Synopsys (SNPS) Replenishes $500M Buyback Authorization

September 1, 2016 4:13 PM EDT

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Synopsys, Inc. (Nasdaq: SNPS) today announced that its Board of Directors has replenished its existing stock repurchase authorization back to $500 million.

"Synopsys is committed to driving sustainable, long-term value for shareholders," said Trac Pham, chief financial officer of Synopsys. "We are pleased to be in a position to extend our share repurchase program with this new authorization, and will continue to balance return of capital to stockholders, debt reduction and strategic investments to grow the business."

Synopsys' Board of Directors originally approved the stock repurchase program in 2002 and has periodically replenished the program as funds are spent. The program does not obligate Synopsys to acquire any particular amount of common stock, and the program may be suspended or terminated at any time at Synopsys' discretion.

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