[Form 4/A] Ansys Inc Amended Insider Trading Activity

Rhea-AI Filing Summary

Coca-Cola Consolidated (COKE) Q2-25 10-Q highlights

• Net sales rose 3.3% YoY to $1.86 bn; first-half sales up 1.4% to $3.44 bn.
• Gross profit +3.6% to $742 m; gross margin steady at 40.0%.
• Operating income +5.0% to $272 m; operating margin 14.7% (+30 bp).
• Net income increased 8.5% to $187 m; diluted EPS $2.15 (+16%). First-half EPS $3.34 (-8%).
• Interest expense swung to a $6 m cost from a $2 m benefit YoY, reflecting higher average debt after 2024 bond issuance.
• Mark-to-market expense on acquisition-related contingent consideration fell to $12 m vs $28 m, easing below-the-line pressure.
• 1H-25 operating cash flow slipped 7% to $406 m; capex $157 m kept free cash flow modest.
• Cash & equivalents climbed to $1.22 bn; total debt unchanged at $1.79 bn, leaving net debt of $0.57 bn.
• Equity strengthened to $1.63 bn as retained earnings rose and buybacks ($35 m) reduced share count under the $1 bn program.
• Dividend lifted to $0.25 per share post 10-for-1 split effective 27-May-25.

Takeaway: Stable volume-driven revenue growth and cost discipline are expanding margins, but higher financing costs and softer first-half earnings temper the story. Robust liquidity and active capital returns support shareholder value.

Positive

• EPS growth: Q2 diluted EPS rose 16% YoY to $2.15 on margin expansion and lower below-line charges.
• Margin improvement: Operating margin climbed 30 bp to 14.7% despite higher input costs.
• Strong liquidity: Cash & cash equivalents increased to $1.22 bn, supporting capital allocation flexibility.
• Shareholder returns: $35 m buybacks and dividend hike to $0.25 per share strengthen capital-return profile.
• Reduced contingent burden: Mark-to-market expense on contingent consideration down 56% YoY.

Negative

• 1H earnings contraction: First-half net income fell 14% and EPS slipped 8% YoY.
• Higher interest expense: Net interest swung to a $12.8 m cost YTD after prior-year benefit, pressuring net profit.
• Operating cash flow decline: 1H-25 OCF down 7% to $406 m, moderating free cash flow.
• Large contingent liabilities: Future acquisition-related payments total $675 m, limiting financial flexibility.
• Rising treasury share cost: Treasury stock balance expanded to $162 m, signaling continued outflows.

Insights

Equity Research Analyst

TL;DR: Solid Q2 beat on EPS and margins; watch first-half softness and rising interest costs.

COKE’s 3% top-line growth was modest, yet management held gross margin at 40% and expanded operating margin to 14.7%. EPS outpaced sales thanks to lower contingent consideration charges and aggressive buybacks. The balance sheet remains healthy—$1.2 bn cash vs $1.8 bn debt—giving flexibility for further repurchases and the raised dividend. Offsetting positives, 1H-25 EPS fell 8% and operating cash flow declined, signaling tougher comps and higher funding costs ahead. With no guidance provided, sentiment hinges on volume trends and cost inflation into 2H.

Portfolio Manager

TL;DR: Margins and cash cushion justify constructive stance despite slower 1H growth.

The quarter confirms COKE’s resilience: pricing and mix offset cost pressures, and management is redeploying capital via a scalable $1 bn buyback and a 5× higher dividend (post-split) while still replenishing cash. Leverage is manageable at ~1.4× EBITDA and contingent payments are largely self-funded. Although 1H earnings dipped, the 10-for-1 split broadens liquidity and could attract retail flow. I view the filing as incrementally positive and remain overweight given stable fundamentals and shareholder-friendly policies.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

LEE JANET

(Last) (First) (Middle)

2600 ANSYS DRIVE

(Street)

CANONSBURG PA 15317

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ANSYS INC [ ANSS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP, GC and Secretary

3. Date of Earliest Transaction (Month/Day/Year)
07/17/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)
07/18/2025

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock(1)	07/17/2025		D		20,824	D	(2)(3)	29,804	D
Common Stock	07/17/2025		A		2,358(4)	A	$0	32,162	D
Common Stock	07/17/2025		D		7,746	D	(5)	24,416	D
Common Stock	07/17/2025		D		24,416	D	(6)	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Upon further review of the Form 4 that was filed on July 18, 2025, it was determined that the number of shares of Issuer Common Stock that was reported as beneficially owned and disposed of by the Reporting Person was understated by 10,479 shares and the number of shares of Issuer Common Stock that was reported as underlying the unvested time-based restricted stock units ("RSUs") that were disposed of by the Reporting Person inadvertently included certain performance-based RSUs and was overstated by 5,388 shares. This amendment accurately reflects the Reporting Person's holdings and the transactions that occurred on July 17, 2025.

2. On July 17, 2025, pursuant to that certain Agreement and Plan of Merger (the "Merger Agreement"), dated January 15, 2024, by and among Synopsys, Inc., a Delaware corporation ("Parent"), ALTA Acquisition Corp., a Delaware corporation and a wholly owned subsidiary of Parent, and the Issuer, the Issuer became a wholly owned subsidiary of Parent (the "Merger").

3. At the effective time of the Merger (the "Effective Time"), pursuant to the Merger Agreement, each Issuer RSU outstanding and unvested immediately prior to the Effective Time and held by a person who is not a non-employee director of the Issuer was converted into that number of Parent RSUs, rounded to the nearest whole share, equal to the product of (i) the number of shares of Issuer Common Stock subject to such Issuer RSU, including any accrued but unpaid dividend equivalents thereon, multiplied by (ii) the Conversion Ratio (as defined in the Merger Agreement) (each such assumed Issuer RSU, as so adjusted, a "Converted RSU"). Any Converted RSU is subject to the same terms and conditions as were applicable to such Issuer RSU prior to the Effective Time.

4. Represents a deemed acquisition of shares of Issuer Common Stock underlying unvested performance-based RSUs (each, an "Issuer PSU") based on the attainment of the applicable performance metrics at the (i) actual level of performance for performance periods that lapsed in the ordinary course prior to the Effective Time or (ii) greater of the target or actual level of performance, as determined by the Issuer's board of directors or a committee thereof immediately prior to the Effective Time.

5. At the Effective Time, pursuant to the Merger Agreement, each Issuer PSU was converted into a Converted RSU and is subject to the same terms and conditions as were applicable to such Issuer PSU prior to the Effective Time (excluding any performance-based vesting conditions).

6. At the Effective Time, pursuant to the Merger Agreement and subject to certain exceptions, each share of Issuer Common Stock outstanding immediately prior to the Effective Time was converted into the right to receive (i) 0.3399 of a share of Parent Common Stock and (ii) $199.91 in cash, without interest.

	/s/ Janet Lee	07/24/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How much did Coca-Cola Consolidated (COKE) earn in Q2 2025?

COKE posted $187 million in net income, up 8.5% year over year, equal to $2.15 diluted EPS.

What were COKE’s Q2 2025 net sales and growth rate?

Net sales reached $1.86 billion, a 3.3% YoY increase from $1.80 billion in Q2 2024.

How strong is COKE’s balance sheet after the quarter?

Cash and equivalents stand at $1.22 billion; total debt is $1.79 billion, leaving net debt of ~$0.57 billion.

What is the status of COKE’s share repurchase program?

Under the $1 billion authorization started Aug-2024, the company repurchased $34.4 million of stock in Q2 2025.

When did COKE complete its 10-for-1 stock split?

The split was approved on 13-May-25; additional shares were distributed 23-May-25 and began trading split-adjusted 27-May-25.