Summary
Synopsys Inc. (SNPS) filed an 8-K on May 18, 2022, to announce its financial results for the second fiscal quarter ended April 30, 2022. The report includes a press release detailing the company's performance, emphasizing non-GAAP financial measures. These non-GAAP figures are presented to offer investors a view of core operational performance and liquidity, excluding items such as amortization of acquired intangibles, stock-based compensation, acquisition-related costs, restructuring charges, and legal settlements. The company's management believes these non-GAAP measures provide valuable insights into core operations and facilitate comparisons with historical results and competitors. The filing also clarifies Synopsys's use of a normalized non-GAAP tax rate, which was adjusted to 18% for fiscal year 2022, reflecting a shift from the previous three-year normalized rate and incorporating updated considerations for tax reform and geographic earnings mix.
Key Highlights
- 1Synopsys announced its second fiscal quarter results ending April 30, 2022.
- 2The filing includes a press release containing financial results and is furnished as an exhibit.
- 3Synopsys utilizes non-GAAP financial measures, excluding specific items to reflect core operational performance.
- 4Excluded items from non-GAAP measures include amortization of acquired intangibles, stock compensation, acquisition-related costs, restructuring charges, and legal matters.
- 5The company believes non-GAAP measures offer a better understanding of core operations and aid in comparisons.
- 6Synopsys has adopted an annual non-GAAP tax rate of 18% for fiscal year 2022.
- 7The report clarifies that the information furnished is not deemed 'filed' under Section 18 of the Exchange Act.