Synopsys Posts Financial Results for Second Quarter Fiscal Year 2017

 

SYNOPSYS, INC.

Unaudited Consolidated Statements of Cash Flows (1)

(in thousands)






 Six Months Ended April 30, 


2017


2016

CASH FLOWS FROM OPERATING ACTIVITIES:




Net income

$139,894


$129,411

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




Amortization and depreciation

97,044


107,226

Stock compensation

51,396


46,472

Allowance for doubtful accounts 

679


450

(Gain) loss on sale of investments

(1)


(10)

Write-down of long-term investments

1,300


-

Deferred income taxes

3,339


(9,984)

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




Accounts receivable

81,098


93,619

Prepaid and other current assets

(13,291)


(23,208)

Other long-term assets

(24,021)


656

Accounts payable and accrued liabilities

(23,341)


(108,005)

Income taxes

(11,436)


3,489

Deferred revenue

(132,803)


(52,852)

Net cash provided by operating activities

169,857


187,264





CASH FLOWS FROM INVESTING ACTIVITIES:




Proceeds from sales and maturities of short-term investments

94,512


75,570

Purchases of short-term investments

(94,182)


(79,079)

Proceeds from sales of long-term investments

-


1,785

Purchases of property and equipment

(31,195)


(28,900)

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

(187,624)


(46,100)

Capitalization of software development costs

(2,066)


(1,973)

Other

2,100


-

Net cash used in investing activities

(218,455)


(78,697)





CASH FLOWS FROM FINANCING ACTIVITIES:




Proceeds from credit facilities

250,000


60,000

Repayment of debt

(36,875)


(15,000)

Issuances of common stock

62,254


42,764

Payments for taxes related to net share settlement of equity awards

(8,058)


(5,981)

Purchase of equity forward contract

(20,000)


(20,000)

Purchases of treasury stock

(180,000)


(180,000)

Other

(482)


(550)

Net cash provided by (used in) financing activities

66,839


(118,767)

Effect of exchange rate changes on cash and cash equivalents

(3,536)


1,958

Net change in cash and cash equivalents

14,705


(8,242)

Cash and cash equivalents, beginning of the year

976,620


836,188

Cash and cash equivalents, end of the period

$991,325


$827,946


(1)  Synopsys' second quarter of fiscal year 2017 and 2016 ended on April 29, 2017 and April 30, 2016, respectively. For presentation purposes, we refer to the closest calendar month end.


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