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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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Twelve Months Ended
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2015 |
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2014 |
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CASH FLOWS FROM OPERATING ACTIVITIES: |
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Net income |
$225,934 |
|
$ 259,124 |
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Adjustments to reconcile net income to net cash provided by operating activities: |
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|
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Amortization and depreciation |
211,821 |
|
192,826 |
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Stock compensation |
86,400 |
|
79,440 |
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Allowance for doubtful accounts |
1,300 |
|
(1,250) |
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(Gain) loss on sale of investments |
(109) |
|
(6,999) |
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Excess tax benefits on stock-based awards |
(4,245) |
|
- |
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Deferred income taxes |
15,197 |
|
(17,100) |
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Net changes in operating assets and liabilities, net of acquired assets and liabilities: |
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|
|
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Accounts receivable |
(56,533) |
|
(65,018) |
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Prepaid and other current assets |
(23,106) |
|
1,836 |
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Other long-term assets |
(16,259) |
|
(23,270) |
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Accounts payable and accrued liabilities |
27,568 |
|
40,645 |
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Income taxes |
(22,947) |
|
(9,095) |
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Deferred revenue |
50,139 |
|
99,814 |
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Net cash provided by operating activities |
495,160 |
|
550,953 |
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CASH FLOWS FROM INVESTING ACTIVITIES: |
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Proceeds from sales and maturities of short-term investments |
109,173 |
|
- |
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Purchases of short-term investments |
(238,902) |
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- |
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Proceeds from sales of long-term investments |
- |
|
7,774 |
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Purchases of property and equipment |
(86,965) |
|
(103,275) |
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Cash paid for acquisitions and intangible assets, net of cash acquired |
(340,153) |
|
(394,623) |
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Capitalization of software development costs |
(3,682) |
|
(3,638) |
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Other |
900 |
|
(3,488) |
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Net cash used in investing activities |
(559,629) |
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(497,250) |
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CASH FLOWS FROM FINANCING ACTIVITIES: |
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Proceeds from credit facility |
460,000 |
|
200,000 |
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Repayment of debt |
(330,425) |
|
(230,968) |
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Issuances of common stock |
84,904 |
|
82,083 |
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Purchase of equity forward contract |
(20,000) |
|
- |
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Purchases of treasury stock |
(260,000) |
|
(119,747) |
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Excess tax benefits on stock-based awards |
4,245 |
|
- |
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Other |
(794) |
|
(5,057) |
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Net cash used in financing activities |
(62,070) |
|
(73,689) |
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Effect of exchange rate changes on cash and cash equivalents |
(23,035) |
|
(16,693) |
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Net change in cash and cash equivalents |
(149,574) |
|
(36,679) |
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Cash and cash equivalents, beginning of the year |
985,762 |
|
1,022,441 |
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Cash and cash equivalents, end of the period |
$836,188 |
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$ 985,762 |
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(1) Synopsys' fourth quarter of fiscal year 2015 and 2014 ended on October 31, 2015 and November 1, 2014, respectively. For presentation purposes, we refer to the closest calendar month end. |
