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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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2017 |
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2016 |
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CASH FLOWS FROM OPERATING ACTIVITIES: |
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Net income |
$139,894 |
|
$129,411 |
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Amortization and depreciation |
97,044 |
|
107,226 |
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Stock compensation |
51,396 |
|
46,472 |
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Allowance for doubtful accounts |
679 |
|
450 |
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(Gain) loss on sale of investments |
(1) |
|
(10) |
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Write-down of long-term investments |
1,300 |
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- |
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Deferred income taxes |
3,339 |
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(9,984) |
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Net changes in operating assets and liabilities, net of acquired assets and liabilities: |
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Accounts receivable |
81,098 |
|
93,619 |
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Prepaid and other current assets |
(13,291) |
|
(23,208) |
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Other long-term assets |
(24,021) |
|
656 |
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Accounts payable and accrued liabilities |
(23,341) |
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(108,005) |
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Income taxes |
(11,436) |
|
3,489 |
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Deferred revenue |
(132,803) |
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(52,852) |
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Net cash provided by operating activities |
169,857 |
|
187,264 |
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CASH FLOWS FROM INVESTING ACTIVITIES: |
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Proceeds from sales and maturities of short-term investments |
94,512 |
|
75,570 |
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Purchases of short-term investments |
(94,182) |
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(79,079) |
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Proceeds from sales of long-term investments |
- |
|
1,785 |
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Purchases of property and equipment |
(31,195) |
|
(28,900) |
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Cash paid for acquisitions and intangible assets, net of cash acquired |
(187,624) |
|
(46,100) |
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Capitalization of software development costs |
(2,066) |
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(1,973) |
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Other |
2,100 |
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- |
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Net cash used in investing activities |
(218,455) |
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(78,697) |
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CASH FLOWS FROM FINANCING ACTIVITIES: |
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Proceeds from credit facilities |
250,000 |
|
60,000 |
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Repayment of debt |
(36,875) |
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(15,000) |
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Issuances of common stock |
62,254 |
|
42,764 |
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Payments for taxes related to net share settlement of equity awards |
(8,058) |
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(5,981) |
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Purchase of equity forward contract |
(20,000) |
|
(20,000) |
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Purchases of treasury stock |
(180,000) |
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(180,000) |
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Other |
(482) |
|
(550) |
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Net cash provided by (used in) financing activities |
66,839 |
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(118,767) |
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Effect of exchange rate changes on cash and cash equivalents |
(3,536) |
|
1,958 |
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Net change in cash and cash equivalents |
14,705 |
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(8,242) |
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Cash and cash equivalents, beginning of the year |
976,620 |
|
836,188 |
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Cash and cash equivalents, end of the period |
$991,325 |
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$827,946 |
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(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. |
