Synopsys Posts Financial Results for Second Quarter Fiscal Year 2018

Financial Targets

Synopsys also provided its financial targets for the third quarter and full fiscal year 2018, which do not include any impact of future acquisition-related activities or costs.

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 of Fiscal Year 2018 Targets:

• Revenue: $760 million - $785 million
• GAAP expenses: $669 million - $685 million
• Non-GAAP expenses: $605 million - $615 million
• Other income and expense: ($3) million – ($1) million
• Annual tax rate applied in non-GAAP net income calculations: 13 percent
• Fully diluted outstanding shares: 153 million - 156 million
• GAAP earnings per share: $0.65 - $0.75
• Non-GAAP earnings per share: $0.89 - $0.93

Full Fiscal Year 2018 Targets:

• Revenue: $3.07 billion - $3.10 billion
• Other income and expense: ($6) million – ($2) million
• Annual tax rate applied in non-GAAP net income calculations: 13 percent
• Fully diluted outstanding shares: 153 million - 156 million
• GAAP earnings per share: $1.66 - $1.76
• Non-GAAP earnings per share: $3.76 - $3.83
• Cash flow from operations: $500 million - $550 million

GAAP Reconciliation

Synopsys continues to provide all information required in accordance with GAAP, but believes 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, 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 information that includes: (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, (vi) the impact of a one-time transition tax resulting from U.S. tax reform (referred to as the "income tax related to transition tax"), (vii) the impact of a reduction in value of deferred tax assets caused by a reduction of the U.S. corporate tax rate (referred to as the "income tax related to tax rate change"), and (viii) the income tax effect of non-GAAP pre-tax adjustments; and the non-GAAP measures that exclude such information in order to assess the performance of Synopsys' business and for planning and forecasting in subsequent periods. In fiscal 2016, Synopsys began utilizing a normalized annual non-GAAP tax rate in the calculation of its non-GAAP measures that is based on our projected annual tax rate through fiscal 2018. In projecting this rate, we evaluated our historical and projected mix of U.S. and international profit before tax, excluding the impact of stock-based compensation, the amortization of purchased intangibles and other non-GAAP adjustments described above. We also considered other factors including our current tax structure, our existing tax positions, and expected recurring tax incentives, such as the U.S. federal research and development tax credit. On an annual basis we re-evaluate this rate for significant events that may materially affect our projections and, as a result of U.S. tax reform in December 2017, which lowered the U.S. statutory rate from 35% to 21%, we adjusted our normalized annual non-GAAP tax rate from 19% to 13% for fiscal 2018.  We will re-evaluate this rate again for fiscal 2019, but we expect that our normalized annual non-GAAP tax rate will exceed 13%, but be below 19%, for fiscal 2019.

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 in Item 2.02 of the Current Report on Form 8-K filed on May 23, 2018 for additional information about the measures Synopsys uses to evaluate its core business operations.

Reconciliation of Second Quarter Fiscal Year 2018 Results

The following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP net income and earnings per share for the periods indicated below.

GAAP to Non-GAAP Reconciliation of Second Quarter and Fiscal Year 2018 Results
(unaudited and in thousands, except per share amounts)
	Three Months Ended				Six Months Ended
	April 30,				April 30,
	2018		2017		2018		2017
GAAP net income	$ 102,472		$   53,306		$   98,781		$ 139,894
Adjustments:
Amortization of intangible assets	31,186		27,498		59,733		57,006
Stock compensation	32,965		25,562		65,288		51,396
Acquisition-related costs	4,020		1,722		18,220		5,021
Restructuring charges	2,176		12,907		1,894		25,012
Legal matters	-		38,000		-		38,000
Income tax related to transition tax	-		-		73,434		-
Income tax related to tax rate change	-		-		45,636		-
Tax adjustments	(7,827)		(23,151)		(28,439)		(35,408)
Non-GAAP net income	$ 164,992		$ 135,844		$ 334,547		$ 280,921
	Three Months Ended				Six Months Ended
	April 30,				April 30,
	2018		2017		2018		2017
GAAP net income per share	$       0.67		$       0.34		$       0.64		$       0.90
Adjustments:
Amortization of intangible assets	0.20		0.18		0.39		0.37
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