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Synopsys Inc SNPS
Q2 2013 Earnings Call Transcript

Transcript Call Date 05/22/2013

Operator: Ladies and gentlemen, thank you for standing by, and welcome to the Synopsys Earnings Conference Call for the Second Quarter Fiscal Year 2013. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time.

Today's call will last one hour. Five minutes prior to the end of the call, we will announce the amount of time remaining in the conference. As a reminder, today's call is being recorded.

At this time, I would like to turn the conference over to Lisa Ewbank, Vice President of Investor Relations. Please go ahead.

Lisa L. Ewbank - IR: Thank you, Laurie. Good afternoon, everyone. With us on the call today are Aart de Geus, Chairman and co-CEO of Synopsys and Brian Beattie, Chief Financial Officer.

Before we begin our remarks this afternoon, I'd like to remind everyone that during the course of this conference call, Synopsys will discuss plans, forecasts and targets and will make other forward-looking statements regarding the Company, its business and its financial results. While these statements represent our best current judgment about future results and performance as of today, our actual results and performance are subject to many risks and uncertainties that could cause actual results to differ materially from what we expect.

In addition to any risks that we highlight during this call, important factors that may affect our future results are described in our most Quarterly Report on Form 10-Q and today's earnings release.

All financial information to be discussed on this conference call, the reconciliation of the non-GAAP financial measures to their most directly comparable GAAP financial measures, and supplemental financial information can be found in the 8-K, the earnings release, and the financial supplement that we released today. All of these items are currently available on our website at www.synopsys.com.

With that, I'll turn the call over to Aart de Geus.

Dr. Aart J. de Geus - Chairman and co-CEO: Good afternoon and thank you for joining us. Synopsys again delivered strong business, technology and customer results in Q2 meeting or beating every target we communicated last quarter.

We achieved revenue of $499 million, non-GAAP earnings per share of $0.66, and considerable operating cash flow. As a result, we're raising our non-GAAP earnings per share outlook for fiscal 2013 to a range of $2.37 to $2.42, representing solid double-digit growth for the year. We're also raising our operating cash flow target to $375 million to $400 million. Brian will provide more financial detail in just a minute.

Before discussing some highlights, let me comment on the customer landscape, which I would characterize as steady. Semiconductor companies continue to face significant competitive challenges, and while cognizant of ongoing uncertainty in the macro environment, the race for differentiation in time-to-market, product functionality, and advanced technology continues unabated.

Synopsys has collaborated closely with market leaders for many years. With the high value, but also great technical challenges of the latest silicon technologies, more and more customer executives are sharing their future direction with us, and how Synopsys is needed to get them there. As a result, we see continued successes and business strengths across key customer segments; the foundries; top IDMs; and key fabless customers, particularly in mobile and cloud-related systems companies.

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