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SYNOPSYS, INC. | |||
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Unaudited Consolidated Statements of Cash Flows (1) | |||
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(in thousands) | |||
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Six Months Ended April 30, | ||
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2015 |
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2014 |
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CASH FLOWS FROM OPERATING ACTIVITIES: |
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Net income |
$ 120,785 |
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$ 131,013 |
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Amortization and depreciation |
102,051 |
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91,585 |
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Stock compensation |
40,864 |
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36,941 |
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Allowance for doubtful accounts |
600 |
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(250) |
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(Gain) loss on sale of investments |
(17) |
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(6,529) |
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Deferred income taxes |
27,636 |
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9,266 |
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Net changes in operating assets and liabilities, net of acquired assets and liabilities: |
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Accounts receivable |
(16,491) |
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(59,577) |
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Prepaid and other current assets |
(34,584) |
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(4,557) |
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Other long-term assets |
(13,359) |
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(13,756) |
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Accounts payable and accrued liabilities |
(62,142) |
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(83,135) |
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Income taxes |
(27,077) |
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(15,021) |
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Deferred revenue |
(70,530) |
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(48,069) |
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Net cash provided by operating activities |
67,736 |
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37,911 |
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CASH FLOWS FROM INVESTING ACTIVITIES: |
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Proceeds from sales and maturities of short-term investments |
17,721 |
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- |
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Purchases of short-term investments |
(154,744) |
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- |
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Proceeds from sales of long-term investments |
- |
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7,304 |
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Purchases of property and equipment |
(43,979) |
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(29,901) |
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Cash paid for acquisitions and intangible assets, net of cash acquired |
(2,303) |
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(367,965) |
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Capitalization of software development costs |
(1,865) |
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(1,875) |
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Other |
900 |
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- |
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Net cash used in investing activities |
(184,270) |
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(392,437) |
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CASH FLOWS FROM FINANCING ACTIVITIES: |
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Proceeds from credit facility |
250,000 |
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200,000 |
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Repayment of debt |
(105,424) |
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(15,497) |
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Issuances of common stock |
54,006 |
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53,326 |
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Purchase of equity forward contract |
(36,000) |
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- |
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Purchases of treasury stock |
(144,000) |
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(79,747) |
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Other |
(116) |
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(706) |
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Net cash provided by financing activities |
18,466 |
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157,376 |
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Effect of exchange rate changes on cash and cash equivalents |
(18,849) |
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(3,658) |
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Net change in cash and cash equivalents |
(116,917) |
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(200,808) |
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Cash and cash equivalents, beginning of the year |
985,762 |
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1,022,441 |
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Cash and cash equivalents, end of the period |
$ 868,845 |
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$ 821,633 |
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(1) Synopsys' second quarter for fiscal year 2015 and 2014 ended on May 2, 2015 and May 3, 2014, respectively. For presentation purposes, we refer to the closest calendar month end. | |||
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