SYNOPSYS, INC. | |||
Unaudited Consolidated Statements of Cash Flows (1) | |||
(in thousands) | |||
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| Three Months Ended | ||
|
| January 31, | ||
|
| 2020 |
| 2019 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
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|
|
Net income | $ 104,061 |
| $ 153,514 |
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
Amortization and depreciation | 52,232 |
| 51,830 |
Reduction of operating lease right-of-use assets | 23,201 |
| - |
Amortization of capitalized costs to obtain revenue contracts | 13,762 |
| 12,793 |
Stock compensation | 51,883 |
| 38,460 |
Allowance for doubtful accounts | 4,861 |
| 1,500 |
Deferred income taxes | (17,694) |
| (6,215) |
Net changes in operating assets and liabilities, net of acquired assets and liabilities: |
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|
|
Accounts receivable | (246,364) |
| (209,049) |
Inventories | (5,302) |
| (15,827) |
Prepaid and other current assets | 8,697 |
| (10,027) |
Other long-term assets | (27,732) |
| (49,403) |
Accounts payable and accrued liabilities | (132,814) |
| (219,099) |
Operating lease liabilities | (20,979) |
| - |
Income taxes | 5,039 |
| (41,985) |
Deferred revenue | 196,969 |
| 149,489 |
Net cash provided by (used in) operating activities | 9,820 |
| (144,019) |
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CASH FLOWS FROM INVESTING ACTIVITIES: |
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Purchases of long-term investments | (2,500) |
| - |
Purchases of property and equipment | (54,605) |
| (29,007) |
Cash paid for acquisitions and intangible assets, net of cash acquired | (75,388) |
| - |
Capitalization of software development costs | (1,065) |
| (737) |
Net cash used in investing activities | (133,558) |
| (29,744) |
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CASH FLOWS FROM FINANCING ACTIVITIES: |
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Proceeds from credit facilities | 196,490 |
| 185,080 |
Repayment of debt | (3,750) |
| (112,812) |
| Issuances of common stock | 14,982 |
| 6,358 |
| Payments for taxes related to net share settlement of equity awards | (14,242) |
| (10,593) |
| Purchase of equity forward contract | (20,000) |
| - |
| Purchases of treasury stock | (80,000) |
| (29,185) |
| Other | - |
| (762) |
| Net cash provided by financing activities | 93,480 |
| 38,086 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 2,013 |
| 4,882 |
| Net change in cash, cash equivalents and restricted cash | (28,245) |
| (130,795) |
| Cash, cash equivalents and restricted cash, beginning of year | 730,527 |
| 725,001 |
| Cash, cash equivalents and restricted cash, end of period | $ 702,282 |
| $ 594,206 |
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| (1) Synopsys' first quarter of fiscal year 2020 and 2019 ended on February 1, 2020 and February 2, 2019, respectively. For presentation purposes, we refer to the closest calendar month end. |
