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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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Three Months Ended January 31, |
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2019 |
2018 |
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CASH FLOWS FROM OPERATING ACTIVITIES: |
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Net income (loss) |
$ 153,514 |
$ (3,691) |
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Adjustments to reconcile net income (loss) to net cash used in operating activities: |
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Amortization and depreciation |
51,830 |
43,920 |
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Amortization of capitalized costs to obtain revenue contracts |
12,793 |
- |
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Stock compensation |
38,460 |
32,323 |
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Allowance for doubtful accounts |
1,500 |
368 |
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(Gain) loss on sale of property and investments |
- |
4 |
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Deferred income taxes |
(6,215) |
46,172 |
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Net changes in operating assets and liabilities, net of acquired assets and liabilities: |
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Accounts receivable |
(209,049) |
(34,811) |
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Inventories |
(15,827) |
(15,811) |
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Prepaid and other current assets |
(10,027) |
(14,504) |
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Other long-term assets |
(49,403) |
(25,601) |
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Accounts payable and accrued liabilities |
(219,099) |
(139,864) |
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Income taxes |
(41,985) |
(18,017) |
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Deferred revenue |
149,489 |
70,458 |
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Net cash used in operating activities |
(144,019) |
(59,054) |
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CASH FLOWS FROM INVESTING ACTIVITIES: |
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Proceeds from sales and maturities of short-term investments |
- |
12,449 |
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Purchases of property and equipment |
(29,007) |
(28,316) |
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Cash paid for acquisitions and intangible assets, net of cash acquired |
- |
(608,344) |
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Capitalization of software development costs |
(737) |
(807) |
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Net cash used in investing activities |
(29,744) |
(625,018) |
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CASH FLOWS FROM FINANCING ACTIVITIES: |
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Proceeds from credit facility |
185,080 |
450,000 |
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Repayment of debt |
(112,812) |
(21,875) |
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Issuances of common stock |
6,358 |
12,486 |
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Payments for taxes related to net share settlement of equity awards |
(10,593) |
(10,247) |
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Purchase of equity forward contract |
- |
(20,000) |
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Purchases of treasury stock |
(29,185) |
(180,000) |
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Other |
(762) |
- |
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Net cash provided by financing activities |
38,086 |
230,364 |
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Effect of exchange rate changes on cash, cash equivalents and restricted cash |
4,882 |
11,555 |
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Net change in cash, cash equivalents and restricted cash |
(130,795) |
(442,153) |
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Cash, cash equivalents and restricted cash, beginning of the year |
725,001 |
1,050,075 |
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Cash, cash equivalents and restricted cash, end of the period |
$ 594,206 |
$ 607,922 |
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(1) Synopsys' first quarter of fiscal year 2019 and 2018 ended on February 2, 2019 and February 3, 2018, respectively. For presentation purposes, we refer to the closest calendar month end. The first quarter of fiscal 2018 included an extra week. |
