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© 2013 ANSYS, Inc. Created for ANSYS, Inc. by BullsEye Resources www.bullseyeresources.com.
ANSYS 2013 INVESTOR DAYExecutive Summary
March 14, 2013
ANSYS 2013 Investor Day March 14, 2013 Pittsburgh, PA
2 © 2013 ANSYS, Inc. PROPRIETARY & CONFIDENTIAL Created for ANSYS by BullsEye Resources
TABLE OF CONTENTS
Session Session Title Speaker(s) Page
Key Themes 3
1 CEO Message: The ANSYS Principles of Success
Jim Cashman, President and CEO 5
2 Key Initiatives Driving Revenue Josh Fredberg, VP, Marketing 8
3 ANSYS 14.5 Highlights Steve Pilz, Senior Product Manager 11
4 Sales and Support Update Joe Fairbanks, VP, World Wide Sales and Support
13
5 Apache Update Andrew Yang, VP, President, Apache 16
6 Financial Update Maria Shields, CFO and VP, Finance and Administration
18
7 Question and Answer Session Annette Arribas, Director, Global Investor Relations and Insurance Members of ANSYS’ Management Team
20
Poster Sessions 23
Biographies 27
Important Factors Regarding Future Results The Company cautions investors that its performance is subject to risks and uncertainties. Some matters that will be discussed throughout this presentation may constitute forward‐looking statements that involve risks and uncertainties which could cause actual results to differ materially from those projected. These risks and uncertainties are discussed at length, and may be amended from time to time, in the Company’s Annual Report to Stockholders and its filings with the SEC, including our most recent filings on Forms 10‐K and 10‐Q. We undertake no obligation to publicly update or revise any forward‐looking statements, whether changes occur as a result of new information or future events, after the date they were made. THESE SUMMARIES REFLECT BULLSEYE RESOURCES, INC.’S SUBJECTIVE CONDENSED SUMMARIZATION OF THE ANSYS, INC. 2013 INVESTOR DAY CONFERENCE, AND THERE MAY BE MATERIAL ERRORS, OMISSIONS OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE SESSIONS. IN NO WAY DOES ANSYS, INC. OR BULLSEYE RESOURCES ASSUME ANY RESPONSIBILITY FOR THE INFORMATION CONTAINED HEREIN, OR ANY DECISIONS MADE BASED UPON THE INFORMATION PROVIDED IN THIS DOCUMENT.
ANSYS 2013 Investor Day March 14, 2013 Pittsburgh, PA
3 © 2013 ANSYS, Inc. PROPRIETARY & CONFIDENTIAL Created for ANSYS by BullsEye Resources
Key Themes
Overview
ANSYS continued to perform well in 2012 and is well positioned
for future growth. ANSYS’ results are attributable to a relentless
focus on its first principles of success: customers, people, and
products. ANSYS partners with its customers to continuously
improve current products and develop next‐generation ones.
ANSYS’ talented people provide a competitive advantage. And
ANSYS has both leading individual simulation components and
the most comprehensive simulation suite.
With these fundamentals in place, ANSYS is continuing to invest
in people, products, marketing, infrastructure, and strategic
acquisitions, such as Apache and Esterel. These actions broaden
ANSYS’ product portfolio, strengthen customer relationships,
and position ANSYS well for the future. ANSYS sees significant
growth potential through increasing the number of users, and
increasing the density and intensity of simulation usage.
Context ANSYS 2013 Investor Day was held on March 14, 2013, in
Pittsburgh, Pennsylvania. CEO Jim Cashman and other members
of the ANSYS management team reviewed results from 2012
and discussed the outlook for 2013, described the Company’s
vision and product strategy, reviewed key initiatives and
Release 14.5, provided an update on sales and support,
discussed the progress in integrating the Apache acquisition,
and explained the rationale and fit of the Esterel acquisition.
Key Themes
ANSYS continued to perform well in 2012 and anticipates continued growth in 2013.
In 2012, the Company’s non‐GAAP revenue, earnings per share,
and margins all exceeded the original outlook for the year.
These results were achieved while continuing to invest in the
future by increasing the investment in R&D, while also investing
in marketing and infrastructure, consummating another
strategic acquisition, continuing to repay debt, and
repurchasing 1.5 million shares.
For 2013, assuming relative macroeconomic stability, ANSYS
anticipates constant currency non‐GAAP revenue growth of
11% to 14%, gross margins around 87%, and operating margins
around 47%. ANSYS will continue to invest for the future with
R&D projected at around 16% of revenue. This translates into
an outlook for EPS in the range of $3.00 to $3.12.
ANSYS’ success comes from a focus on first principles.
A major theme throughout ANSYS 2013 Investor Day was that
ANSYS’ past and future success is based on fundamentals and
first principles, which are customers, people, and products.
• Customers. ANSYS builds long‐term, value‐based customer
relationships and partners with customers to help solve
their most difficult product development problems.
• People. ANSYS has the most talented, most experienced
people in the simulation industry, including more than 600
PhDs. This is a differentiator and a competitive advantage.
• Products. ANSYS has the best, most comprehensive suite
of simulation tools in existence and is investing heavily to
constantly improve its products.
“Everything we do revolves around first principles: our
amazing people, our revolutionary products, and the more
than 40,000 valued customers we have around the globe.” – Annette Arribas
With product development as critical to customers’ success, the role of simulation continues to grow.
Companies in all industries are under intense pressure to
develop new products more quickly and less expensively. These
products are increasingly complex, but they must be reliable
and work as intended. Increasingly, companies’ future business
success depends on their product development capabilities.
In this context, the traditional method used by product
developers of creating physical prototypes is too slow,
expensive, and unreliable. Increasingly engineers and product
developers in all industries are changing their paradigm to rely
on simulation. In fact, as companies design increasingly
complex smart products, they want to engage in multiphysics
simulation and simulations of entire systems. Thus, the needs
of customers and the evolution of the market are consistent
with ANSYS’ vision and are in ANSYS’ sweet spot.
ANSYS continues to see tremendous opportunities along multiple dimensions.
A major theme reiterated throughout the 2013 Investor Day
was the tremendous opportunities that ANSYS sees. The frame‐
work that ANSYS uses to think about these opportunities is:
• Growing the number of users. Even with the maturation of
simulation, a low percentage of engineers currently use
simulation, even among ANSYS’ largest customers.
Growing the number of simulation users represents a big
opportunity.
ANSYS 2013 Investor Day March 14, 2013 Pittsburgh, PA
4 © 2013 ANSYS, Inc. PROPRIETARY & CONFIDENTIAL Created for ANSYS by BullsEye Resources
• Increasing the intensity of usage. ANSYS is seeing
significant growth along this dimension as organizations
design increasingly complex products and expect even
more from their current engineers. An increasing number
of customers are engaging in robust design and are using
high‐performance computing (HPC), which increases the
intensity of simulation usage. This has many benefits for
customers, particularly a dramatic reduction in the time
required to run simulations—often from days to minutes
or hours.
• Increasing the density of usage. As engineers design more
complex products, they increasingly need to engage in
multiphysics simulation. Going from single physics to
multiple physics increases the density of simulation usage.
ANSYS’ product initiatives fit with the major trends taking place in the market.
ANSYS Release 14.5 has numerous enhancements and new
features including greater integration of multiphysics, easier
data sharing, an improved ability for organizations to
standardize on best practices, and greater ease of use.
Other major market initiatives (shown below) are based on
trends in the marketplace that include the growth of smart
products, a desire to increase product integrity through robust
design, the need to amplify engineering, pressure for the most
cost‐effective and scalable IT, and the focus of companies on a
platform for open collaboration. These trends bode well for
ANSYS as ANSYS’ products enable multiphysics simulation, end‐
to‐end simulation of entire systems, and easy sharing of data
and knowledge in an organization.
Recent acquisitions have strengthened ANSYS’ product portfolio.
ANSYS’ strategy has been to look for acquisitions that are a
strategic fit with ANSYS’ product direction and that have the
ability to integrate into the Workbench™ platform. Size is not
the determining factor in assessing potential acquisitions. The
keys are proven technology, talent, and a synergistic customer
base and sales channels.
Both Apache (acquired in August 2011) and Esterel (acquired in
August 2012) fit perfectly with ANSYS’ criteria. Both have
outstanding technology that meshes with ANSYS’ product
direction of end‐to‐end system simulation. Both have customer
bases that complement ANSYS’ and provide cross‐selling
opportunities.
Since acquiring Apache, which focuses on power management
for semiconductors and chips for mobile devices, Apache’s
revenues and margins have both exceeded expectations.
Esterel is a leader in embedded software simulation, and
automatic code generation and certification. The Company
initially focused on the aerospace, defense, and nuclear
industries. But its solutions are now being adopted in other
industries that rely on certified embedded software, such as
the automotive industry.
Both of these acquisitions further strengthen ANSYS’ product
portfolio. They bring ANSYS new technology, new customers,
and new talent, all of which will help accelerate ANSYS’ growth.
ANSYS 2013 Investor Day March 14, 2013 Pittsburgh, PA
5 © 2013 ANSYS, Inc. PROPRIETARY & CONFIDENTIAL Created for ANSYS by BullsEye Resources
CEO Message: The ANSYS Principles of Success Speaker: Jim Cashman, President and CEO
Overview
ANSYS continued to deliver strong results in 2012 and is making
significant investments to drive longer‐term growth. The keys
to ANSYS’ success include forging collaborative, long‐term
partnerships with customers; having outstanding people; and
producing market‐leading, next‐generation products. These
products enable product developers in all industries to
engineer the impossible.
As adoption of simulation matures, ANSYS is well positioned to
continue to grow by increasing the number of simulation users,
the intensity of usage, and the density of usage. While the total
addressable market for simulation is unknown, it is likely to be
far greater than most people believe.
Context
ANSYS President and CEO Jim Cashman described how ANSYS is
enabling companies in all industries to engineer the impossible
and outlined the Company’s first principles of success. He also
reviewed ANSYS’ performance in 2012 and discussed the
enormous growth opportunities that still exist.
Key Takeaways
ANSYS enables companies in all industries to engineer the impossible.
Isaac Asimov said, “Science can amuse and fascinate us all, but
it is engineering that changes the world.” Science is knowledge;
engineering brings science to life. ANSYS helps engineers in all
industries engineer the impossible. Engineers at the leading
companies in the aerospace, medical, automotive, consumer
products, and energy industries all use ANSYS to assist them in
developing amazing, cutting‐edge products.
In an environment of increasing complexity and demands,
increasing government mandates, and greater pressure than
ever to bring new products to market quickly and have them
work reliably, simulation is more important than ever.
Companies must develop products that deliver on their
promises, perform properly, and do not fail unexpectedly.
“You’ve heard me say this many times and it’s even more
true now. The value of being right has never been greater,
and the cost of being wrong has never been greater.” – Jim Cashman
Understanding the enormous pressure that companies and
engineers are under, and the complexity of the environment,
ANSYS helps engineers develop products that deliver on their
promises with the most robust, accurate, and flexible
simulation platform available.
ANSYS’ success is grounded in fundamentals.
Delivering on ANSYS’ vision of Simulation‐Driven Product
DevelopmentTM and achieving sustained business success is
based on the following fundamentals:
• Customers. ANSYS has built long‐term relationships with
world‐leading companies. In total, ANSYS has more than
45,000 customers, including 96 of the top 100 industrial
companies and 96 of the 100 most innovative companies
in the world. These customers are trusted partners with
whom ANSYS works closely in continuously improving its
current products and developing new products.
“By partnering with those leaders, we’re getting the next‐
generation view of the problem and getting a huge amount
of industry expertise.” – Jim Cashman
• People. ANSYS’ people are the Company’s core
competency and provide a competitive advantage. Among
ANSYS’ 2,400 people, about 2,200 have a bachelor’s
degree or higher, roughly 1,200 have a master’s degree or
higher, and more than 600 have a doctorate. These are
talented individuals who have a deep understanding of
engineering algorithms and know how to turn their
knowledge into production‐level software. They are also
extremely experienced, spending more than 10 years on
average at ANSYS and having more than 16,000 years of
combined simulation experience. ANSYS’ talented people
produce large quantities of intellectual property, including
patents and trade secrets.
• Products. ANSYS’ people, with input and collaboration
from customers, produce industry‐leading individual
simulation components as well as the most comprehensive
simulation suite on the planet. ANSYS simulation solutions,
which can be deployed throughout the entire innovation
lifecycle, provide customers the ability to engage in
simulation‐driven product development.
Other fundamentals include working with customers to help
them solve their toughest problems first, and continuing to
invest for growth with ongoing investments in people,
marketing, and infrastructure.
ANSYS 2013 Investor Day March 14, 2013 Pittsburgh, PA
6 © 2013 ANSYS, Inc. PROPRIETARY & CONFIDENTIAL Created for ANSYS by BullsEye Resources
In 2012, ANSYS continued to perform well and continued to invest for the future.
Shown below are ANSYS’ non‐GAAP outlook for 2012 and the
Company’s actual results. By all measures—revenue, gross
margin, investment in R&D, operating profit margin, and EPS—
ANSYS had a strong year and exceeded the outlook.
ANSYS has geographic diversity, with roughly one‐third of
revenue coming from North America, one‐third from Europe,
and one‐third from GIA. The Company also has tremendous
industry diversity, selling to multiple industries, with no
industry accounting for more than 20% of revenue. ANSYS also
has a broad customer base, with no customer representing
more than 5% of revenue and with the top 100 customers
representing only about 33% of sales. Other key
accomplishments in 2012 included:
• Continuing to invest for the long term, with investments in
R&D (people), marketing, infrastructure and business
systems, and capital.
• Focusing on the business fundamentals. This includes
sustaining high renewal rates to maintain the strong base
of recurring revenues; continuing to secure, extend, and
elevate customer relationships; investing in organizational
development; and pursuing continual product innovation,
reflected in Release 14.5.
• Deploying capital strategically. In 2012, ANSYS acquired
Esterel. This acquisition (discussed in more detail on pages
9 and 10) fits extremely well with ANSYS’ long‐term vision
of creating virtual prototypes early in the design process to
predict how the entire system will perform. This
acquisition recognizes that software is a key component of
a system, particularly for makers of smart products.
Esterel also brings experienced talent, and a synergistic
customer base and global channel.
Other important uses of capital include repayment of debt
and opportunistic stock repurchases. In 2012 ANSYS
repurchased 1.5 million shares; the board has since
authorized repurchase of up to 3 million more shares.
There remain tremendous opportunities for growth along multiple dimensions.
In recent years, simulation technology has matured greatly, as
has the adoption of simulation. In the early days, simulation
was a set of individual advanced technologies, used within
separate organizational silos.
Led by ANSYS, simulation products have evolved to incorporate
multiphysics, and engineers today are using simulation for
virtual prototyping. This takes time as organizations have to
develop new processes, skills, and mindsets.
The most experienced customers are going a step further
through process compression. These customers are solving
problems holistically and transforming their entire product
development processes. Beyond that, ANSYS is working on
tools in the area of dynamic CAE collaboration. Process
compression and dynamic CAE collaboration are emerging
markets that are starting to accelerate.
The growing adoption of simulation points to three distinct
dimensions of opportunity that ANSYS sees, all of which show
significant promise.
ANSYS 2013 Investor Day March 14, 2013 Pittsburgh, PA
7 © 2013 ANSYS, Inc. PROPRIETARY & CONFIDENTIAL Created for ANSYS by BullsEye Resources
These dimensions of opportunity are:
• Increasing the number of simulation users. As the
democratization of simulation occurs, more engineers are
engaging in simulation. The opportunities here are
significant, as fewer than 10% of those who could benefit
from simulation are using it, even at ANSYS’ largest
customers.
• Increasing the intensity of simulation usage. As companies
look to get more out of their existing talent, they are
engaging in robust design and high‐performance
computing, which increases the intensity of simulation
usage. A single user might simultaneously use a multitude
of modules. ANSYS is seeing significant growth in the
intensity of simulation usage.
• Increasing the density of usage. An increasing number of
users, especially those working on smart products, are
using more simulation modules.
Each of these dimensions represents a significant opportunity,
and at different times, each one will be slightly stronger than
the others.
Based on these significant opportunities, ANSYS is often asked
about the TAM (total addressable market). There is no specific
answer to this question. Historically, TAM estimates for the
simulation market have been far too low, and that is almost
certainly the case now.
“The bottom line is that it’s [the TAM] an order of
magnitude greater than what we envision now, and it could
be much greater than that when you take into account
high‐performance computing and full multiphysics used by
a broad range of people.” – Jim Cashman
ANSYS isn’t particularly concerned about whether the TAM
turns out to be 10x or 30x the current market. The fact is that
the TAM is far greater than the current market.
With ANSYS’ technology, people, and investments in the
future, the company is extremely well positioned.
ANSYS 2013 Investor Day March 14, 2013 Pittsburgh, PA
8 © 2013 ANSYS, Inc. PROPRIETARY & CONFIDENTIAL Created for ANSYS by BullsEye Resources
Key Initiatives Driving Revenue Speaker: Josh Fredberg, VP, Marketing
Overview
ANSYS’ future growth will come not just from incremental
innovations, but from major disruptive innovations. And those
disruptive innovations will come from understanding and being
ahead of major trends in the market. ANSYS sees and is in front
of at least five major trends which include smart products that
require a systems‐engineering approach; product integrity
through robust design; amplifying engineering; and better
management of simulation IP. For each of these trends, ANSYS
is leveraging its products and positioning to drive growth.
An important way that ANSYS has strengthened its positioning,
particularly for customers that are designing and building smart
products, is through the acquisition of Esterel. Esterel
specializes in simulating embedded software and then
automatically generating certified code. This extends ANSYS’
ability to meet customers’ needs to simulate complete systems.
Context
Josh Fredberg described five major trends that ANSYS sees in
the marketplace and explained how ANSYS is well positioned to
capitalize on each of them. He also discussed the acquisition of
Esterel and detailed how ANSYS and Esterel fit together.
Key Takeaways
ANSYS’ major initiatives are driven by key trends in the marketplace.
The graveyard is full of technology companies that became
obsolete because they were focused only on incremental
innovations, but missed breakthrough disruptive innovations.
ANSYS aims to do both through a balanced approach. This
means continually improving its products through incremental
innovations, while identifying major changes in the industry,
and creating disruptive innovations.
Some of the key trends that will drive disruptive innovation and
how ANSYS is taking advantage of these opportunities are
described below.
Trend #1: Smart products require a systems‐level approach.
Smart products are complex products that react to users,
environments, and even other smart products. They are made
smart through a complex set of technologies—hardware,
software, and electronics—all coming together. ANSYS sees
companies taking a systems‐engineering approach to
developing smart products. Systems engineering involves:
• Understanding requirements, cascading them into
functional models, and developing behavioral models.
Customers are using ANSYS tools to simulate these models
very early in the product development process.
• Detailed design and optimization. Simulation has been
used here for years, but the next realm of innovation is
combining technologies for true multiphysics simulation.
• Validation and verification. Historically this has been done
through physical tests, but leading companies are now
using computers to do verification at each stage.
As leading smart products companies embrace a systems‐level
approach, ANSYS is well positioned. ANSYS already has best‐of‐
breed solutions in each area and ANSYS makes it easy to do
multiphysics, which provide far more accurate product
performance predictions. ANSYS already has technologies that
span different areas of engineering, physics, and parts of the
lifecycle. This broad presence creates significant growth
opportunities for ANSYS.
Trend #2: Product integrity through robust design.
Companies are acutely aware of the risks of being wrong in
product design and need to have total confidence in the
products brought to market. But having total product confi‐
dence is extremely difficult, given variations in operating
conditions, manufacturing processes, and material properties.
So, historically, companies have had a choice: either ignore the
risks and have failures or build safety factors into everything,
which drags down efficiency and slows the pace of innovation.
With simulation, companies can ensure safety, drive out waste,
and have total product confidence.
In terms of best practices, companies are using computers not
just to build one and do multiphysics for one design point, but
to do multiple design points. Ultimately, companies are doing
ANSYS 2013 Investor Day March 14, 2013 Pittsburgh, PA
9 © 2013 ANSYS, Inc. PROPRIETARY & CONFIDENTIAL Created for ANSYS by BullsEye Resources
multiple design points and experiments. This improves product
performance and decreases the risks.
As companies move in this direction, they realize they need a
“platform for simulation.” This is because it is very difficult to
pull together various independent product solutions. A
platform is needed to do multiphysics across a wide range of
parameters. This platform needs to scale, work across multiple
design points at the same time, automate runs, and work with a
high‐performing computing environment.
“You need a platform that allows you to do multiphysics
across a wide range of parameters . . . This is what we’ve
built, and this is really a differentiator.” – Josh Fredberg
Trend #3: Amplify engineering.
Companies, and engineering organizations, are under extreme
pressure to do more with less. Companies are not hiring
engineers as they once did; many are fiscally constrained and
often struggle to find the talent they need. The result is that
they need to get more out of their current engineering staff.
Best practices that ANSYS has seen among leading companies
include standardizing on how simulation is done, documenting
best practices, automating more steps, and democratizing
simulation by putting in place simulation systems that enable
those who don’t normally do simulation—such as novices and
design engineers—to conduct reliable simulations.
A key is to have one simulation platform across the entire
enterprise that is both powerful and flexible and that can scale
across physics and to HPC.
“We want to be that single [simulation] vendor that the IT
organization can be comfortable with and know that the
results are accurate.” – Josh Fredberg
Trend #4: Engineering IT is evolving to centralized HPC and
cloud, with users remote.
Companies are developing products on a global basis at the
same time that a massive consolidation is taking place with
computing infrastructure. Sometimes engineers are located
near high‐performance computing environments—and
sometimes they are not. Still, as computing resources are
consolidated, engineers need to be able to tap into that
infrastructure, regardless of where the computing center is and
regardless of where the engineer is. Engineers need to be able
to manage and access data to run simulations, scale up
dramatically on a global basis, control the jobs, and tap into the
cloud for excess capacity.
This increasingly complex environment plays to ANSYS’
strengths. That’s because ANSYS is way ahead in thinking about
and planning for scalability and HPC. For example, in fluid
dynamics, ANSYS’ closest competitor can scale up into a few
hundred cores at 90% efficiency. ANSYS products can scale into
3,000 cores at 90% efficiency. This is an order of magnitude
difference, which matters greatly to customers.
Also, ANSYS has always had an open, multi‐vendor approach.
This provides the ability to support customers as they build out
their infrastructure to support their next‐generation IT
environment.
Trend #5: R&D globalization and IT challenges call for better
management of simulation IP.
As companies are going global and doing more design
interventions, the amount of simulation is growing exponen‐
tially, as is the amount of data. A dramatic evolution is taking
place in how companies manage this data:
• Federated network. Organizations are moving from
localized data management toward a more federated
network of data. This provides visibility across an entire
enterprise and greater efficiency in the use of hardware.
• Creation of knowledge. A key is not just the use of data; it
is the creation of organizational knowledge. This could be
best practices or insights related to decision support. This
is an advantage for ANSYS in that ANSYS allows customers
to manage their data while also creating and systematizing
institutional knowledge and best practices. An example
was shared in which Petrobras took knowledge from its
engineering organization and made it available to field
engineers around the world. The access to this knowledge
increased simulation throughput by 20%, reduced process
development costs, and reduced organizational risk.
The acquisition of Esterel strengthens ANSYS’ ability to simulate entire systems.
Esterel is a leading embedded software simulation and
automatic code generation and certification company. Esterel
has around 100 employees and has revenues of about $20
million. The primary industries targeted by Esterel have been
aerospace and defense because those industries were the most
mature in having embedded software requiring certification.
Esterel has an amazing customer base of companies generating
complex smart products.
Embedded software is the code embedded into products,
including cars, planes, industrial equipment and other modern,
smart products. Embedded software acquires data from
sensors in a product and monitors and controls the behavior of
the product. It has intelligence so it can react to its
environment; it is dynamic and real time.
ANSYS 2013 Investor Day March 14, 2013 Pittsburgh, PA
10 © 2013 ANSYS, Inc. PROPRIETARY & CONFIDENTIAL Created for ANSYS by BullsEye Resources
Increasingly, embedded software is how companies are
innovating and differentiating themselves. John Deere has said
that it is hiring more software engineers than mechanical
engineers and Ford has said that 70% of its innovations are
electronics and software‐based.
Because of embedded software’s critical role, it is important to
understand how it will work with the rest of a product. Thus, it
is necessary to simulate embedded software, and do so early in
the design process. This is exactly what Esterel does.
Specifically, Esterel’s solutions focus on three areas:
• Embedded system and software architecture and
simulation. Esterel has modules (show to the right) that
allow users to build out and define their architecture along
with a functional model of their system.
• Embedded control code simulation, design, and
development. This allows customers to model what the
software is going to do and then generate the code. This is
Esterel’s bread and butter.
• Graphical user interface (GUI) code simulation. This allows
customers to build out the actual graphical interface of the
software.
“Esterel is a simulation company plus an automatic code
generation company . . . the beauty of this technology is
that it’s all automated. You hit a button and out comes the
software and it’s certified.” – Josh Fredberg
What makes Esterel special is that it has been granted safety
certification credentials by more than 10 worldwide
certification authorities. Competitors do not have these
certifications because unlike Esterel, their code is not
deterministic. (Deterministic means that what the model says is
exactly what the software produces.) This is a distinctive
competency and a competitive advantage.
Esterel’s portfolio has four pieces:
• SCADE Suite® is the code generation and simulation.
• SCADE SystemTM is the architecture and system verification
module.
• SCADE LifecycleTM allows users to plug into other systems,
like PLM systems or application website management.
• SCADE Display® is the GUI module.
Customers say that the combination of ANSYS and Esterel
makes sense because this better enables simulation‐driven
product development of a complete system, including
embedded software.
“This has accelerated by a quantum leap our ability to
simulate an entire system.” – Jim Cashman
ANSYS 2013 Investor Day March 14, 2013 Pittsburgh, PA
11 © 2013 ANSYS, Inc. PROPRIETARY & CONFIDENTIAL Created for ANSYS by BullsEye Resources
ANSYS 14.5 Highlights Speaker: Steve Pilz, Senior Product Manager
Overview
ANSYS Release 14.5 has numerous new features and
enhancements. Among them are greater integration of
multiphysics, greater ease of use, an improved ability for
organizations to share data and standardize on best practices,
and the ability to use HPC (high‐performance computing) as
part of robust design to identify not just good, but the best
design.
In providing even greater value to customers, Release 14.5 will
help ANSYS along each of the Company's dimensions of
opportunity: increasing the number of users, the intensity of
usage, and the density of usage.
Context Steve Pilz described how ANSYS goes about improving its
products and shared highlights of Release 14.5. He noted that
Release 14.5 has so many new features and capabilities that
describing them all in just a few minutes is impossible. His hope
was to give a general sense of these enhancements.
Key Takeaways
ANSYS improves its products and gets ideas for new products
by closely listening to and working with its customers.
ANSYS sees opportunities for growth along three dimensions:
increasing the density of usage, the intensity of usage, and the
number of users.
A case study illustrates how ANSYS gets ideas to improve its
products and is realizing opportunities for growth along all
three dimensions.
Case Study: Maker of Large Agricultural Machinery
The traditional standard at this company has been physical
prototyping, which is slow and expensive ($200,000 per week in
testing costs). Prototyping was done at the company’s $20
million test facility, which was overbooked and had a three‐
month backlog. This delay in testing caused a delay in bringing
new products to market.
Frustrated by the delay, a company engineer had the idea of
using ANSYS’ Rigid Body Dynamics product to digitally simulate
the company’s physical testing environment. This existing
ANSYS product had 95% of the functionality this engineer
needed; a top ANSYS engineer worked with the client to
address the remaining 5%.
Using this solution, the client actually simulated the physical
simulation that would have been done in the company’s test
facility. Doing so showed that a particular product design idea
was “good enough.” Use of ANSYS simulation software
accelerated the design cycle by three months and saved two
weeks of test facility time, at an estimated cost of $400,000.
But there is more to the story. Beyond just determining if the
design is good enough, ANSYS tools can be used as part of a
robust design process to identify the best possible design. This
can involve using HPC packs (which increases the intensity of
usage). ANSYS 14.5 also provides the ability to look at the
viability of composite materials (which increases the density of
usage). Increasing the number of users comes when an
organization makes processes such as simulating their test
facility a corporate standard.
This example illustrates that by listening to and working with
clients, ANSYS evolves its products and finds new ways to
leverage products to solve significant customer problems. This
example also shows that the dimensions of opportunity are not
in conflict. ANSYS can simultaneously increase the density of
usage, the intensity of usage, and the number of users.
“This interaction shows we can push all three areas at one
time. We can push the number of users if the corporate
standard is encapsulated. . . . We can increase the density
of usage as they investigate different materials if they look
at multiphysics . . . we can increase the intensity of usage by
getting into a non‐deterministic, more robust design.” – Steve Pilz
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Release 14.5 solves critical customer problems and helps
ANSYS address all of its dimensions of opportunity.
ANSYS Release 14.5 has tremendous improvements in areas
including electronics, fluids, structures, and multiphysics.
Several examples were shared of improvements in Release 14.5
and how they align with the ANSYS dimensions of opportunity.
Density of Usage
One key to driving greater density of usage is enabling different
engineering groups, which work on different types of physics,
to perform better multiphysics simulations through easier data
sharing. An example is to put multiple physics together—such
as fluids, structures, and electromagnetics—to solve
electromagnetic thermal challenges in motor design.
Another enhancement in 14.5 involves advancement in
composite modeling. Engineers can run simulations asking
questions such as, “What if we converted from a traditional
material to a composite?” Companies can look at the
implications of using materials that might be lighter weight,
more durable, and more fuel efficient.
For the turbine industry, which is worried about blade flutter
that degrades compressor performance and lifespan, direct
simulation is possible, but is too complex and time consuming.
Release 14.5 provides a pragmatic solution to predict blade
flutter quickly and accurately.
Release 14.5 also couples existing ANSYS technologies, such as
SimplorerTM, with Esterel’s SCADE Suite. This integration
enables companies to validate mechatronic systems earlier in
their design process. (A poster session, summarized on page 26,
focused on this integration.)
Also, 14.5 links Apache products to other simulation products
so designers can update and conduct broader simulations. This
provides an overall system view through a chip‐package‐
system (CPS) development methodology that is multiscale,
multiphysics, and multiuser.
All of these examples are ways that Release 14.5 brings
multiphysics together to solve complex challenges. In doing so,
Release 14.5 will drive greater density of usage.
“Release 14.5 enables customers to use ANSYS multi‐
physics to solve bigger challenges.” – Steve Pilz
Intensity of Usage
The intensity of usage can be increased by giving customers the
ability to use HPC to answer a range of non‐deterministic
“what‐if” questions.
Previously, ANSYS introduced a way to work with graphics
processing unit (GPU) technology, which is often faster than
CPU technology. But the limit was one GPU per machine. With
Release 14.5, multiple GPUs can be used per machine. This
enables solving a complex problem quickly and fairly
inexpensively. Also, Release 14.5 includes HPC parametric packs
that enable users to engage in greater product exploration and
faster optimization.
Number of Users
As a way to increase the number of users in an organization,
ANSYS is providing an Application Customization Toolkit (ACT)
as part of Release 14.5. This allows customers to grab the
engineering knowledge and expertise in the organization,
encapsulate it, and make it a corporate standard, which enables
knowledge to easily be shared with others. This capturing and
sharing of knowledge is particularly important due to an aging
engineering workforce and a tight engineering labor market.
Information capture and standardization can drive
democratization of simulation, increasing the number of
simulation users.
“When you've got expertise, don't let it out the door.
Capture it. Put it in and make that a competitive advantage
for you.” – Steve Pilz
Also, Release 14.5 offers a code‐free drag‐and‐drop user
interface design and prototype tool. This makes ANSYS easier to
use for even more people.
ANSYS 2013 Investor Day March 14, 2013 Pittsburgh, PA
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Sales and Support Update Speaker: Joe Fairbanks, VP, World Wide Sales and Support
Overview
ANSYS’ sales and support organization is charged with growing
the Company’s top line and realizing the significant opportunity
that exists. The key is building long‐term, value‐based customer
relationships. By securing, extending, and elevating these
relationships, ANSYS can increase the number of users and the
density and intensity of usage. This focus on long‐term
relationships permeates ANSYS’ go‐to‐market strategy, sales
model, sales execution strategy, and sales enablement
initiatives, which aim to strengthen the readiness of the sales
and support organization.
The market remains rich in opportunity, and ANSYS’ sales and
service organization is already making good progress. In 2012,
ANSYS grew the number of million‐dollar customers by 39% and
increased sales to these customers by 60%.
Context Joe Fairbanks restated ANSYS’ opportunity, discussed the
readiness of ANSYS’ sales and support organization in capturing
this opportunity, and described the Company’s progress thus
far in realizing this opportunity.
Key Takeaways
ANSYS’ opportunity involves helping customers in entirely new ways.
ANSYS’ sales and support organization sees macro
opportunities that include driving the number of users through
greater adoption of simulation; improving an organization’s
work and speed by increasing the intensity of usage; and
increasing the density of usage by driving innovation, product
quality, and reliability.
However, through interacting with customers, the sales and
support organization has another perspective. The main
simulation model in use today involves single physics. But there
is a clear move into multiphysics and growing adoption of the
ideas and concepts of simulation‐driven product development.
For organizations, this shift entails a change in mindset and
culture, new processes, new skills, and new capabilities.
Customers want best‐in‐class technology today, because they
have an important job to do right now. At the same time,
customers see the long‐term potential of simulation and realize
that they are making a critical long‐term decision.
“Customers want great capabilities now, but they also want
a safe choice for the future . . . They want a partner they
can team up with over the long term.” – Joe Fairbanks
ANSYS can grow the number of users and the density and
intensity of usage by providing customers the simulation
capabilities they need now, while helping them make the
transition to simulation‐driven product development.
ANSYS continues to strengthen its readiness to capture these opportunities.
ANSYS’ readiness is based on the basics of its go‐to‐market
strategy, its proven sales model, its sales execution strategy,
and sales enabling initiatives to strengthen the sales and
support organization.
Go‐to‐Market Basics
ANSYS basic structure is geographic, to ensure the greatest
coverage and relationships. The geographies are the Americas,
Europe, and Asia. Each geographic group has all core functions,
including sales, field marketing, and support and services.
ANSYS go‐to‐market strategy is predicated on having a single
face to the customer that delivers a consistent vision and
strategy. Having a single face (which does not mean one
person) is designed to scale, evolve, and add new applications
and markets.
Importantly, ANSYS differentiates itself by forging long‐term
value‐based relationships. ANSYS isn’t focused on transactions
or selling based on price; the keys are relationships and value. A
key to building relationships is providing insight to customers
about how to apply simulation technology.
“One of the fundamentals of our success is providing insight
to customers about the application of simulation technol‐
ogy that they wouldn’t otherwise have . . . That’s a key
differentiator for us.” – Joe Fairbanks
Also critical to ANSYS’ go‐to‐market strategy is leveraging the
best of both direct and indirect elements. This includes long‐
standing channel partners with tremendous capabilities.
Sales Model
ANSYS’ sales model has been in place for more than 10 years.
As shown below, it starts with customers and with Customer
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Sales, which is charged with understanding each customer’s
business perspective so ANSYS can create value for them.
“We don’t think in terms of transactions; we think in terms
of long‐term relationships with customers.” – Joe Fairbanks
With a single face to the customer and a long‐term, value‐
based, relationship‐driven sales organization, it is essential to
have a strong Technology Sales function, which ANSYS does.
The Industry Sales organization provides information to the rest
of the sales organization to position ANSYS solutions in the
context of industry trends and opportunities. This enables the
sales team to understand the value being delivered to
customers as well as the business impact.
At the base of this model are Technical Support and ANSYS
Services. These groups provide reactive support when
necessary. They also provide higher‐value proactive support,
which includes sharing best practices, helping customers
develop better methods and processes, and increasing the
value derived by customers from simulation technology. The
support and services organization also provides training, helps
customers develop new skills, and is involved in creating new
products.
ANSYS has developed a five‐year support and services plan to
support scalability and optimization. This will include
automating some aspects of support, enabling customers to
better help themselves, improving documentation, and making
ANSYS tools even easier to use. The intent is to spend more
time on the high‐value proactive support that will benefit
customers and to identify new opportunities for ANSYS.
This sales model is successful based on collaboration and
linkages between different parts of the sales organization.
Sales Execution Strategy
The sales execution strategy has three components:
• Secure. The starting point is an explicit commitment to
secure existing relationships, which represent recurring
revenues and opportunities for growth in the number of
users and the intensity of use.
• Extend. After existing relationships are secure, the focus
becomes to extend the relationship across the enterprise.
This includes extending into IT to create environments that
enable high‐performance computing and robust design, as
well as leveraging relationships to move into mechanical,
electrical, and software engineering. Doing so can increase
the number of users and the density and intensity of
usage. When extending, the conversation involves IT and
business directors and becomes less about the technology
and more about process.
• Elevate. As the amount of value increases, ANSYS has an
opportunity to elevate within an organization to focus on
business impact by linking simulation technology to clear
business objectives. This will further drive the density and
intensity of usage.
Sales Enabling Initiatives
The selling environment has become more challenging. The
uncertain economic environment has raised the bar for new
technology investments. The buying process now receives more
scrutiny and more people are involved in purchasing decisions.
At the same time, the role of simulation is growing, as are the
number and complexity of requirements for simulation.
In this environment, effective sales people and sales
organizations must be committed to evolution. They have to
embrace change and be highly collaborative.
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To equip its sales organization to be even more successful,
ANSYS is engaging in several sales enabling initiatives. These
include:
• The ANSYS High Performer. ANSYS has developed a profile
of a high‐performing sales person, detailing the
competencies a high performer needs and then assessing
each person against these competencies.
• Sales Academy. This involves closing the competency gaps
and building the skills of sales reps through intense
training.
• Strategic Account Management. This is a single, consistent
methodology for managing the most strategic accounts. It
enables and forces higher‐level strategic thinking and
focuses sales reps on building relationships.
• ANSYS Synchronized Sales Process (ASSP). This is a
consistent sales process used across ANSYS that is mapped
to the customers’ buying process. It enables ANSYS to
engage with customers earlier and shape the
opportunities.
ANSYS’ sales and support organization is making good progress.
The slide to the right shows that in 2012, ANSYS made good
progress in growing the number of accounts investing more
than $1 million with ANSYS. Including Apache, the number of
customers spending $1 million or more increased by 39% and
total sales to these customers increased by 60%. Even stripping
out Apache, the number of million‐dollar customers increased
by 15% and sales to them increased by 20%. ANSYS also
increased the number of customers purchasing $500k to $1
million, $100k to $500k, and $50k to $100k.
The 11,000 smallest customers, who spend less than $100k per year with ANSYS, represent about one‐third of the Company’s total sales. These are an important pipeline of opportunity. Recognizing this, ANSYS will be increasing its focus on these customers to grow and replenish them. An area showing particular progress over the past few years has been high‐performance computing, which has grown at least 24% per year each of the past three years, and should continue its significant growth.
“The Strategic Account Management methodology, the
ANSYS High Performer Profile, the sales process we’ve put
in place, continue to help us succeed.” – Joe Fairbanks
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Apache Update Speaker: Andrew Yang, VP, President, Apache
Overview
Apache is a great fit with ANSYS because of a shared vision of
chip‐package‐system convergence. Over the past year, this
merger has been well executed. Apache’s revenues have
grown, margins have increased significantly, and cross‐selling
activities have taken place that benefit both Apache and ANSYS.
In 2013 and beyond, Apache is focused on the semiconductor
and mobile markets, selling to the top players in each segment.
Apache’s value proposition is delivering energy efficiency as
customers design for power, being the key sign‐off before
manufacturing as clients design for performance, and helping
customers be cost competitive.
Context Andrew Yang explained why Apache fits with ANSYS, described
the progress Apache has made in the past year, and laid out
Apache’s growth drivers and key initiatives.
Key Takeaways
ANSYS and Apache were brought together through a shared vision.
ANSYS acquired Apache in August of 2011. This marriage is
based on a common vision. As the slide below shows, over the
past decade, ANSYS has been expanding its core from structural
mechanics to fluid dynamics and electromagnetics.
During the same period, Apache focused on low‐power
simulation, low‐power analysis optimization for core semi‐
conductor IC, expanding to chip‐package power, and extending
into the micro‐architectural level of electronics. Through this
merger, ANSYS goes deeper into microelectronics and Apache
can continue on its roadmap.
Execution of the ANSYS/Apache merger has gone smoothly and Apache has continued to perform well.
The marriage of ANSYS and Apache has gone well. There was
no disruption to Apache’s business and Apache’s revenue
growth and operating margins both exceeded targets.
Revenue growth was boosted by strong growth in the mobile
market, where Apache’s booking growth in North America
increased by 55%, in EMEA by 58%, and in AsiaPac by 32%.
ANSYS and Apache are working to further boost revenue
through aggressive cross‐selling, with 24 cross‐selling customer
engagements in the past year. Of those, 12 involve cross‐selling
Apache to existing ANSYS customers and another 12 involve
cross‐selling ANSYS to existing Apache customers, all in Israel.
The key drivers of increased margins are: 1) as top‐line revenue
increases, much of this revenue passes through to the bottom
line; and 2) shared services, which allows Apache to benefit
from the marriage to ANSYS by realizing economies of scale.
Also, customers are extremely satisfied by the merger. Around
90% say that Apache meets or exceeds their expectations in
terms of products and technology as well as customer support.
This satisfaction translates into loyalty.
The semiconductor and mobile markets are Apache’s focus.
These two segments are where Apache’s high‐value customers are. Currently, 19 of the top 20 semiconductor companies use Apache’s solutions for power sign‐off, as do 9 of the top 10 cell phone IC vendors. The mobile market is particularly dynamic, growing 18% in the past year. It is a highly competitive market, with market share changing significantly in the past five years. Mobile processors have become incredibly complex. Now, numerous functions, such as GPS, wifi, CPU, GPU, and more are integrated into a single chip. All of these activities are
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connected to a battery, which must be energy efficient, and there must not be thermal dissipation.
“Because of the fierce competition, customers must use the
best‐in‐class tool. If they don’t, they will be weeded out.” – Andrew Yang
The drivers for Apache’s business are energy efficiency, performance, and enabling cost competiveness.
The key business drivers for 2013 are unchanged. The keys to
success are enabling customers to:
• Design for power and energy efficiency. There is a high and
growing demand for power, especially with chips for
mobile devices, but chip makers face battery and thermal
limits. Apache enables customers to use simulation to
design for power by providing an accurate estimate of
power early in the design process. This increased and early
visibility shortens the feedback and development cycle.
“We can actually give customers an accurate power
estimate at the micro‐architectural level. That’s the goal for
our solution at this level—to give customers early predictive
solutions for power estimation.” – Andrew Yang
Customers use Apache’s solutions to perform design
trade‐offs about what architecture provides better power
behavior. Customers can check whether a block is using
more or less power than is budgeted and can identify
power bugs and hot spots that could cause a chip to fail.
When power bugs or areas in which power is wasted are
identified, Apache solutions can reduce the power that is
needed. Also, customers can run daily regression to check
power over the design cycle.
• Design for performance. Power and performance are tied
together. For example, chips for mobile devices might
have one billion transistors and each of them needs the
right amount of energy in order to perform properly. (It is
like packing the world population into a small area and
needing to ensure that everyone receives enough to eat so
not a single person goes hungry.) If any core or transistor
lacks the proper energy, it can’t perform fast.
Chip manufacturers need to know that a chip will behave
as predicted in terms of power and performance. As part
of the process of assuring performance, Apache tools are
used for go/no‐go sign‐off decisions.
• Design for cost. A key part of designing for cost is providing
an end‐to‐end solution that includes the IC package
(shown below on the left side) and the board system and
memory interface (right side). The convergence of ANSYS
and Apache provides, for the first time, an end‐to‐end
solution that enables customers to design the chip and
package together.
“We have all the multiphysics capabilities from semi‐
conductor physics to electromagnetic to structural
mechanics so we can give customers complete visibility and
optimize the system behavior against the cost. This is really
our value proposition.” – Andrew Yang
The trends driving Apache’s growth will continue in 2013 and beyond.
The market for mobile technology will continue to grow and
will split into different areas, including a high end, a low end, a
server market, and more. As the market expands, there will be
new players and more designs, which will continue to drive
Apache’s growth. Also, there appears to be no slowdown in
Moore’s law. Companies continue to pack more transistors
onto chips and need to manage the power.
In this environment, Apache will continue to focus on the
highest‐value customers: the top 20 semiconductor makers and
the top 10 mobile IC companies. Apache will continue to
position itself as the sign‐off of choice, further integrate with
ANSYS as an end‐to‐end CPS solution, invest in R&D to stay two
years ahead of the curve, and continue to build its support
team. Apache will also continue its time‐based licensing model,
with a goal of a greater than 95% renewal rate.
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Financial Update Speaker: Maria Shields, CFO and VP, Finance and Administration
Overview
ANSYS once again performed well in 2012. The outlook for 2013
is continued constant currency non‐GAAP revenue growth of
11% to 14%, strong margins and cash flow, high rates of
recurring revenue, and continued growth in deferred revenue
and backlog.
ANSYS sees much opportunity ahead, has a solid core growth
plan for 2013, will continue to invest in the long‐term organic
growth of the core business, and will look for strategic
acquisitions, like Apache and Esterel.
Context ANSYS CFO Maria Shields summarized ANSYS’ results from 2012
and explained the factors that drove these results. She shared
ANSYS’ outlook for 2013, outlined the key assumptions, and
described how ANSYS will invest to drive long‐term growth.
Key Takeaways
2012 was another strong year of growth for ANSYS.
ANSYS’ incredible talent and technology differentiate the
Company and are responsible for the results achieved in 2012.
“ANSYS is really about incredible technology and is a
company built on incredible talent. That is what really
differentiates us from anyone else in our space.” – Maria Shields
These results include double‐digit non‐GAAP earnings and
revenue growth (+15%), continued strong margins, integration
of the Apache and Esterel acquisitions, and continued strong
cash flows of almost $300 million, which provide the ability to
continue to invest in the business.
Important results from 2012 include:
• Geographic diversity. ANSYS’ revenue is equally divided
with one‐third coming from North America, one‐third from
Europe, and one‐third from GIA. ANSYS continues to invest
across the globe to take advantage of being in all
geographies in which customers are growing and in which
potential customers will be over time.
• Recurring revenues. ANSYS continues to invest in support
and technology to keep customers coming back. In 2012,
recurring revenue—in leases and maintenance—
represented 69% of ANSYS’ total revenue.
• Deferred revenue and backlog. Helped by Apache’s
traditional model, which involves multi‐year contracts,
ANSYS continues to build its deferred revenue and
backlog, which reached almost $380 million in 2012, up
from $177 million in 2009. Deferred revenue and backlog
represent future contractual commitments; this is real
revenue and real cash flow that will come into the
business. This provides visibility into future years.
For 2013, ANSYS sees continued growth and will continue to invest in the business.
ANSYS outlook for 2013 continues to show strong growth.
Important aspects of this (non‐GAAP) outlook include:
• Revenue. The outlook is for 11% to 14% constant currency
non‐GAAP revenue growth, which translates into revenue
of $880 to $905 million.
• Margins. ANSYS anticipates continued strong margins,
with gross margins of 87% to 88% and non‐GAAP
operating profit margins of 47% to 48%. Slightly lower
operating margins in 2013 than in 2012 reflect plans to
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continue to invest in the core business, along with a full
year of Esterel, which has lower operating margins.
• R&D. ANSYS plans to continue to make significant
investments in R&D, planned at around 16% of revenue.
This outlook translates into anticipated EPS of $3.00 to
$3.12. Key assumptions on which this outlook is based
include:
• Economic stability. ANSYS assumes relative stability in the
macroeconomic environment, similar to what existed in
the second half of 2012.
• Continued investment for the long term. ANSYS plans to
continue to invest in the organic growth of the core
business. This includes continuing to hire and invest in
people as well as long‐term investments in infrastructure
and business systems, and in capital and facilities.
“We think it’s important [to make investments] because we
look at this as a long‐term opportunity. We don’t want to
underinvest, which may constrain our ability to capture that
opportunity in the future.” – Maria Shields
• Revenue composition. ANSYS is assuming a 64/36% split
between software licenses, and maintenance and services.
ANSYS is continuing to plan for a strong base of recurring
revenue, accounting for 67% to 68% of revenue.
• Strategic acquisitions. ANSYS has not assumed any
acquisitions in its financial outlook, but will continue to
look for acquisitions like Apache and Esterel that are a
great technology, are a strategic fit with ANSYS’ product
direction, and can integrate into ANSYS’ Workbench™
platform. Such acquisitions are recognized leaders in their
space, have great customer relationships, expand the
breadth and depth of ANSYS’ business, and bring a pool of
experienced talent. Also, ANSYS looks for acquisitions that
provide synergies with ANSYS’ customer base and global
channel, and that are financially accretive in a reasonable
time frame.
• Capital deployment. In addition to continuing to invest for
future organic growth and looking for strategic
acquisitions, ANSYS will continue to repay its debt and
engage in opportunistic stock repurchases. As of the 2013
Investor Day, ANSYS had $53 million in debt, but plans to
repay all debt by the end of the second half. Should the
opportunity present itself, ANSYS will use cash to
repurchase shares. In the past year ANSYS repurchased 1.5
million shares and the board has authorized repurchase of
up to 3 million shares.
There remains much opportunity ahead.
ANSYS is optimistic about the future, seeing much opportunity.
Solid growth will continue to come from ANSYS’ core business,
as the democratization of simulation increases. There will be
new users in new industries helping create and use new
products. More users will take advantage of high‐performance
computing. ANSYS will continue to leverage and expand its
global channel, while looking for opportunities like Apache and
Esterel to expand the breadth and depth of ANSYS’ portfolio.
“Every single one of the presentations has tried to articulate
that we think there is so much opportunity ahead, and
we’ve got a solid growth plan for 2013.” – Maria Shields
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Question and Answer Session Moderator: Annette Arribas, Director, Global Investor Relations and Insurance
Respondents: Members of ANSYS’ Management Team
Overview
Members of ANSYS’ management team responded to questions
on a wide range of topics. In particular, attendees were
interested in the key factors that will drive ANSYS’ future
growth, with particular interest in the Apache and Esterel
acquisitions.
Questions & Answers
ANSYS Business and Growth
Q. Are any customers approaching 5% of ANSYS’ revenue?
A. No, there are no customers approaching 5% of revenue.
Q. Are ANSYS’ largest customers still the fastest growing?
A. Yes, that remains true. ANSYS continues to see the fastest
growth from customers within the current install base.
Q. While ANSYS is doing well among larger customers, it isn’t
having the same success among smaller customers. Why?
A. Overall, ANSYS’ number of accounts and the revenue per
account have both grown. In some instances, accounts have
grown in size, so companies that were once small accounts
have become mid‐sized and mid‐sized customers have become
larger.
ANSYS realizes that small and medium enterprises are critical to
the Company’s success, and is putting more attention into
these enterprises. Even if these companies don’t initially
represent a huge ROI, it is an important seeding process.
Companies often begin by using one product as a bridging
strategy that allows them to put their toe in the water. They
then often migrate to greater use. An issue in the current
economic cycle has been fewer start‐ups.
Q. Of the three dimensions for growth—increasing number of
users, density of usage, and intensity of usage—it seems that
the biggest driver lately has been intensity of usage. It seems
that growing the number of users is not as strong. Please
elaborate what you are doing in the dimension.
A. There are numerous factors that affect growth. These three
dimensions are just an attempt to convey how growth occurs in
a manageable framework. The drivers of growth tend to
change. Ten years ago, most growth came from increasing the
number of users. Over the past few years, hiring of engineers
has been a bit slow, but at the same time, intensity and density
are increasing. The good news is that ANSYS is well positioned
along all dimensions of potential growth.
While ANSYS can’t necessarily push for growth, there are steps
that ANSYS is taking to decrease the barriers to entry and
expedite multiphysics usage. For example, ANSYS can help with
the sharing of best practices between companies and can help
companies avoid common pitfalls and avoid replicating
mistakes. ANSYS can also expedite training by having Company
experts on site.
ANSYS also sees future growth coming from newly educated
engineers. A generation ago, engineering students didn’t do
simulation in school. Today, in 2,500 academic institutions,
simulation involving ANSYS tools is now part of the classroom.
This is driving the democratization of simulation.
Financial
Q. Do the numbers provided for 2013 include acquisitions?
A. No. The numbers are the organic business.
Q. What is ANSYS’ sustainable long‐term, top‐line organic
growth rate?
A. In a good economy, ANSYS can still grow in the mid‐teens,
and can then supplement that growth through acquisitions.
However, the current economy can’t be considered robust or
dynamic. So, ANSYS sees 11% to 14% constant currency non‐
GAAP growth in the core business. If the economy improves in
the second half of 2013, which some experts are predicting it
might, then there could be an opportunity for ANSYS to
perform better.
Q. What is the revenue per active license?
A. ANSYS does not track revenue per license. The Company
tracks renewal rates, trends in leases, trends in existing
renewals, and how the Company is doing against the existing
opportunity.
Q. In looking at the 10‐K, it looks like Apache and Esterel
represented about three quarters of ANSYS’ incremental
profitability last year and ANSYS’ core business was one
quarter. Guidance for this year suggests similar incremental
profitability. Please explain more about this.
A. ANSYS has a developed platform and an established global
sales channel. This means that Apache and Esterel don’t need
to invest to build their own platform and channel; they can
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leverage what ANSYS has invested to build. That makes these
additions to ANSYS much more profitable. Continuing this
pattern is ANSYS’ plan.
Q. Is ANSYS seeing longer‐duration contracts, which would
affect long‐term deferred revenue and backlog?
A. ANSYS has had one contract that is longer in duration than
the typical two to three years and would love to continue to
engage in a larger and expanding presence with customers,
where they made commitments up to five years. The nice thing
about showing long‐term deferred revenue and backlog is that
these are real contractual commitments from companies that
intend to continue deploying the technology and paying ANSYS.
Q. With ANSYS stock at an all‐time high, is there consideration
of a stock split?
A. No, a split is not planned. Feedback from large institutional
investors has been that splitting the stock would increase the
cost of trading in the stock. With 97% of ANSYS stock held by
large institutions, ANSYS is receptive to that feedback.
Esterel
Q. Does Esterel have an industry concentration?
A. Esterel currently has about 250 customers. The company
initially started in and focused on aerospace and defense, as
well as nuclear, and has a heavier concentration in those
industries. The reason is that these industries were the first to
regulate embedded software and drive safety standards. As
other industries have become regulated, Esterel followed.
Q. Why wouldn’t a company want what Esterel does—
automatically generating certified code?
A. Esterel’s focus has been on safety‐oriented applications in
which embedded software requires certification. If the
software doesn’t require certification, Esterel’s value
proposition has not been as significant. However, there is high
value in being able to quickly generate reliable code. There is a
natural latency in organizations when presented with
implementing something new at the enterprise level. ANSYS is
working to overcome that latency to drive future growth.
Apache
Q. It was mentioned that Apache is critical for sign‐off. What
does this mean?
A. This is different than with Esterel where a sign‐off may be
necessary for regulatory certification. Related to Apache, sign‐
offs aren’t mandated for regulatory purposes. But before
sending a new product to a foundry to be manufactured, a
company will require that a simulation has been run using
Apache products to look at electrical behavior and power. If a
simulation has not been run and signed off upon, a project will
be delayed and not sent to a foundry.
Competition
Q. What is ANSYS’ perspective on open source? Is it a threat?
A. The idea of free can be compelling. There previously was
some interest in open source, but that was more than a few
years ago and it seems to have largely abated. The key reasons
are cost and quality. In looking at the fully loaded costs of
running simulation—including hardware, people, and
software—software is not a dramatic cost. Also, with open
source, it can be hard to assure quality processes, and
sometimes code can be inserted that doesn’t belong, which can
be concerning— especially when simulation is relied on for
mission‐critical applications and is used to solve extremely
difficult problems. When used, open source has been for single
physics. But with customers increasingly needing multiphysics
simulations, open source is limited. Free isn’t always a great
value.
Q. What is ANSYS’ perspective on Dassault’s simulation
business?
A. Dassault may be strong in some areas, but ANSYS rarely runs
into them. When ANSYS does run into Dassault, ANSYS tends to
fare well.
Q. Please talk about competition for Apache from companies
such as Mentor Graphics and Cadence.
A. For Apache, the best way to think about competition is to
look at customer renewal. Presently, about 97% to 98% of
Apache’s customers renew and these renewals often come
with growth. Apache rarely sees competitive engagements
among existing customers. In the critical area of power, Apache
is what customers prefer. Regarding design flow, ANSYS has
good integration of layout tools and doesn’t see the companies
mentioned as strong competitors.
High‐Performance Computing
Q. What percent of ANSYS customers are using high‐
performance computing to run thousands of simulations
concurrently? How does ANSYS charge for this? Where could
HPC go in the next few years?
A. Currently, fewer than 10% of ANSYS customers use HPC but
the Company sees it growing rapidly and expects this rapid
growth to continue. As multiphysics and simultaneous design
points get adopted, the need for HPC will only increase. ANSYS’
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pricing model for HPC is based on the marginal benefit a
customer receives for running additional analysis/simulations.
Disaster Prevention
Q. Could ANSYS prevent some of the catastrophes that have
been seen (with nuclear, oil spills, batteries, etc.)? Is this an
opportunity for ANSYS?
A. In looking at recent disasters, such as the Fukushima nuclear
plant in Japan, it is important to consider the state of the art
when something was created. At the time, parts used at
Fukushima were difficult to simulate, but those that were
simulated performed well. Increasingly, ANSYS is seeing
customers use best practices and build simulation into the
design cycle. Also, today the vast majority of ANSYS customers
use robust design for mission‐critical applications. As a result,
companies have fewer and fewer failures in critical products,
like turbines in aircraft engines, because they use ANSYS
software to prevent failures.
An additional use for ANSYS tools that is being considered by
some automotive companies is to use simulation to identify
possible failure modes. By identifying when failure could occur,
it is then possible to put together a mitigation plan. The idea is
to use simulation to fail early, fail fast, and then fix early.
Q. Are OEMs mandating the use of ANSYS to all participants in
their supply chains?
A. This happens but more common is for an OEM to provide a
spec for a specific component. The supplier then must provide
components that meet the spec. OEMs don’t necessarily dictate
how the supplier must meet that spec.
ANSYS 2013 Investor Day March 14, 2013 Pittsburgh, PA
23 © 2013 ANSYS, Inc. PROPRIETARY & CONFIDENTIAL Created for ANSYS by BullsEye Resources
Poster Sessions In a series of poster presentations, ANSYS highlighted the depth
and breadth of the Company’s innovative technologies.
Industry Solutions Josh Fredberg, Vice President, Marketing, and Sin Min Yap, Vice
President, Industry Strategy & Marketing, prepared poster
presentations that described ANSYS solutions for several
important target segments.
Aerospace & Defense Industries
The aerospace and defense industry designs, manufactures, and sustains some of the most complex and highly engineered hardware and software systems on earth. While there is some commonality of technology between the aero, space, and defense sectors, each has its own trends, business priorities, and initiatives. Each sector represents significant opportunity for the full portfolio of ANSYS technology.
ANSYS Distinctive Competency ANSYS has been the engineering modeling and simulation leader for decades, and our products are deeply embedded across the full spectrum of A&D engineering disciplines.
Industry leaders such as Airbus and SpaceX rely on and publicly acknowledge the value of ANSYS to their businesses—not just as a technology provider, but as a strategic partner.
The ANSYS strategy and vision are unique in the modeling and simulation industry to empower our customers to efficiently solve not only today’s product development challenges but the complete, coupled hardware and embedded software systems of tomorrow.
Automotive Industry Major engineering in the automotive industry focuses on design and development of various automotive systems, such as chassis, body, powertrain, electronics, and others. ANSYS has identified a number of target segments that have the highest immediate opportunity based on ANSYS product readiness as well as current market investments in these segments. Target segments include car and light truck OEMs, Tier 1 suppliers, off‐highway OEMs, and motorsports and motorcycles.
ANSYS Distinctive Competency
For decades ANSYS has singularly focused on equipping auto‐
motive companies with simulation tools. These enable
organizations to innovate extensively upfront in the product
design cycle with streamlined, automated, and repeatable
parametric simulation and best‐in‐class, high‐performance
computing; study a component extensively throughout
numerous real‐life operating conditions via realistic
multiphysics; and optimize the entire system via integrated
system and component co‐simulation.
High Tech Industry
The high tech industry designs and manufactures electronic components as well as end‐products necessary to store, organize, and transmit data. Their components are also used in other industries, such as automotive, avionics, automation, and medical devices. Driven by smart products and the addition of electronic components in every product, the HT industry is enjoying continuous growth but is also facing the challenge of ensuring proper interaction among the numerous components. Specific HT target segments include computers and storage, consumer electronics, networking equipment, and semiconductors and equipment.
ANSYS Distinctive Competency ANSYS is the only vendor that provides a complete solution for electronics. In addition, ANSYS technology is best in class due to its accuracy, which is critical to building high‐performance electronic devices. Our products are deeply embedded across the full spectrum of high tech engineering disciplines. Industry leaders rely on the value of ANSYS to drive their businesses— not just as a technology provider, but as a strategic partner.
Medical Device Industry
The medical device industry designs, manufactures, and maintains implantable (e.g. orthopedic prosthesis, pacemaker, and insulin pump) and non‐implantable (e.g. catheter, MRI, scanner, beds, mask, and hearing aid) devices related to medical applications. Innovation and reliability are the key market drivers for this industry. Target segments include orthopedic, cardiovascular, diagnosis and personalized medicine, and medical equipment.
ANSYS Distinctive Competency ANSYS has been this industry’s engineering simulation leader for decades thanks to the integration of key medical device physics (structure, fluid, and electromagnetics) into a single environment, facilitating the creation of realistic multiphysics models. Collaboration among industrial R&D groups, regulatory agencies, and clinical players drives the development of meaningful solutions involving the import of patient‐specific geometries, databases, goal‐driven optimization, and design of experiment (DoE) solutions in a computationally effective HPC environment.
Oil & Gas Industry
The oil and gas industry is a $3 trillion business and includes some of the world largest companies. The upstream segment involves the most innovative projects and over 80% of capital expenditures. The goal is to find, drill, and produce oil and gas from new fields in deep waters, the Arctic, and other unconven‐tional resources. Other segments are midstream (storage and
ANSYS 2013 Investor Day March 14, 2013 Pittsburgh, PA
24 © 2013 ANSYS, Inc. PROPRIETARY & CONFIDENTIAL Created for ANSYS by BullsEye Resources
transport) and downstream (refining and petrochemicals). The ANSYS value proposition is most aligned with companies that drill, produce, transport, and refine oil and gas.
ANSYS Distinctive Competency ANSYS provides engineering simulation software uniquely for the entire range of design and analysis requirements of the oil and gas supply chain. Our global presence, experience, and full portfolio enable oil and gas companies to engineer their entire system across disciplines, geographical locations, and engineer‐ing complexity. ANSYS solutions include hydrodynamic, fluids, structural, electromagnetic (low and high frequency), electronic cooling, code check, and sea‐keeping applications.
Turbomachinery Industry
Turbomachinery is more an application than an industry, as relevant equipment spans and is vital to virtually all industries: aerospace, oil and gas, power generation, chemical, process, heating ventilating and air conditioning, automotive, marine, and even medical. ANSYS software is used extensively to improve and accelerate the development of the full spectrum of turbo‐machinery types.
ANSYS Distinctive Competency ANSYS provides engineering simulation software for the entire range of design and analysis requirements uniquely for the turbomachinery supply chain. Our global presence, experience, and full portfolio offering enable turbomachinery companies to engineer their products across disciplines, geographical locations, and engineering complexity. ANSYS solutions include fluids, thermal, structural, dynamics, electromagnetic (low and high frequency), control as well as turbomachinery‐specific preliminary and geometrical design.
High‐Performance Computing with ANSYS 14.5 In this poster presentation, Win Slagter, Lead Product Manager, and Barbara Hutchings, Director, Strategic Partnerships, described how ANSYS is helping customers adopt HPC.
High‐performance computing (HPC) is an enabler of high‐fidelity (bigger, more detailed, more accurate, more complete, system‐level) simulation, which is critical for organizations that want to rely on simulation to support product innovation. HPC also enables design exploration that can make the engineering process more productive and lead to early identification of optimized designs.
ANSYS is being deployed at different levels of HPC adoption,
from individual desktop computers and multi‐core workstations
to clusters of computers in an HPC datacenter.
This poster shows how ANSYS 14.5 helps customers adopt HPC
more easily, accelerate HPC scale‐up, and ensure their return
on investment in HPC:
New HPC capabilities in ANSYS HFSS enable electrically
larger and more complex problems to be solved up to five
times faster.
Our plan is for a partner‐enabled, turnkey ANSYS Cloud
solution that is partner built, owned, and maintained, but
is tested, supported, and sold by ANSYS.
ANSYS 14.5 supports design exploration with a more
complete and robust set of tools for simultaneous sub‐
mission of multiple parametrically linked simulation jobs.
ANSYS 14.5 extends GPU acceleration technology to sup‐
port multiple GPUs per machine, resulting in an increase in
scalable performance versus use of a single GPU.
Important takeaways are that ANSYS 14.5:
Improves the process of HPC and robust design exploration by providing more capable and robust job submission/scheduling.
Will be able to help customers be more productive with
optimized desktop HPC.
Will be able to help customers optimize their solving speed
with HPC.
Also, ANSYS has the commitment, expertise, and support
(including from our partners) to ensure that customers’ return
on investment in HPC is maximized—now and into the future.
ANSYS 2013 Investor Day March 14, 2013 Pittsburgh, PA
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Application Customization Toolkit (ACT) To capture an expert's know‐how and deploy simulation to a larger community of users, companies need to customize their simulation environment. ACT allows for user‐friendly, application‐level customization of ANSYS Mechanical at R14.5.
ACT provides means for expert users to capture their expertise
and their company’s know‐how so as to provide simulation
tools to a broader community of potential users. It also helps
users migrating from older generation interfaces to ANSYS’
latest Workbench interface.
ACT allows enterprises to introduce new pre‐ or post‐
processing capabilities that reflect a company’s best practices
and specific requirements for their simulation. Customers can
embed all of the tools required to analyze a given product
under a single interface.
ANSYS’ software partners can also use ACT to integrate their
solutions in ANSYS’ Workbench Mechanical to provide users a
seamless user experience within a single, common user
interface.
By customizing the ANSYS environment using ANSYS ACT, Oticon was able to make advanced physics accessible to designers and integrate the company’s best practices directly into the ANSYS interface. As a result, 75% of the work traditionally done by expert users is now done by the designers. This makes the experts available for full system modeling leading to improve product integrity and accelerate the pace of innovation. (Oticon is William Demant’s business unit designing hearing aids.)
Important Highlights:
Release 14.5 provides customization tools that create addi‐
tional menus or buttons that are easy for non‐experts to use.
As a result, more engineers can leverage simulation tools at early stages of the design process and can still take into account their company's specifics. Also, the use of menu‐driven custom extensions improves the quality of the simulation performed by non‐experts by enforcing proper use of the underlying procedures.
System and Embedded Software Development with SCADE By combining systems‐functional engineering, software development, and detailed design with 3‐D multiphysics, ANSYS and Esterel provide engineers a comprehensive solution for designing and verifying complex systems and software.
System and software engineers use Esterel SCADE® solutions to
graphically design, verify, and automatically generate critical
systems and software applications with high dependability
requirements. SCADE solutions easily integrate, allowing for
development optimization and increased communication
among team members.
The SCADE product family includes:
SCADE Suite® for Control and Logic Application Development
SCADE Display® for
Display and HMI
Development
SCADE SystemTM for System Architecture Design
SCADE LifeCycleTM for Application Lifecycle Management
SCADE Solutions for ARINC 661 Compliant Systems ‐ ARINC 661 compliant Avionics Display Development
SCADE Suite and Display Code Generators have been
qualified/certified at the highest level of safety across six
market segments by more than 10 safety authorities.
Together, the ANSYS and Esterel product portfolio provides engineering organizations an open and integrated platform to design and simulate their complete product following best‐in‐class system engineering practices and standards.
ANSYS Icepak: CFD for Electronics Gokul V. Shankaran prepared a poster presentation on ANSYS Icepak: CFD for Electronics. ANSYS Icepak’s Multiphysics connects with all major ANSYS products. Through its multiphysics links, ANSYS Icepak R14.5 enables thermal‐to/from‐other physics analysis. These links enable analysis from die‐scale to system and super‐system scales. We demonstrate the breadth of coverage around ANSYS Icepak in terms of multiphysics and multi‐scales, even as we continue to go deeper into the thermal management of electronics.
Important takeaways include:
Icepak is a CFD tool dedicated to the thermal
management of electronics.
Icepak is a best in‐class automatic mesher.
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26 © 2013 ANSYS, Inc. PROPRIETARY & CONFIDENTIAL Created for ANSYS by BullsEye Resources
There is easy porting of CAD models into ANSYS Icepak
through DM and AnsoftLinks.
Icepak has multiphysics connections with ANSYS
Mechanical, HFSS, Maxwell, SIwave, and Simplorer.
There is also System Aware Chip Design (SACD) through
co‐simulation with Apache products.
ANSYS Apache Electronics in modern automobiles are much more complex than those of predecessors. In addition, the sheer number of electronics that reside inside an automobile has grown exponentially, driving energy efficiency, system reliability, emission compliance, and cost management as key design metrics.
Meeting system validation and optimization requirements calls for a comprehensive end‐to‐end chip‐package‐system (CPS) design solution. ANSYS/Apache tools provide a system‐aware approach to automotive electronic design and verification. ANSYS and Apache's products and methodologies enable power, signal, electromagnetic interference (EMI), and thermal integrity on the chip, in the package, and across the system.
Simplorer ANSYS provides the simulation technology to support the mechatronics systems design process, enabling multiphysics‐ based component modeling, integration, and co‐simulation to circuit and design systems.
NVIDIA GPUs for ANSYS HPC Solutions NVIDIA provides GPU acceleration of ANSYS solvers for faster HPC simulations.
ANSYS and IBM: Accelerating Engineering Solutions ANSYS and IBM are working together to take the complexity out of complex solutions.
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27 © 2013 ANSYS, Inc. PROPRIETARY & CONFIDENTIAL Created for ANSYS by BullsEye Resources
BIOGRAPHIES Annette N. Arribas
Director, Global Investor Relations and Insurance
Annette N. Arribas has been the ANSYS Investor Relations and
Global Insurance Officer since November 2007. Prior to joining
ANSYS she was the Vice President, Investor Relations,
Compliance, and Treasurer of an electric utility in Maine. Ms.
Arribas also held various positions in banking with KeyCorp and
assisted in the establishment of a de‐novo bank. Ms. Arribas
holds a Bachelor of Arts degree in Management and a Masters
of Business Administration from the University of Maine, and is
a Certified Treasury Professional.
James E. Cashman III President and Chief Executive Officer
James E. Cashman III has been our President since 1999 and our
Chief Executive Officer since February 2000. Mr. Cashman
served as our Senior Vice President of Operations upon joining
the Company in September 1997 until April 1999. Prior to
joining the Company, Mr. Cashman was Vice President of
Marketing and International Operations at PAR Technology
Corporation, a computer software and hardware company
involved in transaction processing, from 1995 to September
1997. From 1992 to 1994, he was Vice President of Product
Development and Marketing at Metaphase Technology, Inc., a
product data management company, which was a joint venture
of Structural Dynamics Research Corporation and Control Data
Systems. Prior to joining Metaphase, Mr. Cashman was
employed by Structural Dynamics Research Corporation, a
computer aided design company, from 1976 to 1992, in a
number of sales and technical positions. Mr. Cashman is also
Chairman of the Pittsburgh Technology Council and a past
Board member of the Carnegie Museum of Natural History. Mr.
Cashman's experience includes senior responsibilities in
technology, product and market strategy management, as well
as sales, operational, and international functions prior to his
general management role with the Company for the past 15
years. His long‐standing vision and well‐diversified background
are key components of the Company's board structure and
effectiveness.
Joseph C. Fairbanks, Jr. Vice President, World Wide Sales and Support
Joseph C. Fairbanks, Jr. has been our Vice President, Worldwide
Sales and Support since October 2001. Prior to joining the
Company, Mr. Fairbanks was President and Chief Operating
Officer for Black Oak Computer Services Incorporated from
August 2000 to October 2001. Prior to this position, Mr.
Fairbanks was the Vice President, Sales and Marketing for the
IBM Business Unit of Avnet Hallmark, an IBM distributor, from
August 1997 to August 2000. Prior to August 1997, Mr.
Fairbanks was the Director of Sales Operations for Aspen
Technology, a chemical engineering software company. Mr.
Fairbanks majored in Computer Sciences at West Chester
University.
Joshua Fredberg Vice President, Marketing
Joshua Fredberg joined ANSYS in 2009, bringing a rich, diverse
background in engineering and technology to the leadership
team. Before joining ANSYS, Fredberg was Senior Vice President
of Product and Market Strategy at Parametric Technology
Corporation (PTC), where he worked on industry strategy,
marketing, and business development. Prior to joining PTC, he
held leadership roles with both ARIBA and Andersen Consulting
Strategic Services. He holds a B.S. in electrical engineering from
Tufts University, an M.S. in systems engineering from the
University of Pennsylvania, and an M.B.A in finance from The
Wharton School.
Steve Pilz Senior Product Manager
Steve Pilz is a Senior Product Manager in the Geometry area of
the Central Business Unit at ANSYS. He has been with ANSYS for
more than 22 years, and during that time has held positions in
Application Engineering, Documentation and Training, Product
Marketing, and Product Management of Rigid and Flexible
Dynamics, Explicit Dynamics, and Geometry products. He holds
a B.S. in Mechanical Engineering from the University of
Pittsburgh.
Maria T. Shields Chief Financial Officer and Vice President, Finance and Administration
Maria T. Shields has been our Chief Financial Officer and Vice
President, Finance and Administration since September 1998.
Previously, she served as our Corporate Controller since
September 1994 and as a Vice President since May 1998. Prior
to joining the Company, Ms. Shields held various positions as a
CPA with Deloitte and Touche LLP, including that of Audit
Manager. Ms. Shields serves as Director of the First National
Bank Pittsburgh Community Board and the Washington County
Chamber of Commerce, and as a member of the Board of
Trustees of the Anglican Diocese of Pittsburgh. Ms. Shields
holds a Bachelor of Science degree in Accounting from
Pennsylvania State University.
ANSYS 2013 Investor Day March 14, 2013 Pittsburgh, PA
28 © 2013 ANSYS, Inc. PROPRIETARY & CONFIDENTIAL Created for ANSYS by BullsEye Resources
Andrew Yang, Ph.D. Vice President and General Manager; President, Apache Design Solutions
Andrew Yang joined ANSYS in 2011 when the Company
acquired Apache Design Solutions, which Yang founded in 2001.
Prior to his work at ANSYS, Yang was an active entrepreneur
and EDA investor, founding Anagram and serving as Chairman
and CTO until its acquisition by Avant! Corporation. Yang also
served as Lead Investor in several successful technology
companies including CADMOS Design Technology (now
Cadence Design Systems), InnoLogic Systems (now Synopsys),
Ultima Interconnect Technology (now Cadence Design
Systems), and Mojave (now Magma Design Automation). A
former tenured Professor at the University of Washington, Yang
holds a B.S. in electrical engineering from the University of
California, Berkeley and M.S. and Ph.D. degrees from the
University of Illinois.
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