(1) Synopsys' third quarter of fiscal year 2020 ended on August 1, 2020, and its fiscal year 2019 ended on November 2, 2019. For presentation purposes, we refer to the closest calendar month end. | ||||||
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SYNOPSYS, INC. | |||
Unaudited Consolidated Statements of Cash Flows (1) | |||
(in thousands) | |||
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| Nine Months Ended | ||
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| July 31, | ||
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| 2020 |
| 2019 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
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Net income | $ 466,892 |
| $ 371,653 |
Adjustments to reconcile net income to net cash provided by |
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operating activities: |
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Amortization and depreciation | 159,156 |
| 152,133 |
Reduction of operating lease right-of-use assets | 62,585 |
| - |
Amortization of capitalized costs to obtain revenue contracts | 44,851 |
| 46,230 |
Stock compensation | 170,155 |
| 114,826 |
Allowance for doubtful accounts | 14,875 |
| 8,950 |
(Gain) loss on sale of property and investments | (1,994) |
| (4,052) |
Deferred income taxes | (74,374) |
| (9,664) |
Net changes in operating assets and liabilities, net of |
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acquired assets and liabilities: |
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Accounts receivable | (89,667) |
| 89,370 |
Inventories | (17,040) |
| (39,431) |
Prepaid and other current assets | (21,350) |
| (38,224) |
Other long-term assets | (77,895) |
| (114,344) |
Accounts payable and accrued liabilities | 43,842 |
| (45,200) |
Operating lease liabilities | (57,968) |
| - |
Income taxes | 6,128 |
| (6,963) |
Deferred revenue | 160,966 |
| 53,980 |
Net cash provided by operating activities | 789,162 |
| 579,264 |
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CASH FLOWS FROM INVESTING ACTIVITIES: |
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Proceeds from sales of long-term investments | 2,151 |
| 6,361 |
Purchases of long-term investments | (2,762) |
| - |
Purchases of property and equipment | (120,234) |
| (122,358) |
Cash paid for acquisitions and intangible assets, net of cash acquired | (201,045) |
| - |
Capitalization of software development costs | (3,035) |
| (2,245) |
| Net cash used in investing activities | (324,925) |
| (118,242) |
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| CASH FLOWS FROM FINANCING ACTIVITIES: |
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| Proceeds from credit facilities | 276,490 |
| 192,897 |
| Repayment of debt | (284,218) |
| (520,312) |
| Issuances of common stock | 123,237 |
| 107,354 |
| Payments for taxes related to net share settlement of equity awards | (66,985) |
| (52,309) |
| Purchase of equity forward contract | - |
| (20,000) |
| Purchases of treasury stock | (200,000) |
| (209,185) |
| Other | - |
| (762) |
| Net cash used in financing activities | (151,476) |
| (502,317) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 8,700 |
| 4,975 |
| Net change in cash, cash equivalents and restricted cash | 321,461 |
| (36,320) |
| Cash, cash equivalents and restricted cash, beginning of year | 730,527 |
| 725,001 |
| Cash, cash equivalents and restricted cash, end of period | $ 1,051,988 |
| $ 688,681 |
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