Synopsys Posts Financial Results for Second Quarter Fiscal Year 2018

 

SYNOPSYS, INC.

Unaudited Consolidated Statements of Cash Flows (1)

(in thousands)






 Six Months Ended April 30, 


2018


2017

CASH FLOWS FROM OPERATING ACTIVITIES:




Net income

$   98,781


$ 139,894

Adjustments to reconcile net income to net cash provided by operating activities:




Amortization and depreciation

96,829


97,044

Stock compensation

65,288


51,396

Allowance for doubtful accounts 

3,367


679

(Gain) loss on sale of investments

4


(1)

(Gain) loss on sale of property and equipment

(97)


-

Write-down of long-term investments

-


1,300

Deferred income taxes

38,878


3,339

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




Accounts receivable

(105,457)


81,098

Prepaid and other current assets

(47,664)


(13,291)

Other long-term assets

(21,753)


(24,021)

Accounts payable and accrued liabilities

(131,763)


(23,341)

Income taxes

(44,577)


(11,436)

Deferred revenue

52,229


(132,803)

Net cash provided by operating activities

4,065


169,857





CASH FLOWS FROM INVESTING ACTIVITIES:




Proceeds from sales and maturities of short-term investments

12,449


94,512

Purchases of short-term investments

-


(94,182)

Proceeds from sales of property and equipment

1,662


-

Purchases of property and equipment

(48,612)


(31,195)

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

(643,537)


(187,624)

Capitalization of software development costs

(1,760)


(2,066)

Other

-


2,100

Net cash used in investing activities

(679,798)


(218,455)





CASH FLOWS FROM FINANCING ACTIVITIES:




Proceeds from credit facility

450,000


250,000

Repayment of debt

(69,687)


(36,875)

Issuances of common stock

58,975


62,254

Payments for taxes related to net share settlement of equity awards

(11,883)


(8,058)

Purchase of equity forward contract

-


(20,000)

Purchases of treasury stock

(235,000)


(180,000)

Other

-


(482)

Net cash provided by financing activities

192,405


66,839

Effect of exchange rate changes on cash and cash equivalents

5,773


(3,536)

Net change in cash and cash equivalents

(477,555)


14,705

Cash and cash equivalents, beginning of the year

1,048,356


976,620

Cash and cash equivalents, end of the period

$ 570,801


$ 991,325









(1)  Synopsys' second quarter of fiscal year 2018 and 2017 ended on May 5, 2018 and April 29, 2017, respectively. For presentation purposes, we refer to the closest calendar month end.


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