GAAP to Non-GAAP Tax Rate Reconciliation (1) | |
(unaudited) | |
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| Twelve Months Ended |
| October 31, 2023 |
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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 % |
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(1) Synopsys' fiscal year 2023 ended on October 28, 2023. For presentation purposes, we refer to the closest
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(2) The adjustments are primarily related to the differences in the tax rate effect of certain deductions, such as the
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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) | ||
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| Range for Three Months Ending | |
| January 31, 2024 | |
| Low | High |
Target GAAP expenses | $ 1,217,000 | $ 1,237,000 |
Adjustments: |
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Amortization of intangible assets | (26,000) | (29,000) |
Stock compensation | (174,000) | (181,000) |
Target non-GAAP expenses | $ 1,017,000 | $ 1,027,000 |
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| Range for Three Months Ending | |
| January 31, 2024 | |
| Low | High |
Target GAAP earnings per diluted share attributed to Synopsys | $ 2.40 | $ 2.50 |
Adjustments: |
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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 |
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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) | ||
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| Range for Fiscal Year Ending | |
| October 31, 2024 | |
| Low | High |
Target GAAP expenses | $ 4,995,000 | $ 5,052,000 |
Adjustments: |
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Amortization of intangible assets | (103,000) | (108,000) |
Stock compensation | (752,000) | (764,000) |
Target non-GAAP expenses | $ 4,140,000 | $ 4,180,000 |
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| Range for Fiscal Year Ending | |
| October 31, 2024 | |
| Low | High |
Target GAAP earnings per diluted share attributed to
| $ 9.07 | $ 9.25 |
Adjustments: |
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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
| $ 13.33 | $ 13.41 |
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Shares used in non-GAAP calculation (midpoint of
| 156,000 | 156,000 |
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(1) Synopsys' first quarter of fiscal year 2024 has one extra week and will end on February 3, 2024. Fiscal year 2024 will end
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