Synopsys Posts Financial Results for Second Quarter Fiscal Year 2014

 

 

SYNOPSYS, INC.

Unaudited Consolidated Statements of Cash Flows (1)

(in thousands)






 Six Months Ended April 30, 


2014


2013

CASH FLOWS FROM OPERATING ACTIVITIES:




Net income

$  131,013


$ 138,613

Adjustments to reconcile net income to net cash provided by operating




    activities:




Amortization and depreciation

91,585


94,154

Stock compensation

36,941


33,229

Allowance for doubtful accounts 

(250)


901

Gain on sale of investments

(6,529)


(101)

Deferred income taxes

9,266


8,225

Net changes in operating assets and liabilities, net of 




acquired assets and liabilities:




Accounts receivable

(59,577)


39,287

Prepaid and other current assets

(4,557)


(27,502)

Other long-term assets

(13,756)


(16,524)

Accounts payable and other liabilities

(83,135)


(97,569)

Income taxes

(15,021)


(2,574)

Deferred revenue

(48,069)


(127,847)

Net cash provided by operating activities

37,911


42,292





CASH FLOWS FROM INVESTING ACTIVITIES:




Proceeds from sales of long-term investments

7,304


222

Purchases of property and equipment

(29,901)


(29,426)

Proceeds from sales of property and equipment

-


2,000

Cash paid for acquisitions, net of cash acquired

(367,965)


-

Capitalization of software development costs

(1,875)


(1,787)

Net cash used in investing activities

(392,437)


(28,991)





CASH FLOWS FROM FINANCING ACTIVITIES:




Principal payments on capital leases

(206)


(784)

Proceeds from credit facility

200,000


-

Repayment of debt

(15,497)


(15,237)

Acquisition of non-controlling interest

-


(44,004)

Issuances of common stock

53,326


75,193

Purchases of treasury stock

(79,747)


(34,998)

Other

(500)


(1,130)

Net cash provided by (used in) financing activities

157,376


(20,960)

Effect of exchange rate changes on cash and cash equivalents

(3,658)


(11,705)

Net change in cash and cash equivalents

(200,808)


(19,364)

Cash and cash equivalents, beginning of the year

1,022,441


700,382

Cash and cash equivalents, end of the period

$  821,633


$ 681,018









(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.  


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