Synopsys Posts Financial Results for Fourth Quarter and Fiscal Year 2020

(1) Synopsys' first fiscal quarter and fiscal year will end on January 30, 2021 and October 30, 2021, respectively. For presentation purposes, we refer to the closest calendar month end. 


Forward-Looking Statements

This press release contains forward-looking statements  including, but not limited to, statements regarding Synopsys' short-term and long-term financial targets, expectations and objectives; business outlook, opportunities and strategies; customer demand and market expansion; strategies related to our products and technology; our planned product releases and capabilities; industry growth rates; software trends; planned acquisitions and buybacks; our expected tax rate; the expected impact of U.S. and foreign government action on our results; and the expected impact of the COVID-19 pandemic. These statements involve risks, uncertainties and other factors that could cause our actual results, time frames or achievements to differ materially from those expressed or implied in our forward-looking statements. Such risks, uncertainties and factors include, but are not limited to: risks from the effect of the COVID-19 pandemic and the associated economic downturn on our business, operations and financial condition; uncertainty in the growth of the semiconductor and electronics industries; consolidation among our customers and our dependence on a relatively small number of large customers; risks and compliance obligations relating to the global nature of our operations as well as actions by the U.S. or foreign governments, such as measures in response to the COVID-19 pandemic or the imposition of additional tariffs or export restrictions; macroeconomic conditions and uncertainty in the global economy; fluctuation of our operating results; increased variability in our revenue due to the adoption of ASC 606, including the resulting increase in recognizing upfront revenue as a percentage of total revenue; and more. Additional information on potential risks, uncertainties and other factors that could affect Synopsys' results is included in filings it makes with the Securities and Exchange Commission from time to time, including in the sections entitled "Risk Factors" in its Annual Report on Form 10-K for the fiscal year ended October 31, 2019 and its latest Quarterly Report on Form 10-Q. The information provided herein is as of December 2, 2020.  Synopsys undertakes no duty, and does not intend to update any forward-looking statement, whether as a result of new information, future events or otherwise, unless required by law.

 

SYNOPSYS, INC.

Unaudited Consolidated Statements of Operations(1)

(in thousands, except per share amounts)


















Three Months Ended 


Twelve Months Ended


October 31,


October 31,


2020


2019


2020


2019

Revenue:








  Time-based products

$  606,598


$ 548,375


$ 2,365,199


$ 2,197,965

  Upfront products

244,155


168,325


735,572


619,791

  Maintenance and service

174,686


134,381


584,510


542,938

      Total revenue

1,025,439


851,081


3,685,281


3,360,694

Cost of revenue:








  Products

142,838


112,964


487,307


459,127

  Maintenance and service

69,991


56,083


254,931


234,196

  Amortization of intangible assets

11,720


13,696


52,452


59,623

     Total cost of revenue

224,549


182,743


794,690


752,946

Gross margin

800,890


668,338


2,890,591


2,607,748

Operating expenses:








  Research and development

339,566


290,503


1,279,022


1,136,932

  Sales and marketing

176,499


161,170


632,010


632,890

  General and administrative

79,796


63,424


284,530


229,218

  Amortization of intangible assets 

9,284


10,080


38,829


41,291

  Restructuring charges

(387)


13,440


36,059


47,186

     Total operating expenses

604,758


538,617


2,270,450


2,087,517

Operating income

196,132


129,721


620,141


520,231

Other income (expense), net

(4,095)


1,902


18,018


25,275

Income before income taxes

192,037


131,623


638,159


545,506

Provision (benefit) for income taxes

(4,989)


(29,091)


(25,288)


13,139

Net income

197,026


160,714


663,447


532,367

Net income (loss) attributed to non-controlling interest

(429)


-


(900)


-

Net income attributed to Synopsys

$  197,455


$ 160,714


$    664,347


$    532,367









Net income per share:








  Basic

$        1.30


$       1.07


$          4.40


$          3.55

  Diluted

$        1.26


$       1.04


$          4.27


$          3.45









Shares used in computing per share amounts:








  Basic

152,349


150,367


151,135


149,872

  Diluted

156,825


154,532


155,706


154,190



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