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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| 2021 |
| 2020 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
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Net income attributed to Synopsys | $ 556,069 |
| $ 466,892 |
Adjustments to reconcile net income to net cash provided by |
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operating activities: |
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Amortization and depreciation | 151,274 |
| 159,156 |
Reduction of operating lease right-of-use assets | 64,920 |
| 62,585 |
Amortization of capitalized costs to obtain revenue contracts | 46,973 |
| 44,851 |
Stock-based compensation | 248,530 |
| 170,155 |
Allowance for doubtful accounts | 13,813 |
| 14,875 |
(Gain) loss on sale of property and investments | 10 |
| (1,994) |
Deferred income taxes | (33,116) |
| (74,374) |
Other non-cash | 2,926 |
| 2,750 |
Net changes in operating assets and liabilities, net of |
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acquired assets and liabilities: |
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Accounts receivable | 188,996 |
| (89,667) |
Inventories | (51,448) |
| (20,296) |
Prepaid and other current assets | (62,201) |
| (21,350) |
Other long-term assets | (117,922) |
| (77,860) |
Accounts payable and accrued liabilities | 51,991 |
| 44,313 |
Operating lease liabilities | (61,666) |
| (57,968) |
Income taxes | (29,414) |
| 6,128 |
Deferred revenue | 152,328 |
| 160,966 |
Net cash provided by operating activities | 1,122,063 |
| 789,162 |
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CASH FLOWS FROM INVESTING ACTIVITIES: |
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Proceeds from sales and maturities of short-term investments | 1,128 |
| - |
Purchases of short-term investments | (146,082) |
| - |
Proceeds from sales of long-term investments | - |
| 2,151 |
Purchases of long-term investments | (7,591) |
| (2,762) |
Purchases of property and equipment | (66,957) |
| (120,234) |
Cash paid for acquisitions, net of cash acquired | (164,053) |
| (201,045) |
Capitalization of software development costs | (1,517) |
| (3,035) |
Other | (800) |
| - |
| Net cash used in investing activities | (385,872) |
| (324,925) |
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| CASH FLOWS FROM FINANCING ACTIVITIES: |
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| Proceeds from credit facilities | - |
| 276,490 |
| Repayment of debt | (21,637) |
| (284,218) |
| Issuances of common stock | 113,976 |
| 123,237 |
| Payments for taxes related to net share settlement of equity awards | (104,291) |
| (66,985) |
| Purchase of equity forward contract | (35,000) |
| - |
| Purchases of treasury stock | (538,082) |
| (200,000) |
| Other | (4,375) |
| - |
| Net cash used in financing activities | (589,409) |
| (151,476) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 2,985 |
| 8,700 |
| Net change in cash, cash equivalents and restricted cash | 149,767 |
| 321,461 |
| Cash, cash equivalents and restricted cash, beginning of year | 1,237,970 |
| 730,527 |
| Cash, cash equivalents and restricted cash, end of period | $ 1,387,737 |
| $ 1,051,988 |
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| (1) Synopsys' third quarter of fiscal year 2021 and 2020 ended on July 31, 2021 and August 1, 2020, respectively. For presentation purposes, we refer to the closest calendar month end. |
