GAAP to Non-GAAP Tax Rate Reconciliation (1)(2) | ||
(unaudited) | ||
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| Three Months Ended | Six Months Ended |
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| April 30, 2024 | April 30, 2024 |
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GAAP effective tax rate | 13.3 % | 8.6 % |
Income tax effect of above non-GAAP adjustments | 1.7 % | 6.4 % |
Non-GAAP effective tax rate | 15.0 % | 15.0 % |
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(1) Synopsys' second quarter of fiscal year 2024 ended on May 4, 2024. For presentation purposes, we refer to the closest
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(2) Presented on a continuing operations basis. | ||
Reconciliation of 2024 Targets for Continuing Operations
The following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP targets for the periods indicated below.
GAAP to Non-GAAP Reconciliation of Third Quarter Fiscal Year 2024 Targets (1)(2) | ||||
(in thousands, except per share amounts) | ||||
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| Range for Three Months Ending | ||
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| July 31, 2024 | ||
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| Low |
| High |
Target GAAP expenses |
| $ 1,099,000 |
| $ 1,119,000 |
Adjustments: |
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Amortization of acquired intangible assets |
| (17,000) |
| (20,000) |
Stock-based compensation |
| (162,000) |
| (169,000) |
Target non-GAAP expenses |
| $ 920,000 |
| $ 930,000 |
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| Range for Three Months Ending | ||
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| July 31, 2024 | ||
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| Low |
| High |
Target GAAP earnings per diluted share attributed to Synopsys |
| $ 2.22 |
| $ 2.35 |
Adjustments: |
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Amortization of acquired intangible assets |
| 0.13 |
| 0.11 |
Stock-based compensation |
| 1.08 |
| 1.04 |
| Acquisition/divestiture related items (3) |
| 0.10 |
| 0.07 |
| Tax adjustments |
| (0.28) |
| (0.27) |
| Target non-GAAP earnings per diluted share attributed to Synopsys |
| $ 3.25 |
| $ 3.30 |
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| Shares used in non-GAAP calculation (midpoint of target range) |
| 156,000 |
| 156,000 |
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| GAAP to Non-GAAP Reconciliation of Full Fiscal Year 2024 Targets (1)(2) | ||||
| (in thousands, except per share amounts) | ||||
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| Range for Fiscal Year Ending | ||
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| October 31, 2024 | ||
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| Low |
| High |
| Target GAAP expenses |
| $ 4,559,099 |
| $ 4,614,099 |
| Adjustments: |
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| Amortization of acquired intangible assets |
| (67,000) |
| (72,000) |
| Stock-based compensation |
| (672,000) |
| (682,000) |
| Acquisition/divestiture related items (3) |
| (50,099) |
| (50,099) |
| Target non-GAAP expenses |
| $ 3,770,000 |
| $ 3,810,000 |
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| Range for Fiscal Year Ending | ||
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| October 31, 2024 | ||
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| Low |
| High |
| Target GAAP earnings per diluted share attributed to Synopsys |
| $ 9.14 |
| $ 9.36 |
| Adjustments: |
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| Amortization of acquired intangible assets |
| 0.46 |
| 0.43 |
| Stock-based compensation |
| 4.37 |
| 4.31 |
| Acquisition/divestiture related items (3) |
| 0.55 |
| 0.49 |
| Gain on sale of strategic investments |
| (0.35) |
| (0.35) |
| Tax adjustments |
| (1.27) |
| (1.26) |
| Target non-GAAP earnings per diluted share attributed to Synopsys |
| $ 12.90 |
| $ 12.98 |
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| Shares used in non-GAAP calculation (midpoint of target range) |
| 156,000 |
| 156,000 |
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| (1) Synopsys' third quarter of fiscal year 2024 and its fiscal year 2024 will end on August 3, 2024 and November 2, 2024,
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| (2) Presented on a continuing operations basis. | ||||
| (3) Adjustments reflect actual expenses incurred by Synopsys as of May 4, 2024 as well as certain contractually obligated
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