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Synopsys Posts Financial Results for Second Quarter Fiscal Year 2012

MOUNTAIN VIEW, Calif. May 23, 2012

$432.6 million $393.7 million

Aart de Geus

GAAP Results

$21.0 million $0.14 $81.1 million $0.53 $32.8 million $0.21 $30.2 million

Non-GAAP Results

$78.5 million $0.53 $68.5 million $0.45

February 22, 2012

Financial Targets

Synopsys also provided its financial targets for the third quarter and full fiscal year 2012.  These targets do not include any future acquisition-related expenses that may be incurred in fiscal 2012.  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. 

Third Quarter of Fiscal Year 2012 Targets

  • $440 million – $448 million
  • $371 million – $387 million
  • $333 million – $343 million
  • ($2) million $0 million
  • Tax rate applied in non-GAAP net income calculations: approximately 26 percent
  • Fully diluted outstanding shares: 149 million – 153 million
  • $0.29 – $0.34
  • $0.49 – $0.51
  • Revenue from backlog: greater than 90 percent

Full Fiscal Year 2012 Targets:

  • $1.740 billion – $1.760 billion
  • $0 $3 million
  • Tax rate applied in non-GAAP net income calculations: approximately 25 percent
  • Fully diluted outstanding shares: 148 million – 152 million
  • $1.04 – $1.16
  • $2.03 – $2.07
  • $320 million – $340 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 facilities restructuring charges and the effect of tax benefits from settlements with the Internal Revenue Service, and (v) the income tax effect of non-GAAP pre-tax adjustments as well as unusual or infrequent 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.  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 Second Quarter Fiscal Year 2012 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 Second Quarter Fiscal Year 2012 Results

(unaudited and in thousands, except per share amounts)

Three Months Ended

Six Months Ended

April 30,

April 30,

2012

2011

2012

2011

GAAP net income

$ 20,971

$ 81,114

$   77,665

$ 129,340

Adjustments:

Amortization of intangible assets

28,604

18,664

45,513

35,647

Stock compensation

20,602

12,666

36,851

27,914

Acquisition-related costs

30,853

(1,616)

32,088

466

Facility restructuring charges

470

Tax benefit from IRS settlement

(32,782)

(32,782)

Tax adjustments

(22,532)

(9,511)

(31,759)

(23,733)

Non-GAAP net income

$ 78,498

$ 68,535

$ 160,828

$ 136,852

Three Months Ended

Six Months Ended

April 30,

April 30,

2012

2011

2012

2011

GAAP net income per share

$     0.14

$     0.53

$       0.52

$       0.84

Adjustments:

Amortization of intangible assets

0.19

0.12

0.31

0.23

Stock compensation

0.14

0.08

0.25

0.18

Acquisition-related costs

0.21

(0.01)

0.22

0.00

Facility restructuring charges

0.00

Tax benefit from IRS settlement

(0.21)

(0.21)

Tax adjustments

(0.15)

(0.06)

(0.22)

(0.15)

Non-GAAP net income per share

$     0.53

$     0.45

$       1.08

$       0.89

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