Synopsys Posts Financial Results for Second Quarter Fiscal Year 2022

(1) Synopsys' third quarter of fiscal year 2022 and fiscal year 2022 will end on July 30, 2022 and October 29, 2022, 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; strategies related to our products and technology; business and market outlook, opportunities and strategies; customer demand and market expansion; our planned product releases and capabilities; industry growth rates; software trends; planned acquisitions and stock repurchases; our expected tax rate; the expected impact of U.S. and foreign government actions and regulatory changes on our financial results; and the continued 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 continued impact of the COVID-19 pandemic on the global economy and on our business, operations and financial condition; macroeconomic conditions and uncertainty in the global economy; uncertainty in the growth of the semiconductor and electronics industries; the highly competitive industry we operate in; 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 the imposition of additional tariffs or export restrictions; and more. Additional information on potential risks, uncertainties and other factors that could affect Synopsys' results is included in filings we make with the Securities and Exchange Commission from time to time, including in the sections entitled "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended October 31, 2021 and in our latest Quarterly Report on Form 10-Q. The information provided herein is as of May 18, 2022. 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 Condensed Consolidated Statements of Income (1)

(in thousands, except per share amounts)



Three Months Ended


Six Months Ended


April 30,


April 30,


2022


2021


2022


2021

Revenue:








  Time-based products

$           723,821


$           648,794


$        1,431,304


$        1,280,084

  Upfront products

336,625


209,116


704,899


383,497

  Maintenance and service

218,783


166,413


413,281


331,063

      Total revenue

1,279,229


1,024,323


2,549,484


1,994,644

Cost of revenue:








  Products

150,690


134,738


316,089


262,085

  Maintenance and service

87,666


67,840


165,891


136,606

  Amortization of intangible assets

14,455


11,408


27,815


23,294

     Total cost of revenue

252,811


213,986


509,795


421,985

Gross margin

1,026,418


810,337


2,039,689


1,572,659

Operating expenses:








  Research and development

389,964


362,345


773,935


719,813

  Sales and marketing

191,573


172,754


372,083


343,382

  General and administrative

73,957


72,694


154,965


150,182

  Amortization of intangible assets

6,912


8,313


15,912


16,703

  Restructuring charges

311


-


12,057


-

     Total operating expenses

662,717


616,106


1,328,952


1,230,080

Operating income

363,701


194,231


710,737


342,579

Other income (expense), net

(23,913)


21,764


(43,706)


50,520

Income before income taxes

339,788


215,995


667,031


393,099

Provision for income taxes

45,896


21,193


59,798


36,269

Net income

293,892


194,802


607,233


356,830

Net income (loss) attributed to non-controlling interest and
redeemable non-controlling interest

(889)


(276)


(1,235)


(593)

Net income attributed to Synopsys

$           294,781


$           195,078


$           608,468


$           357,423









Net income per share attributed to Synopsys:








  Basic

$                 1.93


$                 1.28


$                 3.97


$                 2.34

  Diluted

$                 1.89


$                 1.24


$                 3.88


$                 2.27









Shares used in computing per share amounts:








  Basic

153,090


152,725


153,154


152,612

  Diluted

156,167


157,077


156,815


157,226









(1) Synopsys' second quarter of fiscal year 2022 and 2021 ended on April 30, 2022 and May 1, 2021, respectively. For presentation purposes, we refer to the closest calendar month end.


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