Synopsys Posts Financial Results for Fourth Quarter and Fiscal Year 2019

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, including, but not limited to, financial targets for the first quarter and full fiscal year 2020, as well as statements related to our long-term revenue, non-GAAP EPS and non-GAAP operating margin objectives, and the expected impact of the U.S. government action on our results.  These statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied in our forward-looking statements. Accordingly, we caution stockholders and prospective investors not to place undue reliance on these statements. Such risks, uncertainties and factors include, but are not limited to: additional administrative, legislative or regulatory action by the U.S. or foreign governments, such as the imposition of additional tariffs or export restrictions, which could further interfere with our ability to provide products and services in certain countries; the response by current or potential customers and their willingness to purchase products and services from us in the future; 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; 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; our highly competitive industries and our ability to meet our customers' demand for innovative technology at lower costs; risks and compliance obligations relating to the global nature of our operations; cybersecurity threats or other security breaches; our ability to protect our proprietary technology; our ability to realize the potential financial or strategic benefits of acquisitions we complete; our ability to carry out our new product and technology initiatives; investment of more resources in research and development than anticipated; increased risks resulting from an increase in sales of our hardware products, including increased variability in upfront revenue; changes in accounting principles or standards; changes in our effective tax rate; liquidity requirements in our U.S. operations; claims that our products infringe on third-party intellectual property rights; litigation; product errors or defects; the ability to obtain licenses to third-party software and intellectual property on reasonable terms or at all; the ability to timely recruit and retain senior management and key employees; the inherent limitations on the effectiveness of our controls and compliance programs; the impairment of our investment portfolio by the deterioration of capital markets; the accuracy of certain assumptions, judgments and estimates that affect amounts reported in our financial statements; and the impact of catastrophic events. More 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, 2018 and its latest Quarterly Report on Form 10-Q. The information provided herein is as of December 4, 2019.  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,


2019


2018


2019


2018

Revenue:








  Time-based products

$ 548,375


$ 605,561


$ 2,197,965


$ 2,303,317

  Upfront products

168,325


66,555


619,791


357,698

  Maintenance and service

134,381


122,966


542,938


460,043

      Total revenue

851,081


795,082


3,360,694


3,121,058

Cost of revenue:








  Products

112,964


113,400


459,127


448,430

  Maintenance and service

56,083


52,760


234,196


203,434

  Amortization of intangible assets

13,696


24,422


59,623


84,034

     Total cost of revenue

182,743


190,582


752,946


735,898

Gross margin

668,338


604,500


2,607,748


2,385,160

Operating expenses:








  Research and development

290,503


290,875


1,136,932


1,084,822

  Sales and marketing

161,170


167,325


632,890


622,978

  General and administrative

63,424


63,043


229,218


262,560

  Amortization of intangible assets 

10,080


10,704


41,291


41,630

  Restructuring charges

13,440


11,028


47,186


12,945

     Total operating expenses

538,617


542,975


2,087,517


2,024,935

Operating income

129,721


61,525


520,231


360,225

Other income (expense), net

1,902


(9,277)


25,275


3,318

Income before income taxes

131,623


52,248


545,506


363,543

Provision (benefit) for income taxes

(29,091)


(202,080)


13,139


(68,975)

Net income

$ 160,714


$ 254,328


$    532,367


$    432,518









Net income per share:








  Basic

$       1.07


$       1.71


$          3.55


$          2.90

  Diluted

$       1.04


$       1.66


$          3.45


$          2.82









Shares used in computing per share amounts:








  Basic

150,367


149,148


149,872


149,036

  Diluted

154,532


153,038


154,190


153,393


(1) Synopsys' fourth quarter of fiscal year 2019 and 2018 ended on November 2, 2019 and November 3, 2018, respectively. For presentation purposes, we refer to the closest calendar month end. The first quarter of fiscal 2018 included an extra week.


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Reviews:
Review Article
  • online works December 05, 2019
    Reviewed by 'Nelsonr Jeynolds'
    Synopsys likewise gives its combined budgetary focuses to the fourth quarter and full financial year 2019, which do exclude any effect of future obtaining related exercises or expenses.
    Thesis writing service

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