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Synopsys | 8-K: Current report

SEC announcement ·  Mar 20 16:29
Summary by Moomoo AI
Synopsys, Inc., a leader in semiconductor design software, hosted an investor day on March 20, 2024, where President and CEO Sassine Ghazi, CFO Shelagh Glaser, and other senior management presented. The event highlighted the company's financial performance, strategic initiatives, and future outlook. Synopsys reported a strong fiscal year with a revenue of $5.8 billion, a 17% CAGR from FY20-23, and a non-GAAP operating margin of 35.1%. The company's Design Automation and Design IP segments were key drivers of growth, with the former achieving a 17% revenue CAGR and the latter 21% over the same period. Synopsys also announced the initiation of a sale process for its Software Integrity business following a strategic review. Additionally, the company discussed its acquisition of Ansys, which is expected to...Show More
Synopsys, Inc., a leader in semiconductor design software, hosted an investor day on March 20, 2024, where President and CEO Sassine Ghazi, CFO Shelagh Glaser, and other senior management presented. The event highlighted the company's financial performance, strategic initiatives, and future outlook. Synopsys reported a strong fiscal year with a revenue of $5.8 billion, a 17% CAGR from FY20-23, and a non-GAAP operating margin of 35.1%. The company's Design Automation and Design IP segments were key drivers of growth, with the former achieving a 17% revenue CAGR and the latter 21% over the same period. Synopsys also announced the initiation of a sale process for its Software Integrity business following a strategic review. Additionally, the company discussed its acquisition of Ansys, which is expected to expand its total addressable market to approximately $31 billion by 2028, growing at a CAGR of around 13%. The acquisition aims to strengthen capabilities in advanced chip design and accelerate expansion into new growth verticals such as automotive, aerospace, and industrial equipment. Synopsys also revealed plans to divest its Software Integrity Group, focusing on its core businesses of Design Automation and Design IP. The company updated its FY 2024 guidance, excluding SIG, projecting revenue growth of 14-15.1% and non-GAAP EPS of $12.86-$12.94. Long-term financial objectives include industry-leading double-digit revenue growth, mid-40s non-GAAP operating margins, and high-teens non-GAAP EPS growth.

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