Synopsys Posts Financial Results for Second Quarter Fiscal Year 2013

 

SYNOPSYS, INC.

Unaudited Consolidated Statements of Cash Flows (1)

(in thousands)






 Six Months Ended April 30,


2013


2012

CASH FLOWS FROM OPERATING ACTIVITIES:




Net income

$ 138,613


$   77,665

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




     Amortization and depreciation

94,154


74,862

     Stock compensation

33,229


36,855

     Allowance for doubtful accounts

901


452

     Gain on sale of investments

(101)


(349)

     Deferred income taxes

8,225


10,033

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




          Accounts receivable

39,287


(11,516)

          Prepaid and other current assets

(27,502)


(3,442)

          Other long-term assets

(16,524)


(8,128)

          Accounts payable and other liabilities

(97,569)


(48,393)

          Income taxes

(2,574)


(8,436)

          Deferred revenue

(127,847)


(32,147)

     Net cash provided by operating activities

42,292


87,456





CASH FLOWS FROM INVESTING ACTIVITIES:




     Proceeds from sales and maturities of short-term investments

-


166,132

     Purchases of short-term investments

-


(18,179)

     Proceeds from sales of long-term investments

222


-

     Purchases of property and equipment

(29,426)


(19,585)

     Proceeds from sale of property and equipment

2,000


-

     Cash paid for acquisitions, net of cash acquired

-


(564,528)

     Capitalization of software development costs

(1,787)


(1,539)

     Net cash used in investing activities

(28,991)


(437,699)





CASH FLOWS FROM FINANCING ACTIVITIES:




     Principal payments on capital leases

(784)


(1,888)

     Proceeds from credit facility and term loan

-


250,000

     Acquisition of non-controlling interest

(44,004)


-

     Repayment of debts

(15,237)


(21,156)

     Issuances of common stock

75,193


111,180

     Purchases of treasury stock

(34,998)


(40,000)

     Other

(1,130)


-

     Net cash (used in) provided by financing activities

(20,960)


298,136

Effect of exchange rate changes on cash and cash equivalents

(11,705)


(6,376)

Net change in cash and cash equivalents

(19,364)


(58,483)

Cash and cash equivalents, beginning of the year

700,382


855,077

Cash and cash equivalents, end of the period

$ 681,018


$ 796,594









(1)  Synopsys' second quarter of fiscal 2013 ended on May 4, 2013.  For presentation purposes, we refer to a calendar month ending April 30.  Synopsys' first quarter of fiscal 2012 includes an extra week.


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