<\/p>\n
Cadence Reports Fourth Quarter and Fiscal Year 2024 Financial Results<\/b><\/p>\n
Record Backlog of $6.8 Billion<\/i><\/p>\n
Exceeded Q4 and 2024 Outlook for Revenue and EPS<\/i><\/p>\n
SAN JOSE, Calif.–(BUSINESS WIRE<\/a>)– Fourth Quarter 2024 Financial Results<\/b><\/p>\n Fiscal Year 2024 Financial Results<\/b><\/p>\n \n\u201cCadence delivered exceptional results in the fourth quarter, capping off a strong 2024 with 13.5% revenue growth and 42.5% non-GAAP operating margin for the year,\u201d said Anirudh Devgan, president and chief executive officer. \u201cOur momentum continues to build as we exited 2024 with record bookings and record backlog. Cadence is very well positioned to benefit from the various phases of AI, including the current AI infrastructure buildout, applying AI to our own products, and expanding into new markets such as life sciences.\u201d\n<\/p>\n \n\u201cWe had a strong finish to 2024, driven by broad based strength across all our businesses,\u201d said John Wall, senior vice president and chief financial officer. \u201cI\u2019m pleased with our record year-end backlog of $6.8 billion and cRPO of $3.4 billion, and I look forward to building on that strength in 2025.\u201d\n<\/p>\n CFO Commentary<\/b><\/p>\n \nCommentary on the fourth quarter and fiscal year 2024 financial results by John Wall, senior vice president and chief financial officer, is available at www.cadence.com\/cadence\/investor_relations<\/a>.\n<\/p>\n Business Outlook<\/b><\/p>\n \nFor fiscal year 2025, the company expects:\n<\/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 is 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 the current normalized non-GAAP tax rate through fiscal 2025 but will re-evaluate this rate periodically for significant items that may materially affect its projections.\n<\/p>\n \nReconciliations of the financial results and 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, are included in this press release.\n<\/p>\n Business Highlights<\/b><\/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 fourth quarter and fiscal year 2024 financial results audio webcast today, February 18, 2025, 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 February 18, 2025 at 5 p.m. (Pacific) and ending March 17, 2025 at 5 p.m. (Pacific). Webcast access is available at www.cadence.com\/cadence\/investor_relations<\/a>.\n<\/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 electronic 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 10 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>.\n<\/p>\n \u00a9 2025 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, financial condition, strategic objectives, business prospects, technology and product developments, industry trends, market growth 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 and realize the benefits of its investments in research and development, including opportunities presented by AI; (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) changes in customer demands or supply constraints that could result in delays in purchases, development, installations or deliveries of Cadence\u2019s 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 export controls, tariffs, other trade restrictions and other government regulations, as well as rising tensions and armed conflicts around the world; (vi) changes in tax laws, interest rate and currency exchange rate fluctuations, inflation rates, Cadence\u2019s increased debt levels and obligations and Cadence\u2019s ability to access capital and debt markets in the future; (vii) legislative or regulatory requirements; (viii) Cadence\u2019s acquisition of other companies, businesses or technologies or the failure to successfully integrate and operate them; (ix) potential harm caused by compromises in cybersecurity and cybersecurity attacks; (x) capital expenditure requirements and events that affect cash flow, liquidity or reserves, or estimates Cadence may take from time to time with respect to accounts receivable, taxes and tax examinations, litigation, regulatory or other matters; (xi) 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, technologies or properties are subject; and (xii) Cadence\u2019s ability to successfully meet any governance, environmental and social targets and strategies. 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.\n<\/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 report on Form 10-K, subsequent reports on Form 10-Q and future filings.\n<\/p>\n \nAll forward-looking statements in this press release are based on management’s expectations as of the date of this press release and, except as required by law, Cadence disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.\n<\/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.\n<\/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.\n<\/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.\n<\/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:\n<\/p>\n \nOperating Margin Reconciliation\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nThree Months Ended\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nDecember 31, 2024\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nDecember 31, 2023\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(unaudited)\n<\/p>\n<\/td>\n<\/tr>\n \nGAAP operating margin as a percent of total revenue\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n33.7\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n31.5\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nReconciling items to non-GAAP operating margin as a percent of total revenue:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nStock-based compensation expense\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7.9\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8.1\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nAmortization of acquired intangibles\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2.0\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1.6\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nAcquisition and integration-related costs\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1.7\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1.2\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nRestructuring\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(0.1\n<\/p>\n<\/td>\n \n)%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(0.1\n<\/p>\n<\/td>\n \n)%\n<\/p>\n<\/td>\n<\/tr>\n \nNon-qualified deferred compensation expenses\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.0\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.6\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nSpecial charges*\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.8\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.0\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nNon-GAAP operating margin as a percent of total revenue\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n46.0\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n42.9\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n*\n<\/p>\n<\/td>\n \nIncludes costs related to adjustments to estimated legal liabilities and executive severance.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nOperating Margin Reconciliation\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nYears Ended\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nDecember 31, 2024\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nDecember 31, 2023\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(unaudited)\n<\/p>\n<\/td>\n<\/tr>\n \nGAAP operating margin as a percent of total revenue\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n29.1\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n30.6\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nReconciling items to non-GAAP operating margin as a percent of total revenue:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nStock-based compensation expense\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8.4\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8.0\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nAmortization of acquired intangibles\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2.0\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1.5\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nAcquisition and integration-related costs\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2.1\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1.4\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nRestructuring\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.5\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.3\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nNon-qualified deferred compensation expenses\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.2\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.2\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nSpecial charges*\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.2\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.0\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nNon-GAAP operating margin as a percent of total revenue\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n42.5\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n42.0\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n*\n<\/p>\n<\/td>\n \nIncludes costs related to adjustments to estimated legal liabilities and executive severance.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nNet Income Reconciliation\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nThree Months Ended\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nDecember 31, 2024\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nDecember 31, 2023\n<\/p>\n<\/td>\n<\/tr>\n \n(in thousands)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(unaudited)\n<\/p>\n<\/td>\n<\/tr>\n \nNet income on a GAAP basis\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n340,210\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n323,899\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nStock-based compensation expense\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n106,508\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n86,683\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAmortization of acquired intangibles\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n26,776\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n16,920\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAcquisition and integration-related costs\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n23,477\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n12,583\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nRestructuring\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,020\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(569\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nNon-qualified deferred compensation expenses\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n293\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,295\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nSpecial charges*\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10,224\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther income or expense related to investments and non-qualified deferred compensation plan assets**\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n14,654\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(27,966\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nIncome tax effect of non-GAAP adjustments\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(5,456\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(41,638\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nNet income on a non-GAAP basis\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n515,666\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n376,207\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n*\n<\/p>\n<\/td>\n \nIncludes costs related to adjustments to estimated legal liabilities and executive severance.\n<\/p>\n<\/td>\n<\/tr>\n \n**\n<\/p>\n<\/td>\n \nIncludes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on investments and gains or losses on non-qualified deferred compensation plan assets recorded in other income or expense.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nNet Income Reconciliation\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nYears Ended\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nDecember 31, 2024\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nDecember 31, 2023\n<\/p>\n<\/td>\n<\/tr>\n \n(in thousands)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(unaudited)\n<\/p>\n<\/td>\n<\/tr>\n \nNet income on a GAAP basis\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,055,484\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,041,144\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nStock-based compensation expense\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n391,219\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n325,611\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAmortization of acquired intangibles\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n90,449\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n61,970\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAcquisition and integration-related costs\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n95,562\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n56,542\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nRestructuring\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n23,765\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n11,013\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNon-qualified deferred compensation expenses\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n11,145\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10,851\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nSpecial charges*\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n11,457\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther income or expense related to investments and non-qualified deferred compensation plan assets**\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(60,798\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(45,502\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nIncome tax effect of non-GAAP adjustments\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n17,162\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(57,139\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nNet income on a non-GAAP basis\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,635,445\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,404,490\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n*\n<\/p>\n<\/td>\n \nIncludes costs related to adjustments to estimated legal liabilities and executive severance.\n<\/p>\n<\/td>\n<\/tr>\n \n**\n<\/p>\n<\/td>\n \nIncludes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on investments and gains or losses on non-qualified deferred compensation plan assets recorded in other income or expense.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nDiluted Net Income Per Share Reconciliation\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nThree Months Ended\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nDecember 31, 2024\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nDecember 31, 2023\n<\/p>\n<\/td>\n<\/tr>\n \n(in thousands, except per share data)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(unaudited)\n<\/p>\n<\/td>\n<\/tr>\n \nDiluted net income per share on a GAAP basis\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1.24\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1.19\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nStock-based compensation expense\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.39\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.32\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAmortization of acquired intangibles\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.10\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.06\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAcquisition and integration-related costs\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.08\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.04\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nRestructuring\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNon-qualified deferred compensation expenses\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.02\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nSpecial charges*\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.04\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther income or expense related to investments and non-qualified deferred compensation plan assets**\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.05\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(0.10\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nIncome tax effect of non-GAAP adjustments\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(0.02\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(0.15\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nDiluted net income per share on a non-GAAP basis\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1.88\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1.38\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nShares used in calculation of diluted net income per share\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n274,292\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n272,419\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n*\n<\/p>\n<\/td>\n \nIncludes costs related to adjustments to estimated legal liabilities and executive severance.\n<\/p>\n<\/td>\n<\/tr>\n \n**\n<\/p>\n<\/td>\n \nIncludes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on investments and gains or losses on non-qualified deferred compensation plan assets recorded in other income or expense.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nDiluted Net Income Per Share Reconciliation\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nYears Ended\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nDecember 31, 2024\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nDecember 31, 2023\n<\/p>\n<\/td>\n<\/tr>\n \n(in thousands, except per share data)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(unaudited)\n<\/p>\n<\/td>\n<\/tr>\n \nDiluted net income per share on a GAAP basis\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n3.85\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n3.82\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nStock-based compensation expense\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1.43\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1.19\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAmortization of acquired intangibles\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.33\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.23\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAcquisition and integration-related costs\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.35\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.21\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nRestructuring\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.09\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.04\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNon-qualified deferred compensation expenses\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.04\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.04\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nSpecial charges*\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.04\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther income or expense related to investments and non-qualified deferred compensation plan assets**\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(0.22\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(0.17\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nIncome tax effect of non-GAAP adjustments\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.06\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(0.21\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nDiluted net income per share on a non-GAAP basis\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n5.97\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n5.15\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nShares used in calculation of diluted net income per share\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n273,833\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n272,748\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n*\n<\/p>\n<\/td>\n \nIncludes costs related to adjustments to estimated legal liabilities and executive severance.\n<\/p>\n<\/td>\n<\/tr>\n \n**\n<\/p>\n<\/td>\n \nIncludes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on investments and gains or losses on non-qualified deferred compensation plan assets recorded in other income or expense.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n$\n<\/p>\n<\/td>\n \n2,644,030\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,008,152\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n680,460\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n489,224\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n257,711\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n181,661\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n433,878\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n297,180\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,016,079\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,976,217\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n458,200\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n403,213\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,378,671\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,535,845\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n594,734\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n336,843\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n982,057\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n880,001\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n544,741\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n537,372\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n8,974,482\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n5,669,491\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n349,285\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n632,692\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n576,558\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n737,413\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n665,024\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,370,105\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,590,867\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n115,168\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n98,931\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,476,183\n<\/p>\n<\/td>\n 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\n274,292\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n272,419\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n273,833\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n272,748\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n 2024<\/b><\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n1,008,152\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n882,325\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,055,484\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,041,144\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n196,935\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n145,292\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,473\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,262\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n391,219\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n325,611\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(49,593\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(34,602\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(128,737\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(36,512\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,078\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,325\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,920\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n451\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n587\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,983\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(180,287\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(11,748\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(82,771\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(65,895\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(81,529\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n39,015\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n11,866\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(45,784\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n33,676\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,415\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n66,478\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(21,583\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n23,592\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,802\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,260,551\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,349,176\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(4,982\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(176,170\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n47,980\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n64,775\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(142,542\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(102,337\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(166\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(737,574\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(198,351\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(837,118\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(412,249\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n50,000\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(150,000\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,196,595\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,350,000\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(23,828\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n204,237\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n132,957\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(237,737\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(136,396\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(550,026\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(700,134\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,239,241\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(803,573\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(26,796\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(7,527\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,635,878\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n125,827\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n2,644,030\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,008,152\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n 2023<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n<\/tr>\n \n44\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n41\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n43\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n44\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n 43<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n \n46\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n49\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n50\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n49\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n 49<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n<\/tr>\n \n17\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n18\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n17\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n15\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n 17<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n \n12\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n12\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n13\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n13\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n 12<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n<\/tr>\n \n18\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n18\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n19\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n19\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n 19<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n \n20\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n19\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n17\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n17\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n 18<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n<\/tr>\n \n15\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n17\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n15\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n16\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n 16<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n \n17\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n14\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n14\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n15\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n 15<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n<\/tr>\n \n6\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n6\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n6\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n6\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n 5<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n \n5\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n6\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n6\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n6\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n 6<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n<\/tr>\n 100<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n 100<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n 100<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n 100<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n 100<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n 100<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n 100<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n 100<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n 100<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n 100<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n<\/tr>\n 2023<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n<\/tr>\n \n77\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n76\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n76\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n75\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n 76<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n \n76\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n73\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n70\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n68\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n 71<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n<\/tr>\n \n11\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n11\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n11\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n13\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n 12<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n \n12\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n13\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n14\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n13\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n 13<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n<\/tr>\n \n12\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n13\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n13\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n12\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n 12<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n \n12\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n14\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n16\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n19\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n 16<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n<\/tr>\n 100<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n 100<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n 100<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n 100<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n 100<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n 100<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n 100<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n 100<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n 100<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n 100<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n Cadence Design Systems, Inc.<\/b><\/p>\n<\/td>\n<\/tr>\n Impact of Non-GAAP Adjustments on Forward Looking Operating Margin<\/b><\/p>\n<\/td>\n<\/tr>\n As of February 18, 2025<\/b><\/p>\n<\/td>\n<\/tr>\n (Unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Three Months Ending<\/b><\/p>\n<\/td>\n Year Ending<\/b><\/p>\n<\/td>\n<\/tr>\n March 31, 2025<\/b><\/p>\n<\/td>\n December 31, 2025<\/b><\/p>\n<\/td>\n<\/tr>\n Forecast<\/b><\/p>\n<\/td>\n Forecast<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n 27% – 28%<\/b><\/p>\n<\/td>\n 30.25% – 31.25%<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n9%\n<\/p>\n<\/td>\n \n9%\n<\/p>\n<\/td>\n<\/tr>\n \n2%\n<\/p>\n<\/td>\n \n2%\n<\/p>\n<\/td>\n<\/tr>\n \n2%\n<\/p>\n<\/td>\n \n2%\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n40% – 41%\n<\/p>\n<\/td>\n \n43.25% – 44.25%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \u2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n The non-GAAP measures presented in the table above should not be considered a substitute for financial results and measures determined or calculated in accordance with GAAP.<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n Cadence Design Systems, Inc.<\/b><\/p>\n<\/td>\n<\/tr>\n Impact of Non-GAAP Adjustments on Forward Looking Diluted Net Income Per Share<\/b><\/p>\n<\/td>\n<\/tr>\n As of February 18, 2025<\/b><\/p>\n<\/td>\n<\/tr>\n (Unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n
\nCadence Design Systems, Inc. (Nasdaq: CDNS) today announced results for the fourth quarter and fiscal year 2024.\n<\/p>\n\n
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\n Cadence Design Systems, Inc.<\/b><\/td>\n<\/tr>\n \n Condensed Consolidated Balance Sheets<\/b><\/td>\n<\/tr>\n \n December 31, 2024 and December 31, 2023<\/b><\/td>\n<\/tr>\n \n (In thousands)<\/b><\/td>\n<\/tr>\n \n (Unaudited)<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n December 31, 2024<\/b><\/td>\n \n December 31, 2023<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Current assets:<\/td>\n \n \n \n <\/tr>\n \n Cash and cash equivalents<\/td>\n \n \n \n \n \n \n \n Receivables, net<\/td>\n \n \n \n \n \n \n \n Inventories<\/td>\n \n \n \n \n \n \n \n Prepaid expenses and other<\/td>\n \n \n \n \n \n \n \n Total current assets<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Property, plant and equipment, net<\/td>\n \n \n \n \n \n \n \n Goodwill<\/td>\n \n \n \n \n \n \n \n Acquired intangibles, net<\/td>\n \n \n \n \n \n \n \n Deferred taxes<\/td>\n \n \n \n \n \n \n \n Other assets<\/td>\n \n \n \n \n \n \n \n Total assets<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Current liabilities:<\/td>\n \n \n \n <\/tr>\n \n Current portion of long-term debt<\/td>\n \n \n \n \n \n \n \n Accounts payable and accrued liabilities<\/td>\n \n \n \n \n \n \n \n Current portion of deferred revenue<\/td>\n \n \n \n \n \n \n \n Total current liabilities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Long-term liabilities:<\/td>\n \n \n \n <\/tr>\n \n Long-term portion of deferred revenue<\/td>\n \n \n \n \n \n \n \n Long-term debt<\/td>\n \n \n \n \n \n \n \n Other long-term liabilities<\/td>\n \n \n \n \n \n \n \n Total long-term liabilities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Stockholders’ equity<\/td>\n \n \n \n \n \n \n \n Total liabilities and stockholders’ equity<\/td>\n \n \n \n \n \n \n \n
\n Cadence Design Systems, Inc.<\/b><\/td>\n<\/tr>\n \n Condensed Consolidated Income Statements<\/b><\/td>\n<\/tr>\n \n For the Three Months and Years Ended December 31, 2024 and December 31, 2023<\/b><\/td>\n<\/tr>\n \n (In thousands, except per share amounts)<\/b><\/td>\n<\/tr>\n \n (Unaudited)<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n Three Months Ended<\/b><\/td>\n \n Years Ended<\/b><\/td>\n<\/tr>\n \n \n \n December 31,
2024<\/b><\/td>\n\n December 31,
2023<\/b><\/td>\n\n December 31,
2024<\/b><\/td>\n\n December 31,
2023<\/b><\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Revenue:<\/td>\n \n \n \n \n \n \n \n <\/tr>\n \n Product and maintenance<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Services<\/td>\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 \u00a0<\/td>\n<\/tr>\n \n Total revenue<\/td>\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 \u00a0<\/td>\n<\/tr>\n \n Costs and expenses:<\/td>\n \n \n \n \n \n \n \n <\/tr>\n \n Cost of product and maintenance<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cost of services<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Marketing and sales<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Research and development<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n General and administrative<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Amortization of acquired intangibles<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Restructuring<\/td>\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 \u00a0<\/td>\n<\/tr>\n \n Total costs and expenses<\/td>\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 \u00a0<\/td>\n<\/tr>\n \n Income from operations<\/td>\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 \u00a0<\/td>\n<\/tr>\n \n Interest expense<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Other income, net<\/td>\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 \u00a0<\/td>\n<\/tr>\n \n Income before provision for income taxes<\/td>\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 \u00a0<\/td>\n<\/tr>\n \n Provision for income taxes<\/td>\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 \u00a0<\/td>\n<\/tr>\n \n Net income<\/td>\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 \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net income per share – basic<\/td>\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 \u00a0<\/td>\n<\/tr>\n \n Net income per share – diluted<\/td>\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 \u00a0<\/td>\n<\/tr>\n \n Weighted average common shares outstanding – basic<\/td>\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 \u00a0<\/td>\n<\/tr>\n \n Weighted average common shares outstanding – diluted<\/td>\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 \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n Cadence Design Systems, Inc.<\/b><\/td>\n<\/tr>\n \n Condensed Consolidated Statements of Cash Flows<\/b><\/td>\n<\/tr>\n \n For the Years Ended December 31, 2024 and December 31, 2023<\/b><\/td>\n<\/tr>\n \n (In thousands)<\/b><\/td>\n<\/tr>\n \n (Unaudited)<\/b><\/td>\n<\/tr>\n \n <\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n Years Ended<\/b><\/td>\n<\/tr>\n \n \n \n December 31,<\/b><\/td>\n \n December 31,<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Cash and cash equivalents at beginning of year<\/td>\n \n \n \n \n \n \n \n \n \n Cash flows from operating activities:<\/td>\n \n \n \n <\/tr>\n \n Net income<\/td>\n \n \n \n \n \n \n \n \n \n Adjustments to reconcile net income to net cash provided by operating activities:<\/td>\n \n \n \n <\/tr>\n \n Depreciation and amortization<\/td>\n \n \n \n \n \n \n \n \n \n Amortization of debt discount and fees<\/td>\n \n \n \n \n \n \n \n \n \n Stock-based compensation<\/td>\n \n \n \n \n \n \n \n \n \n Gain on investments, net<\/td>\n \n \n \n \n \n \n \n \n \n Deferred income taxes<\/td>\n \n \n \n \n \n \n \n \n \n Provisions for losses on receivables<\/td>\n \n \n \n \n \n \n \n \n \n ROU asset amortization and change in operating lease liabilities<\/td>\n \n \n \n \n \n \n \n \n \n Other non-cash items<\/td>\n \n \n \n \n \n \n \n \n \n Changes in operating assets and liabilities, net of effect of acquired businesses:<\/td>\n \n \n \n <\/tr>\n \n Receivables<\/td>\n \n \n \n \n \n \n \n \n \n Inventories<\/td>\n \n \n \n \n \n \n \n \n \n Prepaid expenses and other<\/td>\n \n \n \n \n \n \n \n \n \n Other assets<\/td>\n \n \n \n \n \n \n \n \n \n Accounts payable and accrued liabilities<\/td>\n \n \n \n \n \n \n \n \n \n Deferred revenue<\/td>\n \n \n \n \n \n \n \n \n \n Other long-term liabilities<\/td>\n \n \n \n \n \n \n \n \n \n Net cash provided by operating activities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Cash flows from investing activities:<\/td>\n \n \n \n <\/tr>\n \n Purchases of investments<\/td>\n \n \n \n \n \n \n \n \n \n Proceeds from the sale and maturity of investments<\/td>\n \n \n \n \n \n \n \n \n \n Purchases of property, plant and equipment<\/td>\n \n \n \n \n \n \n \n \n \n Purchases of intangible assets<\/td>\n \n \n \n \n \n \n \n \n \n Cash paid in business combinations, net of cash acquired<\/td>\n \n \n \n \n \n \n \n \n \n Net cash used for investing activities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Cash flows from financing activities:<\/td>\n \n \n \n <\/tr>\n \n Proceeds from revolving credit facility<\/td>\n \n \n \n \n \n \n \n \n \n Payments on revolving credit facility<\/td>\n \n \n \n \n \n \n \n \n \n Proceeds from issuance of debt<\/td>\n \n \n \n \n \n \n \n \n \n Payments of debt<\/td>\n \n \n \n \n \n \n \n \n \n Payments of debt issuance costs<\/td>\n \n \n \n \n \n \n \n \n \n Proceeds from issuance of common stock<\/td>\n \n \n \n \n \n \n \n \n \n Stock received for payment of employee taxes on vesting of restricted stock<\/td>\n \n \n \n \n \n \n \n \n \n Payments for repurchases of common stock<\/td>\n \n \n \n \n \n \n \n \n \n Net cash provided by (used for) financing activities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Effect of exchange rate changes on cash and cash equivalents<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Increase in cash and cash equivalents<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Cash and cash equivalents at end of year<\/td>\n \n \n \n \n \n \n \n \n \n
\n Cadence Design Systems, Inc.<\/b><\/td>\n<\/tr>\n \n (Unaudited)<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Revenue Mix by Geography (% of Total Revenue)<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n GEOGRAPHY<\/span><\/b><\/td>\n \n Q1<\/b><\/td>\n \n Q2<\/b><\/td>\n \n Q3<\/b><\/td>\n \n Q4<\/b><\/td>\n \n Year<\/b><\/td>\n \n \n Q1<\/b><\/td>\n \n Q2<\/b><\/td>\n \n Q3<\/b><\/td>\n \n Q4<\/b><\/td>\n \n Year<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Americas<\/td>\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 China<\/td>\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 Other Asia<\/td>\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 Europe, Middle East and Africa<\/td>\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 Japan<\/td>\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 Total<\/b><\/td>\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 \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Revenue Mix by Product Category (% of Total Revenue)<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n PRODUCT CATEGORY<\/span><\/b><\/td>\n \n Q1<\/b><\/td>\n \n Q2<\/b><\/td>\n \n Q3<\/b><\/td>\n \n Q4<\/b><\/td>\n \n Year<\/b><\/td>\n \n \n Q1<\/b><\/td>\n \n Q2<\/b><\/td>\n \n Q3<\/b><\/td>\n \n Q4<\/b><\/td>\n \n Year<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Core EDA<\/td>\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 IP<\/td>\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 System Design and Analysis<\/td>\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 Total<\/b><\/td>\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 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n GAAP operating margin as a percent of total revenue<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Reconciling items to non-GAAP operating margin as a percent of total revenue:<\/td>\n \n \n \n \n \n Stock-based compensation expense<\/td>\n \n \n \n \n \n Amortization of acquired intangibles<\/td>\n \n \n \n \n \n Acquisition and integration-related costs<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Non-GAAP operating margin as a percent of total revenue\u2020<\/td>\n \n \n \n \n \n
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