UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): September 1, 2016
SYNOPSYS, INC.
(Exact name of Registrant as specified in charter)
| Delaware | 000-19807 | 56-1546236 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
690 East Middlefield Road
Mountain View, California 94043
(Address of principal executive offices)
Registrant’s telephone number, including area code: (650) 584-5000
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01 Other Events.
On September 1, 2016, Synopsys, Inc. (“Synopsys”) issued a press release announcing that its board of directors had replenished Synopsys’ existing stock repurchase program up to $500 million. The program authorizes, but does not obligate, Synopsys to purchase up to $500 million of its common stock, and Synopsys’ chief financial officer or board of directors may suspend or terminate the program at any time. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit Number |
Exhibit Title | |
| 99.1 | Press release dated September 1, 2016 announcing the replenishment of Synopsys’ existing stock repurchase program up to $500 million. | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| SYNOPSYS, INC. | ||||||
| Dated: September 1, 2016 |
By: | /s/ JOHN F. RUNKEL, JR. | ||||
| John F. Runkel, Jr. | ||||||
| General Counsel and Corporate Secretary | ||||||
INDEX TO EXHIBITS
| Exhibit Number |
Exhibit Title | |
| 99.1 | Press release dated September 1, 2016 announcing the replenishment of Synopsys’ existing stock repurchase program up to $500 million. | |
Exhibit 99.1
PRESS RELEASE
INVESTOR CONTACT:
Lisa L. Ewbank
Synopsys, Inc.
650-584-1901
Synopsys-ir@synopsys.com
EDITORIAL CONTACT:
Sheryl Gulizia
Synopsys, Inc.
650-584-8635
sgulizia@synopsys.com
Synopsys Replenishes Repurchase Authorization to $500 Million
MOUNTAIN VIEW, Calif. – September 1, 2016 – Synopsys, Inc. (Nasdaq: SNPS) today announced that its Board of Directors has replenished its existing stock repurchase authorization back to $500 million.
“Synopsys is committed to driving sustainable, long-term value for shareholders,” said Trac Pham, chief financial officer of Synopsys. “We are pleased to be in a position to extend our share repurchase program with this new authorization, and will continue to balance return of capital to stockholders, debt reduction and strategic investments to grow the business.”
Synopsys’ Board of Directors originally approved the stock repurchase program in 2002 and has periodically replenished the program as funds are spent. The program does not obligate Synopsys to acquire any particular amount of common stock, and the program may be suspended or terminated at any time at Synopsys’ discretion.
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 quality and security solutions. Whether you’re a system-on-chip (SoC) designer creating advanced semiconductors, or a software developer writing applications that require the highest quality and security, Synopsys has the solutions needed to deliver innovative, high-quality, secure products. Learn more at www.synopsys.com.
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Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements, including statements related to the timing and extent of any stock repurchases, and our planned deployment of capital. Forward-looking statements are subject to both known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. These risks and uncertainties include, among others: fluctuations in the market price of Synopsys common stock; our use of cash for other purposes; our ability to find suitable acquisition targets; and global and regional economic and market conditions, including their potential impact on the semiconductor and electronics industries and other risks of instability in the banking and financial services industry. Other risks and uncertainties that may apply are set forth in the Risk Factors section of Synopsys’ most recently filed Quarterly Report on Form 10-Q. Synopsys assumes no obligation to update any forward-looking statement contained in this press release.
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