The following is a summary of the Synopsys, Inc. (SNPS) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Synopsys reported a Q2 revenue growth of 15% year-over-year, reaching the high-end of their guided range.

• Non-GAAP operating margin increased 3 points year-over-year to 37.3%.

• Non-GAAP EPS saw a 26% year-over-year increase which exceeded guidance.

• The company updated their revenue and non-GAAP EPS guidance for the full year due to continued business momentum.

• Synopsys reported a robust non-cancellable backlog of $7.9 billion.

Business Progress:

• Synopsys highlighted the increase in systemic complexity driven by influences such as AI, silicon proliferation, and software-defined systems.

• The company reported 14% year-over-year revenue growth in their Design Automation segment, driven by increasing adoption of synopsys.ai.

• Demand for interface IP for AI and data center applications caused a 19% revenue growth in Synopsys's Design IP segment.

• Synopsys plans to acquire Ansys, with the transaction expected to close in early 2025.

• The company has agreed to sell their software integrity business for $2.1 billion, expected to finalize in late 2024.

• Synopsys continues to invest in design automation and design IP, steadily building out IP blocks for leading-edge technology.

More details: Synopsys IR

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