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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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2018 |
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2017 |
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CASH FLOWS FROM OPERATING ACTIVITIES: |
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Net income |
$ 98,781 |
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$ 139,894 |
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Amortization and depreciation |
96,829 |
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97,044 |
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Stock compensation |
65,288 |
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51,396 |
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Allowance for doubtful accounts |
3,367 |
|
679 |
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(Gain) loss on sale of investments |
4 |
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(1) |
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(Gain) loss on sale of property and equipment |
(97) |
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- |
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Write-down of long-term investments |
- |
|
1,300 |
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Deferred income taxes |
38,878 |
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3,339 |
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Net changes in operating assets and liabilities, net of acquired assets and liabilities: |
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Accounts receivable |
(105,457) |
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81,098 |
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Prepaid and other current assets |
(47,664) |
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(13,291) |
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Other long-term assets |
(21,753) |
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(24,021) |
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Accounts payable and accrued liabilities |
(131,763) |
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(23,341) |
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Income taxes |
(44,577) |
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(11,436) |
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Deferred revenue |
52,229 |
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(132,803) |
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Net cash provided by operating activities |
4,065 |
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169,857 |
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CASH FLOWS FROM INVESTING ACTIVITIES: |
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Proceeds from sales and maturities of short-term investments |
12,449 |
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94,512 |
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Purchases of short-term investments |
- |
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(94,182) |
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Proceeds from sales of property and equipment |
1,662 |
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- |
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Purchases of property and equipment |
(48,612) |
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(31,195) |
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Cash paid for acquisitions and intangible assets, net of cash acquired |
(643,537) |
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(187,624) |
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Capitalization of software development costs |
(1,760) |
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(2,066) |
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Other |
- |
|
2,100 |
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Net cash used in investing activities |
(679,798) |
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(218,455) |
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CASH FLOWS FROM FINANCING ACTIVITIES: |
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Proceeds from credit facility |
450,000 |
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250,000 |
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Repayment of debt |
(69,687) |
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(36,875) |
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Issuances of common stock |
58,975 |
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62,254 |
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Payments for taxes related to net share settlement of equity awards |
(11,883) |
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(8,058) |
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Purchase of equity forward contract |
- |
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(20,000) |
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Purchases of treasury stock |
(235,000) |
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(180,000) |
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Other |
- |
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(482) |
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Net cash provided by financing activities |
192,405 |
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66,839 |
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Effect of exchange rate changes on cash and cash equivalents |
5,773 |
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(3,536) |
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Net change in cash and cash equivalents |
(477,555) |
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14,705 |
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Cash and cash equivalents, beginning of the year |
1,048,356 |
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976,620 |
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Cash and cash equivalents, end of the period |
$ 570,801 |
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$ 991,325 |
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(1) Synopsys' second quarter of fiscal year 2018 and 2017 ended on May 5, 2018 and April 29, 2017, respectively. For presentation purposes, we refer to the closest calendar month end. |
