Synopsys Posts Financial Results for Fourth Quarter and Fiscal Year 2023

 

GAAP to Non-GAAP Tax Rate Reconciliation (1)

(unaudited)




Twelve Months Ended


October 31, 2023



GAAP effective tax rate

6.4 %

Stock compensation

3.3 %

Tax settlement

1.8 %

Tax adjustments (2)

4.5 %

Non-GAAP effective tax rate

16.0 %



(1) Synopsys' fiscal year 2023 ended on October 28, 2023. For presentation purposes, we refer to the closest
calendar month end.

(2) The adjustments are primarily related to the differences in the tax rate effect of certain deductions, such as the
deduction for foreign-derived intangible income and credits.

Reconciliation of 2024 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 First Quarter Fiscal Year 2024 Targets (1)

(in thousands, except per share amounts)







 Range for Three Months Ending


January 31, 2024


Low

High

Target GAAP expenses

$           1,217,000

$           1,237,000

Adjustments:



      Amortization of intangible assets

(26,000)

(29,000)

      Stock compensation

(174,000)

(181,000)

Target non-GAAP expenses

$           1,017,000

$           1,027,000










Range for Three Months Ending


January 31, 2024


Low

High

Target GAAP earnings per diluted share attributed to Synopsys

$                    2.40

$                    2.50

Adjustments:



      Amortization of intangible assets

0.19

0.17

      Stock compensation

1.16

1.12

      Tax adjustments

(0.35)

(0.34)

Target non-GAAP earnings per diluted share attributed to Synopsys     

$                    3.40

$                    3.45




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

156,000

156,000

 

GAAP to Non-GAAP Reconciliation of Full Fiscal Year 2024 Targets (1)

(in thousands, except per share amounts)







Range for Fiscal Year Ending


October 31, 2024


Low

High

Target GAAP expenses

$           4,995,000

$           5,052,000

Adjustments:



      Amortization of intangible assets

(103,000)

(108,000)

      Stock compensation

(752,000)

(764,000)

Target non-GAAP expenses

$           4,140,000

$           4,180,000










Range for Fiscal Year Ending


October 31, 2024


Low

High

Target GAAP earnings per diluted share attributed to
Synopsys

$                    9.07

$                    9.25

Adjustments:



      Amortization of intangible assets

0.69

0.66

      Stock compensation

4.90

4.82

      Tax adjustments

(1.33)

(1.32)

Target non-GAAP earnings per diluted share attributed
to Synopsys

$                  13.33

$                  13.41




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

156,000

156,000




(1) Synopsys' first quarter of fiscal year 2024 has one extra week and will end on February 3, 2024. Fiscal year 2024 will end
on November 2, 2024. For presentation purposes, we refer to the closest calendar month end.


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