Synopsys, a leader in silicon to software solutions, reported a robust financial performance for the first quarter of fiscal 2024, with revenues reaching $1.649 billion, a 21% increase from $1.361 billion in the same period last year. Operating income surged by 41% to $359.6 million, and net income attributed to Synopsys rose significantly to $449.1 million from $271.5 million, with diluted net income per share climbing to $2.89 from $1.75. The company's growth was driven by revenue increases across all products and geographies, bolstered by an extra week in the quarter. Synopsys also highlighted its pending acquisition of ANSYS, Inc., a strategic move valued at approximately $35 billion, expected to close in the first half of calendar year 2025. The company is subject to the new 15% corporate alternative minimum tax but...Show More

Synopsys, a leader in silicon to software solutions, reported a robust financial performance for the first quarter of fiscal 2024, with revenues reaching $1.649 billion, a 21% increase from $1.361 billion in the same period last year. Operating income surged by 41% to $359.6 million, and net income attributed to Synopsys rose significantly to $449.1 million from $271.5 million, with diluted net income per share climbing to $2.89 from $1.75. The company's growth was driven by revenue increases across all products and geographies, bolstered by an extra week in the quarter. Synopsys also highlighted its pending acquisition of ANSYS, Inc., a strategic move valued at approximately $35 billion, expected to close in the first half of calendar year 2025. The company is subject to the new 15% corporate alternative minimum tax but does not anticipate an impact on its fiscal 2024 financials. Synopsys continues to monitor legislative developments, including a potential deferral of capitalizing R&D costs, which could positively affect cash tax liabilities. The company's effective tax rate increased due to a reduced benefit from U.S. federal research tax credits, offset by increased excess tax benefits from stock-based compensation. Synopsys remains confident in its growth strategy, emphasizing leadership in Design Automation products, expanding Design IP offerings, and exploring strategic alternatives for its Software Integrity segment.