Synopsys Posts Financial Results for Third Quarter Fiscal Year 2018

 

SYNOPSYS, INC.

Unaudited Consolidated Statements of Cash Flows (1)

(in thousands)






Nine Months Ended July 31,


2018


2017

CASH FLOWS FROM OPERATING ACTIVITIES:




Net income

$ 178,190


$ 256,645

Adjustments to reconcile net income to net cash provided by operating




activities:




Amortization and depreciation

150,245


144,112

Stock compensation

102,540


79,697

Allowance for doubtful accounts

3,368


1,289

(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

5,509


(10,960)

Net changes in operating assets and liabilities, net of




acquired assets and liabilities:




Accounts receivable

(41,695)


42,413

Prepaid and other current assets

(58,409)


(13,636)

Other long-term assets

(31,659)


(33,416)

Accounts payable and accrued liabilities

(56,491)


36,129

Income taxes

(35,014)


(19,169)

Deferred revenue

76,780


(34,692)

Net cash provided by operating activities

293,271


449,711





CASH FLOWS FROM INVESTING ACTIVITIES:




Proceeds from sales and maturities of short-term investments

12,449


130,529

Purchases of short-term investments


(137,486)

Proceeds from sales of long-term investments

494


839

Purchases of long-term investments

(645)


Proceeds from sales of property and equipment

1,662


Purchases of property and equipment

(70,469)


(50,227)

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

(646,687)


(187,624)

Capitalization of software development costs

(2,714)


(3,130)

Other


2,100

Net cash used in investing activities

(705,910)


(244,999)





CASH FLOWS FROM FINANCING ACTIVITIES:




Proceeds from credit facility

615,000


270,000

Repayment of debt

(137,500)


(38,750)

Issuances of common stock

72,722


78,718

Payments for taxes related to net share settlement of equity awards

(42,636)


(35,376)

Purchase of equity forward contract

(33,000)


Purchases of treasury stock

(367,000)


(300,000)

Other

1,759


(482)

Net cash provided by (used in) financing activities

109,345


(25,890)

Effect of exchange rate changes on cash and cash equivalents

(3,826)


(456)

Net change in cash and cash equivalents

(307,120)


178,366

Cash and cash equivalents, beginning of the year

1,048,356


976,620

Cash and cash equivalents, end of the period

$ 741,236


$ 1,154,986


(1)  Synopsys' third quarter of fiscal year 2018 and 2017 ended on August 4, 2018 and July 29, 2017, respectively. For presentation purposes, we refer to the closest calendar month end.


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