Synopsys Posts Financial Results for First Quarter Fiscal Year 2024

Forward-Looking Statements
This press release and the investor conference call contain forward-looking statements, including, but not limited to, statements regarding 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; our pending acquisition of ANSYS, Inc. (the " Ansys Merger"), including, among other things, expectations regarding the financing of the pending acquisition; the exploration of strategic alternatives for our Software Integrity segment; the potential impact of the uncertain macroeconomic and geopolitical environment on our financial results; the expected impact of U.S. and foreign government actions and regulatory changes, including export control restrictions on our financial results; customer demand and market expansion; our planned product releases and capabilities; industry growth rates; the expected realization of our contracted but unsatisfied or partially unsatisfied performance obligations (backlog); software trends; planned 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; failure to complete the Ansys Merger on the terms described in our filings with the SEC, if at all; failure to obtain required governmental approvals related to the Ansys Merger or the imposition of conditions to such governmental approvals that may have an adverse effect on us; failure to realize the benefits expected from the Ansys Merger; 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 first quarter of fiscal year 2024 are not necessarily indicative of Synopsys' operating results for any future periods. The information provided herein is as of February 21, 2024. 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

 

January 31,

 

2024

2023

Revenue:

   

  Time-based products

$             904,378

$             782,313

  Upfront products

447,863

336,658

    Total products revenue

1,352,241

1,118,971

  Maintenance and service

296,989

242,369

      Total revenue

1,649,230

1,361,340

Cost of revenue:

   

  Products

193,638

174,367

  Maintenance and service

115,081

91,347

  Amortization of acquired intangible assets

20,456

18,640

      Total cost of revenue

329,175

284,354

Gross margin

1,320,055

1,076,986

Operating expenses:

   

  Research and development

552,056

465,329

  Sales and marketing

263,408

210,785

  General and administrative

138,374

97,364

  Amortization of acquired intangible assets

6,597

6,717

  Restructuring charges

40,859

      Total operating expenses

960,435

821,054

Operating income

359,620

255,932

Interest and other income (expense), net

105,484

23,292

Income before income taxes

465,104

279,224

Provision (benefit) for income taxes

18,897

10,597

Net income

446,207

268,627

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

(2,905)

(2,909)

Net income attributed to Synopsys

$             449,112

$             271,536

     
     

Net income per share attributed to Synopsys:

   

  Basic

$                  2.95

$                  1.78

  Diluted

$                  2.89

$                  1.75

     

Shares used in computing per share amounts:

   

  Basic

152,311

152,401

  Diluted

155,334

155,076

     

(1) Synopsys' first quarter of fiscal year 2024 and 2023 ended on February 3, 2024 and January 28, 2023, respectively. 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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