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Synopsys Posts Financial Results for Third Quarter Fiscal Year 2022

Published: 2022-08-17 20:05:00 ET
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Q3 FY 2022 Financial Highlights

  • Revenue: $1.248 billion
  • GAAP earnings per diluted share: $1.43
  • Non-GAAP earnings per diluted share: $2.10

MOUNTAIN VIEW, Calif., Aug. 17, 2022 /PRNewswire/ -- Synopsys, Inc. (Nasdaq: SNPS) today reported results for its third quarter fiscal year 2022. Revenue for the third quarter of fiscal year 2022 was $1.248 billion, compared to $1.057 billion for the third quarter of fiscal year 2021.

"Synopsys continues to execute very well. We delivered excellent fiscal third quarter results, with broad-based strength, and are increasing our outlook for the year," said Aart de Geus, chairman and CEO of Synopsys. "Technology strength across the board, including multiple game-changing innovations, drove outstanding technical, competitive, and business results. While our customers navigate through the ebbs and flows of the market, they are simultaneously investing heavily in more complex chips, more sophisticated systems, and more software. The combination of Synopsys' powerful portfolio and constructive market dynamics, plus the resilience of our business model, position us for a strong finish to the year. We expect to cross the $5 billion revenue mark in FY'22, with over 20% revenue growth, strong margin expansion and EPS growth, and more than $1.6 billion in operating cash flow."

GAAP ResultsOn a generally accepted accounting principles (GAAP) basis, net income for the third quarter of fiscal year 2022 was $222.6 million, or $1.43 per diluted share, compared to $198.6 million, or $1.27 per diluted share, for the third quarter of fiscal year 2021.

Non-GAAP ResultsOn a non-GAAP basis, net income for the third quarter of fiscal year 2022 was $327.4 million, or $2.10 per diluted share, compared to non-GAAP net income of $284.5 million, or $1.81 per diluted share, for the third quarter of fiscal year 2021.

For a reconciliation of net income, earnings per diluted share and other measures on a GAAP and non-GAAP basis, see "GAAP to Non-GAAP Reconciliation" in 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 other associated revenue categories, and (2) Software Integrity, which includes a comprehensive solution for building integrity—security, quality and compliance testing—into the customers' software development lifecycle and supply chain. Further information regarding these segments is provided at the end of this press release.

Financial Targets Synopsys also provided its consolidated financial targets for the fourth quarter and full fiscal year 2022. These financial targets assume that there are no further changes to the current U.S. government "Entity List" restrictions. 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. 

Fourth Quarter and Fiscal Year 2022 Financial Targets(in millions except per share amounts)

 Range for Three Months

Range for Fiscal Year

 October 31, 2022

October 31, 2022

Low

High

Low

High

Revenue

$             1,263

$             1,293

$             5,060

$             5,090

GAAP Expenses

$             1,076

$             1,096

$             3,978

$             3,998

Non-GAAP Expenses

$                919

$                929

$             3,395

$             3,405

Other Income (Expense)

$                    3

$                    5

$                  12

$                  14

Non-GAAP Tax Rate

18 %

18 %

18 %

18 %

Outstanding Shares (fully diluted)

156

159

156

159

GAAP EPS

$               1.06

$               1.18

$               6.37

$               6.49

Non-GAAP EPS

$               1.80

$               1.85

$               8.80

$               8.85

Operating Cash Flow

$             1,600

$             1,650

For a reconciliation of Synopsys' Fourth Quarter and Fiscal Year 2022 targets, including expenses, earnings per diluted share and other measures on a GAAP and non-GAAP basis, see "GAAP to Non-GAAP Reconciliation" in the accompanying tables below. 

Earnings Call Open to InvestorsSynopsys 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 6337628, beginning at 5:00 p.m. Pacific Time today, until 11:59 p.m. Pacific Time on August 24, 2022. A webcast replay will also be available on the corporate website from approximately 5:30 p.m. Pacific Time today through the time Synopsys announces its results for the fourth quarter and fiscal year 2022 in November 2022Synopsys will post copies of the prepared remarks of Aart de Geus, chairman and 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 InformationThe 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 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 earnings call for the fourth quarter and fiscal year 2022, their continued availability through such date does not mean that Synopsys is reaffirming or confirming their continued validity. Synopsys undertakes no duty and does not intend to update any forward-looking statement, whether as a result of new information or future events, or otherwise update, the targets given in this release unless required by law.

Availability of Final Financial StatementsSynopsys will include final financial statements for the third quarter fiscal year 2022 in its quarterly report on Form 10-Q to be filed by September 8, 2022.

About SynopsysSynopsys, 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 an S&P 500 company, Synopsys has a long history of being a global leader in electronic design automation (EDA) and semiconductor IP and offers the industry's broadest portfolio of application security testing tools and services. Whether you're a system-on-chip (SoC) designer creating advanced semiconductors, or a software developer writing more secure, high-quality code, Synopsys has the solutions needed to deliver innovative products. Learn more at www.synopsys.com.      

GAAP to Non-GAAP ReconciliationSynopsys continues to provide all information required in accordance with GAAP, but acknowledges 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, superior to, 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 financial measures that include: (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, and (vi) the income tax effect of non-GAAP pre-tax adjustments; and the non-GAAP financial measures that exclude such information in order to assess the performance of Synopsys' business and for planning and forecasting in subsequent periods.

Synopsys adopted a three-year normalized non-GAAP tax rate of 16% for fiscal years 2019 through 2021 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, which can vary in size and frequency and do not necessarily reflect our normal operations, and to more closely align our tax rate with our expected geographic earnings mix.

Given the uncertainty surrounding corporate tax reform, Synopsys adopted an annual non-GAAP tax rate of 18% for fiscal year 2022 rather than a three-year normalized non-GAAP tax rate in calculating its non-GAAP financial measures. This annual non-GAAP tax rate is based on an evaluation of its historical and projected mix of U.S. and international profit before tax, taking into account the impact of non-GAAP adjustments, as well as other factors such as its current tax structure, existing tax positions and expected recurring tax incentives. Synopsys will re-evaluate this rate on an annual basis for any significant events that could materially affect its projections, such as significant changes in its geographic earnings mix or significant tax law changes in major jurisdictions where Synopsys operates, and will further consider the appropriateness of adopting a multi-year normalized non-GAAP tax rate.

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 Synopsys' Current Report on Form 8-K filed on August 17, 2022, for additional information about the measures Synopsys uses to evaluate its core business operations.

Reconciliation of Third Quarter Fiscal Year 2022 ResultsThe following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP net income and earnings per diluted share for the periods indicated below.

GAAP to Non-GAAP Reconciliation of Third Quarter Fiscal Year 2022 Results (1)(unaudited and in thousands, except per share amounts)

Three Months Ended

Nine Months Ended

July 31,

July 31,

2022

2021

2022

2021

GAAP net income

$     222,626

$     198,646

$     831,094

$     556,069

Adjustments:

Amortization of intangible assets

26,454

20,440

70,181

60,437

Stock compensation

127,605

85,162

333,437

248,530

Acquisition-related costs

5,232

5,702

11,332

11,594

Restructuring charges

-

15,151

12,057

15,151

Legal matters

-

(1,455)

-

(1,455)

Tax adjustments

(54,508)

(39,189)

(162,964)

(99,297)

Non-GAAP net income

$     327,409

$     284,457

$  1,095,137

$     791,029

Three Months Ended

Nine Months Ended

July 31,

July 31,

2022

2021

2022

2021

GAAP net income per diluted share

$           1.43

$           1.27

$           5.31

$           3.54

Adjustments:

Amortization of intangible assets

0.17

0.13

0.45

0.38

Stock compensation

0.82

0.54

2.13

1.58

Acquisition-related costs

0.03

0.04

0.07

0.07

Restructuring charges

-

0.10

0.08

0.10

Legal matters

-

(0.01)

-

(0.01)

Tax adjustments

(0.35)

(0.26)

(1.04)

(0.63)

Non-GAAP net income per diluted share

$           2.10

$           1.81

$           7.00

$           5.03

Shares used in computing net income per diluted share amounts:

155,806

156,907

156,545

157,158

(1) Synopsys' third quarter of fiscal year 2022 and 2021 ended on July 30, 2022 and July 31, 2021, respectively. For presentation purposes, we refer to the closest calendar month end.

 

Reconciliation of 2022 TargetsThe 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 Fourth Quarter Fiscal Year 2022 Targets (1)(in thousands, except per share amounts)

 Range for Three Months

October 31, 2022

Low

High

Target GAAP expenses

$        1,076,000

$        1,096,000

Adjustments:

      Amortization of intangible assets

(26,000)

(29,000)

      Stock compensation

(131,000)

(138,000)

Target non-GAAP expenses

$           919,000

$           929,000

Range for Three Months

October 31, 2022

Low

High

Target GAAP earnings per diluted share

$                 1.06

$                 1.18

Adjustments:

      Amortization of intangible assets

0.18

0.17

      Stock compensation

0.88

0.83

      Tax adjustments

(0.32)

(0.33)

Target non-GAAP earnings per diluted share

$                 1.80

$                 1.85

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

157,500

157,500

 

GAAP to Non-GAAP Reconciliation of Full Fiscal Year 2022 Targets (1)(in thousands, except per share amounts)

Range for Fiscal Year

October 31, 2022

Low

High

Target GAAP expenses

$        3,978,389

$        3,998,389

Adjustments:

      Amortization of intangible assets

(96,000)

(99,000)

      Stock compensation

(464,000)

(471,000)

      Acquisition-related costs

(11,332)

(11,332)

      Restructuring charges

(12,057)

(12,057)

Target non-GAAP expenses

$        3,395,000

$        3,405,000

Range for Fiscal Year

October 31, 2022

Low

High

Target GAAP earnings per diluted share

$                 6.37

$                 6.49

Adjustments:

      Amortization of intangible assets

0.63

0.62

      Stock compensation

3.01

2.96

      Acquisition-related costs

0.07

0.07

      Restructuring charges

0.08

0.08

      Tax adjustments

(1.36)

(1.37)

Target non-GAAP earnings per diluted share

$                 8.80

$                 8.85

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

157,500

157,500

(1) Synopsys' fourth quarter of fiscal year 2022 and fiscal year 2022 will end on October 29, 2022. For presentation purposes, we refer to the closest calendar month end.

 

Forward-Looking StatementsThis press release contains forward-looking statements including, but not limited to, statements regarding Synopsys' short-term and long-term financial targets, expectations and objectives; strategies related to our products and technology; business and market outlook, opportunities and strategies; customer demand and market expansion; our planned product releases and capabilities; industry growth rates; software trends; planned acquisitions and stock repurchases; our expected tax rate; the expected impact of U.S. and foreign government actions and regulatory changes on our financial results; and the continued impact of the COVID-19 pandemic. These statements involve risks, uncertainties and other factors that could cause our actual results, time frames or achievements to differ materially from those expressed or implied in such forward-looking statements. Such risks, uncertainties and factors include, but are not limited to: risks from the continued impact of the COVID-19 pandemic on the global economy and on our business, operations and financial condition; macroeconomic conditions and uncertainty in the global economy; uncertainty in the growth of the semiconductor and electronics industries; the highly competitive industry we operate in; consolidation among our customers and our dependence on a relatively small number of large customers; risks and compliance obligations relating to the global nature of our operations as well as actions by the U.S. or foreign governments, such as the imposition of additional export restrictions or tariffs; and more. Additional information on potential risks, uncertainties and other factors that could affect Synopsys' results is included in filings we make with the Securities and Exchange Commission from time to time, including in the sections entitled "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended October 31, 2021, and in our latest Quarterly Report on Form 10-Q. The information provided herein is as of August 17, 2022. 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 Condensed Consolidated Statements of Income (1)(in thousands, except per share amounts)

Three Months Ended

Nine Months Ended

July 31,

July 31,

2022

2021

2022

2021

Revenue:

  Time-based products

$           754,322

$           665,563

$        2,185,626

$        1,945,647

  Upfront products

268,584

203,301

973,483

586,798

  Maintenance and service

224,860

188,266

638,141

519,329

      Total revenue

1,247,766

1,057,130

3,797,250

3,051,774

Cost of revenue:

  Products

164,077

127,592

480,166

389,677

  Maintenance and service

87,774

65,604

253,665

202,210

  Amortization of intangible assets

19,330

11,870

47,145

35,164

     Total cost of revenue

271,181

205,066

780,976

627,051

Gross margin

976,585

852,064

3,016,274

2,424,723

Operating expenses:

  Research and development

444,826

371,146

1,218,761

1,090,959

  Sales and marketing

199,246

171,428

571,329

514,810

  General and administrative

91,461

83,846

246,426

234,028

  Amortization of intangible assets

7,124

8,570

23,036

25,273

  Restructuring charges

-

15,151

12,057

15,151

     Total operating expenses

742,657

650,141

2,071,609

1,880,221

Operating income

233,928

201,923

944,665

544,502

Other income (expense), net

2,426

11,414

(41,280)

61,934

Income before income taxes

236,354

213,337

903,385

606,436

Provision for income taxes

16,708

14,945

76,506

51,214

Net income

219,646

198,392

826,879

555,222

Net income (loss) attributed to non-controlling interest and redeemable non-controlling interest

(2,980)

(254)

(4,215)

(847)

Net income attributed to Synopsys

$           222,626

$           198,646

$           831,094

$           556,069

Net income per share attributed to Synopsys:

  Basic

$                 1.46

$                 1.30

$                 5.43

$                 3.64

  Diluted

$                 1.43

$                 1.27

$                 5.31

$                 3.54

Shares used in computing per share amounts:

  Basic

152,938

152,635

153,082

152,619

  Diluted

155,806

156,907

156,545

157,158

(1) Synopsys' third quarter of fiscal year 2022 and 2021 ended on July 30, 2022 and July 31, 2021, respectively. For presentation purposes, we refer to the closest calendar month end.

 

SYNOPSYS, INC.Unaudited Condensed Consolidated Balance Sheets (1)(in thousands, except par value amounts)

July 31, 2022

October 31, 2021

ASSETS:

Current assets:

  Cash and cash equivalents

$                   1,383,559

$                   1,432,840

  Short-term investments

147,599

147,949

          Total cash, cash equivalents & short-term investments

$                   1,531,158

$                   1,580,789

  Accounts receivable, net

682,647

568,501

  Inventories

219,736

229,023

  Prepaid and other current assets

465,487

430,028

          Total current assets

2,899,028

2,808,341

Property and equipment, net

486,872

472,398

Operating lease right-of-use assets, net

574,501

493,251

Goodwill

3,854,889

3,575,785

Intangible assets, net

404,652

279,132

Deferred income taxes

617,429

612,655

Other long-term assets

492,176

510,698

           Total assets

$                   9,329,547

$                   8,752,260

LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND STOCKHOLDERS' EQUITY:

Current liabilities:

  Accounts payable and accrued liabilities

$                      736,099

$                      741,191

  Operating lease liabilities, current

54,170

79,678

  Deferred revenue

1,755,594

1,517,623

  Short-term debt

-

74,992

           Total current liabilities

2,545,863

2,413,484

Operating lease liabilities, non-current

592,930

487,003

Long-term deferred revenue

164,964

136,303

Long-term debt

21,960

25,094

Other long-term liabilities

352,188

391,433

           Total liabilities

3,677,905

3,453,317

Redeemable non-controlling interest

43,516

-

Stockholders' equity:

  Preferred stock, $0.01 par value: 2,000 shares authorized; none outstanding

-

-

  Common stock, $0.01 par value: 400,000 shares authorized; 153,004 and

  153,062 shares outstanding, respectively

1,530

1,531

  Capital in excess of par value

1,415,244

1,576,363

  Retained earnings

5,377,586

4,549,713

  Treasury stock, at cost: 4,257 and 4,198 shares, respectively

(1,034,841)

(782,866)

  Accumulated other comprehensive income (loss)

(155,493)

(49,604)

           Total Synopsys stockholders' equity

5,604,026

5,295,137

  Non-controlling interest

4,100

3,806

           Total stockholders' equity

5,608,126

5,298,943

           Total liabilities, redeemable non-controlling interest and                stockholders' equity

$                   9,329,547

$                   8,752,260

(1) Synopsys' third quarter of fiscal year 2022 ended on July 30, 2022 and its fiscal year 2021 ended on October 30, 2021. For presentation purposes, we refer to the closest calendar month end.

 

SYNOPSYS, INC.Unaudited Condensed Consolidated Statements of Cash Flows (1)(in thousands)

Nine Months Ended

July 31,

2022

2021

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income attributed to Synopsys

$            831,094

$            556,069

Adjustments to reconcile net income to net cash provided by

operating activities:

Amortization and depreciation

169,708

151,274

Reduction of operating lease right-of-use assets

65,980

64,920

Amortization of capitalized costs to obtain revenue contracts

54,438

46,973

Stock-based compensation

333,437

248,530

Allowance for credit losses

(4,516)

13,813

Deferred income taxes

5,843

(33,116)

Other non-cash

6,141

2,936

Net changes in operating assets and liabilities, net of

acquired assets and liabilities:

Accounts receivable

(121,786)

188,996

Inventories

118

(51,448)

Prepaid and other current assets

(56,075)

(62,201)

Other long-term assets

(20,058)

(117,922)

Accounts payable and accrued liabilities

(46,356)

51,991

Operating lease liabilities

(66,187)

(61,666)

Income taxes

(60,739)

(29,414)

Deferred revenue

254,353

152,328

Net cash provided by operating activities

1,345,395

1,122,063

CASH FLOWS FROM INVESTING ACTIVITIES:

Proceeds from sales and maturities of short-term investments

70,847

1,128

Purchases of short-term investments

(73,330)

(146,082)

Proceeds from sales of long-term investments

582

-

Purchases of long-term investments

(7,000)

(7,591)

Purchases of property and equipment

(102,934)

(66,957)

Cash paid for acquisitions, net of cash acquired

(416,323)

(164,053)

Capitalization of software development costs

(1,970)

(1,517)

Other

(1,200)

(800)

Net cash used in investing activities

(531,328)

(385,872)

CASH FLOWS FROM FINANCING ACTIVITIES:

Repayment of debt

(76,838)

(21,637)

Issuances of common stock

161,416

113,976

Payments for taxes related to net share settlement of equity awards

(149,130)

(104,291)

Purchase of equity forward contract

(40,000)

(35,000)

Purchases of treasury stock

(717,266)

(538,082)

Other

(3,413)

(4,375)

Net cash used in financing activities

(825,231)

(589,409)

Effect of exchange rate changes on cash, cash equivalents and restricted cash  

(38,155)

2,985

Net change in cash, cash equivalents and restricted cash

(49,319)

149,767

Cash, cash equivalents and restricted cash, beginning of year

1,435,183

1,237,970

Cash, cash equivalents and restricted cash, end of period

$         1,385,864

$         1,387,737

(1) Synopsys' third quarter of fiscal year 2022 and 2021 ended on July 30, 2022 and July 31, 2021, respectively. For presentation purposes, we refer to the closest calendar month end.

 

SYNOPSYS, INC.Business Segment Reporting (1)(3)(in millions)

Three Months

Three Months

Nine Months

Nine Months

Ended

Ended

Ended

Ended

July 31, 2022

July 31, 2021

July 31, 2022

July 31, 2021

Revenue by segment

- Semiconductor & System Design

$           1,129.5

$         959.1

$      3,458.5

$      2,768.0

% of Total

90.5

%

90.7

%

91.1

%

90.7

%

- Software Integrity

$              118.3

$           98.0

$         338.8

$         283.8

% of Total

9.5

%

9.3

%

8.9

%

9.3

%

Total segment revenue

$           1,247.8

$      1,057.1

$      3,797.3

$      3,051.8

Adjusted operating income by segment

- Semiconductor & System Design

$              380.8

$         328.7

$      1,285.4

$         916.5

- Software Integrity

$                11.3

$             8.7

$           36.3

$           25.0

Total adjusted segment operating income

$              392.1

$         337.4

$      1,321.7

$         941.5

Adjusted operating margin by segment

- Semiconductor & System Design

33.7

%

34.3

%

37.2

%

33.1

%

- Software Integrity

9.5

%

8.8

%

10.7

%

8.8

%

Total adjusted segment operating margin

31.4

%

31.9

%

34.8

%

30.8

%

 

Total Adjusted Segment Operating Income Reconciliation (1)(2)(3)(in millions)

Three Months

Three Months

Nine Months

Nine Months

Ended

Ended

Ended

Ended

July 31, 2022

July 31, 2021

July 31, 2022

July 31, 2021

GAAP total operating income – as reported

$                    233.9

$                    201.9

$            944.7

$            544.5

Other expenses managed at consolidated level

-Amortization of intangible assets

26.5

20.4

70.2

60.4

-Stock compensation

127.6

85.2

333.4

248.5

-Non-qualified deferred compensation plan

(1.1)

10.5

(50.0)

62.7

-Acquisition-related costs

5.2

5.7

11.3

11.6

-Restructuring charges

-

15.2

12.1

15.2

-Legal matters

-

(1.5)

-

(1.5)

Total adjusted segment operating income

$                    392.1

$                    337.4

$         1,321.7

$            941.5

(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. Amounts may not foot due to rounding.

(2) These segments results are consistent with the information required by ASC 280, Segment Reporting. Synopsys' chief operating decision maker (CODM) is our CEO. 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. Amount may not foot due to rounding.

(3) Synopsys' third quarter of fiscal year 2022 and 2021 ended on July 30, 2022 and July 31, 2021, respectively. For presentation purposes, we refer to the closest calendar month end.

 

INVESTOR CONTACT:Lisa L. EwbankSynopsys, Inc.650-584-1901  Synopsys-ir@synopsys.com 

EDITORIAL CONTACT:Simone SouzaSynopsys, Inc.650-584-6454  simone@synopsys.com

Cision View original content:https://www.prnewswire.com/news-releases/synopsys-posts-financial-results-for-third-quarter-fiscal-year-2022-301607799.html

SOURCE Synopsys, Inc.