Synopsys Posts Financial Results for Second 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; the potential impact of the uncertain macroeconomic environment 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 and result of pending legal, administrative and tax proceedings. 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; 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 second quarter fiscal year 2023 are not necessarily indicative of Synopsys' operating results for any future periods. The information provided herein is as of May 17, 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


Six Months Ended



April 30,


April 30,



2023


2022


2023


2022


Revenue:









  Time-based products

$           808,196


$           723,821


$        1,590,509


$        1,431,304


  Upfront products

345,524


336,625


682,182


704,899


    Total products revenue

1,153,720


1,060,446


2,272,691


2,136,203


  Maintenance and service

241,143


218,783


483,512


413,281


      Total revenue

1,394,863


1,279,229


2,756,203


2,549,484


Cost of revenue:









  Products

184,732


150,690


359,099


316,089


  Maintenance and service

95,410


87,666


186,757


165,891


  Amortization of intangible assets

17,872


14,455


36,512


27,815


      Total cost of revenue

298,014


252,811


582,368


509,795


Gross margin

1,096,849


1,026,418


2,173,835


2,039,689


Operating expenses:









  Research and development

485,597


389,964


950,926


773,935


  Sales and marketing

222,115


191,573


432,900


372,083


  General and administrative

91,083


73,957


188,447


154,965


  Amortization of intangible assets

6,582


6,912


13,299


15,912


  Restructuring charges

4,140


311


44,999


12,057


      Total operating expenses

809,517


662,717


1,630,571


1,328,952


Operating income

287,332


363,701


543,264


710,737


Other income (expense), net

4,253


(23,913)


27,545


(43,706)


Income before income taxes

291,585


339,788


570,809


667,031


Provision (benefit) for income taxes

21,637


45,896


32,234


59,798


Net income

269,948


293,892


538,575


607,233


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

(2,962)


(889)


(5,871)


(1,235)


Net income attributed to Synopsys

$           272,910


$           294,781


$           544,446


$           608,468











Net income per share attributed to
Synopsys:









  Basic

$                 1.79


$                 1.93


$                 3.57


$                 3.97


  Diluted

$                 1.76


$                 1.89


$                 3.51


$                 3.88











Shares used in computing per share
amounts:









  Basic

152,187


153,090


152,294


153,154


  Diluted

154,730


156,167


155,044


156,815











(1) Synopsys' second quarter of fiscal year 2023 and 2022 ended on April 29, 2023 and April 30, 2022, respectively. For
presentation purposes, we refer to the closest calendar month end.



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