01—Abstract
Summary
Summary of the 8-K filed November 25, 2024. Cited figures are marked; the original filing is the authoritative source.
Synopsys Inc. (SNPS) has announced a strategic change to its fiscal year reporting structure, transitioning from a 52/53-week period ending on the Saturday nearest to October 31st, to a fixed calendar year-end of October 31st.
This adjustment, effective for fiscal year 2025, aims to enhance the alignment of financial and business operations and simplify financial reporting processes for the company and its investors. The immediate impact of this change is a slight shortening of the fiscal year 2025 by approximately eight days compared to fiscal year 2024.
Specifically, the first half of fiscal year 2025 will have ten fewer days, while the second half will gain two extra days. Synopsys will not be filing a transition report, a move permitted under Exchange Act Release No. 26589, ensuring a streamlined reporting process going forward.
02—Key points
Key Highlights
- Synopsys is changing its fiscal year-end from a floating Saturday near October 31st to a fixed October 31st.
- This change is effective starting fiscal year 2025.
- The primary objectives are to improve alignment of financial/business processes and streamline financial reporting.
- Fiscal year 2024 was a 53-week period ending November 2, 2024.
- Fiscal year 2025 will begin November 3, 2024, and end on October 31, 2025.
- Fiscal year 2025 will be approximately 8 days shorter than fiscal year 2024.
- Synopsys will not file a transition report for this change.
03—Questions
Frequently Asked Questions
Why is Synopsys changing its fiscal year end?
Synopsys is changing its fiscal year end to a fixed October 31st to improve the alignment of its financial and business processes and to streamline financial reporting for greater efficiency and clarity.
What is the impact of this change on the length of the fiscal year?
The change will result in fiscal year 2025 being approximately eight days shorter in aggregate compared to fiscal year 2024. Specifically, the first half of fiscal year 2025 will have ten fewer days, while the second half will gain two extra days.
Will there be a special 'transition report' filed due to this change?
No, Synopsys will not be filing a transition report. This is in reliance on Exchange Act Release No. 26589, which permits companies to streamline reporting in such instances.
How will quarterly reporting be affected?
Beginning in fiscal year 2025, Synopsys' quarterly results will correspond to three-month periods ending on January 31, April 30, July 31, and October 31 of each year, aligning with the new fixed fiscal year-end.
04—Continue