(1) Synopsys' third quarter of fiscal year 2020 and 2019 ended on August 1, 2020 and August 3, 2019, respectively. For presentation purposes, we refer to the closest calendar month end. | |||||||
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Reconciliation of 2020 Targets
The following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP targets for the periods indicated below.
GAAP to Non-GAAP Reconciliation of Fourth Quarter Fiscal Year 2020 Targets (1) | ||||
(in thousands, except per share amounts) | ||||
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| Range for Three Months | ||
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| Ending October 31, 2020 | ||
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| Low |
| High |
Target GAAP expenses |
| $ 802,000 |
| $ 822,000 |
Adjustments: |
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Estimated impact of amortization of intangible assets |
| (20,000) |
| (25,000) |
Estimated impact of stock compensation |
| (65,000) |
| (70,000) |
Target non-GAAP expenses |
| $ 717,000 |
| $ 727,000 |
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| Range for Three Months | ||
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| Ending October 31, 2020 | ||
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| Low |
| High |
Target GAAP earnings per share |
| $ 1.10 |
| $ 1.21 |
Adjustments: |
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Estimated impact of amortization of intangible assets |
| 0.16 |
| 0.13 |
Estimated impact of stock compensation |
| 0.45 |
| 0.42 |
Estimated impact of tax adjustments |
| (0.20) |
| (0.20) |
Target non-GAAP earnings per share |
| $ 1.51 |
| $ 1.56 |
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Shares used in non-GAAP calculation (midpoint of target range) |
| 155,500 |
| 155,500 |
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GAAP to Non-GAAP Reconciliation of Full Fiscal Year 2020 Targets (1) | ||||
(in thousands, except per share amounts) | ||||
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| Range for Fiscal Year | ||
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| October 31, 2020 | ||
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| Low |
| High |
Target GAAP expenses |
| $ 3,037,449 |
| $ 3,057,449 |
| Adjustments: |
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| Estimated impact of amortization of intangible assets |
| (90,000) |
| (95,000) |
| Estimated impact of stock compensation |
| (235,000) |
| (240,000) |
| Acquisition-related costs |
| (10,837) |
| (10,837) |
| Estimated impact of restructuring charges |
| (36,446) |
| (36,446) |
| Fair value changes in executive deferred compensation plan |
| (20,166) |
| (20,166) |
| Target non-GAAP expenses |
| $ 2,645,000 |
| $ 2,655,000 |
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| Range for Fiscal Year | ||
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| October 31, 2020 | ||
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| Low |
| High |
| Target GAAP earnings per share |
| $ 4.10 |
| $ 4.21 |
| Adjustments: |
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| Estimated impact of amortization of intangible assets |
| 0.61 |
| 0.58 |
| Estimated impact of stock compensation |
| 1.55 |
| 1.52 |
| Acquisition-related costs |
| 0.07 |
| 0.07 |
| Estimated impact of restructuring charges |
| 0.24 |
| 0.24 |
| Impact of tax adjustments |
| (1.09) |
| (1.09) |
| Target non-GAAP earnings per share |
| $ 5.48 |
| $ 5.53 |
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| Shares used in non-GAAP calculation (midpoint of target range) |
| 155,500 |
| 155,500 |
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| (1) Synopsys' fourth fiscal quarter and fiscal year will end on October 31, 2020. | ||||
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