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Cadence Reports First Quarter 2019 Financial Results

Nachrichtenquelle: Business Wire (engl.)
22.04.2019, 22:05  |  277   |   |   

Cadence Design Systems, Inc. (NASDAQ: CDNS) today announced results for the first quarter of 2019.

Cadence reported first quarter 2019 revenue of $577 million, compared to revenue of $517 million reported for the same period in 2018. On a GAAP basis, Cadence achieved operating margin of 22 percent and recognized net income of $121 million, or $0.43 per share on a diluted basis, in the first quarter of 2019, compared to operating margin of 17 percent and net income of $73 million, or $0.26 per share on a diluted basis, for the same period in 2018.

Using the non-GAAP measure defined below, operating margin for the first quarter of 2019 was 32 percent and net income was $152 million, or $0.54 per share on a diluted basis, compared to operating margin of 28 percent and net income of $113 million, or $0.40 per share on a diluted basis, for the same period in 2018.

“Cadence achieved excellent operating results for the first quarter delivering 11 percent revenue growth and 32 percent non-GAAP operating margin. Our business is mission critical to silicon development, which is the cornerstone of all design activity,” said Lip-Bu Tan, chief executive officer. “We announced Clarity 3D Solver, our first product in the System Analysis space, as we introduced the next phase of our System Design Enablement strategy to provide more capabilities and value to customers and expand our TAM.”

“I’m pleased with our financial discipline and continued broad-based growth,” said John Wall, senior vice president and chief financial officer. “We are raising our outlook for the year as technology trends like AI and 5G continue to drive strong design activity across all lines of our business.”

CFO Commentary

Commentary on the first quarter 2019 financial results by John Wall, senior vice president and chief financial officer, is available at www.cadence.com/cadence/investor_relations.

Business Outlook

For the second quarter of 2019, the company expects total revenue in the range of $575 million to $585 million. Second quarter GAAP operating margin is expected to be in the range of 21 percent to 22 percent and GAAP net income per diluted share is expected to be in the range of $0.34 to $0.36. Using the non-GAAP measure defined below, operating margin is expected to be in the range of 31 percent to 32 percent and net income per diluted share is expected to be in the range of $0.52 to $0.54.

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