Synopsys Posts Financial Results for Fourth Quarter and Fiscal Year 2018

 

SYNOPSYS, INC.

Unaudited Consolidated Statements of Cash Flows (1)

(in thousands)






Year Ended October 31,


2018


2017

CASH FLOWS FROM OPERATING ACTIVITIES:




Net income

$ 432,518


$   136,563

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




Amortization and depreciation

209,207


189,442

Stock compensation

140,032


108,294

Allowance for doubtful accounts

3,368


2,149

(Gain) loss on sale of property and investments

(93)


8

Write-down of long-term investments


1,300

Deferred income taxes

(210,310)


123,052

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




Accounts receivable

(95,785)


2,296

Inventory

(66,509)


(20,137)

Prepaid and other current assets

(12,835)


(8,818)

Other long-term assets

(25,892)


(40,236)

Accounts payable and accrued liabilities

49,043


137,631

Income taxes

(103,841)


19,665

Deferred revenue

105,329


(16,644)

Net cash provided by operating activities

424,232


634,565





CASH FLOWS FROM INVESTING ACTIVITIES:




Proceeds from sales and maturities of short-term investments

12,449


295,633

Purchases of short-term investments

-


(155,098)

Proceeds from sales of long-term investments

494


839

Purchases of long-term investments

(3,561)


-

Proceeds from sales of property and equipment

1,662


-

Purchases of property and equipment

(98,976)


(70,328)

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

(652,643)


(259,202)

Capitalization of software development costs

(2,950)


(3,226)

Other

-


2,100

Net cash used in investing activities

(743,525)


(189,282)





CASH FLOWS FROM FINANCING ACTIVITIES:




Proceeds from credit facility

620,635


320,000

Repayment of debt

(295,313)


(380,625)

Issuances of common stock

123,829


126,337

Payments for taxes related to net share settlement of equity awards

(45,772)


(36,730)

Purchase of equity forward contract

-


(20,000)

Purchases of treasury stock

(400,000)


(380,000)

Other

1,759


(2,102)

Net cash provided by (used in) financing activities

5,138


(373,120)

Effect of exchange rate changes on cash and cash equivalents

(11,086)


(427)

Net change in cash and cash equivalents

(325,241)


71,736

Cash and cash equivalents, beginning of the year

1,048,356


976,620

Cash and cash equivalents, end of the period

$ 723,115


$1,048,356


(1)  Synopsys' fiscal year 2018 ended on November 3, 2018, and fiscal year 2017 ended on October 28, 2017.  For presentation purposes, we refer to the closest calendar month end.


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