Summary
This Form 8-K filing by Synopsys, Inc. (SNPS) on February 15, 2017, primarily announces the company's financial results for its first fiscal quarter ended January 31, 2017, via an attached press release. While the filing itself doesn't detail the specific financial numbers, it references the press release as the source of this information. Notably, the filing also discloses an important board change: the appointment of Mercedes Johnson as a new director and Audit Committee member. Investors should pay close attention to the attached press release (Exhibit 99.1) for the actual financial performance metrics of the quarter. The filing also emphasizes Synopsys' use of non-GAAP financial measures, detailing the specific adjustments made (amortization of acquired intangibles, stock compensation, acquisition-related costs, restructuring charges, and a normalized tax rate) and management's rationale for providing these figures as a supplement to GAAP measures to better reflect core operational performance and facilitate comparisons.
Key Highlights
- 1Synopsys announced its financial results for the first fiscal quarter ended January 31, 2017, via a press release furnished as an exhibit.
- 2The company detailed its methodology and rationale for using non-GAAP financial measures, excluding items like amortization of acquired intangibles, stock compensation, acquisition-related costs, and restructuring charges.
- 3A normalized annual non-GAAP tax rate of 19% was implemented to provide reporting consistency.
- 4The Board of Directors was expanded from ten to eleven members.
- 5Mercedes Johnson was appointed as a new director and a member of the Audit Committee.
- 6Ms. Johnson will receive standard non-employee director compensation, including a cash retainer and equity awards (initial stock option for 30,000 shares and an interim prorated award).
- 7Ms. Johnson will also receive an additional annual cash retainer of $15,000 for her Audit Committee membership.