Synopsys, Inc. today reported results for its second quarter of fiscal year 2015.
For the second quarter of fiscal year 2015, Synopsys reported revenue of $557.2 million, compared to $517.7 million for the second quarter of fiscal 2014, an increase of approximately 7.6 percent.
"Our fiscal second quarter results were very strong, and solidify our outlook for the full year," said Aart de Geus, chairman and co-CEO of Synopsys. "We see clear momentum with our new implementation and verification products in the early stages of a multi-year customer upgrade cycle. Our entry into the software quality and security space has opened up an opportunity to drive incremental growth in both familiar and new market segments and build on Synopsys' strengths."
GAAP Results
On a generally accepted accounting principles (GAAP) basis, net income for the second quarter of fiscal 2015 was $55.6 million, or$0.35 per share, compared to $63.3 million, or $0.40 per share, for the second quarter of fiscal 2014.
Non-GAAP Results
On a non-GAAP basis, net income for the second quarter of fiscal 2015 was $107.6 million, or $0.68 per share, compared to non-GAAP net income of $101.7 million, or $0.65 per share, for the second quarter of fiscal 2014. Reconciliation between GAAP and non-GAAP results is provided at the end of this press release.
Financial Targets
Synopsys also provided its financial targets for the third quarter and full fiscal year 2015. These targets do not include any impact of future acquisition-related activities or costs that may be incurred in fiscal year 2015. 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.
Third Quarter of Fiscal Year 2015 Targets:
- Revenue: $550 million - $560 million
- GAAP expenses: $481 million - $501 million
- Non-GAAP expenses: $430 million - $440 million
- Other income and expense: $0 - $2 million
- Tax rate applied in non-GAAP net income calculations: 21 - 22 percent
- Fully diluted outstanding shares: 155 million - 159 million
- GAAP earnings per share: $0.23 - $0.30
- Non-GAAP earnings per share: $0.58 - $0.60
Full Fiscal Year 2015 Targets:
- Revenue: $2.210 billion - $2.235 billion
- Other income and expense: $6 million - $10 million
- Tax rate applied in non-GAAP net income calculations: 19 - 20 percent
- Fully diluted outstanding shares: 155 million - 159 million
- GAAP earnings per share: $1.39 - $1.49
- Non-GAAP earnings per share: $2.76 - $2.81
- Cash flow from operations: approximately $450 million
