Synopsys Posts Financial Results for Third Quarter Fiscal Year 2021

Q3 2021 Financial Highlights

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







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