Synopsys, Inc. (NASDAQ:SNPS) Q1 2024 Earnings Conference Call February 21, 2024 5:00 PM ET
Company Participants
Trey Campbell - Senior Vice President, Investor Relations
Sassine Ghazi - President and Chief Executive Officer
Shelagh Glaser - Chief Financial Officer
Conference Call Participants
Gary Mobley - Wells Fargo Securities
Jason Celino - KeyBanc
Jay Vleeschhouwer - Griffin Securities
Lee Simpson - Morgan Stanley
Joe Vruwink - Baird Equity Research
Harlan Sur - JPMorgan
Joshua Tilton - Wolfe Research
Operator
Ladies and gentlemen, welcome to Synopsys Earnings Conference Call for the First Quarter Fiscal Year 2024. At this time all participants’ are in listen-only mode. [Operator Instructions]. Today's call will last one hour. As a reminder, today's call is being recorded.
At this time, I would like to turn the conference over to Trey Campbell, Senior Vice President of Investor Relations. Please go ahead.
Trey Campbell
Thank you, operator. Good afternoon, everyone. With us today are Sassine Ghazi, President and CEO; and Shelagh Glaser, CFO. Before we begin, I'd like to remind everyone that during the course of this conference call, Synopsys will discuss forecasts, targets and other forward-looking statements, including statements regarding our pending acquisition of Ansys. However, we will not be commenting on Ansys' financial results. While these forward-looking statements represent our best current judgment about future results and performance as of today, our actual results 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 such statements are described in our most recent SEC reports and today's earnings press release. In addition, we will refer to certain non-GAAP financial measures during the discussion. Reconciliations to their most directly comparable GAAP financial measures and supplemental financial information can be found in the earnings press release, financial supplement and 8-K that we released earlier today. All of these items, plus the most recent investor presentation are available on our website at www.synopsys.com. In addition, the prepared remarks will be posted on our website at the conclusion of the call.
With that, I'll turn the call over to Sassine.
Sassine Ghazi
Good afternoon. In Q1, we continued our strong momentum with revenue in the upper end of our guidance range and non-GAAP EPS surpassing the upper end of our guidance range. Revenue was $1.65 billion, up 21% year-over-year. Non-GAAP operating margin was 38.7% up approximately 3.5 points year-over-year. Non-GAAP EPS was $3.56, up 36% year-over-year. While maintaining our laser focus on meeting our quarterly financial commitments, we strategically drive the business for long-term financial success.