying amount	$ 1,626,099	$ 1,498,697
Amortized intangible assets, accumulated amortization	(791,039)	(689,871)
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	1,146,022	1,106,789
Amortized intangible assets, accumulated amortization	(557,359)	(483,033)
Customer lists
Intangible Assets [Line Items]
Amortized intangible assets, gross carrying amount	289,874	205,484
Amortized intangible assets, accumulated amortization	(89,800)	(71,618)
Trade names
Intangible Assets [Line Items]
Amortized intangible assets, gross carrying amount	190,203	186,424
Amortized intangible assets, accumulated amortization	$ (143,880)	$ (135,220)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components Of Income Before Income Taxes

Income before income tax provision included the following components:


	Year Ended December 31,
(in thousands)	2023		2022		2021
Domestic	$	458,581	$	504,797	$	460,395
Foreign	133,557		70,518		54,959
Total	$	592,138	$	575,315	$	515,354

Components Of Provision For Income Taxes

The provision for income taxes was composed of the following:


	Year Ended December 31,
(in thousands)	2023		2022		2021
Current:
Federal	$	115,942	$	103,007	$	44,805
State	11,759		11,286		6,626
Foreign	55,332		68,028		43,786
Deferred:
Federal	(79,251)		(94,398)		(32,449)
State	(8,145)		(9,647)		(1,691)
Foreign	(3,911)		(26,671)		(350)
Total	$	91,726	$	51,605	$	60,727

Reconciliation Of U.S. Federal Statutory Tax Rate To Consolidated Effective Tax Rate

The reconciliation of the U.S. federal statutory tax rate to the consolidated effective tax rate was as follows:


	Year Ended December 31,
	2023		2022		2021
Federal statutory tax rate	21.0	%	21.0	%	21.0	%
Nondeductible expenses	2.1		2.3		2.8
State income taxes, net of federal benefit	0.6		0.9		0.6
Foreign rate differential	0.4		—		(0.1)

Stock-based compensation	—		(1.5)		(5.4)
Benefit from tax planning and entity structuring activities	(0.3)		(2.5)		(0.8)
U.S. federal tax (benefit) expense on foreign earnings	(1.2)		(2.4)		0.4

Research and development credits	(3.2)		(3.2)		(3.1)
Foreign-derived intangible income deduction	(4.1)		(5.7)		(4.0)
Other	0.2		0.1		0.4
	15.5	%	9.0	%	11.8	%

Components Of Deferred Tax Assets And Liabilities

The components of deferred tax assets and liabilities are as follows:


	December 31,
(in thousands)	2023		2022
Deferred tax assets:
Research and experimentation capitalization	$	148,355	$	85,677
Uncertain tax positions	52,685		41,569
Net operating loss carryforwards	34,907		39,034
Stock-based compensation	33,473		27,548
Debt obligation basis difference	30,289		28,758
Operating lease liabilities	28,380		31,726
Employee benefits	13,662		13,343
Research and development credits	5,506		5,390
Allowance for doubtful accounts	4,836		4,376
Other	—		2,638
Valuation allowance	(17,608)		(17,336)
Total deferred tax assets	334,485		262,723
Deferred tax liabilities:
Other intangible assets	(202,404)		(192,018)
Operating lease right-of-use assets	(26,878)		(30,308)
Deferred revenue	(12,080)		(8,979)
Property and equipment	(3,607)		(5,029)
Other	(590)		—
Total deferred tax liabilities	(245,559)		(236,334)
Net deferred tax assets	$	88,926	$	26,389

Reconciliation Of Unrecognized Tax Benefits

The following is a reconciliation of the total amounts of unrecognized tax benefits:


	Year Ended December 31,
(in thousands)	2023		2022		2021
Unrecognized tax benefit as of January 1	$	45,772	$	39,641	$	24,075
Gross changes—acquisitions	—		—		—
Gross increases—tax positions in prior period	—		403		10,183
Gross decreases—tax positions in prior period	(1,782)		(2,780)		(2,281)
Gross increases—tax positions in current period	14,814		13,905		13,223
Reductions due to a lapse of the applicable statute of limitations	(3,236)		(3,743)		(3,226)
Changes due to currency fluctuation	(684)		(1,654)		(912)
Settlements	—		—		(1,421)
Unrecognized tax benefit as of December 31	$	54,884	$	45,772	$	39,641

Stock-Based Compensation - Summary of Stock Options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Outstanding, beginning of year, Weighted-Average Exercise Price (in dollars per share)	$ 94.24	$ 83.67	$ 74.26
Granted, Weighted-Average Exercise Price (in dollars per share)	0	0	0
Exercised, Weighted-Average Exercise Price (in dollars per share)	94.32	67.56	61.42
Forfeited, Weighted-Average Exercise Price (in dollars per share)	0	67.44	55.46
Outstanding, end of year, Weighted-Average Exercise Price (in dollars per share)	94.23	94.24	83.67
Vested and Exercisable, end of year, Weighted-Average Exercise Price (in dollars per share)	94.23	94.24	83.67
Nonvested, Weighted-Average Exercise Price (in dollars per share)	$ 0	$ 0	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning of year, Options (in shares)	226	375	648
Granted, Options (in shares)	0	0	0
Exercised, Options (in shares)	(123)	(148)	(270)
Forfeited, Options (in shares)	0	(1)	(3)
Outstanding, end of year, Options (in shares)	103	226	375
Vested and Exercisable, end of year, Options (in shares)	103	226	375
Nonvested, Options (in shares)	0	0	0
Outstanding, Weighted-Average Remaining Contractual Term (in years)	2 years 6 months 7 days	3 years 6 months 10 days	3 years 1 month 2 days
Vested and Exercisable, Weighted-Average Remaining Contractual Term (in years)	2 years 6 months 7 days	3 years 6 months 10 days	3 years 1 month 2 days
Exercised, Aggregate Intrinsic Value	$ 28,231	$ 30,358	$ 82,790
Outstanding, Aggregate Intrinsic Value	27,717	33,361	118,995
Vested and Exercisable, Aggregate Intrinsic Value	27,717	33,361	118,995
Compensation Expense - Stock Options (in thousands)	$ 0	$ 0	$ 0

Acquisitions - Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Total consideration		$ 401,700
Acquisitions, net of cash acquired	$ 208,911	386,264	$ 510,805
DYNAmore
Business Acquisition [Line Items]
Total consideration	139,200
Acquisitions, net of cash acquired	126,400
Other acquisitions
Business Acquisition [Line Items]
Total consideration	94,400
Acquisitions, net of cash acquired	88,300
Series of individually immaterial business acquisitions
Business Acquisition [Line Items]
Cash	228,520	397,629
Non-cash and unpaid consideration	5,056	4,035
Total consideration	233,576	401,664
Cash acquired	18,870	10,862
Accounts receivable and other tangible assets	18,524	4,914
Accounts payable and other liabilities	(9,176)	(7,247)
Deferred revenue	(8,030)	(6,408)
Net deferred tax liabilities	(31,597)	(19,854)
Total identifiable net assets	103,401	123,327
Goodwill	130,175	278,337
Acquisitions, net of cash acquired		390,800
Series of individually immaterial business acquisitions \| Developed software and core technologies
Business Acquisition [Line Items]
Finite-lived intangible assets	28,110	127,830
Series of individually immaterial business acquisitions \| Customer lists
Business Acquisition [Line Items]
Finite-lived intangible assets	83,790	7,926
Series of individually immaterial business acquisitions \| Trade names
Business Acquisition [Line Items]
Finite-lived intangible assets	$ 2,910	$ 5,304

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Components Of Property and Equipment

Property and equipment consists of the following:


		December 31,
(in thousands)	Estimated Useful Lives	2023		2022
Equipment	1-15 years	$	136,112	$	127,672
Computer software	1-5 years	29,210		27,030
Buildings and improvements	2-40 years	39,728		38,991
Leasehold improvements	1-17 years	29,587		27,560
Furniture	1-10 years	15,921		15,196
Land		2,696		2,696
Property and equipment, gross		253,254		239,145
Less: Accumulated depreciation		(175,474)		(158,307)
Property and equipment, net		$	77,780	$	80,838

Accounting Policies - Allowance for Doubtful Accounts Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - January 1	$ 18,300	$ 14,600	$ 14,000
Additions: Charges to expense	2,704	6,222	1,006
Deductions: Write-offs	(304)	(2,522)	(406)
Ending balance - December 31	$ 20,700	$ 18,300	$ 14,600

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 500,412	$ 523,710	$ 454,627
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	132,504	114,563	106,867
Operating lease right-of-use assets expense	23,514	22,721	22,193
Deferred income tax benefit	(91,306)	(130,716)	(34,490)
Provision for bad debts	2,704	6,222	1,006
Stock-based compensation expense	221,891	168,128	166,338
Gain on equity investment	0	0	(15,139)
Other	1,238	4,680	2,708
Changes in operating assets and liabilities:
Accounts receivable	(102,516)	(114,986)	(149,017)
Other receivables and current assets	(30,204)	30,259	(64,316)
Other long-term assets	(8,563)	(3,613)	(3,217)
Accounts payable, accrued expenses and current liabilities	27,853	(8,250)	53,846
Accrued income taxes	13,731	99	(18,429)
Deferred revenue	34,507	33,003	26,547
Other long-term liabilities	(8,643)	(14,817)	(42)
Net cash provided by operating activities	717,122	631,003	549,482
Cash flows from investing activities:
Acquisitions, net of cash acquired	(208,911)	(386,264)	(510,805)
Capital expenditures	(25,318)	(24,370)	(23,018)
Other investing activities	(5,813)	(734)	(2,990)
Net cash used in investing activities	(240,042)	(411,368)	(536,813)
Cash flows from financing activities:
Principal payments on long-term debt	0	0	(45,000)
Purchase of treasury stock	(196,494)	(205,571)	(134,679)
Restricted stock withholding taxes paid in lieu of issued shares	(63,645)	(64,242)	(97,037)
Proceeds from shares issued for stock-based compensation	30,114	25,595	31,377
Other financing activities	(1,294)	(1,290)	(513)
Net cash used in financing activities	(231,319)	(245,508)	(245,852)
Effect of exchange rate fluctuations on cash and cash equivalents	49	(27,403)	(11,822)
Net increase (decrease) in cash and cash equivalents	245,810	(53,276)	(245,005)
Cash and cash equivalents, beginning of period	614,391	667,667	912,672
Cash and cash equivalents, end of period	860,201	614,391	667,667
Supplemental disclosures of cash flow information:
Income taxes paid	144,117	115,339	130,426
Interest paid	46,069	20,844	11,146
Non-cash and unpaid consideration in connection with acquisitions	$ 5,056	$ 5,391	$ 0

Accounting Policies - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Lease license to license revenue	50.00%
Lease license to maintenance revenue	50.00%
Amortization of intangible assets	$ 103,500	$ 85,100	$ 76,000
Net foreign exchange loss (gain)	$ 4,000	$ (1,600)	$ 1,800
Customer Concentration Risk
Number of channel partners with more than five percent of revenue	0	0	0
Number of customers with more than five percent of revenue	0	0	0
Money Market Funds \| Money Market Fund Concentration Risk \| Money Market Fund Benchmark
Concentration risk, % of money market funds with one issuer	100.00%
Minimum
Property and equipment, estimated useful lives (years)	1 year
Finite-lived intangible asset, useful life	2 years
Maximum
Property and equipment, estimated useful lives (years)	40 years
Finite-lived intangible asset, useful life	17 years

Unconditional Purchase Obligations

12 Months Ended

Dec. 31, 2023

Unconditional Purchase Obligations (Excluding Capital Stock Redemptions) [Abstract]

Unconditional Purchase Obligations

We have entered into various unconditional purchase obligations which primarily include minimum royalty contracts, software licenses and support, and network services. We expended $54.8 million, $54.8 million and $44.9 million related to unconditional purchase obligations that existed as of the beginning of each year for the years ended December 31, 2023, 2022 and 2021, respectively. Future expenditures under unconditional purchase obligations in effect as of December 31, 2023 are as follows:


(in thousands)
2024	$	66,421
2025	27,144
2026	9,980
2027	7,927
2028	298
Total	$	111,770

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Analytical Graphics Inc.	Common Stock	Common Stock Analytical Graphics Inc.	Additional Paid-In Capital	Additional Paid-In Capital Analytical Graphics Inc.	Retained Earnings	Treasury Stock, Common	Treasury Stock, Common Analytical Graphics Inc.	Accumulated Other Comprehensive (Loss)/Income
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]
Acquisition activity		$ 3,888				$ 3,069			$ 819
Acquisition activity, shares				1
Acquisition activity, treasury shares									(10)
Treasury shares acquired, including excise tax	$ (134,679)							$ (134,679)
Treasury shares acquired, shares	347							347
Stock-based compensation activity, shares								(843)
Stock-based compensation activity	$ 100,677				28,422			$ 72,255
Other comprehensive (loss)/income	(38,337)									(38,337)
Net income for the year	454,627						454,627
Ending balance at Dec. 31, 2021	4,484,048		$ 953		1,465,694		4,259,220	$ (1,185,707)		(56,112)
Ending balance, shares at Dec. 31, 2021			95,267					8,188
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Acquisition activity		$ 811				$ 511			$ 300
Acquisition activity, treasury shares									(3)
Treasury shares acquired, including excise tax	$ (205,571)							$ (205,571)
Treasury shares acquired, shares	725							725
Stock-based compensation activity, shares								(593)
Stock-based compensation activity	$ 129,463				74,112			$ 55,351
Other comprehensive (loss)/income	(66,610)									(66,610)
Net income for the year	523,710						523,710
Ending balance at Dec. 31, 2022	4,865,851		$ 953		1,540,317		4,782,930	$ (1,335,627)		(122,722)
Ending balance, shares at Dec. 31, 2022			95,267					8,317
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury shares acquired, including excise tax	$ (196,609)							$ (196,609)
Treasury shares acquired, shares	650							650
Stock-based compensation activity, shares								(606)
Stock-based compensation activity	$ 188,259				130,133			$ 58,126
Other comprehensive (loss)/income	32,451									32,451
Net income for the year	500,412						500,412
Ending balance at Dec. 31, 2023	$ 5,390,364		$ 953		$ 1,670,450		$ 5,283,342	$ (1,474,110)		$ (90,271)
Ending balance, shares at Dec. 31, 2023			95,267					8,361

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 20,700	$ 18,300
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	95,267,307	95,267,307
Treasury stock, common, shares	8,361,447	8,317,389

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense before taxes	$ 221,891	$ 168,128	$ 166,338
Related income tax benefits	(53,880)	(50,209)	(75,241)
Stock-based compensation expense, net of taxes	$ 168,011	$ 117,919	$ 91,097
Basic earnings per share (in dollars per share)	$ (1.93)	$ (1.35)	$ (1.05)
Diluted earnings per share (in dollars per share)	$ (1.92)	$ (1.35)	$ (1.03)
Maintenance and service
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense before taxes	$ 13,337	$ 10,073	$ 12,390
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense before taxes	126,175	93,117	91,772
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense before taxes	$ 82,379	$ 64,938	$ 62,176

Subsequent Event	12 Months Ended
Subsequent Event	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event Synopsys Merger Agreement On January 15, 2024, we entered into the Merger Agreement with Synopsys and Merger Sub, pursuant to which Merger Sub will merge with and into Ansys, with Ansys surviving the Merger as a wholly owned subsidiary of Synopsys. Our Board of Directors has unanimously approved the Merger Agreement and, subject to certain exceptions set forth in the Merger Agreement, resolved to recommend that our stockholders adopt the Merger Agreement. If the Merger is consummated, our common stock will be delisted from the Nasdaq Global Select Market and deregistered under the Exchange Act. Under the Merger Agreement, at the effective time of the Merger, each issued and outstanding share of our common stock (subject to certain exceptions set forth in the Merger Agreement) will be cancelled and converted into the right to receive (i) 0.3450 of a share of common stock, par value $0.01 per share, of Synopsys and (ii) $197.00 in cash, without interest, subject to applicable withholding taxes. With regard to the Stock Consideration, if the aggregate number of shares of Synopsys common stock to be issued in connection with the Merger would exceed the Maximum Share Number, (a) the Exchange Ratio will be reduced to the minimum extent necessary such that the aggregate number of shares of Synopsys common stock to be issued in connection with the Merger does not exceed the Maximum Share Number and (b) the Per Share Cash Amount will be correspondingly increased to offset such adjustment. The Merger Agreement contains customary representations, warranties and covenants made by each of Ansys, Synopsys, and Merger Sub, including, among others, covenants regarding the conduct of our and Synopsys’ businesses during the pendency of the transactions contemplated by the Merger Agreement, the making of certain public disclosures and other matters as described in the Merger Agreement. We and Synopsys have agreed to use reasonable best efforts to take all actions necessary to consummate the Merger, including cooperating to obtain the regulatory approvals necessary to complete the Merger. We have agreed not to, among other things, (a) solicit proposals relating to alternative transactions or (b) enter into discussions or negotiations or provide non-public information in connection with any proposal for an alternative transaction from a third party, subject to certain exceptions to permit our Board of Directors to comply with its fiduciary obligations. We have further agreed to cease and cause to be terminated any existing discussions or negotiations, if any, with regard to alternative transactions. The Merger Agreement may be terminated under certain circumstances, including that either party may have the right to terminate if the Merger is not completed by January 15, 2025, which may be extended to January 15, 2026 as provided in the Merger Agreement. If the Merger Agreement is terminated, (A) Synopsys, under specified circumstances, including termination following an injunction arising in connection with certain antitrust or foreign investment laws, will be required to pay us a termination fee of $1,500.0 million; and (B) we, under specified circumstances, including our termination of the Merger Agreement to accept and enter into a definitive agreement with respect to a Superior Proposal (as defined in the Merger Agreement) or Synopsys' termination upon the change by our Board of Directors of its recommendation in favor of the Merger, will be required to pay Synopsys a termination fee of $950.0 million. The completion of the Merger is subject to customary closing conditions, including, among others, approval of the Merger under certain applicable antitrust and foreign investment regimes and the adoption of the Merger Agreement by our stockholders. We anticipate the transaction to close in the first half of 2025.

Organization	12 Months Ended
Organization	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization We develop and globally market engineering simulation software and services widely used by engineers, designers, researchers and students across a broad spectrum of industries and academia, including high-tech, aerospace and defense, automotive, energy, industrial equipment, materials and chemicals, consumer products, healthcare and construction. 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. Pending Acquisition On January 15, 2024, we entered into a definitive agreement with Synopsys, Inc. (Synopsys) under which Synopsys will acquire Ansys. Under the terms of the agreement, Ansys stockholders will receive $197.00 in cash and 0.3450 of a share of Synopsys common stock for each Ansys share, representing an enterprise value of approximately $35.0 billion based on the closing price of Synopsys common stock on December 21, 2023. The transaction is anticipated to close in the first half of 2025, subject to approval by Ansys stockholders, the receipt of required regulatory approvals and other customary closing conditions. See Note 20 "Subsequent Event" for additional details.

Goodwill and Intangible Assets - Estimated Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 112,288
2025	114,983
2026	115,921
2027	119,111
2028	112,625
Thereafter	260,132
Total intangible assets subject to amortization, net	835,060
Indefinite-lived trade name	357
Other intangible assets, net	$ 835,417	$ 809,183

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill represents the excess of the fair value of consideration over the fair value of net identifiable assets acquired. Identifiable intangible assets acquired in business combinations are recorded based on their fair values on the date of acquisition.

Intangible assets are classified as follows:


	December 31, 2023				December 31, 2022
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Finite-lived intangible assets:
Developed software and core technologies	$	1,146,022	$	(557,359)	$	1,106,789	$	(483,033)
Customer lists	289,874		(89,800)		205,484		(71,618)
Trade names	190,203		(143,880)		186,424		(135,220)
Total	$	1,626,099	$	(791,039)	$	1,498,697	$	(689,871)
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.

As of December 31, 2023, estimated future amortization expense for the intangible assets reflected above is as follows:


(in thousands)
2024	$	112,288
2025	114,983
2026	115,921
2027	119,111
2028	112,625
Thereafter	260,132
Total intangible assets subject to amortization, net	835,060
Indefinite-lived trade name	357
Other intangible assets, net	$	835,417

The changes in goodwill during the years ended December 31, 2023 and 2022 were as follows:


(in thousands)	2023		2022
Beginning balance - January 1	$	3,658,267	$	3,409,271
Acquisitions and adjustments(1)	122,635		284,503

Currency translation	24,972		(35,507)
Ending balance - December 31	$	3,805,874	$	3,658,267

(1) In addition to goodwill from acquisitions completed within the period, 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. Such adjustments are not material to our consolidated financial statements.

During the first quarter of 2023, 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, 2023. No other events or circumstances changed during the year ended December 31, 2023 that would indicate that the fair values of our reporting unit and indefinite-lived intangible asset are below their carrying amounts.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income	$ 500,412	$ 523,710	$ 454,627

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Income Taxes - Reconciliation of U.S. Federal Statutory Tax Rate to Consolidated Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Federal statutory tax rate	21.00%	21.00%	21.00%
Nondeductible expenses	2.10%	2.30%	2.80%
State income taxes, net of federal benefit	0.60%	0.90%	0.60%
Foreign rate differential	0.40%	0.00%	(0.10%)
Stock-based compensation	0.00%	(1.50%)	(5.40%)
Benefit from tax planning and entity structuring activities	(0.30%)	(2.50%)	(0.80%)
U.S. federal tax (benefit) expense on foreign earnings	(1.20%)	(2.40%)	0.40%
Research and development credits	(3.20%)	(3.20%)	(3.10%)
Foreign-derived intangible income deduction	(4.10%)	(5.70%)	(4.00%)
Other	0.20%	0.10%	0.40%
Consolidated effective tax rate	15.50%	9.00%	11.80%

Other Receivables and Current Assets and Other Accrued Expenses and Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

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:


	December 31,
(in thousands)	2023		2022
Receivables related to unrecognized revenue	$	253,646	$	209,139
Income taxes receivable, including overpayments and refunds	22,104		28,963
Prepaid expenses and other current assets	48,901		51,159
Total other receivables and current assets	$	324,651	$	289,261


Consumption, sales and VAT tax liabilities	43,101		$	41,812
Accrued expenses and other current liabilities	172,544		156,408
Total other accrued expenses and liabilities	$	215,645	$	198,220

Pension and Profit-Sharing Plans (Details) $ in Millions	12 Months Ended
Pension and Profit-Sharing Plans (Details) $ in Millions	Dec. 31, 2023 USD ($) h	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Defined Contribution Plan Disclosure [Line Items]
Total unfunded portion of the benefit obligations	$ 11.8	$ 9.4
Expenses related to retirement programs	$ 25.9	$ 21.9	$ 20.0
Four Zero One K Plan
Defined Contribution Plan Disclosure [Line Items]
Maximum annual contributions per employee, percent	4.25%
Minimum working hours per employee required to be eligible for discretionary contribution \| h	1,000
First Three Percent Of Employee Pay \| Four Zero One K Plan
Defined Contribution Plan Disclosure [Line Items]
Percentage of employee contribution employer matches	100.00%
Percentage of employee pay employer matches	3.00%
More Than Three Percent Up To Eight Percent Of Employee Pay \| Four Zero One K Plan
Defined Contribution Plan Disclosure [Line Items]
Percentage of employee contribution employer matches	25.00%
Percentage of employee pay employer matches	5.00%

Debt	12 Months Ended
Debt	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt On June 30, 2022, we entered into a credit agreement (as amended, the 2022 Credit Agreement) with PNC Bank, National Association, as administrative agent, swing line lender, and an L/C issuer, the lenders party thereto, and the other L/C issuers party thereto. The 2022 Credit Agreement refinanced our previous credit agreements in their entirety. Terms used in this description of the 2022 Credit Agreement with initial capital letters that are not otherwise defined herein are as defined in the 2022 Credit Agreement. The 2022 Credit Agreement provides for a $755.0 million unsecured term loan facility and a $500.0 million unsecured revolving loan facility, which includes a $50.0 million sublimit for the issuance of letters of credit. The revolving loan facility is available for working capital and general corporate purposes. Each of the term loan facility and the revolving loan facility matures on June 30, 2027. Borrowings under the term loan and revolving loan facilities accrue interest at a rate that is based on the Term SOFR plus an applicable margin or at the base rate plus an applicable margin, at our election. The base rate is the highest of (i) the Overnight Bank Funding Rate, plus 0.500%, (ii) the PNC Bank, National Association prime rate, and (iii) Daily Simple SOFR plus an adjustment for SOFR plus 1.00%. The applicable margin for the borrowings is a percentage per annum based on the lower of (1) a pricing level determined by our then-current consolidated net leverage ratio and (2) a pricing level determined by our public debt rating (if available). On September 29, 2023, the 2022 Credit Agreement was amended to provide for an interest rate adjustment (Sustainability Rate Adjustment) based upon the achievement of certain environmental, social and governance key performance indicators (KPIs). The Sustainability Rate Adjustment range is +/- 0.05% and will go into effect in the first quarter of 2024 based on the 2023 KPIs and will be adjusted annually based on the KPIs of the preceding year. The 2022 Credit Agreement also provides for the option to add certain foreign subsidiaries as borrowers and to borrow in Euros, Sterling, Yen and Swiss Francs under the revolving loan facility, up to a sublimit of $150.0 million. Borrowings under the revolving loan facility denominated in these currencies will accrue interest at a rate that is based on (a) for Euros, €STR, (b) for Sterling, SONIA, (c) for Yen, TONAR and (d) for Swiss Francs, SARON, plus an applicable margin calculated as described above. Under the 2022 Credit Agreement, the weighted average interest rate in effect for the year ended December 31, 2023 was 6.01%. Under the 2022 Credit Agreement and prior credit agreements, the weighted average interest rate in effect for the year ended December 31, 2022 was 2.72%. The rate in effect as of December 31, 2023 and for the first quarter of 2024 under the 2022 Credit Agreement is 6.32%. The 2022 Credit Agreement contains customary representations and warranties, affirmative and negative covenants and events of default. The 2022 Credit Agreement also contains a financial covenant requiring us and our subsidiaries to maintain a consolidated net leverage ratio not in excess of 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 net 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 December 31, 2023, we had $755.0 million of borrowings outstanding under the term loan, with a carrying value of $753.9 million, which is net of $1.1 million of unamortized debt discounts and issuance costs. The total amount was included in long-term debt. As of December 31, 2023, no borrowings were outstanding under the revolving loan facility. As of December 31, 2022, we had $755.0 million of borrowings outstanding under the term loan, with a carrying value of $753.6 million, which is net of $1.4 million of unamortized debt discounts and issuance costs. The total amount was included in long-term debt. As of December 31, 2022, no borrowings were outstanding under the revolving loan facility. We were in compliance with all covenants under the 2022 Credit Agreement as of December 31, 2023 and December 31, 2022, respectively. As of December 31, 2023, all debt is scheduled to mature in 2027 with no principal payments required prior to the maturity date.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

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-Topic 470
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-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Contingencies and Commitments	12 Months Ended
Contingencies and Commitments	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments	Contingencies and Commitments We are subject to various claims, investigations, and legal and regulatory proceedings that arise in the ordinary course of business, including, but not limited to, commercial disputes, labor and employment matters, tax audits, alleged infringement of third parties' 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 consolidated 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 $7.1 million. As such charges are not probable at this time, a reserve has not been recorded on the consolidated balance sheet as of December 31, 2023. 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 of India by the Indian tax authority and a decision is still pending. We can provide no assurances on the impact that the 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 $7.1 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, by third parties, of infringement or misappropriation of their intellectual property rights 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.

Stock-Based Compensation - Summary of Restricted Stock Units (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, beginning of year, RSUs (in shares)	1,220	1,074	1,331
Granted, RSUs (in shares)	867	861	508
Performance adjustment, market condition, RSUs (in shares)	(11)	(8)	17
Performance adjustment, performance condition, RSUs (in shares)	79	73	63
Vested, RSUs (in shares)	(558)	(598)	(802)
Forfeited, RSUs (in shares)	(59)	(182)	(43)
Nonvested, end of year, RSUs (in shares)	1,538	1,220	1,074
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Nonvested, beginning of year, weighted-average grant date fair value, RSUs (in dollars per share)	$ 301.72	$ 278.02	$ 202.30
Granted, weighted-average grant date fair value, RSUs (in dollars per share)	314.04	299.08	333.45
Performance adjustment, market condition, weighted-average grant date fair value, RSUs (in dollars per share)	279.42	276.73	238.99
Performance adjustment, performance condition, weighted-average grant date fair value, RSUs (in dollars per share)	310.37	300.28	376.48
Vested, weighted-average grant date fair value, RSUs (in dollars per share)	300.30	257.51	195.12
Forfeited, weighted-average grant date fair value, RSUs (in dollars per share)	313.58	295.13	263.13
Nonvested, end of year, weighted-average grant date fair value, RSUs (in dollars per share)	$ 309.33	$ 301.72	$ 278.02

Fair Value Measurement - Additional Information (Details)	Dec. 31, 2023
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

Stock Repurchase Program

12 Months Ended

Dec. 31, 2023

Class of Stock Disclosures [Abstract]

Stock Repurchase Program

Under our stock repurchase program, we repurchased shares as follows:


	Year Ended December 31,
(in thousands, except per share data)	2023		2022		2021
Number of shares repurchased	650		725		347
Average price paid per share	$	302.34	$	283.38	$	388.35
Total cost	$	196,494	$	205,571	$	134,679

All of the shares repurchased during the year ended December 31, 2023 were repurchased during the first quarter. As of December 31, 2023, 1.1 million shares remained available for repurchase under the program. Average price paid per share excludes excise tax. As of January 1, 2023, our share repurchases in excess of issuances are subject to a 1% excise tax enacted by the Inflation Reduction Act. As of December 31, 2023, we had $0.1 million of accrued excise tax. Any excise tax incurred is recognized and reflected as part of the cost basis of the shares acquired in the Consolidated Statements of Stockholders' Equity.

Income Taxes - Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Current, Federal	$ 115,942	$ 103,007	$ 44,805
Current, State	11,759	11,286	6,626
Current, Foreign	55,332	68,028	43,786
Deferred, Federal	(79,251)	(94,398)	(32,449)
Deferred, State	(8,145)	(9,647)	(1,691)
Deferred, Foreign	(3,911)	(26,671)	(350)
Total	$ 91,726	$ 51,605	$ 60,727

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Fair Value Measurement

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

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 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 debt approximates the estimated fair value. See Note 10, "Debt", for additional information on these 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)	December 31, 2023		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets (Liabilities)
Cash equivalents	$	170,821	$	170,821	$	—	$	—
Short-term investments	$	189	$	—	$	189	$	—
Deferred compensation plan investments	$	2,337	$	2,337	$	—	$	—
Equity securities	$	634	$	634	$	—	$	—
Forward contracts	$	(412)	$	—	$	(412)	$	—


			Fair Value Measurements at Reporting Date Using:
(in thousands)	December 31, 2022		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Cash equivalents	$	110,658	$	110,658	$	—	$	—
Short-term investments	$	183	$	—	$	183	$	—
Deferred compensation plan investments	$	1,618	$	1,618	$	—	$	—
Equity securities	$	892	$	892	$	—	$	—

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 consolidated balance sheets.

The equity securities represent our investment in a publicly traded company. These securities are traded in an active market with quoted prices. As a result, the securities are classified as Level 1 in the fair value hierarchy. The securities are recorded within other long-term assets on our consolidated balance sheets.

The forward contracts represent currency hedges to mitigate exchange rate exposure. These contracts are classified within Level 2 because these contracts are not actively traded and the valuation inputs are based on quoted prices and market observable data of similar instruments. The liabilities associated with the forward contracts are recorded at fair value in other accrued expenses and liabilities in the consolidated balance sheets.

Geographic Information - Property and Equipment by Geographic Area (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net	$ 77,780	$ 80,838
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net	56,421	58,258
India
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net	5,057	5,978
France
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net	4,771	3,535
Other EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net	6,924	7,508
Other international
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net	$ 4,607	$ 5,559

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Stock-Based Compensation Expense

Total stock-based compensation expense recognized for the years ended December 31, 2023, 2022 and 2021 is as follows:


	Year Ended December 31,
(in thousands, except per share amounts)	2023		2022		2021
Cost of sales:
Maintenance and service	13,337		10,073		12,390
Operating expenses:
Selling, general and administrative	126,175		93,117		91,772
Research and development	82,379		64,938		62,176
Stock-based compensation expense before taxes	221,891		168,128		166,338
Related income tax benefits	(53,880)		(50,209)		(75,241)
Stock-based compensation expense, net of taxes	$	168,011	$	117,919	$	91,097
Net impact on earnings per share:
Basic earnings per share	$	(1.93)	$	(1.35)	$	(1.05)
Diluted earnings per share	$	(1.92)	$	(1.35)	$	(1.03)

Summary of Stock Options

Information regarding stock option transactions is summarized below:


	Year Ended December 31,
	2023			2022			2021
(options in thousands)	Options	Weighted- Average Exercise Price		Options	Weighted- Average Exercise Price		Options	Weighted- Average Exercise Price
Outstanding, beginning of year	226	$	94.24	375	$	83.67	648	$	74.26
Granted	—	$	—	—	$	—	—	$	—
Exercised	(123)	$	94.32	(148)	$	67.56	(270)	$	61.42
Forfeited	—	$	—	(1)	$	67.44	(3)	$	55.46
Outstanding, end of year	103	$	94.23	226	$	94.24	375	$	83.67
Vested and Exercisable, end of year	103	$	94.23	226	$	94.24	375	$	83.67
Nonvested	—	$	—	—	$	—	—	$	—


	2023		2022		2021
Weighted Average Remaining Contractual Term (in years)
Outstanding	2.52		3.53		3.09
Vested and Exercisable	2.52		3.53		3.09
Aggregate Intrinsic Value (in thousands)
Exercised	$	28,231	$	30,358	$	82,790
Outstanding	$	27,717	$	33,361	$	118,995
Vested and Exercisable	$	27,717	$	33,361	$	118,995
Compensation Expense - Stock Options (in thousands)	$	—	$	—	$	—

Summary of Types of Awards and Vesting Conditions

The following table summarizes the types of awards and vesting conditions:


Award	Vesting Period	Vesting Condition
Restricted stock units with a service condition only	Three years	Prior to March 2023, one third of the awards vested annually. Commencing in March 2023, one third vests in the first year and then one eighth quarterly thereafter.
Restricted stock units with an operating performance and service condition	Three years	Operating performance metrics as defined at the beginning of each sub-performance period and subject to continued employment through the vesting period.
Restricted stock units with a market and service condition	Three years	Our performance measured by total stockholder return relative to the Nasdaq Composite Index for the performance period and subject to continued employment through the vesting period.
Board of Director restricted stock unit awards	The earlier of one year or the next regular meeting of stockholders	Continued service on the Board of Directors through the vesting period. Directors that retire prior to the vest date receive a pro-rata portion of the RSUs.

Summary of Restricted Stock Units

Information regarding all employee and non-employee director RSU transactions is summarized below:


	Year Ended December 31,
	2023			2022			2021
(RSUs in thousands)	RSUs	Weighted- Average Grant Date Fair Value		RSUs	Weighted- Average Grant Date Fair Value		RSUs	Weighted- Average Grant Date Fair Value
Nonvested, beginning of year	1,220	$	301.72	1,074	$	278.02	1,331	$	202.30
Granted(1)	867	$	314.04	861	$	299.08	508	$	333.45
Performance adjustment - awards with market condition(2)	(11)	$	279.42	(8)	$	276.73	17	$	238.99
Performance adjustment - awards with performance condition(2)	79	$	310.37	73	$	300.28	63	$	376.48
Vested	(558)	$	300.30	(598)	$	257.51	(802)	$	195.12
Forfeited	(59)	$	313.58	(182)	$	295.13	(43)	$	263.13
Nonvested, end of year	1,538	$	309.33	1,220	$	301.72	1,074	$	278.02

(1) Includes all RSUs granted during the year. RSUs with operating performance conditions are issued annually and have one performance cycle or three sub-performance cycles. Performance conditions are assigned near the beginning of each performance cycle or sub-performance cycle, as applicable, and awards are reflected as grants at the target number of units at that time.

(2) RSUs with a market or performance condition are granted at target and vest based on achievement of the market or operating performance and service conditions. The actual number of RSUs issued may be more or less than the target RSUs depending on the achievement of the market or operating performance conditions.

Employee Stock Option

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Information Regarding Stock Options Outstanding

Information regarding stock options outstanding as of December 31, 2023 is summarized below:


(options in thousands)	Options Outstanding & Exercisable
Exercise Price	Options	Weighted- Average Remaining Contractual Life (years)
$86.01	2	0.01
$86.57	8	1.67
$94.15	1	1.58
$95.09	92	2.67

Restricted Stock Units (RSUs)

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Assumptions to Estimate Fair Value of Stock Awards

The determination of the fair values of the awards was affected by the grant date and several variables, each of which has been identified in the chart below:


	Year Ended December 31,
Assumptions used in Monte Carlo lattice pricing model	2023	2022	2021
Risk-free interest rate	4.6%	1.8%	0.3%
Expected dividend yield	—%	—%	—%
Expected volatility—Ansys stock price	36%	37%	36%
Expected volatility—Nasdaq Composite Index	25%	26%	26%
Expected term	2.8 years	2.8 years	2.8 years
Correlation factor	0.83	0.84	0.84
Weighted average fair value per share	$452.14	$290.65	$238.87

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-Paragraph 1D
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 500,412	$ 523,710	$ 454,627
Other comprehensive income (loss):
Foreign currency translation adjustments	32,451	(66,610)	(38,337)
Comprehensive income	$ 532,863	$ 457,100	$ 416,290

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue:
Total revenue	$ 2,269,949	$ 2,065,553	$ 1,906,715
Cost of sales:
Amortization	80,990	69,372	60,762
Total cost of sales	271,298	250,641	257,984
Gross profit	1,998,651	1,814,912	1,648,731
Operating expenses:
Selling, general and administrative	855,135	772,871	715,377
Research and development	494,869	433,661	404,870
Amortization	22,512	15,722	15,213
Total operating expenses	1,372,516	1,222,254	1,135,460
Operating income	626,135	592,658	513,271
Interest income	19,588	5,717	2,078
Interest expense	(47,145)	(22,726)	(12,405)
Other (expense) income, net	(6,440)	(334)	12,410
Income before income tax provision	592,138	575,315	515,354
Income tax provision	91,726	51,605	60,727
Net income	$ 500,412	$ 523,710	$ 454,627
Earnings per share – basic:
Earnings per share	$ 5.76	$ 6.02	$ 5.22
Weighted average shares	86,833	87,051	87,100
Earnings per share – diluted:
Earnings per share	$ 5.73	$ 5.99	$ 5.16
Weighted average shares	87,386	87,490	88,102
Software licenses
Revenue:
Total revenue	$ 1,088,748	$ 988,978	$ 945,797
Cost of sales:
Cost of sales	40,004	33,081	38,156
Maintenance and service
Revenue:
Total revenue	1,181,201	1,076,575	960,918
Cost of sales:
Cost of sales	$ 150,304	$ 148,188	$ 159,066

Revenue from Contracts with Customers - Changes in Deferred Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Movement in Deferred Revenue [Roll Forward]
Beginning balance	$ 435,758	$ 412,781
Acquired deferred revenue	8,030	5,818
Deferral of revenue	2,305,294	2,099,550
Recognition of deferred revenue	(2,269,949)	(2,065,553)
Currency translation	621	(16,838)
Ending balance	$ 479,754	$ 435,758

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 860,201	$ 614,391
Short-term investments	189	183
Accounts receivable, less allowance for doubtful accounts of $20,700 and $18,300, respectively	864,526	760,287
Other receivables and current assets	324,651	289,261
Total current assets	2,049,567	1,664,122
Long-term assets:
Property and equipment, net	77,780	80,838
Operating lease right-of-use assets	116,980	129,140
Goodwill	3,805,874	3,658,267
Other intangible assets, net	835,417	809,183
Other long-term assets	273,030	261,880
Deferred income taxes	164,227	84,515
Total long-term assets	5,273,308	5,023,823
Total assets	7,322,875	6,687,945
Current liabilities:
Accounts payable	22,772	14,021
Accrued bonuses and commissions	170,909	160,908
Accrued income taxes	22,454	7,698
Other accrued expenses and liabilities	215,645	198,220
Deferred revenue	457,514	413,989
Total current liabilities	889,294	794,836
Long-term liabilities:
Deferred income taxes	75,301	58,126
Long-term operating lease liabilities	100,505	112,802
Long-term debt	753,891	753,574
Other long-term liabilities	113,520	102,756
Total long-term liabilities	1,043,217	1,027,258
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value; 2,000,000 shares authorized; zero shares issued or outstanding	0	0
Common stock, $0.01 par value; 300,000,000 shares authorized; 95,267,307 shares issued	953	953
Additional paid-in capital	1,670,450	1,540,317
Retained earnings	5,283,342	4,782,930
Treasury stock, at cost: 8,361,447 and 8,317,389 shares, respectively	(1,474,110)	(1,335,627)
Accumulated other comprehensive loss	(90,271)	(122,722)
Total stockholders' equity	5,390,364	4,865,851
Total liabilities and stockholders' equity	$ 7,322,875	$ 6,687,945

Other Receivables and Current Assets and Other Accrued Expenses and Liabilities

12 Months Ended

Dec. 31, 2023

Other Receivables and Current Assets and Other Accrued Expenses and Liabilities [Abstract]

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:


	December 31,
(in thousands)	2023		2022
Receivables related to unrecognized revenue	$	253,646	$	209,139
Income taxes receivable, including overpayments and refunds	22,104		28,963
Prepaid expenses and other current assets	48,901		51,159
Total other receivables and current assets	$	324,651	$	289,261


Consumption, sales and VAT tax liabilities	43,101		$	41,812
Accrued expenses and other current liabilities	172,544		156,408
Total other accrued expenses and liabilities	$	215,645	$	198,220

Receivables related to unrecognized revenue represent the current portion of billings made for customer contracts that have not yet been recognized as revenue.

Non-Compete and Employment Agreements	12 Months Ended
Non-Compete and Employment Agreements	Dec. 31, 2023
Non-Compete and Employment Agreements [Abstract]
Non-Compete and Employment Agreements	Non-Compete and Employment Agreements Our employees have signed agreements under which they have agreed not to disclose trade secrets or confidential information that, where legally permitted, restrict engagement in or connection with any business that is competitive with us anywhere in the world while employed by us (and, in some cases, for specified periods thereafter in relevant geographic areas), and that any products or technology created by them during their term of employment are our property. In addition, we require all channel partners to enter into agreements not to disclose our trade secrets and other proprietary information. We have an employment agreement with our Chief Executive Officer. Under the terms of the employment agreement, in the event that the Chief Executive Officer's employment with us is terminated by us without "Cause" or as a result of his resignation with "Good Reason," (each as defined in the agreement) the Chief Executive Officer will be entitled to (i) receive an amount equal to two times the sum of his then effective base salary plus his target bonus, payable over 24 months in equal installments, (ii) receive payment of the prior year's earned annual cash incentive, to the extent unpaid, (iii) receive payment of a pro-rated target annual cash incentive for the year of termination, (iv) in certain circumstances, receive a lump sum amount equal to 24 months of the COBRA premium applicable to the health, dental and vision plans in which the Chief Executive Officer was participating prior to termination, (v) have any outstanding performance-based and time-based equity awards receive accelerated vesting treatment equal to an additional two years after termination, and (vi) have the period of time during which the Chief Executive Officer may exercise his vested stock options be extended to the longer of (x) six months after his date of termination or (y) seven days after the commencement of our first open trading window that occurs after the date of termination, but in no event later than the 10-year expiration date of such options. During his employment with us and for two years thereafter, following termination of employment under certain circumstances described in the contract, he will be subject to non-competition and non-solicitation obligations. If a termination under the circumstances described above occurs during the period beginning 60 days prior to the effective date of a definitive agreement that will result in a change in control and ending 18 months after the consummation (closing) of a change in control, then, in lieu of the benefits described in the foregoing paragraph, the Chief Executive Officer will be entitled to the amounts described in the paragraph above, except that (a) the amount described in clause (i) will be paid in a lump sum rather than over 24 months, and (b) instead of the two-year acceleration period described in clause (v), all outstanding performance-based and time-based equity awards held by the Chief Executive Officer shall immediately become fully exercisable, vested and/or non-forfeitable on an accelerated basis, subject to any performance or metric-based requirements set forth therein which shall be separately determined as set forth in the applicable award agreement. We also have employment agreements with several other employees, primarily in foreign jurisdictions. The terms of these employment agreements generally include annual compensation and non-compete clauses.

Fair Value Measurement - Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 170,821	$ 110,658
Short-term investments	189	183
Deferred compensation plan investments	2,337	1,618
Equity securities	634	892
Forward contracts	(412)
Quoted Prices in Active Markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	170,821	110,658
Short-term investments	0	0
Deferred compensation plan investments	2,337	1,618
Equity securities	634	892
Forward contracts	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	189	183
Deferred compensation plan investments	0	0
Equity securities	0	0
Forward contracts	(412)
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
Equity securities	0	$ 0
Forward contracts	$ 0

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2023	Feb. 14, 2024	Jun. 30, 2023
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	0-20853
Entity Registrant Name	ANSYS, Inc.
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Public Float			$ 23,626,000,000
Entity Common Stock, Shares Outstanding		87,017,807
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001013462
Nasdaq Stock Market LLC
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	ANSS
Security Exchange Name	NASDAQ

Goodwill and Intangible Assets - Additional Information (Details)	Dec. 31, 2023
Minimum
Finite-lived intangible asset, useful life	2 years
Maximum
Finite-lived intangible asset, useful life	17 years

Leases - Additional Information (Details) $ in Millions	Dec. 31, 2023 USD ($) ft²
Lessee, Lease, Description [Line Items]
Current portion of operating lease liabilities	$ 23.3
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

Geographic Information (Tables)

12 Months Ended

Dec. 31, 2023

Segments, Geographical Areas [Abstract]

Revenue By Geographic Area

Revenue by geographic area was as follows:


	Year Ended December 31,
(in thousands)	2023		2022		2021
United States	$	1,058,293	$	932,587	$	867,125
Japan	203,013		186,199		193,096
Germany	199,068		198,612		158,541
China and Hong Kong	111,467		105,101		82,933
South Korea	106,261		127,948		105,853

Other EMEA	406,719		349,159		359,074
Other international	185,128		165,947		140,093
Total revenue	$	2,269,949	$	2,065,553	$	1,906,715

Property and Equipment by Geographic Area

Property and equipment by geographic area was as follows:


	December 31,
(in thousands)	2023		2022
United States	$	56,421	$	58,258
India	5,057		5,978

France	4,771		3,535

Other EMEA	6,924		7,508
Other international	4,607		5,559
Total property and equipment, net	$	77,780	$	80,838

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefit as of January 1	$ 45,772	$ 39,641	$ 24,075
Gross changes-acquisitions	0	0	0
Gross increases-tax positions in prior period	0	403	10,183
Gross decreases-tax positions in prior period	(1,782)	(2,780)	(2,281)
Gross increases-tax positions in current period	14,814	13,905	13,223
Reductions due to a lapse of the applicable statute of limitations	(3,236)	(3,743)	(3,226)
Changes due to currency fluctuation	(684)	(1,654)	(912)
Settlements	0	0	(1,421)
Unrecognized tax benefit as of December 31	$ 54,884	$ 45,772	$ 39,641

Stock Repurchase Program - Additional Information (Details) shares in Millions, $ in Millions	Dec. 31, 2023 USD ($) shares
Class of Stock Disclosures [Abstract]
Stock repurchase program, remaining number of shares authorized to be repurchased \| shares	1.1
Inflation Reduction Act excise tax	1.00%
Accrued excise tax \| $	$ 0.1

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Lease Cost

The components of our global lease cost reflected in the consolidated statements of income for the years ended December 31, 2023, 2022 and 2021 are as follows:


(in thousands)	2023		2022		2021
Lease liability cost	$	28,481	$	27,543	$	28,357
Variable lease cost not included in the lease liability(1)	5,749		4,436		4,085

Total lease cost	$	34,230	$	31,979	$	32,442

(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 for the years ended December 31, 2023, 2022 and 2021 is as follows:


(in thousands)	2023		2022		2021
Cash paid for amounts included in the measurement of the lease liability:
Operating cash flows from operating leases	$	(28,281)	$	(26,767)	$	(28,474)
Right-of-use assets obtained in exchange for new operating lease liabilities	$	12,913	$	36,735	$	13,586


	As of December 31,
	2023		2022
Weighted-average remaining lease term of operating leases	6.4 years		6.9 years
Weighted-average discount rate of operating leases	3.4	%	3.1	%

Schedule of Maturity of Operating Lease Liabilities

The maturity schedule of the operating lease liabilities as of December 31, 2023 is as follows:


(in thousands)
2024	$	27,030
2025	22,843
2026	20,460
2027	18,930
2028	17,266
Thereafter	31,049
Total future lease payments	137,578
Less: Present value adjustment	(13,767)
Present value of future lease payments(1)	$	123,811

(1)Includes the current portion of operating lease liabilities of $23.3 million, which is reflected in other accrued expenses and liabilities in the consolidated balance sheets.

Organization - Additional Information (Detail)	12 Months Ended
Organization - Additional Information (Detail)	Dec. 31, 2023 USD ($) Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments \| Segment	1
Shareholder consideration under Merger Agreement	$ 197
Exchange Ratio under Merger Agreement	0.345
Enterprise value under Merger Agreement	$ 35,000,000,000

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following tables summarize the fair value of consideration and the fair values of identified assets acquired and liabilities assumed at each respective date of acquisition:

Fair Value of Consideration:


(in thousands)
Cash	$	228,520
Non-cash consideration	5,056
Total consideration	$	233,576

Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed:

(in thousands)
Cash	$	18,870
Accounts receivable and other tangible assets	18,524
Developed software and core technologies	28,110
Customer lists	83,790
Trade names	2,910
Accounts payable and other liabilities	(9,176)
Deferred revenue	(8,030)
Net deferred tax liabilities	(31,597)
Total identifiable net assets	$	103,401
Goodwill	$	130,175

The following tables summarize the fair values of consideration transferred and the fair values of identified assets acquired and liabilities assumed at each respective date of acquisition:


Fair Value of Consideration:
(in thousands)
Cash	$	397,629
Consideration not yet paid	4,035
Total Consideration	$	401,664

Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed:
(in thousands)
Cash	$	10,862
Accounts receivable and other tangible assets	4,914
Developed software and core technologies	127,830
Customer lists	7,926
Trade names	5,304
Accounts payable and other liabilities	(7,247)
Deferred revenue	(6,408)
Net deferred tax liabilities	(19,854)
Total identifiable net assets	$	123,327
Goodwill	$	278,337

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination

The weighted-average useful life, valuation method and assumptions used to determine the fair value of the intangible assets related to the 2023 acquisitions are as follows:

Intangible Asset

Weighted-Average Useful Life

Valuation Method

Assumptions

Developed software and core technologies

5 years

Relief-from-royalty or multi-period excess earnings

Royalty rate: 20.0%

Obsolescence rate: 15.0% - 20.0% Discount rate: 12.5% - 22.0%

Trade names

5 years

Relief-from-royalty

Royalty rate: 1.0% - 2.0%

Discount rate: 15.5% - 22.0%

Customer lists

13 years

Multi-period excess earnings

Attrition rate: 5.0%

Discount rate: 15.5% - 22.0%

The weighted-average useful life, valuation method and assumptions used to determine the fair value of the intangible assets acquired in 2022 are as follows:

Intangible Asset

Weighted-Average Useful Life

Valuation Method

Assumptions

Developed software and core technologies

9 years

Multi-period excess earnings

Discount rate: 9.5% - 18.0%

Trade names

10 years

Relief-from-royalty

Royalty rate: 1.0% - 2.0%

Discount rate: 10.0% - 18.0%

Customer lists

14 years

Multi-period excess earnings

Attrition rate: 5.0% - 30.0%

Discount rate: 9.5% - 15.0%

Accounting Policies - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash accounts, Amount	$ 689,380	$ 503,733
Money market funds, Amount	170,821	110,658
Total	$ 860,201	$ 614,391
Cash
Percent Of Cash And Cash Equivalents	80.10%	82.00%
Money Market Funds
Percent Of Cash And Cash Equivalents	19.90%	18.00%
Money Market Funds \| Money Market Fund Benchmark \| Money Market Fund Concentration Risk
Concentration risk, % of money market funds with one issuer	100.00%

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References + Details

Other Receivables and Current Assets and Other Accrued Expenses and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Receivables and Current Assets and Other Accrued Expenses and Liabilities [Abstract]
Receivables related to unrecognized revenue	$ 253,646	$ 209,139
Income taxes receivable, including overpayments and refunds	22,104	28,963
Prepaid expenses and other current assets	48,901	51,159
Total other receivables and current assets	324,651	289,261
Consumption, sales and VAT tax liabilities	43,101	41,812
Accrued expenses and other current liabilities	172,544	156,408
Total other accrued expenses and liabilities	$ 215,645	$ 198,220

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Our 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. 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 consolidated statements of income for the years ended December 31, 2023, 2022 and 2021 are as follows:


(in thousands)	2023		2022		2021
Lease liability cost	$	28,481	$	27,543	$	28,357
Variable lease cost not included in the lease liability(1)	5,749		4,436		4,085

Total lease cost	$	34,230	$	31,979	$	32,442

(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 for the years ended December 31, 2023, 2022 and 2021 is as follows:


(in thousands)	2023		2022		2021
Cash paid for amounts included in the measurement of the lease liability:
Operating cash flows from operating leases	$	(28,281)	$	(26,767)	$	(28,474)
Right-of-use assets obtained in exchange for new operating lease liabilities	$	12,913	$	36,735	$	13,586


	As of December 31,
	2023		2022
Weighted-average remaining lease term of operating leases	6.4 years		6.9 years
Weighted-average discount rate of operating leases	3.4	%	3.1	%

The maturity schedule of the operating lease liabilities as of December 31, 2023 is as follows:


(in thousands)
2024	$	27,030
2025	22,843
2026	20,460
2027	18,930
2028	17,266
Thereafter	31,049
Total future lease payments	137,578
Less: Present value adjustment	(13,767)
Present value of future lease payments(1)	$	123,811

(1)Includes the current portion of operating lease liabilities of $23.3 million, which is reflected in other accrued expenses and liabilities in the consolidated balance sheets.

There were no material leases that have been signed but not yet commenced as of December 31, 2023.

Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Accounting Principles

The consolidated financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States. Certain items in the notes to the consolidated financial statements of prior years have been reclassified to conform to the current year's presentation. These reclassifications had no effect on reported net income, comprehensive income, cash flows, total assets or total liabilities and stockholders' equity.

Principles Of Consolidation

Principles of Consolidation

The accompanying consolidated financial statements include our accounts and those of our wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated.

Recently Adopted Accounting Guidance

Business combinations: In October 2021, the Financial Accounting Standards Board (FASB) issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08). ASU 2021-08 requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers, as if the acquirer had originated the contracts. We adopted the standard effective January 1, 2022. Under the prior guidance, such assets and liabilities were recognized by the acquirer at fair value on the acquisition date. The adoption of the new standard did not have a material effect on our consolidated financial statements and accompanying notes.

Accounting Guidance Issued And Not Yet Adopted

Accounting Guidance Issued and Not Yet Adopted

Segment reporting: In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07). ASU 2023-07 requires enhanced disclosures related to segment information, including for entities with one reportable segment. It does not change the determination of reportable segments. The enhanced disclosures in accordance with the new guidance are required to be reported in the annual period beginning after December 15, 2023. Early adoption is permitted. The standard only impacts footnote disclosures and will not impact our consolidated financial statements.

Income tax disclosures: In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09). ASU 2023-09 requires disclosure of greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The standard is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The standard only impacts footnote disclosures and will not impact our consolidated financial statements.

Use Of Estimates

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Estimates also affect the amounts of revenue and expenses during the reported periods. Significant estimates included in or impacting these consolidated financial statements include:

•Contract revenue

•Standalone selling prices of our products and services

•Allowance for doubtful accounts receivable

•Valuation of goodwill and other intangible assets

•Useful lives for depreciation and amortization

•Acquired deferred revenue

•Operating lease assets and liabilities

•Fair values of stock awards

•Income taxes

•Uncertain tax positions

•Tax valuation reserves

•Contingencies and litigation

Actual results could differ from these estimates. Changes in estimates are recorded in the results of operations in the period that the changes occur.

Revenue Recognition

Our revenue is derived principally from the licensing of computer software products and from related maintenance contracts. We enter into contracts that include combinations of products, maintenance and services, which are accounted for as separate performance obligations with differing revenue recognition patterns.

Revenue from perpetual licenses is classified as software license revenue. Software license revenue is recognized up front upon delivery of the licensed product and/or the utility that enables the customer to access authorization keys, provided that an enforceable contract has been received. Typically, our perpetual licenses are sold with post-contract support (PCS), which includes unspecified technical enhancements and customer support. We allocate value in bundled perpetual and PCS arrangements based on the standalone selling prices of the perpetual license and PCS. Revenue from PCS is classified as maintenance revenue and is recognized ratably over the term of the contract, as we satisfy the PCS performance obligation.

In addition to perpetual licenses, we sell time-based subscription lease licenses. Subscription lease licenses are sold only as a bundled arrangement that includes the rights to a term software license and PCS. Utilizing observable inputs, we determined that 50% of the estimated standalone selling price of the subscription lease license is attributable to the term license and 50% is attributable to the PCS. This determination considered the value relationship for our products between PCS and time-based subscription lease licenses, the value relationship between PCS and perpetual licenses, the average economic life of our products, software renewal rates and the price of the bundled arrangement in relation to the perpetual licensing approach. Consistent with the perpetual sales, the license component is classified as software license revenue and recognized as revenue up front at the commencement of the lease upon delivery of the licensed product and/or utility that enables the customer to access authorization keys. The PCS is classified as maintenance revenue and is recognized ratably over the term of the contract, as we satisfy the PCS performance obligation.

Revenue from training, consulting and other services is recognized as the services are performed. For contracts in which the service consists of a single performance obligation, such as providing a training class to a customer, we recognize revenue upon completion of the performance obligation. For service contracts that are longer in duration and often include multiple performance obligations (for example, both training and consulting), we measure the progress toward completion of the obligations and recognize revenue accordingly. In measuring progress towards the completion of performance obligations, we typically utilize output-based estimates for services with contractual billing arrangements that are not based on time and materials, and estimate output based on the total tasks completed as compared to the total tasks required for each work contract. Input-based estimates are utilized for services that involve general consultations with contractual billing arrangements based on time and materials, utilizing direct labor as the input measure.

We also execute arrangements through independent channel partners in which the channel partners are authorized to market and distribute our software products to end users of our products and services in specified territories. In sales facilitated by channel partners, the channel partner is the principal to the transaction with the end user. We recognize revenue from transactions with channel partners in a manner consistent with the direct sales described above for both perpetual and time-based licenses. Revenue from channel partner transactions is the amount remitted to us by the channel partners. This amount includes a fee for PCS that is compensation for providing technical enhancements and the second level of technical support to the end user, which is recognized over the period that PCS is to be provided.

Non-income related taxes collected from customers and remitted to governmental authorities are recorded on the consolidated balance sheet as accounts receivable and accrued expenses. The collection and payment of these amounts are reported on a net basis in the consolidated statements of income and do not impact reported revenues or expenses.

We do not offer right of return. We warrant to our customers that our software will perform substantially as specified in our current user manuals. We have not experienced significant claims related to software warranties beyond the scope of maintenance support, which we are already obligated to provide. The warranty is not sold, and cannot be purchased, separately.

The warranty does not provide any type of additional service to the customer or performance obligation for us.

Our agreements with our customers generally require us to indemnify the customer against claims that our software infringes third-party patent, copyright, trademark or other proprietary rights. Such indemnification obligations are generally limited in a variety of industry-standard respects, including our right to replace an infringing product.

Significant Judgments

Our contracts with customers typically include promises to transfer licenses and services to a customer. Judgment is required to determine if the promises are separate performance obligations, and if so, to allocate the transaction price to each performance obligation. We use the estimated standalone selling price method to allocate the transaction price for each performance obligation. The estimated standalone selling price is determined using all information reasonably available to us, including market conditions and other observable inputs. The corresponding revenues are recognized as the related performance obligations are satisfied.

We apply a practical expedient to expense sales commissions as incurred when the amortization period would have been one year or less. Sales commissions associated with the initial year of multi-year contracts are expensed as incurred due to their immateriality. Sales commissions associated with multi-year contracts beyond the initial year are subject to an employee service requirement and are expensed as incurred as they are not considered incremental costs to obtain a contract.

We are required to adjust promised amounts of consideration for the effects of the time value of money if the timing of the payments provides the customer or us with a significant financing benefit. We consider various factors in assessing whether a financing component exists, including the duration of the contract, market interest rates and the timing of payments. Our contracts do not include a significant financing component requiring adjustment to the transaction price.

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:


	December 31, 2023			December 31, 2022
(in thousands, except percentages)	Amount		% of Total	Amount		% of Total
Cash accounts	$	689,380	80.1	$	503,733	82.0
Money market funds	170,821		19.9	110,658		18.0
Total	$	860,201		$	614,391

Our money market fund balances were held in various funds of a single issuer at December 31, 2023.

Property And Equipment

Property and Equipment

Property and equipment is stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the various classes of assets, which range from one year to forty years. Repairs and maintenance are charged to expense as incurred. Gains or losses from the sale or retirement of property and equipment are included in operating income.

Research And Development

Research and Development

Research and development costs are expensed as incurred. Internally developed software costs required to be capitalized as defined by the accounting guidance are not material to our consolidated financial statements.

Business Combinations

When we consummate an acquisition, the assets acquired and the liabilities assumed are recognized separately from goodwill at their acquisition date fair values. Goodwill as of the acquisition date is measured as the excess of the fair value of consideration transferred over the acquisition date fair value of the net identifiable assets acquired. While best estimates and assumptions are used to accurately value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, our estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, we record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill as we obtain 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.

Goodwill And Other Intangible Assets

Goodwill and Other Intangible Assets

Goodwill represents the excess of the fair value of consideration transferred over the fair value of net identifiable assets acquired. Other intangible assets consist of acquired software and technology, customer lists and trade names. Intangible assets that are not considered to have an indefinite useful life are amortized over their useful lives, which range from two years to seventeen years. Amortization expense for intangible assets was $103.5 million, $85.1 million and $76.0 million for the years ended December 31, 2023, 2022 and 2021, respectively.

We test goodwill and indefinite-lived intangible assets for impairment at least annually by performing a quantitative assessment of whether the fair value of each reporting unit or asset exceeds its carrying amount. We have one reporting unit. Goodwill is tested at this reporting unit level and indefinite-lived intangible assets are tested at the individual asset level. This requires us to assess and make judgments regarding a variety of factors which impact the fair value of the reporting unit or asset being tested, including business plans, anticipated future cash flows, economic projections and other market data.

Concentrations Of Credit Risk

Concentrations of Credit Risk

We have a concentration of credit risk with respect to revenue and trade receivables due to the use of channel partners to market and sell our products. We perform periodic credit evaluations of our customers' financial condition and generally do not require collateral. The following table outlines concentrations of risk with respect to our revenue:


	Year Ended December 31,
(as a % of revenue)	2023		2022		2021
Revenue from channel partners	26	%	24	%	24	%

No single customer or channel partner accounted for more than 5% of our revenue in 2023, 2022 or 2021.

In addition to the concentration of credit risk with respect to trade receivables, our cash and cash equivalents are also exposed to concentration risk. Our cash and cash equivalent accounts are insured through various public and private bank deposit insurance programs, foreign and domestic; however, a significant portion of our funds are not insured. The following table outlines concentrations of risk with respect to our cash and cash equivalents:


	As of December 31,
(in thousands)	2023		2022
Cash and cash equivalents held domestically	$	529,092	$	326,784
Cash and cash equivalents held by foreign subsidiaries	331,109		287,607
Cash and cash equivalents held in excess of deposit insurance, foreign and domestic	846,723		597,471
Largest balance of cash and cash equivalents held with one financial institution, foreign and domestic	359,362		238,058

Allowance For Doubtful Accounts

Allowance for Doubtful Accounts

ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments requires us to use the current expected credit loss methodology to make judgments as to our ability to collect outstanding receivables and provide allowances for a portion of receivables over the lifetime of the receivables. Provisions are made based upon a specific review of all significant outstanding invoices from both value and delinquency perspectives. For those invoices not specifically reviewed, provisions are estimated at differing rates based upon the age of the receivable. In determining these percentages, we consider our historical loss experience, current economic trends and future conditions.

The changes in the allowance for doubtful accounts during the years ended December 31, 2023, 2022 and 2021 were as follows:


(in thousands)	2023		2022		2021
Beginning balance – January 1	$	18,300	$	14,600	$	14,000
Additions: Charges to expense	2,704		$	6,222	1,006
Deductions: Write-offs	(304)		(2,522)		(406)
Ending balance – December 31	$	20,700	$	18,300	$	14,600

Income Taxes

We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period of the enactment date.

We record net deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. In the event we determine that we will be able to realize deferred tax assets for which a valuation allowance was used to reduce their carrying value, the adjustment to the valuation allowance will be recorded as a reduction to the provision for income taxes.

Tax benefits related to uncertain tax positions taken or expected to be taken on a tax return are recorded when such benefits meet a more-likely-than-not threshold. Otherwise, these tax benefits are recorded when a tax position has been effectively settled, which means that the statute of limitations has expired or the appropriate taxing authority has completed its examination even though the statute of limitations remains open.

We recognize interest and penalties related to income taxes within the income tax expense line in the consolidated statements of income. Accrued interest and penalties are included within the related tax liability line in the consolidated balance sheets.

Foreign Currencies

Certain of our sales and intercompany transactions are denominated in foreign currencies. These transactions are converted to the functional currency in the period in which they occur. Assets and liabilities denominated in a currency other than our functional currency or our subsidiaries' functional currencies are translated at the effective exchange rate on the balance sheet date. Gains and losses resulting from foreign exchange transactions are included in other (expense) income, net. We recorded net foreign exchange losses of $4.0 million for the year ended December 31, 2023, net foreign exchange gains of $1.6 million for the year ended December 31, 2022 and net foreign exchange losses of $1.8 million for the year ended December 31, 2021.

The financial statements of our foreign subsidiaries are translated from the functional (local) currency to U.S. Dollars. Assets and liabilities are translated at the exchange rates on the balance sheet date. Results of operations are translated at average exchange rates, which approximate rates in effect when the underlying transactions occurred.

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss is composed entirely of foreign currency translation adjustments.

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:


	Year Ended December 31,
(in thousands, except per share data)	2023		2022		2021
Net income	$	500,412	$	523,710	$	454,627
Weighted average shares outstanding – basic	86,833		87,051		87,100
Dilutive effect of stock plans	553		439		1,002
Weighted average shares outstanding – diluted	87,386		87,490		88,102
Basic earnings per share	$	5.76	$	6.02	$	5.22
Diluted earnings per share	$	5.73	$	5.99	$	5.16
Anti-dilutive shares	218		300		23

Stock-Based Compensation

We account for stock-based compensation in accordance with share-based payment accounting guidance. The guidance requires an entity to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost is recognized over the period during which an employee is required to provide services in exchange for the award, typically the vesting period.

Fair Value Of Financial Instruments

Fair Value of Financial Instruments

We account for certain assets and liabilities at fair value in accordance with the accounting guidance applicable to fair value measurements and disclosures. The carrying values of cash, cash equivalents, short-term investments, accounts receivable, accounts payable, accrued expenses, other accrued liabilities, fixed forward contracts and short-term obligations are deemed to be reasonable estimates of their fair values because of their short-term nature. Our term loans are variable rate debt obligations and, therefore, the carrying amounts approximate the fair values.

Acquisitions (Details) - USD ($) $ in Thousands	12 Months Ended
Acquisitions (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Total consideration		$ 401,700
Acquisitions, net of cash acquired	$ 208,911	386,264	$ 510,805
Acquisition costs	9,400	10,300
DYNAmore
Total consideration	139,200
Acquisitions, net of cash acquired	126,400
Other acquisitions
Total consideration	94,400
Acquisitions, net of cash acquired	88,300
Series of individually immaterial business acquisitions
Total consideration	$ 233,576	401,664
Acquisitions, net of cash acquired		$ 390,800

Stock-Based Compensation - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
2021 Plan number of shares authorized	4,400,000
Additional authorized shares	1,600,000
Maximum months after sale event where awards fully vest when service relationship terminated without cause	18 months
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized	$ 306,200,000
Weighted-average period of recognition of unrecognized compensation cost (years)	1 year 6 months
Stock-based compensation expense	$ 221,891,000	$ 168,128,000	$ 166,338,000
Performance Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock unit vesting period	3 years
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 213,500,000	164,000,000	162,300,000
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock unit vesting period	3 years
Market and Service Condition Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock unit vesting period	3 years
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration period of options from the date of grant	10 years
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period	1 year
ANSYS ESPP Plan \| Employee Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Additional authorized shares	750,000
Stock-based compensation expense	$ 8,300,000	$ 4,200,000	$ 4,000,000
Share-based compensation arrangement by share-based payment award, number of shares available for grant	671,653
Share-based compensation arrangement by share-based payment award, maximum employee subscription rate	10.00%
Share-based compensation arrangement by share-based payment award, maximum number of shares per employee	3,840
Share-based compensation arrangement by share-based payment award, purchase price of common stock, percent	85.00%
Share-based compensation arrangement by share-based payment award, maximum dollar amount of common stock purchasable in a calendar year	$ 25,000
Share-based compensation arrangement by share-based payment award, shares issued as of date	78,347
ANSYS ESPP Plan \| Maximum \| Employee Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, eligibility, ownership percentage	5.00%

Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consists of the following:


		December 31,
(in thousands)	Estimated Useful Lives	2023		2022
Equipment	1-15 years	$	136,112	$	127,672
Computer software	1-5 years	29,210		27,030
Buildings and improvements	2-40 years	39,728		38,991
Leasehold improvements	1-17 years	29,587		27,560
Furniture	1-10 years	15,921		15,196
Land		2,696		2,696
Property and equipment, gross		253,254		239,145
Less: Accumulated depreciation		(175,474)		(158,307)
Property and equipment, net		$	77,780	$	80,838

Depreciation expense related to property and equipment was $29.0 million, $29.5 million and $30.9 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Debt (Details) - USD ($)	12 Months Ended
Debt (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Line Items]
Long-Term Debt	$ 755,000,000	$ 755,000,000
Sustainability rate adjustment	0.05%
Weighted-average interest rate over time	6.01%	2.72%
Weighted-average interest rate at a point in time	6.32%
Consolidated leverage ratio	3.50
Consolidated leverage ratio increased	4.00
Qualified acquisition amount	$ 250,000,000
Unsecured long-term debt, noncurrent	753,900,000	$ 753,600,000
Unamortized debt discount and issuance costs	1,100,000	1,400,000
Revolving Credit Facility
Debt Disclosure [Line Items]
Line of credit facility, maximum borrowing capacity	500,000,000
Foreign currency borrowings sublimit	150,000,000
Outstanding borrowings under the credit agreement	0	$ 0
Letter of Credit
Debt Disclosure [Line Items]
Line of credit facility, maximum borrowing capacity	$ 50,000,000
Base Rate
Debt Disclosure [Line Items]
Debt instrument, basis spread on Overnight Bank Funding Rate	0.50%
Debt instrument, basis spread on SOFR rate	1.00%

Geographic Information

12 Months Ended

Dec. 31, 2023

Segments, Geographical Areas [Abstract]

Geographic Information

Revenue to external customers is attributed to individual countries based upon the location of the customer. Revenue by geographic area was as follows:


	Year Ended December 31,
(in thousands)	2023		2022		2021
United States	$	1,058,293	$	932,587	$	867,125
Japan	203,013		186,199		193,096
Germany	199,068		198,612		158,541
China and Hong Kong	111,467		105,101		82,933
South Korea	106,261		127,948		105,853

Other EMEA	406,719		349,159		359,074
Other international	185,128		165,947		140,093
Total revenue	$	2,269,949	$	2,065,553	$	1,906,715

Property and equipment by geographic area was as follows:


	December 31,
(in thousands)	2023		2022
United States	$	56,421	$	58,258
India	5,057		5,978

France	4,771		3,535

Other EMEA	6,924		7,508
Other international	4,607		5,559
Total property and equipment, net	$	77,780	$	80,838

Acquisitions - Valuation Assumptions and Weighted-Average Useful Life (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Developed software and core technologies
Finite-lived intangible asset, useful life	5 years	9 years
Trade names
Finite-lived intangible asset, useful life	5 years	10 years
Customer lists
Finite-lived intangible asset, useful life	13 years	14 years
Series of individually immaterial business acquisitions \| Developed software and core technologies
Royalty Rate	20.00%
Series of individually immaterial business acquisitions \| Developed software and core technologies \| Minimum
Obsolescence rate	15.00%
Discount Rate	12.50%	9.50%
Series of individually immaterial business acquisitions \| Developed software and core technologies \| Maximum
Obsolescence rate	20.00%
Discount Rate	22.00%	18.00%
Series of individually immaterial business acquisitions \| Trade names \| Minimum
Royalty Rate	1.00%	1.00%
Discount Rate	15.50%	10.00%
Series of individually immaterial business acquisitions \| Trade names \| Maximum
Royalty Rate	2.00%	2.00%
Discount Rate	22.00%	18.00%
Series of individually immaterial business acquisitions \| Customer lists
Attrition Rate	5.00%
Series of individually immaterial business acquisitions \| Customer lists \| Minimum
Discount Rate	15.50%	9.50%
Attrition Rate		5.00%
Series of individually immaterial business acquisitions \| Customer lists \| Maximum
Discount Rate	22.00%	15.00%
Attrition Rate		30.00%

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets (Finite-Lived)

Intangible assets are classified as follows:


	December 31, 2023				December 31, 2022
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Finite-lived intangible assets:
Developed software and core technologies	$	1,146,022	$	(557,359)	$	1,106,789	$	(483,033)
Customer lists	289,874		(89,800)		205,484		(71,618)
Trade names	190,203		(143,880)		186,424		(135,220)
Total	$	1,626,099	$	(791,039)	$	1,498,697	$	(689,871)
Indefinite-lived intangible asset:
Trade name	$	357			$	357

Intangible Assets (Indefinite-Lived)

Intangible assets are classified as follows:


	December 31, 2023				December 31, 2022
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Finite-lived intangible assets:
Developed software and core technologies	$	1,146,022	$	(557,359)	$	1,106,789	$	(483,033)
Customer lists	289,874		(89,800)		205,484		(71,618)
Trade names	190,203		(143,880)		186,424		(135,220)
Total	$	1,626,099	$	(791,039)	$	1,498,697	$	(689,871)
Indefinite-lived intangible asset:
Trade name	$	357			$	357

Estimated Future Amortization Expense for Intangible Assets

As of December 31, 2023, estimated future amortization expense for the intangible assets reflected above is as follows:


(in thousands)
2024	$	112,288
2025	114,983
2026	115,921
2027	119,111
2028	112,625
Thereafter	260,132
Total intangible assets subject to amortization, net	835,060
Indefinite-lived trade name	357
Other intangible assets, net	$	835,417

Changes in Goodwill

The changes in goodwill during the years ended December 31, 2023 and 2022 were as follows:


(in thousands)	2023		2022
Beginning balance - January 1	$	3,658,267	$	3,409,271
Acquisitions and adjustments(1)	122,635		284,503

Currency translation	24,972		(35,507)
Ending balance - December 31	$	3,805,874	$	3,658,267

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
-Section 55
-Paragraph 24
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-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Subsequent Event (Details)	12 Months Ended
Subsequent Event (Details)	Dec. 31, 2023 USD ($)
Subsequent Event [Line Items]
Exchange Ratio under Merger Agreement	$ 0.345
Par value of Synopsys common stock	0.01
Shareholder consideration under Merger Agreement	197
Amount payable to Ansys
Subsequent Event [Line Items]
Termination fee	1,500,000,000
Amount payable by Ansys
Subsequent Event [Line Items]
Termination fee	$ 950,000,000

Unconditional Purchase Obligations (Tables)

12 Months Ended

Dec. 31, 2023

Unconditional Purchase Obligations (Excluding Capital Stock Redemptions) [Abstract]

Unconditional Purchase Obligations

Future expenditures under unconditional purchase obligations in effect as of December 31, 2023 are as follows:


(in thousands)
2024	$	66,421
2025	27,144
2026	9,980
2027	7,927
2028	298
Total	$	111,770

Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2023

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)	December 31, 2023		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets (Liabilities)
Cash equivalents	$	170,821	$	170,821	$	—	$	—
Short-term investments	$	189	$	—	$	189	$	—
Deferred compensation plan investments	$	2,337	$	2,337	$	—	$	—
Equity securities	$	634	$	634	$	—	$	—
Forward contracts	$	(412)	$	—	$	(412)	$	—


			Fair Value Measurements at Reporting Date Using:
(in thousands)	December 31, 2022		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Cash equivalents	$	110,658	$	110,658	$	—	$	—
Short-term investments	$	183	$	—	$	183	$	—
Deferred compensation plan investments	$	1,618	$	1,618	$	—	$	—
Equity securities	$	892	$	892	$	—	$	—

Income Taxes - Components of Income Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Domestic	$ 458,581	$ 504,797	$ 460,395
Foreign	133,557	70,518	54,959
Income before income tax provision	$ 592,138	$ 575,315	$ 515,354

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Stock-Based Compensation - Information Regarding Stock Options Outstanding (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
$86.01
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, Lower Limit (in dollars per share)	$ 86.01
Range of Exercise Prices, Upper Limit (in dollars per share)	$ 86.01
Options Outstanding, Options (in shares) \| shares	2,000
Options Outstanding, Weighted-Average Remaining Contractual Life (years)	3 days
$86.57
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, Lower Limit (in dollars per share)	$ 86.57
Range of Exercise Prices, Upper Limit (in dollars per share)	$ 86.57
Options Outstanding, Options (in shares) \| shares	8,000
Options Outstanding, Weighted-Average Remaining Contractual Life (years)	1 year 8 months 1 day
$94.15
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, Lower Limit (in dollars per share)	$ 94.15
Range of Exercise Prices, Upper Limit (in dollars per share)	$ 94.15
Options Outstanding, Options (in shares) \| shares	1,000
Options Outstanding, Weighted-Average Remaining Contractual Life (years)	1 year 6 months 29 days
$95.09
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, Lower Limit (in dollars per share)	$ 95.09
Range of Exercise Prices, Upper Limit (in dollars per share)	$ 95.09
Options Outstanding, Options (in shares) \| shares	92,000
Options Outstanding, Weighted-Average Remaining Contractual Life (years)	2 years 8 months 1 day

Goodwill and Intangible Assets - Changes in Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Beginning balance	$ 3,658,267	$ 3,409,271
Acquisitions and adjustments	122,635	284,503
Currency translation	24,972	(35,507)
Ending balance	$ 3,805,874	$ 3,658,267

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Acquisitions

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions

On January 3, 2023, we completed the acquisition of DYNAmore for a purchase price of $139.2 million, or $126.4 million net of cash acquired. The acquisition expands our position as a simulation solution provider within the automotive industry. The effects of the acquisition were not material to our consolidated results of operations.

Additionally, during the year ended December 31, 2023, we completed other acquisitions to expand our solution offerings and enhance our customers' experience. These acquisitions were not significant, individually or in the aggregate. The combined purchase price of these acquisitions during the year ended December 31, 2023 was approximately $94.4 million, or $88.3 million net of cash acquired.

During the year ended December 31, 2023, we incurred acquisition-related expenses of $9.4 million. Acquisition-related expenses are recognized as selling, general and administrative and research and development expenses on the consolidated statements of income.

The assets acquired and liabilities assumed in connection with the acquisitions have been recorded based upon management's estimates of their fair market values as of each respective date of acquisition. The following tables summarize the fair value of consideration and the fair values of identified assets acquired and liabilities assumed at each respective date of acquisition:

Fair Value of Consideration:


(in thousands)
Cash	$	228,520
Non-cash consideration	5,056
Total consideration	$	233,576

Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed:

(in thousands)
Cash	$	18,870
Accounts receivable and other tangible assets	18,524
Developed software and core technologies	28,110
Customer lists	83,790
Trade names	2,910
Accounts payable and other liabilities	(9,176)
Deferred revenue	(8,030)
Net deferred tax liabilities	(31,597)
Total identifiable net assets	$	103,401
Goodwill	$	130,175

The goodwill, which is generally not tax-deductible, is attributed to intangible assets that do not qualify for separate recognition, including the assembled workforces of the acquired businesses and the synergies expected to arise as a result of the acquisitions.

The fair values of the assets acquired and liabilities assumed are based on preliminary calculations. The estimates and assumptions for these items are subject to change as additional information about what was known and knowable at each respective acquisition date is obtained during the measurement period (up to one year from the acquisition date).

We determined the fair value of our intangible assets using various valuation techniques, including the relief-from-royalty method and the multi-period excess earnings method. These models utilize certain unobservable inputs classified as Level 3 measurements as defined by ASC 820, Fair Value Measurements and Disclosures. The determination of fair value requires considerable judgment and is sensitive to changes in underlying assumptions, estimates and market factors. Estimating fair value requires us to make assumptions and estimates regarding our future plans, as well as industry and economic conditions. These assumptions and estimates include, but are not limited to: selection of a valuation methodology, royalty rate, discount rate, attrition rate and obsolescence rate.

The weighted-average useful life, valuation method and assumptions used to determine the fair value of the intangible assets related to the 2023 acquisitions are as follows:

Intangible Asset

Weighted-Average Useful Life

Valuation Method

Assumptions

Developed software and core technologies

5 years

Relief-from-royalty or multi-period excess earnings

Royalty rate: 20.0%

Obsolescence rate: 15.0% - 20.0% Discount rate: 12.5% - 22.0%

Trade names

5 years

Relief-from-royalty

Royalty rate: 1.0% - 2.0%

Discount rate: 15.5% - 22.0%

Customer lists

13 years

Multi-period excess earnings

Attrition rate: 5.0%

Discount rate: 15.5% - 22.0%

The operating results of each acquisition have been included in our consolidated financial statements since each respective date of acquisition. The effects of the business combinations were not material to our consolidated results of operations individually or in the aggregate during 2023.

2022 Acquisitions

During the year ended December 31, 2022, we completed several strategic acquisitions to enhance our customers' experience. The effects of the acquisitions were not material to our consolidated results of operations individually or in the aggregate. The combined purchase price of the acquisitions completed during the year ended December 31, 2022 was $401.7 million, or $390.8 million net of cash acquired.

During the year ended December 31, 2022, we incurred acquisition-related expenses of $10.3 million. Acquisition-related expenses are recognized as selling, general and administrative and research and development expenses on the consolidated statements of income.

The assets and liabilities of the acquisitions have been recorded based upon management's estimates of their fair market values as of each respective date of acquisition. The following tables summarize the fair values of consideration transferred and the fair values of identified assets acquired and liabilities assumed at each respective date of acquisition:


Fair Value of Consideration:
(in thousands)
Cash	$	397,629
Consideration not yet paid	4,035
Total Consideration	$	401,664

Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed:
(in thousands)
Cash	$	10,862
Accounts receivable and other tangible assets	4,914
Developed software and core technologies	127,830
Customer lists	7,926
Trade names	5,304
Accounts payable and other liabilities	(7,247)
Deferred revenue	(6,408)
Net deferred tax liabilities	(19,854)
Total identifiable net assets	$	123,327
Goodwill	$	278,337

The weighted-average useful life, valuation method and assumptions used to determine the fair value of the intangible assets acquired in 2022 are as follows:

Intangible Asset

Weighted-Average Useful Life

Valuation Method

Assumptions

Developed software and core technologies

9 years

Multi-period excess earnings

Discount rate: 9.5% - 18.0%

Trade names

10 years

Relief-from-royalty

Royalty rate: 1.0% - 2.0%

Discount rate: 10.0% - 18.0%

Customer lists

14 years

Multi-period excess earnings

Attrition rate: 5.0% - 30.0%

Discount rate: 9.5% - 15.0%

Royalty Agreements (Details) - USD ($) $ in Thousands	12 Months Ended
Royalty Agreements (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cost of goods and services sold	$ 271,298	$ 250,641	$ 257,984
Royalty
Cost of goods and services sold	$ 39,000	$ 32,000	$ 36,900

Pension and Profit-Sharing Plans	12 Months Ended
Pension and Profit-Sharing Plans	Dec. 31, 2023
Retirement Benefits [Abstract]
Pension and Profit-Sharing Plans	Pension and Profit-Sharing Plans We have a 401(k) plan for all qualifying domestic employees that permits participants to defer a portion of their pay pursuant to Section 401(k) of the Internal Revenue Code. We make matching contributions on behalf of each eligible participant in an amount equal to 100% of the first 3% and an additional 25% of the next 5%, for a maximum total of 4.25% of the employee's eligible compensation. We may make discretionary matching contributions. We may also make discretionary nonelective contributions in an amount to be determined by the Board of Directors for each plan year, provided the employee is employed at the end of the year and has worked at least 1,000 hours. Domestic employees of acquired businesses may participate in the 401(k) plan when they become eligible. We also maintain and contribute to various defined contribution and defined benefit pension arrangements for our international employees. We meet the minimum statutory funding requirements for our foreign plans. As of December 31, 2023 and 2022, the total unfunded portions of the benefit obligations were $11.8 million and $9.4 million, respectively. Expenses related to our retirement programs were $25.9 million in 2023, $21.9 million in 2022 and $20.0 million in 2021.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

On May 14, 2021, our stockholders approved the ANSYS, Inc. 2021 Equity and Incentive Compensation Plan (the 2021 Plan). The 2021 Plan is a long-term incentive plan pursuant to which awards may be granted to directors, officers, other employees and certain consultants of Ansys and its subsidiaries. These awards include stock option rights, stock appreciation rights, restricted stock, restricted stock units, cash incentives, performance shares, performance units and other awards. The 2021 Plan authorizes 4.4 million shares of common stock for issuance, plus 1.6 million shares that remained available for issuance under the Fifth Amended and Restated ANSYS, Inc. 1996 Stock Option and Grant Plan (the Predecessor Plan) as of the effective date of the 2021 Plan plus any shares relating to the outstanding awards under the Predecessor Plan or the 2021 Plan that are subsequently forfeited. As of the effective date of the 2021 Plan, grants were no longer made under the Predecessor Plan.

The 2021 Plan requires a minimum vesting period or performance period of one year for most award types and a maximum period for options to be exercisable as ten years from the grant date. Upon the death or disability of a participant, performance awards are vested pro-rata, subject to any performance target requirements, and all other awards become fully vested. The Compensation Committee of the Board of Directors may, at its sole discretion, accelerate the date or dates on which an award granted under the 2021 Plan may vest in the event of a change in control or an employee's termination of employment. A change in control will result in awards either being assumed by the acquirer or the pre-existing awards becoming immediately vested and earned at target award levels. In the event an employee is terminated without cause within 18 months after the change in control, any assumed awards will become immediately vested.

We currently issue shares related to exercised stock options or vested awards from our existing pool of treasury shares and have no specific policy to repurchase treasury shares as stock options are exercised or as awards vest. If the treasury pool is depleted, we will issue new shares.

Total stock-based compensation expense recognized for the years ended December 31, 2023, 2022 and 2021 is as follows:


	Year Ended December 31,
(in thousands, except per share amounts)	2023		2022		2021
Cost of sales:
Maintenance and service	13,337		10,073		12,390
Operating expenses:
Selling, general and administrative	126,175		93,117		91,772
Research and development	82,379		64,938		62,176
Stock-based compensation expense before taxes	221,891		168,128		166,338
Related income tax benefits	(53,880)		(50,209)		(75,241)
Stock-based compensation expense, net of taxes	$	168,011	$	117,919	$	91,097
Net impact on earnings per share:
Basic earnings per share	$	(1.93)	$	(1.35)	$	(1.05)
Diluted earnings per share	$	(1.92)	$	(1.35)	$	(1.03)

As of December 31, 2023, total unrecognized estimated compensation expense related to awards granted prior to that date was $306.2 million, which is expected to be recognized over a weighted average period of 1.5 years. Forfeitures of awards are accounted for as they occur.

Stock Options

Prior to 2017, we granted stock option awards. The value of each stock option award was estimated on the date of grant, or date of acquisition for options issued in a business combination, using the Black-Scholes option pricing model (Black-Scholes model). The determination of the fair value of stock-based payment awards using an option pricing model was affected by our stock price as well as assumptions regarding a number of complex and subjective variables. These variables included our stock volatility during the preceding six years, actual and projected employee stock option exercise behaviors, interest rate assumptions using the five-year U.S. Treasury Note yield on the date of grant or acquisition date and expected dividends. The stock-based compensation expense for options was recorded ratably over the requisite service period.

As of December 31, 2023, there is no unrecognized estimated compensation cost related to unvested stock options.

Information regarding stock option transactions is summarized below:


	Year Ended December 31,
	2023			2022			2021
(options in thousands)	Options	Weighted- Average Exercise Price		Options	Weighted- Average Exercise Price		Options	Weighted- Average Exercise Price
Outstanding, beginning of year	226	$	94.24	375	$	83.67	648	$	74.26
Granted	—	$	—	—	$	—	—	$	—
Exercised	(123)	$	94.32	(148)	$	67.56	(270)	$	61.42
Forfeited	—	$	—	(1)	$	67.44	(3)	$	55.46
Outstanding, end of year	103	$	94.23	226	$	94.24	375	$	83.67
Vested and Exercisable, end of year	103	$	94.23	226	$	94.24	375	$	83.67
Nonvested	—	$	—	—	$	—	—	$	—


	2023		2022		2021
Weighted Average Remaining Contractual Term (in years)
Outstanding	2.52		3.53		3.09
Vested and Exercisable	2.52		3.53		3.09
Aggregate Intrinsic Value (in thousands)
Exercised	$	28,231	$	30,358	$	82,790
Outstanding	$	27,717	$	33,361	$	118,995
Vested and Exercisable	$	27,717	$	33,361	$	118,995
Compensation Expense - Stock Options (in thousands)	$	—	$	—	$	—

Information regarding stock options outstanding as of December 31, 2023 is summarized below:


(options in thousands)	Options Outstanding & Exercisable
Exercise Price	Options	Weighted- Average Remaining Contractual Life (years)
$86.01	2	0.01
$86.57	8	1.67
$94.15	1	1.58
$95.09	92	2.67

There were no unvested stock options as of December 31, 2023.

Restricted Stock Units

Under the terms of the 2021 Plan, we have issued various restricted stock unit awards (RSUs). The following table summarizes the types of awards and vesting conditions:


Award	Vesting Period	Vesting Condition
Restricted stock units with a service condition only	Three years	Prior to March 2023, one third of the awards vested annually. Commencing in March 2023, one third vests in the first year and then one eighth quarterly thereafter.
Restricted stock units with an operating performance and service condition	Three years	Operating performance metrics as defined at the beginning of each sub-performance period and subject to continued employment through the vesting period.
Restricted stock units with a market and service condition	Three years	Our performance measured by total stockholder return relative to the Nasdaq Composite Index for the performance period and subject to continued employment through the vesting period.
Board of Director restricted stock unit awards	The earlier of one year or the next regular meeting of stockholders	Continued service on the Board of Directors through the vesting period. Directors that retire prior to the vest date receive a pro-rata portion of the RSUs.

The fair value of RSUs with only a service condition is based on the fair market value of our stock on the date of the grant and is recognized straight-line over the vesting period.

The fair value of RSUs with operating performance metrics is based on the fair market value of our stock on the date of the grant and is recognized from the grant date through the vesting period based on management's estimates concerning the probability of operating performance metric achievement.

The fair values of RSUs with a market condition were estimated using a Monte Carlo simulation model and are recognized over the vesting period. The determination of the fair values of the awards was affected by the grant date and several variables, each of which has been identified in the chart below:


	Year Ended December 31,
Assumptions used in Monte Carlo lattice pricing model	2023	2022	2021
Risk-free interest rate	4.6%	1.8%	0.3%
Expected dividend yield	—%	—%	—%
Expected volatility—Ansys stock price	36%	37%	36%
Expected volatility—Nasdaq Composite Index	25%	26%	26%
Expected term	2.8 years	2.8 years	2.8 years
Correlation factor	0.83	0.84	0.84
Weighted average fair value per share	$452.14	$290.65	$238.87

Total compensation expense for RSU awards recorded for the years ended December 31, 2023, 2022 and 2021 was $213.5 million, $164.0 million and $162.3 million, respectively.

Information regarding all employee and non-employee director RSU transactions is summarized below:


	Year Ended December 31,
	2023			2022			2021
(RSUs in thousands)	RSUs	Weighted- Average Grant Date Fair Value		RSUs	Weighted- Average Grant Date Fair Value		RSUs	Weighted- Average Grant Date Fair Value
Nonvested, beginning of year	1,220	$	301.72	1,074	$	278.02	1,331	$	202.30
Granted(1)	867	$	314.04	861	$	299.08	508	$	333.45
Performance adjustment - awards with market condition(2)	(11)	$	279.42	(8)	$	276.73	17	$	238.99
Performance adjustment - awards with performance condition(2)	79	$	310.37	73	$	300.28	63	$	376.48
Vested	(558)	$	300.30	(598)	$	257.51	(802)	$	195.12
Forfeited	(59)	$	313.58	(182)	$	295.13	(43)	$	263.13
Nonvested, end of year	1,538	$	309.33	1,220	$	301.72	1,074	$	278.02

Employee Stock Purchase Plan

On May 12, 2022, our stockholders approved the ANSYS, Inc. 2022 Employee Stock Purchase Plan (2022 ESPP) and the reservation by our Board of Directors of 750,000 shares of common stock for issuance under the 2022 ESPP. On October 27, 2022 our Board of Directors approved the amendment and restatement of the 2022 ESPP. The 2022 ESPP replaced the 1996 Employee Stock Purchase Plan (1996 Plan) in its entirety. Shares issued in 2023 were issued under the 2022 ESPP. The 2022 ESPP and 1996 Plan (Purchase Plans) allow our employees and employees of our designated subsidiaries to purchase shares of our common stock at a discount to fair market value. There were 671,653 shares available for future purchases as of December 31, 2023.

The Purchase Plans are administered by the Compensation Committee. Offerings under the Purchase Plans commence on the first business day occurring on or before each February 1 and August 1, and end on the last business day occurring on or before the following July 31 and January 31, respectively. An employee who owns or is deemed to own shares of stock representing in excess of 5% of the combined voting power of all classes of our stock may not participate in the Purchase Plans.

During each offering, an eligible employee may purchase shares by authorizing payroll deductions of up to 10% of his or her cash compensation during the offering period. The maximum number of shares that may be purchased by any participating employee during any offering period is limited to 3,840 shares. Subject to limitations within the Purchase Plans, each employee's accumulated payroll deductions will be used to purchase common stock on the last day of the applicable offering period at a price equal to 85% of the fair market value of the common stock on the first or last day of the applicable offering period, whichever is less. Under applicable tax rules, an employee may not accrue at a rate that exceeds $25,000 of the fair market value of our stock (determined on the option grant date or dates) for each calendar year in which the option to purchase shares is outstanding at any time. As of December 31, 2023, 78,347 shares of common stock had been issued under the 2022 ESPP. The total compensation expense recorded under the Purchase Plans during the years ended December 31, 2023, 2022 and 2021 was $8.3 million, $4.2 million and $4.0 million, respectively.

Unconditional Purchase Obligations (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Unconditional Purchase Obligations (Excluding Capital Stock Redemptions) [Abstract]
2024	$ 66,421
2025	27,144
2026	9,980
2027	7,927
2028	298
Total	$ 111,770

Leases - Schedule of Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 27,030
2025	22,843
2026	20,460
2027	18,930
2028	17,266
Thereafter	31,049
Total future lease payments	137,578
Less: Present value adjustment	(13,767)
Present value of future lease payments	$ 123,811
Current portion operating lease liabilities	Other accrued expenses and liabilities	Other accrued expenses and liabilities

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Research and experimentation capitalization	$ 148,355	$ 85,677
Uncertain tax positions	52,685	41,569
Net operating loss carryforwards	34,907	39,034
Stock-based compensation	33,473	27,548
Debt obligation basis difference	30,289	28,758
Operating lease liabilities	28,380	31,726
Employee benefits	13,662	13,343
Research and development credits	5,506	5,390
Allowance for doubtful accounts	4,836	4,376
Other	0	2,638
Valuation allowance	(17,608)	(17,336)
Total deferred tax assets	334,485	262,723
Other intangible assets	(202,404)	(192,018)
Operating lease right-of-use assets	(26,878)	(30,308)
Deferred revenue	(12,080)	(8,979)
Property and equipment	(3,607)	(5,029)
Other	(590)	0
Total deferred tax liabilities	(245,559)	(236,334)
Net deferred tax assets	$ 88,926	$ 26,389

Stock Repurchase Program (Tables)

12 Months Ended

Dec. 31, 2023

Class of Stock Disclosures [Abstract]

Stock Repurchase Program

Under our stock repurchase program, we repurchased shares as follows:


	Year Ended December 31,
(in thousands, except per share data)	2023		2022		2021
Number of shares repurchased	650		725		347
Average price paid per share	$	302.34	$	283.38	$	388.35
Total cost	$	196,494	$	205,571	$	134,679

Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Accounting Policies

Accounting Principles

Principles of Consolidation

The accompanying consolidated financial statements include our accounts and those of our wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated.

Recently Adopted Accounting Guidance

Accounting Guidance Issued and Not Yet Adopted

Use of Estimates

•Contract revenue

•Standalone selling prices of our products and services

•Allowance for doubtful accounts receivable

•Valuation of goodwill and other intangible assets

•Useful lives for depreciation and amortization

•Acquired deferred revenue

•Operating lease assets and liabilities

•Fair values of stock awards

•Income taxes

•Uncertain tax positions

•Tax valuation reserves

•Contingencies and litigation

Actual results could differ from these estimates. Changes in estimates are recorded in the results of operations in the period that the changes occur.

Revenue Recognition

The warranty does not provide any type of additional service to the customer or performance obligation for us.

Significant Judgments

Cash and Cash Equivalents


	December 31, 2023			December 31, 2022
(in thousands, except percentages)	Amount		% of Total	Amount		% of Total
Cash accounts	$	689,380	80.1	$	503,733	82.0
Money market funds	170,821		19.9	110,658		18.0
Total	$	860,201		$	614,391

Our money market fund balances were held in various funds of a single issuer at December 31, 2023.

Property and Equipment

Research and Development

Business Combinations

Goodwill and Other Intangible Assets

Concentrations of Credit Risk


	Year Ended December 31,
(as a % of revenue)	2023		2022		2021
Revenue from channel partners	26	%	24	%	24	%

No single customer or channel partner accounted for more than 5% of our revenue in 2023, 2022 or 2021.


	As of December 31,
(in thousands)	2023		2022
Cash and cash equivalents held domestically	$	529,092	$	326,784
Cash and cash equivalents held by foreign subsidiaries	331,109		287,607
Cash and cash equivalents held in excess of deposit insurance, foreign and domestic	846,723		597,471
Largest balance of cash and cash equivalents held with one financial institution, foreign and domestic	359,362		238,058

Allowance for Doubtful Accounts

The changes in the allowance for doubtful accounts during the years ended December 31, 2023, 2022 and 2021 were as follows:


(in thousands)	2023		2022		2021
Beginning balance – January 1	$	18,300	$	14,600	$	14,000
Additions: Charges to expense	2,704		$	6,222	1,006
Deductions: Write-offs	(304)		(2,522)		(406)
Ending balance – December 31	$	20,700	$	18,300	$	14,600

Income Taxes

Foreign Currencies

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss is composed entirely of foreign currency translation adjustments.

Earnings Per Share

The details of basic and diluted EPS are as follows:


	Year Ended December 31,
(in thousands, except per share data)	2023		2022		2021
Net income	$	500,412	$	523,710	$	454,627
Weighted average shares outstanding – basic	86,833		87,051		87,100
Dilutive effect of stock plans	553		439		1,002
Weighted average shares outstanding – diluted	87,386		87,490		88,102
Basic earnings per share	$	5.76	$	6.02	$	5.22
Diluted earnings per share	$	5.73	$	5.99	$	5.16
Anti-dilutive shares	218		300		23

Stock-Based Compensation

Fair Value of Financial Instruments

Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Amount of revenue recognized from beginning deferred revenue and backlog	$ 846.3	$ 764.9
Amount of revenue recognized from beginning deferred revenue	$ 414.0	$ 391.5

Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table summarizes revenue:


	Year Ended December 31,
(in thousands, except percentages)	2023			2022			2021
Revenue:
Subscription lease licenses	$	786,050		$	687,665		$	617,643
Perpetual licenses	302,698			301,313			328,154
Software licenses	1,088,748			988,978			945,797
Maintenance	1,103,523			1,004,245			896,037
Service	77,678			72,330			64,881
Maintenance and service	1,181,201			1,076,575			960,918
Total revenue	$	2,269,949		$	2,065,553		$	1,906,715

Direct revenue, as a percentage of total revenue	73.9		%	76.1		%	76.3		%
Indirect revenue, as a percentage of total revenue	26.1		%	23.9		%	23.7		%

Changes in Deferred Revenue

The changes in deferred revenue, inclusive of both current and long-term deferred revenue, during the years ended December 31, 2023 and 2022 were as follows:


(in thousands)	2023		2022
Beginning balance – January 1	$	435,758	$	412,781
Acquired deferred revenue	8,030		5,818
Deferral of revenue	2,305,294		2,099,550
Recognition of deferred revenue	(2,269,949)		(2,065,553)
Currency translation	621		(16,838)
Ending balance – December 31	$	479,754	$	435,758

Remaining performance obligations, expected timing of satisfaction

Total revenue allocated to remaining performance obligations as of December 31, 2023 will be recognized as revenue as follows:


(in thousands)
Next 12 months	$	897,393
Months 13-24	371,957
Months 25-36	150,744
Thereafter	52,490
Total revenue allocated to remaining performance obligations	$	1,472,584

Property and Equipment - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense related to property and equipment	$ 29.0	$ 29.5	$ 30.9

Stock Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock Disclosures [Abstract]
Number of shares repurchased	650	725	347
Average price paid per share	$ 302.34	$ 283.38	$ 388.35
Total cost	$ 196,494	$ 205,571	$ 134,679

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income before income tax provision included the following components:


	Year Ended December 31,
(in thousands)	2023		2022		2021
Domestic	$	458,581	$	504,797	$	460,395
Foreign	133,557		70,518		54,959
Total	$	592,138	$	575,315	$	515,354

The provision for income taxes was composed of the following:


	Year Ended December 31,
(in thousands)	2023		2022		2021
Current:
Federal	$	115,942	$	103,007	$	44,805
State	11,759		11,286		6,626
Foreign	55,332		68,028		43,786
Deferred:
Federal	(79,251)		(94,398)		(32,449)
State	(8,145)		(9,647)		(1,691)
Foreign	(3,911)		(26,671)		(350)
Total	$	91,726	$	51,605	$	60,727

The reconciliation of the U.S. federal statutory tax rate to the consolidated effective tax rate was as follows:


	Year Ended December 31,
	2023		2022		2021
Federal statutory tax rate	21.0	%	21.0	%	21.0	%
Nondeductible expenses	2.1		2.3		2.8
State income taxes, net of federal benefit	0.6		0.9		0.6
Foreign rate differential	0.4		—		(0.1)

Stock-based compensation	—		(1.5)		(5.4)
Benefit from tax planning and entity structuring activities	(0.3)		(2.5)		(0.8)
U.S. federal tax (benefit) expense on foreign earnings	(1.2)		(2.4)		0.4

Research and development credits	(3.2)		(3.2)		(3.1)
Foreign-derived intangible income deduction	(4.1)		(5.7)		(4.0)
Other	0.2		0.1		0.4
	15.5	%	9.0	%	11.8	%

The components of deferred tax assets and liabilities are as follows:


	December 31,
(in thousands)	2023		2022
Deferred tax assets:
Research and experimentation capitalization	$	148,355	$	85,677
Uncertain tax positions	52,685		41,569
Net operating loss carryforwards	34,907		39,034
Stock-based compensation	33,473		27,548
Debt obligation basis difference	30,289		28,758
Operating lease liabilities	28,380		31,726
Employee benefits	13,662		13,343
Research and development credits	5,506		5,390
Allowance for doubtful accounts	4,836		4,376
Other	—		2,638
Valuation allowance	(17,608)		(17,336)
Total deferred tax assets	334,485		262,723
Deferred tax liabilities:
Other intangible assets	(202,404)		(192,018)
Operating lease right-of-use assets	(26,878)		(30,308)
Deferred revenue	(12,080)		(8,979)
Property and equipment	(3,607)		(5,029)
Other	(590)		—
Total deferred tax liabilities	(245,559)		(236,334)
Net deferred tax assets	$	88,926	$	26,389

The net increase in the valuation allowance was primarily due to $0.5 million of currency fluctuations on balances relating to foreign jurisdictions, partially offset by a $0.2 million decrease in unrealizable tax assets. As of each reporting date, management considers new evidence, both positive and negative, that could affect the future realization of deferred tax assets. If management determines it is more likely than not that an asset, or a portion of an asset, will not be realized, a valuation allowance is recorded.

As of December 31, 2023, we had federal net operating loss carryforwards of $7.2 million, which are subject to limitations of their utilization. Losses totaling $6.5 million are not currently subject to expiration dates, while the remaining $0.7 million of losses expire between 2028 - 2037. Deferred tax assets of $2.3 million have been recorded for state operating loss carryforwards. These losses expire between 2031 - 2042, and are subject to limitations on their utilization. We had total foreign net operating loss carryforwards of $128.3 million, of which $88.7 million are not currently subject to expiration dates. The remainder, $39.6 million, expires between 2025 - 2038. We had tax credit carryforwards of $7.5 million, of which $0.5 million are not currently subject to expiration dates and $7.0 million expire in various years between 2025 - 2043. Of these tax credit carryforwards, $0.9 million are subject to limitations on their utilization.

In general, it is our intention to permanently reinvest all earnings in excess of previously taxed amounts. Substantially all of the pre-2018 earnings of our non-U.S. subsidiaries were taxed through the transition tax and post-2018 current earnings are taxed as part of global intangible low-taxed income tax expense. These taxes increase our previously taxed earnings and allow for the repatriation of the majority of our foreign earnings without any residual U.S. federal tax. Unrecognized provisions for taxes on indefinitely reinvested undistributed earnings of foreign subsidiaries would not be significant.

The following is a reconciliation of the total amounts of unrecognized tax benefits:


	Year Ended December 31,
(in thousands)	2023		2022		2021
Unrecognized tax benefit as of January 1	$	45,772	$	39,641	$	24,075
Gross changes—acquisitions	—		—		—
Gross increases—tax positions in prior period	—		403		10,183
Gross decreases—tax positions in prior period	(1,782)		(2,780)		(2,281)
Gross increases—tax positions in current period	14,814		13,905		13,223
Reductions due to a lapse of the applicable statute of limitations	(3,236)		(3,743)		(3,226)
Changes due to currency fluctuation	(684)		(1,654)		(912)
Settlements	—		—		(1,421)
Unrecognized tax benefit as of December 31	$	54,884	$	45,772	$	39,641

We believe that it is reasonably possible that $3.2 million of uncertain tax positions included in the table above may be resolved within the next twelve months as a result of settlement with a taxing authority or a lapse of the statute of limitations. If the unrecognized tax benefit as of December 31, 2023 were to be recognized, a benefit of $13.5 million would impact the effective tax rate.

We recognize interest and penalties related to income taxes as income tax expense. We recorded penalty expense of $0.7 million, $0.7 million and $1.8 million for the years ended December 31, 2023, 2022 and 2021, respectively. We recorded interest income of $0.3 million for the year ended December 31, 2023, interest expense of $0.1 million for the year ended December 31, 2022 and interest income of $0.2 million for the year ended December 31, 2021. As of December 31, 2023, we accrued a liability for penalties of $8.7 million and interest of $2.6 million. As of December 31, 2022, we accrued a liability for penalties of $7.9 million and interest of $3.0 million.

We are subject to taxation in the United States and various states and foreign jurisdictions. In the United States, our only major tax jurisdiction, the 2017 - 2023 tax years are open to examination by the Internal Revenue Service.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Summary Of Cash And Cash Equivalents

Our cash and cash equivalents balances comprise the following:


	December 31, 2023			December 31, 2022
(in thousands, except percentages)	Amount		% of Total	Amount		% of Total
Cash accounts	$	689,380	80.1	$	503,733	82.0
Money market funds	170,821		19.9	110,658		18.0
Total	$	860,201		$	614,391

Allowance for Doubtful Accounts Rollforward

The changes in the allowance for doubtful accounts during the years ended December 31, 2023, 2022 and 2021 were as follows:


(in thousands)	2023		2022		2021
Beginning balance – January 1	$	18,300	$	14,600	$	14,000
Additions: Charges to expense	2,704		$	6,222	1,006
Deductions: Write-offs	(304)		(2,522)		(406)
Ending balance – December 31	$	20,700	$	18,300	$	14,600

Basic And Diluted Earnings Per Share

The details of basic and diluted EPS are as follows:


	Year Ended December 31,
(in thousands, except per share data)	2023		2022		2021
Net income	$	500,412	$	523,710	$	454,627
Weighted average shares outstanding – basic	86,833		87,051		87,100
Dilutive effect of stock plans	553		439		1,002
Weighted average shares outstanding – diluted	87,386		87,490		88,102
Basic earnings per share	$	5.76	$	6.02	$	5.22
Diluted earnings per share	$	5.73	$	5.99	$	5.16
Anti-dilutive shares	218		300		23

Customer Concentration Risk

Schedule Of Risk Concentration

The following table outlines concentrations of risk with respect to our revenue:


	Year Ended December 31,
(as a % of revenue)	2023		2022		2021
Revenue from channel partners	26	%	24	%	24	%

Credit Concentration Risk

Schedule Of Risk Concentration

The following table outlines concentrations of risk with respect to our cash and cash equivalents:


	As of December 31,
(in thousands)	2023		2022
Cash and cash equivalents held domestically	$	529,092	$	326,784
Cash and cash equivalents held by foreign subsidiaries	331,109		287,607
Cash and cash equivalents held in excess of deposit insurance, foreign and domestic	846,723		597,471
Largest balance of cash and cash equivalents held with one financial institution, foreign and domestic	359,362		238,058