Synopsys Posts Financial Results for First Quarter Fiscal Year 2016

 


SYNOPSYS, INC.

Unaudited Consolidated Statements of Cash Flows (1)

(in thousands)






 Three Months Ended January 31, 


2016


2015

CASH FLOWS FROM OPERATING ACTIVITIES:




Net income

$  60,035


$  65,189

Adjustments to reconcile net income to net cash used in operating activities:




Amortization and depreciation

56,436


50,529

Stock compensation

23,013


20,581

Allowance for doubtful accounts 

250


300

(Gain) loss on sale of investments

3


(12)

Excess tax benefits on stock-based awards

(440)


-

Deferred income taxes

(3,955)


(158)

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




Accounts receivable

30,365


40,857

Prepaid and other current assets

(27,825)


(42,860)

Other long-term assets

9,008


(7,597)

Accounts payable and accrued liabilities

(145,229)


(125,320)

Income taxes

(4,734)


(14,024)

Deferred revenue

(32,097)


(74,828)

Net cash used in operating activities

(35,170)


(87,343)





CASH FLOWS FROM INVESTING ACTIVITIES:




Proceeds from sales and maturities of short-term investments

40,489


8,012

Purchases of short-term investments

(34,933)


(128,427)

Proceeds from sales of long-term investments

161


-

Purchases of property and equipment

(15,337)


(19,607)

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

(18,941)


-

Capitalization of software development costs

(920)


(909)

Net cash used in investing activities

(29,481)


(140,931)





CASH FLOWS FROM FINANCING ACTIVITIES:




Proceeds from credit facility

30,000


250,000

Repayment of debt

(7,500)


(22,723)

Issuances of common stock

(3,725)


10,542

Purchase of equity forward contract

(40,000)


(36,000)

Purchases of treasury stock

(160,000)


(144,000)

Excess tax benefits on stock-based awards

440


-

Other

(1,470)


(14)

Net cash (used in) provided by financing activities

(182,255)


57,805

Effect of exchange rate changes on cash and cash equivalents

(6,296)


(18,469)

Net change in cash and cash equivalents

(253,202)


(188,938)

Cash and cash equivalents, beginning of the year

836,188


985,762

Cash and cash equivalents, end of the period

$582,986


$796,824









(1)  Synopsys' first quarter of fiscal year 2015 and 2014 ended on January 30, 2016 and January 31, 2015, respectively. For presentation purposes, we refer to the closest calendar month end.


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