Synopsys Posts Financial Results for Second Quarter Fiscal Year 2021

 

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, 2020 and its latest Quarterly Report on Form 10-Q. The information provided herein is as of May 19, 2021.  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 


Six Months Ended


April 30,


April 30,


2021


2020


2021


2020

Revenue:








  Time-based products

$               648,794


$               590,097


$            1,280,084


$            1,146,536

  Upfront products

209,116


129,765


383,497


280,486

  Maintenance and service

166,413


141,465


331,063


268,686

      Total revenue

1,024,323


861,327


1,994,644


1,695,708

Cost of revenue:








  Products

134,738


108,207


262,085


225,991

  Maintenance and service

67,840


62,213


136,606


124,128

  Amortization of intangible assets

11,408


13,845


23,294


27,014

     Total cost of revenue

213,986


184,265


421,985


377,133

Gross margin

810,337


677,062


1,572,659


1,318,575

Operating expenses:








  Research and development

362,345


302,571


719,813


616,854

  Sales and marketing

172,754


146,200


343,382


299,055

  General and administrative

72,694


62,474


150,182


131,218

  Amortization of intangible assets 

8,313


10,250


16,703


19,614

  Restructuring charges

-


29,672


-


38,423

     Total operating expenses

616,106


551,167


1,230,080


1,105,164

Operating income

194,231


125,895


342,579


213,411

Other income (expense), net

21,764


(15,729)


50,520


(3,672)

Income before income taxes

215,995


110,166


393,099


209,739

Provision (benefit) for income taxes

21,193


246


36,269


(4,242)

Net income

194,802


109,920


356,830


213,981

Net income (loss) attributed to non-controlling interest

(276)


-


(593)


-

Net income attributed to Synopsys

$               195,078


$               109,920


$               357,423


$               213,981









Net income per share:








  Basic

$                     1.28


$                     0.73


$                     2.34


$                     1.42

  Diluted

$                     1.24


$                     0.71


$                     2.27


$                     1.39









Shares used in computing per share amounts:








  Basic

152,725


150,597


152,612


150,421

  Diluted

157,077


154,379


157,226


154,471









(1) Synopsys' second quarter of fiscal year 2021 and 2020 ended on May 1, 2021 and May 2, 2020, respectively. For presentation purposes, we refer to the closest calendar month end.


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