ANSYS, Inc. (NASDAQ:ANSS) Q3 2023 Earnings Conference Call November 2, 2023 8:30 AM ET
Company Participants
Kelsey DeBriyn – Vice President-Investor Relations
Ajei Gopal – President and Chief Executive Officer
Nicole Anasenes – Chief Financial Officer
Conference Call Participants
Jay Vleeschhouwer – Griffin Securities
Joe Vruwink – Baird
Jason Celino – KeyBanc Capital Markets
Ken Wong – Oppenheimer & Company
Steven Tusa – JPMorgan
Mike Richards – Stifel
Tyler Radke – Citi
Operator
Ladies and gentlemen, thank you for standing by, and welcome to the ANSYS Third Quarter 2023 Earnings Conference Call. With us today are Ajei Gopal, President and Chief Executive Officer; Nicole Anasenes, Chief Financial Officer; and Kelsey DeBriyn, Vice President, Investor Relations. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.
At this time, I would like now to turn the conference over to Ms. DeBriyn for opening remarks. Please go ahead.
Kelsey DeBriyn
Good morning, everyone. Our earnings release, the related prepared remarks document and the link to our third quarter 2023 Form 10-Q have all been posted on the homepage of our Investor Relations website. They contain the key financial information and supporting data relative to our third quarter financial results and business update, as well as our Q4 and fiscal year 2023 outlook and the key underlying quantitative and qualitative assumptions.
Today’s presentation contains forward-looking information. Important factors that may affect our future results are discussed in our public filings. Forward-looking statements are based upon our view of the business as of today, and ANSYS undertakes no obligations to update any such information.
During this call, we will be referring to non-GAAP financial measures unless otherwise stated. A discussion of the various items that are excluded and reconciliations of GAAP to the comparable non-GAAP financial measures are included in our earnings release materials.
I would now like to turn the call over to our President and CEO, Ajei Gopal, for his opening remarks. Ajei?
Ajei Gopal
Good morning, everyone. And thank you for joining us today. In Q3, ANSYS was on track to deliver against our third quarter guidance commitments when we were notified by the U.S. Department of Commerce of additional restrictions on sales to certain Chinese entities, as well as incremental approval processes and export restrictions on the sale of some ANSYS products and services to entities located in China. These incremental approval processes take the form of additional vetting of prospects located in China. They introduce delays in transacting certain orders for prospects in China, resulting in the potential loss or deferral of some business that was scheduled to be closed in Q3.