Synopsys Inc. Files 10-Q for Period Ending January 31, 2024

TL;DR

<b>Synopsys Inc. has filed its Q1 2024 10-Q report, detailing financial performance for the quarter ending January 31, 2024.</b>

AI Summary

SYNOPSYS INC (SNPS) filed a Quarterly Report (10-Q) with the SEC on February 23, 2024. Synopsys Inc. filed its 10-Q report for the quarterly period ended January 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on October 31st. The filing was made on February 23, 2024. Synopsys Inc. is headquartered in Sunnyvale, California.

Why It Matters

For investors and stakeholders tracking SYNOPSYS INC, this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance data for Synopsys Inc., crucial for understanding the company's current operational and financial health. The detailed financial statements and disclosures within the 10-Q allow stakeholders to assess the company's revenue streams, profitability, and overall financial position, informing investment decisions.

Risk Assessment

Risk Level: low — SYNOPSYS INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant new risks beyond those typically associated with a public software company.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand revenue drivers and profitability trends for Synopsys Inc.

Key Numbers

• 2024-01-31 — Period End Date (Quarterly period)
• 2024-02-23 — Filing Date (Date the report was filed)
• 10-Q — Form Type (Type of filing)
• 000-19807 — SEC File Number (SEC filing identifier)

Key Players & Entities

• SYNOPSYS INC (company) — Filer name
• SNPS (company) — Ticker symbol
• 2024-01-31 (date) — Period of report
• 2024-02-23 (date) — Filing date
• Sunnyvale, CA (location) — Business address city and state
• 6505845000 (phone) — Business phone number

FAQ

Industry Context

Synopsys Inc. operates in the software industry, specifically in electronic design automation (EDA) and semiconductor IP. This sector is critical for the development of advanced microchips.

Regulatory Implications

As a publicly traded company, Synopsys Inc. is subject to SEC regulations, including the requirement to file quarterly reports (10-Q) to ensure transparency and provide timely financial information to investors.

What Investors Should Do

1. Analyze the revenue breakdown by segment (License & Maintenance, Product, Technology Service) for Q1 2024.
2. Examine any disclosed changes in financial condition or results of operations compared to prior periods.
3. Review management's discussion and analysis (MD&A) for insights into business performance and outlook.

Key Dates

• 2024-01-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-02-23: Filing Date — Date Synopsys Inc. submitted its 10-Q to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the fiscal year-end 10-K filing.

Key Financial Figures

• $0.01 — registered Common Stock (par value of $0.01 per share) SNPS Nasdaq Global Select M

Filing Documents

• snps-20240131.htm (10-Q) — 1618KB
• ex311013124.htm (EX-31.1) — 9KB
• ex312013124.htm (EX-31.2) — 9KB
• ex321013124.htm (EX-32.1) — 5KB
• snps-20240131_g1.jpg (GRAPHIC) — 12KB
• 0000883241-24-000013.txt (&nbsp;) — 9097KB
• snps-20240131.xsd (EX-101.SCH) — 61KB
• snps-20240131_cal.xml (EX-101.CAL) — 102KB
• snps-20240131_def.xml (EX-101.DEF) — 281KB
• snps-20240131_lab.xml (EX-101.LAB) — 827KB
• snps-20240131_pre.xml (EX-101.PRE) — 533KB
• snps-20240131_htm.xml (XML) — 1431KB

Financial Information

PART I. Financial Information 1

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Income 2 Condensed Consolidated Statements of Comprehensive Income 3 Condensed Consolidated Statements of Stockholders' Equity 4 Condensed Consolidated Statements of Cash Flows 5 Notes to Condensed Consolidated Financial Statements 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 28

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 42

Controls and Procedures

Item 4. Controls and Procedures 43

Other Information

PART II. Other Information 44

Legal Proceedings

Item 1. Legal Proceedings 44

Risk Factors

Item 1A. Risk Factors 45

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 64

Other Information

Item 5. Other Information 64

Exhibits

Item 6. Exhibits 65

Signatures

Signatures 67

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements SYNOPSYS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except par value amounts) January 31, 2024 October 31, 2023 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 1,118,944 $ 1,438,913 Short-term investments 154,490 151,639 Total cash, cash equivalents and short-term investments 1,273,434 1,590,552 Accounts receivable, net 1,064,135 946,967 Inventories 382,727 325,590 Prepaid and other current assets 687,632 567,515 Total current assets 3,407,928 3,430,624 Property and equipment, net 567,038 557,261 Operating lease right-of-use assets, net 551,452 568,829 Goodwill 4,131,418 4,070,336 Intangible assets, net 377,415 374,194 Deferred income taxes 954,495 860,914 Other long-term assets 568,513 470,973 Total assets $ 10,558,259 $ 10,333,131 LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 699,474 $ 1,123,761 Operating lease liabilities 89,194 85,690 Deferred revenue 1,855,839 1,776,000 Total current liabilities 2,644,507 2,985,451 Long-term operating lease liabilities 563,815 584,035 Long-term deferred revenue 189,841 175,128 Long-term debt 16,951 18,078 Other long-term liabilities 436,528 386,138 Total liabilities 3,851,642 4,148,830 Redeemable non-controlling interest 31,043 31,043 Stockholders' equity: Preferred stock, $ 0.01 par value: 2,000 shares authorized; none outstanding — — Common stock, $ 0.01 par value: 400,000 shares authorized; 152,536 and 152,053 shares outstanding, respectively 1,525 1,521 Capital in excess of par value 1,183,473 1,276,152 Retained earnings 7,188,550 6,741,699 Treasury stock, at cost: 4,725 and 5,207 shares, respectively ( 1,539,340 ) ( 1,675,650 ) Accumulated other comprehensive income (loss) ( 163,224 ) ( 196,414 ) Total Synopsys stockholders' equity 6,670,984 6,147,308 Non-controlling interest 4,590 5,950 Total stockholders' equity 6,675,5