SAN JOSE, Calif., April 24, 2017 /PRNewswire/ -- Cadence
Design Systems, Inc. (NASDAQ: CDNS) today announced results for the
first quarter 2017.
Cadence reported first quarter 2017 revenue of $477 million, compared to revenue of $448 million reported for the same period in
2016. On a GAAP basis, Cadence recognized net income of
$68 million, or $0.25 per share on a diluted basis, in the first
quarter of 2017, compared to net income of $51 million, or $0.17 per share on a diluted basis, for the same
period in 2016.
Using the non-GAAP measure defined below, net income in the
first quarter of 2017 was $89
million, or $0.32 per share on
a diluted basis, as compared to net income of $86 million, or $0.28 per share on a diluted basis, for the same
period in 2016.
"Consistent execution enabled Cadence to deliver strong
results. Innovation is at the heart of our success and we
have introduced three significant new products so far in
2017: Xcelium™ for parallel logic simulation, Protium™ S1 for
advanced FPGA-based prototyping and Pegasus™ Verification System, a
next generation physical verification solution," said Lip-Bu Tan,
president and chief executive officer. "Additionally, our
digital and signoff solutions continue to proliferate with
market-shaping customers for the most complex designs at the most
advanced nodes."
"Cadence met or exceeded its key operating metrics in the first
quarter, and we are maintaining our outlook for the fiscal year,"
said Geoff Ribar, senior vice
president and chief financial officer.
CFO Commentary
Commentary on the first quarter 2017 financial results by
Geoff Ribar, senior vice president
and chief financial officer, is available at
www.cadence.com/cadence/investor_relations.
Business Outlook
For the second quarter of 2017, the company expects total
revenue in the range of $470 million to $480
million. Second 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 $0.31 to $0.33.
For 2017, the company expects total revenue in the range of
$1.900 billion to $1.950
billion. On a GAAP basis, net income per diluted share
for 2017 is expected to be in the range of $0.93 to $1.03. Using the non-GAAP measure
defined below, net income per diluted share for 2017 is expected to
be in the range of $1.32 to
$1.42.
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
first quarter 2017 financial results audio webcast today,
April 24, 2017, 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, 2017 at 5
p.m. (Pacific) and ending June 16,
2017 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.
Cadence, the Cadence logo, Xcelium, Protium and Pegasus
are trademarks or registered trademarks of Cadence Design Systems,
Inc. All other trademarks are the property of their
respective owners.
The statements contained above regarding Cadence's first quarter
2017 financial results, as well as the information in the Business
Outlook section, are or include forward-looking statements based on
current expectations or beliefs and preliminary assumptions about
future events that are subject to factors and uncertainties that
could cause actual results to differ materially from those
described in the forward-looking statements. These
forward-looking statements are subject to a number of risks,
uncertainties and other factors, many of which are outside
Cadence's control, including, among others: (i) Cadence's
ability to compete successfully in the electronic design automation
product and the commercial electronic design and methodology
services industries; (ii) the success of Cadence's efforts to
improve operational efficiency and growth; (iii) the mix of
products and services sold and the timing of significant orders for
Cadence's products; (iv) change in customer demands, including
those resulting from consolidation among Cadence's customers and
the possibility that the restructurings and other efforts to
improve operational efficiency of Cadence's customers could result
in delays in purchases of Cadence's products and services;
(v) economic and industry conditions in regions in which
Cadence does business; (vi) fluctuations in rates of exchange
between the U.S. dollar and the currencies of other countries in
which Cadence does business; (vii) capital expenditure
requirements, legislative or regulatory requirements, interest
rates and Cadence's ability to access capital and debt markets;
(viii) the acquisition of other companies or technologies or the
failure to successfully integrate and operate these companies or
technologies Cadence acquires, including the potential inability to
retain customers, key employees or vendors; (ix) the effects
of Cadence's efforts to improve operational efficiency in its
business, including strategic, customer and supplier relationships,
and its ability to retain key employees; (x) events that
affect cash flow, liquidity, reserves or settlement
assumptions Cadence may take from time to time with respect to
accounts receivable, taxes and tax examinations, litigation or
other matters; and (xi) the effects of any litigation or other
proceedings to which Cadence is or may become a party.
For a detailed discussion of these and other cautionary
statements related to Cadence's business, please refer to Cadence's
filings with the U.S. Securities and Exchange Commission, which
include Cadence's most recent reports on Form 10-K and Form 10-Q,
including Cadence's future filings.
GAAP to Non-GAAP Reconciliation
Non-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 financial measures contained within this
press release with their most directly comparable GAAP financial
results. Investors are also encouraged to look at the GAAP
results as the best measure of financial performance.
To supplement Cadence's financial results presented on a GAAP
basis, Cadence management uses non-GAAP measures that it believes
are helpful in understanding Cadence's 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's non-qualified deferred compensation
plan, restructuring and other significant items not directly
related to Cadence's core business operations, and the income tax
effect of non-GAAP pre-tax adjustments.
Cadence's management uses non-GAAP net income because it
excludes items that are generally not directly related to the
performance of the company's core business operations and therefore
provides supplemental information to Cadence's 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's management, including forecasting and budgeting.
The following tables reconcile the specific items excluded from
GAAP net income and GAAP net income per diluted share in the
calculation of non-GAAP net income and non-GAAP net income per
diluted share for the periods shown below:
Net Income
Reconciliation
|
|
Three Months
Ended
|
|
|
April 1,
2017
|
|
April 2,
2016
|
|
|
(unaudited)
|
(in
thousands)
|
|
|
|
|
Net income on a GAAP
basis
|
|
$
|
68,259
|
|
$
|
50,562
|
Amortization of
acquired intangibles
|
|
14,434
|
|
16,443
|
Stock-based
compensation expense
|
|
27,436
|
|
24,632
|
Non-qualified
deferred compensation expenses (credits)
|
|
1,269
|
|
(83)
|
Restructuring and
other charges (credits)
|
|
(1,788)
|
|
14,586
|
Acquisition and
integration-related costs
|
|
1,357
|
|
804
|
Other income or
expense related to investments and non-qualified deferred
compensation plan assets*
|
|
(1,228)
|
|
(2,617)
|
Income tax effect of
non-GAAP adjustments
|
|
(20,679)
|
|
(18,698)
|
Net income on a
non-GAAP basis
|
|
$
|
89,060
|
|
$
|
85,629
|
|
|
*
|
Includes, as
applicable, equity in losses or income from investments, write-down
of investments, gains or losses on sale of investments and gains or
losses on non-qualified deferred compensation plan assets recorded
in other income or expense.
|
Diluted Net Income
per Share Reconciliation
|
|
Three Months
Ended
|
|
|
April 1,
2017
|
|
April 2,
2016
|
|
|
(unaudited)
|
(in thousands, except
per share data)
|
|
|
|
|
Diluted net income
per share on a GAAP basis
|
|
$
|
0.25
|
|
$
|
0.17
|
Amortization of
acquired intangibles
|
|
0.05
|
|
0.05
|
Stock-based
compensation expense
|
|
0.10
|
|
0.08
|
Non-qualified
deferred compensation expenses (credits)
|
|
—
|
|
—
|
Restructuring and
other charges (credits)
|
|
(0.01)
|
|
0.05
|
Acquisition and
integration-related costs
|
|
—
|
|
—
|
Other income or
expense related to investments and non-qualified deferred
compensation plan assets*
|
|
—
|
|
(0.01)
|
Income tax effect of
non-GAAP adjustments
|
|
(0.07)
|
|
(0.06)
|
Diluted net income
per share on a non-GAAP basis
|
|
$
|
0.32
|
|
$
|
0.28
|
Shares used in
calculation of diluted net income per share — GAAP**
|
|
277,736
|
|
303,434
|
Shares used in
calculation of diluted net income per share — non-GAAP**
|
|
277,736
|
|
303,434
|
|
|
*
|
Includes, as
applicable, equity in losses or income from investments, write-down
of investments, gains or losses on sale of investments and gains or
losses on non-qualified deferred compensation plan assets recorded
in other income or expense.
|
|
|
**
|
Shares used in the
calculation of GAAP net income per share are expected to be the
same as shares used in the calculation of non-GAAP net income per
share, except when the company reports a GAAP net loss and non-GAAP
net income, or GAAP net income and a non-GAAP net loss.
|
Cadence 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.
Prior 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's current expectations on matters
covered unless Cadence publishes a notice stating otherwise.
Beginning June 16, 2017, 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
the company's 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 the company. During the Quiet
Period, Cadence's representatives will not comment on Cadence's
business outlook, financial results or expectations. The
Quiet Period will extend until the day when Cadence's second
quarter 2017 earnings release is published, which is currently
scheduled for July 24, 2017.
For more information, please contact:
Investors and Shareholders
Alan Lindstrom
Cadence Design Systems, Inc.
408-944-7100
investor_relations@cadence.com
Media and Industry Analysts
Craig Cochran
Cadence Design Systems, Inc.
408-944-7039
newsroom@cadence.com
Cadence Design
Systems, Inc.
|
Condensed
Consolidated Balance Sheets
|
April 1, 2017 and
December 31, 2016
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
April 1,
2017
|
|
December 31,
2016
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
544,128
|
|
$
465,232
|
|
Short-term
investments
|
3,479
|
|
3,057
|
|
Receivables,
net
|
180,571
|
|
157,171
|
|
Inventories
|
30,734
|
|
39,475
|
|
Prepaid expenses and
other
|
41,092
|
|
37,099
|
|
|
Total current
assets
|
800,004
|
|
702,034
|
|
|
|
|
|
|
Property, plant and
equipment, net of accumulated
|
|
|
|
|
depreciation of
$623,185 and $612,961, respectively
|
243,949
|
|
238,607
|
Goodwill
|
574,545
|
|
572,764
|
Acquired intangibles,
net of accumulated amortization of
|
|
|
|
|
$254,949 and
$267,723, respectively
|
244,445
|
|
258,814
|
Long-term
receivables
|
13,127
|
|
12,949
|
Other
assets
|
315,128
|
|
311,740
|
Total
assets
|
$
2,191,198
|
|
$
2,096,908
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Revolving credit
facility
|
$
50,000
|
|
$
50,000
|
|
Accounts payable and
accrued liabilities
|
193,978
|
|
239,496
|
|
Current portion of
deferred revenue
|
331,848
|
|
296,066
|
|
|
Total current
liabilities
|
575,826
|
|
585,562
|
|
|
|
|
|
|
Long-term
liabilities:
|
|
|
|
|
Long-term portion of
deferred revenue
|
66,399
|
|
66,769
|
|
Long-term
debt
|
643,709
|
|
643,493
|
|
Other long-term
liabilities
|
64,672
|
|
59,314
|
|
|
Total long-term
liabilities
|
774,780
|
|
769,576
|
|
|
|
|
|
|
Stockholders'
equity
|
840,592
|
|
741,770
|
Total liabilities and
stockholders' equity
|
$
2,191,198
|
|
$
2,096,908
|
|
|
|
|
|
|
Cadence Design
Systems, Inc.
|
Condensed
Consolidated Income Statements
|
For the Three
Months Ended April 1, 2017 and April 2, 2016
|
(In thousands,
except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
April 1,
2017
|
|
April 2,
2016
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
Product and
maintenance
|
|
$
451,407
|
|
$
411,744
|
|
Services
|
|
|
25,504
|
|
36,118
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
|
|
476,911
|
|
447,862
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
Cost of product and
maintenance
|
43,717
|
|
44,181
|
|
Cost of
services
|
|
|
18,075
|
|
17,873
|
|
Marketing and
sales
|
|
103,347
|
|
99,200
|
|
Research and
development
|
|
198,286
|
|
179,906
|
|
General and
administrative
|
|
31,816
|
|
28,300
|
|
Amortization of
acquired intangibles
|
3,856
|
|
5,780
|
|
Restructuring and
other charges (credits)
|
(1,788)
|
|
14,586
|
|
|
|
|
|
|
|
|
|
|
|
Total costs and
expenses
|
|
397,309
|
|
389,826
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
79,602
|
|
58,036
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
(6,479)
|
|
(5,357)
|
|
Other income,
net
|
|
|
1,059
|
|
4,763
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes
|
74,182
|
|
57,442
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
5,923
|
|
6,880
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
68,259
|
|
$
50,562
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share
- basic
|
|
$
0.25
|
|
$
0.17
|
|
|
|
|
|
|
|
|
|
Net income per share
- diluted
|
|
$
0.25
|
|
$
0.17
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding - basic
|
270,173
|
|
296,615
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding - diluted
|
277,736
|
|
303,434
|
|
|
|
|
|
|
|
|
|
Cadence Design
Systems, Inc.
|
Condensed
Consolidated Statements of Cash Flows
|
For the Three
Months Ended April 1, 2017 and April 2, 2016
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
April
1,
|
|
April
2,
|
|
|
2017
|
|
2016
|
|
|
|
|
|
Cash and cash
equivalents at beginning of period
|
|
$
465,232
|
|
$
616,686
|
Cash flows from
operating activities:
|
|
|
|
|
Net
income
|
|
68,259
|
|
50,562
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
Depreciation and
amortization
|
|
28,894
|
|
31,231
|
Amortization of debt
discount and fees
|
|
350
|
|
255
|
Stock-based
compensation
|
|
27,436
|
|
24,632
|
Gain on investments,
net
|
|
(1,228)
|
|
(2,617)
|
Deferred income
taxes
|
|
1,990
|
|
1,623
|
Other non-cash
items
|
|
1,359
|
|
209
|
Changes in operating
assets and liabilities, net of effect of acquired
businesses:
|
|
|
|
|
Receivables
|
|
(22,475)
|
|
11,618
|
Inventories
|
|
6,000
|
|
(3,714)
|
Prepaid expenses and other
|
|
(3,777)
|
|
(10,132)
|
Other assets
|
|
(3,657)
|
|
(3,595)
|
Accounts payable and accrued liabilities
|
|
(46,159)
|
|
(42,557)
|
Deferred revenue
|
|
34,325
|
|
30,710
|
Other long-term liabilities
|
|
1,113
|
|
(5,034)
|
Net cash provided by operating activities
|
|
92,430
|
|
83,191
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
Purchases of
available-for-sale securities
|
|
-
|
|
(20,525)
|
Proceeds from
the sale of available-for-sale securities
|
|
107
|
|
1,000
|
Proceeds from
the maturity of available-for-sale securities
|
|
-
|
|
19,000
|
Proceeds from
the sale of long-term investments
|
|
-
|
|
2,583
|
Purchases of
property, plant and equipment
|
|
(14,843)
|
|
(12,116)
|
Cash paid in
business combinations and asset acquisitions, net of cash
acquired
|
|
-
|
|
(3,853)
|
Net cash used for investing activities
|
|
(14,736)
|
|
(13,911)
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
Proceeds from
term loan
|
|
-
|
|
300,000
|
Proceeds from
revolving credit facility
|
|
50,000
|
|
50,000
|
Payment on
revolving credit facility
|
|
(50,000)
|
|
-
|
Payment of
debt issuance costs
|
|
(793)
|
|
(542)
|
Proceeds from
issuance of common stock
|
|
22,715
|
|
24,200
|
Stock received
for payment of employee taxes on vesting of restricted
stock
|
|
(22,470)
|
|
(15,225)
|
Payments for
repurchases of common stock
|
|
-
|
|
(240,000)
|
Net cash provided by (used for) financing activities
|
|
(548)
|
|
118,433
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
1,750
|
|
6,001
|
|
|
|
|
|
Increase in cash and
cash equivalents
|
|
78,896
|
|
193,714
|
|
|
|
|
|
Cash and cash
equivalents at end of period
|
|
$
544,128
|
|
$
810,400
|
|
|
|
|
|
Cadence Design
Systems, Inc.
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue Mix by
Geography (% of Total Revenue)
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
2017
|
GEOGRAPHY
|
|
Q1
|
Q2
|
Q3
|
Q4
|
Year
|
|
Q1
|
|
|
|
|
|
|
|
|
|
Americas
|
|
49%
|
47%
|
46%
|
48%
|
48%
|
|
45%
|
Asia
|
|
22%
|
24%
|
27%
|
25%
|
24%
|
|
26%
|
Europe, Middle
East and Africa
|
|
19%
|
20%
|
19%
|
19%
|
19%
|
|
20%
|
Japan
|
|
10%
|
9%
|
8%
|
8%
|
9%
|
|
9%
|
Total
|
|
100%
|
100%
|
100%
|
100%
|
100%
|
|
100%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue Mix by
Product Group (% of Total Revenue)
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
2017
|
PRODUCT
GROUP
|
|
Q1
|
Q2
|
Q3
|
Q4
|
Year
|
|
Q1
|
|
|
|
|
|
|
|
|
|
Functional
Verification, including Emulation and Prototyping
Hardware
|
|
26%
|
27%
|
24%
|
25%
|
25%
|
|
23%
|
Digital IC
Design and Signoff
|
|
30%
|
27%
|
28%
|
30%
|
29%
|
|
29%
|
Custom IC
Design
|
|
25%
|
26%
|
27%
|
25%
|
25%
|
|
26%
|
System
Interconnect and Analysis
|
|
9%
|
10%
|
10%
|
9%
|
10%
|
|
10%
|
IP
|
|
10%
|
10%
|
11%
|
11%
|
11%
|
|
12%
|
Total
|
|
100%
|
100%
|
100%
|
100%
|
100%
|
|
100%
|
|
|
|
|
|
|
|
|
|
Cadence Design
Systems, Inc.
|
As of April 24,
2017
|
Impact of Non-GAAP
Adjustments on Forward Looking Diluted Net Income Per
Share
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ending
|
|
Year
Ending
|
|
|
July 1,
2017
|
|
December 30,
2017
|
|
|
Forecast
|
|
Forecast
|
|
|
|
|
|
Diluted net income
per share on a GAAP basis
|
$0.20 to
$0.22
|
|
$0.93 to
$1.03
|
|
|
|
|
|
|
Amortization of
acquired intangibles
|
0.05
|
|
0.20
|
|
Stock-based
compensation expense
|
0.11
|
|
0.46
|
|
Non-qualified
deferred compensation expenses
|
-
|
|
-
|
|
Restructuring and
other charges (credits)
|
-
|
|
(0.01)
|
|
Acquisition and
integration-related costs
|
-
|
|
0.01
|
|
Other income or
expense related to investments and non-qualified
|
|
|
|
|
deferred compensation plan assets*
|
-
|
|
-
|
|
Income tax effect of
non-GAAP adjustments
|
(0.05)
|
|
(0.27)
|
|
|
|
|
|
Diluted net income
per share on a non-GAAP basis†
|
$0.31 to
$0.33
|
|
$1.32 to
$1.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cadence Design
Systems, Inc.
|
As of April 24,
2017
|
Impact of Non-GAAP
Adjustments on Forward Looking Net Income
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ending
|
|
Year
Ending
|
|
|
July 1,
2017
|
|
December 30,
2017
|
($ in
millions)
|
Forecast
|
|
Forecast
|
|
|
|
|
|
Net income on a GAAP
basis
|
$56 to
$62
|
|
$259 to
$287
|
|
|
|
|
|
|
Amortization of
acquired intangibles
|
14
|
|
56
|
|
Stock-based
compensation expense
|
31
|
|
128
|
|
Non-qualified
deferred compensation expenses
|
-
|
|
1
|
|
Restructuring and
other charges (credits)
|
-
|
|
(2)
|
|
Acquisition and
integration-related costs
|
1
|
|
3
|
|
Other income or
expense related to investments and non-qualified
|
|
|
|
|
deferred compensation plan assets*
|
-
|
|
(1)
|
|
Income tax effect of
non-GAAP adjustments
|
(15)
|
|
(76)
|
|
|
|
|
|
Net income on a
non-GAAP basis†
|
$87 to
$93
|
|
$368 to
$396
|
|
|
|
|
|
|
|
|
|
|
|
†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.
|
|
|
|
* Includes, as
applicable, equity in losses or income from investments, write-down
of investments, gains or losses on sale of investments and
gains or losses on non-qualified deferred compensation plan assets
recorded in other income or expense.
|
|
|
|
|
|
SOURCE CDNS-IR
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/cadence-reports-first-quarter-2017-financial-results-300444466.html
SOURCE Cadence Design Systems, Inc.