Synopsys Posts Financial Results for First Quarter Fiscal Year 2023

 

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,  technology and services; business and market outlook, opportunities and strategies; the expected impact of U.S. and foreign government actions and regulatory changes, including export control restrictions, on our financial results; 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; and the impact of the ongoing 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 such forward-looking statements. Such risks, uncertainties and factors include, but are not limited to: 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; actions by the U.S. or foreign governments, such as the imposition of additional export restrictions or tariffs; 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; the impact of the ongoing COVID-19 pandemic on the global economy and on our business, operations and financial condition; and more. Additional information on potential risks, uncertainties and other factors that could affect Synopsys' results is included in filings we make with the SEC 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, 2022 and in our latest Quarterly Report on Form 10-Q. The financial information contained in this press release should be read in conjunction with the consolidated financial statements and notes thereto included in Synopsys' most recent reports on Forms 10-K and 10-Q each as may be amended from time to time. Synopsys' financial results for its first quarter fiscal year 2023 are not necessarily indicative of Synopsys' operating results for any future periods.  The information provided herein is as of February 15, 2023. 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


January 31,


2023


2022

Revenue:




  Time-based products

$               782,313


$               707,483

  Upfront products

336,658


368,274

    Total products revenue

1,118,971


1,075,757

  Maintenance and service

242,369


194,498

      Total revenue

1,361,340


1,270,255

Cost of revenue:




  Products

174,367


165,399

  Maintenance and service

91,347


78,225

  Amortization of intangible assets

18,640


13,360

      Total cost of revenue

284,354


256,984

Gross margin

1,076,986


1,013,271

Operating expenses:




  Research and development

465,329


383,971

  Sales and marketing

210,785


180,510

  General and administrative

97,364


81,008

  Amortization of intangible assets

6,717


9,000

  Restructuring charges

40,859


11,746

      Total operating expenses

821,054


666,235

Operating income

255,932


347,036

Other income (expense), net

23,292


(19,793)

Income before income taxes

279,224


327,243

Provision (benefit) for income taxes

10,597


13,902

Net income

268,627


313,341

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

(2,909)


(346)

Net income attributed to Synopsys

$              271,536


$              313,687





Net income per share attributed to Synopsys:




  Basic

$                    1.78


$                    2.05

  Diluted

$                    1.75


$                    1.99





Shares used in computing per share amounts:




  Basic

152,401


153,218

  Diluted

155,076


157,273





(1) Synopsys' first quarter of fiscal year 2023 and 2022 ended on January 28, 2023 and January 29, 2022, respectively.
For presentation purposes, we refer to the closest calendar month end.


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