Synopsys Posts Financial Results for Second Quarter Fiscal Year 2017

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 at Synopsys' corporate website at www.synopsys.com. A recording of the call will be available by calling +1-800-475-6701 (+1-320-365-3844 for international callers), access code 423492, beginning at 4:00 p.m. Pacific Time today, until 11:59 p.m. Pacific Time on May 24, 2017. A webcast replay will also be available on the website from approximately 4:30 p.m. Pacific Time today through the time Synopsys announces its results for the third fiscal quarter in August 2017. 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 the 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 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' 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 corporate overview presentation will remain available on Synopsys' website through the date of the third quarter fiscal year 2017 earnings call in August 2017, 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 third quarter of fiscal year 2017 or comment to analysts or investors on, or otherwise update, the targets given in this earnings release.

Availability of Final Financial Statements

Synopsys will include final financial statements for the second quarter of fiscal year 2017 in its quarterly report on Form 10-Q to be filed by June 8, 2017.

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 the world's 15th largest software company, Synopsys has a long history of being a global leader in electronic design automation (EDA) and semiconductor IP and is also growing its leadership in software security and quality solutions. Whether you're a system-on-chip (SoC) designer creating advanced semiconductors, or a software developer writing applications that require the highest security and quality, Synopsys has the solutions needed to deliver innovative, high-quality, secure products. Learn more at https://www.synopsys.com/.    

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, information in the sections entitled "Financial Targets" and "Reconciliation of Target Non-GAAP Operating Results" as well as statements related to customer demand for our technology and projected financial results and business objectives. 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: uncertainty in the growth of the semiconductor and electronics industry; consolidation among our customers and our dependence on a relatively small number of large customers; continued uncertainty in the global economy; our ability to realize the potential financial or strategic benefits of acquisitions we complete; fluctuation of our operating results; our highly competitive industries and our ability to meet our customers' demand for innovative technology at lower costs; our ability to carry out our new product and technology initiatives; our ability to protect our proprietary technology; changes in accounting principles or standards; investments of more resources in research and development than anticipated; risks and compliance obligations relating to the global nature of our operations; cybersecurity threats or other security breaches; changes in our GAAP or non-GAAP 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; increased risks resulting from an increase in sales of our hardware products; 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; evolving corporate governance and public disclosure regulations; the inherent limitations on the effectiveness of our controls and compliance programs; the impairment of our investment portfolio by the deterioration of capital markets and the change in the fair value of our non-qualified deferred compensation plan obligations; 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, 2016 and in its Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2017 to be filed with the SEC. The information provided herein is as of May 17, 2017.  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 


Six Months Ended


April 30,


April 30,


2017


2016


2017


2016

Revenue:








  Time-based products

$ 501,096


$ 484,175


$  990,461


$  948,455

  Upfront products

83,450


58,163


163,059


101,600

  Maintenance and service

95,523


62,667


179,335


123,554

      Total revenue

680,069


605,005


1,332,855


1,173,609

Cost of revenue:








  Products

100,907


85,444


197,878


161,837

  Maintenance and service

41,487


21,631


78,790


44,156

  Amortization of intangible assets

19,634


24,555


41,106


55,081

     Total cost of revenue

162,028


131,630


317,774


261,074

Gross margin

518,041


473,375


1,015,081


912,535

Operating expenses:








  Research and development

223,015


216,172


435,663


412,877

  Sales and marketing

137,211


120,926


263,722


243,546

  General and administrative

83,438


41,553


124,304


81,250

  Amortization of intangible assets 

7,864


7,024


15,900


13,959

  Restructuring charges

12,907


894


25,012


2,987

     Total operating expenses

464,435


386,569


864,601


754,619

Operating income

53,606


86,806


150,480


157,916

Other income (expense), net

8,414


10,417


19,901


3,649

Income before income taxes

62,020


97,223


170,381


161,565

Provision (benefit) for income taxes

8,714


27,847


30,487


32,154

Net income

$   53,306


$   69,376


$  139,894


$  129,411









Net income per share:








  Basic

$       0.35


$0.46


$        0.93


$0.85

  Diluted

$       0.34


$0.45


$        0.90


$0.84









Shares used in computing per share amounts:








  Basic

150,384


152,250


150,583


152,609

  Diluted

154,861


154,536


154,754


154,921


(1)  Synopsys' second quarter of fiscal year 2017 and 2016 ended on April 29, 2017 and April 30, 2016, respectively. For presentation purposes, we refer to the closest calendar month end.


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