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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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Three Months Ended January 31, | ||
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2016 |
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2015 |
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CASH FLOWS FROM OPERATING ACTIVITIES: |
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Net income |
$ 60,035 |
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$ 65,189 |
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Adjustments to reconcile net income to net cash used in operating activities: |
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Amortization and depreciation |
56,436 |
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50,529 |
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Stock compensation |
23,013 |
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20,581 |
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Allowance for doubtful accounts |
250 |
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300 |
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(Gain) loss on sale of investments |
3 |
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(12) |
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Excess tax benefits on stock-based awards |
(440) |
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- |
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Deferred income taxes |
(3,955) |
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(158) |
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Net changes in operating assets and liabilities, net of acquired assets and liabilities: |
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Accounts receivable |
30,365 |
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40,857 |
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Prepaid and other current assets |
(27,825) |
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(42,860) |
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Other long-term assets |
9,008 |
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(7,597) |
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Accounts payable and accrued liabilities |
(145,229) |
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(125,320) |
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Income taxes |
(4,734) |
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(14,024) |
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Deferred revenue |
(32,097) |
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(74,828) |
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Net cash used in operating activities |
(35,170) |
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(87,343) |
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CASH FLOWS FROM INVESTING ACTIVITIES: |
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Proceeds from sales and maturities of short-term investments |
40,489 |
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8,012 |
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Purchases of short-term investments |
(34,933) |
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(128,427) |
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Proceeds from sales of long-term investments |
161 |
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- |
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Purchases of property and equipment |
(15,337) |
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(19,607) |
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Cash paid for acquisitions and intangible assets, net of cash acquired |
(18,941) |
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- |
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Capitalization of software development costs |
(920) |
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(909) |
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Net cash used in investing activities |
(29,481) |
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(140,931) |
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CASH FLOWS FROM FINANCING ACTIVITIES: |
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Proceeds from credit facility |
30,000 |
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250,000 |
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Repayment of debt |
(7,500) |
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(22,723) |
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Issuances of common stock |
(3,725) |
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10,542 |
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Purchase of equity forward contract |
(40,000) |
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(36,000) |
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Purchases of treasury stock |
(160,000) |
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(144,000) |
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Excess tax benefits on stock-based awards |
440 |
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- |
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Other |
(1,470) |
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(14) |
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Net cash (used in) provided by financing activities |
(182,255) |
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57,805 |
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Effect of exchange rate changes on cash and cash equivalents |
(6,296) |
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(18,469) |
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Net change in cash and cash equivalents |
(253,202) |
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(188,938) |
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Cash and cash equivalents, beginning of the year |
836,188 |
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985,762 |
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Cash and cash equivalents, end of the period |
$582,986 |
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$796,824 |
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(1) Synopsys' first quarter of fiscal year 2015 and 2014 ended on January 30, 2016 and January 31, 2015, respectively. For presentation purposes, we refer to the closest calendar month end. | |||
