Synopsys posts financial results for Q2 fiscal year 2013

USA: Synopsys Inc. has reported results for its second quarter of fiscal year 2013.

For the second quarter of fiscal year 2013, Synopsys reported revenue of $499.3 million, compared to $432.6 million for the second quarter of fiscal 2012, an increase of 15 percent.

"Synopsys again delivered strong results in Q2, and as a result we are raising our operating cash flow and non-GAAP earnings per share targets for the year," said Aart de Geus, chairman and co-CEO of Synopsys. "The latest silicon technologies offer high value but also great technical challenges. Because of this, more and more customer executives are sharing with us where they are heading and how Synopsys can help them succeed, leading to robust demand and market momentum."

GAAP results
On a generally accepted accounting principles (GAAP) basis, net income for the second quarter of fiscal 2013 was $68.7 million, or $0.44 per share, compared to $21.0 million, or $0.14 per share, for the second quarter of fiscal 2012. Net income for the second quarter of fiscal 2012 included $30.2 million of costs associated with the acquisition of Magma Design Automation.

Non-GAAP results
On a non-GAAP basis, net income for the second quarter of fiscal 2013 was $103.7 million, or $0.66 per share, compared to non-GAAP net income of $78.5 million, or $0.53 per share, for the second quarter of fiscal 2012.

Financial targets 
Synopsys also provided its financial targets for the third quarter and full fiscal year 2013.  These targets do not include any future acquisition-related expenses that may be incurred in fiscal 2013.  These targets constitute forward-looking information and are based on current expectations.

Q3 of fiscal year 2013 targets:
Revenue: $475 million - $485 million
GAAP expenses: $411 million - $428 million
Non-GAAP expenses: $365 million - $375 million
Other income and expense: ($1) million - $1 million
Tax rate applied in non-GAAP net income calculations: 24-25 percent
Fully diluted outstanding shares: 155 million - 159 million
GAAP earnings per share: $0.28 - $0.34
Non-GAAP earnings per share: $0.53 - $0.55
Revenue from backlog: approximately 90 percent

Full fiscal year 2013 targets:
Revenue: $1.955 billion - $1.975 billion
Other income and expense: $5 - $9 million
Tax rate applied in non-GAAP net income calculations: approximately 23 percent
Fully diluted outstanding shares: 155 million - 159 million
GAAP earnings per share: $1.48 - $1.56
Non-GAAP earnings per share: $2.37 - $2.42
Cash flow from operations: $375 million - $400 million.