Synopsys Posts Financial Results for Third Quarter Fiscal Year 2021

Rhea-AI Summary

Synopsys, Inc. (Nasdaq: SNPS) reported third-quarter fiscal 2021 revenue of $1,057.1 million, a significant increase from $964.1 million in the same period last year. Non-GAAP earnings reached $284.5 million or $1.81 per share, compared to $271.9 million or $1.74 per share in Q3 2020. GAAP net income fell to $198.6 million or $1.27 per share, down from $252.9 million or $1.62 per share the previous year. The company aims for over $5 billion in revenue by 2023, citing strong market performance and technological advancements.

Positive

• Revenue growth to $1,057.1 million from $964.1 million YoY.
• Non-GAAP net income increased to $284.5 million, or $1.81 per share.
• Raised fiscal 2021 targets significantly.
• Aiming for over $5 billion in revenue by 2023 with double-digit growth.

Negative

• GAAP net income decreased to $198.6 million or $1.27 per share, down from $252.9 million or $1.62 per share YoY.

MOUNTAIN VIEW, Calif., Aug. 18, 2021 /PRNewswire/ -- Synopsys, Inc. (Nasdaq: SNPS ) today reported results for its third quarter fiscal year 2021. Revenue for the third quarter was $1,057.1 million, compared to $964.1 million for the third quarter of fiscal 2020.  

"Synopsys delivered excellent results in the fiscal third quarter, including record revenue and non-GAAP earnings, and we are substantially raising our fiscal 2021 targets. On a trailing-12-month basis, we surpassed the major milestone we set a few years ago: $4 billion in revenue and 30% non-GAAP operating margin." said Aart de Geus, chairman and co-CEO of Synopsys. "Vibrant markets, unparalleled technology innovations, and strong execution position us to continue to increase shareholder value going forward. As we look to next year and beyond, we are aiming at crossing $5 billion in revenue by 2023, with double-digit annual revenue growth and continuing margin expansion."

GAAP Results

On a generally accepted accounting principles (GAAP) basis, net income for the third quarter of fiscal 2021 was $198.6 million, or $1.27 per share, compared to $252.9 million, or $1.62 per share, for the third quarter of fiscal 2020.

Non-GAAP Results

On a non-GAAP basis, net income for the third quarter of fiscal 2021 was $284.5 million, or $1.81 per share, compared to non-GAAP net income of $271.9 million, or $1.74 per share, for the third quarter of fiscal 2020.

For a reconciliation between GAAP and non-GAAP results, see "GAAP to Non-GAAP Reconciliation" and the accompanying tables below. 

Business Segments

Synopsys reports revenue and operating income in two segments: (1) Semiconductor & System Design, which includes EDA tools, IP products, system integration solutions and associated services, and (2) Software Integrity, which includes security and quality solutions for software development across many industries. 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 fourth quarter and full fiscal year 2021. These financial targets assume that there are no further changes to the current U.S. government "Entity List" restrictions for the rest of the fiscal year. 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. 

Fourth Quarter and Fiscal Year 2021 Financial Targets
(in millions except per share amounts)
	Q4 FY 2021			FY 2021
	Low	High		Low	High
Revenue	$ 1,138	$ 1,168		$ 4,190	$ 4,220
GAAP Expenses	$    924	$    952		$ 3,431	$ 3,459
Non-GAAP Expenses	$    805	$    815		$ 2,915	$ 2,925
Other Income (Expense)	$      (5)	$      (3)		$      (6)	$      (4)
Normalized Annual Tax Rate (1)	16%	16%		16%	16%
Outstanding Shares (fully diluted)	156	159		156	159
GAAP EPS	$   1.09	$   1.25		$   4.63	$   4.79
Non-GAAP EPS	$   1.75	$   1.80		$   6.78	$   6.83
Operating Cash Flow				~ $1,350

(1) Applied in non-GAAP net income calculations

 

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 9581321, beginning at 5:45 p.m. Pacific Time today, until 11:59 p.m. Pacific Time on August 25, 2021. A webcast replay will also be available on the website from approximately 5:30 p.m. Pacific Time today through the time Synopsys announces its results for the fourth quarter and fiscal year 2021 in December 2021.  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 fourth quarter and fiscal year 2021 earnings call in December 2021, 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 fourth quarter of fiscal year 2021 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 the third quarter fiscal year 2021 in its quarterly report on Form 10-Q to be filed by September 9, 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 utilizes a normalized annual non-GAAP tax rate in the calculation of its non-GAAP measures to provide better consistency across interim reporting periods by eliminating the effects of non-recurring and period-specific items such as tax audit settlements, which can vary in size and frequency and not necessarily reflect our normal operations, and to more clearly align our tax rate with our expected geographic earnings mix.  In projecting this rate, we evaluate our historical and projected mix of U.S. and international profit before tax, excluding the non-GAAP adjustments described above. We also consider other factors including our current tax structure, our existing tax positions, and expected recurring tax incentives. On an annual basis, we re-evaluate this rate for significant events, including changes in tax laws and regulations, that may materially affect our projections. Based upon our review, our projected normalized annual non-GAAP tax rate remains 16% through fiscal year 2021.

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 August 18, 2021 for additional information about the measures Synopsys uses to evaluate its core business operations.

Reconciliation of Third Quarter 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 Third Quarter Fiscal Year 2021 Results (1)
(unaudited and in thousands, except per share amounts)
	Three Months Ended				Nine Months Ended
	July 31,				July 31,
	2021		2020		2021		2020
GAAP net income	$   198,646		$   252,911		$   556,069		$   466,892
Adjustments:
Amortization of intangible assets	20,440		23,649		60,437		70,277
Stock compensation	85,162		61,837		248,530		170,155
Acquisition-related costs	5,702		3,293		11,594		10,837
Restructuring charges	15,151		(1,977)		15,151		36,446
Legal matters	(1,455)		-		(1,455)		-
Tax adjustments	(39,189)		(67,767)		(99,297)		(137,714)
Non-GAAP net income	$   284,457		$   271,946		$   791,029		$   616,893
	Three Months Ended				Nine Months Ended
	July 31,				July 31,
	2021		2020		2021		2020
GAAP diluted net income per share	$         1.27		$         1.62		$         3.54		$         3.01
Adjustments:
Amortization of intangible assets	0.13		0.15		0.38		0.45
Stock compensation	0.54		0.40		1.58		1.10
Acquisition-related costs	0.04		0.02		0.07		0.07
Restructuring charges	0.10		(0.01)		0.10		0.24
Legal matters	(0.01)		-		(0.01)		-
Tax adjustments	(0.26)		(0.44)		(0.63)		(0.89)
Non-GAAP diluted net income per share	$         1.81		$         1.74		$         5.03		$         3.98
Shares used in computing diluted net income per share amounts:	156,907		155,973		157,158		155,074

(1) Synopsys' third quarter of fiscal year 2021 and 2020 ended on July 31, 2021 and August 1, 2020, respectively. For presentation purposes, we refer to the closest calendar month end.

 

Reconciliation of 2021 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 2021 Targets (1)
(in thousands, except per share amounts)
		Range for Three Months
		October 31, 2021
		Low		High
Target GAAP expenses		$             924,000		$             952,000
Adjustments:
Amortization of intangible assets		(20,000)		(23,000)
Stock compensation		(86,000)		(91,000)
Restructuring charges		(13,000)		(23,000)
Target non-GAAP expenses		$             805,000		$             815,000
		Range for Three Months
		October 31, 2021
		Low		High
Target GAAP earnings per share		$                   1.09		$                   1.25
Adjustments:
Amortization of intangible assets		0.15		0.13
Stock compensation		0.58		0.55
Restructuring charges		0.15		0.08
Tax adjustments		(0.22)		(0.21)
Target non-GAAP earnings per share		$                   1.75		$                   1.80
Shares used in non-GAAP calculation (midpoint of target range)		157,500		157,500
GAAP to Non-GAAP Reconciliation of Full Fiscal Year 2021 Targets(1)
(in thousands, except per share amounts)
		Range for Fiscal Year
		October 31, 2021
		Low		High
Target GAAP expenses		$          3,430,837		$          3,458,837
Adjustments:
Amortization of intangible assets		(80,000)		(83,000)
Stock compensation		(335,000)		(340,000)
Acquisition-related costs		(11,594)		(11,594)
Restructuring charges		(28,000)		(38,000)
Legal matters		1,455		1,455
Non-qualified deferred compensation plan		(62,698)		(62,698)
Target non-GAAP expenses		$          2,915,000		$          2,925,000
		Range for Fiscal Year
		October 31, 2021
		Low		High
Target GAAP earnings per share		$                   4.63		$                   4.79
Adjustments:
Amortization of intangible assets		0.53		0.51
Stock compensation		2.16		2.13
Acquisition-related costs		0.07		0.07
Restructuring charges		0.25		0.18
Legal matters		(0.01)		(0.01)
Tax adjustments		(0.85)		(0.84)
Target non-GAAP earnings per share		$                   6.78		$                   6.83
Shares used in non-GAAP calculation (midpoint of target range)		157,500		157,500

(1) Synopsys' fourth fiscal quarter and fiscal year will end on October 30, 2021. For presentation purposes, we refer to the closest calendar month end.

 

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 continued impact of U.S. and foreign government action on our results; and the expected impact 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 effect 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; 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; macroeconomic conditions and uncertainty in the global economy; fluctuation of our operating results; increased variability in our revenue due to the adoption of ASC 606, including the resulting increase in recognizing upfront revenue as a percentage of total revenue; 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 its latest Quarterly Report on Form 10-Q. The information provided herein is as of August 18, 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				Nine Months Ended
	July 31,				July 31,
	2021		2020		2021		2020
Revenue:
Time-based products	$    665,563		$   612,065		$    1,945,647		$    1,758,601
Upfront products	203,301		210,931		586,798		491,417
Maintenance and service	188,266		141,138		519,329		409,824
Total revenue	1,057,130		964,134		3,051,774		2,659,842
Cost of revenue:
Products	127,592		118,478		389,677		344,469
Maintenance and service	65,604		60,812		202,210		184,940
Amortization of intangible assets	11,870		13,718		35,164		40,732
Total cost of revenue	205,066		193,008		627,051		570,141
Gross margin	852,064		771,126		2,424,723		2,089,701
Operating expenses:
Research and development	371,146		322,602		1,090,959		939,456
Sales and marketing	171,428		156,456		514,810		455,511
General and administrative	83,846		73,516		234,028		204,734
Amortization of intangible assets	8,570		9,931		25,273		29,545
Restructuring charges	15,151		(1,977)		15,151		36,446
Total operating expenses	650,141		560,528		1,880,221		1,665,692
Operating income	201,923		210,598		544,502		424,009
Other income (expense), net	11,414		26,256		61,934		22,584
Income before income taxes	213,337		236,854		606,436		446,593
Provision (benefit) for income taxes	14,945		(16,057)		51,214		(20,299)
Net income	198,392		252,911		555,222		466,892
Net income (loss) attributed to non-controlling interest	(254)		-		(847)		-
Net income attributed to Synopsys	$    198,646		$   252,911		$       556,069		$       466,892
Net income per share:
Basic	$          1.30		$         1.67		$             3.64		$             3.10
Diluted	$          1.27		$         1.62		$             3.54		$             3.01
Shares used in computing per share amounts:
Basic	152,635		151,352		152,619		150,731
Diluted	156,907		155,973		157,158		155,074

(1) Synopsys' third quarter of fiscal year 2021 and 2020 ended on July 31, 2021 and August 1, 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)
				July 31, 2021		October 31, 2020
ASSETS:
Current assets:
Cash and cash equivalents				$     1,385,395		$             1,235,653
Short-term investments				144,773		-
Total cash, cash equivalents & short-term investments				1,530,168		1,235,653
Accounts receivable, net				577,845		780,709
Inventories, net				241,103		192,333
Income taxes receivable and prepaid taxes				35,724		32,355
Prepaid and other current assets				379,136		308,167
Total current assets				2,763,976		2,549,217
Property and equipment, net				470,129		483,818
Operating lease right-of-use assets, net				493,899		465,818
Goodwill				3,485,181		3,365,114
Intangible assets, net				249,974		254,322
Long-term prepaid taxes				10,417		8,276
Deferred income taxes				527,753		497,546
Other long-term assets				484,577		405,951
Total assets				$     8,485,906		$             8,030,062
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Accounts payable and accrued liabilities				$        615,737		$                623,664
Operating lease liabilities, current				79,289		73,173
Accrued income taxes				14,536		27,738
Deferred revenue				1,542,606		1,388,263
Short-term debt				82,468		27,084
Total current liabilities				2,334,636		2,139,922
Operating lease liabilities, non-current				487,574		462,411
Long-term accrued income taxes				24,600		25,178
Long-term deferred revenue				103,759		104,850
Long-term debt				24,754		100,823
Other long-term liabilities				355,447		284,511
Total liabilities				3,330,770		3,117,695
Stockholders' equity:
Preferred stock, $0.01 par value: 2,000 shares authorized; none outstanding				-		-
Common stock, $0.01 par value: 400,000 shares authorized; 152,597 and
152,618 shares outstanding, respectively				1,526		1,528
Capital in excess of par value				1,606,980		1,653,166
Retained earnings				4,348,266		3,795,397
Treasury stock, at cost: 4,664 and 4,643 shares, respectively				(757,341)		(488,613)
Accumulated other comprehensive income (loss)				(48,411)		(54,074)
Total Synopsys stockholders' equity				5,151,020		4,907,404
Non-controlling interest				4,116		4,963
Total stockholders' equity				5,155,136		4,912,367
Total liabilities and stockholders' equity				$     8,485,906		$             8,030,062

(1) Synopsys' third quarter of fiscal year 2021 ended on July 31, 2021, and its fiscal year 2020 ended on October 31, 2020.

 

SYNOPSYS, INC.
Unaudited Consolidated Statements of Cash Flows (1)
(in thousands)
	Nine Months Ended
	July 31,
	2021		2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income attributed to Synopsys	$    556,069		$    466,892
Adjustments to reconcile net income to net cash provided by
operating activities:
Amortization and depreciation	151,274		159,156
Reduction of operating lease right-of-use assets	64,920		62,585
Amortization of capitalized costs to obtain revenue contracts	46,973		44,851
Stock-based compensation	248,530		170,155
Allowance for doubtful accounts	13,813		14,875
(Gain) loss on sale of property and investments	10		(1,994)
Deferred income taxes	(33,116)		(74,374)
Other non-cash	2,926		2,750
Net changes in operating assets and liabilities, net of
acquired assets and liabilities:
Accounts receivable	188,996		(89,667)
Inventories	(51,448)		(20,296)
Prepaid and other current assets	(62,201)		(21,350)
Other long-term assets	(117,922)		(77,860)
Accounts payable and accrued liabilities	51,991		44,313
Operating lease liabilities	(61,666)		(57,968)
Income taxes	(29,414)		6,128
Deferred revenue	152,328		160,966
Net cash provided by operating activities	1,122,063		789,162
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sales and maturities of short-term investments	1,128		-
Purchases of short-term investments	(146,082)		-
Proceeds from sales of long-term investments	-		2,151
Purchases of long-term investments	(7,591)		(2,762)
Purchases of property and equipment	(66,957)		(120,234)
Cash paid for acquisitions, net of cash acquired	(164,053)		(201,045)
Capitalization of software development costs	(1,517)		(3,035)
Other	(800)		-
Net cash used in investing activities	(385,872)		(324,925)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from credit facilities	-		276,490
Repayment of debt	(21,637)		(284,218)
Issuances of common stock	113,976		123,237
Payments for taxes related to net share settlement of equity awards	(104,291)		(66,985)
Purchase of equity forward contract	(35,000)		-
Purchases of treasury stock	(538,082)		(200,000)
Other	(4,375)		-
Net cash used in financing activities	(589,409)		(151,476)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	2,985		8,700
Net change in cash, cash equivalents and restricted cash	149,767		321,461
Cash, cash equivalents and restricted cash, beginning of year	1,237,970		730,527
Cash, cash equivalents and restricted cash, end of period	$ 1,387,737		$ 1,051,988

(1) Synopsys' third quarter of fiscal year 2021 and 2020 ended on July 31, 2021 and August 1, 2020, respectively. For presentation purposes, we refer to the closest calendar month end.

 

SYNOPSYS, INC.
Business Segment Reporting (1)
(in millions)
	Q3'21		Q3'20		YTD Q3'21		YTD Q3'20
Revenue by segment
- Semiconductor & System Design	$                        959.1		$                           870.7		$                        2,768.0		$                        2,392.5
% of Total	90.7%		90.3%		90.7%		90.0%
- Software Integrity	$                          98.0		$                             93.4		$                           283.8		$                           267.3
% of Total	9.3%		9.7%		9.3%		10.0%
Total segment revenue	$                     1,057.1		$                           964.1		$                        3,051.8		$                        2,659.8
Adjusted operating income by segment
- Semiconductor & System Design	$                        328.7		$                           308.7		$                           916.5		$                           697.3
- Software Integrity	$                            8.7		$                             14.8		$                             25.0		$                             34.6
Total adjusted segment operating income	$                        337.4		$                           323.6		$                           941.5		$                           731.9
Adjusted operating margin by segment
- Semiconductor & System Design	34.3%		35.4%		33.1%		29.1%
- Software Integrity	8.8%		15.8%		8.8%		12.9%
Total adjusted segment operating margin	31.9%		33.6%		30.8%		27.5%
Total Adjusted Segment Operating Income Reconciliation (1)(2)
(in millions)
	Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
	July 31, 2021 (3)		July 31, 2020 (3)		July 31, 2021 (3)		July 31, 2020 (3)
GAAP total operating income – as reported	$                        201.9		$                           210.6		$                           544.5		$                           424.0
Other expenses managed at consolidated level
-Amortization of intangible assets	20.4		23.6		60.4		70.3
-Stock compensation	85.2		61.8		248.5		170.2
-Non-qualified deferred compensation plan	10.5		26.2		62.7		20.2
-Acquisition-related costs	5.7		3.3		11.6		10.8
-Restructuring charges	15.2		(2.0)		15.2		36.4
-Legal matters	(1.5)		-		(1.5)		-
Total adjusted segment operating income	$                        337.4		$                           323.6		$                       941.5		$                           731.9

(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 due to rounding.

(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 operating decision makers (CODMs) to evaluate the operating performance of its segments. The CODMs do not allocate certain operating expenses managed at a consolidated level to our reportable segments, and as a result, the reported operating income and operating margin do not include these unallocated expenses as shown in the table above. Amounts may not foot due to rounding.

(3) Synopsys' third quarter of fiscal year 2021 and 2020 ended on July 31, 2021 and August 1, 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

 

View original content:https://www.prnewswire.com/news-releases/synopsys-posts-financial-results-for-third-quarter-fiscal-year-2021-301358246.html

SOURCE Synopsys, Inc.

FAQ

What were Synopsys' third quarter results for fiscal year 2021?

For Q3 fiscal 2021, Synopsys reported revenue of $1,057.1 million and non-GAAP net income of $284.5 million, or $1.81 per share.

What is Synopsys' fiscal guidance for 2021?

Synopsys raised its fiscal 2021 targets, aiming for significant growth and over $5 billion in revenue by 2023.

How did Synopsys' earnings compare year-over-year in Q3?

In Q3 fiscal 2021, non-GAAP earnings increased year-over-year while GAAP earnings fell significantly from the previous year.

What are the positive aspects of Synopsys' recent financial performance?

Key positives include strong revenue growth, increased non-GAAP earnings, and an optimistic outlook for future revenue growth.

What were the GAAP results for Synopsys in Q3 2021?

GAAP net income for Q3 2021 was $198.6 million, or $1.27 per share, a decrease from $252.9 million or $1.62 per share in Q3 2020.