Synopsys Posts Financial Results for Third Quarter Fiscal Year 2022
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Synopsys Posts Financial Results for Third Quarter Fiscal Year 2022

MOUNTAIN VIEW, Calif., Aug. 17, 2022 — (PRNewswire) — Synopsys, Inc. (Nasdaq: SNPS) today reported results for its third quarter fiscal year 2022. Revenue for the third quarter of fiscal year 2022 was $1.248 billion, compared to $1.057 billion for the third quarter of fiscal year 2021.

"Synopsys continues to execute very well. We delivered excellent fiscal third quarter results, with broad-based strength, and are increasing our outlook for the year," said Aart de Geus, chairman and CEO of Synopsys. "Technology strength across the board, including multiple game-changing innovations, drove outstanding technical, competitive, and business results. While our customers navigate through the ebbs and flows of the market, they are simultaneously investing heavily in more complex chips, more sophisticated systems, and more software. The combination of Synopsys' powerful portfolio and constructive market dynamics, plus the resilience of our business model, position us for a strong finish to the year. We expect to cross the $5 billion revenue mark in FY'22, with over 20% revenue growth, strong margin expansion and EPS growth, and more than $1.6 billion in operating cash flow."

GAAP Results
On a generally accepted accounting principles (GAAP) basis, net income for the third quarter of fiscal year 2022 was $222.6 million, or $1.43 per diluted share, compared to $198.6 million, or $1.27 per diluted share, for the third quarter of fiscal year 2021.

Non-GAAP Results
On a non-GAAP basis, net income for the third quarter of fiscal year 2022 was $327.4 million, or $2.10 per diluted share, compared to non-GAAP net income of $284.5 million, or $1.81 per diluted share, for the third quarter of fiscal year 2021.

For a reconciliation of net income, earnings per diluted share and other measures on a GAAP and non-GAAP basis, 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 fourth 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. 

Fourth Quarter and Fiscal Year 2022 Financial Targets
(in millions except per share amounts)



 Range for Three Months


Range for Fiscal Year


 October 31, 2022


October 31, 2022


Low

High


Low

High

Revenue

$             1,263

$             1,293


$             5,060

$             5,090

GAAP Expenses

$             1,076

$             1,096


$             3,978

$             3,998

Non-GAAP Expenses

$                919

$                929


$             3,395

$             3,405

Other Income (Expense)

$                    3

$                    5


$                  12

$                  14

Non-GAAP Tax Rate

18 %

18 %


18 %

18 %

Outstanding Shares (fully diluted)

156

159


156

159

GAAP EPS

$               1.06

$               1.18


$               6.37

$               6.49

Non-GAAP EPS

$               1.80

$               1.85


$               8.80

$               8.85

Operating Cash Flow




$             1,600

$             1,650

For a reconciliation of Synopsys' Fourth Quarter and Fiscal Year 2022 targets, including expenses, earnings per diluted share and other measures on a GAAP and non-GAAP basis, see "GAAP to Non-GAAP Reconciliation" in the accompanying tables 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 on Synopsys' corporate website at www.synopsys.com. A recording of the call will be available by calling +1-866-207-1041 (+1-402-970-0847 for international callers), access code 6337628, beginning at 5:00 p.m. Pacific Time today, until 11:59 p.m. Pacific Time on August 24, 2022. A webcast replay will also be available on the corporate website from approximately 5:30 p.m. Pacific Time today through the time Synopsys announces its results for the fourth quarter and fiscal year 2022 in November 2022.  Synopsys will post copies of the prepared remarks of Aart de Geus, chairman and chief executive officer, and Trac Pham, chief financial officer, on its website following today's call. In addition, Synopsys makes additional information available in a financial supplement and corporate overview presentation, also posted on the corporate website.

Effectiveness of Information
The targets included in this press release, the statements made during the earnings conference call and the information contained in the financial supplement and corporate overview presentation (available in the Investor Relations section of Synopsys' corporate website at www.synopsys.com) represent Synopsys' expectations and beliefs as of the date of this release only. Although this press release, copies of the prepared remarks of the chief executive officer and chief financial officer made during the call, the financial supplement, and the corporate overview presentation will remain available on Synopsys' website through the date of the earnings call for the fourth quarter and fiscal year 2022, their continued availability through such date does not mean that Synopsys is reaffirming or confirming their continued validity. Synopsys undertakes no duty and does not intend to update any forward-looking statement, whether as a result of new information or future events, or otherwise update, the targets given in this release unless required by law.

Availability of Final Financial Statements
Synopsys will include final financial statements for the third quarter fiscal year 2022 in its quarterly report on Form 10-Q to be filed by September 8, 2022.

About Synopsys
Synopsys, Inc. (Nasdaq: SNPS) is the Silicon to Software™ partner for innovative companies developing the electronic products and software applications we rely on every day. As an S&P 500 company, Synopsys has a long history of being a global leader in electronic design automation (EDA) and semiconductor IP and offers the industry's broadest portfolio of application security testing tools and services. Whether you're a system-on-chip (SoC) designer creating advanced semiconductors, or a software developer writing more secure, high-quality code, Synopsys has the solutions needed to deliver innovative products. Learn more at  www.synopsys.com.      

GAAP to Non-GAAP Reconciliation
Synopsys continues to provide all information required in accordance with GAAP, but acknowledges 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 core business operations and what Synopsys uses to evaluate its business 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, superior to, 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 financial measures that include: (i) the amortization of acquired intangible assets, (ii) the impact of stock compensation, (iii) acquisition-related costs, (iv) restructuring charges, (v) the effects of certain settlements, final judgments and loss contingencies related to legal proceedings, and (vi) the income tax effect of non-GAAP pre-tax adjustments; and the non-GAAP financial measures that exclude such information in order to assess the performance of Synopsys' business and for planning and forecasting in subsequent periods.

Synopsys adopted a three-year normalized non-GAAP tax rate of 16% for fiscal years 2019 through 2021 in calculating non-GAAP financial measures to provide better consistency across interim reporting periods by eliminating the effects of non-recurring and period-specific items, which can vary in size and frequency and do not necessarily reflect our normal operations, and to more closely align our tax rate with our expected geographic earnings mix.

Given the uncertainty surrounding corporate tax reform, Synopsys adopted an annual non-GAAP tax rate of 18% for fiscal year 2022 rather than a three-year normalized non-GAAP tax rate in calculating its non-GAAP financial measures. This annual non-GAAP tax rate is based on an evaluation of its historical and projected mix of U.S. and international profit before tax, taking into account the impact of non-GAAP adjustments, as well as other factors such as its current tax structure, existing tax positions and expected recurring tax incentives. Synopsys will re-evaluate this rate on an annual basis for any significant events that could materially affect its projections, such as significant changes in its geographic earnings mix or significant tax law changes in major jurisdictions where Synopsys operates, and will further consider the appropriateness of adopting a multi-year normalized non-GAAP tax rate.

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, as well as Item 2.02 of Synopsys' Current Report on Form 8-K filed on August 17, 2022, for additional information about the measures Synopsys uses to evaluate its core business operations.

Reconciliation of Third Quarter Fiscal Year 2022 Results
The following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP net income and earnings per diluted share for the periods indicated below.

GAAP to Non-GAAP Reconciliation of Third Quarter Fiscal Year 2022 Results (1)
(unaudited and in thousands, except per share amounts)



Three Months Ended


Nine Months Ended


July 31,


July 31,


2022


2021


2022


2021

GAAP net income

$     222,626


$     198,646


$     831,094


$     556,069

Adjustments:








Amortization of intangible assets

26,454


20,440


70,181


60,437

Stock compensation

127,605


85,162


333,437


248,530

Acquisition-related costs

5,232


5,702


11,332


11,594

Restructuring charges

-


15,151


12,057


15,151

Legal matters

-


(1,455)


-


(1,455)

Tax adjustments

(54,508)


(39,189)


(162,964)


(99,297)

Non-GAAP net income

$     327,409


$     284,457


$  1,095,137


$     791,029


























Three Months Ended


Nine Months Ended


July 31,


July 31,


2022


2021


2022


2021

GAAP net income per diluted share

$           1.43


$           1.27


$           5.31


$           3.54

Adjustments:








Amortization of intangible assets

0.17


0.13


0.45


0.38

Stock compensation

0.82


0.54


2.13


1.58

Acquisition-related costs

0.03


0.04


0.07


0.07

Restructuring charges

-


0.10


0.08


0.10

Legal matters

-


(0.01)


-


(0.01)

Tax adjustments

(0.35)


(0.26)


(1.04)


(0.63)

Non-GAAP net income per diluted share

$           2.10


$           1.81


$           7.00


$           5.03









Shares used in computing net income per
diluted share amounts:

155,806


156,907


156,545


157,158









(1) Synopsys' third quarter of fiscal year 2022 and 2021 ended on July 30, 2022 and July 31, 2021, respectively. For
presentation purposes, we refer to the closest calendar month end.

 

Reconciliation of 2022 Targets
The following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP targets for the periods indicated below.

GAAP to Non-GAAP Reconciliation of Fourth Quarter Fiscal Year 2022 Targets (1)
(in thousands, except per share amounts)




 Range for Three Months



October 31, 2022



Low


High

Target GAAP expenses


$        1,076,000


$        1,096,000

Adjustments:





      Amortization of intangible assets


(26,000)


(29,000)

      Stock compensation


(131,000)


(138,000)

Target non-GAAP expenses


$           919,000


$           929,000
















Range for Three Months



October 31, 2022



Low


High

Target GAAP earnings per diluted share


$                 1.06


$                 1.18

Adjustments:





      Amortization of intangible assets


0.18


0.17

      Stock compensation


0.88


0.83

      Tax adjustments


(0.32)


(0.33)

Target non-GAAP earnings per diluted share


$                 1.80


$                 1.85






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


157,500


157,500

 

GAAP to Non-GAAP Reconciliation of Full Fiscal Year 2022 Targets (1)
(in thousands, except per share amounts)




Range for Fiscal Year



October 31, 2022



Low


High

Target GAAP expenses


$        3,978,389


$        3,998,389

Adjustments:





      Amortization of intangible assets


(96,000)


(99,000)

      Stock compensation


(464,000)


(471,000)

      Acquisition-related costs


(11,332)


(11,332)

      Restructuring charges


(12,057)


(12,057)

Target non-GAAP expenses


$        3,395,000


$        3,405,000
















Range for Fiscal Year



October 31, 2022



Low


High

Target GAAP earnings per diluted share


$                 6.37


$                 6.49

Adjustments:





      Amortization of intangible assets


0.63


0.62

      Stock compensation


3.01


2.96

      Acquisition-related costs


0.07


0.07

      Restructuring charges


0.08


0.08

      Tax adjustments


(1.36)


(1.37)

Target non-GAAP earnings per diluted share


$                 8.80


$                 8.85






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


157,500


157,500






(1) Synopsys' fourth quarter of fiscal year 2022 and fiscal year 2022 will end on October 29, 2022. For presentation purposes,
we refer to the closest calendar month end.

 

Forward-Looking Statements
This press release contains forward-looking statements including, but not limited to, statements regarding Synopsys' short-term and long-term financial targets, expectations and objectives; strategies related to our products and technology; business and market outlook, opportunities and strategies; customer demand and market expansion; our planned product releases and capabilities; industry growth rates; software trends; planned acquisitions and stock repurchases; our expected tax rate; the expected impact of U.S. and foreign government actions and regulatory changes on our financial results; and the continued impact of the COVID-19 pandemic. These statements involve risks, uncertainties and other factors that could cause our actual results, time frames or achievements to differ materially from those expressed or implied in such forward-looking statements. Such risks, uncertainties and factors include, but are not limited to: risks from the continued impact of the COVID-19 pandemic on the global economy and on our business, operations and financial condition; macroeconomic conditions and uncertainty in the global economy; uncertainty in the growth of the semiconductor and electronics industries; the highly competitive industry we operate in; consolidation among our customers and our dependence on a relatively small number of large customers; risks and compliance obligations relating to the global nature of our operations as well as actions by the U.S. or foreign governments, such as the imposition of additional export restrictions or tariffs; and more. Additional information on potential risks, uncertainties and other factors that could affect Synopsys' results is included in filings we make with the Securities and Exchange Commission from time to time, including in the sections entitled "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended October 31, 2021, and in our latest Quarterly Report on Form 10-Q. The information provided herein is as of August 17, 2022. Synopsys undertakes no duty, and does not intend, to update any forward-looking statement, whether as a result of new information, future events or otherwise, unless required by law.

 

SYNOPSYS, INC.
Unaudited Condensed Consolidated Statements of Income (1)
(in thousands, except per share amounts)



Three Months Ended


Nine Months Ended


July 31,


July 31,


2022


2021


2022


2021

Revenue:








  Time-based products

$           754,322


$           665,563


$        2,185,626


$        1,945,647

  Upfront products

268,584


203,301


973,483


586,798

  Maintenance and service

224,860


188,266


638,141


519,329

      Total revenue

1,247,766


1,057,130


3,797,250


3,051,774

Cost of revenue:








  Products

164,077


127,592


480,166


389,677

  Maintenance and service

87,774


65,604


253,665


202,210

  Amortization of intangible assets

19,330


11,870


47,145


35,164

     Total cost of revenue

271,181


205,066


780,976


627,051

Gross margin

976,585


852,064


3,016,274


2,424,723

Operating expenses:








  Research and development

444,826


371,146


1,218,761


1,090,959

  Sales and marketing

199,246


171,428


571,329


514,810

  General and administrative

91,461


83,846


246,426


234,028

  Amortization of intangible assets

7,124


8,570


23,036


25,273

  Restructuring charges

-


15,151


12,057


15,151

     Total operating expenses

742,657


650,141


2,071,609


1,880,221

Operating income

233,928


201,923


944,665


544,502

Other income (expense), net

2,426


11,414


(41,280)


61,934

Income before income taxes

236,354


213,337


903,385


606,436

Provision for income taxes

16,708


14,945


76,506


51,214

Net income

219,646


198,392


826,879


555,222

Net income (loss) attributed to non-
controlling interest and redeemable
non-controlling interest

(2,980)


(254)


(4,215)


(847)

Net income attributed to Synopsys

$           222,626


$           198,646


$           831,094


$           556,069









Net income per share attributed to
Synopsys:








  Basic

$                 1.46


$                 1.30


$                 5.43


$                 3.64

  Diluted

$                 1.43


$                 1.27


$                 5.31


$                 3.54









Shares used in computing per share
amounts:








  Basic

152,938


152,635


153,082


152,619

  Diluted

155,806


156,907


156,545


157,158









(1) Synopsys' third quarter of fiscal year 2022 and 2021 ended on July 30, 2022 and July 31, 2021, respectively. For
presentation purposes, we refer to the closest calendar month end.

 

SYNOPSYS, INC.
Unaudited Condensed Consolidated Balance Sheets
(1)
(in thousands, except par value amounts)






July 31, 2022


October 31, 2021



ASSETS:









Current assets:









  Cash and cash equivalents




$                   1,383,559


$                   1,432,840



  Short-term investments




147,599


147,949



          Total cash, cash equivalents & short-term investments




$                   1,531,158


$                   1,580,789



  Accounts receivable, net




682,647


568,501



  Inventories




219,736


229,023



  Prepaid and other current assets




465,487


430,028



          Total current assets




2,899,028


2,808,341



Property and equipment, net




486,872


472,398



Operating lease right-of-use assets, net




574,501


493,251



Goodwill




3,854,889


3,575,785



Intangible assets, net




404,652


279,132



Deferred income taxes




617,429


612,655



Other long-term assets




492,176


510,698



           Total assets




$                   9,329,547


$                   8,752,260












LIABILITIES, REDEEMABLE NON-CONTROLLING
INTEREST AND STOCKHOLDERS' EQUITY:









Current liabilities:









  Accounts payable and accrued liabilities




$                      736,099


$                      741,191



  Operating lease liabilities, current




54,170


79,678



  Deferred revenue




1,755,594


1,517,623



  Short-term debt




-


74,992



           Total current liabilities




2,545,863


2,413,484



Operating lease liabilities, non-current




592,930


487,003



Long-term deferred revenue




164,964


136,303



Long-term debt




21,960


25,094



Other long-term liabilities




352,188


391,433



           Total liabilities




3,677,905


3,453,317



Redeemable non-controlling interest




43,516


-



Stockholders' equity:









  Preferred stock, $0.01 par value: 2,000 shares authorized; none outstanding


-


-



  Common stock, $0.01 par value: 400,000 shares authorized; 153,004 and







  153,062 shares outstanding, respectively




1,530


1,531



  Capital in excess of par value




1,415,244


1,576,363



  Retained earnings




5,377,586


4,549,713



  Treasury stock, at cost: 4,257 and 4,198 shares, respectively




(1,034,841)


(782,866)



  Accumulated other comprehensive income (loss)




(155,493)


(49,604)



           Total Synopsys stockholders' equity




5,604,026


5,295,137



  Non-controlling interest




4,100


3,806



           Total stockholders' equity




5,608,126


5,298,943



           Total liabilities, redeemable non-controlling interest and    
           stockholders' equity




$                   9,329,547


$                   8,752,260












(1) Synopsys' third quarter of fiscal year 2022 ended on July 30, 2022 and its fiscal year 2021 ended on October 30, 2021. For presentation
purposes, we refer to the closest calendar month end.





 

SYNOPSYS, INC.
Unaudited Condensed Consolidated Statements of Cash Flows (1)
(in thousands)



Nine Months Ended


July 31,


2022


2021

CASH FLOWS FROM OPERATING ACTIVITIES:




Net income attributed to Synopsys

$            831,094


$            556,069

Adjustments to reconcile net income to net cash provided by




operating activities:




Amortization and depreciation

169,708


151,274

Reduction of operating lease right-of-use assets

65,980


64,920

Amortization of capitalized costs to obtain revenue contracts

54,438


46,973

Stock-based compensation

333,437


248,530

Allowance for credit losses

(4,516)


13,813

Deferred income taxes

5,843


(33,116)

Other non-cash

6,141


2,936

Net changes in operating assets and liabilities, net of




acquired assets and liabilities:




Accounts receivable

(121,786)


188,996

Inventories

118


(51,448)

Prepaid and other current assets

(56,075)


(62,201)

Other long-term assets

(20,058)


(117,922)

Accounts payable and accrued liabilities

(46,356)


51,991

Operating lease liabilities

(66,187)


(61,666)

Income taxes

(60,739)


(29,414)

Deferred revenue

254,353


152,328

Net cash provided by operating activities

1,345,395


1,122,063





CASH FLOWS FROM INVESTING ACTIVITIES:




Proceeds from sales and maturities of short-term investments

70,847


1,128

Purchases of short-term investments

(73,330)


(146,082)

Proceeds from sales of long-term investments

582


-

Purchases of long-term investments

(7,000)


(7,591)

Purchases of property and equipment

(102,934)


(66,957)

Cash paid for acquisitions, net of cash acquired

(416,323)


(164,053)

Capitalization of software development costs

(1,970)


(1,517)

Other

(1,200)


(800)

Net cash used in investing activities

(531,328)


(385,872)





CASH FLOWS FROM FINANCING ACTIVITIES:




Repayment of debt

(76,838)


(21,637)

Issuances of common stock

161,416


113,976

Payments for taxes related to net share settlement of equity awards

(149,130)


(104,291)

Purchase of equity forward contract

(40,000)


(35,000)

Purchases of treasury stock

(717,266)


(538,082)

Other

(3,413)


(4,375)

Net cash used in financing activities

(825,231)


(589,409)

Effect of exchange rate changes on cash, cash equivalents and restricted cash  

(38,155)


2,985

Net change in cash, cash equivalents and restricted cash

(49,319)


149,767

Cash, cash equivalents and restricted cash, beginning of year

1,435,183


1,237,970

Cash, cash equivalents and restricted cash, end of period

$         1,385,864


$         1,387,737





(1) Synopsys' third quarter of fiscal year 2022 and 2021 ended on July 30, 2022 and July 31, 2021, respectively. For
presentation purposes, we refer to the closest calendar month end.

 

SYNOPSYS, INC.
Business Segment Reporting (1)(3)
(in millions)



Three Months


Three Months


Nine Months


Nine Months


Ended


Ended


Ended


Ended


July 31, 2022


July 31, 2021


July 31, 2022


July 31, 2021

Revenue by segment












- Semiconductor & System Design

$           1,129.5



$         959.1



$      3,458.5



$      2,768.0


% of Total

90.5

%


90.7

%


91.1

%


90.7

%

- Software Integrity

$              118.3



$           98.0



$         338.8



$         283.8


% of Total

9.5

%


9.3

%


8.9

%


9.3

%

Total segment revenue

$           1,247.8



$      1,057.1



$      3,797.3



$      3,051.8














Adjusted operating income by segment












- Semiconductor & System Design

$              380.8



$         328.7



$      1,285.4



$         916.5


- Software Integrity

$                11.3



$             8.7



$           36.3



$           25.0


Total adjusted segment operating income

$              392.1



$         337.4



$      1,321.7



$         941.5














Adjusted operating margin by segment












- Semiconductor & System Design

33.7

%


34.3

%


37.2

%


33.1

%

- Software Integrity

9.5

%


8.8

%


10.7

%


8.8

%

Total adjusted segment operating margin

31.4

%


31.9

%


34.8

%


30.8

%

 

Total Adjusted Segment Operating Income Reconciliation (1)(2)(3)
(in millions)



Three Months


Three Months


Nine Months


Nine Months


Ended


Ended


Ended


Ended


July 31, 2022


July 31, 2021


July 31, 2022


July 31, 2021

GAAP total operating income – as reported

$                    233.9


$                    201.9


$            944.7


$            544.5

Other expenses managed at consolidated level








-Amortization of intangible assets

26.5


20.4


70.2


60.4

-Stock compensation

127.6


85.2


333.4


248.5

-Non-qualified deferred compensation plan

(1.1)


10.5


(50.0)


62.7

-Acquisition-related costs

5.2


5.7


11.3


11.6

-Restructuring charges

-


15.2


12.1


15.2

-Legal matters

-


(1.5)


-


(1.5)

Total adjusted segment operating income

$                    392.1


$                    337.4


$         1,321.7


$            941.5









(1) Synopsys manages the business on a long-term, annual basis, and considers quarterly fluctuations of revenue and profitability as normal
elements of our business. Amounts may not foot due to rounding.

(2) These segments results are consistent with the information required by ASC 280, Segment Reporting. Synopsys' chief operating decision
maker (CODM) is our CEO. The CODM does not allocate certain operating expenses managed at a consolidated level to our reportable
segments and, as a result, the reported operating income and operating margin do not include these unallocated expenses as shown in the table
above. Amount may not foot due to rounding.

(3) Synopsys' third quarter of fiscal year 2022 and 2021 ended on July 30, 2022 and July 31, 2021, respectively. For presentation purposes, we
refer to the closest calendar month end.

 

INVESTOR CONTACT:
Lisa L. Ewbank
Synopsys, Inc.
650-584-1901  
Email Contact 

EDITORIAL CONTACT:
Simone Souza
Synopsys, Inc.
650-584-6454  
Email Contact

Cision View original content: https://www.prnewswire.com/news-releases/synopsys-posts-financial-results-for-third-quarter-fiscal-year-2022-301607799.html

SOURCE Synopsys, Inc.

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Company Name: Synopsys, Inc.
Financial data for Synopsys, Inc.