{"id":750470,"date":"2023-04-24T16:13:40","date_gmt":"2023-04-24T20:13:40","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/cadence-reports-first-quarter-2023-financial-results\/"},"modified":"2023-04-24T16:13:40","modified_gmt":"2023-04-24T20:13:40","slug":"cadence-reports-first-quarter-2023-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/cadence-reports-first-quarter-2023-financial-results\/","title":{"rendered":"Cadence Reports First Quarter 2023 Financial Results"},"content":{"rendered":"

<\/p>\n

Cadence Reports First Quarter 2023 Financial Results<\/b><\/p>\n

SAN JOSE, Calif.–(BUSINESS WIRE<\/a>)–
\nCadence Design Systems, Inc. (Nasdaq: CDNS) today announced results for the first quarter of 2023.<\/p>\n

\nCadence reported first quarter 2023 revenue of $1.022 billion, compared to revenue of $902 million for the same period in 2022. On a GAAP basis, Cadence achieved operating margin of 32 percent and recognized net income of $242 million, or $0.89 per share on a diluted basis, in the first quarter of 2023, compared to operating margin of 35 percent and net income of $235 million, or $0.85 per share on a diluted basis, for the same period in 2022.<\/p>\n

\nUsing the non-GAAP measures defined below, operating margin for the first quarter of 2023 was 42 percent and net income was $351 million, or $1.29 per share on a diluted basis, compared to operating margin of 44 percent and net income of $324 million, or $1.17 per share on a diluted basis, for the same period in 2022.<\/p>\n

\n\u201cCadence delivered strong results for the first quarter driven by our consistent execution and continued momentum in the core EDA and System Design & Analysis businesses,\u201d said Anirudh Devgan, president and chief executive officer. \u201cWith the recent introductions of Virtuoso Studio and Allegro X AI, we now have an unmatched \u2018chip to package to board to systems\u2019 Generative AI portfolio underpinned by our differentiated JedAI platform and delivering unprecedented quality of results and productivity benefits.\u201d<\/p>\n

\n\u201cI am pleased to report that we exceeded all of our key operating metrics for the quarter,\u201d said John Wall, senior vice president and chief financial officer. \u201cWe had a good start to the year. With the increase in our outlook, we now expect revenue growth for 2023 at approximately 14%.\u201d<\/p>\n

CFO Commentary<\/b><\/p>\n

\nCommentary on the first quarter 2023 financial results by John Wall, senior vice president and chief financial officer, is available at www.cadence.com\/cadence\/investor_relations<\/a>.<\/p>\n

Business Outlook<\/b><\/p>\n

\nFor the second quarter of 2023, the company expects total revenue in the range of $960 million to $980 million. Second quarter GAAP operating margin is expected to be in the range of 29 percent to 30 percent and GAAP net income per diluted share is expected to be in the range of $0.73 to $0.77. Using the non-GAAP measures defined below, operating margin is expected to be in the range of 40 percent to 41 percent and net income per diluted share is expected to be in the range of $1.15 to $1.19.<\/p>\n

\nFor fiscal year 2023, the company expects total revenue in the range of $4.03 billion to $4.07 billion. On a GAAP basis, operating margin for 2023 is expected to be in the range of 30 percent to 31 percent and GAAP net income per diluted share for 2023 is expected to be in the range of $3.26 to $3.34. Using the non-GAAP measures defined below, operating margin for 2023 is expected to be in the range of 41 percent to 42 percent and net income per diluted share for 2023 is expected to be in the range of $4.96 to $5.04.<\/p>\n

\nThe company utilizes a long-term projected non-GAAP tax rate, which reflects currently available information, as well as other factors and assumptions. The non-GAAP tax rate could be subject to change for a variety of reasons, including the rapidly evolving global tax environment, significant changes in the company\u2019s geographic earnings mix, or other changes to the company\u2019s strategy or business operations. The company expects to use this normalized non-GAAP tax rate through fiscal 2025 but will re-evaluate this rate periodically for significant items that may materially affect its projections.<\/p>\n

\nA schedule showing reconciliations of the business outlook from GAAP operating margin, GAAP net income and GAAP diluted net income per share to non-GAAP operating margin, non-GAAP net income and non-GAAP diluted net income per share, respectively, is included in this press release.<\/p>\n

Audio Webcast Scheduled<\/b><\/p>\n

\nAnirudh Devgan, president and chief executive officer, and John Wall, senior vice president and chief financial officer, will host the first quarter 2023 financial results audio webcast today, April 24, 2023, at 2 p.m. (Pacific) \/ 5 p.m. (Eastern). Attendees are asked to register at the website at least 10 minutes prior to the scheduled webcast. An archive of the webcast will be available starting April 24, 2023 at 5 p.m. (Pacific) and ending June 16, 2023 at 5 p.m. (Pacific). Webcast access is available at www.cadence.com\/cadence\/investor_relations<\/a>.<\/p>\n

About Cadence<\/b><\/p>\n

\nCadence is a pivotal leader in electronic systems design, building upon more than 30 years of computational software expertise. The company applies its underlying Intelligent System Design strategy to deliver software, hardware and IP that turn design concepts into reality. Cadence customers are the world\u2019s most innovative companies, delivering extraordinary products from chips to boards to complete systems for the most dynamic market applications, including hyperscale computing, 5G communications, automotive, mobile, aerospace, consumer, industrial and healthcare. For nine years in a row, Fortune magazine has named Cadence one of the 100 Best Companies to Work For. Learn more at www.cadence.com<\/a>.<\/p>\n

\u00a9 2023 Cadence Design Systems, Inc. All rights reserved worldwide. Cadence, the Cadence logo and the other Cadence marks found at www.cadence.com\/go\/trademarks<\/a> are trademarks or registered trademarks of Cadence Design Systems, Inc. All other trademarks are the property of their respective owners.<\/i><\/b><\/p>\n

\nThis press release contains forward-looking statements, including Cadence’s outlook on future operating results, strategic objectives, business prospects, technology and product developments, industry trends and other statements using words such as \u201canticipates,\u201d \u201cbelieves,\u201d \u201cexpects,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cwill,\u201d and words of similar import and the negatives thereof. Forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside Cadence\u2019s control, and which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements, including, among others: (i) Cadence\u2019s ability to compete successfully in the highly competitive industries in which it operates; (ii) the success of Cadence\u2019s efforts to maintain and improve operational efficiency and growth; (iii) the mix of products and services sold, the timing of orders and deliveries and the ability to develop, install or deliver Cadence\u2019s products or services; (iv) change in customer demands or supply constraints that could result in delays in purchases, development, installations or deliveries of Cadence’s products or services, including those resulting from consolidation, restructurings and other operational efficiency improvements of Cadence\u2019s customers; (v) economic, geopolitical and industry conditions, including that of the semiconductor and electronics industries, government regulations and trade restrictions; (vi) capital expenditure requirements, legislative or regulatory requirements, changes in tax laws, interest rates, currency exchange rate fluctuations, inflation rates and Cadence\u2019s ability to access capital and debt markets; (vii) the acquisition of other companies, businesses or technologies or the failure to successfully integrate and operate them; (viii) events that affect cash flow, liquidity, or reserves, or settlement assumptions Cadence may take from time to time with respect to accounts receivable, taxes and tax examinations, litigation, regulatory or other matters; (ix) the effects of any litigation, regulatory, tax or other proceedings to which Cadence is or may become a party or to which Cadence or its products, services or properties are subject; and (x) the duration, severity, volatility and effects of the COVID-19 pandemic and containment measures on Cadence, its employees, and its suppliers and customers, which may also have the effect of heightening the other risks described in this paragraph. In addition, the timing and amount of Cadence\u2019s repurchases of its common stock are subject to business and market conditions, corporate and regulatory requirements, stock price, acquisition opportunities and other factors.<\/p>\n

\nFor a detailed discussion of these and other cautionary statements related to Cadence\u2019s business, please refer to Cadence\u2019s filings with the U.S. Securities and Exchange Commission, including its most recent reports on Form 10-K and Form 10-Q and future filings.<\/p>\n

GAAP to Non-GAAP Reconciliation<\/b><\/p>\n

\nNon-GAAP financial measures should not be considered as a substitute for or superior to measures of financial performance prepared in accordance with generally accepted accounting principles, or GAAP. Investors are encouraged to review the reconciliation of non-GAAP measures contained within this press release with their most directly comparable GAAP results. Investors are also encouraged to look at the GAAP results as the best measure of financial performance.<\/p>\n

\nTo supplement Cadence\u2019s financial results presented on a GAAP basis, Cadence management uses non-GAAP measures that it believes are helpful in understanding Cadence\u2019s performance. One such measure is non-GAAP net income, which is a financial measure not calculated under GAAP. Non-GAAP net income is calculated by Cadence management by taking GAAP net income and excluding, as applicable, amortization of intangible assets, stock-based compensation expense, acquisition and integration-related costs including retention expenses, investment gains or losses, income or expenses related to Cadence\u2019s non-qualified deferred compensation plan, restructuring and other significant items not directly related to Cadence\u2019s core business operations, and the income tax effect of non-GAAP pre-tax adjustments.<\/p>\n

\nCadence management uses non-GAAP net income because it excludes items that are generally not directly related to the performance of Cadence\u2019s core business operations and therefore provides supplemental information to Cadence management and investors regarding the performance of the business operations, facilitates comparisons to the historical operating results and allows the review of Cadence’s business from the same perspective as Cadence management, including forecasting and budgeting.<\/p>\n

\nThe following tables reconcile the specific items excluded from GAAP operating margin, GAAP net income and GAAP net income per diluted share in the calculation of non-GAAP operating margin, non-GAAP net income and non-GAAP net income per diluted share for the periods shown below:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\nOperating Margin Reconciliation<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nThree Months Ended<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nMarch 31, 2023<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nApril 2, 2022<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(unaudited)<\/p>\n<\/td>\n<\/tr>\n

\n

\nGAAP operating margin as a percent of total revenue<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n32%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n35%<\/p>\n<\/td>\n<\/tr>\n

\n

\nReconciling items to non-GAAP operating margin as a percent of total revenue:<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nStock-based compensation expense<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n7%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n7%<\/p>\n<\/td>\n<\/tr>\n

\n

\nAmortization of acquired intangibles<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2%<\/p>\n<\/td>\n<\/tr>\n

\n

\nAcquisition and integration-related costs<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n0%<\/p>\n<\/td>\n<\/tr>\n

\n

\nRestructuring<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n0%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n0%<\/p>\n<\/td>\n<\/tr>\n

\n

\nNon-qualified deferred compensation expenses (credits)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n0%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n0%<\/p>\n<\/td>\n<\/tr>\n

\n

\nNon-GAAP operating margin as a percent of total revenue<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n42%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n44%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\nNet Income Reconciliation<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nThree Months Ended<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nMarch 31, 2023<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nApril 2, 2022<\/p>\n<\/td>\n<\/tr>\n

\n

\n(in thousands)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(unaudited)<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income on a GAAP basis<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n241,804<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n235,335<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nStock-based compensation expense<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n74,288<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n59,469<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAmortization of acquired intangibles<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n14,527<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n16,935<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAcquisition and integration-related costs<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n15,800<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3,897<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nRestructuring<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n12<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nNon-qualified deferred compensation expenses (credits)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3,150<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(2,568<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther income or expense related to investments and non-qualified deferred compensation plan assets*<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(3,273<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,606<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome tax effect of non-GAAP adjustments<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n5,137<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n5,938<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income on a non-GAAP basis<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n351,433<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n323,624<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n
\n

\n*<\/p>\n<\/td>\n

\n\n

\nIncludes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on investments and gains or losses on non-qualified deferred compensation plan assets recorded in other income or expense.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\nDiluted Net Income Per Share Reconciliation<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nThree Months Ended<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nMarch 31, 2023<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nApril 2, 2022<\/p>\n<\/td>\n<\/tr>\n

\n

\n(in thousands, except per share data)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(unaudited)<\/p>\n<\/td>\n<\/tr>\n

\n

\nDiluted net income per share on a GAAP basis<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n0.89<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n0.85<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nStock-based compensation expense<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n0.27<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n0.22<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAmortization of acquired intangibles<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n0.05<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n0.06<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAcquisition and integration-related costs<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n0.06<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n0.01<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nRestructuring<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nNon-qualified deferred compensation expenses (credits)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n0.01<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(0.01<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther income or expense related to investments and non-qualified deferred compensation plan assets*<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(0.01<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n0.02<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome tax effect of non-GAAP adjustments<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n0.02<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n0.02<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nDiluted net income per share on a non-GAAP basis<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n1.29<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n1.17<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nShares used in calculation of diluted net income per share<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n273,159<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n276,918<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n
\n

\n*<\/p>\n<\/td>\n

\n\n

\nIncludes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on investments and gains or losses on non-qualified deferred compensation plan assets recorded in other income or expense.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nCadence expects that its corporate representatives will meet privately during the quarter with investors, the media, investment analysts and others. At these meetings, Cadence may reiterate the business outlook published in this press release. At the same time, Cadence will keep this press release, including the business outlook, publicly available on its website.<\/p>\n

\nPrior to the start of the Quiet Period (described below), the public may continue to rely on the business outlook contained herein as still being Cadence\u2019s current expectations on matters covered unless Cadence publishes a notice stating otherwise.<\/p>\n

\nBeginning June 16, 2023, Cadence will observe a Quiet Period during which the business outlook as provided in this press release and the most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q no longer constitute Cadence\u2019s current expectations. During the Quiet Period, the business outlook in these documents should be considered historical, speaking as of prior to the Quiet Period only and not subject to any update by Cadence. During the Quiet Period, Cadence\u2019s representatives will not comment on Cadence\u2019s business outlook, financial results or expectations. The Quiet Period will extend until Cadence\u2019s second quarter 2023 earnings release is published, which is currently scheduled for July 24, 2023.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Cadence Design Systems, Inc.<\/b><\/td>\n<\/tr>\n
Condensed Consolidated Balance Sheets<\/b><\/td>\n<\/tr>\n
March 31, 2023 and December 31, 2022<\/b><\/td>\n<\/tr>\n
(In thousands)<\/b><\/td>\n<\/tr>\n
(Unaudited)<\/b><\/td>\n<\/tr>\n
\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n\nMarch 31, 2023<\/b><\/td>\n\nDecember 31, 2022<\/b><\/td>\n<\/tr>\n
\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Current assets:<\/td>\n\n\n\n<\/tr>\n
Cash and cash equivalents<\/td>\n\n\n

\n$<\/p>\n<\/td>\n

\n

\n916,963<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n882,325<\/p>\n<\/td>\n<\/tr>\n

Receivables, net<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n488,237<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n486,710<\/p>\n<\/td>\n<\/tr>\n

Inventories<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n127,566<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n128,005<\/p>\n<\/td>\n<\/tr>\n

Prepaid expenses and other<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n165,778<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n209,727<\/p>\n<\/td>\n<\/tr>\n

Total current assets<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,698,544<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,706,767<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Property, plant and equipment, net<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n372,956<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n371,451<\/p>\n<\/td>\n<\/tr>\n

Goodwill<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,377,625<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,374,268<\/p>\n<\/td>\n<\/tr>\n

Acquired intangibles, net<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n341,738<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n354,617<\/p>\n<\/td>\n<\/tr>\n

Deferred taxes<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n864,750<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n853,691<\/p>\n<\/td>\n<\/tr>\n

Other assets<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n516,006<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n476,277<\/p>\n<\/td>\n<\/tr>\n

Total assets<\/td>\n\n\n

\n$<\/p>\n<\/td>\n

\n

\n5,171,619<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n5,137,071<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Current liabilities:<\/td>\n\n\n\n<\/tr>\n
Revolving credit facility<\/td>\n\n\n

\n$<\/p>\n<\/td>\n

\n

\n30,000<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n100,000<\/p>\n<\/td>\n<\/tr>\n

Accounts payable and accrued liabilities<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n430,135<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n557,158<\/p>\n<\/td>\n<\/tr>\n

Current portion of deferred revenue<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n721,246<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n690,538<\/p>\n<\/td>\n<\/tr>\n

Total current liabilities<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,181,381<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,347,696<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Long-term liabilities:<\/td>\n\n\n\n<\/tr>\n
Long-term portion of deferred revenue<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n102,515<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n91,524<\/p>\n<\/td>\n<\/tr>\n

Long-term debt<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n648,301<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n648,078<\/p>\n<\/td>\n<\/tr>\n

Other long-term liabilities<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n298,546<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n304,660<\/p>\n<\/td>\n<\/tr>\n

Total long-term liabilities<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,049,362<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,044,262<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Stockholders’ equity<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2,940,876<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2,745,113<\/p>\n<\/td>\n<\/tr>\n

Total liabilities and stockholders’ equity<\/td>\n\n\n

\n$<\/p>\n<\/td>\n

\n

\n5,171,619<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n5,137,071<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Cadence Design Systems, Inc.<\/b><\/td>\n<\/tr>\n
Condensed Consolidated Income Statements<\/b><\/td>\n<\/tr>\n
For the Three Months Ended March 31, 2023 and April 2, 2022<\/b><\/td>\n<\/tr>\n
(In thousands, except per share amounts)<\/b><\/td>\n<\/tr>\n
(Unaudited)<\/b><\/td>\n<\/tr>\n
\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n\nThree Months Ended<\/b><\/td>\n<\/tr>\n
\n\nMarch 31, 2023<\/b><\/td>\n\nApril 2, 2022<\/b><\/td>\n<\/tr>\n
\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Revenue:<\/td>\n\n\n\n<\/tr>\n
Product and maintenance<\/td>\n\n\n

\n$<\/p>\n<\/td>\n

\n

\n963,742<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n846,244<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Services<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n57,948<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n55,522<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Total revenue<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,021,690<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n901,766<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Costs and expenses:<\/td>\n\n\n\n<\/tr>\n
Cost of product and maintenance<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n100,238<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n72,795<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Cost of services<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n24,234<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n25,048<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Marketing and sales<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n166,666<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n140,186<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Research and development<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n350,295<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n290,895<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

General and administrative<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n53,527<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n48,937<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Amortization of acquired intangibles<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,267<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,964<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Restructuring<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n12<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Total costs and expenses<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n699,227<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n582,837<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Income from operations<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n322,463<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n318,929<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Interest expense<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(9,260<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(4,108<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

Other income (expense), net<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n8,284<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(4,900<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Income before provision for income taxes<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n321,487<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n309,921<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Provision for income taxes<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n79,683<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n74,586<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Net income<\/td>\n\n\n

\n$<\/p>\n<\/td>\n

\n

\n241,804<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n235,335<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Net income per share – basic<\/td>\n\n\n

\n$<\/p>\n<\/td>\n

\n

\n0.90<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n0.86<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Net income per share – diluted<\/td>\n\n\n

\n$<\/p>\n<\/td>\n

\n

\n0.89<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n0.85<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Weighted average common shares outstanding – basic<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n269,501<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n272,431<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Weighted average common shares outstanding – diluted<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n273,159<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n276,918<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Cadence Design Systems, Inc.<\/b><\/td>\n<\/tr>\n
Condensed Consolidated Statements of Cash Flows<\/b><\/td>\n<\/tr>\n
For the Three Months Ended March 31, 2023 and April 2, 2022<\/b><\/td>\n<\/tr>\n
(In thousands)<\/b><\/td>\n<\/tr>\n
(Unaudited)<\/b><\/td>\n<\/tr>\n
<\/tr>\n
\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n\nThree Months Ended<\/b><\/td>\n<\/tr>\n
\n\nMarch 31,<\/b><\/td>\n\nApril 2,<\/b><\/td>\n<\/tr>\n
\n\n\n

2023<\/b><\/p>\n<\/td>\n

\n\n

2022<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Cash and cash equivalents at beginning of period<\/td>\n\n\n

\n$<\/p>\n<\/td>\n

\n

\n882,325<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n1,088,940<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Cash flows from operating activities:<\/td>\n\n\n\n<\/tr>\n
Net income<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n241,804<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n235,335<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Adjustments to reconcile net income to net cash provided by operating activities:<\/td>\n\n\n\n<\/tr>\n
Depreciation and amortization<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n34,400<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n34,825<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Amortization of debt discount and fees<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n311<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n268<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Stock-based compensation<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n74,288<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n59,469<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

(Gain) loss on investments, net<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(123<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2,038<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Deferred income taxes<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(11,640<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(24,920<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

Provisions for losses (recoveries) on receivables<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n214<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(344<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

ROU asset amortization and change in operating lease liabilities<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(1,392<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n926<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Other non-cash items<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n99<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n88<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Changes in operating assets and liabilities, net of effect of acquired businesses:<\/td>\n\n\n\n<\/tr>\n
Receivables<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(8,719<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(28,426<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

Inventories<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n399<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,580<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Prepaid expenses and other<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n56,212<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n44,419<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Other assets<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(42,084<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n11,588<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Accounts payable and accrued liabilities<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(117,915<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(58,203<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

Deferred revenue<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n40,650<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n56,225<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Other long-term liabilities<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n897<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(1,260<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

Net cash provided by operating activities<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n267,401<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n336,608<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Cash flows from investing activities:<\/td>\n\n\n\n<\/tr>\n
Purchases of investments<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(9,055<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(1,000<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

Proceeds from the sale of investments<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n102<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Purchases of property, plant and equipment<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(26,719<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(18,130<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

Purchases of intangible assets<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(750<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

Net cash used for investing activities<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(35,672<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(19,880<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Cash flows from financing activities:<\/td>\n\n\n\n<\/tr>\n
Proceeds from revolving credit facility<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n50,000<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Payments on revolving credit facility<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(120,000<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Proceeds from issuance of common stock<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n65,370<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n45,673<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Stock received for payment of employee taxes on vesting of restricted stock<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(67,712<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(56,343<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

Payments for repurchases of common stock<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(125,010<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(250,016<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

Net cash used for financing activities<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(197,352<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(260,686<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Effect of exchange rate changes on cash and cash equivalents<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n261<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(10,230<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Increase in cash and cash equivalents<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n34,638<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n45,812<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Cash and cash equivalents at end of period<\/td>\n\n\n

\n$<\/p>\n<\/td>\n

\n

\n916,963<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n1,134,752<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Cadence Design Systems, Inc.<\/b><\/td>\n<\/tr>\n
(Unaudited)<\/b><\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Revenue Mix by Geography (% of Total Revenue)<\/b><\/td>\n\n\n\n\n\n\n\n\n\n\n\n<\/tr>\n
\n\n\n

2022<\/b><\/p>\n<\/td>\n

\n\n

2023<\/b><\/p>\n<\/td>\n<\/tr>\n

GEOGRAPHY<\/span><\/b><\/td>\n\nQ1<\/b><\/td>\n\nQ2<\/b><\/td>\n\nQ3<\/b><\/td>\n\nQ4<\/b><\/td>\n\nYear<\/b><\/td>\n\nQ1<\/b><\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Americas<\/td>\n\n\n

\n47%<\/p>\n<\/td>\n

\n\n

\n45%<\/p>\n<\/td>\n

\n\n

\n45%<\/p>\n<\/td>\n

\n\n

\n46%<\/p>\n<\/td>\n

\n\n

46%<\/b><\/p>\n<\/td>\n

\n\n

\n44%<\/p>\n<\/td>\n<\/tr>\n

China<\/td>\n\n\n

\n16%<\/p>\n<\/td>\n

\n\n

\n13%<\/p>\n<\/td>\n

\n\n

\n17%<\/p>\n<\/td>\n

\n\n

\n13%<\/p>\n<\/td>\n

\n\n

15%<\/b><\/p>\n<\/td>\n

\n\n

\n17%<\/p>\n<\/td>\n<\/tr>\n

Other Asia<\/td>\n\n\n

\n18%<\/p>\n<\/td>\n

\n\n

\n18%<\/p>\n<\/td>\n

\n\n

\n17%<\/p>\n<\/td>\n

\n\n

\n18%<\/p>\n<\/td>\n

\n\n

18%<\/b><\/p>\n<\/td>\n

\n\n

\n18%<\/p>\n<\/td>\n<\/tr>\n

Europe, Middle East and Africa<\/td>\n\n\n

\n14%<\/p>\n<\/td>\n

\n\n

\n18%<\/p>\n<\/td>\n

\n\n

\n16%<\/p>\n<\/td>\n

\n\n

\n17%<\/p>\n<\/td>\n

\n\n

16%<\/b><\/p>\n<\/td>\n

\n\n

\n15%<\/p>\n<\/td>\n<\/tr>\n

Japan<\/td>\n\n\n

\n5%<\/p>\n<\/td>\n

\n\n

\n6%<\/p>\n<\/td>\n

\n\n

\n5%<\/p>\n<\/td>\n

\n\n

\n6%<\/p>\n<\/td>\n

\n\n

5%<\/b><\/p>\n<\/td>\n

\n\n

\n6%<\/p>\n<\/td>\n<\/tr>\n

Total<\/b><\/td>\n\n\n

100%<\/b><\/p>\n<\/td>\n

\n\n

100%<\/b><\/p>\n<\/td>\n

\n\n

100%<\/b><\/p>\n<\/td>\n

\n\n

100%<\/b><\/p>\n<\/td>\n

\n\n

100%<\/b><\/p>\n<\/td>\n

\n\n

100%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Revenue Mix by Product Category (% of Total Revenue)<\/b><\/td>\n\n\n\n\n\n\n\n\n\n\n\n<\/tr>\n
\n\n\n

2022<\/b><\/p>\n<\/td>\n

\n\n

2023<\/b><\/p>\n<\/td>\n<\/tr>\n

PRODUCT CATEGORY<\/span><\/b><\/td>\n\nQ1<\/b><\/td>\n\nQ2<\/b><\/td>\n\nQ3<\/b><\/td>\n\nQ4<\/b><\/td>\n\nYear<\/b><\/td>\n\nQ1<\/b><\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Custom IC Design and Simulation<\/td>\n\n\n

\n22%<\/p>\n<\/td>\n

\n\n

\n23%<\/p>\n<\/td>\n

\n\n

\n22%<\/p>\n<\/td>\n

\n\n

\n22%<\/p>\n<\/td>\n

\n\n

22%<\/b><\/p>\n<\/td>\n

\n\n

\n20%<\/p>\n<\/td>\n<\/tr>\n

Digital IC Design and Signoff<\/td>\n\n\n

\n27%<\/p>\n<\/td>\n

\n\n

\n27%<\/p>\n<\/td>\n

\n\n

\n29%<\/p>\n<\/td>\n

\n\n

\n28%<\/p>\n<\/td>\n

\n\n

28%<\/b><\/p>\n<\/td>\n

\n\n

\n25%<\/p>\n<\/td>\n<\/tr>\n

Functional Verification, including Emulation and Prototyping Hardware<\/td>\n\n\n

\n28%<\/p>\n<\/td>\n

\n\n

\n24%<\/p>\n<\/td>\n

\n\n

\n25%<\/p>\n<\/td>\n

\n\n

\n25%<\/p>\n<\/td>\n

\n\n

26%<\/b><\/p>\n<\/td>\n

\n\n

\n32%<\/p>\n<\/td>\n<\/tr>\n

IP<\/td>\n\n\n

\n13%<\/p>\n<\/td>\n

\n\n

\n14%<\/p>\n<\/td>\n

\n\n

\n12%<\/p>\n<\/td>\n

\n\n

\n12%<\/p>\n<\/td>\n

\n\n

12%<\/b><\/p>\n<\/td>\n

\n\n

\n11%<\/p>\n<\/td>\n<\/tr>\n

System Design and Analysis<\/td>\n\n\n

\n10%<\/p>\n<\/td>\n

\n\n

\n12%<\/p>\n<\/td>\n

\n\n

\n12%<\/p>\n<\/td>\n

\n\n

\n13%<\/p>\n<\/td>\n

\n\n

12%<\/b><\/p>\n<\/td>\n

\n\n

\n12%<\/p>\n<\/td>\n<\/tr>\n

Total<\/b><\/td>\n\n\n

100%<\/b><\/p>\n<\/td>\n

\n\n

100%<\/b><\/p>\n<\/td>\n

\n\n

100%<\/b><\/p>\n<\/td>\n

\n\n

100%<\/b><\/p>\n<\/td>\n

\n\n

100%<\/b><\/p>\n<\/td>\n

\n\n

100%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Cadence Design Systems, Inc.<\/b><\/td>\n<\/tr>\n
Impact of Non-GAAP Adjustments on Forward Looking Operating Margin<\/b><\/td>\n<\/tr>\n
As of April 24, 2023<\/b><\/td>\n<\/tr>\n
(Unaudited)<\/b><\/td>\n<\/tr>\n
\n\u00a0<\/td>\n\n\n\u00a0<\/b><\/td>\n<\/tr>\n
\n\u00a0<\/td>\nThree Months Ending<\/b><\/td>\n\nYear Ending<\/b><\/td>\n<\/tr>\n
\n\u00a0<\/td>\nJune 30, 2023<\/b><\/td>\n\nDecember 31, 2023<\/b><\/td>\n<\/tr>\n
\n\u00a0<\/td>\nForecast<\/b><\/td>\n\nForecast<\/b><\/td>\n<\/tr>\n
\n\u00a0<\/td>\n\n\n\u00a0<\/b><\/td>\n<\/tr>\n
GAAP operating margin as a percent of total revenue<\/td>\n\u00a0<\/td>\n\n

\u00a029% – 30%\u00a0<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\u00a030% – 31%\u00a0<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Reconciling items to non-GAAP operating margin as a\u00a0percent of total revenue:<\/td>\n\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Stock-based compensation expense<\/td>\n\u00a0<\/td>\n\n

\n8%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n8%<\/p>\n<\/td>\n<\/tr>\n

Amortization of acquired intangibles<\/td>\n\u00a0<\/td>\n\n

\n2%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2%<\/p>\n<\/td>\n<\/tr>\n

Acquisition and integration-related costs<\/td>\n\u00a0<\/td>\n\n

\n1%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1%<\/p>\n<\/td>\n<\/tr>\n

Non-qualified deferred compensation expenses<\/td>\n\u00a0<\/td>\n\n

\n0%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n0%<\/p>\n<\/td>\n<\/tr>\n

\n\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Non-GAAP operating margin as a percent of total revenue\u2020<\/td>\n\u00a0<\/td>\n\n

\n\u00a040% – 41%\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a041% – 42%\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n\u00a0<\/td>\n\n\n\u00a0<\/td>\n<\/tr>\n
\u2020The non-GAAP measures presented in the table above should not be considered a substitute for\u00a0financial results and measures determined or calculated in accordance with GAAP.<\/b><\/td>\n<\/tr>\n
\u00a0<\/b><\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Cadence Design Systems, Inc.<\/b><\/td>\n<\/tr>\n
Impact of Non-GAAP Adjustments on Forward Looking Diluted Net Income Per Share\u00a0<\/b><\/td>\n<\/tr>\n
As of April 24, 2023<\/b><\/td>\n<\/tr>\n
(Unaudited)<\/b><\/td>\n<\/tr>\n
\n\u00a0<\/td>\n\n\n\u00a0<\/b><\/td>\n<\/tr>\n
\n\u00a0<\/td>\nThree Months Ending<\/b><\/td>\n\nYear Ending<\/b><\/td>\n<\/tr>\n
\n\u00a0<\/td>\nJune 30, 2023<\/b><\/td>\n\nDecember 31, 2023<\/b><\/td>\n<\/tr>\n
\n\u00a0<\/td>\nForecast<\/b><\/td>\n\nForecast<\/b><\/td>\n<\/tr>\n
\n\u00a0<\/td>\n\n\n\u00a0<\/b><\/td>\n<\/tr>\n
Diluted net income per share on a GAAP basis<\/td>\n\u00a0<\/td>\n\u00a0$0.73 to $0.77\u00a0<\/b><\/td>\n\n\u00a0$3.26 to $3.34\u00a0<\/b><\/td>\n<\/tr>\n
\n\u00a0<\/td>\n\n\n\u00a0<\/td>\n<\/tr>\n
Stock-based compensation expense<\/td>\n\u00a0<\/td>\n\n

\n0.29<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1.21<\/p>\n<\/td>\n<\/tr>\n

Amortization of acquired intangibles<\/td>\n\u00a0<\/td>\n\n

\n0.05<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n0.21<\/p>\n<\/td>\n<\/tr>\n

Acquisition and integration-related costs<\/td>\n\u00a0<\/td>\n\n

\n0.04<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n0.16<\/p>\n<\/td>\n<\/tr>\n

Non-qualified deferred compensation expenses<\/td>\n\u00a0<\/td>\n\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n0.01<\/p>\n<\/td>\n<\/tr>\n

Other income or expense related to investments and non-qualified deferred compensation plan assets*<\/td>\n\u00a0<\/td>\n\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(0.01)<\/p>\n<\/td>\n<\/tr>\n

Income tax effect of non-GAAP adjustments<\/td>\n\u00a0<\/td>\n\n

\n0.04<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n0.12<\/p>\n<\/td>\n<\/tr>\n

\n\u00a0<\/td>\n\u00a0<\/td>\n\n\u00a0<\/td>\n<\/tr>\n
Diluted net income per share on a non-GAAP basis\u2020<\/td>\n\u00a0<\/td>\n\u00a0$1.15 to $1.19\u00a0<\/td>\n\n\u00a0$4.96 to $5.04\u00a0<\/td>\n<\/tr>\n
\n\u00a0<\/td>\n\n\n\u00a0<\/td>\n<\/tr>\n
\n\u00a0<\/td>\n\n\n\u00a0<\/td>\n<\/tr>\n
\n\u00a0<\/td>\n\n\n\u00a0<\/td>\n<\/tr>\n
\n\u00a0<\/td>\n\n\n\u00a0<\/b><\/td>\n<\/tr>\n
Cadence Design Systems, Inc.<\/b><\/td>\n<\/tr>\n
Impact of Non-GAAP Adjustments on Forward Looking Net Income<\/b><\/td>\n<\/tr>\n
As of April 24, 2023<\/b><\/td>\n<\/tr>\n
(Unaudited)<\/b><\/td>\n<\/tr>\n
\n\u00a0<\/td>\n\n\n\u00a0<\/b><\/td>\n<\/tr>\n
\n\u00a0<\/td>\n\n\n\u00a0<\/td>\n<\/tr>\n
\n\u00a0<\/td>\nThree Months Ending<\/b><\/td>\n\nYear Ending<\/b><\/td>\n<\/tr>\n
\n\u00a0<\/td>\nJune 30, 2023<\/b><\/td>\n\nDecember 31, 2023<\/b><\/td>\n<\/tr>\n
($ in millions)<\/b><\/td>\n\u00a0<\/td>\nForecast<\/b><\/td>\n\nForecast<\/b><\/td>\n<\/tr>\n
\n\u00a0<\/td>\n\n\n\u00a0<\/b><\/td>\n<\/tr>\n
Net income on a GAAP basis<\/td>\n\u00a0<\/td>\n\n

\u00a0$199 to $210\u00a0<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\u00a0$889 to $911\u00a0<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Stock-based compensation expense<\/td>\n\u00a0<\/td>\n\n

\n79<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n330<\/p>\n<\/td>\n<\/tr>\n

Amortization of acquired intangibles<\/td>\n\u00a0<\/td>\n\n

\n15<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n58<\/p>\n<\/td>\n<\/tr>\n

Acquisition and integration-related costs<\/td>\n\u00a0<\/td>\n\n

\n12<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n43<\/p>\n<\/td>\n<\/tr>\n

Non-qualified deferred compensation expenses<\/td>\n\u00a0<\/td>\n\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3<\/p>\n<\/td>\n<\/tr>\n

Other income or expense related to investments and non-qualified deferred compensation plan assets*<\/td>\n\u00a0<\/td>\n\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(3)<\/p>\n<\/td>\n<\/tr>\n

Income tax effect of non-GAAP adjustments<\/td>\n\u00a0<\/td>\n\n

\n10<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n34<\/p>\n<\/td>\n<\/tr>\n

\n\u00a0<\/td>\n\u00a0<\/td>\n\n\u00a0<\/td>\n<\/tr>\n
Net income on a non-GAAP basis\u2020<\/td>\n\u00a0<\/td>\n\u00a0$315 to $326\u00a0<\/td>\n\n\u00a0$1,354 to $1,376\u00a0<\/td>\n<\/tr>\n
\n\u00a0<\/td>\n\n\n\u00a0<\/td>\n<\/tr>\n
\n\u00a0<\/td>\n\n\n\u00a0<\/td>\n<\/tr>\n
\u2020The non-GAAP measures presented in the table above should not be considered a substitute for\u00a0financial results and measures determined or calculated in accordance with GAAP.<\/b><\/td>\n<\/tr>\n
\n\u00a0<\/td>\n\n\n\u00a0<\/td>\n<\/tr>\n
* Includes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on investments and gains or losses on non-qualified deferred compensation plan assets recorded in other income or expense.<\/td>\n<\/tr>\n
<\/tr>\n<\/table>\n

\nCDNS-IR<\/p>\n

\nCategory: Financial, Featured<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230423005047\/en\/<\/a><\/span><\/p>\n

\nCadence Investor Relations
\n
408-944-7100
\n
investor_relations@cadence.com<\/a><\/p>\n

\nCadence Newsroom
\n
408-944-7039
\n
newsroom@cadence.com<\/a><\/p>\n

KEYWORDS:<\/b> California United States North America<\/p>\n

INDUSTRY KEYWORDS:<\/b> Electronic Design Automation Semiconductor Technology Software Artificial Intelligence Hardware<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Cadence Reports First Quarter 2023 Financial Results SAN JOSE, Calif.–(BUSINESS WIRE)– Cadence Design Systems, Inc. (Nasdaq: CDNS) today announced results for the first quarter of 2023. Cadence reported first quarter 2023 revenue of $1.022 billion, compared to revenue of $902 million for the same period in 2022. On a GAAP basis, Cadence achieved operating margin of 32 percent and recognized net income of $242 million, or $0.89 per share on a diluted basis, in the first quarter of 2023, compared to operating margin of 35 percent and net income of $235 million, or $0.85 per share on a diluted basis, for the same period in 2022. Using the non-GAAP measures defined below, operating margin for the first quarter of 2023 … <\/p>\n

Continue reading “Cadence Reports First Quarter 2023 Financial Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-750470","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nCadence Reports First Quarter 2023 Financial Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/cadence-reports-first-quarter-2023-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cadence Reports First Quarter 2023 Financial Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Cadence Reports First Quarter 2023 Financial Results SAN JOSE, Calif.–(BUSINESS WIRE)– Cadence Design Systems, Inc. (Nasdaq: CDNS) today announced results for the first quarter of 2023. Cadence reported first quarter 2023 revenue of $1.022 billion, compared to revenue of $902 million for the same period in 2022. On a GAAP basis, Cadence achieved operating margin of 32 percent and recognized net income of $242 million, or $0.89 per share on a diluted basis, in the first quarter of 2023, compared to operating margin of 35 percent and net income of $235 million, or $0.85 per share on a diluted basis, for the same period in 2022. Using the non-GAAP measures defined below, operating margin for the first quarter of 2023 … Continue reading "Cadence Reports First Quarter 2023 Financial Results"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/cadence-reports-first-quarter-2023-financial-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-24T20:13:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20230423005047r1&sid=flmnd&distro=nx&lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"14 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cadence-reports-first-quarter-2023-financial-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cadence-reports-first-quarter-2023-financial-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Cadence Reports First Quarter 2023 Financial Results\",\"datePublished\":\"2023-04-24T20:13:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cadence-reports-first-quarter-2023-financial-results\\\/\"},\"wordCount\":2907,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cadence-reports-first-quarter-2023-financial-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&sty=20230423005047r1&sid=flmnd&distro=nx&lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cadence-reports-first-quarter-2023-financial-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cadence-reports-first-quarter-2023-financial-results\\\/\",\"name\":\"Cadence Reports First Quarter 2023 Financial Results - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/cadence-reports-first-quarter-2023-financial-results\/","og_locale":"en_US","og_type":"article","og_title":"Cadence Reports First Quarter 2023 Financial Results - Market Newsdesk","og_description":"Cadence Reports First Quarter 2023 Financial Results SAN JOSE, Calif.–(BUSINESS WIRE)– Cadence Design Systems, Inc. (Nasdaq: CDNS) today announced results for the first quarter of 2023. Cadence reported first quarter 2023 revenue of $1.022 billion, compared to revenue of $902 million for the same period in 2022. On a GAAP basis, Cadence achieved operating margin of 32 percent and recognized net income of $242 million, or $0.89 per share on a diluted basis, in the first quarter of 2023, compared to operating margin of 35 percent and net income of $235 million, or $0.85 per share on a diluted basis, for the same period in 2022. Using the non-GAAP measures defined below, operating margin for the first quarter of 2023 … Continue reading \"Cadence Reports First Quarter 2023 Financial Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/cadence-reports-first-quarter-2023-financial-results\/","og_site_name":"Market Newsdesk","article_published_time":"2023-04-24T20:13:40+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20230423005047r1&sid=flmnd&distro=nx&lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"14 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cadence-reports-first-quarter-2023-financial-results\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cadence-reports-first-quarter-2023-financial-results\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Cadence Reports First Quarter 2023 Financial Results","datePublished":"2023-04-24T20:13:40+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cadence-reports-first-quarter-2023-financial-results\/"},"wordCount":2907,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cadence-reports-first-quarter-2023-financial-results\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20230423005047r1&sid=flmnd&distro=nx&lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cadence-reports-first-quarter-2023-financial-results\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/cadence-reports-first-quarter-2023-financial-results\/","name":"Cadence Reports First Quarter 2023 Financial Results - 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