Synopsys Posts Financial Results for Second Quarter Fiscal Year 2015

  

SYNOPSYS, INC.

Unaudited Consolidated Statements of Cash Flows (1)

(in thousands)






 Six Months Ended April 30, 


2015


2014

CASH FLOWS FROM OPERATING ACTIVITIES:




Net income

$ 120,785


$  131,013

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




Amortization and depreciation

102,051


91,585

Stock compensation

40,864


36,941

Allowance for doubtful accounts 

600


(250)

(Gain) loss on sale of investments

(17)


(6,529)

Deferred income taxes

27,636


9,266

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




Accounts receivable

(16,491)


(59,577)

Prepaid and other current assets

(34,584)


(4,557)

Other long-term assets

(13,359)


(13,756)

Accounts payable and accrued liabilities

(62,142)


(83,135)

Income taxes

(27,077)


(15,021)

Deferred revenue

(70,530)


(48,069)

Net cash provided by operating activities

67,736


37,911





CASH FLOWS FROM INVESTING ACTIVITIES:




Proceeds from sales and maturities of short-term investments

17,721


-

Purchases of short-term investments

(154,744)


-

Proceeds from sales of long-term investments

-


7,304

Purchases of property and equipment

(43,979)


(29,901)

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

(2,303)


(367,965)

Capitalization of software development costs

(1,865)


(1,875)

Other

900


-

Net cash used in investing activities

(184,270)


(392,437)





CASH FLOWS FROM FINANCING ACTIVITIES:




Proceeds from credit facility

250,000


200,000

Repayment of debt

(105,424)


(15,497)

Issuances of common stock

54,006


53,326

Purchase of equity forward contract

(36,000)


-

Purchases of treasury stock

(144,000)


(79,747)

Other

(116)


(706)

Net cash provided by financing activities

18,466


157,376

Effect of exchange rate changes on cash and cash equivalents

(18,849)


(3,658)

Net change in cash and cash equivalents

(116,917)


(200,808)

Cash and cash equivalents, beginning of the year

985,762


1,022,441

Cash and cash equivalents, end of the period

$ 868,845


$  821,633


(1)  Synopsys' second quarter for fiscal year 2015 and 2014 ended on May 2, 2015 and May 3, 2014, respectively. For presentation purposes, we refer to the closest calendar month end.



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