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Synopsys Posts Financial Results for First Quarter Fiscal Year 2011

MOUNTAIN VIEW, Calif. Feb. 16, 2011

$364.6 million $330.2 million

Aart de Geus

GAAP Results

$48.2 million $0.31 $132.8 million $0.88 $91.6 million $0.61 January 12, 2010

Non-GAAP Results

$68.3 million $0.44 $62.4 million $0.41

Financial Targets

Synopsys also provided its financial targets for the second quarter and full fiscal year 2011.  These targets do not include future acquisition-related expenses that may be incurred in fiscal 2011.  These targets constitute forward-looking information 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.  

Second Quarter of Fiscal Year 2011 Targets

  • $386 million – $394 million
  • $319 million – $338 million
  • $292 million – $302 million
  • $0 – $2 million
  • Tax rate applied in non-GAAP net income calculations: 26 – 27 percent
  • Fully diluted outstanding shares: 150 million – 155 million
  • $0.26 – $0.31
  • $0.43 – $0.45
  • Revenue from backlog: greater than 90 percent

Full Fiscal Year 2011 Targets:

  • $1.5 billion – $1.525 billion
  • $1 million – $5 million
  • Tax rate applied in non-GAAP net income calculations: 25 – 26 percent
  • Fully diluted outstanding shares: 149 million – 154 million
  • $1.03 – $1.20
  • $1.67 – $1.77
  • $230 million – $250 million

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 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 a tax benefit from a settlement 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 as detailed below.

Reconciliation of First Quarter Fiscal Year 2011 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 First Quarter Fiscal Year 2011 Results

(unaudited and in thousands, except per share amounts)

Three Months Ended

January 31,

2011

2010

GAAP net income

$ 48,226

$ 132,786

Adjustments:

Amortization of intangible assets

16,983

10,650

Stock compensation

15,248

17,234

Acquisition-related costs

2,082

1,046

Tax benefit from IRS settlement

(91,649)

Tax effect

(14,222)

(7,648)

Non-GAAP net income

$ 68,317

$   62,419

Three Months Ended

January 31,

2011

2010

GAAP net income per share

$     0.31

$       0.88

Adjustments:

Amortization of intangible assets

0.11

0.07

Stock compensation

0.10

0.11

Acquisition-related costs

0.01

0.01

Tax benefit from IRS settlement

(0.61)

Tax effect

(0.09)

(0.05)

Non-GAAP net income per share

$     0.44

$       0.41

Shares used in calculation

153,640

150,788

Reconciliation of Target Non-GAAP Operating Results

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

GAAP to non-GAAP Reconciliation of Second Quarter Fiscal Year 2011 Targets

(in thousands, except per share amounts)

Range for Three Months

Ending April 30, 2011

Low

High

Target GAAP expenses

$ 319,000

$ 338,000

Adjustment:

      Estimated impact of amortization of intangible assets

(15,000)

(19,000)

      Estimated impact of stock compensation

(12,000)

(17,000)

Target non-GAAP expenses

$ 292,000

$ 302,000

Range for Three Months

Ending April 30, 2011

Low

High

Target GAAP earnings per share

$       0.26

$       0.31

Adjustment:

Estimated impact of amortization of intangible assets

0.12

0.10

Estimated impact of stock compensation

0.11

0.08

Net non-GAAP tax effect

(0.06)

(0.04)

Target non-GAAP earnings per share

$       0.43

$       0.45

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

152,500

152,500

GAAP to Non-GAAP Reconciliation of Full Fiscal Year 2011 Targets

Range for Fiscal Year

Ending October 31, 2011

Low

High

Target GAAP earnings per share

$       1.03

$       1.20

Adjustment:

Estimated impact of amortization of intangible assets

0.48

0.42

Estimated impact of stock compensation

0.37

0.31

Acquisition-related costs

0.01

0.01

Net non-GAAP tax effect

(0.22)

(0.17)

Target non-GAAP earnings per share

$       1.67

$       1.77

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

151,500

151,500

Earnings Call Open to Investors

www.synopsys.com 4:00 p.m. Pacific Time 5:30 p.m. Pacific Time May 2011 Aart de Geus Brian Beattie

Effectiveness of Information

www.synopsys.com May 2011

Availability of Final Financial Statements

March 10, 2011

About Synopsys

Mountain View, California North America Europe Japan Asia India http://www.synopsys.com/

Forward-Looking Statements

The statements made in this press release regarding projected financial results in the sections entitled "Financial Targets," and "Reconciliation of Target Non-GAAP Operating Results," financial objectives, and certain statements made in the earnings conference call are forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934.  Actual results could differ materially from those described by these statements due to a number of uncertainties, including, but not limited to:

  • changes in demand for Synopsys’ products due to fluctuations in demand for its customers’ products;
  • uncertainty in the growth of the semiconductor and electronics industry;
  • Synopsys’ ability to realize the potential financial or strategic benefits of the acquisitions it completes and the difficulties in the integration of the products and operations of acquired companies or assets into Synopsys’ products and operations;
  • continued uncertainty in the global economy and its potential impact on the semiconductor and electronics industries;
  • increased competition in the market for Synopsys’ products and services including through  consolidation in the industry;
  • lower-than-anticipated new IC design starts;
  • lower-than-anticipated purchases or delays in purchases of software or consulting services by Synopsys’ customers, including delays in the renewal, or non-renewal, of Synopsys’ license arrangements with major customers;
  • changes in the mix of time-based licenses and upfront licenses;  
  • lower-than-expected orders; and
  • failure of customers to pay license fees as scheduled.

April 30, 2011 October 31, 2010

Synopsys is under no obligation to (and expressly disclaims any such obligation to) update or alter any of the forward-looking statements made in this earnings release, the conference call or the financial supplement whether as a result of new information, future events or otherwise, unless otherwise required by law.

Synopsys is a registered trademark of Synopsys, Inc.  Any other trademarks mentioned in this release are the property of their respective owners.

INVESTOR CONTACT :

Lisa L. Ewbank

Synopsys, Inc.

650-584-1901

EDITORIAL CONTACT :

Yvette Huygen

Synopsys, Inc.

650-584-4547

[email protected]

SYNOPSYS, INC.

Unaudited Consolidated Statements of Operations (1)

(in thousands, except per share amounts)

Three Months Ended January 31,

2011

2010

Revenue:

 Time-based license

$ 295,609

$ 272,475

 Upfront license

26,535

20,446

 Maintenance and service

42,500

37,246

     Total revenue

364,644

330,167

Cost of revenue:

 License

50,523

41,214

 Maintenance and service

20,547

16,510

 Amortization of intangible assets

13,235

7,857

    Total cost of revenue

84,305

65,581

Gross margin

280,339

264,586

Operating expenses:

 Research and development

120,740

101,232

 Sales and marketing

79,324

79,616

 General and administrative

29,865

25,853

 Amortization of intangible assets

3,748

2,793

    Total operating expenses

233,677

209,494

Operating income

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