Synopsys Posts Financial Results for Second Quarter Fiscal Year 2022

MOUNTAIN VIEW, Calif., May 18, 2022 — (PRNewswire) —   Synopsys, Inc. (Nasdaq: SNPS) today reported results for its second quarter fiscal year 2022. Revenue for the second quarter of fiscal year 2022 was $1.279 billion, compared to $1.024 billion for the second quarter of fiscal year 2021.

"Synopsys delivered an outstanding fiscal second quarter, exceeding our guidance targets with strength across all product groups and geographies. Based on strong first half execution and confidence in our business, we are raising our full-year targets substantially," said Aart de Geus, chairman and CEO of Synopsys. "Our financial momentum builds on three drivers: an unmatched product portfolio with groundbreaking new innovations, robust semiconductor and electronics market demand, and excellent operational execution. Notwithstanding macroeconomic choppiness in an uncertain geopolitical environment, our customers continue to prioritize investments to enable the new "smart everything" era. For fiscal 2022, we expect to grow annual revenue approximately 20% and pass the $5 billion milestone, drive further operating margin expansion, grow earnings per share by more than 25%, and generate approximately $1.6 billion in operating cash flow."

GAAP Results

On a generally accepted accounting principles (GAAP) basis, net income for the second quarter of fiscal year 2022 was $294.8 million, or $1.89 per diluted share, compared to $195.1 million, or $1.24 per diluted share, for the second quarter of fiscal year 2021.

Non-GAAP Results

On a non-GAAP basis, net income for the second quarter of fiscal year 2022 was $390.8 million, or $2.50 per diluted share, compared to non-GAAP net income of $267.1 million, or $1.70 per diluted share, for the second quarter of fiscal year 2021.

For a reconciliation between GAAP and non-GAAP results, 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 third 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. 

Third Quarter and Fiscal Year 2022 Financial Targets

(in millions except per share amounts)








 Range for Three Months 


Range for Fiscal Year


July 31, 2022


October 31, 2022


Low

High


Low

High

Revenue

$             1,210

$             1,240


$             5,000

$             5,050

GAAP Expenses

$                981

$             1,001


$             3,928

$             3,975

Non-GAAP Expenses

$                830

$                840


$             3,350

$             3,380

Other Income (Expense)

$                  (2)

$                     -


$                     -

$                    4

Non-GAAP Tax Rate

18%

18%


18%

18%

Outstanding Shares (fully diluted)

156

159


156

159

GAAP EPS

$               1.32

$               1.44


$               6.22

$               6.40

Non-GAAP EPS

$               2.01

$               2.06


$               8.63

$               8.70

Operating Cash Flow




$             1,550

$             1,600


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