Synopsys Posts Financial Results for Second Quarter Fiscal Year 2016

 

 

 

SYNOPSYS, INC.

Unaudited Consolidated Statements of Cash Flows (1)

(in thousands)

       
 

 Six Months Ended April 30, 

 

2016

 

2015

CASH FLOWS FROM OPERATING ACTIVITIES:

     

Net income

$129,411

 

$120,785

Adjustments to reconcile net income to net cash provided by operating

     

    activities:

     

Amortization and depreciation

107,226

 

102,051

Stock compensation

46,472

 

40,864

Allowance for doubtful accounts 

450

 

600

(Gain) loss on sale of investments

(10)

 

(17)

Excess tax benefits on stock-based awards

(920)

 

-

Deferred income taxes

(9,984)

 

27,636

Net changes in operating assets and liabilities, net of acquired assets and liabilities:

     

Accounts receivable

93,619

 

(16,491)

Prepaid and other current assets

(23,208)

 

(34,584)

Other long-term assets

656

 

(13,359)

Accounts payable and accrued liabilities

(108,005)

 

(62,142)

Income taxes

4,409

 

(27,077)

Deferred revenue

(52,852)

 

(70,530)

Net cash provided by operating activities

187,264

 

67,736

       

CASH FLOWS FROM INVESTING ACTIVITIES:

     

Proceeds from sales and maturities of short-term investments

75,570

 

17,721

Purchases of short-term investments

(79,079)

 

(154,744)

Proceeds from sales of long-term investments

1,785

 

-

Purchases of property and equipment

(28,900)

 

(43,979)

Cash paid for acquisitions and intangible assets, net of cash acquired

(46,100)

 

(2,303)

Capitalization of software development costs

(1,973)

 

(1,865)

Other

-

 

900

Net cash used in investing activities

(78,697)

 

(184,270)

       

CASH FLOWS FROM FINANCING ACTIVITIES:

     

Proceeds from credit facility

60,000

 

250,000

Repayment of debt

(15,000)

 

(105,424)

Issuances of common stock

36,783

 

54,006

Purchase of equity forward contract

(20,000)

 

(36,000)

Purchases of treasury stock

(180,000)

 

(144,000)

Excess tax benefits on stock-based awards

920

 

-

Other

(1,470)

 

(116)

Net cash provided by (used in)  financing activities

(118,767)

 

18,466

Effect of exchange rate changes on cash and cash equivalents

1,958

 

(18,849)

Net change in cash and cash equivalents

(8,242)

 

(116,917)

Cash and cash equivalents, beginning of the year

836,188

 

985,762

Cash and cash equivalents, end of the period

$827,946

 

$868,845

       

(1)  Synopsys' second quarter of fiscal year 2016 and 2015 ended on April 30, 2016 and May 2, 2015, respectively. For presentation purposes, we refer to the closest calendar month end.


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