11/25/2024 | Press release | Distributed by Public on 11/25/2024 15:31
Item 5.03 |
Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year. |
On November 25, 2024, Synopsys' Board of Directors approved changing Synopsys' fiscal year from a 52/53-weekperiod ending on the Saturday nearest to October 31 of each year to October 31 of each year. This change is intended to improve the alignment of financial and business processes and to streamline financial reporting.
Synopsys' fiscal year 2024 was a 53-week year that began on October 29, 2023 and ended on November 2, 2024. Synopsys' fiscal year 2025 began on November 3, 2024 and will end on October 31, 2025. Effective beginning in fiscal year 2025, Synopsys' quarterly results will be for the three-month periods ending January 31, April 30, July 31 and October 31 of each year. As a result of this change, there will be ten fewer days in the first half of fiscal year 2025 and two extra days in the second half of fiscal year 2025, which results in eight fewer days in the aggregate in Synopsys' fiscal year 2025 as compared to its fiscal year 2024. In reliance on Exchange Act Release No. 26589, Synopsys will not file a transition report.