8-K

SYNOPSYS, INC.

Dated: December 4, 2019

/s/ John F. Runkel, Jr.

John F. Runkel, Jr.

General Counsel and Corporate Secretary

0001193125-19-306224.txt : 20191204 0001193125-19-306224.hdr.sgml : 20191204 20191204163310 ACCESSION NUMBER: 0001193125-19-306224 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20191204 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20191204 DATE AS OF CHANGE: 20191204 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SYNOPSYS INC CENTRAL INDEX KEY: 0000883241 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 561546236 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-19807 FILM NUMBER: 191268514 BUSINESS ADDRESS: STREET 1: 690 E MIDDLEFIELD RD CITY: MOUNTAIN VIEW STATE: CA ZIP: 94043 BUSINESS PHONE: 6505845000 MAIL ADDRESS: STREET 1: 690 E MIDDLEFIELD RD CITY: MOUNTAIN VIEW STATE: CA ZIP: 94043 8-K 1 d822869d8k.htm 8-K 8-K

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): December 4, 2019

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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Common Stock ($0.01 par value)

SNPS

Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02

Results of Operations and Financial Condition.

On December 4, 2019, Synopsys, Inc. (“Synopsys”) issued a press release announcing the financial results of its fourth fiscal quarter and fiscal year ended October 31, 2019. A copy of this press release is furnished and attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information in this Current Report, including the exhibit hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained herein and in the accompanying exhibit shall not be incorporated by reference into any registration statement or other document filed with the Securities and Exchange Commission by Synopsys whether made before or after the date hereof, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.

The attached press release includes measures that are not in accordance with, or an alternative for, U.S. generally accepted accounting principles (“GAAP”). The attached press release includes non-GAAP earnings per share, non-GAAP net income, targeted non-GAAP expenses, and targeted non-GAAP earnings per share.

These non-GAAP measures may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles, and management exercises judgment in determining which items should be excluded in the calculation of non-GAAP measures. While we believe that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP, we believe that non-GAAP measures are valuable in analyzing our core operations. Management analyzes current and future results on a GAAP basis as well as a non-GAAP basis and also provides GAAP and non-GAAP measures in our earnings release. The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. The non-GAAP financial measures are meant to supplement, and be viewed in conjunction with, GAAP financial measures. We believe that the presentation of non-GAAP measures, when shown in conjunction with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to our financial condition and results of operations.

Synopsys’ management evaluates and makes decisions about our business operations primarily based on the income and costs that management believes are directly related to Synopsys’ core operations, both from a company-wide basis and on a business segment basis. For our internal budgeting and resource allocation process, and in reviewing our financial results, we use non-GAAP financial measures that exclude: (i) the amortization of acquired intangible assets; (ii) the impact of stock compensation; (iii) acquisition-related costs; (iv) restructuring charges; (v) the effects of certain settlements, final judgments and loss contingencies related to legal proceedings; (vi) the various income tax impacts, as further described below, prompted by the Tax Cut and Jobs Act of 2017 enacted on December 22, 2017 (“U.S. Tax Reform”); and (vii) the income tax effect of non-GAAP pre-tax adjustments. We also utilize a normalized annual non-GAAP tax rate in the calculation of our non-GAAP measures, as further described below.

We use these non-GAAP financial measures in making our operating decisions because we believe the measures provide meaningful supplemental information regarding our core operational performance and give us a better understanding of how we should invest in research and development, as well as fund infrastructure and product and market strategies. We use these measures to help us make budgeting decisions, for example, among product development expenses and research and development, sales and marketing, and general and administrative expenses. In addition, these non-GAAP financial measures facilitate our internal comparisons to our historical operating results, forecasted targets and comparisons to competitors’ operating results.

Synopsys provides segment information, namely adjusted segment operating income and adjusted segment operating margin, in accordance with FASB Accounting Standards Codification Topic 280, Segment Reporting. These measures reflect how management evaluates the operating performance of its segments. In evaluating our business segments, management considers the income and costs that management believes are directly related to those segments. The items mentioned above that are excluded from non-GAAP measures are the same items that management does not allocate to the segments to evaluate their performance. Similarly, Synopsys does not allocate changes in the fair value of its non-qualified deferred compensation plan because these changes typically do not require cash settlement and they are not used by us to assess the core profitability of our business operations.

As described above, we exclude the following items from one or more of our non-GAAP measures:

(i) Amortization of acquired intangible assets. We incur expenses from amortization of acquired intangible assets, which include contract rights, core/developed technology, trademarks, trade names, customer relationships, covenants not to compete, and other intangibles related to acquisitions. We amortize the intangible assets over their economic lives. We exclude this item because the expense is non-cash in nature and because we believe the non-GAAP financial measures excluding this item provide meaningful supplemental information regarding (a) our core operational performance and liquidity, and (b) our ability to invest in research and development and fund acquisitions and capital expenditures.

(ii) Stock compensation impact. While stock compensation expense constitutes an ongoing and recurring expense, such expense is excluded from non-GAAP results because it is not an expense that typically requires or will require cash settlement by us and because such expense is not used by us to assess the core profitability of our business operations. In addition, excluding this item from various non-GAAP measures facilitates comparisons to our competitors’ operating results.

(iii) Acquisition-related costs. In connection with our business combinations, we incur significant expenses which we would not have otherwise incurred as part of our business operations. These expenses include compensation expenses, professional fees and other direct expenses, and concurrent restructuring activities, including employee severance and other exit costs, as well as changes to the fair value of contingent consideration related to the acquired company. We exclude such expenses, which we would not have otherwise incurred, as they are related to acquisitions and have no direct correlation to the operation of our business.

(iv) Restructuring charges. We initiate restructuring activities in order to align our costs in connection with both our operating plans and our business strategies based on then-current economic conditions. The amounts of the restructuring activities and frequency of occurrence may vary from time to time. Restructuring costs generally include severance and other termination benefits related to voluntary retirement programs and involuntary headcount reductions as well as facilities closures. Such restructuring costs include elimination of operational redundancy and permanent reductions in workforce and facilities closures and, therefore, are not considered by us to be a part of the core operation of our business and not used by us when assessing the core profitability and performance of our business operations. Furthermore, excluding this item from various non-GAAP measures facilitates comparisons to our competitors’ and our past operating results.

(v) Legal matters. From time to time we are party to legal proceedings, including tax-related matters. Legal proceedings could result in an expense or benefit due to settlements, final judgments, or accruals for loss contingencies. We exclude these types of expenses or benefits because we do not believe they are reflective of the core operation of our business.

(vi) Income tax impacts of U.S. tax reform. On December 22, 2017, the Tax Cut and Jobs Act of 2017 was enacted into law, and includes numerous provisions that affect our business and tax strategy, resulting in tax-related impacts to our financial statements, as follows:

(a) Transition Tax Impact. A mandated one-time transition tax on deemed repatriation of foreign earnings, resulted in a $63 million tax expense in fiscal 2018 and a tax benefit of $18 million as a result of subsequent judicial rulings, in fiscal 2019; and

(b) Tax Rate Change Impact. A reduction of the U.S. federal statutory tax rate from 35% to 21%, effective January 1, 2018, resulted in a $51 million tax expense in fiscal 2018 for the write-down of certain deferred tax assets.

These items are excluded from various non-GAAP measures as they are unusual and infrequent events that do not have a direct correlation to the operation of our business.

(vii) Income tax effect of non-GAAP pre-tax adjustments. Excluding the income tax effect of non-GAAP pre-tax adjustments from the provision for income taxes assists investors in understanding the tax provision associated with those adjustments and the effect on net income.

We utilize a normalized annual non-GAAP tax rate in calculating non-GAAP financial measures to provide better consistency across interim reporting periods by eliminating the effects of non-recurring and period-specific items such as tax audit settlements, which can vary in size and frequency and not necessarily reflect our normal operations, and to more clearly align our tax rate with our expected geographic earnings mix. In projecting this rate, we evaluate our historical and projected mix of U.S. and international profit before tax, excluding the impact of stock-based compensation, the amortization of purchased intangibles and other non-GAAP adjustments described above. We also consider other factors including our current tax structure, our existing tax positions, and expected recurring tax incentives.

On an annual basis we re-evaluate this rate for significant events that may materially affect our projections. Based upon our review, our projected normalized annual non-GAAP tax rate remains 16% through fiscal 2021. We will re-evaluate this rate on an annual basis, but further regulatory guidance regarding specific parts of U.S. Tax Reform could materially change our projections. Notwithstanding the foregoing, we excluded from the normalized annual non-GAAP tax rate unusual and infrequent events, such as tax audit settlements and certain impacts of U.S Tax Reform as described above.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits


Exhibit Number		Exhibit Title

	99.1	Press release dated December 4, 2019 containing Synopsys, Inc.’s results of operations for its fourth fiscal quarter and fiscal year ended October 31, 2019.

	104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

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.

EX-99.1 2 d822869dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

PRESS RELEASE

INVESTOR CONTACT:

Lisa L. Ewbank

Synopsys, Inc.

650-584-1901

Synopsys-ir@synopsys.com

EDITORIAL CONTACT:

Simone Souza

Synopsys, Inc.

650-584-6454

simone@synopsys.com

Synopsys Posts Financial Results for Fourth Quarter and Fiscal Year 2019

Q4 2019 Financial Highlights

•

Revenue: $851.1 million

•

GAAP earnings per share: $1.04

•

Non-GAAP earnings per share: $1.15

FY 2019 Financial Highlights

•

Revenue: $3.361 billion

•

GAAP earnings per share: $3.45

•

Non-GAAP earnings per share: $4.56

•

Cash flow from operations: $800.5 million

•

Cash and cash equivalents: $728.6 million

MOUNTAIN VIEW, Calif. – Dec. 4, 2019 – Synopsys, Inc. (Nasdaq: SNPS) today reported results for its fourth quarter and fiscal year 2019. Revenue for the fourth quarter was $851.1 million, compared to $795.1 million for the fourth quarter of fiscal 2018. Revenue for fiscal year 2019 was $3.361 billion, an increase of 7.7 percent from $3.121 billion in fiscal year 2018.

“Fiscal 2019 was another outstanding year for Synopsys. Even as we navigated several external challenges, we significantly exceeded our beginning-of-year plan, and delivered strong growth in revenue, non-GAAP operating margin, earnings-per-share, and cash flow, and across both operating segments. We also returned $329 million to shareholders via stock repurchases,” said Aart de Geus, chairman and co-CEO of Synopsys. “Against a challenging global market backdrop, design activity remains strong. Our unrelenting innovation push has resulted in stronger-than-ever platforms, which are driving notable benchmark wins and increased competitive displacements. As we move into 2020, well on our way to our next milestone of $4 billion in revenue and beyond, we are targeting solid revenue growth, continued non-GAAP operating margin expansion, mid-teens non-GAAP earnings per share growth, and strong cash flow.”

GAAP Results

On a generally accepted accounting principles (GAAP) basis, net income for the fourth quarter of fiscal 2019 was $160.7 million, or $1.04 per share, compared to $254.3 million, or $1.66 per share, for the fourth quarter of fiscal 2018. GAAP net income for fiscal year 2019 was $532.4 million, or $3.45 per share, compared to $432.5 million, or $2.82 per share, for fiscal year 2018.

Non-GAAP Results

On a non-GAAP basis, net income for the fourth quarter of fiscal 2019 was $177.1 million, or $1.15 per share, compared to non-GAAP net income of $119.6 million, or $0.78 per share, for the fourth quarter of fiscal 2018. Non-GAAP net income for fiscal year 2019 was $702.5 million, or $4.56 per share, compared to non-GAAP net income of $599.7 million, or $3.91 per share, for fiscal year 2018.

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 provides its consolidated financial targets for the first quarter and full fiscal year 2020. These financial targets do not assume any revenue from companies currently on the U.S. government’s “Entity List.” 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.

First Quarter and Fiscal Year 2020 Financial Targets

(in millions except per share amounts)


	Q1 2020						FY 2020
	Low			High			Low			High
Revenue	$	805		$	835		$	3,600		$	3,650
GAAP Expenses	$	715		$	744		$	2,934		$	2,983
Non-GAAP Expenses	$	635		$	655		$	2,630		$	2,660
Other Income (Expense)	$	(5	)	$	(3	)	$	(16	)	$	(12	)
Normalized Annual Tax Rate ⁽¹⁾		16	%		16	%		16	%		16	%
Outstanding Shares (fully diluted)		153			156			153			156
GAAP EPS	$	0.43		$	0.54		$	3.72		$	3.90
Non-GAAP EPS	$	0.89		$	0.94		$	5.18		$	5.25
Operating Cash Flow							$	800		$	825

(1)	Applied in non-GAAP net income calculations

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 on Synopsys’ corporate website at www.synopsys.com. A recording of the call will be available by calling +1-866-207-1041 (+1-402-970-0847 for international callers), access code 1966519, beginning at 5:00 p.m. Pacific Time today, until 11:59 p.m. Pacific Time on December 11, 2019. A webcast replay will also be available on the website from approximately 5:30 p.m. Pacific Time today through the time Synopsys announces its results for the first quarter of fiscal year 2020 in February 2020. 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 today’s 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 press 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’ corporate 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 the corporate overview presentation will remain available on Synopsys’ website through the date of the first quarter fiscal year 2020 earnings call in February 2020, 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 first quarter of fiscal year 2020 or comment to analysts or investors on, or otherwise update, the targets given in this release.

Availability of Final Financial Statements

Synopsys will include final financial statements for fiscal year 2019 in its annual report on Form 10-K to be filed by January 1, 2020.

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 www.synopsys.com.

GAAP to Non-GAAP Reconciliation

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 core business operations and what Synopsys uses to evaluate its business 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) restructuring charges, (v) the effects of certain settlements, final judgments and loss contingencies related to legal proceedings, (vi) the various income tax impacts prompted by the Tax Cut and Jobs Act of 2017 enacted on December 22, 2017 (“U.S. Tax Reform”), including the income tax related to transition tax and the tax rate change, and (vii) the income tax effect of non-GAAP pre-tax adjustments; 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.

Synopsys utilizes a normalized annual non-GAAP tax rate in the calculation of its non-GAAP measures to provide better consistency across interim reporting periods by eliminating the effects of non-recurring and period-specific items such as tax audit settlements, which can vary in size and frequency and not necessarily reflect our normal operations, and to more clearly align our tax rate with our expected geographic earnings mix. In projecting this rate, we evaluate our historical and projected mix of U.S. and international profit before tax, excluding the impact of stock-based compensation, the amortization of purchased intangibles and other non-GAAP adjustments described above. We also consider other factors including our current tax structure, our existing tax positions, and expected recurring tax incentives, such as the U.S. federal research and development tax credit. On an annual basis we re-evaluate this rate for significant events that may materially affect our projections. Based upon our review, our projected normalized annual non-GAAP tax rate remains 16% through fiscal year 2021. We will re-evaluate this rate on an annual basis, but further regulatory guidance regarding specific parts of U.S. Tax Reform could materially change our projections. Notwithstanding the foregoing, we excluded from the normalized annual non-GAAP tax rate unusual and infrequent events, such as tax audit settlements and certain impacts of U.S. Tax Reform as described above.

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 as detailed below, as well as Item 2.02 of the Current Report on Form 8-K filed on December 4, 2019 for additional information about the measures Synopsys uses to evaluate its core business operations.

Reconciliation of Fourth Quarter and Fiscal Year 2019 Results

The following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP net income and earnings per share for the periods indicated below.

GAAP to Non-GAAP Reconciliation of Fourth Quarter and Fiscal Year 2019 Results ⁽¹⁾

(unaudited and in thousands, except per share amounts)


	Three Months Ended						Twelve Months Ended
	October 31,						October 31,
	2019			2018			2019			2018
GAAP net income	$	160,714		$	254,328		$	532,367		$	432,518
Adjustments:
Amortization of intangible assets		23,776			35,126			100,914			125,664
Stock compensation		40,174			37,492			155,001			140,032
Acquisition-related costs		1,782			1,557			5,730			21,179
Restructuring charges		13,440			11,028			47,186			12,945
Legal matters		—			—			(18,000	)		26,000
Income tax related to transition tax		—			(10,327	)		—			63,107
Income tax related to tax rate change		—			5,439			—			51,075
Income tax related to tax restructuring		—			(171,979	)		—			(171,979	)
Tax settlement		—			—			17,418			—
Tax adjustments		(62,818	)		(43,082	)		(138,093	)		(100,796	)

Non-GAAP net income	$	177,068		$	119,582		$	702,523		$	599,745


	Three Months Ended						Twelve Months Ended
	October 31,						October 31,
	2019			2018			2019			2018
GAAP diluted net income per share	$	1.04		$	1.66		$	3.45		$	2.82
Adjustments:
Amortization of intangible assets		0.15			0.23			0.65			0.82
Stock compensation		0.26			0.24			1.01			0.91
Acquisition-related costs		0.01			0.01			0.04			0.14
Restructuring charges		0.09			0.07			0.31			0.08
Legal matters		—			—			(0.12	)		0.17
Income tax related to transition tax		—			(0.07	)		—			0.41
Income tax related to tax rate change		—			0.04			—			0.33
Income tax related to tax restructuring		—			(1.12	)		—			(1.12	)
Tax settlement		—			—			0.11			—
Tax adjustments		(0.40	)		(0.28	)		(0.89	)		(0.65	)

Non-GAAP diluted net income per share	$	1.15		$	0.78		$	4.56		$	3.91


Shares used in computing diluted net income per share amounts		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.

Reconciliation of 2020 Targets

The following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP targets for the periods indicated below.

GAAP to Non-GAAP Reconciliation of First Quarter Fiscal Year 2020 Targets ⁽¹⁾

(in thousands, except per share amounts)


	Range for Three Months
	Ending January 31, 2020
	Low			High
Target GAAP expenses	$	715,000		$	744,000
Adjustments:
Estimated impact of amortization of intangible assets		(22,000	)		(25,000	)
Estimated impact of stock compensation		(49,000	)		(52,000	)
Estimated impact of restructuring charges		(9,000	)		(12,000	)

Target non-GAAP expenses	$	635,000		$	655,000


	Range for Three Months
	Ending January 31, 2020
	Low			High
Target GAAP earnings per share	$	0.43		$	0.54
Adjustments:
Estimated impact of amortization of intangible assets		0.16			0.14
Estimated impact of stock compensation		0.34			0.32
Estimated impact of restructuring charges		0.08			0.06
Estimated impact of tax adjustments		(0.12	)		(0.12	)

Target non-GAAP earnings per share	$	0.89		$	0.94

Shares used in non-GAAP calculation (midpoint of target range)		154,500			154,500

GAAP to Non-GAAP Reconciliation of Full Fiscal Year 2020 Targets ⁽¹⁾

(in thousands, except per share amounts)


	Range for Fiscal Year
	October 31, 2020
	Low			High
Target GAAP expenses	$	2,934,000		$	2,983,000
Adjustments:
Estimated impact of amortization of intangible assets		(83,000	)		(88,000	)
Estimated impact of stock compensation		(212,000	)		(217,000	)
Estimated impact of restructuring charges		(9,000	)		(18,000	)

Target non-GAAP expenses	$	2,630,000		$	2,660,000


	Range for Fiscal Year
	October 31, 2020
	Low			High
Target GAAP earnings per share	$	3.72		$	3.90
Adjustments:
Estimated impact of amortization of intangible assets		0.57			0.54
Estimated impact of stock compensation		1.40			1.37
Estimated impact of restructuring charges		0.12			0.06
Impact of tax adjustments		(0.63	)		(0.62	)

Target non-GAAP earnings per share	$	5.18		$	5.25

Shares used in non-GAAP calculation (midpoint of target range)		154,500			154,500

(1)	Synopsys’ first fiscal quarter and fiscal year will end on February 1, 2020 and October 31, 2020, respectively. For presentation purposes, we refer to the closest calendar month end.

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.

SYNOPSYS, INC.

Unaudited Reconciliation of Consolidated Statements of Operations

Under ASC 606 & ASC 605 ⁽¹⁾

(in thousands, except per share amounts)


	Three Months Ended
	October 31, 2019
	As reported under ASC 606			Adjustments			Balances under ASC 605
Revenue:
Time-based products	$	548,375		$	48,682		$	597,057
Upfront products		168,325			(84,288	)		84,037
Maintenance and service		134,381			(16,330	)		118,051

Total revenue		851,081			(51,936	)		799,145
Cost of revenue:
Products		112,964						112,964
Maintenance and service		56,083						56,083
Amortization of intangible assets		13,696						13,696

Total cost of revenue		182,743			—			182,743

Gross margin		668,338			(51,936	)		616,402
Operating expenses:
Research and development		290,503						290,503
Sales and marketing		161,170			(6,274	)		154,896
General and administrative		63,424						63,424
Amortization of intangible assets		10,080						10,080
Restructuring charges		13,440						13,440

Total operating expenses		538,617			(6,274	)		532,343

Operating income		129,721			(45,662	)		84,059
Other income (expense), net		1,902			—			1,902

Income before income taxes		131,623			(45,662	)		85,961
Provision (benefit) for income taxes		(29,091	)		(6,301	)		(35,392	)

Net income (loss)	$	160,714		$	(39,361	)	$	121,353

Net income (loss) per share:
Basic	$	1.07		$	(0.26	)	$	0.81
Diluted	$	1.04		$	(0.25	)	$	0.79

Shares used in computing per share amounts:
Basic		150,367						150,367

Diluted		154,532						154,532

(1)	Synopsys’ fourth quarter of fiscal year 2019 ended on November 2, 2019. For presentation purposes, we refer to the closest calendar month end.

SYNOPSYS, INC.

Unaudited Reconciliation of Consolidated Statements of Operations

Under ASC 606 & ASC 605 ⁽¹⁾

(in thousands, except per share amounts)


	Twelve Months Ended
	October 31, 2019
	As reported under ASC 606		Adjustments			Balances under ASC 605
Revenue:
Time-based products	$	2,197,965	$	206,904		$	2,404,869
Upfront products		619,791		(235,398	)		384,393
Maintenance and service		542,938		(74,037	)		468,901

Total revenue		3,360,694		(102,531	)		3,258,163
Cost of revenue:
Products		459,127					459,127
Maintenance and service		234,196					234,196
Amortization of intangible assets		59,623					59,623

Total cost of revenue		752,946		—			752,946

Gross margin		2,607,748		(102,531	)		2,505,217
Operating expenses:
Research and development		1,136,932					1,136,932
Sales and marketing		632,890		4,121			637,011
General and administrative		229,218					229,218
Amortization of intangible assets		41,291					41,291
Restructuring charges		47,186					47,186

Total operating expenses		2,087,517		4,121			2,091,638

Operating income		520,231		(106,652	)		413,579
Other income (expense), net		25,275		—			25,275

Income before income taxes		545,506		(106,652	)		438,854
Provision (benefit) for income taxes		13,139		(18,499	)		(5,360	)

Net income (loss)	$	532,367	$	(88,153	)	$	444,214

Net income (loss) per share:
Basic	$	3.55	$	(0.59	)	$	2.96
Diluted	$	3.45	$	(0.57	)	$	2.88

Shares used in computing per share amounts:
Basic		149,872					149,872

Diluted		154,190					154,190

(1)	Synopsys’ fiscal year 2019 ended on November 2, 2019. For presentation purposes, we refer to the closest calendar month end.

SYNOPSYS, INC.

Unaudited Consolidated Balance Sheets (1)

(in thousands, except par value amounts)


	October 31, 2019			October 31, 2018
ASSETS:
Current assets:
Cash and cash equivalents	$	728,597		$	723,115
Accounts receivable, net		553,895			554,217
Inventories		141,518			122,407
Income taxes receivable and prepaid taxes		24,855			76,525
Prepaid and other current assets		290,052			67,533

Total current assets		1,738,917			1,543,797
Property and equipment, net		429,532			309,310
Goodwill		3,171,179			3,143,249
Intangible assets, net		279,374			360,404
Long-term prepaid taxes		15,503			138,312
Deferred income taxes		390,129			404,166
Other long-term assets		380,526			246,736

Total assets	$	6,405,160		$	6,145,974

LIABILITIES AND STOCKHOLDERS’ EQUITY:
Current liabilities:
Accounts payable and accrued liabilities	$	506,459		$	578,326
Accrued income taxes		15,904			27,458
Deferred revenue		1,212,476			1,152,862
Short-term debt		17,614			343,769

Total current liabilities		1,752,453			2,102,415
Long-term accrued income taxes		29,911			50,590
Long-term deferred revenue		90,102			116,859
Long-term debt		120,093			125,535
Other long-term liabilities		323,725			265,560

Total liabilities		2,316,284			2,660,959
Stockholders’ equity:
Preferred stock, $0.01 par value: 2,000 shares authorized; none outstanding		—			—
Common stock, $0.01 par value: 400,000 shares authorized; 150,331 and 149,265 shares outstanding, respectively		1,503			1,493
Capital in excess of par value		1,635,455			1,644,830
Retained earnings		3,164,144			2,543,688
Treasury stock, at cost: 6,930 and 7,996 shares, respectively		(625,642	)		(597,682	)
Accumulated other comprehensive income (loss)		(92,447	)		(113,177	)

Total Synopsys stockholders’ equity		4,083,013			3,479,152
Non-controlling interest		5,863			5,863

Total stockholders’ equity		4,088,876			3,485,015

Total liabilities and stockholders’ equity	$	6,405,160		$	6,145,974

(1)	Synopsys’ 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.

SYNOPSYS, INC.

Unaudited Consolidated Statements of Cash Flows (1)

(in thousands)


	Year Ended October 31,
	2019			2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	532,367		$	432,518
Adjustments to reconcile net income to net cash provided by
operating activities:
Amortization and depreciation		201,676			209,207
Amortization of capitalized costs to obtain revenue contracts		62,750			—
Stock compensation		155,001			140,032
Allowance for doubtful accounts		11,669			3,368
(Gain) loss on sale of property and investments		(4,052	)		(93	)
Deferred income taxes		(82,620	)		(210,310	)
Net changes in operating assets and liabilities, net of
acquired assets and liabilities:
Accounts receivable		(8,575	)		(95,785	)
Inventories		(19,243	)		(66,509	)
Prepaid and other current assets		(49,779	)		(12,652	)
Other long-term assets		(124,895	)		(25,908	)
Accounts payable and accrued liabilities		(19,280	)		49,043
Income taxes		19,777			(103,841	)
Deferred revenue		125,717			105,329

Net cash provided by operating activities		800,513			424,399

CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sales and maturities of short-term investments		—			12,449
Proceeds from sales of long-term investments		6,361			494
Purchases of long-term investments		(3,245	)		(3,561	)
Proceeds from sales of property and equipment		—			1,662
Purchases of property and equipment		(198,129	)		(98,976	)
Cash paid for acquisitions and intangible assets, net of cash acquired		(36,605	)		(652,643	)
Capitalization of software development costs		(4,259	)		(2,950	)

Net cash used in investing activities		(235,877	)		(743,525	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from credit facilities		192,897			620,635
Repayment of debt		(524,063	)		(295,313	)
Issuances of common stock		156,364			123,829
Payments for taxes related to net share settlement of equity awards		(57,143	)		(45,772	)
Purchases of treasury stock		(329,185	)		(400,000	)
Other		(762	)		1,759

Net cash (used in) provided by financing activities		(561,892	)		5,138
Effect of exchange rate changes on cash, cash equivalents and restricted cash		2,782			(11,086	)

Net change in cash, cash equivalents and restricted cash		5,526			(325,074	)
Cash, cash equivalents and restricted cash, beginning of year		725,001			1,050,075

Cash, cash equivalents and restricted cash, end of year	$	730,527		$	725,001

(1)	Synopsys’ 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.

SYNOPSYS, INC.

Business Segment Reporting⁽¹⁾

(in millions)


	FY18			Q4’19			FY19
	ASC 605			ASC 606			ASC 606
Revenue by segment ⁽³⁾
- Semiconductor & System Design	$	2,840.6		$	765.8		$	3,026.1
% of Total		91.0	%		90.0	%		90.0	%
- Software Integrity	$	280.5		$	85.3		$	334.6
% of Total		9.0	%		10.0	%		10.0	%
Total segment revenue	$	3,121.1		$	851.1		$	3,360.7

Adjusted operating income by segment ⁽³⁾
- Semiconductor & System Design	$	701.3		$	202.1		$	806.6
- Software Integrity	$	(10.6	)	$	9.4		$	32.2
Total adjusted segment operating income	$	690.7		$	211.5		$	838.8

Adjusted operating margin by segment ⁽³⁾
- Semiconductor & System Design		24.7	%		26.4	%		26.7	%
- Software Integrity		(3.8	%)		11.0	%		9.6	%
Total adjusted segment operating margin		22.1	%		24.8	%		25.0	%

Total Adjusted Segment Operating Income Reconciliation ⁽¹⁾⁽²⁾

(in millions)


	Twelve Months Ended		Three Months Ended		Twelve Months Ended
	October 31, 2018 ⁽³⁾		October 31, 2019 ⁽³⁾		October 31, 2019 ⁽³⁾
	ASC 605		ASC 606		ASC 606
GAAP total operating income – as reported	$	360.2	$	129.7	$	520.2
Other expenses managed at consolidated level
-Amortization of intangible assets		125.7		23.8		100.9
-Stock compensation		140.0		40.2		155.0
-Fair value changes in executive deferred compensation plan		4.6		2.6		27.8
-Acquisition-related costs		21.2		1.8		5.7
-Restructuring		12.9		13.4		47.2
-Legal matters		26.0		—		(18.0	)

Total adjusted segment operating income	$	690.7		211.5	$	838.8

(1)	Synopsys manages the business on a long-term, annual basis, and considers quarterly fluctuations of revenue and profitability as normal elements of our business. Quarterly variability, which increases as a result of ASC 606, should be expected.

(2)

These segment results are consistent with the information required by ASC 280, Segment Reporting. They are presented to reflect the information that is considered by Synopsys’ chief operating decision maker (CODM) to evaluate the operating performance of its segments. The CODM does not allocate certain operating expenses managed at a consolidated level to our reportable segments, and as a result, the reported operating income and operating margin do not include these unallocated expenses as shown in the table above. Amounts may not foot due to rounding.

(3)	Synopsys’ fourth quarter of fiscal year 2019 ended on November 2, 2019, and its fiscal year 2018 ended on November 3, 2018. 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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Entity Emerging Growth Company	false

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