The EDA & Electronics IP Almanac: Q1 2011


Mentor Graphics self description

Mentor Graphics Corporation is a world leader in electronic hardware and software design solutions, providing products, consulting services and award-winning support for the world’s most successful electronic, semiconductor and systems companies. Established in 1981, the company reported revenues in the last fiscal year of about $915 million. Corporate headquarters are located at 8005 S.W. Boeckman Road, Wilsonville, Oregon 97070-7777. World Wide Web site: (Mentor Graphics, Mentor, Calibre and Valor are registered trademarks of Mentor Graphics Corporation. All other company or product names are the registered trademarks or trademarks of their respective owners.)

The last three months of MENT stock (above)

   Date       Price $       Mkt Cap

May 12      15.12        $1.70B

June 03     13.10         $1.48B

June 17     12.23         $1.36B

On April 25, 2011 SpringSoft, Inc. (TAIEX: 2473) announced consolidated revenue of NT$549.377 million, net income of NT$139.411 million, and earnings per share of NT$0.67 for the first quarter ended March 31, 2011 (Nominal Q1 2011).

First‐quarter revenue decreased 4.7% from the just prior quarter but increased 2.6% year‐over‐year despite NT dollar appreciation against US dollar. Converting the quarterly NT$ revenues into $US using the actual average exchange rate in effect during each quarter, Q1 2011 revenue decreased 3.0% from the just prior (sequential) Q4 2010 quarter but increased 11.2% in Q1 2010, i.e. year‐over‐year. See Table 1 above ($US).

Operating margin for the quarter was 26.7%, higher than the 23.1% in the previous quarter and 23.5% in the year‐ago quarter.

Net income in NT$ increased 85.6% from the just prior quarter and 46.2% from the year‐ago quarter. In $US, the same figures are 89.1% and 56.7%, respectively. See Table 2.

EPS was NT$0.67, compared with NT$0.36 in the prior quarter and NT$0.46 in the year‐ago quarter. All figures were prepared on a consolidated basis.

SpringSoft self description

SpringSoft, Inc. is a global supplier of specialized automation technologies that accelerate engineers during the design, verification and debug of complex digital, analog and mixed‐signal ICs, ASICs, microprocessors, and SoCs. Its award‐winning product portfolio features the Novas™ Verification Enhancement and Laker Custom IC Design solutions used by more than 400 of today's leading IDM and fabless semiconductor companies, foundries, and electronic systems OEMs. Headquartered in Hsinchu, Taiwan, SpringSoft is the largest company in Asia specializing in IC design software and a recognized industry leader in customer service with more than 400 employees located in multiple R&D sites and local support offices around the world. For more information, visit Novas, Verdi, Laker and MCell are trademarks of SpringSoft, Inc. All other trademarks or registered trademarks are the property of their respective owners.


On May 18, 2011 Synopsys, Inc. (NASDAQ: SNPS) reported results for the second quarter its fiscal year 2011, a quarter which for our purposes is labeled nominal Q1 2011.

For nominal Q1 2011, Synopsys reported revenue of $393.7 million, compared YOY to $338.1 million for nominal Q1 2010, an increase of 16.4%; moreover, Synopsys also exceeded the revenue of its traditionally-strong sequential Q4 2010 by nearly 8%!  The $393.7 million in Q1 2011 revenue was just about at the top of the range of revenue guidance issued 3 months earlier by Synopsys.

"Synopsys delivered a strong quarterly result as we continue to execute well," said Aart de Geus, chairman and CEO of Synopsys.

Aart de Geus

"Our technology pipeline, delivery and customer adoption remain strong, and we continue to see momentum in our IP and Systems products."

GAAP Results  

On a generally accepted accounting principles (GAAP) basis, net income for nominal Q1 2011 was $81.1 million, or $0.53 per share, compared to $39.5 million, or $0.26 per share, for nominal Q1 2010.  And here we witness another one of those distortions due to a tax situation from another period, albeit a positive distortion:  Synopsys’ net income for Q1 2011 includes a one-time $32.8 million, or $0.21 per share, tax benefit associated with a settlement with the IRS for audits for fiscal years 2006 through 2009. The tax benefit to profit was also just about precisely the extra kick by which Q1 2011 exceeded Synopsys’ nominal Q4 2010 profit. Obviously, the tax benefit allowed Synopsys to blow the doors off Synopsys’ guidance for earnings issued three months ago, wherein the top of the EPS range for Q1 2011 was predicted to be $0.31.

Financial Targets

Synopsys also provided its financial targets for its next quarter and full fiscal year 2011.  These targets do not include future acquisition-related costs that may be incurred this year.  These targets constitute forward-looking information and are based on current expectations that may or may not materialize.

Synopsys Nominal Q2 2011 Targets:

  • Revenue: $378 million - $386 million
  • GAAP expenses: $319 million - $337 million
  • Other income and expense: $0 - $2 million
  • Fully diluted outstanding shares: 149 million - 153 million
  • GAAP earnings per share: $0.25 - $0.31
  • Revenue from backlog: greater than 90%


Full Fiscal Year 2011 Targets:

  • Revenue: $1.5 billion - $1.525 billion
  • Other income and expense: $1 million - $5 million
  • Fully diluted outstanding shares: 149 million - 153 million
  • GAAP earnings per share: $1.33 - $1.46
  • Cash flow from operations: approximately $300 million


By the way, here is Synopsys’ take on the “GAAP vs. Non-GAAP” Issue

“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 ongoing business operations and what Synopsys uses to evaluate its ongoing 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) other significant items, including the effect of tax benefits from settlements with the Internal Revenue Service, and (v) the income tax effect of non-GAAP pre-tax adjustments from the provision for income taxes; 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.  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.”

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