Synopsys Posts Financial Results for Fourth Quarter and Fiscal Year 2015

 

SYNOPSYS, INC.

Unaudited Consolidated Statements of Cash Flows (1)

(in thousands)






 Twelve Months Ended
October 31, 


2015


2014

CASH FLOWS FROM OPERATING ACTIVITIES:




Net income

$225,934


$ 259,124

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




Amortization and depreciation

211,821


192,826

Stock compensation

86,400


79,440

Allowance for doubtful accounts 

1,300


(1,250)

(Gain) loss on sale of investments

(109)


(6,999)

Excess tax benefits on stock-based awards

(4,245)


-

Deferred income taxes

15,197


(17,100)

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




Accounts receivable

(56,533)


(65,018)

Prepaid and other current assets

(23,106)


1,836

Other long-term assets

(16,259)


(23,270)

Accounts payable and accrued liabilities

27,568


40,645

Income taxes

(22,947)


(9,095)

Deferred revenue

50,139


99,814

Net cash provided by operating activities

495,160


550,953





CASH FLOWS FROM INVESTING ACTIVITIES:




Proceeds from sales and maturities of short-term investments

109,173


-

Purchases of short-term investments

(238,902)


-

Proceeds from sales of long-term investments

-


7,774

Purchases of property and equipment

(86,965)


(103,275)

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

(340,153)


(394,623)

Capitalization of software development costs

(3,682)


(3,638)

Other

900


(3,488)

Net cash used in investing activities

(559,629)


(497,250)





CASH FLOWS FROM FINANCING ACTIVITIES:




Proceeds from credit facility

460,000


200,000

Repayment of debt

(330,425)


(230,968)

Issuances of common stock

84,904


82,083

Purchase of equity forward contract

(20,000)


-

Purchases of treasury stock

(260,000)


(119,747)

Excess tax benefits on stock-based awards

4,245


-

Other

(794)


(5,057)

Net cash used in financing activities

(62,070)


(73,689)

Effect of exchange rate changes on cash and cash equivalents

(23,035)


(16,693)

Net change in cash and cash equivalents

(149,574)


(36,679)

Cash and cash equivalents, beginning of the year

985,762


1,022,441

Cash and cash equivalents, end of the period

$836,188


$ 985,762






(1)  Synopsys'  fourth quarter of fiscal year 2015 and 2014 ended on October 31, 2015 and November 1, 2014, respectively. For presentation purposes, we refer to the closest calendar month end.


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