Synopsys Posts Financial Results for First Quarter Fiscal Year 2015

 

 

SYNOPSYS, INC.

Unaudited Consolidated Statements of Cash Flows (1)

(in thousands)

       
 

 Three Months Ended January 31, 

 

2015

 

2014

CASH FLOWS FROM OPERATING ACTIVITIES:

     

Net income

$  65,189

 

$   67,696

Adjustments to reconcile net income to net cash used in operating

     

    activities:

     

Amortization and depreciation

50,529

 

43,714

Stock compensation

20,581

 

18,118

Allowance for doubtful accounts 

300

 

(400)

Gain on sale of investments

(12)

 

(6,529)

Deferred income taxes

(158)

 

5,891

Net changes in operating assets and liabilities, net of 

     

acquired assets and liabilities:

     

Accounts receivable

40,857

 

7,910

Prepaid and other current assets

(42,860)

 

(13,635)

Other long-term assets

(7,597)

 

(6,695)

Accounts payable and other liabilities

(125,320)

 

(134,902)

Income taxes

(14,024)

 

(10,068)

Deferred revenue

(74,828)

 

(44,992)

Net cash used in operating activities

(87,343)

 

(73,892)

       

CASH FLOWS FROM INVESTING ACTIVITIES:

     

Proceeds from sales and maturities of short-term investments

8,012

 

-

Purchases of short-term investments

(128,427)

 

-

Proceeds from sales of long-term investments

-

 

6,791

Purchases of property and equipment

(19,607)

 

(14,353)

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

-

 

(900)

Capitalization of software development costs

(909)

 

(902)

Net cash used in investing activities

(140,931)

 

(9,364)

       

CASH FLOWS FROM FINANCING ACTIVITIES:

     

Proceeds from credit facility

250,000

 

-

Repayment of debt

(22,723)

 

(7,748)

Issuances of common stock

10,542

 

21,581

Purchase of equity forward contract

(36,000)

 

-

Purchases of treasury stock

(144,000)

 

(54,747)

Other

(14)

 

(111)

Net cash provided by (used in) financing activities

57,805

 

(41,025)

Effect of exchange rate changes on cash and cash equivalents

(18,469)

 

(5,107)

Net change in cash and cash equivalents

(188,938)

 

(129,388)

Cash and cash equivalents, beginning of the year

985,762

 

1,022,441

Cash and cash equivalents, end of the period

$796,824

 

$ 893,053

       
       

(1)  Synopsys' first quarter and fiscal year 2015 and 2014 ended on January 31, 2015 and February 1, 2014, respectively. For presentation purposes, we refer to periods ended January 31.  


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