Cadence Reports Third Quarter 2015 Financial Results

SAN JOSE, Calif. -- Oct 26, 2015 -- Cadence Design Systems, Inc. (NASDAQ: CDNS) today announced results for the third quarter of fiscal year 2015.

Cadence reported third quarter 2015 revenue of $434 million, compared to revenue of $400 million reported for the same period in 2014. On a GAAP basis, Cadence recognized net income of $78 million, or $0.25 per share on a diluted basis, in the third quarter of 2015, compared to net income of $38 million, or $0.12 per share on a diluted basis, for the same period in 2014.

Using the non-GAAP measure defined below, net income in the third quarter of 2015 was $89 million, or $0.28 per share on a diluted basis, as compared to net income of $80 million, or $0.26 per share on a diluted basis, for the same period in 2014.

“The third quarter was highlighted by proliferation of our new digital and signoff solutions, growth in our IP business, and strong financial performance,” said Lip-Bu Tan, president and chief executive officer. “Additionally, we are excited that we have begun shipping our next-generation emulation platform.”

“Cadence again posted strong results in a challenging environment,” said Geoff Ribar, senior vice president and chief financial officer. “Our new $1.2 billion stock repurchase program announced in July is off to a strong start, as we repurchased 5.9 million shares for $120 million in Q3.”

CFO Commentary
Commentary on the third quarter 2015 financial results by Geoff Ribar, senior vice president and chief financial officer, is available at www.cadence.com/company/investor_relations.

Click here for the Q3 2015 Financial Schedules.

Business Outlook
For the fourth quarter of 2015, the company expects total revenue in the range of $434 million to $444 million. Fourth quarter GAAP net income per diluted share is expected to be in the range of $0.20 to $0.22. Net income per diluted share using the non-GAAP measure defined below is expected to be in the range of $0.28 to $0.30.

For 2015, the company expects total revenue in the range of $1.695 billion to $1.705 billion. On a GAAP basis, net income per diluted share for 2015 is expected to be in the range of $0.75 to $0.77. Using the non-GAAP measure defined below, net income per diluted share for 2015 is expected to be in the range of $1.06 to $1.08.

A schedule showing a reconciliation of the business outlook from GAAP net income and diluted net income per share to non-GAAP net income and diluted net income per share is included in this release.

Audio Webcast Scheduled
Lip-Bu Tan, president and chief executive officer, and Geoff Ribar, senior vice president and chief financial officer, will host a third quarter 2015 financial results audio webcast today, October 26, 2015, 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 October 26, 2015 at 5 p.m. (Pacific) and ending December 18, 2015 at 5 p.m. (Pacific). Webcast access is available at www.cadence.com/cadence/investor_relations.

About Cadence
Cadence enables global electronic design innovation and plays an essential role in the creation of today’s integrated circuits and electronics. Customers use Cadence® software, hardware, IP, and services to design and verify advanced semiconductors, consumer electronics, networking and telecommunications equipment, and computer systems. The company is headquartered in San Jose, California, with sales offices, design centers, and research facilities around the world to serve the global electronics industry. More information about the company and its products and services is available at www.cadence.com.

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