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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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2014 |
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2013 |
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CASH FLOWS FROM OPERATING ACTIVITIES: |
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Net income |
$ 67,696 |
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$ 69,922 |
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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 |
43,714 |
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47,064 |
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Stock compensation |
18,118 |
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17,700 |
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Allowance for doubtful accounts |
(400) |
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2,083 |
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Gain on sale of investments |
(6,529) |
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- |
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Deferred income taxes |
5,891 |
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(4,900) |
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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 |
7,910 |
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20,341 |
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Prepaid and other current assets |
(13,635) |
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(23,329) |
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Other long-term assets |
(6,695) |
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(10,484) |
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Accounts payable and other liabilities |
(134,902) |
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(152,207) |
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Income taxes |
(10,068) |
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(1,597) |
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Deferred revenue |
(44,992) |
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(56,031) |
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Net cash used in operating activities |
(73,892) |
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(91,438) |
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CASH FLOWS FROM INVESTING ACTIVITIES: |
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Proceeds from sales of long-term investments |
6,791 |
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- |
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Purchases of property and equipment |
(14,353) |
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(13,980) |
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Cash paid for acquisitions, net of cash acquired |
(900) |
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- |
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Capitalization of software development costs |
(902) |
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(825) |
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Net cash used in investing activities |
(9,364) |
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(14,805) |
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CASH FLOWS FROM FINANCING ACTIVITIES: |
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Principal payments on capital leases |
(111) |
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(409) |
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Acquisition of non-controlling interest |
- |
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(44,004) |
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Repayment of acquired debt |
(7,748) |
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(7,619) |
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Issuances of common stock |
21,581 |
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15,615 |
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Purchases of treasury stock |
(54,747) |
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- |
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Net cash (used in) provided by financing activities |
(41,025) |
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(36,417) |
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Effect of exchange rate changes on cash and cash equivalents |
(5,107) |
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(7,357) |
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Net change in cash and cash equivalents |
(129,388) |
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(150,017) |
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Cash and cash equivalents, beginning of the year |
1,022,441 |
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700,382 |
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Cash and cash equivalents, end of the period |
$ 893,053 |
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$ 550,365 |
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(1) Synopsys' first quarter of fiscal 2014 and 2013 ended on February 1, 2014 and February 2, 2013, respectively. For presentation purposes, we refer to periods ended January 31. |
