SYNOPSYS, INC. |
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Unaudited Consolidated Statements of Operations (1) |
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(in thousands, except per share amounts) |
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Three Months Ended January 31 |
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2012 |
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2011 |
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Revenue: |
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Time-based license |
$ 355,894 |
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$ 295,609 |
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Upfront license |
28,512 |
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26,535 |
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Maintenance and service |
41,090 |
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42,500 |
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Total revenue |
425,496 |
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364,644 |
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Cost of revenue: |
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License |
57,722 |
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50,523 |
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Maintenance and service |
18,744 |
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20,547 |
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Amortization of intangible assets |
13,388 |
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13,235 |
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Total cost of revenue |
89,854 |
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84,305 |
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Gross margin |
335,642 |
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280,339 |
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Operating expenses: |
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Research and development |
132,875 |
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120,740 |
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Sales and marketing |
95,404 |
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79,324 |
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General and administrative |
33,839 |
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29,865 |
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Amortization of intangible assets |
3,521 |
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3,748 |
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Total operating expenses |
265,639 |
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233,677 |
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Operating income |
70,003 |
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46,662 |
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Other income, net |
3,826 |
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5,670 |
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Income before income taxes |
73,829 |
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52,332 |
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Provision for income taxes |
17,135 |
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4,106 |
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Net income |
$ 56,694 |
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$ 48,226 |
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Net income per share: |
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Basic |
$ 0.39 |
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$ 0.32 |
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Diluted |
$ 0.39 |
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$ 0.31 |
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Shares used in computing per share amounts: |
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Basic |
143,882 |
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149,016 |
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Diluted |
147,113 |
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153,640 |
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(1) Synopsys' first quarter of fiscal 2012 has an extra week ending February 4, 2012. For presentation purposes, the first quarter refers to a calendar month ending January 31. |
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SYNOPSYS, INC. |
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Unaudited Consolidated Balance Sheets (1) |
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(in thousands, except par value amounts) |
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January 31, 2012 |
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October 31, 2011 |
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ASSETS: |
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Current assets: |
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Cash and cash equivalents |
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$ 811,339 |
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$ 855,077 |
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Short-term investments |
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132,150 |
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148,997 |
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Total cash, cash equivalents and short-term investments |
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943,489 |
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1,004,074 |
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Accounts receivable, net |
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213,763 |
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203,124 |
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Deferred income taxes |
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58,670 |
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58,536 |
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Income taxes receivable |
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22,369 |
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25,545 |
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Prepaid and other current assets |
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51,359 |
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46,776 |
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Total current assets |
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1,289,650 |
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1,338,055 |
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Property and equipment, net |
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157,219 |
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159,517 |
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Goodwill |
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1,295,485 |
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1,289,286 |
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Intangible assets, net |
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181,515 |
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196,031 |
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Long-term deferred income taxes |
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267,078 |
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281,056 |
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Other long-term assets |
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108,053 |
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103,389 |
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Total assets |
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$ 3,299,000 |
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$ 3,367,334 |
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LIABILITIES AND STOCKHOLDERS' EQUITY: |
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Current liabilities: |
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Accounts payable and accrued liabilities |
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$ 204,543 |
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$ 302,176 |
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Accrued income taxes |
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6,630 |
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3,079 |
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Deferred revenue |
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652,655 |
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703,555 |
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Total current liabilities |
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863,828 |
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1,008,810 |
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Long-term accrued income taxes |
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82,203 |
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92,940 |
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Other long-term liabilities |
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111,031 |
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108,076 |
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Long-term deferred revenue |
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70,133 |
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56,208 |
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Total liabilities |
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1,127,195 |
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1,266,034 |
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Stockholders' equity: |
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Preferred stock, $0.01 par value: 2,000 shares authorized; none outstanding |
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- |
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- |
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Common stock, $0.01 par value: 400,000 shares authorized; 143,943 and |
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143,308 shares outstanding, respectively |
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1,439 |
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1,433 |
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Capital in excess of par value |
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1,540,528 |
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1,521,327 |
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Retained earnings |
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1,001,409 |
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957,517 |
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Treasury stock, at cost: 13,321 and 13,956 shares, respectively |
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(347,416) |
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(358,032) |
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Accumulated other comprehensive loss |
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(24,155) |
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(20,945) |
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Total stockholders' equity |
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2,171,805 |
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2,101,300 |
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Total liabilities and stockholders' equity |
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$ 3,299,000 |
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$ 3,367,334 |
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(1) Synopsys' first quarter of fiscal 2012 has an extra week ending February 4, 2012. For presentation purposes, the first quarter refers to a calendar month ending January 31. |
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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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2012 |
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2011 |
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CASH FLOWS FROM OPERATING ACTIVITIES: |
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Net income |
$ 56,694 |
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$ 48,226 |
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Adjustments to reconcile net income to net cash provided by operating |
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activities: |
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Amortization and depreciation |
31,965 |
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31,676 |
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Stock compensation |
16,248 |
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15,247 |
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Allowance for doubtful accounts |
497 |
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550 |
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Write-down of long-term investments |
- |
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908 |
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Deferred income taxes |
14,533 |
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3,371 |
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Net changes in operating assets and liabilities, net of |
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acquired assets and liabilities: |
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Accounts receivable |
(11,102) |
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10,614 |
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Prepaid and other current assets |
(8,972) |
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(14,786) |
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Other long-term assets |
(3,457) |
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(4,920) |
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Accounts payable and other liabilities |
(93,556) |
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(83,276) |
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Income taxes |
(5,161) |
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(16,829) |
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Deferred revenue |
(37,007) |
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(30,414) |
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Net cash used in operating activities |
(39,318) |
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(39,633) |
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CASH FLOWS FROM INVESTING ACTIVITIES: |
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Proceeds from sales and maturities of short-term investments |
34,039 |
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19,049 |
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Purchases of short-term investments |
(18,179) |
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(23,957) |
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Purchases of property and equipment |
(11,016) |
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(10,217) |
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Cash paid for acquisitions, net of cash acquired |
(5,623) |
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(2,741) |
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Capitalization of software development costs |
(735) |
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(713) |
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Net cash used in investing activities |
(1,514) |
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(18,579) |
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CASH FLOWS FROM FINANCING ACTIVITIES: |
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Principal payments on capital leases |
(1,081) |
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(655) |
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Issuances of common stock |
41,106 |
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52,464 |
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Purchase of equity forward contract |
(20,000) |
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- |
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Purchases of treasury stock |
(20,000) |
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(64,997) |
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Net cash provided by (used in) financing activities |
25 |
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(13,188) |
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Effect of exchange rate changes on cash and cash equivalents |
(2,931) |
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(3,395) |
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Net change in cash and cash equivalents |
(43,738) |
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(74,795) |
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Cash and cash equivalents, beginning of the year |
855,077 |
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775,407 |
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Cash and cash equivalents, end of the year |
$ 811,339 |
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$ 700,612 |
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(1) Synopsys' first quarter of fiscal 2012 has an extra week ending February 4, 2012. For presentation purposes, the first quarter refers to a calendar month ending January 31. |
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