Synopsys, Inc. (NASDAQ: SNPS), a world leader in semiconductor design software, today reported results for its fourth quarter and fiscal year ended October 31, 2005.
For the fourth quarter of fiscal 2005, Synopsys reported revenue of $254.8 million, an 11 percent increase compared to $230.6 million for the fourth quarter of fiscal 2004. Revenue for fiscal year 2005 was $991.9 million, a decrease of 9 percent from the $1.09 billion in fiscal 2004. Lower revenue in fiscal 2005 reflects the company's shift to an almost fully ratable license model initiated in the fourth quarter of fiscal 2004, under which more than 90 percent of the company's license revenue is recognized over time rather than upfront in the quarter shipped. As a result, in the fourth quarter approximately 92 percent of revenue came from backlog.
"We had an excellent quarter to complete our fiscal year, with business above target in all product areas, technology indicators consistently strong and sound financial execution. We have a solid foundation for continued growth in fiscal 2006," said Aart de Geus, chairman and chief executive officer of Synopsys.
GAAP Results
On a generally accepted accounting principles (GAAP) basis, net loss for the fourth quarter of fiscal 2005 was ($11.1) million, or ($0.08) per share, compared to net loss of ($28.4) million, or ($0.19) per share, for the fourth quarter of fiscal 2004.
GAAP net loss for the fiscal year ended October 31, 2005 was ($13.1) million, or ($0.09) per share, compared to net income of $74.3 million, or $0.46 per share, for fiscal 2004.
Non-GAAP Results
On a non-GAAP basis, net income for the fourth quarter of fiscal 2005 was $14.9 million, or $0.10 per share, compared to non-GAAP net income of $1.8 million, or $0.01 per share, for the fourth quarter of fiscal 2004.
Non-GAAP net income for the fiscal year ended October 31, 2005 was $57.5 million, or $0.39 per share, compared to $166.4 million, or $1.04 per share, for fiscal year 2004. Non-GAAP net income consists of GAAP net income excluding, to the extent incurred in a particular quarter or period, amortization of intangible assets and deferred stock compensation, in-process research and development charges, integration and other acquisition-related expenses, facilities and workforce realignment charges, and other significant items which, in the opinion of management are extraordinary. See "GAAP Reconciliation - Reconciliation of Fourth Quarter and Full-Fiscal Year End Results" table below. Fourth quarter and fiscal 2005 non-GAAP net income excludes approximately $11 million incremental tax expense related to the Company's repatriation of $360 million in cash from its international subsidiaries. The decreases in GAAP and non-GAAP net income in fiscal year 2005 were due primarily to lower revenues as a result of Synopsys' shift to a more than 90 percent ratable license model.
Financial Targets
Synopsys also announced its operating model targets for the first quarter and full fiscal year 2006. These targets constitute forward-looking information and are based on current expectations. The non-GAAP targets exclude the impact of option expensing required by SFAS 123R, which the Company is required to adopt beginning in the first quarter of fiscal 2006. For a discussion of factors that could cause actual results to differ materially from these targets, see "Forward-Looking Statements" below.
First Quarter of Fiscal 2006 Targets: * Revenue: $254 million - $262 million * GAAP expenses: $257 million - $270 million * Non-GAAP expenses: $225 million - $235 million * Other income and expense: $0 million - $4 million * Fully diluted outstanding shares: 144 million - 150 million * Tax rate applied in non-GAAP net income calculations: 31 percent * GAAP (loss) earnings: $(0.04) - $0.02 per share * Non-GAAP earnings: $0.13 - $0.17 per share * Revenue from backlog: more than 95 percent Full-Year Fiscal Year 2006 Targets * Revenue: $1,055 million - $1,085 million * Fully diluted outstanding shares: 144 million - 150 million * Tax rate applied in non-GAAP net income calculations: 31 percent * GAAP earnings: $0.08 - $0.21 per share * Non-GAAP earnings: $0.65 - $0.73 per share * GAAP cash flow from operations: greater than $175 million GAAP Reconciliation
Synopsys management evaluates and makes operating decisions about the Company's business operations primarily based on the bookings, revenue and direct, ongoing and recurring costs of those operations. Management does not believe amortization of intangible assets and deferred stock compensation, in- process research and development charges, integration and other acquisition- related expenses, equity plan-related compensation expenses, facilities and workforce realignment charges and other significant extraordinary items are ongoing and recurring operating costs of its core software, intellectual property and service business operations. Therefore, management adjusts the following GAAP financial measures included in this earnings release to exclude such costs, to the extent incurred in a particular quarter: total cost of revenue, gross margin, total operating expenses, operating (loss) income, (loss) income before (benefit from) provision for income taxes, (benefit from) provision for income taxes, net (loss) income and net (loss) income per share.
For each such measure, excluding these costs provides management with more consistent, comparable information about the Company's core profitability. For example, since the Company does not acquire businesses on a predictable cycle, management would have difficulty evaluating the Company's profitability as measured by gross margin, operating margin, income before taxes and net income on a period-to-period basis unless it excluded acquisition-related charges. Similarly, the Company does not undertake significant restructuring or realignments on a regular basis, and, as a result, excludes associated charges in order to enable better and more consistent evaluations of the Company's operating expenses before and after such actions are taken. Management also uses these measures to help it make budgeting decisions, for example, as between product development expenses (which affect cost of revenue and gross margin) and research and development, sales and marketing and general and administrative expenses (which affect operating expenses and operating margin). Finally, the availability of such information helps management track performance to both internal and externally communicated financial targets and to its competitors' operating results.
Management recognizes that the use of these non-GAAP measures has certain limitations, including the fact that management must exercise judgment in determining whether certain types of charges, such as those relating to workforce reductions executed in the ordinary course, should be excluded from non-GAAP results. However, management believes that, although it is important for investors to understand GAAP measures, providing investors with these non-GAAP measures gives them additional important information to enable them to assess, in a way management assesses, Synopsys' current and future continuing operations.
Reconciliation of Fourth Quarter and Full-Fiscal Year End Results
The following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP earnings per share and non-GAAP expenses for the fourth quarter and fiscal year 2005.
GAAP to Non-GAAP Reconciliation of Fourth Quarter and Fiscal Year Results
Income Statement Reconciliation Three Months Ended Twelve Months Ended
(in thousands) October 31, October 31,
2005 2004 2005 2004
GAAP net (loss) income $(11,141) $(28,382) $(13,144) $74,337
Amortization of intangible assets
and deferred stock compensation 16,948 34,536 115,278 137,463
Merger termination fee -- -- -- 10,000
In-process research and development -- 1,638 5,700 1,638
Work force realignment charges
at a lower cost than estimated -- (3) -- 510
Litigation settlement -- -- (33,000) --
Tax effect (1) 9,138 (5,992) (17,291) (57,517)
Non-GAAP net income $14,945 $1,797 $57,543 $166,431
(1) The Company's fourth quarter and fiscal year 2005 GAAP results include $11 million in incremental tax expense related to the repatriation of $360 million in cash from its international subsidiaries. This incremental tax expense has been excluded from non-GAAP results.
Three Months Twelve Months
Earnings Per Share Reconciliation Ended Ended
October 31, October 31,
2005 2004 2005 2004
GAAP earnings (loss) per share $(0.08) $(0.19) $(0.09) $0.46
Amortization of intangible assets and
deferred stock compensation 0.12 0.23 0.79 0.86
Merger termination fee -- -- -- 0.06
In-process research and development -- 0.01 0.04 0.01
Work force realignment charges
at a lower cost than estimated -- -- -- 0.01
Litigation settlement -- -- (0.23) --
Tax effect (1) 0.06 (0.04) (0.12) (0.36)
Non-GAAP earnings (loss) per share $0.10 $0.01 $0.39 $1.04
Shares used in non-GAAP calculation 146,681 151,727 146,258 159,991
(1) The Company's fourth quarter and fiscal year 2005 GAAP results include $11 million in incremental tax expense related to the repatriation of $360 million in cash from its international subsidiaries. This incremental tax expense has been excluded from non-GAAP results.
Reconciliation of Estimated Target Operating Results
The following tables reconcile the specific items excluded from GAAP in the calculation of target non-GAAP operating results for the periods indicated below:
GAAP to non-GAAP Reconciliation of Target First Quarter Fiscal Year 2006
Targets
(in thousands, except per share data)
Range for Three Months
Ending January 31, 2006
Low High
Target GAAP expenses $257,000 $270,000
Adjustment:
Estimated impact of amortization of
intangible assets (15,000) (16,000)
Estimated impact of stock compensation
expense (17,000) (19,000)
Target non-GAAP expenses $225,000 $235,000
Range for Three Months
Ending January 31, 2006
Low High
Target GAAP earnings (loss) per share $(0.04) $0.02
Adjustment:
Estimated impact of amortization of
intangible assets per share 0.11 0.10
Estimated impact of stock compensation
expense per share 0.13 0.12
Net non-GAAP tax effect (0.07) (0.07)
Target non-GAAP earnings per share $0.13 $0.17
Shares used in non-GAAP calculation (midpoint
of target range) 147,000 147,000
GAAP to Non-GAAP Reconciliation of Target Fiscal Year 2006 Targets
Range for Fiscal Year
Ending October 31, 2006
Low High
Target GAAP earnings per share $0.08 $0.21
Adjustment:
Estimated impact of amortization of
intangible assets per share 0.37 0.36
Estimated impact of stock compensation
expense per share 0.46 0.44
Net non-GAAP tax effect (0.26) (0.28)
Target non-GAAP earnings per share $0.65 0.73
Shares used in non-GAAP calculation (midpoint
of target range) 147,000 147,000
Additional Financial Information Available on Synopsys Website
In connection with this earnings release, Synopsys is making available to investors supplemental financial information which can be found on Synopsys' website at http://www.synopsys.com/corporate/invest/finsupp/q405.pdf . Synopsys currently intends to provide this information on a quarterly basis.
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 at Synopsys' corporate website at http://www.synopsys.com/corporate/invest/invest.html . A recording of the call will be available by calling 1-800-475-6701 (320-365-3844 for international callers), access code 801529, beginning at 5:30 p.m. Pacific Time today. A webcast replay will also be available at http://www.synopsys.com/corporate/invest/invest.html from approximately 5:30 p.m. Pacific Time today through the time of the announcement of Synopsys' results for the first quarter of fiscal 2006 in February 2006. In addition, Synopsys will post copies of the prepared remarks of Aart de Geus, chairman and chief executive officer, and Rex Jackson, acting chief financial officer, senior vice president and general counsel, on its website at http://www.synopsys.com/corporate/invest/invest.html following the call.
Effectiveness of Information
The targets included in this release, the statements made during the earnings conference call and the information contained in the financial supplement 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 acting chief financial officer made during the call and the financial supplement will remain available on Synopsys' website through the date of the first quarter earnings call in February 2006, their continued availability through such date does not mean that Synopsys is reaffirming or confirming their continued validity. Synopsys does not currently intend to report on its progress during the first quarter of fiscal 2006 or comment to analysts or investors on, or otherwise update, the targets given in this earnings release until it releases such results in February 2006. Furthermore, Synopsys is under no obligation to (and expressly disclaims any such obligation to) update or alter any of the forward-looking statements made in this earnings release, the conference call or the financial supplement whether as a result of new information, future events or unless otherwise required by law.
Availability of Final Financial Statements
Synopsys will include final financial statements for the full year fiscal 2005 with its Annual Report on Form 10-K to be filed in January 2006.
About Synopsys
Synopsys, Inc. is a world leader in electronic design automation (EDA) software for semiconductor design. The company delivers technology-leading semiconductor design and verification platforms and IC manufacturing software products to the global electronics market, enabling the development and production of complex systems-on-chips. Synopsys also provides intellectual property and design services to simplify the design process and accelerate time-to-market for its customers. Synopsys is headquartered in Mountain View, California and has offices in more than 60 locations throughout North America, Europe, Japan and Asia. Visit Synopsys online at http://www.synopsys.com/ .
Forward-Looking Statements
The statements made in this press release regarding projected financial results in the sections entitled "Financial Targets," and "GAAP Reconciliation - Reconciliation of Estimated Target Operating Results" and certain statements made in the earnings conference call are forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those described by these statements due to a number of uncertainties, including but not limited to the risk of:
* weakness or continued budgetary caution in the semiconductor or
electronic systems industries;
* lower-than-expected research and development spending by semiconductor
and electronic systems companies;
* lower-than-anticipated purchases or delays in purchases of software or
consulting services by Synopsys' customers, including delays in the
renewal, or non-renewal, of Synopsys' license arrangements with major
customers;
* unexpected changes in the mix of time-based licenses and upfront
licenses;
* lower-than-expected bookings of licenses on which revenue is recognized
upfront;
* lower-than-anticipated new IC design starts;
* competition in the market for Synopsys' products and services;
* failure to continue to improve Synopsys' existing products;
* failure to successfully develop additional intellectual property blocks
for Synopsys' IP business or to develop and integrate its design for
manufacturing products;
* difficulties in the ongoing integration of the products and operations
of acquired companies or assets into Synopsys' products and operations;
and
* continued downward pressure on maintenance orders, adversely affecting
Synopsys' future level of service revenue.
In addition, Synopsys' target operating expenses and earnings per share on a GAAP basis for the fiscal quarter ending January 31, 2006 and earnings per share and estimated operating cash flow on a GAAP basis for fiscal year 2006 could differ materially from the targets stated under "Financial Targets" above for a number of reasons, including (i) a determination by Synopsys that any portion of its intangible assets have become impaired, (ii) changes in deferred stock compensation expenses caused by employee terminations, (iii) application of the actual consolidated GAAP tax rate for such periods, and (iv) integration and other acquisition-related expenses, amortization of additional intangible assets and deferred stock compensation associated with future acquisitions, if any, and (v) increases or decreases in equity plan- related compensation expenses.
For further discussion of these and other factors that may cause results to differ from those projected in this release, readers are referred to the reports which Synopsys has filed with the Securities and Exchange Commission (SEC), and which are available at www.sec.gov, particularly the information contained in Part I, Item 2 of Synopsys' Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2005 filed with the SEC on September 6, 2005 under the caption entitled "Factors That May Affect Future Results." Synopsys is under no obligation to (and expressly disclaims any such obligation to) update or alter these forward-looking statements whether as a result of new information, future events or otherwise.
NOTE: Synopsys is a registered trademark of Synopsys, Inc. Any other trademarks mentioned in this release are the intellectual property of their respective owners.
INVESTOR CONTACT:
Lisa L. Ewbank
Synopsys, Inc.
650-584-1901
EDITORIAL CONTACT:
Yvette Huygen
Synopsys, Inc.
650-584-4547
SYNOPSYS, INC.
Unaudited Condensed Consolidated Statements of Operations (1)
(in thousands, except per share data)
Three Months Ended Three Months Ended
October 31, 2005 October 31, 2004
GAAP Non-GAAP GAAP Non-GAAP
Basis Adjustments Basis Basis Adjustments Basis
Revenue:
Time-based
license $192,916 -- $192,916 $165,302 -- $165,302
Upfront license 16,314 -- 16,314 18,301 -- 18,301
Service 45,608 -- 45,608 46,952 -- 46,952
Total revenue 254,838 -- 254,838 230,555 -- 230,555
Cost of revenue:
License 28,294 -- 28,294 23,587 -- 23,587
Maintenance and
services 17,209 -- 17,209 17,079 -- 17,079
Amortization of
intangible assets
and deferred stock
compensation 9,303 (9,303) -- 26,055 (26,055) --
Total cost of
revenue 54,806 (9,303) 45,503 66,721 (26,055) 40,666
Gross margin 200,032 9,303 209,335 163,834 26,055 189,889
Operating expenses:
Research and
development 80,840 -- 80,840 76,337 -- 76,337
Sales and marketing 82,608 -- 82,608 86,346 -- 86,346
General and
administrative 27,384 -- 27,384 25,742 3 25,745
In-process research
and development -- -- -- 1,638 (1,638) --
Amortization of
intangible assets
and deferred stock
compensation 7,645 (7,645) -- 8,481 (8,481) --
Total operating
expenses 198,477 (7,645) 190,832 198,544 (10,116) 188,428
Operating (loss)
income 1,555 16,948 18,503 (34,710) 36,171 1,461
Other income, net 2,779 -- 2,779 1,143 -- 1,143
Income before
provision for
income taxes 4,334 16,948 21,282 (33,567) 36,171 2,604
Provision for
income taxes (2) 15,475 (9,138) 6,337 (5,185) 5,992 807
Net (loss) income $(11,141) $26,086 $14,945 $(28,382) $30,179 $1,797
Basic earnings
per share:
Net (loss) income
per share $(0.08) $0.10 $(0.19) $0.01
Weighted-average
common shares 145,190 145,190 151,124 151,124
Diluted earnings
per share:
Net (loss) income
per share $(0.08) $0.10 $(0.19) $0.01
Weighted-average
common shares
and equivalents 145,190 146,681 151,124 151,727
(1) The Company's fiscal year and fourth quarter ends on the Saturday nearest to October 31. For presentation purposes, the unaudited condensed consolidated financial statements refer to a calendar month end.
(2) The Company's fourth quarter and fiscal year 2005 GAAP results include $11 million in incremental tax expense related to the repatriation of $360 million in cash from its international subsidiaries. This incremental tax expense has been excluded from non-GAAP results.
SYNOPSYS, INC.
Unaudited Condensed Consolidated Statements of Operations (1)
(in thousands, except per share data)
Twelve Months Ended Twelve Months Ended
October 31, 2005 October 31, 2004
GAAP Non-GAAP GAAP Non-GAAP
Basis Adjustments Basis Basis Adjustments Basis
Revenue:
Time-based
license $743,723 -- $743,723 $663,244 -- $663,244
Upfront license 60,466 -- 60,466 215,955 -- 215,955
Service 187,742 -- 187,742 212,905 -- 212,905
Total revenue 991,931 -- 991,931 1,092,104 -- 1,092,104
Cost of revenue:
License 101,610 -- 101,610 66,782 111 66,893
Maintenance and
services 70,473 -- 70,473 87,705 197 87,902
Amortization of
intangible assets
and deferred
stock
compensation 81,786 (81,786) -- 102,572(102,572) --
Total cost of
revenue 253,869 (81,786) 172,083 257,059(102,264) 154,795
Gross margin 738,062 81,786 819,848 835,045 102,264 937,309
Operating expenses:
Research and
development 315,730 -- 315,730 285,281 754 286,035
Sales and
marketing 330,537 -- 330,537 302,372 580 302,952
General and
administrative 102,040 -- 102,040 121,547 (12,152) 109,395
In-process research
and development 5,700 (5,700) -- 1,638 (1,638) --
Amortization of
intangible assets
and deferred stock
compensation 33,492 (33,492) -- 34,891 (34,891) --
Total operating
expenses 787,499 (39,192) 748,307 745,729 (47,347) 698,382
Operating (loss)
income (49,437) 120,978 71,541 89,316 149,611 238,927
Other income
(expense), net 45,195 (33,000) 12,195 2,276 -- 2,276
(Loss) income before
(benefit from)
provision for income
taxes (4,242) 87,978 83,736 91,592 149,611 241,203
(Benefit from)
provision for
income taxes (2) 8,902 17,291 26,193 17,255 57,517 74,772
Net (loss) income $(13,144) $70,687 $57,543 $74,337 $92,094 $166,431
Basic earnings
per share:
Net (loss) income
per share $(0.09) $0.40 $0.48 $1.08
Weighted-average
common shares 144,970 144,970 154,439 154,439
Diluted earnings
per share:
Net (loss) income
per share $(0.09) $0.39 $0.46 $1.04
Weighted-average
common shares
and equivalents 144,970 146,258 159,991 159,991
(1) The Company's fiscal year and fourth quarter ends on the Saturday nearest to October 31. For presentation purposes, the unaudited condensed consolidated financial statements refer to a calendar month end.
(2) The Company's fourth quarter and fiscal year 2005 GAAP results include $11 million in incremental tax expense related to the repatriation of $360 million in cash from its international subsidiaries. This incremental tax expense has been excluded from non-GAAP results.
SYNOPSYS, INC.
Unaudited Condensed Consolidated Balance Sheets (1)
(in thousands)
October 31, 2005 October 31, 2004
ASSETS:
Current assets:
Cash and cash equivalents $404,436 $346,709
Short-term investments 182,070 232,320
Total cash, cash equivalents and
short-term investments 586,506 579,029
Accounts receivable, net of
allowances of $4,003 and $7,113,
respectively 100,178 132,258
Deferred taxes 194,288 125,601
Income taxes receivable 48,370 46,583
Prepaid expenses and other current
assets 16,924 29,562
Total current assets 946,266 913,033
Property and equipment, net 170,195 178,155
Long-term investments 8,092 12,831
Goodwill 728,979 593,706
Intangible assets, net 142,519 198,069
Long-term deferred taxes 82,384 146,360
Other assets 61,828 50,033
Total assets $2,140,263 $2,092,187
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Accounts payable and accrued
liabilities $231,077 $184,146
Current portion of long-term debt 282 -
Accrued income taxes 169,632 188,096
Deferred revenue 415,689 368,913
Total current liabilities 816,680 741,155
Deferred compensation and other
liabilities 63,841 51,794
Long-term deferred revenue 42,019 34,189
Stockholders' equity:
Common stock, $0.01 par value per
share; 400,000 shares authorized;
145,897 and 147,378 shares
outstanding, respectively 1,459 1,474
Additional paid-in capital 1,260,405 1,240,568
Retained earnings 173,442 202,146
Treasury stock, at cost; 11,259 and
9,759 shares, respectively (199,482) (175,762)
Deferred stock compensation (2,100) (2,732)
Accumulated other comprehensive
loss (16,001) (645)
Total stockholders' equity 1,217,723 1,265,049
Total liabilities and
stockholders' equity $2,140,263 $2,092,187
(1) The Company's fiscal year and fourth quarter ends on the Saturday
nearest to October 31.
For presentation purposes, the unaudited condensed consolidated
financial statements refer to a calendar month end.
SYNOPSYS, INC.
Unaudited Condensed Consolidated Statements of Cash Flows (1)
(in thousands)
Twelve Months Ended October 31,
2005 2004
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income $(13,144) $74,337
Adjustments to reconcile net income
to net cash provided
by operating activities:
Amortization and depreciation 171,510 192,774
Deferred taxes (13,611) (50,855)
In-process research and development 5,700 1,638
Write-down of long-term investments 3,582 3,658
Tax benefit associated with stock
options 6,175 30,532
Provision for doubtful accounts (4,094) (927)
Net change in unrecognized gains and
losses on
foreign exchange contracts (15,982) (14,019)
Loss (gain) on sale of short- and
long-term investments 502 (833)
Net changes in operating assets and
liabilities:
Accounts receivable 56,842 70,511
Income taxes receivable (1,787) 25,541
Prepaid expenses and other current
assets 13,055 (10,260)
Other assets (11,616) (11,318)
Accounts payable and accrued
liabilities 22,513 (26,906)
Accrued income taxes (7,851) (13,829)
Deferred revenue 45,125 (17,721)
Deferred compensation and other
liabilities 12,271 11,714
Net cash provided by operating
activities 269,190 264,037
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sales and maturities of
short-term
investments 422,523 992,300
Purchases of short-term investments (372,984) (1,050,524)
Proceeds from sale of long-term
investments - 412
Purchases of long-term investments - (6,339)
Purchases of property and equipment,
net (43,563) (45,005)
Cash paid for acquisitions, net of
cash received (174,498) (60,138)
Capitalization of software
development costs (2,953) (2,739)
Net cash used in investing activities (171,475) (172,033)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from credit facility 75,000 200,000
Payments on credit facility (75,000) (200,000)
Issuances of common stock 48,616 156,719
Purchases of treasury stock (88,385) (423,305)
Net cash used in financing activities (39,769) (266,586)
Effect of exchange rate changes on
cash (219) (3,017)
Net decrease in cash and cash
equivalents 57,727 (177,599)
Cash and cash equivalents, beginning
of period 346,709 524,308
Cash and cash equivalents, end of
period $404,436 $346,709
(1) The Company's fiscal year and fourth quarter ends on the Saturday
nearest to October 31.
For presentation purposes, the unaudited condensed consolidated
financial statements refer to a calendar month end.
SOURCE: Synopsys, Inc.
CONTACT: investors, Lisa L. Ewbank, +1-650-584-1901, or media, Yvette
Huygen, +1-650-584-4547, both of Synopsys, Inc.
Web site: http://www.synopsys.com/