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Maria ShieldsOkay, thanks Jim, good morning everybody. I would like to remind everyone on the call that in addition to any risks and uncertainties that we highlight during the course of this call, important factors that may affect our future results are discussed at length in our public filings with the SEC, all of which are also available via our website. Additionally the company's reported results should not be considered an indication of future performance as there are risks and uncertainties that could impact our business in the future. These statements are based upon our view of the world and our business as of today and ANSYS undertakes no obligation to update any such information unless we do so in a public forum. Consistent with our standard practice during the course of this call and in the prepared remarks we will be making reference to non-GAAP financial measures, a discussion of the various items that are included in the full reconciliation of GAAP to comparable non-GAAP financial measures are included in this morning’s earnings release and the related Form 8-K and I would also like to remind everyone that the ANSYS team will be hosting an Investor Day in New York, next week on March 1, at the NASDAQ MarketSite in Times Square. Please see the investor relations area ansys.com for details about the meeting and the webcast. So Jim, I’ll turn it over to you for some opening commentary before we open up for Q&A. J im Cashman Okay, thanks. Okay so before the Q&A I just like to maybe briefly highlight a few points, I think are particularly significant about the Q4 of 2011 results and also our Q1 2012 outlook. So, I think I got to start by saying that Q4 was just another milestone quarter for ANSYS in most respect. If we saw a continued momentum in various parts of the business that we’ve been investing in and building for the past few years for those of you who have been with us over the years would probably find nothing surprising there. It was evidenced of course by our new record financial performance.
Excluding the corporate tax rate chain you see in Japan that resulted in that $0.05 share in non-anticipated tax charges at least from an operational basis, we exceeded the upper end of guidance for both revenue and earnings and that even despite the fact that the average currency rate for the Euro and the British pound fell below the low end of what we’d assumed when we built our Q4 2012 outlook back in early November.The strong Q4 finish translated to a 17% organic annual revenue growth, supplemented by the contribution from Apache, which drove us up to a 22% combined revenue growth for Q4 and 21% for the full year or that’s actually 17% constant currency. We also reported doubled-digit revenue growth within our three major geographic regions for both the fourth quarter and the full year. and in both the major categories of revenue, license and maintenance. The top line performance in turn, not surprisingly, yielded strong margins, record cash flow and earnings for the quarter and the year. It’s also worth noting we delivered above the high end of the full year revenue and EPS guidance that we committed to in this very same call a year ago. In the fourth quarter of 2011 ANSYS heightened their dedication to partnering with our customers to achieve their vision. Basically we are doing, helping this by delivering ANSYS 14. So our latest release provided, really its vast array of new advanced features. I mean, those of you who know me, I could go on for a couple of hours here going on, but they are all posted on the website. We will be covering some of those of course next week in New York but the net result is, it gave customer the ability and confidence to accelerate and innovate their product programs by delivering again what is the highest fidelity, productivity and performance in simulation available today.
So as we look at back in 2011, we continue to make important strides with our huge or broad array of customers that were spread across all geographies and industries. We continue to see the growing importance of product integrity and product quality as critical business issues that are driving the use of simulation in our customer base.Read the rest of this transcript for free on seekingalpha.com