EDA
System
IP
SolvNetPlus
Training & Education
Synopsys, Inc. (NASDAQ: SNPS), a world leader in semiconductor design software, today reported results for its fourth quarter and fiscal year ended October 31, 2004.
For the fourth quarter of fiscal 2004, Synopsys reported revenue of $230.6 million, a 27% decrease compared to revenue of $316.5 million for the fourth quarter of fiscal 2003. The decrease is due primarily to a further shift in Synopsys' license mix away from software licenses on which revenue is recognized when the product is shipped ("upfront" licenses) and toward licenses on which revenue is recognized over the term of the license. During the fourth quarter of fiscal 2004, revenue from upfront licenses was $69 million less than revenue from such licenses in the fourth quarter of fiscal 2003.
For fiscal year 2004, Synopsys reported annual revenue of $1.09 billion, a 7.2% decrease compared to revenue of $1.18 billion in 2003. The decrease in annual revenue reflects primarily the shift in license mix in the fourth quarter of fiscal 2004, a lower level of orders than expected in fiscal 2004, and a decrease in maintenance revenue.
GAAP Results
On a generally accepted accounting principles (GAAP) basis, for the fourth quarter of fiscal 2004, net loss was $(28.4) million, or $(0.19) per share, compared to net income of $44.6 million, or $0.27 per share, for the fourth quarter of fiscal 2003. GAAP net income for the fiscal year ended October 31, 2004 was $74.3 million, or $0.46 per share, compared to $149.7 million, or $0.95 per share, for the fiscal year ended October 31, 2003. The decrease in net income for the fiscal year was due primarily to lower revenue and other income, an increase in cost of services revenue due to increased field support headcount and an increase in amortization of intangible assets from acquisitions.
Non-GAAP Results
On a non-GAAP basis, for the fourth quarter of fiscal 2004, net income was $1.8 million, or $0.01 per share, compared to non-GAAP net income of $71.6 million, or $0.44 per share, for the fourth quarter of fiscal 2003. Non-GAAP net income for the fiscal year ended October 31, 2004 was $166.4 million, or $1.04 per share, compared to $252.1 million, or $1.59 per share, for the fiscal year ended October 31, 2003.
A description of the items excluded from non-GAAP results and a reconciliation of GAAP and non-GAAP results are contained in the section entitled "GAAP Reconciliation" below. Per share data for the periods presented reflect Synopsys' two-for-one stock split completed on September 23, 2003.
Fourth Quarter Business Environment
"We made solid progress in the fourth quarter, executing on the planned shift in our license mix with ratable licenses accounting for, as expected, for over 90% of our license orders for the quarter," said Aart de Geus, chairman and chief executive officer. "We also saw the initial customer benefits of major technology advancements in our core Galaxy™ design and Discovery ™ verification platforms, while making strategic investments in Design for Manufacturing and reusable Intellectual Property. With a good Q4, we have positioned the company well for competitive wins in 2005."
Fiscal 2005 Financial Targets
Synopsys also announced its operating model targets for the first quarter and fiscal year 2005. These targets are forward-looking information and are based on current expectations. For a discussion of factors that could cause actual results to differ materially from these targets, see "Forward-Looking Statements" below.
First Quarter of Fiscal 2005 Targets * Revenue: $233 million - $243 million * Non-GAAP expenses: $223 million - $233 million * GAAP expenses: $264.5 million - $277 million * Other income and expense: $(1.5) million - $1.5 million * Fully diluted outstanding shares: 144 million - 152 million * Tax rate applied in net income calculations: 31% * Non-GAAP earnings: $0.03 - $0.07 per share * GAAP earnings: $(0.17) - $(0.12) per share * Revenue from backlog: over 90% of revenue Fiscal Year 2005 Targets * Revenue: $930 million - $980 million * Fully diluted outstanding shares: 144 million - 152 million * Tax rate applied in net income calculations: 31% * Non-GAAP earnings: $0.22 - $0.32 per share * GAAP earnings: $0.00 - $0.11 per share
These targets supersede all fiscal 2005 financial targets previously given by Synopsys.
GAAP Reconciliation
Non-GAAP net income consists of GAAP net income excluding, to the extent incurred in a particular quarter or fiscal year, amortization of intangible assets and deferred stock compensation, in-process research and development charges, integration and other acquisition-related expenses and facilities and workforce realignment charges. Intangible assets consist primarily of purchased technology, contract rights intangible, customer-installed base/relationships, trademarks and tradenames, covenants not to compete, customer backlog and other intangibles. Non-GAAP net income is reduced by the amount of additional taxes that Synopsys would accrue if it used non-GAAP results instead of GAAP results to calculate Synopsys' tax liability.
Synopsys' management evaluates and makes operating decisions primarily based on the bookings and revenues of its core software and services business operations and the direct, ongoing and recurring costs of those operations such as cost of revenues and research and development, sales and marketing and general and administrative expenses. Management does not believe amortization of intangible assets and deferred stock compensation, in-process research and development charges, integration and other acquisition-related expenses and facilities and workforce realignment charges are ordinary, ongoing and recurring operating charges for Synopsys' core software and services business operations. Therefore, management calculates the non-GAAP financial measures used in this earnings release excluding these charges and uses these non-GAAP financial measures to enable it to analyze further and more consistently the period-to-period financial performance of its core business operations. Management believes that, although it is important for investors to understand GAAP measures, providing investors with these non-GAAP measures gives them additional important information to enable them to assess, in a way management assesses, Synopsys' current and future continuing operations.
Reconciliation of Fourth Quarter and Full-Fiscal Year End Results
The following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP results for the periods indicated below:
Income Statement Reconciliation Three Months Ended Twelve Months Ended
(in thousands) October 31, October 31,
2004 2003 2004 2003
GAAP net income (loss) $(28,382) $44,575 $74,337 $149,724
Amortization of intangible assets
and deferred stock compensation 34,536 32,836 137,463 128,174
Merger termination fee -- -- 10,000 --
In-process research and development 1,638 -- 1,638 19,850
Realignment charges, net of those
settled at a lower cost than
estimated (3) 14,856 510 14,856
Collection of acquired accounts
receivable originally assumed
uncollectible -- -- -- (3,000)
Pre-merger liabilities resolved at
a lower cost than estimated -- (4,714) -- (5,330)
Tax effect (5,992) (15,956) (57,517) (52,135)
Non-GAAP net income $1,797 $71,597 $166,431 $252,139
Income Statement Reconciliation Per Share
(in thousands, except per share data)
Three Months Ended Twelve Months Ended
October 31, October 31,
2004 2003 2004 2003
GAAP earnings (loss) per share $(0.19) $0.27 $0.46 $0.95
Amortization of intangible assets
and deferred stock compensation 0.23 0.20 0.86 0.81
Merger termination fee -- -- 0.06 --
In-process research and development 0.01 -- 0.01 0.13
Realignment charges, net of those
settled at a lower cost than estimated -- 0.09 0.01 0.09
Collection of acquired accounts
receivable originally assumed
uncollectible -- -- -- (0.02)
Pre-merger liabilities resolved at a
lower cost than estimated -- (0.03) -- (0.03)
Tax effect (0.04) (0.09) (0.36) (0.34)
Non-GAAP earnings per share $0.01 $0.44 $1.04 $1.59
Shares used in calculation 151,727 164,381 159,991 158,326
Reconciliation of Estimated Target Operating Results
The following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP target operating results for the periods indicated below:
Non-GAAP Target Expenses Reconciliation
Range for Three Months
(in thousands) Ending January 31, 2005
Low High
GAAP target expenses $264,500 $277,000
Estimated impact of in-process research and
development charge (6,500) (7,500)
Estimated impact of amortization of
intangible assets and deferred stock
compensation (35,000) (36,500)
Non-GAAP target expenses $223,000 $233,000
Information regarding Target Earnings Per Share
Range for Three Months
(in thousands, except per share data) Ending January 31, 2005
Low High
GAAP target loss per share $(0.17) $(0.12)
Estimated impact of in-process research and
development charge, net of tax 0.03 0.03
Estimated impact of amortization of
intangible assets and deferred stock
compensation per share, net of tax effect 0.17 0.16
Non-GAAP target earnings per share $0.03 $0.07
Shares used in calculation (midpoint
of target range) 148,000 148,000
Information regarding Target Earnings Per Share
Range for Fiscal Year
(in thousands, except per share data) Ending October 31, 2005
Low High
GAAP target earnings per share $-- $0.11
Estimated impact of in-process research and
development charge, net of tax 0.03 0.03
Estimated impact of amortization of
intangible assets and deferred stock
compensation per share, net of tax effect 0.19 0.18
Non-GAAP target earnings per share $0.22 $0.32
Shares used in calculation (midpoint
of target range) 148,000 148,000
Additional Financial Information Available on Synopsys Website
In connection with the issuance of this earnings release, Synopsys is making available to investors supplemental financial information, which can be found on Synopsys' website at http://www.synopsys.com/corporate/invest/finsupp/q404.pdf . Synopsys currently intends to provide this information on a quarterly basis.
Earnings Call Open to Investors
Synopsys will hold a conference call for financial analysts and investors today at 2:00 p.m., Pacific Time. A live webcast of the call will be available at Synopsys' corporate website at http://www.synopsys.com/corporate/invest/invest.html . A recording of the call will be available by calling 1-888-428-4470 (612-332-0530 for international callers), access code 754504, beginning at 5:30 p.m. Pacific Time today. A webcast replay will also be available at http://www.synopsys.com/corporate/invest/invest.html from approximately 5:30 p.m. Pacific Time today through the time of the announcement of Synopsys' results for the first quarter of fiscal 2005 in February 2005. In addition, Synopsys will post copies of the prepared remarks of Aart de Geus, Chairman and Chief Executive Officer, and Steve Shevick, Chief Financial Officer, on its website at http://www.synopsys.com/corporate/invest/invest.html following the call.
Effectiveness of Information
The targets included in this release, the statements made during the earnings conference call and the information contained in the financial supplement represent Synopsys' expectations and beliefs as of the date of this release only. Although this release, copies of the prepared remarks of the Chief Executive Officer and Chief Financial Officer made during the call and the financial supplement will remain available on Synopsys' website through the date of the first quarter earnings call in February 2005, their continued availability through such date does not mean that Synopsys is reaffirming or confirming their continued validity. Synopsys does not currently intend to report on its progress during the first quarter of fiscal 2005 or comment to analysts or investors on, or otherwise update, the targets given in this earnings release until it releases such results in February 2005. Furthermore, Synopsys is under no obligation to (and expressly disclaims any such obligation to) update or alter any of the forward-looking statements made in this earnings release, the conference call or the financial supplement whether as a result of new information, future events or otherwise unless required by law.
Availability of Final Financial Statements
Synopsys will include final financial statements for the full year fiscal 2004 with its Annual Report on Form 10-K to be filed in January 2005.
About Synopsys
Synopsys, Inc. is a world leader in electronic design automation (EDA) software for semiconductor design. The company delivers technology-leading semiconductor design and verification platforms and IC manufacturing software products to the global electronics market, enabling the development and production of complex systems-on-chips (SoCs). Synopsys also provides intellectual property and design services to simplify the design process and accelerate time-to-market for its customers. Synopsys is headquartered in Mountain View, California and has offices in more than 60 locations throughout North America, Europe, Japan and Asia. Visit Synopsys online at http://www.synopsys.com/ .
Forward-Looking Statements
The statements made in this press release regarding projected or expected future events or financial results in the sections entitled "Fourth Quarter Business Environment," "Fiscal 2005 Financial Targets," and "GAAP Reconciliation - Reconciliation of Estimated Target Operating Results" are forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those described by these statements due to a number of uncertainties, including but not limited to the risk of:
* continued weakness or continued budgetary caution in the
semiconductor or electronic systems industries;
* lower-than-expected research and development spending by
semiconductor and electronic systems companies;
* lower-than-anticipated purchases or delays in purchases of software
or consulting services by Synopsys' customers, including delays in
the renewal, or non-renewal, of Synopsys' license arrangements with
major customers;
* unexpected changes in the mix of time-based licenses and upfront
licenses;
* lower-than-expected bookings of licenses on which revenue is
recognized upfront;
* lower-than-anticipated new IC design starts;
* competition in the market for Synopsys' products and services;
* failure to continue to improve Synopsys' existing products;
* failure to successfully develop additional intellectual property
blocks for Synopsys' IP business or to develop and integrate its
design for manufacturing products;
* difficulties in the ongoing integration of the products and
operations of acquired companies or assets into Synopsys' products
and operations;
* adverse variations from currently projected customer payment terms;
and
* continued downward pressure on maintenance orders, adversely
affecting Synopsys' future level of service revenue.
In addition, Synopsys' actual expenses and earnings per share on a GAAP basis for the fiscal quarter ending January 31, 2005 and earnings per share on a GAAP basis for the full fiscal year 2005 could differ materially from the targets stated under "Fiscal 2005 Financial Targets" above for a number of reasons, including (i) completion of the purchase accounting for Synopsys' acquisition transactions completed in the first quarter of fiscal 2005; (ii) a determination by Synopsys that any portion of its intangible assets have become impaired, (iii) changes in deferred stock compensation expenses caused by employee terminations, and (iv) integration and other acquisition-related expenses, amortization of additional intangible assets and deferred stock compensation associated with future acquisitions, if any.
For further discussion of these and other factors that may cause results to differ from those projected in this release, readers are referred to the reports which Synopsys has filed with the Securities and Exchange Commission, and which are available at www.sec.gov, specifically the section contained in Part I, Item 2 of Synopsys' Quarterly Report on Form 10-Q for the third quarter of fiscal 2004 filed with the Commission on September 14, 2004 entitled "Factors That May Affect Future Results."
NOTE: Synopsys is a registered trademark of Synopsys, Inc. All other trademarks mentioned in this release are the intellectual property of their respective owners.
SYNOPSYS, INC.
Unaudited Condensed Consolidated Statements of Income (1)
(in thousands, except per share data)
Three Months Ended October 31, 2004(2)
GAAP Adjustments Non-GAAP
Revenue:
Upfront license $18,301 -- $18,301
Time-based license 165,302 -- 165,302
Service 46,952 -- 46,952
Total revenue 230,555 -- 230,555
Cost of revenue:
Upfront license 1,934 -- 1,934
Time-based license 20,016 -- 20,016
Service 18,716 -- 18,716
Amortization of intangible assets
and deferred stock compensation 26,055 (26,055) --
Total cost of revenue 66,721 (26,055) 40,666
Gross margin 163,834 26,055 189,889
Operating expenses:
Research and development 76,337 -- 76,337
Sales and marketing 86,346 -- 86,346
General and administrative 25,742 3 25,745
In-process research and development 1,638 (1,638) --
Amortization of intangible assets
and deferred stock compensation 8,481 (8,481) --
Total operating expenses 198,544 (10,116) 188,428
Operating income (loss) (34,710) 36,171 1,461
Other income (expense), net 1,143 -- 1,143
Income (loss) before provision
for income taxes (33,567) 36,171 2,604
Provision for income taxes (5,185) 5,992 807
Net income (loss) $(28,382) $30,179 $1,797
Basic earnings (loss) per share:
Net income (loss) per share $(0.19) $0.01
Weighted-average common shares 151,124 151,124
Diluted earnings (loss) per share:
Net income (loss) per share $(0.19) $0.01
Weighted-average common shares
and equivalents 151,124 151,727
Three Months Ended October 31, 2003(2)
GAAP Adjustments Non-GAAP
Revenue:
Upfront license $87,051 -- $87,051
Time-based license 167,859 -- 167,859
Service 61,543 -- 61,543
Total revenue 316,453 -- 316,453
Cost of revenue:
Upfront license 4,816 -- 4,816
Time-based license 13,465 -- 13,465
Service 21,252 (2,620) 18,632
Amortization of intangible assets
and deferred stock compensation 23,897 (23,897) --
Total cost of revenue 63,430 (26,517) 36,913
Gross margin 253,023 26,517 279,540
Operating expenses:
Research and development 79,283 (6,172) 73,111
Sales and marketing 80,295 (4,637) 75,658
General and administrative 23,467 3,287 26,754
In-process research and development -- -- --
Amortization of intangible assets
and deferred stock compensation 8,939 (8,939) --
Total operating expenses 191,984 (16,461) 175,523
Operating income (loss) 61,039 42,978 104,017
Other income (expense), net 2,052 -- 2,052
Income (loss) before provision
for income taxes 63,091 42,978 106,069
Provision for income taxes 18,516 15,956 34,472
Net income (loss) $44,575 $27,022 $71,597
Basic earnings (loss) per share:
Net income (loss) per share $0.29 $0.46
Weighted-average common shares 155,018 155,018
Diluted earnings (loss) per share:
Net income (loss) per share $0.27 $0.44
Weighted-average common shares
and equivalents 164,381 164,381
(1) Synopsys' fiscal year and fourth quarter end on the Saturday nearest
to October 31. For presentation purposes, the unaudited condensed
consolidated financial statements refer to a calendar month end.
(2) All common share and per share data for all periods presented are
adjusted to reflect the Company's stock split completed on September
23, 2003.
SYNOPSYS, INC.
Unaudited Condensed Consolidated Statements of Income (1)
(in thousands, except per share data)
Twelve Months Ended October 31, 2004(2)
GAAP Adjustments Non-GAAP
Revenue:
Upfront license $215,955 -- $215,955
Time-based license 663,244 -- 663,244
Service 212,905 -- 212,905
Total revenue 1,092,104 -- 1,092,104
Cost of revenue:
Upfront license 19,407 197 19,604
Time-based license 51,321 -- 51,321
Service 83,759 111 83,870
Amortization of intangible assets
and deferred stock compensation 102,572 (102,572) --
Total cost of revenue 257,059 (102,264) 154,795
Gross margin 835,045 102,264 937,309
Operating expenses:
Research and development 285,281 754 286,035
Sales and marketing 302,372 580 302,952
General and administrative 121,547 (12,152) 109,395
In-process research and development 1,638 (1,638) --
Amortization of intangible assets
and deferred stock compensation 34,891 (34,891) --
Total operating expenses 745,729 (47,347) 698,382
Operating income 89,316 149,611 238,927
Other (expense) income, net 2,276 -- 2,276
Income before provision for
income taxes 91,592 149,611 241,203
Provision for income taxes 17,255 57,517 74,772
Net income $74,337 $92,094 $166,431
Basic earnings per share:
Net income per share $0.48 $1.08
Weighted-average common shares 154,439 154,439
Diluted earnings per share:
Net income per share $0.46 $1.04
Weighted-average common shares
and equivalents 159,991 159,991
Twelve Months Ended October 31, 2003(2)
GAAP Adjustments Non-GAAP
Revenue:
Upfront license $298,280 -- $298,280
Time-based license 618,024 -- 618,024
Service 260,679 -- 260,679
Total revenue 1,176,983 -- 1,176,983
Cost of revenue:
Upfront license 15,950 -- 15,950
Time-based license 53,515 -- 53,515
Service 77,996 (2,620) 75,376
Amortization of intangible assets
and deferred stock compensation 92,856 (92,856) --
Total cost of revenue 240,317 (95,476) 144,841
Gross margin 936,666 95,476 1,032,142
Operating expenses:
Research and development 285,880 (6,172) 279,708
Sales and marketing 310,692 (4,637) 306,055
General and administrative 90,021 6,287 96,308
In-process research and development 19,850 (19,850) --
Amortization of intangible assets
and deferred stock compensation 35,318 (35,318) --
Total operating expenses 741,761 (59,690) 682,071
Operating income 194,905 155,166 350,071
Other (expense) income, net 24,084 (616) 23,468
Income before provision for
income taxes 218,989 154,550 373,539
Provision for income taxes 69,265 52,135 121,400
Net income $149,724 $102,415 $252,139
Basic earnings per share:
Net income per share $0.99 $1.67
Weighted-average common shares 151,251 151,251
Diluted earnings per share:
Net income per share $0.95 $1.59
Weighted-average common shares
and equivalents 158,326 158,326
(1) Synopsys' fiscal year and fourth quarter end on the Saturday nearest
to October 31. For presentation purposes, the unaudited condensed
consolidated financial statements refer to a calendar month end.
(2) All common share and per share data for all periods presented are
adjusted to reflect the Company's stock split completed on September
23, 2003.
SYNOPSYS, INC.
Unaudited Condensed Consolidated Balance Sheets (1)
(in thousands)
October 31, October 31,
2004 2003
ASSETS:
Current assets:
Cash and cash equivalents $330,798 $524,308
Short-term investments 248,231 174,049
Total cash, cash equivalents and
short-term investments 579,029 698,357
Accounts receivable, net of allowances of
$7,113 and $8,295, respectively 132,258 200,998
Deferred income taxes 125,601 248,425
Income taxes receivable 46,583 72,124
Prepaid expenses and other current assets 29,562 19,302
Total current assets 913,033 1,239,206
Property and equipment, net 178,155 184,313
Long-term investments 12,831 8,595
Goodwill 593,706 550,732
Intangible assets, net 198,069 285,583
Other assets 196,393 38,924
Total assets $2,092,187 $2,307,353
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Accounts payable and accrued liabilities $184,146 $204,226
Accrued income taxes 188,096 201,855
Deferred revenue 368,913 398,878
Total current liabilities 741,155 804,959
Deferred compensation and other liabilities 51,794 47,390
Long-term deferred revenue 34,189 21,594
Stockholders' equity (2):
Common stock, $0.01 par value; 400,000
shares authorized; 147,370 and 155,837
shares outstanding, respectively 1,474 1,560
Additional paid-in capital 1,240,568 1,198,421
Retained earnings 202,146 251,979
Treasury stock, at cost; 9,759 and 662
shares, respectively (175,762) (20,733)
Deferred stock compensation (2,732) (7,170)
Accumulated other comprehensive income (645) 9,353
Total stockholders' equity 1,265,049 1,433,410
Total liabilities and
stockholders' equity $2,092,187 $2,307,353
(1) Synopsys' fiscal year and fourth quarter end on the Saturday nearest
to October 31. For presentation purposes, the unaudited condensed
consolidated financial statements refer to a calendar month end.
(2) All common share data for all periods presented are adjusted to
reflect the Company's stock split completed on September 23, 2003.
SYNOPSYS, INC.
Unaudited Condensed Consolidated Statements of Cash Flows (1)
(in thousands)
Three Months Ended Twelve Months Ended
October 31, October 31,
2004 2003 2004 2003
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $(28,382) $44,575 $74,337 $149,724
Adjustments to reconcile net
income (loss) to net cash
provided by operating activities:
Amortization and depreciation 48,244 46,337 192,774 184,110
Deferred taxes (50,855) (30,503) (50,855) (30,503)
In-process research and
development 1,638 -- 1,638 19,850
Write-down of long-term assets 1,757 583 3,658 4,525
Tax benefit associated with
stock options 30,532 61,802 30,532 65,028
Deferred rent -- 165 -- 1,725
Provision for doubtful accounts
and sales returns (927) -- (927) (1,577)
Net change in unrecognized gains
and losses on foreign exchange
contracts (2,877) 2,467 (14,019) 18,107
Loss (gain) on sale of short-
and long-term investments 34 (1,798) (833) (22,366)
Net changes in operating assets
and liabilities:
Accounts receivable 12,377 804 70,511 7,183
Income taxes receivable 2,746 (2,038) 25,541 --
Prepaid expenses and other
current assets 519 73,680 (10,260) 66,289
Other assets 2,131 (27,590) (11,318) (9,055)
Accounts payable and accrued
liabilities 22,136 23,048 (26,906) (31,840)
Accrued income taxes 5,457 (46,666) (13,829) (44,510)
Deferred revenue (11,624) (28,274) (17,721) 5,226
Deferred compensation 661 1,626 11,714 9,618
Net cash provided by operating
activities 33,567 118,218 264,037 391,534
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sales and
maturities of short-term
investments 196,657 73,999 992,300 253,828
Purchases of short-term
investments (244,779) (106,287) (1,066,434) (325,386)
Proceeds from sale of long-term
investments -- 2,945 412 34,951
Purchases of long-term
investments (195) (413) (6,339) (1,213)
Purchases of property and
equipment, net (9,932) (16,605) (45,005) (50,148)
Cash paid for acquisitions, net
of cash received (20,408) -- (60,138) (167,744)
Capitalization of software
development costs (683) (654) (2,739) (2,616)
Net cash used in investing
activities (79,340) (47,015) (187,943) (258,328)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from credit facility -- -- 200,000 --
Payments on credit facility -- -- (200,000) --
Issuances of common stock 14,827 55,240 156,719 334,928
Purchases of treasury stock (134,969) (34,096) (423,305) (260,746)
Net cash provided by (used in)
financing activities (120,142) 21,144 (266,586) 74,182
Effect of exchange rate changes
on cash (2,521) 5,677 (3,018) 4,340
Net increase (decrease) in cash
and cash equivalents (168,436) 98,024 (193,510) 211,728
Cash and cash equivalents,
beginning of period 499,234 426,284 524,308 312,580
Cash and cash equivalents, end
of period $330,798 $524,308 $330,798 $524,308
(1) Synopsys' fiscal year and fourth quarter end on the Saturday nearest
to October 31. For presentation purposes, the unaudited condensed
consolidated financial statements refer to a calendar month end.
SOURCE: Synopsys, Inc.
CONTACT: investors, Minaxi Patel, +1-650-584-1901, or editorial, Yvette
Huygen, +1-650-584-4547, both of Synopsys, Inc.
Web site: http://www.synopsys.com/