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SYNOPSYS, INC. | |||
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Unaudited Consolidated Statements of Cash Flows (1) | |||
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(in thousands) | |||
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Six Months Ended April 30, | ||
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2014 |
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2013 |
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CASH FLOWS FROM OPERATING ACTIVITIES: |
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Net income |
$ 131,013 |
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$ 138,613 |
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Adjustments to reconcile net income to net cash provided by operating |
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activities: |
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Amortization and depreciation |
91,585 |
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94,154 |
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Stock compensation |
36,941 |
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33,229 |
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Allowance for doubtful accounts |
(250) |
|
901 |
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Gain on sale of investments |
(6,529) |
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(101) |
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Deferred income taxes |
9,266 |
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8,225 |
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Net changes in operating assets and liabilities, net of |
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acquired assets and liabilities: |
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Accounts receivable |
(59,577) |
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39,287 |
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Prepaid and other current assets |
(4,557) |
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(27,502) |
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Other long-term assets |
(13,756) |
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(16,524) |
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Accounts payable and other liabilities |
(83,135) |
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(97,569) |
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Income taxes |
(15,021) |
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(2,574) |
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Deferred revenue |
(48,069) |
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(127,847) |
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Net cash provided by operating activities |
37,911 |
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42,292 |
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CASH FLOWS FROM INVESTING ACTIVITIES: |
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Proceeds from sales of long-term investments |
7,304 |
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222 |
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Purchases of property and equipment |
(29,901) |
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(29,426) |
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Proceeds from sales of property and equipment |
- |
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2,000 |
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Cash paid for acquisitions, net of cash acquired |
(367,965) |
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- |
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Capitalization of software development costs |
(1,875) |
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(1,787) |
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Net cash used in investing activities |
(392,437) |
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(28,991) |
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CASH FLOWS FROM FINANCING ACTIVITIES: |
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Principal payments on capital leases |
(206) |
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(784) |
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Proceeds from credit facility |
200,000 |
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- |
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Repayment of debt |
(15,497) |
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(15,237) |
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Acquisition of non-controlling interest |
- |
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(44,004) |
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Issuances of common stock |
53,326 |
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75,193 |
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Purchases of treasury stock |
(79,747) |
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(34,998) |
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Other |
(500) |
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(1,130) |
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Net cash provided by (used in) financing activities |
157,376 |
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(20,960) |
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Effect of exchange rate changes on cash and cash equivalents |
(3,658) |
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(11,705) |
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Net change in cash and cash equivalents |
(200,808) |
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(19,364) |
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Cash and cash equivalents, beginning of the year |
1,022,441 |
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700,382 |
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Cash and cash equivalents, end of the period |
$ 821,633 |
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$ 681,018 |
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(1) Synopsys' second quarter of fiscal 2014 and 2013 ended on May 3, 2014 and May 4, 2013, respectively. For presentation purposes, we refer to periods ended April 30. | |||
