Synopsys Posts Financial Results for Fourth Quarter and Fiscal Year 2012

(1)  Synopsys' fiscal 2012 and fiscal 2011 ended on November 3, 2012 and October 29, 2011, respectively.  For presentation purposes, we refer to periods ended October 31.  Synopsys' first quarter of fiscal 2012 included an extra week; its fiscal 2012 and fiscal 2011 were 53-week and 52-week years, respectively.

 

SYNOPSYS, INC.

Unaudited Consolidated Statements of Cash Flows (1)

(in thousands)






 Years Ended October 31, 


2012


2011

CASH FLOWS FROM OPERATING ACTIVITIES:




Net income

$ 182,402


$ 221,364

Adjustments to reconcile net income to net cash provided by operating




    activities:




Amortization and depreciation

156,840


128,550

Stock compensation

71,414


56,414

Allowance for doubtful accounts 

3,754


1,058

Write-down of long-term investments

452


999

Gain on sale of investments

(650)


(936)

Deferred income taxes

12,850


22,278

Net changes in operating assets and liabilities, net of 




acquired assets and liabilities:




Accounts receivable

(53,395)


(18,974)

Prepaid and other current assets

15,199


(13,445)

Other long-term assets

(10,231)


(4,248)

Accounts payable and other liabilities

42,960


(7,408)

Income taxes

(43,113)


(58,377)

Deferred revenue

107,586


113,041

Net cash provided by operating activities

486,068


440,316





CASH FLOWS FROM INVESTING ACTIVITIES:




Proceeds from sales and maturities of short-term investments

166,132


136,983

Purchases of short-term investments

(18,179)


(127,385)

Proceeds from sales of long-term investments

506


2,828

Purchases of property and equipment

(54,191)


(57,345)

Cash paid for acquisitions, net of cash acquired

(970,089)


(41,015)

Capitalization of software development costs

(3,302)


(2,885)

Net cash used in investing activities

(879,123)


(88,819)





CASH FLOWS FROM FINANCING ACTIVITIES:




Principal payments on capital leases

(6,252)


(4,628)

Proceeds from credit facility and term loan

250,000


-

Repayment of debt

(136,156)


-

Issuances of common stock

175,896


162,180

Purchase of equity forward contract

-


(33,335)

Purchases of treasury stock

(40,000)


(401,836)

Net cash provided by (used in) financing activities

243,488


(277,619)

Effect of exchange rate changes on cash and cash equivalents

(5,128)


5,792

Net change in cash and cash equivalents

(154,695)


79,670

Cash and cash equivalents, beginning of the year

855,077


775,407

Cash and cash equivalents, end of the period

$ 700,382


$ 855,077











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