Synopsys, Inc., a leader in electronic design automation and semiconductor IP, reported financial results for fiscal year 2023. The company saw a 15% increase in revenue to $5.8 billion, with growth across all product groups and geographies. Operating income rose by 9% to $1.3 billion, while net income attributed to Synopsys reached $1.2 billion, translating to a diluted net income per share of $7.92. The company's effective tax rate was 6.4%, benefiting from U.S. federal research tax credits, foreign-derived intangible income deductions, and excess tax benefits from stock-based compensation. Synopsys' cash and cash equivalents stood at $1.6 billion, with an operating cash flow of $1.7 billion. The company also continued its stock repurchase program, buying back $1.2 billion worth of shares. The Board of Directors approved a new stock repurchase program with authorization to purchase up to $1.5 billion of common stock, with $194.3 million remaining available for future repurchases. Synopsys' CEO and CFO confirmed the effectiveness of the company's disclosure controls and procedures, and internal control over financial reporting.

Synopsys, Inc., a leader in electronic design automation and semiconductor IP, reported financial results for fiscal year 2023. The company saw a 15% increase in revenue to $5.8 billion, with growth across all product groups and geographies. Operating income rose by 9% to $1.3 billion, while net income attributed to Synopsys reached $1.2 billion, translating to a diluted net income per share of $7.92. The company's effective tax rate was 6.4%, benefiting from U.S. federal research tax credits, foreign-derived intangible income deductions, and excess tax benefits from stock-based compensation. Synopsys' cash and cash equivalents stood at $1.6 billion, with an operating cash flow of $1.7 billion. The company also continued its stock repurchase program, buying back $1.2 billion worth of shares. The Board of Directors approved a new stock repurchase program with authorization to purchase up to $1.5 billion of common stock, with $194.3 million remaining available for future repurchases. Synopsys' CEO and CFO confirmed the effectiveness of the company's disclosure controls and procedures, and internal control over financial reporting.