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GAAP to Non-GAAP Tax Rate Reconciliation (1) |
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(unaudited) |
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Three Months Ended |
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January 31, 2024 |
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GAAP effective tax rate |
4.1 % |
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Income tax effect of above non-GAAP adjustments |
10.9 % |
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Non-GAAP effective tax rate |
15.0 % |
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(1) Synopsys' first quarter of fiscal year 2024 ended on February 3, 2024. For presentation purposes, we refer to the closest calendar month end. The first quarter of fiscal year 2024 included one extra week. |
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Reconciliation of 2024 Targets
The following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP targets for the periods indicated below.
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GAAP to Non-GAAP Reconciliation of Second Quarter Fiscal Year 2024 Targets (1) |
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(in thousands, except per share amounts) |
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Range for Three Months Ending |
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April 30, 2024 |
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Low |
High |
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Target GAAP expenses |
$ 1,206,000 |
$ 1,226,000 |
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Adjustments: |
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Amortization of acquired intangible assets |
(26,000) |
(29,000) |
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Stock-based compensation |
(175,000) |
(182,000) |
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Target non-GAAP expenses |
$ 1,005,000 |
$ 1,015,000 |
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Range for Three Months Ending |
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April 30, 2024 |
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Low |
High |
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Target GAAP earnings per diluted share attributed to Synopsys |
$ 2.05 |
$ 2.16 |
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Adjustments: |
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Amortization of acquired intangible assets |
0.19 |
0.17 |
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Stock-based compensation |
1.17 |
1.12 |
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Tax adjustments |
(0.32) |
(0.31) |
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Target non-GAAP earnings per diluted share attributed to Synopsys |
$ 3.09 |
$ 3.14 |
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Shares used in non-GAAP calculation (midpoint of target range) |
156,000 |
156,000 |
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