Synopsys Posts Financial Results for Third Quarter Fiscal Year 2016

 

SYNOPSYS, INC.

Unaudited Consolidated Statements of Cash Flows (1)

(in thousands)






 Nine Months Ended July 31, 


2016


2015

CASH FLOWS FROM OPERATING ACTIVITIES:




Net income

$194,129


$176,172

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




Amortization and depreciation

157,814


154,535

Stock compensation

72,043


63,463

Allowance for doubtful accounts 

650


1,100

(Gain) loss on sale of investments

(15)


(22)

Excess tax benefits on stock-based awards

(5,653)


-

Deferred income taxes

2,747


24,134

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




Accounts receivable

77,532


16,976

Prepaid and other current assets

(22,941)


(35,836)

Other long-term assets

(8,118)


(16,141)

Accounts payable and accrued liabilities

(41,749)


(25,512)

Income taxes

2,339


(20,633)

Deferred revenue

10,195


4,507

Net cash provided by operating activities

438,973


342,743





CASH FLOWS FROM INVESTING ACTIVITIES:




Proceeds from sales and maturities of short-term investments

111,078


48,155

Purchases of short-term investments

(126,216)


(185,402)

Proceeds from sales of long-term investments

1,785


-

Purchases of long-term investments

(1,002)


-

Purchases of property and equipment

(48,249)


(67,708)

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

(60,056)


(126,883)

Capitalization of software development costs

(2,959)


(2,798)

Other

-


900

Net cash used in investing activities

(125,619)


(333,736)





CASH FLOWS FROM FINANCING ACTIVITIES:




Proceeds from credit facility

185,000


410,000

Repayment of debt

(112,500)


(272,924)

Issuances of common stock

44,166


56,414

Purchase of equity forward contract

(25,000)


-

Purchases of treasury stock

(300,000)


(180,000)

Excess tax benefits on stock-based awards

5,653


-

Other

(2,940)


(116)

Net cash provided by (used in)  financing activities

(205,621)


13,374

Effect of exchange rate changes on cash and cash equivalents

2,396


(21,720)

Net change in cash and cash equivalents

110,129


661

Cash and cash equivalents, beginning of the year

836,188


985,762

Cash and cash equivalents, end of the period

$946,317


$986,423









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


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