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Synopsys
🇺🇸 NASDAQ:SNPS
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•
Jan 31, 2024

Synopsys Q1 2024 Earnings Report

Synopsys achieved record quarterly revenue and non-GAAP earnings, exceeding guidance.

Key Takeaways

Synopsys reported strong Q1 2024 results, with record quarterly revenue of $1.649 billion, up 21% year-over-year, and non-GAAP EPS of $3.56, exceeding the high end of guidance. The company reaffirms full-year 2024 targets for revenue and non-GAAP operating margin and raised non-GAAP EPS guidance.

Record quarterly revenue of $1.649 billion, up approximately 21% year over year.

GAAP earnings per diluted share of $2.89.

Non-GAAP earnings per diluted share of $3.56, which exceeded high end of guidance.

Reaffirming full-year 2024 targets for revenue and non-GAAP operating margin and raising non-GAAP EPS guidance.

Total Revenue
$1.65B
Previous year: $1.36B
+21.2%
EPS
$3.56
Previous year: $2.62
+35.9%
Gross Profit
$1.31B
Previous year: $1.08B
+22.0%
Cash and Equivalents
$1.12B
Previous year: $1.15B
-3.1%
Free Cash Flow
-$105M
Previous year: $71.3M
-246.8%
Total Assets
$10.6B
Previous year: $9.57B
+10.4%

Synopsys

Synopsys

Synopsys Revenue by Segment

Forward Guidance

Synopsys provided its consolidated financial targets for the second quarter and full fiscal year 2024. The fiscal year targets include the impact of an extra week in fiscal year 2024, which was included in the first quarter of fiscal year 2024. These financial targets assume no further changes to export control restrictions or the current U.S. government “Entity List” restrictions.

Positive Outlook

  • Revenue for Q2 2024 is expected to be between $1.56 billion and $1.59 billion.
  • Revenue for the full fiscal year 2024 is expected to be between $6.57 billion and $6.63 billion.
  • GAAP EPS for Q2 2024 is expected to be between $2.05 and $2.16.
  • Non-GAAP EPS for Q2 2024 is expected to be between $3.09 and $3.14.
  • Non-GAAP EPS for the full fiscal year 2024 is expected to be between $13.47 and $13.55.

Challenges Ahead

  • GAAP expenses for Q2 2024 are expected to be between $1.206 billion and $1.226 billion.
  • GAAP expenses for the full fiscal year 2024 are expected to be between $5.022 billion and $5.079 billion.
  • Non-GAAP expenses for Q2 2024 are expected to be between $1.005 billion and $1.015 billion.
  • Non-GAAP expenses for the full fiscal year 2024 are expected to be between $4.140 billion and $4.180 billion.
  • Operating cash flow is expected to be approximately $1.4 billion for the full fiscal year 2024.

Company Overview

Full financial data and analysis

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