Stock Performance - Synopsys (SNPS) ended the recent trading session at $515 81, showing a +1 7% increase from the previous day's closing price [1] - The stock outperformed the S&P 500's daily loss of 0 21%, the Dow's loss of 0 16%, and the Nasdaq's loss of 0 89% [1] - Over the past month, SNPS stock has climbed by 2 58%, surpassing the Computer and Technology sector's loss of 2 15% and the S&P 500's loss of 1 56% [1] Earnings and Revenue Projections - Synopsys's upcoming earnings per share (EPS) is projected to be $2 81, reflecting a 21 07% decrease from the same quarter last year [2] - Revenue for the upcoming quarter is estimated at $1 45 billion, down 11 9% from the prior-year quarter [2] - Full-year Zacks Consensus Estimates predict earnings of $14 90 per share and revenue of $6 77 billion, representing year-over-year changes of +12 88% and +8 04%, respectively [3] Analyst Estimates and Valuation - Changes in analyst estimates often reflect short-term business dynamics, with positive adjustments indicating a favorable outlook on the company's business health and profitability [4] - The Zacks Rank system, which incorporates these estimate changes, has shown that 1 ranked stocks yield an average annual return of +25% since 1988 [5][6] - Synopsys currently has a Zacks Rank of 3 (Hold) [6] - The company's Forward P/E ratio is 34 04, higher than the industry average of 30 43 [7] - SNPS's PEG ratio is 2 37, matching the industry average [7] Industry Context - The Computer - Software industry, part of the Computer and Technology sector, currently has a Zacks Industry Rank of 153, placing it in the bottom 40% of over 250 industries [8] - Research indicates that the top 50% of industries outperform the bottom half by a factor of 2 to 1 [8]

Industry and Company Overview * **Industry**: Semiconductor and EDA (Electronic Design Automation) * **Company**: Synopsys, a leading provider of semiconductor and software solutions Key Points and Arguments * **Record Revenue and Profitability**: Synopsys achieved record revenue of $6.13 billion in FY24, up 15% year-over-year, with double-digit growth across all products and geographies. Non-GAAP operating margin reached 38.5%, and non-GAAP EPS grew 25% year-over-year. * **Strategic Focus on Growth Segments**: Synopsys sold its software integrity business and is acquiring Ansys, doubling down on its silicon to systems strategy and expanding into new adjacent areas. * **Megatrends Driving Growth**: Synopsys benefits from secular growth drivers such as AI, silicon proliferation, and software-defined systems. The company's success is tied to technology innovation cycles, particularly in AI and HPC chip design. * **AI and EDA**: Synopsys has been a pioneer in adding AI optimization engines to its products, with solutions like DSO.ai and VSO.ai delivering significant customer results. The company is also integrating generative AI into its platform, expanding the capabilities of Synopsys.ai. * **Multi-Die Designs**: Synopsys is actively involved in Multi-Die design, partnering with ecosystem leaders like TSMC to improve predictability and yield. The company's 3DIC Compiler and Synopsys.ai solutions are addressing thermal and power integrity challenges for CoWoS interposer packaging. * **Strong Segment Performance**: * **Design Automation**: Revenue grew 12% year-over-year, driven by strength in EDA software and hardware. The Fusion compiler and Synopsys.ai solutions contributed to this growth. * **Design IP**: Revenue grew 24% year-over-year, driven by broad-based strength. The company achieved significant design wins in PCIe 6, security integrity, and data encryption. * **Hardware**: Revenue grew 17% year-over-year, driven by exceptional momentum on both HAPS and ZeBu product lines. * **Financial Guidance**: Synopsys expects to grow revenue 10.1% to 11.1% in FY25, excluding the impact of the extra week and calendar year change. Non-GAAP operating margin is expected to expand by approximately 150 basis points, and non-GAAP EPS is expected to grow by approximately 13%. Other Important Points * **Regulatory Review**: The regulatory review process for the Ansys acquisition is proceeding as expected, with the HSR waiting period expiring and the FTC investigation ongoing. * **Backlog**: Synopsys ended the year with a non-cancelable backlog of $8.1 billion. * **Macroeconomic Uncertainties**: Synopsys is taking a balanced view of the macroeconomic environment, considering factors such as market dynamics, macro uncertainties, and the impact of the Ansys acquisition. * **China**: Synopsys is taking a cautious approach to China, considering the deceleration in revenue growth and the expansion of restrictions. The company expects China to grow in line with the corporate average in FY25.

Company Overview - Synopsys Inc (NASDAQ: SNPS) participated in the 27th Annual Needham Growth Conference on January 16, 2025, represented by Shelagh Glaser, the CFO [1] - The conference was hosted by Charles Shi, a semiconductor design software and IP analyst at Needham & Company [1] Financial Guidance and Market Insights - Synopsys provided fiscal 2025 guidance during its fiscal fourth quarter conference call, projecting top-line growth of 10 1% to 11 1% for the upcoming fiscal year [4] - The revenue split for fiscal 2025 is expected to be more second-half weighted, with a 45 to 55 profile between the first and second halves [4] - The guidance for 2025 was informed by three key factors, including market conditions, though the specific details of the other two factors were not disclosed in the provided content [5] Stock Performance - Synopsys stock experienced a challenging period in the month leading up to the conference, with some confusion surrounding the fiscal 2025 guidance [4]

Stock Performance - Synopsys shares plunged 20 1% over the past six months, underperforming the Zacks Computer and Technology sector's growth of 1 1% and the S&P 500 index's growth of 3 8% [1] - The stock also underperformed the Zacks Computer - Software industry's decline of 3 3% [1] - Synopsys is trading near its 52-week low of $492 54 [1] Key Challenges - Synopsys' IP and hardware revenues are uneven due to customer product adoption schedules and capacity constraints for deploying hardware in data centers [2] - Sluggish recovery in mobile, PC, and automotive markets, which are vital for Synopsys' customer base, due to global supply chain disruptions and inflationary pressures [4] - US-China trade tensions and export controls add uncertainty, as China accounts for over 15% of Synopsys' total revenues [6][7] Financial Performance - Design Automation segment saw a 12% year-over-year revenue increase in fiscal 2024, driven by demand for EDA software and hardware [5] - Design IP segment in the automotive market contributed positively with 24% revenue growth, though vulnerable to macroeconomic slowdowns [5] - Zacks Consensus Estimate for fiscal 2025 and 2026 projects continued revenue and earnings growth [17] Valuation - Synopsys trades at a forward 12-month price-to-sales (P/S) multiple of 10 97x, significantly above the industry average of 8 50x [9] Strategic Partnerships and Technological Leadership - Strong partnerships with industry giants like TSMC, NVIDIA, Intel, and Arm Holdings enable Synopsys to maintain leadership in chip design innovation [11] - Collaborations focus on advancing AI, high-performance computing, and next-generation semiconductor designs [12] - Joint efforts with TSMC on Multi-Die test chip tape-outs and collaborations with NVIDIA and Arm for GPU design and integrated solutions [13] AI Expansion - Synopsys has expanded its AI capabilities through investments in AI-powered design automation tools [14] - Achieved milestones in AI, including partnerships with SiMa ai for automotive AI solutions and certifications on Samsung Foundry's SF2 process [15][16] - Released AI products like the PCIe 7 0 IP solution, Polaris Software Integrity Platform, Synopsys ZeBu EP2, and HAPS-100 12 [16] Sales and EPS Estimates - Zacks Consensus Estimate for current quarter (1/2025) sales is $1 45B, with a year-over-year growth estimate of -11 90% [18] - Next quarter (4/2025) sales estimate is $1 60B, with a year-over-year growth estimate of 9 78% [18] - Current year (10/2025) sales estimate is $6 77B, with a year-over-year growth estimate of 8 04% [18] - EPS estimates for current quarter (1/2025) are $2 81, with a year-over-year growth estimate of -21 07% [18] - Next quarter (4/2025) EPS estimate is $3 37, with a year-over-year growth estimate of 12 33% [18] - Current year (10/2025) EPS estimate is $14 90, with a year-over-year growth estimate of 12 88% [18] Conclusion - Synopsys' 20% decline over the past six months highlights near-term challenges, but strong fundamentals and technological leadership underscore long-term potential [19] - Existing investors may consider holding the stock, while new investors could wait for a better entry point [20]

Industry Trends - Companies exposed to artificial intelligence and accelerated computing continue to see strong end demand and visibility [1] - Consumer-facing markets like smartphones and IoT are tracking demand trends in line with expectations [1] - Demand trends in automotive and industrial sectors remain mixed [1] - Overall demand trends align with expectations for calendar 2025, favoring companies leveraged to AI and accelerated computing [3] Company Highlights - Nvidia sees strong demand for 2025 with the launch of its Blackwell platform [4] - Marvell's AI revenues are significantly ahead of prior expectations at $2.5 billion, with continued growth expected in 2026 [4] - Synopsys' AI and accelerated compute-leading chip and system design remain strong with a multi-year tailwind [4] - Analog Devices anticipates sequential growth trends beyond the January quarter [4] - Micron's setup for the second half of 2025 remains strong, driven by AI-driven HBM and eSSD demand, and cyclical recovery in non-AI segments [4] - Synaptics highlights strong design win momentum for its Astra platform, WiFi capabilities, and Bluetooth Channel Sounding feature, with potential for new revenue opportunities in foldable phones and PCs [4] - Skyworks shows seasonal demand trends with iPhone 16 demand aligning with expectations and a return to 10% average radio frequency content growth [4] Product Launches - New product launches expected from Nvidia, Advanced Micro Devices, and Intel [4]

Regulatory Approvals and Progress - The European Commission (EC) has approved Synopsys' proposed acquisition of Ansys in Phase 1, marking significant progress in gaining regulatory approval across various jurisdictions [1] - The UK CMA has provisionally accepted the remedies proposed by Synopsys for transaction approval in Phase 1 [1] - The U S HSR Act waiting period has expired, and the company is cooperating with the FTC to conclude its investigation and review of the proposed remedies [1] - China SAMR has officially accepted the filing, and its review is currently in process [1] - Synopsys continues to work with regulators in other relevant jurisdictions to conclude their reviews [1] Customer Support and Transaction Benefits - Customers have expressed overwhelming support for the transaction, highlighting the potential for innovation across industries [2] - The combined capabilities of Synopsys and Ansys aim to address the increasing customer need for system design solutions, integrating EDA and Simulation and Analysis (S&A) software [2] - The transaction is expected to close in the first half of 2025 [2] Company Overview - Synopsys delivers comprehensive silicon-to-systems design solutions, including electronic design automation, silicon IP, and system verification and validation [2] - The company partners with semiconductor and systems customers across various industries to enhance R&D capability and productivity, driving innovation [2] Forward-Looking Statements - The press release contains forward-looking statements regarding the proposed transaction, including anticipated timing of closing and pending regulatory approvals [3] - These statements are based on current expectations and assumptions, subject to risks and uncertainties [3]

Deal Overview - The European Commission has approved Synopsys' acquisition of Ansys, but requires the companies to divest certain software products as part of the remedies [1] - The $35 billion transaction is the largest in the technology sector since Broadcom's $69 billion acquisition of VMware [2] Regulatory Concerns - Regulators are concerned the merger would create a dominant chip design and simulation giant that could stifle competition [3] - The EC has mandated the companies sell overlapping business parts to an approved purchaser [3] Divestment Details - Synopsys will sell its Optical Solutions Group to Keysight, as well as optics and photonics software including Code V, LightTools, LucidShape, RSoft and ImSym [4] - Ansys will divest PowerArtist, a software for analyzing and optimizing electronic circuit power consumption [4] Regulatory Progress - The UK Competition and Markets Authority launched an antitrust investigation in August and has indicated willingness to accept a similar divestment offer [5]

知识自动化 . 洞察全球产业，讲好制造故事 以下文章来源于知识自动化 ，作者林雪萍 易赋 软件收购。 作者 | 林雪萍 易赋 来源 | 知识自动化 （ID：zhishipai） 2016年微软收购领英软件达到了262亿美元，已经是天价市场。而现在，工业软件的交 易，跟全球最热门的社交软件已经达到同一水平。这也意味着，工业知识从来未曾得到 如此高的估值。工业软件，进入活火山一般的活跃交易期，而且往往都是以大型交易为 主力战场。 不对称勇士的新去处 在2024年欧特克Autodesk收购了Datum360，几乎是一次悄无声息的收购。可能后者 只有400万美元的销售体量，不足以引起人们的重视。然而，Datum360这种20人左 右，年收入3000万人民币其实已经是工业软件缝隙里最常见的"局部的王者"。它们最 擅长的是以不对称的战法，以最小的战略资源来获得适者生存的权力。 这类软件企业，可以跟海洋里最明显的比例不对称勇士——招潮蟹相比。绝大多数生命 的身体结构，都表现出某种形式的对称性。然而招潮蟹雄蟹的一只钳子，要比另外一只 大很多。而这只"突出的鳌钳"，跟身体比例相比也过于强大。这为它带来了丰沛的战斗 力。 这些招 ...

Acquisition and Regulatory Update - The UK Competition and Markets Authority (CMA) has provisionally accepted Synopsys' proposed remedies in Phase 1 regarding its acquisition of Ansys, avoiding a referral to Phase 2 [1] - Synopsys expects the transaction to close in the first half of 2025 [1] - Customers have expressed overwhelming support for the transaction, which aims to address the increasing need for integrated EDA and Simulation & Analysis (S&A) software solutions [1] Company Overview - Synopsys provides comprehensive silicon-to-systems design solutions, including electronic design automation (EDA), silicon IP, and system verification and validation [2] - The company partners with semiconductor and systems customers across various industries to enhance R&D capabilities and productivity [2] Forward-Looking Statements - The press release contains forward-looking statements regarding the proposed transaction, including anticipated timing and regulatory approvals [3] - These statements are subject to risks and uncertainties, including potential delays in closing the transaction and unforeseen liabilities [4][5] - The combined company may face challenges in integrating operations, managing debt, and realizing expected benefits from the transaction [5]

Transaction Details - ANSYS and Synopsys have agreed to sell Ansys' PowerArtist business to Keysight Technologies, contingent upon regulatory approvals and the completion of Synopsys' acquisition of Ansys, expected in the first half of 2025 [1] - PowerArtist, a register-transfer-level (RTL) design-for-power platform, is used by semiconductor companies for early-stage power analysis, and Keysight aims to strengthen its high-performance system design portfolio through this acquisition [2] - The sale is not financially significant to Ansys, and terms remain undisclosed, with Ansys continuing to offer PowerArtist until the deal closes to ensure uninterrupted customer support [2] ANSS-SNPS Deal Recap - Ansys is a leader in the high-end design simulation software market, enabling virtual prototyping to reduce costs for major manufacturing companies, with its comprehensive product portfolio and cross-domain capabilities expected to drive customer growth [3] - Synopsys announced the acquisition of Ansys in January 2024 for $35 billion, aiming to create a giant in the electronic design automation (EDA) software space, combining Synopsys' semiconductor EDA with Ansys' simulation tools to address the growing need for improved computing performance and efficiency [4] - Approximately 98.7% of Ansys shareholders voted in favor of the acquisition, representing 83.8% of the total outstanding shares, and the company received unconditional clearance from the Israeli Competition Authority in October 2024 [5] - Ansys has suspended quarterly earnings conference calls and no longer provides a financial outlook, expecting 2024 annual contract value (ACV) to grow in double-digits [5] Stock Performance - Ansys currently carries a Zacks Rank 3 (Hold), with its shares jumping 5.6% in the past three months compared to the industry's growth of 3.5% [6] Alternative Stock Consideration - BlackBerry Limited (BB) is a better-ranked stock in the broader technology space, carrying a Zacks Rank 1 (Strong Buy), and provides intelligent security software and services using machine learning and AI for cybersecurity, safety, and data privacy [9][10] - BlackBerry has consistently beaten the Zacks Consensus Estimate in the trailing four quarters, with an average earnings surprise of 131.25%, and delivered a 200% earnings surprise in the last reported quarter, with its shares surging 74.4% in the past three months [11]