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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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2016 |
2015 |
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CASH FLOWS FROM OPERATING ACTIVITIES: |
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Net income |
$129,411 |
$120,785 |
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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 |
107,226 |
102,051 |
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Stock compensation |
46,472 |
40,864 |
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Allowance for doubtful accounts |
450 |
600 |
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(Gain) loss on sale of investments |
(10) |
(17) |
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Excess tax benefits on stock-based awards |
(920) |
- |
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Deferred income taxes |
(9,984) |
27,636 |
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Net changes in operating assets and liabilities, net of acquired assets and liabilities: |
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Accounts receivable |
93,619 |
(16,491) |
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Prepaid and other current assets |
(23,208) |
(34,584) |
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Other long-term assets |
656 |
(13,359) |
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Accounts payable and accrued liabilities |
(108,005) |
(62,142) |
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Income taxes |
4,409 |
(27,077) |
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Deferred revenue |
(52,852) |
(70,530) |
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Net cash provided by operating activities |
187,264 |
67,736 |
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CASH FLOWS FROM INVESTING ACTIVITIES: |
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Proceeds from sales and maturities of short-term investments |
75,570 |
17,721 |
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Purchases of short-term investments |
(79,079) |
(154,744) |
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Proceeds from sales of long-term investments |
1,785 |
- |
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Purchases of property and equipment |
(28,900) |
(43,979) |
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Cash paid for acquisitions and intangible assets, net of cash acquired |
(46,100) |
(2,303) |
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Capitalization of software development costs |
(1,973) |
(1,865) |
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Other |
- |
900 |
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Net cash used in investing activities |
(78,697) |
(184,270) |
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CASH FLOWS FROM FINANCING ACTIVITIES: |
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Proceeds from credit facility |
60,000 |
250,000 |
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Repayment of debt |
(15,000) |
(105,424) |
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Issuances of common stock |
36,783 |
54,006 |
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Purchase of equity forward contract |
(20,000) |
(36,000) |
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Purchases of treasury stock |
(180,000) |
(144,000) |
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Excess tax benefits on stock-based awards |
920 |
- |
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Other |
(1,470) |
(116) |
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Net cash provided by (used in) financing activities |
(118,767) |
18,466 |
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Effect of exchange rate changes on cash and cash equivalents |
1,958 |
(18,849) |
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Net change in cash and cash equivalents |
(8,242) |
(116,917) |
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Cash and cash equivalents, beginning of the year |
836,188 |
985,762 |
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Cash and cash equivalents, end of the period |
$827,946 |
$868,845 |
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(1) Synopsys' second quarter of fiscal year 2016 and 2015 ended on April 30, 2016 and May 2, 2015, respectively. For presentation purposes, we refer to the closest calendar month end. |
