SYNOPSYS, INC. | |||
Unaudited Consolidated Statements of Cash Flows (1) | |||
(in thousands) | |||
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| Year Ended October 31, | ||
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| 2018 |
| 2017 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
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Net income | $ 432,518 |
| $ 136,563 |
Adjustments to reconcile net income to net cash provided by operating activities: |
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Amortization and depreciation | 209,207 |
| 189,442 |
Stock compensation | 140,032 |
| 108,294 |
Allowance for doubtful accounts | 3,368 |
| 2,149 |
(Gain) loss on sale of property and investments | (93) |
| 8 |
Write-down of long-term investments | — |
| 1,300 |
Deferred income taxes | (210,310) |
| 123,052 |
Net changes in operating assets and liabilities, net of acquired assets and liabilities: |
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Accounts receivable | (95,785) |
| 2,296 |
Inventory | (66,509) |
| (20,137) |
Prepaid and other current assets | (12,835) |
| (8,818) |
Other long-term assets | (25,892) |
| (40,236) |
Accounts payable and accrued liabilities | 49,043 |
| 137,631 |
Income taxes | (103,841) |
| 19,665 |
Deferred revenue | 105,329 |
| (16,644) |
Net cash provided by operating activities | 424,232 |
| 634,565 |
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CASH FLOWS FROM INVESTING ACTIVITIES: |
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Proceeds from sales and maturities of short-term investments | 12,449 |
| 295,633 |
Purchases of short-term investments | - |
| (155,098) |
Proceeds from sales of long-term investments | 494 |
| 839 |
Purchases of long-term investments | (3,561) |
| - |
Proceeds from sales of property and equipment | 1,662 |
| - |
Purchases of property and equipment | (98,976) |
| (70,328) |
Cash paid for acquisitions and intangible assets, net of cash acquired | (652,643) |
| (259,202) |
Capitalization of software development costs | (2,950) |
| (3,226) |
Other | - |
| 2,100 |
Net cash used in investing activities | (743,525) |
| (189,282) |
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| CASH FLOWS FROM FINANCING ACTIVITIES: |
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| Proceeds from credit facility | 620,635 |
| 320,000 |
| Repayment of debt | (295,313) |
| (380,625) |
| Issuances of common stock | 123,829 |
| 126,337 |
| Payments for taxes related to net share settlement of equity awards | (45,772) |
| (36,730) |
| Purchase of equity forward contract | - |
| (20,000) |
| Purchases of treasury stock | (400,000) |
| (380,000) |
| Other | 1,759 |
| (2,102) |
| Net cash provided by (used in) financing activities | 5,138 |
| (373,120) |
| Effect of exchange rate changes on cash and cash equivalents | (11,086) |
| (427) |
| Net change in cash and cash equivalents | (325,241) |
| 71,736 |
| Cash and cash equivalents, beginning of the year | 1,048,356 |
| 976,620 |
| Cash and cash equivalents, end of the period | $ 723,115 |
| $1,048,356 |
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| (1) Synopsys' fiscal year 2018 ended on November 3, 2018, and fiscal year 2017 ended on October 28, 2017. For presentation purposes, we refer to the closest calendar month end. |
