Synopsys Posts Financial Results for Fourth Quarter and Fiscal Year 2023

Forward-Looking Statements
This press release and the investor conference call contain 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, strategies and technological trends, such as artificial intelligence; 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 and geopolitical 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 geopolitical 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 fourth quarter and fiscal year 2023 are not necessarily indicative of Synopsys' operating results for any future periods. The information provided herein is as of November 29, 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 Consolidated Statements of Income (1)

(in thousands, except per share amounts)














Three Months Ended


Twelve Months Ended


October 31,


October 31,


2023

2022


2023

2022

Revenue:






  Time-based products

$                870,249

$                808,160


$             3,383,632

$             2,993,786

  Upfront products

449,181

253,245


1,429,330

1,226,728

    Total products revenue

1,319,430

1,061,405


4,812,962

4,220,514

  Maintenance and service

279,698

222,887


1,029,657

861,028

      Total revenue

1,599,128

1,284,292


5,842,619

5,081,542

Cost of revenue:






  Products

213,586

173,617


763,494

653,783

  Maintenance and service

98,779

89,313


383,835

342,978

  Amortization of intangible assets

19,978

19,791


74,864

66,936

      Total cost of revenue

332,343

282,721


1,222,193

1,063,697

Gross margin

1,266,785

1,001,571


4,620,426

4,017,845

Operating expenses:






  Research and development

488,485

461,618


1,946,813

1,680,379

  Sales and marketing

228,982

208,448


889,016

779,777

  General and administrative

112,150

107,414


410,311

353,840

  Amortization of intangible assets

8,029

6,718


28,025

29,754

  Restructuring charges

(1,382)


77,002

12,057

      Total operating expenses

836,264

784,198


3,351,167

2,855,807

Operating income

430,521

217,373


1,269,259

1,162,038

Other income (expense), net

(20,830)

(5,244)


32,523

(46,524)

Income before income taxes

409,691

212,129


1,301,782

1,115,514

Provision (benefit) for income taxes

63,196

60,572


83,657

137,078

Net income

346,495

151,557


1,218,125

978,436

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

(2,695)

(1,943)


(11,763)

(6,158)

Net income attributed to Synopsys

$                349,190

$                153,500


$             1,229,888

$                984,594













Net income per share attributed to Synopsys:






  Basic

$                      2.30

$                     1.00


$                     8.08

$                     6.44

  Diluted

$                      2.26

$                     0.99


$                     7.92

$                     6.29







Shares used in computing per share amounts:






  Basic

151,972

152,761


152,146

153,002

  Diluted

154,845

155,749


155,195

156,485







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


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