CIMdata PLM Industry Summary Online Archive
19 May 2010
Financial News
Synopsys Posts Financial Results for Second Quarter Fiscal Year 2010
Synopsys, Inc. reported results for its second quarter of fiscal year 2010.
For the second quarter of fiscal 2010, Synopsys reported revenue of $338.1 million compared to $336.8 million for the second quarter of fiscal 2009.
"Synopsys again delivered solid results this quarter,” said Aart de Geus, chairman and CEO of Synopsys. "While the customer backdrop remains cautious, we continue to execute well on our strategy to address customer needs ranging from mainstream to the most advanced silicon design flows, all the way to the rapidly growing IP and systems space. This quarter we made particular progress in the latter, where we believe we have an especially promising outlook."
GAAP Results
On a generally accepted accounting principles (GAAP) basis, net income for the second quarter of fiscal 2010 was $39.5 million, or $0.26 per share, compared to $48.3 million, or $0.33 per share, for the second quarter of fiscal 2009.
Non-GAAP Results
On a non-GAAP basis, net income for the second quarter of fiscal 2010 was $61.9 million, or $0.41 per share, compared to non-GAAP net income of $65.9 million, or $0.45 per share, for the second quarter of fiscal 2009.
Financial Targets
Synopsys also provided its financial targets for the third quarter and full fiscal year 2010. These targets do not include future acquisition-related expenses that may be incurred in fiscal 2010. 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 2010 Targets:
- Revenue: $330 million - $338 million
- GAAP expenses: $275 million - $292 million
- Non-GAAP expenses: $251 million - $261 million
- Other income and expense: $0 - $3 million
- Tax rate applied in non-GAAP net income calculations: approximately 27 percent
- Fully diluted outstanding shares: 149 million - 154 million
- GAAP earnings per share: $0.21 - $0.27
- Non-GAAP earnings per share: $0.36 - $0.38
- Revenue from backlog: greater than 90 percent
Full-Year Fiscal Year 2010 Targets:
- Revenue: $1.340 billion - $1.355 billion
- Other income and expense: $4 million - $8 million
- Tax rate applied in non-GAAP net income calculations: approximately 27 percent
- Fully diluted outstanding shares: 149 million - 154 million
- GAAP earnings per share: $1.56 - $1.75
- Non-GAAP earnings per share: $1.52 - $1.62
- Cash flow from operations: $205 million - $225 million
Reconciliation of Second Quarter Fiscal Year 2010 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.
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 at Synopsys' corporate website at http://www.synopsys.com/ A recording of the call will be available by calling +1-800-475-6701 (+1-320-365-3844 for international callers), access code 156545, beginning at 4:00 p.m. Pacific Time today. 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 third quarter fiscal 2010 in August 2010. Synopsys will post copies of the prepared remarks of Aart de Geus, chairman and chief executive officer, and Brian Beattie, chief financial officer, on its website following the call. In addition, Synopsys makes additional financial information available in a financial supplement also posted on the corporate website.
Availability of Final Financial Statements
Synopsys will include final financial statements for the second quarter fiscal 2010 in its quarterly report on Form 10-Q to be filed by June 10, 2010.
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