SAN JOSE, Calif., July 24, 2017 /PRNewswire/ -- Cadence Design
Systems, Inc. (NASDAQ: CDNS) today announced results for the second
quarter 2017.
Cadence reported second quarter 2017 revenue of $479 million, compared to revenue of $453 million reported for the same period in
2016. On a GAAP basis, Cadence recognized net income of
$69 million, or $0.25 per share on a diluted basis, in the second
quarter of 2017, compared to net income of $49 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
second quarter of 2017 was $94
million, or $0.34 per share on
a diluted basis, as compared to net income of $86 million, or $0.29 per share on a diluted basis, for the same
period in 2016.
"Customer adoption of our innovative product portfolio enabled
Cadence's strong second quarter results, driven by robust software
and IP growth," said Lip-Bu Tan, president and chief executive
officer.
"Our excellent financial results for the second quarter were
highlighted with revenue near the high end of our guidance range
and operating margin, EPS and operating cash flow all exceeding
expectations," said Geoff Ribar,
senior vice president and chief financial officer, and added, "We
are increasing our outlook for the fiscal year and expect to
repurchase shares in the third quarter under our existing
authorization."
CFO Commentary
Commentary on the second 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 third quarter of 2017, the company expects total revenue
in the range of $475 million to $485
million. Third quarter GAAP net income per diluted
share is expected to be in the range of $0.24 to $0.26. Net income per diluted
share using the non-GAAP measure defined below is expected to be in
the range of $0.33 to $0.35.
For 2017, the company expects total revenue in the range of
$1.910 billion to $1.950
billion. On a GAAP basis, net income per diluted share
for 2017 is expected to be in the range of $0.98 to $1.04. Using the non-GAAP measure
defined below, net income per diluted share for 2017 is expected to
be in the range of $1.36 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, Geoff Ribar,
senior vice president and chief financial officer, and John Wall, corporate vice president, finance and
corporate controller, will host a second quarter 2017 financial
results audio webcast today, July 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 July 24, 2017 at
5 p.m. (Pacific) and ending
September 15, 2017 at 5 p.m. (Pacific). Webcast access is
available at www.cadence.com/cadence/investor_relations.
About Cadence
Cadence enables electronic systems and semiconductor companies
to create the innovative end products that are transforming the way
people live, work and play. Cadence® software,
hardware and semiconductor IP are used by customers to deliver
products to market faster. The company's System Design
Enablement strategy helps customers develop differentiated
products-from chips to boards to systems-in mobile, consumer, cloud
datacenter, automotive, aerospace, IoT, industrial and other market
segments. Cadence is listed as one of Fortune Magazine's 100 Best
Companies to Work For. Learn more at cadence.com.
Cadence and the Cadence logo 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 second
quarter 2017 financial results and expectation to repurchase shares
of its common stock, 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. In
addition, the actual timing and amount of Cadence's repurchase of
its common stock under the existing authorization will be
subject to business and market conditions, corporate and regulatory
requirements, acquisition opportunities and other factors.
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
|
|
|
July 1,
2017
|
|
July 2,
2016
|
|
|
(unaudited)
|
(in
thousands)
|
|
|
|
|
Net income on a GAAP
basis
|
|
$
|
69,127
|
|
$
|
49,335
|
Amortization of
acquired intangibles
|
|
14,704
|
|
15,083
|
Stock-based
compensation expense
|
|
30,482
|
|
25,356
|
Non-qualified
deferred compensation expenses
|
|
756
|
|
359
|
Restructuring and
other charges (credits)
|
|
(929)
|
|
(74)
|
Acquisition and
integration-related costs
|
|
651
|
|
7,190
|
Other income or
expense related to investments and non-qualified deferred
compensation plan assets*
|
|
(855)
|
|
(594)
|
Income tax effect of
non-GAAP adjustments
|
|
(19,861)
|
|
(11,053)
|
Net income on a
non-GAAP basis
|
|
$
|
94,075
|
|
$
|
85,602
|
|
|
*
|
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
|
|
|
July 1,
2017
|
|
July 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
|
|
0.11
|
|
0.09
|
Non-qualified
deferred compensation expenses
|
|
—
|
|
—
|
Restructuring and
other charges (credits)
|
|
—
|
|
—
|
Acquisition and
integration-related costs
|
|
—
|
|
0.02
|
Other income or
expense related to investments and non-qualified deferred
compensation plan assets*
|
|
—
|
|
—
|
Income tax effect of
non-GAAP adjustments
|
|
(0.07)
|
|
(0.04)
|
Diluted net income
per share on a non-GAAP basis
|
|
$
|
0.34
|
|
$
|
0.29
|
Shares used in
calculation of diluted net income per share — GAAP**
|
|
279,526
|
|
295,201
|
Shares used in
calculation of diluted net income per share — non-GAAP**
|
|
279,526
|
|
295,201
|
|
|
*
|
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 September 15, 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 third quarter 2017 earnings release is published, which
is currently scheduled for Thursday, October
26, 2017.
For more information, please contact:
Cadence Investor Relations
408-944-7100
investor_relations@cadence.com
Cadence Newsroom
408-944-7039
newsroom@cadence.com
Cadence Design
Systems, Inc.
|
Condensed
Consolidated Balance Sheets
|
July 1, 2017 and
December 31, 2016
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
July 1,
2017
|
|
December 31,
2016
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
655,998
|
|
$
465,232
|
|
Short-term
investments
|
3,229
|
|
3,057
|
|
Receivables,
net
|
153,154
|
|
157,171
|
|
Inventories
|
31,894
|
|
39,475
|
|
Prepaid expenses and
other
|
39,175
|
|
37,099
|
|
|
Total current
assets
|
883,450
|
|
702,034
|
|
|
|
|
|
|
Property, plant and
equipment, net of accumulated
|
|
|
|
|
depreciation of
$634,418 and $612,961, respectively
|
249,140
|
|
238,607
|
Goodwill
|
575,025
|
|
572,764
|
Acquired intangibles,
net of accumulated amortization of
|
|
|
|
|
$269,859 and
$267,723, respectively
|
229,783
|
|
258,814
|
Long-term
receivables
|
13,340
|
|
12,949
|
Other
assets
|
316,961
|
|
311,740
|
Total
assets
|
$
2,267,699
|
|
$
2,096,908
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Revolving credit
facility
|
$
-
|
|
$
50,000
|
|
Accounts payable and
accrued liabilities
|
222,216
|
|
239,496
|
|
Current portion of
deferred revenue
|
322,509
|
|
296,066
|
|
|
Total current
liabilities
|
544,725
|
|
585,562
|
|
|
|
|
|
|
Long-term
liabilities:
|
|
|
|
|
Long-term portion of
deferred revenue
|
60,158
|
|
66,769
|
|
Long-term
debt
|
643,927
|
|
643,493
|
|
Other long-term
liabilities
|
67,096
|
|
59,314
|
|
|
Total long-term
liabilities
|
771,181
|
|
769,576
|
|
|
|
|
|
|
Stockholders'
equity
|
951,793
|
|
741,770
|
Total liabilities and
stockholders' equity
|
$
2,267,699
|
|
$
2,096,908
|
Cadence Design
Systems, Inc.
|
Condensed
Consolidated Income Statements
|
For the Three and
Six Months Ended July 1, 2017 and July 2, 2016
|
(In thousands,
except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
July 1,
2017
|
|
July 2,
2016
|
|
July 1,
2017
|
|
July 2,
2016
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
Product and
maintenance
|
$
443,847
|
|
$
419,963
|
|
$
895,254
|
|
$
831,707
|
|
Services
|
35,154
|
|
33,058
|
|
60,658
|
|
69,176
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
479,001
|
|
453,021
|
|
955,912
|
|
900,883
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
Cost of product and
maintenance
|
38,829
|
|
42,960
|
|
82,546
|
|
87,141
|
|
Cost of
services
|
22,003
|
|
18,823
|
|
40,078
|
|
36,696
|
|
Marketing and
sales
|
103,897
|
|
101,110
|
|
207,244
|
|
200,310
|
|
Research and
development
|
195,901
|
|
182,371
|
|
394,187
|
|
362,277
|
|
General and
administrative
|
32,774
|
|
36,388
|
|
64,590
|
|
64,688
|
|
Amortization of
acquired intangibles
|
3,836
|
|
4,537
|
|
7,692
|
|
10,317
|
|
Restructuring and
other charges (credits)
|
(929)
|
|
(74)
|
|
(2,717)
|
|
14,512
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total costs and
expenses
|
396,311
|
|
386,115
|
|
793,620
|
|
775,941
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
82,690
|
|
66,906
|
|
162,292
|
|
124,942
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
(6,248)
|
|
(5,896)
|
|
(12,727)
|
|
(11,253)
|
|
Other income,
net
|
924
|
|
2,842
|
|
1,983
|
|
7,605
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes
|
77,366
|
|
63,852
|
|
151,548
|
|
121,294
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
8,239
|
|
14,517
|
|
14,162
|
|
21,397
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
$
69,127
|
|
$
49,335
|
|
$
137,386
|
|
$
99,897
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share
- basic
|
$
0.25
|
|
$
0.17
|
|
$
0.51
|
|
$
0.34
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share
- diluted
|
$
0.25
|
|
$
0.17
|
|
$
0.49
|
|
$
0.33
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding - basic
|
271,887
|
|
288,191
|
|
271,030
|
|
292,403
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding - diluted
|
279,526
|
|
295,201
|
|
278,631
|
|
299,318
|
Cadence Design
Systems, Inc.
|
Condensed
Consolidated Statements of Cash Flows
|
For the Six Months
Ended July 1, 2017 and July 2, 2016
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
Six Months
Ended
|
|
July
1,
|
|
July,
2
|
|
2017
|
|
2016
|
|
|
|
|
Cash and cash
equivalents at beginning of period
|
$ 465,232
|
|
$ 616,686
|
Cash flows from
operating activities:
|
|
|
|
Net
income
|
137,386
|
|
99,897
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
Depreciation and
amortization
|
58,304
|
|
62,759
|
Amortization of debt
discount and fees
|
633
|
|
527
|
Stock-based
compensation
|
57,918
|
|
49,988
|
Gain on investments,
net
|
(2,083)
|
|
(3,265)
|
Deferred income
taxes
|
4,813
|
|
10,252
|
Other non-cash
items
|
2,157
|
|
750
|
Changes in operating
assets and liabilities, net of effect of acquired
businesses:
|
|
|
|
Receivables
|
6,342
|
|
(3,532)
|
Inventories
|
2,535
|
|
(10,296)
|
Prepaid expenses and other
|
(1,557)
|
|
(8,690)
|
Other assets
|
(8,790)
|
|
(8,709)
|
Accounts payable and accrued liabilities
|
(21,995)
|
|
(14,012)
|
Deferred revenue
|
18,733
|
|
(7,412)
|
Other long-term liabilities
|
174
|
|
(4,700)
|
Net cash provided by operating activities
|
254,570
|
|
163,557
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
Purchases of
available-for-sale securities
|
-
|
|
(20,525)
|
Proceeds from
the sale of available-for-sale securities
|
189
|
|
55,168
|
Proceeds from
the maturity of available-for-sale securities
|
-
|
|
26,115
|
Proceeds from
the sale of long-term investments
|
-
|
|
2,583
|
Purchases of
property, plant and equipment
|
(27,488)
|
|
(28,287)
|
Cash paid in
business combinations and asset acquisitions, net of cash
acquired
|
-
|
|
(41,627)
|
Net cash used for investing activities
|
(27,299)
|
|
(6,573)
|
|
|
|
|
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
|
(100,000)
|
|
-
|
Payment of
debt issuance costs
|
(793)
|
|
(622)
|
Proceeds from
issuance of common stock
|
29,967
|
|
36,296
|
Stock received
for payment of employee taxes on vesting of restricted
stock
|
(25,819)
|
|
(17,490)
|
Payments for
repurchases of common stock
|
-
|
|
(480,100)
|
Net cash used for financing activities
|
(46,645)
|
|
(111,916)
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
10,140
|
|
7,819
|
|
|
|
|
Increase in cash and
cash equivalents
|
190,766
|
|
52,887
|
|
|
|
|
Cash and cash
equivalents at end of period
|
$ 655,998
|
|
$ 669,573
|
Cadence Design
Systems, Inc.
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue Mix by
Geography (% of Total Revenue)
|
|
|
|
|
|
|
|
|
|
2016
|
|
2017
|
GEOGRAPHY
|
Q1
|
Q2
|
Q3
|
Q4
|
Year
|
|
Q1
|
Q2
|
|
|
|
|
|
|
|
|
|
Americas
|
49%
|
47%
|
46%
|
48%
|
48%
|
|
45%
|
45%
|
Asia
|
22%
|
24%
|
27%
|
25%
|
24%
|
|
26%
|
28%
|
Europe, Middle
East and Africa
|
19%
|
20%
|
19%
|
19%
|
19%
|
|
20%
|
19%
|
Japan
|
10%
|
9%
|
8%
|
8%
|
9%
|
|
9%
|
8%
|
Total
|
100%
|
100%
|
100%
|
100%
|
100%
|
|
100%
|
100%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue Mix by
Product Group (% of Total Revenue)
|
|
|
|
|
|
|
|
|
|
2016
|
|
2017
|
PRODUCT
GROUP
|
Q1
|
Q2
|
Q3
|
Q4
|
Year
|
|
Q1
|
Q2
|
|
|
|
|
|
|
|
|
|
Functional
Verification, including Emulation and Prototyping
Hardware
|
26%
|
27%
|
24%
|
25%
|
25%
|
|
23%
|
23%
|
Digital IC
Design and Signoff
|
30%
|
27%
|
28%
|
30%
|
29%
|
|
29%
|
30%
|
Custom IC
Design
|
25%
|
26%
|
27%
|
25%
|
25%
|
|
26%
|
26%
|
System
Interconnect and Analysis
|
9%
|
10%
|
10%
|
9%
|
10%
|
|
10%
|
10%
|
IP
|
10%
|
10%
|
11%
|
11%
|
11%
|
|
12%
|
11%
|
Total
|
100%
|
100%
|
100%
|
100%
|
100%
|
|
100%
|
100%
|
Cadence Design
Systems, Inc.
|
As of July 24,
2017
|
Impact of Non-GAAP
Adjustments on Forward Looking Diluted Net Income Per
Share
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ending
|
|
Year
Ending
|
|
|
September 30,
2017
|
|
December 30,
2017
|
|
|
Forecast
|
|
Forecast
|
|
|
|
|
|
Diluted net income
per share on a GAAP basis
|
$0.24 to
$0.26
|
|
$0.98 to
$1.04
|
|
|
|
|
|
|
Amortization of
acquired intangibles
|
0.05
|
|
0.20
|
|
Stock-based
compensation expense
|
0.12
|
|
0.46
|
|
Non-qualified
deferred compensation expenses
|
-
|
|
0.01
|
|
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*
|
-
|
|
(0.01)
|
|
Income tax effect of
non-GAAP adjustments
|
(0.08)
|
|
(0.28)
|
|
|
|
|
|
Diluted net income
per share on a non-GAAP basis†
|
$0.33 to
$0.35
|
|
$1.36 to
$1.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cadence Design
Systems, Inc.
|
As of July 24,
2017
|
Impact of Non-GAAP
Adjustments on Forward Looking Net Income
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ending
|
|
Year
Ending
|
|
|
September 30,
2017
|
|
December 30,
2017
|
($ in
millions)
|
Forecast
|
|
Forecast
|
|
|
|
|
|
Net income on a GAAP
basis
|
$66 to
$72
|
|
$274 to
$291
|
|
|
|
|
|
|
Amortization of
acquired intangibles
|
14
|
|
56
|
|
Stock-based
compensation expense
|
34
|
|
129
|
|
Non-qualified
deferred compensation expenses
|
-
|
|
2
|
|
Restructuring and
other charges (credits)
|
-
|
|
(3)
|
|
Acquisition and
integration-related costs
|
1
|
|
3
|
|
Other income or
expense related to investments and non-qualified
|
|
|
|
|
deferred compensation plan assets*
|
-
|
|
(2)
|
|
Income tax effect of
non-GAAP adjustments
|
(23)
|
|
(79)
|
|
|
|
|
|
Net income on a
non-GAAP basis†
|
$92 to
$98
|
|
$380 to
$397
|
|
†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
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SOURCE Cadence Design Systems, Inc.