Acquisition On May 2, 2018, the Company completed the acquisition of 100% of the shares of OPTIS, a premier provider of software for scientific simulation of light, human vision and physics-based visualization, for a purchase price of $291.0 million , paid in cash. The acquisition will extend the Company's portfolio into the area of optical simulation to provide comprehensive sensor solutions, covering visible and infrared light, electromagnetics and acoustics for camera, radar and lidar. The acquisition met the definition of a business under ASU 2017-01. The operating results of OPTIS have been included in the Company's condensed consolidated financial statements since May 2, 2018, the date of acquisition. The assets and liabilities of OPTIS have been recorded based upon management's estimates of their fair market values as of the acquisition date. The following tables summarize the fair value of consideration transferred and the fair values of identified assets acquired and liabilities assumed at the acquisition date: Fair Value of Consideration Transferred: (in thousands) Cash $ 290,983 Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed: (in thousands) Cash $ 7,957 Accounts receivable and other tangible assets 16,026 Developed software and core technologies (9  10 year life) 47,593 Customer lists (12 year life) 41,303 Trade names (4  10 year life) 10,749 Accounts payable and other liabilities (13,396 ) Deferred revenue (2,470 ) Net deferred tax liabilities (21,576 ) Total identifiable net assets $ 86,186 Goodwill $ 204,797 The goodwill, which is not tax-deductible, is attributed to intangible assets that do not qualify for separate recognition, including the assembled workforce of the acquired business and the synergies expected to arise as a result of the acquisition of OPTIS. The fair values of the assets acquired and liabilities assumed are based on preliminary calculations. The estimates and assumptions for these items are subject to change as additional information about what was known and knowable at the acquisition date is obtained during the measurement period (up to one year from the acquisition date). During the period since the OPTIS acquisition date, the Company adjusted the fair values of the assets acquired and liabilities assumed, with the offset recorded as a $2.1 million increase to goodwill. These adjustments were based on refinements to assumptions used in the preliminary valuation of accounts receivable and other tangible assets, developed software and core technologies, accounts payable and other liabilities, and information about what was known and knowable as of the acquisition date in the calculation of the net deferred tax liabilities. In valuing deferred revenue on the OPTIS balance sheet as of the acquisition date, the Company applied the fair value provisions applicable to the accounting for business combinations. Acquired deferred revenue with a historical carrying value of $14.2 million under ASC 606, and $22.3 million under ASC 605, was ascribed a fair value of $2.5 million on the opening balance sheet. As a result, the Company's post-acquisition revenue will be less than the sum of what would have otherwise been reported by ANSYS and OPTIS absent the acquisition. Under ASC 606, the impacts on reported revenue for the three and nine months ended September 30, 2018 were $3.5 million and $6.2 million , respectively. The expected impacts on reported revenue are $2.5 million and $8.7 million for the quarter ending December 31, 2018 and for the year ending December 31, 2018 , respectively. Under ASC 605, the impacts on reported revenue for the three and nine months ended September 30, 2018 were $5.9 million and $10.4 million , respectively. The expected impacts on reported revenue are $4.1 million and $14.5 million for the quarter ending December 31, 2018 and for the year ending December 31, 2018 , respectively. Full pro forma results of operations have not been presented as the effects of the OPTIS business combination were not material to the Company's consolidated results of operations. The table presented below reflects the impact of OPTIS from the date of acquisition to September 30, 2018 . The operating loss is derived from the OPTIS legal structure and does not include integration costs borne directly by ANSYS, Inc. and its non-OPTIS subsidiaries as a result of the acquisition. Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 (in thousands) ASC 606 ASC 605 ASC 606 ASC 605 Revenue $ 6,021 $ 3,803 $ 9,187 $ 5,873 Operating loss $ (2,769 ) $ (4,987 ) $ (6,081 ) $ (9,395 )