Synopsys Posts Financial Results for Fourth Quarter and Fiscal Year 2021
Synopsys reported robust financial results for Q4 and fiscal year 2021, with revenue reaching $1.152 billion for Q4, a 12.4% increase from the previous year, and total revenue for the fiscal year at $4.204 billion, marking a 14.1% growth. Net income also rose, with Q4 GAAP net income at $201.4 million ($1.28/share) compared to $197.5 million in Q4 2020. The company anticipates strong double-digit revenue growth, operating margin expansion, and an EPS growth in the mid-teens for fiscal year 2022, alongside nearly $1.5 billion in operating cash flow.
- Q4 revenue increased 12.4% YoY to $1.152 billion.
- Full fiscal year 2021 revenue rose 14.1% to $4.204 billion.
- GAAP net income for Q4 grew to $201.4 million ($1.28/share).
- Fiscal year 2022 expected strong double-digit revenue growth.
- Projected EPS growth in the mid-teens range.
- None.
MOUNTAIN VIEW, Calif., Dec. 1, 2021 /PRNewswire/ -- Synopsys, Inc. (Nasdaq: SNPS) today reported results for its fourth quarter and fiscal year 2021. Revenue for the fourth quarter of fiscal year 2021 was
"Synopsys delivered another record fiscal year in 2021, substantially exceeding our original targets, with strength in all product groups and geographies. We are entering fiscal year 2022 with significant financial, technology and customer momentum," said Aart de Geus, chairman and co-CEO of Synopsys. "Over the past several years, we have delivered disruptive innovations that are enabling the new era of 'smart everything,' an era that brings with it many new market entrants and increased investments. As a result, we are seeing a growing number of substantially expanded customer commitments and collaborations. In addition to fiscal year 2022 expectations of strong double-digit revenue growth, continued operating margin expansion, EPS growth in the mid-teens range, and nearly
GAAP Results
On a generally accepted accounting principles (GAAP) basis, net income for the fourth quarter of fiscal year 2021 was
Non-GAAP Results
On a non-GAAP basis, net income for the fourth quarter of fiscal year 2021 was
For a reconciliation between GAAP and non-GAAP results, see "GAAP to Non-GAAP Reconciliation" in the accompanying tables below.
Business Segments
Synopsys reports revenue and operating income in two segments: (1) Semiconductor & System Design, which includes EDA and IP products, system integration solutions and associated services, and (2) Software Integrity, which includes security and quality solutions for software development. Further information regarding these segments is provided at the end of this press release.
Financial Targets
Synopsys also provided its consolidated financial targets for the first quarter and full fiscal year 2022. These financial targets assume that there are no further changes to the current U.S. government "Entity List" restrictions. These targets constitute forward-looking statements and are based on current expectations. For a discussion of factors that could cause actual results to differ materially from these targets, see "Forward-Looking Statements" below.
First Quarter and Fiscal Year 2022 Financial Targets | |||||
(in millions except per share amounts) | |||||
Range for Three Months | Range for Fiscal Year | ||||
January 31, 2022 | October 31, 2022 | ||||
Low | High | Low | High | ||
Revenue | $ 1,250 | $ 1,280 | $ 4,725 | $ 4,775 | |
GAAP Expenses | $ 934 | $ 964 | $ 3,778 | $ 3,835 | |
Non-GAAP Expenses | $ 802 | $ 812 | $ 3,225 | $ 3,255 | |
Other Income (Expense) | $ (5) | $ (3) | $ (11) | $ (7) | |
Annual non-GAAP Tax Rate | |||||
Outstanding Shares (fully diluted) | 156 | 159 | 157 | 160 | |
GAAP EPS | $ 1.75 | $ 1.92 | $ 5.39 | $ 5.65 | |
Non-GAAP EPS | $ 2.35 | $ 2.40 | $ 7.73 | $ 7.80 | |
Operating Cash Flow | $ 1,400 | $ 1,500 | |||
Earnings Call Open to Investors
Synopsys will hold a conference call for financial analysts and investors today at 2:00 p.m. Pacific Time. A live webcast of the call will be available on Synopsys' corporate website at www.synopsys.com. A recording of the call will be available by calling +1-866-207-1041 (+1-402-970-0847 for international callers), access code 6504511, beginning at 5:45 p.m. Pacific Time today, until 11:59 p.m. Pacific Time on December 8, 2021. A webcast replay will also be available on the corporate website from approximately 5:30 p.m. Pacific Time today through the time Synopsys announces its results for the first quarter of fiscal year 2022 in February 2022. Synopsys will post copies of the prepared remarks of Aart de Geus, chairman and co-chief executive officer, and Trac Pham, chief financial officer, on its website following today's call. In addition, Synopsys makes additional information available in a financial supplement and corporate overview presentation, also posted on the corporate website.
Effectiveness of Information
The targets included in this press release, the statements made during the earnings conference call and the information contained in the financial supplement and corporate overview presentation (available in the Investor Relations section of Synopsys' corporate website at www.synopsys.com) represent Synopsys' expectations and beliefs as of the date of this release only. Although this press release, copies of the prepared remarks of the co-chief executive officer and chief financial officer made during the call, the financial supplement, and the corporate overview presentation will remain available on Synopsys' website through the date of the first quarter of fiscal year 2022 earnings call in February 2022, their continued availability through such date does not mean that Synopsys is reaffirming or confirming their continued validity. Synopsys does not currently intend to report on its progress during the first quarter of fiscal year 2022 or comment to analysts or investors on, or otherwise update, the targets given in this release.
Availability of Final Financial Statements
Synopsys will include final financial statements for fiscal year 2021 in its annual report on Form 10-K to be filed by December 29, 2021.
About Synopsys
Synopsys, Inc. (Nasdaq: SNPS) is the Silicon to Software™ partner for innovative companies developing the electronic products and software applications we rely on every day. As an S&P 500 company, Synopsys has a long history of being a global leader in electronic design automation (EDA) and semiconductor IP and offers the industry's broadest portfolio of application security testing tools and services. Whether you're a system-on-chip (SoC) designer creating advanced semiconductors, or a software developer writing more secure, high-quality code, Synopsys has the solutions needed to deliver innovative products. Learn more at www.synopsys.com.
GAAP to Non-GAAP Reconciliation
Synopsys continues to provide all information required in accordance with GAAP but believes evaluating its ongoing operating results may not be as useful if an investor is limited to reviewing only GAAP financial measures. Accordingly, Synopsys presents non-GAAP financial measures in reporting its financial results to provide investors with an additional tool to evaluate Synopsys' operating results in a manner that focuses on what Synopsys believes to be its core business operations and what Synopsys uses to evaluate its business operations and for internal planning and forecasting purposes. Synopsys' management does not itself, nor does it suggest that investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Synopsys' management believes it is useful for itself and investors to review, as applicable, both GAAP information that includes: (i) the amortization of acquired intangible assets, (ii) the impact of stock compensation, (iii) acquisition-related costs, (iv) restructuring charges, (v) the effects of certain settlements, final judgments and loss contingencies related to legal proceedings, and (vi) the income tax effect of non-GAAP pre-tax adjustments; and the non-GAAP measures that exclude such information in order to assess the performance of Synopsys' business and for planning and forecasting in subsequent periods.
Synopsys adopted a three-year normalized non-GAAP tax rate of
Given the uncertainty surrounding corporate tax reform, Synopsys has elected to provide a projected annual non-GAAP tax rate for fiscal year 2022 rather than a three-year normalized non-GAAP tax rate in calculating its non-GAAP financial measures. Based on an evaluation of Synopsys' historical and projected mix of U.S. and international profit before tax, taking into account the impact of non-GAAP adjustments described above, as well as other factors such as its current tax structure, existing tax positions, and expected recurring tax incentives, its projected annual non-GAAP tax rate is
Whenever Synopsys uses a non-GAAP financial measure, it provides a reconciliation of the non-GAAP financial measure to the most closely applicable GAAP financial measure. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measure as detailed below, as well as Item 2.02 of the Current Report on Form 8-K filed on December 1, 2021 for additional information about the measures Synopsys uses to evaluate its core business operations.
Reconciliation of Fourth Quarter and Fiscal Year 2021 Results
The following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP net income and earnings per share for the periods indicated below.
GAAP to Non-GAAP Reconciliation of Fourth Quarter and Fiscal Year 2021 Results (1) (unaudited and in thousands, except per share amounts) Three Months Ended Twelve Months Ended October 31, October 31, 2021 2020 2021 2020 GAAP net income $ 201,447 $ 197,455 $ 757,516 $ 664,347 Adjustments: Amortization of intangible assets 21,943 21,004 82,380 91,281 Stock compensation 96,742 78,429 345,272 248,584 Acquisition-related costs 3,800 3,259 15,394 14,096 Restructuring charges 18,254 (387) 33,405 36,059 Legal matters - - (1,455) - Tax adjustments (56,430) (52,084) (155,727) (189,798) Non-GAAP net income $ 285,756 $ 247,676 $ 1,076,785 $ 864,569 Three Months Ended Twelve Months Ended October 31, October 31, 2021 2020 2021 2020 GAAP diluted net income per share $ 1.28 $ 1.26 $ 4.81 $ 4.27 Adjustments: Amortization of intangible assets 0.14 0.13 0.52 0.59 Stock compensation 0.62 0.50 2.19 1.60 Acquisition-related costs 0.02 0.02 0.10 0.08 Restructuring charges 0.12 - 0.21 0.23 Legal matters - - (0.01) - Tax adjustments (0.36) (0.33) (0.98) (1.22) Non-GAAP diluted net income per share $ 1.82 $ 1.58 $ 6.84 $ 5.55 Shares used in computing diluted net income per share amounts: 157,243 156,825 157,340 155,706 (1) Synopsys' fourth quarter of fiscal year 2021 and 2020 ended on October 30, 2021 and October 31, 2020, respectively. For presentation purposes, we refer to the closest calendar
month end.
Reconciliation of 2022 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 First Quarter Fiscal Year 2022 Targets (1) | ||||
(in thousands, except per share amounts) | ||||
Range for Three Months | ||||
January 31, 2022 | ||||
Low | High | |||
Target GAAP expenses | $ 934,000 | $ 964,000 | ||
Adjustments: | ||||
Amortization of intangible assets | (22,000) | (25,000) | ||
Stock compensation | (102,000) | (107,000) | ||
Restructuring charges | (8,000) | (20,000) | ||
Target non-GAAP expenses | $ 802,000 | $ 812,000 | ||
Range for Three Months | ||||
January 31, 2022 | ||||
Low | High | |||
Target GAAP earnings per share | $ 1.75 | $ 1.92 | ||
Adjustments: | ||||
Amortization of intangible assets | 0.16 | 0.14 | ||
Stock compensation | 0.68 | 0.65 | ||
Restructuring charges | 0.13 | 0.05 | ||
Tax adjustments | (0.37) | (0.36) | ||
Target non-GAAP earnings per share | $ 2.35 | $ 2.40 | ||
Shares used in non-GAAP calculation (midpoint of target range) | 157,500 | 157,500 | ||
GAAP to Non-GAAP Reconciliation of Full Fiscal Year 2022 Targets(1) | ||||
(in thousands, except per share amounts) | ||||
Range for Fiscal Year | ||||
October 31, 2022 | ||||
Low | High | |||
Target GAAP expenses | $ 3,778,000 | $ 3,835,000 | ||
Adjustments: | ||||
Amortization of intangible assets | (80,000) | (85,000) | ||
Stock compensation | (465,000) | (475,000) | ||
Restructuring charges | (8,000) | (20,000) | ||
Target non-GAAP expenses | $ 3,225,000 | $ 3,255,000 | ||
Range for Fiscal Year | ||||
October 31, 2022 | ||||
Low | High | |||
Target GAAP earnings per share | $ 5.39 | $ 5.65 | ||
Adjustments: | ||||
Amortization of intangible assets | 0.54 | 0.50 | ||
Stock compensation | 3.00 | 2.93 | ||
Restructuring charges | 0.13 | 0.05 | ||
Tax adjustments | (1.33) | (1.33) | ||
Target non-GAAP earnings per share | $ 7.73 | $ 7.80 | ||
Shares used in non-GAAP calculation (midpoint of target range) | 158,500 | 158,500 | ||
(1) Synopsys' first fiscal quarter and fiscal year will end on January 29, 2022 and October 29, 2022, respectively. For presentation purposes, | ||||
Forward-Looking Statements
This press release contains forward-looking statements including, but not limited to, statements regarding Synopsys' short-term and long-term financial targets, expectations and objectives; business outlook, opportunities and strategies; customer demand and market expansion; strategies related to our products and technology; our planned product releases and capabilities; industry growth rates; software trends; planned acquisitions and buybacks; our expected tax rate; the expected impact of U.S. and foreign government action on our financial results; and the continued impact and duration of the COVID-19 pandemic. 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 our forward-looking statements. Such risks, uncertainties and factors include, but are not limited to: risks from the continued impact of the COVID-19 pandemic on the global economy and on our business, operations and financial condition; uncertainty in the growth of the semiconductor and electronics industries; macroeconomic conditions and uncertainty in the global economy; 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 as well as actions by the U.S. or foreign governments, such as measures in response to the COVID-19 pandemic or the imposition of additional tariffs or export restrictions; fluctuation of our operating results; and more. Additional information on potential risks, uncertainties and other factors that could affect Synopsys' results is included in filings it makes with the Securities and Exchange Commission from time to time, including in the sections entitled "Risk Factors" in its Annual Report on Form 10-K for the fiscal year ended October 31, 2020 and in its latest Quarterly Report on Form 10-Q. The information provided herein is as of December 1, 2021. Synopsys undertakes no duty, 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 Operations(1) (in thousands, except per share amounts) Three Months Ended Twelve Months Ended October 31, October 31, 2021 2020 2021 2020 Revenue: Time-based products $ 688,116 $ 606,598 $ 2,633,763 $ 2,365,199 Upfront products 274,265 244,155 861,063 735,572 Maintenance and service 190,038 174,686 709,367 584,510 Total revenue 1,152,419 1,025,439 4,204,193 3,685,281 Cost of revenue: Products 152,437 142,838 542,114 487,307 Maintenance and service 68,992 69,991 271,202 254,931 Amortization of intangible assets 13,297 11,720 48,461 52,452 Total cost of revenue 234,726 224,549 861,777 794,690 Gross margin 917,693 800,890 3,342,416 2,890,591 Operating expenses: Research and development 413,864 339,566 1,504,823 1,279,022 Sales and marketing 197,681 176,499 712,491 632,010 General and administrative 88,960 79,796 322,988 284,530 Amortization of intangible assets 8,646 9,284 33,919 38,829 Restructuring charges 18,254 (387) 33,405 36,059 Total operating expenses 727,405 604,758 2,607,626 2,270,450 Operating income 190,288 196,132 734,790 620,141 Other income (expense), net 8,790 (4,095) 70,724 18,018 Income before income taxes 199,078 192,037 805,514 638,159 Provision (benefit) for income taxes (2,059) (4,989) 49,155 (25,288) Net income 201,137 197,026 756,359 663,447 Net income (loss) attributed to non-controlling interest (310) (429) (1,157) (900) Net income attributed to Synopsys $ 201,447 $ 197,455 $ 757,516 $ 664,347 Net income per share: Basic $ 1.32 $ 1.30 $ 4.96 $ 4.40 Diluted $ 1.28 $ 1.26 $ 4.81 $ 4.27 Shares used in computing per share amounts: Basic 152,932 152,349 152,698 151,135 Diluted 157,243 156,825 157,340 155,706 (1) Synopsys' fourth quarter of fiscal year 2021 and 2020 ended on October 30, 2021 and October 31, 2020, respectively. For presentation purposes, we refer to the closest
calendar month end.
SYNOPSYS, INC. | ||||||
Unaudited Consolidated Balance Sheets (1) | ||||||
(in thousands, except par value amounts) | ||||||
October 31, 2021 | October 31, 2020 | |||||
ASSETS: | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ 1,432,840 | $ 1,235,653 | ||||
Short-term investments | 147,949 | - | ||||
Total cash, cash equivalents & short-term investments | $ 1,580,789 | $ 1,235,653 | ||||
Accounts receivable, net | 568,501 | 780,709 | ||||
Inventories, net | 229,023 | 192,333 | ||||
Income taxes receivable and prepaid taxes | 32,411 | 32,355 | ||||
Prepaid and other current assets | 397,617 | 308,167 | ||||
Total current assets | 2,808,341 | 2,549,217 | ||||
Property and equipment, net | 472,398 | 483,818 | ||||
Operating lease right-of-use assets, net | 493,251 | 465,818 | ||||
Goodwill | 3,575,785 | 3,365,114 | ||||
Intangible assets, net | 279,132 | 254,322 | ||||
Deferred income taxes | 612,655 | 497,546 | ||||
Other long-term assets | 510,698 | 414,227 | ||||
Total assets | $ 8,752,260 | $ 8,030,062 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||||
Current liabilities: | ||||||
Accounts payable and accrued liabilities | $ 694,748 | $ 623,664 | ||||
Operating lease liabilities, current | 79,678 | 73,173 | ||||
Accrued income taxes | 46,443 | 27,738 | ||||
Deferred revenue | 1,517,623 | 1,388,263 | ||||
Short-term debt | 74,992 | 27,084 | ||||
Total current liabilities | 2,413,484 | 2,139,922 | ||||
Operating lease liabilities, non-current | 487,003 | 462,411 | ||||
Long-term accrued income taxes | 27,893 | 25,178 | ||||
Long-term deferred revenue | 136,303 | 104,850 | ||||
Long-term debt | 25,094 | 100,823 | ||||
Other long-term liabilities | 363,540 | 284,511 | ||||
Total liabilities | 3,453,317 | 3,117,695 | ||||
Stockholders' equity: | ||||||
Preferred stock, | - | - | ||||
Common stock, | ||||||
152,618 shares outstanding, respectively | 1,531 | 1,528 | ||||
Capital in excess of par value | 1,576,363 | 1,653,166 | ||||
Retained earnings | 4,549,713 | 3,795,397 | ||||
Treasury stock, at cost: 4,198 and 4,643 shares, respectively | (782,866) | (488,613) | ||||
Accumulated other comprehensive income (loss) | (49,604) | (54,074) | ||||
Total Synopsys stockholders' equity | 5,295,137 | 4,907,404 | ||||
Non-controlling interest | 3,806 | 4,963 | ||||
Total stockholders' equity | 5,298,943 | 4,912,367 | ||||
Total liabilities and stockholders' equity | $ 8,752,260 | $ 8,030,062 | ||||
(1) Synopsys' fiscal year 2021 and 2020 ended on October 30, 2021 and October 31, 2020, respectively. For presentation purposes, | ||||||
SYNOPSYS, INC. | |||
Unaudited Consolidated Statements of Cash Flows (1) | |||
(in thousands) | |||
Twelve Months Ended | |||
October 31, | |||
2021 | 2020 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income attributed to Synopsys | $ 757,516 | $ 664,347 | |
Adjustments to reconcile net income to net cash provided by | |||
operating activities: | |||
Amortization and depreciation | 203,676 | 209,986 | |
Reduction of operating lease right-of-use assets | 86,645 | 82,895 | |
Amortization of capitalized costs to obtain revenue contracts | 64,698 | 61,185 | |
Stock-based compensation | 345,272 | 248,584 | |
Allowance for doubtful accounts | 18,515 | 20,875 | |
Deferred income taxes | (128,583) | (111,526) | |
Other non-cash | 14,702 | 3,425 | |
Net changes in operating assets and liabilities, net of | |||
acquired assets and liabilities: | |||
Accounts receivable | 201,706 | (236,806) | |
Inventories | (48,046) | (55,024) | |
Prepaid and other current assets | (102,174) | (11,298) | |
Other long-term assets | (153,037) | (83,367) | |
Accounts payable and accrued liabilities | 125,133 | 113,773 | |
Operating lease liabilities | (82,581) | (78,578) | |
Income taxes | 28,855 | 14,120 | |
Deferred revenue | 160,325 | 148,722 | |
Net cash provided by operating activities | 1,492,622 | 991,313 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from sales and maturities of short-term investments | 12,850 | - | |
Purchases of short-term investments | (161,732) | - | |
Proceeds from sales of long-term investments | - | 2,151 | |
Purchases of long-term investments | (7,591) | (2,762) | |
Purchases of property and equipment | (93,764) | (154,717) | |
Cash paid for acquisitions, net of cash acquired | (296,017) | (201,045) | |
Capitalization of software development costs | (1,976) | (4,045) | |
Other | (800) | - | |
Net cash used in investing activities | (549,030) | (360,418) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from credit facilities | - | 276,489 | |
Repayment of debt | (28,061) | (288,879) | |
Issuances of common stock | 210,719 | 197,403 | |
Payments for taxes related to net share settlement of equity awards | (138,950) | (82,225) | |
Purchase of equity forward contract | (35,000) | - | |
Purchases of treasury stock | (753,081) | (242,078) | |
Other | (4,375) | (1,316) | |
Net cash used in financing activities | (748,748) | (140,606) | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 2,369 | 17,154 | |
Net change in cash, cash equivalents and restricted cash | 197,213 | 507,443 | |
Cash, cash equivalents and restricted cash, beginning of year | 1,237,970 | 730,527 | |
Cash, cash equivalents and restricted cash, end of period | $ 1,435,183 | $ 1,237,970 | |
(1) Synopsys' fiscal year 2021 and 2020 ended on October 30, 2021 and October 31, 2020, respectively. For presentation purposes, we | |||
SYNOPSYS, INC. | |||||||
Business Segment Reporting (1) | |||||||
(in millions) | |||||||
Three Months | Three Months | Twelve Months | Twelve Months | ||||
Ended | Ended | Ended | Ended | ||||
October 31, 2021 (3) | October 31, 2020 (3) | October 31, 2021 (3) | October 31, 2020 (3) | ||||
Revenue by segment | |||||||
- Semiconductor & System Design | $ 1,042.4 | $ 934.6 | $ 3,810.4 | $ 3,327.2 | |||
% of Total | |||||||
- Software Integrity | $ 110.0 | $ 90.8 | $ 393.8 | $ 358.1 | |||
% of Total | |||||||
Total segment revenue | $ 1,152.4 | $ 1,025.4 | $ 4,204.2 | $ 3,685.3 | |||
Adjusted operating income by segment | |||||||
- Semiconductor & System Design | $ 326.6 | $ 293.5 | $ 1,243.1 | $ 990.8 | |||
- Software Integrity | $ 13.3 | $ 6.2 | $ 38.3 | $ 40.8 | |||
Total adjusted segment operating income | $ 339.9 | $ 299.7 | $ 1,281.4 | $ 1,031.6 | |||
Adjusted operating margin by segment | |||||||
- Semiconductor & System Design | |||||||
- Software Integrity | |||||||
Total adjusted segment operating margin | |||||||
Total Adjusted Segment Operating Income Reconciliation (1)(2) | |||||||
(in millions) | |||||||
Three Months | Three Months | Twelve Months | Twelve Months | ||||
Ended | Ended | Ended | Ended | ||||
October 31, 2021 (3) | October 31, 2020 (3) | October 31, 2021 (3) | October 31, 2020 (3) | ||||
GAAP total operating income – as reported | $ 190.3 | $ 196.1 | $ 734.8 | $ 620.1 | |||
Other expenses managed at consolidated level | |||||||
-Amortization of intangible assets | 21.9 | 21.0 | 82.4 | 91.3 | |||
-Stock compensation | 96.7 | 78.4 | 345.3 | 248.6 | |||
-Non-qualified deferred compensation plan | 8.9 | 1.3 | 71.6 | 21.5 | |||
-Acquisition-related costs | 3.8 | 3.3 | 15.4 | 14.1 | |||
-Restructuring | 18.3 | (0.4) | 33.4 | 36.1 | |||
-Legal matters | - | - | (1.5) | - | |||
Total adjusted segment operating income | $ 339.9 | $ 299.7 | $ 1,281.4 | $ 1,031.6 | |||
(1) Synopsys manages the business on a long-term, annual basis, and considers quarterly fluctuations of revenue and profitability as normal elements of our business. Amounts may not foot | |||||||
(2) These segment results are consistent with the information required by ASC 280, Segment Reporting. They are presented to reflect the information that is considered by Synopsys' chief | |||||||
(3) Synopsys' fourth quarter of fiscal year 2021 and 2020 ended on October 30, 2021 and October 31, 2020, respectively. For presentation purposes, we refer to the closest calendar month end. | |||||||
INVESTOR CONTACT:
Lisa L. Ewbank
Synopsys, Inc.
650-584-1901
Synopsys-ir@synopsys.com
EDITORIAL CONTACT:
Simone Souza
Synopsys, Inc.
650-584-6454
simone@synopsys.com
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SOURCE Synopsys, Inc.
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