WordPress: Conditional PHP code to check if page is set as the website home page

Here is the code I use in my WordPress template files to add a conditional statement which checks to see if a page is set in the dashboard as the site home page:

<?php 
$front_page = get_option('page_on_front');
if (!is_page($front_page) ) { ?>
Show this text on the front page of the website.
<?php } ?>