Synopsys Posts Financial Results for Third Quarter Fiscal Year 2023

Forward-Looking Statements
This press release contains forward-looking statements, including, but not limited to, statements regarding Synopsys' executive management transition, 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 latest Annual Report on Form 10-K 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 third quarter of fiscal year 2023 are not necessarily indicative of Synopsys' operating results for any future periods. The information provided herein is as of August 16, 2023. Synopsys undertakes no duty to, 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


Nine Months Ended


July 31,


July 31,


2023

2022


2023

2022

Revenue:






  Time-based products

$             922,874

$             754,322


$          2,513,383

$          2,185,626

  Upfront products

297,967

268,584


980,149

973,483

    Total products revenue

1,220,841

1,022,906


3,493,532

3,159,109

  Maintenance and service

266,447

224,860


749,959

638,141

      Total revenue

1,487,288

1,247,766


4,243,491

3,797,250

Cost of revenue:






  Products

190,809

164,077


549,908

480,166

  Maintenance and service

98,299

87,774


285,056

253,665

  Amortization of intangible assets

18,374

19,330


54,886

47,145

      Total cost of revenue

307,482

271,181


889,850

780,976

Gross margin

1,179,806

976,585


3,353,641

3,016,274

Operating expenses:






  Research and development

507,402

444,826


1,458,328

1,218,761

  Sales and marketing

227,134

199,246


660,034

571,329

  General and administrative

109,714

91,461


298,161

246,426

  Amortization of intangible assets

6,697

7,124


19,996

23,036

  Restructuring charges

33,385


78,384

12,057

      Total operating expenses

884,332

742,657


2,514,903

2,071,609

Operating income

295,474

233,928


838,738

944,665

Other income (expense), net

25,808

2,426


53,353

(41,280)

Income before income taxes

321,282

236,354


892,091

903,385

Provision (benefit) for income taxes

(11,773)

16,708


20,461

76,506

Net income

333,055

219,646


871,630

826,879

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

(3,197)

(2,980)


(9,068)

(4,215)

Net income attributed to Synopsys

$             336,252

$             222,626


$             880,698

$             831,094













Net income per share attributed to Synopsys:






  Basic

$                   2.21

$                   1.46


$                   5.79

$                   5.43

  Diluted

$                   2.17

$                   1.43


$                   5.68

$                   5.31







Shares used in computing per share amounts:






  Basic

152,023

152,938


152,204

153,082

  Diluted

154,947

155,806


155,119

156,545







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


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