Maria T. Shields

Okay. Thanks, Jim. Good morning, everyone. I'd just like to remind you 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 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 outlook today, and ANSYS undertakes no obligation to update any such information unless we do so in a public forum. Also, consistent with our standard practice, during the course of this call and in the prepared remarks, we'll be making reference to non-GAAP financial measures. A discussion of the various items that are excluded and a full reconciliation of GAAP to comparable non-GAAP financial measures are included in this morning's earnings release, the related materials and the Form 8-K.

So Jim, I'll turn it back over to you for some opening comments.

James E. Cashman

Okay. Thanks, Maria. Okay, so before we open up the call for Q&A, I'd like to briefly highlight a few points about our Q2 results and the updated 2012 outlook.

So -- and now, I'll begin by saying that Q2 was really a strong quarter for us, but it was also a pretty busy quarter. And it ended ahead of what we originally expected on earnings and above the midpoint of the revenue range. And this was even factoring in some additional currency headwinds that we observed, that we had actually absorbed during the quarter.

So as we demonstrated over many years, the strength of the revenue performance, combined with our own discipline around spending, drove operating leverage and earnings beyond what we had originally guided.

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