Synopsys reports revenue and operating income in two segments: (1) Semiconductor & System Design, which includes EDA tools, IP products, system integration solutions and associated services, and (2) Software Integrity, which includes security and quality solutions for software development across many industries. (1) Synopsys' second quarter of fiscal year 2020 and 2019 ended on May 2, 2020 and May 4, 2019, respectively. These targets constitute forward-looking statements and are based on current expectations. The business’s revenue for the quarter was up 3.0% on a year-over-year basis. For presentation purposes, we refer to the closest calendar month end. These statements involve known and unknown risks, uncertainties and other factors that could cause our actual results, time frames or achievements to differ materially from those expressed or implied in our forward-looking statements. For presentation purposes, we refer to the closest calendar month end.-Fair value changes in executive deferred compensation plan(1) Synopsys manages the business on a long-term, annual basis, and considers quarterly fluctuations of revenue and profitability as normal elements of our business. More information on potential risks, uncertainties and other factors that could affect Synopsys' results is included in filings it makes with the Securities and Exchange Commission from time to time, including in the sections entitled "Risk Factors" in its Annual Report on Form 10-K for the fiscal year ended October 31, 2019 and in its latest Quarterly Report on Form 10-Q. All Rights Reserved. Any statements that are not statements of historical fact may be deemed to be forward-looking statements. (1) Synopsys' second quarter of fiscal year 2020 ended on May 2, 2020, and its fiscal year 2019 ended on November 2, 2019. A For presentation purposes, we refer … Accordingly, we caution stockholders and prospective investors not to place undue reliance on these statements. Revenue for the first quarter of fiscal 2019 was $820.4 million, compared to $769.4 million for the first quarter of fiscal 2018, an increase of approximately 6.6 percent. "Synopsys continues to execute well. Accordingly, Synopsys presents non-GAAP financial measures in reporting its financial results to provide investors with an additional tool to evaluate Synopsys' operating results in a manner that focuses on what Synopsys believes to be its core business operations and what Synopsys uses to evaluate its business operations and for internal planning and forecasting purposes. About Synopsys. Such risks, uncertainties and factors include, but are not limited to: risks from the effect of the COVID-19 pandemic and the associated economic downturn on our business, operations and financial condition, including the ability to secure timely payment from customers, the ability to accurately estimate customer demand, reduced willingness of current and potential customers to purchase our products and services due to their own business and market uncertainties, the ability of our business partners and third-party providers to fulfill their responsibilities and commitments, the ability to secure adequate and timely supply of equipment and materials from suppliers for our hardware products, and the ability to develop and deliver our products; the anticipated timing and customer adoption of our new product offerings; action by the U.S. or foreign governments, such as measures in response to the COVID-19 pandemic or the imposition of additional tariffs or export restrictions, which could interfere with our business operations or our ability to provide products and services in certain countries; risks and compliance obligations relating to the global nature of our operations; uncertainty in the growth of the semiconductor and electronics industries; consolidation among our customers and our dependence on a relatively small number of large customers; macroeconomic conditions and uncertainty in the global economy; fluctuation of our operating results; increased variability in our revenue due to ASC 606 implementation, including the resulting increase in recognizing upfront revenue as a percentage of total revenue; our highly competitive industries and our ability to meet our customers’ demand for innovative technology at lower costs; cybersecurity threats or other security breaches; our ability to protect our proprietary technology; our ability to realize the potential financial or strategic benefits of acquisitions we complete; our ability to carry out our new product and technology initiatives; investment of more resources in research and development than anticipated; product errors or defects; increased risks resulting from an increase in sales of our hardware products, including increased variability in upfront revenue; changes in accounting principles or standards; changes in our effective tax rate; liquidity requirements in our U.S. operations; claims that our products infringe on third-party intellectual property rights; litigation; the ability to obtain licenses to third-party software and intellectual property on reasonable terms or at all; the ability to timely recruit and retain senior management and key employees; the inherent limitations on the effectiveness of our controls and compliance programs; the impairment of our investment portfolio by the deterioration of capital markets; the accuracy of certain assumptions, judgments and estimates that affect amounts reported in our financial statements; and the impact of catastrophic events.
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synopsys' fiscal year