Synopsys Posts Financial Results for Fourth Quarter and Fiscal Year 2022

 

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; strategies related to our products and technology; business and market outlook, opportunities and strategies; 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; software trends; planned acquisitions and stock repurchases; our expected tax rate; and the impact of the ongoing 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 such forward-looking statements. Such risks, uncertainties and factors include, but are not limited to: macroeconomic conditions and 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; the impact of the ongoing COVID-19 pandemic on the global economy and on our business, operations and financial condition; 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 Annual Report on Form 10-K for the fiscal year ended October 31, 2021 and in our latest Quarterly Report on Form 10-Q. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes thereto included in Synopsys' most recent reports on Forms 10-Q and 10-K each as may be amended from time to time. Synopsys' financial results for its fourth quarter and fiscal year 2022 are not necessarily indicative of Synopsys' operating results for any future periods.  The information provided herein is as of November 30, 2022. 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 Income (1)

(in thousands, except per share amounts)



Three Months Ended


Twelve Months Ended


October 31,


October 31,


2022


2021


2022


2021

Revenue:








  Time-based products

$           808,160


$           688,116


$        2,993,786


$        2,633,763

  Upfront products

253,245


274,265


1,226,728


861,063

    Total products revenue

1,061,405


962,381


4,220,514


3,494,826

  Maintenance and service

222,887


190,038


861,028


709,367

      Total revenue

1,284,292


1,152,419


5,081,542


4,204,193

Cost of revenue:








  Products

173,617


152,437


653,783


542,114

  Maintenance and service

89,313


68,992


342,978


271,202

  Amortization of intangible assets

19,791


13,297


66,936


48,461

      Total cost of revenue

282,721


234,726


1,063,697


861,777

Gross margin

1,001,571


917,693


4,017,845


3,342,416

Operating expenses:








  Research and development

461,618


413,864


1,680,379


1,504,823

  Sales and marketing

208,448


197,681


779,777


712,491

  General and administrative

107,414


88,960


353,840


322,988

  Amortization of intangible assets

6,718


8,646


29,754


33,919

  Restructuring charges

-


18,254


12,057


33,405

      Total operating expenses

784,198


727,405


2,855,807


2,607,626

Operating income

217,373


190,288


1,162,038


734,790

Other income (expense), net

(5,244)


8,790


(46,524)


70,724

Income before income taxes

212,129


199,078


1,115,514


805,514

Provision (benefit) for income taxes

60,572


(2,059)


137,078


49,155

Net income

151,557


201,137


978,436


756,359

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

(1,943)


(310)


(6,158)


(1,157)

Net income attributed to Synopsys

$           153,500


$           201,447


$           984,594


$           757,516









Net income per share attributed to Synopsys:








  Basic

$                 1.00


$                 1.32


$                 6.44


$                 4.96

  Diluted

$                 0.99


$                 1.28


$                 6.29


$                 4.81









Shares used in computing per share amounts:








  Basic

152,761


152,932


153,002


152,698

  Diluted

155,749


157,243


156,485


157,340









(1) Synopsys' fourth quarter of fiscal year 2022 and 2021 ended on October 29, 2022 and October 30, 2021, respectively. For
presentation purposes, we refer to the closest calendar month end.


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