Cadence Reports Revenue of $479 Million in Q2 2017
July 25, 2017 | Cadence Design Systems, Inc.Estimated reading time: 2 minutes
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.
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.
Suggested Items
Absolute EMS Successfully Recertifies ISO 9001:2015 and AS9100 Standards
03/26/2024 | Absolute EMS, Inc.Absolute EMS, Inc., an award-winning EMS provider of turnkey contract manufacturing services, is proud to announce the successful recertification of its ISO 9001:2015 and AS9100 Rev D SAE International Aerospace Standards.
Arlon EMC Receives IPC-4101 QPL Recertification
03/20/2024 | Arlon Electronic MaterialsArlon Electronic Materials has successfully completed an intensive two-day recertification audit by IPC Validation Services that examined Arlon’s manufacturing processes and testing procedures to assure that they are in conformance to the requirements of IPC-4101E-WAM1, the Specification for Base Materials for Rigid and Multilayer Printed Boards.
Northrop Grumman Honors Suppliers for Excellence
03/14/2024 | Northrop GrummanNorthrop Grumman Corporation honored more than 70 suppliers for their outstanding contributions in 2023. In an annual recognition event, the companies included women-, minority- and veteran-owned small businesses as well as those operating in underdeveloped areas.
Cicor Acquires TT Electronics IoT Solutions
03/04/2024 | Cicor Technologies Ltd.The Cicor Group has signed an agreement to acquire TT Electronics IoT Solutions Ltd, with three production sites in the UK and China.
AEM, Texas Aerospace Technologies Bolster Partnership for Latin America
02/26/2024 | AEM Corp.Canadian avionics manufacturer, Anodyne Electronics Manufacturing Corp. (AEM), is pleased to announce a partnership expansion with Texas Aerospace Technologies, a subsidiary of Texas Aerospace Services, to add AEM’s new MTP136D modern panel-mount P25 VHF FM Forest Service radio to its lineup of product offerings for their Latin American customers.