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Synopsys (SNPS) FY2024 results: revenue $6.1 billion, up 15.2% on the year

Synopsys Inc. (SNPS) reported revenue of $6.1 billion for fiscal 2024, the year ended 31 October 2024, up 15.2% on the year before. Net income was $2.3 billion, up 84.0%, and diluted earnings per share $14.51. The figures are the company's own, from the 10-K it filed with the SEC on 19 December 2024.

Revenue
$6.1 billion
+15.2% on the year
FY2017FY2024
Operating margin
22.1%
23.9% a year earlier
FY2017FY2024
Net income
$2.3 billion
+84.0% on the year
FY2017FY2024
Diluted EPS
$14.51
+83.2% on the year
FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ millionFY2024FY2023FY2022On the yearLast 8 years
Revenue6,1275,3184,616+15.2%
Cost of revenue1,2451,031898+20.8%
Gross profit4,8824,2873,718+13.9%
Gross margin79.7%80.6%80.5%
Research and development2,0821,8501,590+12.6%
Operating income1,3561,2731,149+6.5%
Operating margin22.1%23.9%24.9%
Interest expense36.81.21.7+3,026.4%
Pre-tax income1,5141,3051,103+16.0%
Income tax99.790.2139+10.6%
Effective tax rate6.6%6.9%12.6%
Net income2,2631,230985+84.0%
Net margin36.9%23.1%21.3%
Diluted EPS$14.51$7.92$6.29+83.2%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2024FY2023FY2022On the yearLast 8 years
Operating cash flow1,4071,7031,739-17.4%
Capital expenditure140190137-26.4%
Free cash flow1,2681,5141,602-16.3%
Free cash flow margin20.7%28.5%34.7%
Cash from investing1,223-482-573
Cash from financing-181-1,197-1,116
Depreciation and amortisation295247228+19.4%
Share-based compensation692563459+22.9%
Buybacks0.01,1611,100
Diluted shares, weighted156m155m156m+0.5%
Shares outstanding at period end154m152m152m+1.4%

Balance sheet

$ millionFY2024FY2023FY2022On the yearLast 8 years
Shareholders' equity8,9916,1475,516+46.3%
Non-controlling interest2.56.04.8-57.9%
Redeemable equity30.031.038.7-3.4%
Debt15.618.120.8-13.7%
Operating lease liabilities574580581-1.0%
Other liabilities3,4613,5513,257-2.5%
Total liabilities and equity13,07410,3339,418+26.5%
Fixed assets563550483+2.4%
Goodwill3,4493,3463,121+3.1%
Intangible assets195240386-18.5%
Investments154152148+1.5%
Cash and equivalents3,8971,4341,418+171.7%
Receivables934857796+9.1%
Inventory362326212+11.1%
Other assets3,5203,4302,854+2.6%
Total assets13,07410,3339,418+26.5%

10-K for the year ended 31 October 2024, filed 19 December 2024: the filing.