Synopsys Posts Financial Results for Fourth Quarter and Fiscal Year 2013

 

SYNOPSYS, INC.

Unaudited Consolidated Statements of Cash Flows (1)

(in thousands)






 Twelve Months Ended October 31,


2013


2012

CASH FLOWS FROM OPERATING ACTIVITIES:




Net income

$      247,800


$  182,402

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








   Amortization and depreciation

187,404


156,840

   Stock compensation

67,511


71,414

   Allowance for doubtful accounts

102


3,754

   Write-down of long-term investments

-


452

   Gain on sale of investments

(868)


(650)

   Deferred income taxes

(676)


12,850

   Net changes in operating assets and liabilities, net of




   acquired assets and liabilities:




      Accounts receivable

37,590


(53,395)

      Prepaid and other current assets

(12,063)


15,199

      Other long-term assets

(27,468)


(10,231)

      Accounts payable and other liabilities

(1,135)


42,960

      Income taxes

(2,306)


(43,113)

      Deferred revenue

814


107,586

   Net cash provided by operating activities

496,705


486,068





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

989


506

   Proceeds from sale of property and equipment

2,000


-

   Purchases of property and equipment

(65,459)


(54,191)

   Cash paid for acquisitions, net of cash acquired

-


(970,089)

   Capitalization of software development costs

(3,609)


(3,302)

   Net cash used in investing activities

(66,079)


(879,123)





CASH FLOWS FROM FINANCING ACTIVITIES:




   Principal payments on capital leases

(3,913)


(6,252)

   Proceeds from credit facility and term loan

-


250,000

   Acquisition of non-controlling interest

(44,004)


-

   Repayment of debts

(30,712)


(136,156)

   Issuances of common stock

131,914


175,896

   Purchases of treasury stock

(145,017)


(40,000)

   Other

(6,253)


-

   Net cash (used in) provided by financing activities

(97,985)


243,488

Effect of exchange rate changes on cash and cash equivalents

(10,582)


(5,128)

Net change in cash and cash equivalents

322,059


(154,695)

Cash and cash equivalents, beginning of the year

700,382


855,077

Cash and cash equivalents, end of the period

$ 1,022,441


$ 700,382


(1)  Synopsys' fourth quarter of fiscal 2013 and 2012 ended on November 2, 2013 and November 3, 2012, respectively.  For presentation purposes, we refer to periods ended October 31.  Synopsys' first quarter of fiscal 2012 included an extra week; its fiscal 2013 and fiscal 2012 were 52-week and 53-week years, respectively.


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