Exceeded Q1 Guidance for All Key Metrics
Q1 Revenue Up 23% & Non-GAAP EPS Up 34% YoY
Raising 2025 Revenue and EPS Outlook
SAN JOSE, Calif., April 28, 2025 --( BUSINESS WIRE )--Cadence (Nasdaq: CDNS) today announced results for the first quarter of 2025.
First Quarter 2025 Financial Results
"Cadence delivered excellent results for the first quarter of 2025 with robust ongoing customer demand for our innovative technologies driving 23% revenue growth and 34% non-GAAP EPS growth year-over-year," said Anirudh Devgan, president and chief executive officer. "We haven't seen any change in customers' behavior at this time, as they continue investing in R&D for their next-gen designs. Our resilient software business model, strong backlog, and AI-driven product innovations, position us well in navigating today's dynamic macro environment."
"Q1 was a strong quarter for Cadence, driven by broad-based strength across all our businesses," said John Wall, senior vice president and chief financial officer. "I am pleased that we exceeded all key financial metrics for the quarter, and we are tracking ahead of our original forecast for 2025, allowing us to raise our full year outlook."
CFO Commentary
Commentary on the first quarter of 2025 financial results by John Wall, senior vice president and chief financial officer, is available at www.cadence.com/cadence/investor_relations .
Business Outlook
For fiscal year 2025, the company expects:
The 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’s geographic earnings mix, or other changes to the company’s 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.
Reconciliations 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.
Business Highlights
Audio Webcast Scheduled
Anirudh Devgan, president and chief executive officer, and John Wall, senior vice president and chief financial officer, will host the first quarter 2025 financial results audio webcast today, April 28, 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 April 28, 2025 at 5 p.m. (Pacific) and ending June 16, 2025 at 5 p.m. (Pacific). Webcast access is available at www.cadence.com/cadence/investor_relations .
About Cadence
Cadence is a market leader in AI and digital twins, pioneering the application of computational software to accelerate innovation in the engineering design of silicon to systems. Our design solutions, based on Cadence’s Intelligent System Design™ strategy, are essential for the world’s leading semiconductor and systems companies to build their next-generation products from chips to full electromechanical systems that serve a wide range of markets, including hyperscale computing, mobile communications, automotive, aerospace, industrial, life sciences and robotics. In 2024, Cadence was recognized by the Wall Street Journal as one of the world’s top 100 best-managed companies. Cadence solutions offer limitless opportunities—learn more at www.cadence.com .
© 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 are trademarks or registered trademarks of Cadence Design Systems, Inc. All other trademarks are the property of their respective owners.
This press release contains forward-looking statements, including Cadence's outlook on future operating results, financial condition, strategic objectives, business model and prospects, technology and product developments, backlog, industry trends, market growth, pending transactions and other statements using words such as "anticipates," "believes," "expects," "intends," "plans," "will," 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’s 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’s 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’s 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’s products or services; (iv) changes in customer demands or supply constraints that could result in delays in purchases, development, installations or deliveries of Cadence’s products or services, including those resulting from consolidation, restructurings and other operational efficiency improvements of Cadence’s 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’s increased debt levels and obligations and Cadence’s ability to access capital and debt markets in the future; (vii) legislative or regulatory requirements; (viii) Cadence’s pending acquisitions of Secure-IC and Arm's Artisan foundation IP business, each of which remains subject to certain closing conditions including receipt of regulatory approvals, the 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’s ability to successfully meet any environmental, social and governance targets and practices. In addition, the timing and amount of Cadence’s repurchases of its common stock are subject to business and market conditions, corporate and regulatory requirements, stock price, 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, including its most recent report on Form 10-K, subsequent reports on Form 10-Q and future filings.
All 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.
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 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.
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, income or expenses related to investments, divestitures and 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 management uses non-GAAP net income because it excludes items that are generally not directly related to the performance of Cadence’s 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.
The 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:
|
Operating Margin Reconciliation |
|
Three Months Ended |
||||
|
|
|
March 31, 2025 |
|
March 31, 2024 |
||
|
|
|
(unaudited) |
||||
|
GAAP operating margin as a percent of total revenue |
|
29.1 |
% |
|
24.8 |
% |
|
Reconciling items to non-GAAP operating margin as a percent of total revenue: |
|
|
|
|
||
|
Stock-based compensation expense |
|
8.7 |
% |
|
8.7 |
% |
|
Amortization of acquired intangibles |
|
2.0 |
% |
|
1.7 |
% |
|
Acquisition and integration-related costs |
|
1.8 |
% |
|
2.2 |
% |
|
Restructuring |
|
0.0 |
% |
|
0.0 |
% |
|
Non-qualified deferred compensation expenses (credits) |
|
(0.1 |
)% |
|
0.4 |
% |
|
Special charges |
|
0.2 |
% |
|
0.0 |
% |
|
Non-GAAP operating margin as a percent of total revenue |
|
41.7 |
% |
|
37.8 |
% |
|
|
||||||||
|
Net Income Reconciliation |
|
Three Months Ended |
||||||
|
|
|
March 31, 2025 |
|
March 31, 2024 |
||||
|
(in thousands) |
|
(unaudited) |
||||||
|
Net income on a GAAP basis |
|
$ |
273,579 |
|
|
$ |
247,643 |
|
|
Stock-based compensation expense |
|
|
107,613 |
|
|
|
88,129 |
|
|
Amortization of acquired intangibles |
|
|
25,416 |
|
|
|
16,755 |
|
|
Acquisition and integration-related costs |
|
|
23,105 |
|
|
|
22,086 |
|
|
Restructuring |
|
|
(109 |
) |
|
|
280 |
|
|
Non-qualified deferred compensation expenses (credits) |
|
|
(1,573 |
) |
|
|
4,588 |
|
|
Special charges |
|
|
1,988 |
|
|
|
— |
|
|
Other income or expense related to investments, divestitures and non-qualified deferred compensation plan assets |
|
|
3,332 |
|
|
|
(59,986 |
) |
|
Income tax effect of non-GAAP adjustments |
|
|
(2,939 |
) |
|
|
(613 |
) |
|
Net income on a non-GAAP basis |
|
$ |
430,412 |
|
|
$ |
318,882 |
|
|
|
||||||||
|
Diluted Net Income Per Share Reconciliation |
|
Three Months Ended |
||||||
|
|
|
March 31, 2025 |
|
March 31, 2024 |
||||
|
(in thousands, except per share data) |
|
(unaudited) |
||||||
|
Diluted net income per share on a GAAP basis |
|
$ |
1.00 |
|
|
$ |
0.91 |
|
|
Stock-based compensation expense |
|
|
0.39 |
|
|
|
0.32 |
|
|
Amortization of acquired intangibles |
|
|
0.09 |
|
|
|
0.06 |
|
|
Acquisition and integration-related costs |
|
|
0.09 |
|
|
|
0.08 |
|
|
Restructuring |
|
|
— |
|
|
|
— |
|
|
Non-qualified deferred compensation expenses (credits) |
|
|
(0.01 |
) |
|
|
0.02 |
|
|
Special charges |
|
|
0.01 |
|
|
|
— |
|
|
Other income or expense related to investments, divestitures and non-qualified deferred compensation plan assets |
|
|
0.01 |
|
|
|
(0.22 |
) |
|
Income tax effect of non-GAAP adjustments |
|
|
(0.01 |
) |
|
|
— |
|
|
Diluted net income per share on a non-GAAP basis |
|
$ |
1.57 |
|
|
$ |
1.17 |
|
|
Shares used in calculation of diluted net income per share |
|
|
273,631 |
|
|
|
273,544 |
|
|
Cadence Design Systems, Inc. |
||||||
|
Condensed Consolidated Balance Sheets |
||||||
|
March 31, 2025 and December 31, 2024 |
||||||
|
(In thousands) |
||||||
|
(Unaudited) |
||||||
|
|
|
|
|
|
||
|
|
|
March 31, 2025 |
|
December 31, 2024 |
||
|
|
||||||
|
Current assets: |
||||||
|
Cash and cash equivalents |
$ |
2,777,674 |
$ |
2,644,030 |
||
|
Receivables, net |
|
580,887 |
|
680,460 |
||
|
Inventories |
|
225,621 |
|
257,711 |
||
|
Prepaid expenses and other |
|
413,905 |
|
433,878 |
||
|
Total current assets |
|
3,998,087 |
|
4,016,079 |
||
|
|
||||||
|
Property, plant and equipment, net |
|
466,322 |
|
458,200 |
||
|
Goodwill |
|
2,419,717 |
|
2,378,671 |
||
|
Acquired intangibles, net |
|
584,228 |
|
594,734 |
||
|
Deferred taxes |
|
986,191 |
|
982,057 |
||
|
Other assets |
|
558,941 |
|
544,741 |
||
|
Total assets |
$ |
9,013,486 |
$ |
8,974,482 |
||
|
|
||||||
|
Current liabilities: |
||||||
|
Accounts payable and accrued liabilities |
$ |
570,197 |
$ |
632,692 |
||
|
Current portion of deferred revenue |
|
730,570 |
|
737,413 |
||
|
Total current liabilities |
|
1,300,767 |
|
1,370,105 |
||
|
|
||||||
|
Long-term liabilities: |
||||||
|
Long-term portion of deferred revenue |
|
110,702 |
|
115,168 |
||
|
Long-term debt |
|
2,477,159 |
|
2,476,183 |
||
|
Other long-term liabilities |
|
348,601 |
|
339,448 |
||
|
Total long-term liabilities |
|
2,936,462 |
|
2,930,799 |
||
|
|
||||||
|
Stockholders' equity |
|
4,776,257 |
|
4,673,578 |
||
|
Total liabilities and stockholders' equity |
$ |
9,013,486 |
$ |
8,974,482 |
||
|
|
||||||||
|
Cadence Design Systems, Inc. |
||||||||
|
Condensed Consolidated Income Statements |
||||||||
|
For the Three Months Ended March 31, 2025 and March 31, 2024 |
||||||||
|
(In thousands, except per share amounts) |
||||||||
|
(Unaudited) |
||||||||
|
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
|
|
Three Months Ended |
||||||
|
|
|
March 31, 2025 |
|
March 31, 2024 |
||||
|
|
||||||||
|
Revenue: |
||||||||
|
Product and maintenance |
$ |
1,110,850 |
|
$ |
913,385 |
|
||
|
Services |
|
131,516 |
|
|
95,718 |
|
||
|
|
||||||||
|
Total revenue |
|
1,242,366 |
|
|
1,009,103 |
|
||
|
|
||||||||
|
Costs and expenses: |
||||||||
|
Cost of product and maintenance |
|
116,672 |
|
|
75,395 |
|
||
|
Cost of services |
|
50,461 |
|
|
49,802 |
|
||
|
Marketing and sales |
|
202,700 |
|
|
180,589 |
|
||
|
Research and development |
|
439,102 |
|
|
378,958 |
|
||
|
General and administrative |
|
63,098 |
|
|
68,716 |
|
||
|
Amortization of acquired intangibles |
|
8,922 |
|
|
5,407 |
|
||
|
Restructuring |
|
(109 |
) |
|
280 |
|
||
|
|
||||||||
|
Total costs and expenses |
|
880,846 |
|
|
759,147 |
|
||
|
|
||||||||
|
Income from operations |
|
361,520 |
|
|
249,956 |
|
||
|
|
||||||||
|
Interest expense |
|
(29,118 |
) |
|
(8,692 |
) |
||
|
Other income, net |
|
23,290 |
|
|
68,779 |
|
||
|
|
||||||||
|
Income before provision for income taxes |
|
355,692 |
|
|
310,043 |
|
||
|
|
||||||||
|
Provision for income taxes |
|
82,113 |
|
|
62,400 |
|
||
|
|
||||||||
|
Net income |
$ |
273,579 |
|
$ |
247,643 |
|
||
|
|
||||||||
|
|
||||||||
|
Net income per share - basic |
$ |
1.01 |
|
$ |
0.92 |
|
||
|
|
||||||||
|
Net income per share - diluted |
$ |
1.00 |
|
$ |
0.91 |
|
||
|
|
||||||||
|
Weighted average common shares outstanding - basic |
|
271,973 |
|
|
269,606 |
|
||
|
|
||||||||
|
Weighted average common shares outstanding - diluted |
|
273,631 |
|
|
273,544 |
|
||
|
Cadence Design Systems, Inc. |
||||||||
|
Condensed Consolidated Statements of Cash Flows |
||||||||
|
For the Three Months Ended March 31, 2025 and March 31, 2024 |
||||||||
|
(In thousands) |
||||||||
|
(Unaudited) |
||||||||
|
|
||||||||
|
|
|
|
|
|
||||
|
|
|
Three Months Ended |
||||||
|
|
|
March 31, |
|
March 31, |
||||
|
|
|
|
2025 |
|
|
|
2024 |
|
|
|
||||||||
|
Cash and cash equivalents at beginning of period |
$ |
2,644,030 |
|
$ |
1,008,152 |
|
||
|
Cash flows from operating activities: |
||||||||
|
Net income |
|
273,579 |
|
|
247,643 |
|
||
|
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
|
Depreciation and amortization |
|
52,916 |
|
|
39,556 |
|
||
|
Stock-based compensation |
|
107,613 |
|
|
88,129 |
|
||
|
(Gain) loss on divestitures and investments, net |
|
1,791 |
|
|
(55,394 |
) |
||
|
Deferred income taxes |
|
(1,861 |
) |
|
(1,523 |
) |
||
|
ROU asset amortization and change in operating lease liabilities |
|
(1,446 |
) |
|
(917 |
) |
||
|
Other non-cash items |
|
862 |
|
|
556 |
|
||
|
Changes in operating assets and liabilities, net of effect of acquired businesses: |
||||||||
|
Receivables |
|
102,136 |
|
|
102,991 |
|
||
|
Inventories |
|
15,018 |
|
|
(10,689 |
) |
||
|
Prepaid expenses and other |
|
10,316 |
|
|
(15,073 |
) |
||
|
Other assets |
|
12,237 |
|
|
(7,535 |
) |
||
|
Accounts payable and accrued liabilities |
|
(69,621 |
) |
|
(117,291 |
) |
||
|
Deferred revenue |
|
(14,377 |
) |
|
(23,941 |
) |
||
|
Other long-term liabilities |
|
(2,142 |
) |
|
6,720 |
|
||
|
Net cash provided by operating activities |
|
487,021 |
|
|
253,232 |
|
||
|
|
||||||||
|
Cash flows from investing activities: |
||||||||
|
Purchases of investments |
|
(11,469 |
) |
|
(2,095 |
) |
||
|
Proceeds from the sale and maturity of investments |
|
1,246 |
|
|
43,377 |
|
||
|
Proceeds from the sale of IP and other assets |
|
11,500 |
|
|
- |
|
||
|
Purchases of property, plant and equipment |
|
(23,061 |
) |
|
(49,601 |
) |
||
|
Cash paid in business combinations, net of cash acquired |
|
- |
|
|
(71,450 |
) |
||
|
Net cash used for investing activities |
|
(21,784 |
) |
|
(79,769 |
) |
||
|
|
||||||||
|
Cash flows from financing activities: |
||||||||
|
Proceeds from issuance of common stock |
|
76,789 |
|
|
116,725 |
|
||
|
Stock received for payment of employee taxes on vesting of restricted stock |
|
(72,566 |
) |
|
(151,123 |
) |
||
|
Payments for repurchases of common stock |
|
(350,007 |
) |
|
(125,006 |
) |
||
|
Net cash used for financing activities |
|
(345,784 |
) |
|
(159,404 |
) |
||
|
|
||||||||
|
Effect of exchange rate changes on cash and cash equivalents |
|
14,191 |
|
|
(9,793 |
) |
||
|
|
||||||||
|
Increase in cash and cash equivalents |
|
133,644 |
|
|
4,266 |
|
||
|
|
||||||||
|
Cash and cash equivalents at end of period |
$ |
2,777,674 |
|
$ |
1,012,418 |
|
||
|
Cadence Design Systems, Inc. |
||||||||||||
|
(Unaudited) |
||||||||||||
|
|
||||||||||||
|
Revenue Mix by Geography (% of Total Revenue) |
||||||||||||
|
2024 |
|
2025 |
||||||||||
|
GEOGRAPHY |
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Year |
|
Q1 |
|
|
|
||||||||||||
|
Americas |
46% |
49% |
50% |
49% |
49% |
48% |
||||||
|
China |
12% |
12% |
13% |
13% |
12% |
11% |
||||||
|
Other Asia |
20% |
19% |
17% |
17% |
18% |
19% |
||||||
|
Europe, Middle East and Africa |
17% |
14% |
14% |
15% |
15% |
16% |
||||||
|
Japan |
5% |
6% |
6% |
6% |
6% |
6% |
||||||
|
Total |
100% |
100% |
100% |
100% |
100% |
100% |
||||||
|
|
||||||||||||
|
|
||||||||||||
|
Revenue Mix by Product Category (% of Total Revenue) |
||||||||||||
|
2024 |
|
2025 |
||||||||||
|
PRODUCT CATEGORY |
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Year |
|
Q1 |
|
|
|
||||||||||||
|
Core EDA |
76% |
73% |
70% |
68% |
71% |
71% |
||||||
|
Semiconductor IP |
12% |
13% |
14% |
13% |
13% |
14% |
||||||
|
System Design and Analysis |
12% |
14% |
16% |
19% |
16% |
15% |
||||||
|
Total |
100% |
100% |
100% |
100% |
100% |
100% |
||||||
|
|
||||
|
Cadence Design Systems, Inc. |
||||
|
Impact of Non-GAAP Adjustments on Forward Looking Operating Margin |
||||
|
As of April 28, 2025 |
||||
|
(Unaudited) |
||||
|
|
|
|
||
|
|
Three Months Ending |
Year Ending |
||
|
|
June 30, 2025 |
December 31, 2025 |
||
|
|
Forecast |
Forecast |
||
|
|
||||
|
GAAP operating margin as a percent of total revenue |
27.5% - 28.5% |
30.25% - 31.25% |
||
|
|
|
|||
|
Reconciling items to non-GAAP operating margin as a percent of total revenue: |
|
|
||
|
Stock-based compensation expense |
10% |
9% |
||
|
Amortization of acquired intangibles |
2% |
2% |
||
|
Acquisition and integration-related costs |
2% |
2% |
||
|
|
|
|||
|
Non-GAAP operating margin as a percent of total revenue† |
41.5% - 42.5% |
43.25% - 44.25% |
||
|
† |
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. |
|
Cadence Design Systems, Inc. |
||||
|
Impact of Non-GAAP Adjustments on Forward Looking Diluted Net Income Per Share |
||||
|
As of April 28, 2025 |
||||
|
(Unaudited) |
||||
|
|
|
|
||
|
|
Three Months Ending |
Year Ending |
||
|
|
June 30, 2025 |
December 31, 2025 |
||
|
|
Forecast |
Forecast |
||
|
|
||||
|
Diluted net income per share on a GAAP basis |
$0.89 to $0.95 |
$4.21 to $4.31 |
||
|
|
|
|||
|
Stock-based compensation expense |
0.45 |
1.70 |
||
|
Amortization of acquired intangibles |
0.09 |
0.36 |
||
|
Acquisition and integration-related costs |
0.09 |
0.31 |
||
|
Non-qualified deferred compensation credits |
- |
(0.01) |
||
|
Special charges |
- |
0.01 |
||
|
Other income or expense related to investments, divestitures and non-qualified deferred compensation plan assets |
- |
0.01 |
||
|
Income tax effect of non-GAAP adjustments |
0.03 |
0.14 |
||
|
|
|
|||
|
Diluted net income per share on a non-GAAP basis† |
$1.55 to $1.61 |
$6.73 to $6.83 |
||
|
† |
The non-GAAP measures presented in the table above should not be considered a substitute for financial results and measures determined or calculated in accordance with GAAP. |
||||
|
Cadence Design Systems, Inc. |
||||
|
Impact of Non-GAAP Adjustments on Forward Looking Net Income |
||||
|
As of April 28, 2025 |
||||
|
(Unaudited) |
||||
|
|
||||
|
Three Months Ending |
|
Year Ending |
||
|
June 30, 2025 |
|
December 31, 2025 |
||
|
($ in millions) |
Forecast |
|
Forecast |
|
|
|
|
|
||
|
Net income on a GAAP basis |
$242 to $259 |
|
$1,154 to $1,181 |
|
|
|
|
|
||
|
Stock-based compensation expense |
123 |
|
466 |
|
|
Amortization of acquired intangibles |
25 |
|
98 |
|
|
Acquisition and integration-related costs |
25 |
|
86 |
|
|
Non-qualified deferred compensation credits |
- |
|
(2) |
|
|
Special charges |
- |
|
2 |
|
|
Other income or expense related to investments, divestitures and non-qualified deferred compensation plan assets |
- |
|
3 |
|
|
Income tax effect of non-GAAP adjustments |
7 |
|
37 |
|
|
|
|
|
||
|
Net income on a non-GAAP basis† |
$422 to $439 |
|
$1,844 to $1,871 |
|
|
† |
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. |
CDNS–IR
Category: Financial, Featured
View source version on businesswire.com: https://www.businesswire.com/news/home/20250427920847/en/
Contacts
For more information, please contact:
Cadence Investor Relations
408-944-7100
investor_relations@cadence.com
Cadence Newsroom
408-944-7039
newsroom@cadence.com