Synopsys Posts Financial Results for First Quarter Fiscal Year 2019

 

SYNOPSYS, INC.

Unaudited Consolidated Statements of Cash Flows (1)

(in thousands)

       
 

Three Months Ended January 31,

 

2019

 

2018

CASH FLOWS FROM OPERATING ACTIVITIES:

     

Net income (loss)

$ 153,514

 

$    (3,691)

Adjustments to reconcile net income (loss) to net cash used in operating activities:

     

Amortization and depreciation

51,830

 

43,920

Amortization of capitalized costs to obtain revenue contracts

12,793

 

-

Stock compensation

38,460

 

32,323

Allowance for doubtful accounts

1,500

 

368

(Gain) loss on sale of property and investments

-

 

4

Deferred income taxes

(6,215)

 

46,172

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

     

Accounts receivable

(209,049)

 

(34,811)

Inventories

(15,827)

 

(15,811)

Prepaid and other current assets

(10,027)

 

(14,504)

Other long-term assets

(49,403)

 

(25,601)

Accounts payable and accrued liabilities

(219,099)

 

(139,864)

Income taxes

(41,985)

 

(18,017)

Deferred revenue

149,489

 

70,458

Net cash used in operating activities

(144,019)

 

(59,054)

       

CASH FLOWS FROM INVESTING ACTIVITIES:

     

Proceeds from sales and maturities of short-term investments

-

 

12,449

Purchases of property and equipment

(29,007)

 

(28,316)

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

-

 

(608,344)

Capitalization of software development costs

(737)

 

(807)

Net cash used in investing activities

(29,744)

 

(625,018)

       

CASH FLOWS FROM FINANCING ACTIVITIES:

     

Proceeds from credit facility

185,080

 

450,000

Repayment of debt

(112,812)

 

(21,875)

Issuances of common stock

6,358

 

12,486

Payments for taxes related to net share settlement of equity awards

(10,593)

 

(10,247)

Purchase of equity forward contract

-

 

(20,000)

Purchases of treasury stock

(29,185)

 

(180,000)

Other

(762)

 

-

Net cash provided by financing activities

38,086

 

230,364

Effect of exchange rate changes on cash, cash equivalents and restricted cash

4,882

 

11,555

Net change in cash, cash equivalents and restricted cash

(130,795)

 

(442,153)

Cash, cash equivalents and restricted cash, beginning of the year

725,001

 

1,050,075

Cash, cash equivalents and restricted cash, end of the period

$ 594,206

 

$  607,922

       

(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.


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