Home Business Wire Cadence Reports Fourth Quarter and Fiscal Year 2023 Financial Results

Cadence Reports Fourth Quarter and Fiscal Year 2023 Financial Results

Fiscal Year 2023 Total Revenue Up 15% Year Over Year

EPS Up Over 20% Year Over Year

Record Backlog of $6.0 Billion and cRPO of $3.2 Billion

SAN JOSE, Calif.–(BUSINESS WIRE)–Cadence Design Systems, Inc. (Nasdaq: CDNS) today announced results for the fourth quarter and fiscal year 2023.


Fourth Quarter 2023 Financial Highlights

  • Revenue of $1.069 billion, compared to revenue of $900 million in Q4 2022
  • GAAP operating margin of 31%, compared to 23% in Q4 2022
  • Non-GAAP operating margin of 43%, compared to 36% in Q4 2022
  • GAAP diluted net income per share of $1.19, compared to $0.88 in Q4 2022
  • Non-GAAP diluted net income per share of $1.38, compared to $0.96 in Q4 2022

Fiscal Year 2023 Financial Highlights

  • Revenue of $4.090 billion, compared to revenue of $3.562 billion in 2022
  • GAAP operating margin of 31%, compared to 30% in 2022
  • Non-GAAP operating margin of 42%, compared to 40% in 2022
  • GAAP diluted net income per share of $3.82, compared to $3.09 in 2022
  • Non-GAAP diluted net income per share of $5.15, compared to $4.27 in 2022
  • Year-end backlog was $6.0 billion and current remaining performance obligations (“cRPO”), contract revenue expected to be recognized as revenue in the next 12 months, was $3.2 billion

Cadence delivered exceptional results for 2023, propelled by our innovative solutions and the successful execution of our Intelligent System Design strategy,” said Anirudh Devgan, president and chief executive officer. “I’m thrilled about the opportunities ahead of us, particularly in AI and 3D-IC. And I look forward to continuing to drive our broad-based business momentum through our technology leadership.”

We had a strong finish to the year, with growth across all our businesses in 2023,” said John Wall, senior vice president and chief financial officer. “I’m pleased with our record year-end backlog of $6.0 billion and cRPO of $3.2 billion, and I look forward to building on that strength in 2024.”

CFO Commentary

Commentary on the fourth quarter and fiscal year 2023 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 2024, the company expects:

  • Revenue in the range of $4.55 billion to $4.61 billion
  • GAAP operating margin in the range of 32% to 33%
  • Non-GAAP operating margin in the range of 42% to 43%
  • GAAP diluted net income per share in the range of $4.08 to $4.18
  • Non-GAAP diluted net income per share in the range of $5.87 to $5.97

For the first quarter of 2024, the company expects:

  • Revenue in the range of $990 million to $1.01 billion
  • GAAP operating margin in the range of 24.5% to 25.5%
  • Non-GAAP operating margin in the range of 36.5% to 37.5%
  • GAAP diluted net income per share in the range of $0.74 to $0.78
  • Non-GAAP diluted net income per share in the range of $1.10 to $1.14

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 highlights 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

  • Further broadened Cadence.AI generative AI portfolio with introduction of Voltus™ InsightAI for intelligent power analysis and Celsius™ Studio for AI-driven full system thermal analysis. Accelerating momentum of our Cadence.AI portfolio has led to an almost tenfold increase in the number of customers adopting our GenAI solutions in 2023
  • System Design and Analysis grew 22% year over year in 2023, with strong momentum from the company’s multiphysics platform delivering superior results to customers across multiple segments including aerospace and defense and automotive
  • The Millennium™ Enterprise Multiphysics Platform, which was announced earlier this month, is the industry’s first hardware/software platform combining AI, HPC and digital twin technology delivering 20x energy efficiency and up to 100x design impact
  • Expanded long-standing collaborations with strategic partners NVIDIA, Arm and Intel
  • 2023 was another record year for Palladium® and Protium™ hardware systems, with an exceptionally strong Q1 2023 hardware quarter when the company expanded production capacity to improve delivery lead times against the backlog

Audio Webcast Scheduled

Anirudh Devgan, president and chief executive officer, and John Wall, senior vice president and chief financial officer, will host the fourth quarter and fiscal year 2023 financial results audio webcast today, February 12, 2024, 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 February 12, 2024 at 5 p.m. (Pacific) and ending March 15, 2024 at 5 p.m. (Pacific). Webcast access is available at www.cadence.com/cadence/investor_relations.

About Cadence

Cadence is a pivotal leader in electronic systems design, building upon more than 30 years of computational software expertise. The company applies its underlying Intelligent System Design strategy to deliver software, hardware and IP that turn design concepts into reality. Cadence customers are the world’s most innovative companies, delivering extraordinary products from chips to boards to complete systems for the most dynamic market applications, including hyperscale computing, 5G communications, automotive, mobile, aerospace, consumer, industrial and healthcare. For nine years in a row, Fortune magazine has named Cadence one of the 100 Best Companies to Work For. Learn more at www.cadence.com.

© 2024 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, strategic objectives, business prospects, technology and product developments, industry trends 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) change 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 that of the semiconductor and electronics industries, government regulations and trade restrictions, and rising tensions and conflicts around the world such as in the Middle East and with respect to Taiwan; (vi) capital expenditure requirements, legislative or regulatory requirements, changes in tax laws, interest rates, currency exchange rate fluctuations, inflation rates, Cadence’s upcoming debt maturities and Cadence’s ability to access capital and debt markets; (vii) the continued acquisition of other companies, businesses or technologies or the failure to successfully integrate and operate them; (viii) potential harm caused by compromises in cybersecurity and cybersecurity attacks; (ix) events that affect cash flow, liquidity, or reserves, or settlement assumptions Cadence may take from time to time with respect to accounts receivable, taxes and tax examinations, litigation, regulatory or other matters; (x) 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 (xi) Cadence’s ability to successfully meet corporate governance, environmental and social targets and strategies. 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, 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 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

 

December 31, 2023

December 31, 2022

 

(unaudited)

GAAP operating margin as a percent of total revenue

31

%

23

%

Reconciling items to non-GAAP operating margin as a percent of total revenue:

 

 

Stock-based compensation expense

8

%

8

%

Amortization of acquired intangibles

2

%

2

%

Acquisition and integration-related costs

1

%

2

%

Restructuring

0

%

0

%

Non-qualified deferred compensation expenses

1

%

1

%

Non-GAAP operating margin as a percent of total revenue

43

%

36

%

Operating Margin Reconciliation

Years Ended

 

December 31, 2023

December 31, 2022

 

(unaudited)

GAAP operating margin as a percent of total revenue

31

%

30

%

Reconciling items to non-GAAP operating margin as a percent of total revenue:

 

 

Stock-based compensation expense

8

%

8

%

Amortization of acquired intangibles

2

%

2

%

Acquisition and integration-related costs

1

%

1

%

Restructuring

0

%

0

%

Non-qualified deferred compensation expenses (credits)

0

%

(1

)%

Non-GAAP operating margin as a percent of total revenue

42

%

40

%

Net Income Reconciliation

Three Months Ended

 

December 31, 2023

December 31, 2022

(in thousands)

(unaudited)

Net income on a GAAP basis

$

323,899

 

$

240,392

 

Stock-based compensation expense

 

86,683

 

 

73,249

 

Amortization of acquired intangibles

 

16,920

 

 

15,369

 

Acquisition and integration-related costs

 

12,583

 

 

17,510

 

Restructuring

 

(569

)

 

13

 

Non-qualified deferred compensation expenses

 

6,295

 

 

3,233

 

Other income or expense related to investments and non-qualified deferred compensation plan assets*

 

(27,966

)

 

(2,584

)

Income tax effect of non-GAAP adjustments

 

(41,638

)

 

(85,397

)

Net income on a non-GAAP basis

$

376,207

 

$

261,785

 

*

Includes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on investments and gains or losses on non-qualified deferred compensation plan assets recorded in other income or expense.

Net Income Reconciliation

Years Ended

 

December 31, 2023

 

December 31, 2022

(in thousands)

(unaudited)

Net income on a GAAP basis

$

1,041,144

 

$

848,952

 

Stock-based compensation expense

 

325,611

 

 

270,439

 

Amortization of acquired intangibles

 

61,970

 

 

59,818

 

Acquisition and integration-related costs

 

56,542

 

 

41,103

 

Restructuring

 

11,013

 

 

55

 

Non-qualified deferred compensation expenses (credits)

 

10,851

 

 

(8,744

)

Other income or expense related to investments and non-qualified deferred compensation plan assets*

 

(45,502

)

 

14,171

 

Income tax effect of non-GAAP adjustments

 

(57,139

)

 

(52,475

)

Net income on a non-GAAP basis

$

1,404,490

 

$

1,173,319

 

*

Includes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on 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

 

 

December 31, 2023

 

December 31, 2022

(in thousands, except per share data)

 

(unaudited)

Diluted net income per share on a GAAP basis

 

$

1.19

 

 

$

0.88

 

Stock-based compensation expense

 

 

0.32

 

 

 

0.27

 

Amortization of acquired intangibles

 

 

0.06

 

 

 

0.06

 

Acquisition and integration-related costs

 

 

0.04

 

 

 

0.06

 

Restructuring

 

 

 

 

 

 

Non-qualified deferred compensation expenses

 

 

0.02

 

 

 

0.01

 

Other income or expense related to investments and non-qualified deferred compensation plan assets*

 

 

(0.10

)

 

 

(0.01

)

Income tax effect of non-GAAP adjustments

 

 

(0.15

)

 

 

(0.31

)

Diluted net income per share on a non-GAAP basis

 

$

1.38

 

 

$

0.96

 

Shares used in calculation of diluted net income per share

 

 

272,419

 

 

 

272,997

 

*

Includes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on investments and gains or losses on non-qualified deferred compensation plan assets recorded in other income or expense.

Diluted Net Income Per Share Reconciliation

 

Years Ended

 

 

December 31, 2023

 

December 31, 2022

(in thousands, except per share data)

 

(unaudited)

Diluted net income per share on a GAAP basis

 

$

3.82

 

 

$

3.09

 

Stock-based compensation expense

 

 

1.19

 

 

 

0.98

 

Amortization of acquired intangibles

 

 

0.23

 

 

 

0.22

 

Acquisition and integration-related costs

 

 

0.21

 

 

 

0.15

 

Restructuring

 

 

0.04

 

 

 

 

Non-qualified deferred compensation expenses (credits)

 

 

0.04

 

 

 

(0.03

)

Other income or expense related to investments and non-qualified deferred compensation plan assets*

 

 

(0.17

)

 

 

0.05

 

Income tax effect of non-GAAP adjustments

 

 

(0.21

)

 

 

(0.19

)

Diluted net income per share on a non-GAAP basis

 

$

5.15

 

 

$

4.27

 

Shares used in calculation of diluted net income per share

 

 

272,748

 

 

 

275,011

 

*

Includes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on investments and gains or losses on non-qualified deferred compensation plan assets recorded in other income or expense.

Cadence Design Systems, Inc.

Condensed Consolidated Balance Sheets

December 31, 2023 and December 31, 2022

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

December 31, 2023

 

December 31, 2022

 
Current assets:
Cash and cash equivalents

$

1,008,152

$

882,325

Receivables, net

 

489,224

 

486,710

Inventories

 

181,661

 

128,005

Prepaid expenses and other

 

297,180

 

209,727

Total current assets

 

1,976,217

 

1,706,767

 
Property, plant and equipment, net

 

403,213

 

371,451

Goodwill

 

1,535,845

 

1,374,268

Acquired intangibles, net

 

336,843

 

354,617

Deferred taxes

 

880,001

 

853,691

Other assets

 

537,372

 

476,277

Total assets

$

5,669,491

$

5,137,071

 
Current liabilities:
Revolving credit facility

$

$

100,000

Current portion of long-term debt

 

349,285

 

Accounts payable and accrued liabilities

 

576,558

 

557,158

Current portion of deferred revenue

 

665,024

 

690,538

Total current liabilities

 

1,590,867

 

1,347,696

 
Long-term liabilities:
Long-term portion of deferred revenue

 

98,931

 

91,524

Long-term debt

 

299,771

 

648,078

Other long-term liabilities

 

275,651

 

304,660

Total long-term liabilities

 

674,353

 

1,044,262

 
Stockholders’ equity

 

3,404,271

 

2,745,113

Total liabilities and stockholders’ equity

$

5,669,491

$

5,137,071

 

Cadence Design Systems, Inc.

Condensed Consolidated Income Statements

For the Three Months and Years Ended December 31, 2023 and December 31, 2022

(In thousands, except per share amounts)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Years Ended

 

 

December 31,

2023

 

December 31,

2022

 

December 31,

2023

 

December 31,

2022

 
Revenue:
Product and maintenance

$

981,987

 

$

845,880

 

$

3,834,359

 

$

3,340,197

 

Services

 

86,636

 

 

53,997

 

 

255,627

 

 

221,521

 

 
Total revenue

 

1,068,623

 

 

899,877

 

 

4,089,986

 

 

3,561,718

 

 
Costs and expenses:
Cost of product and maintenance

 

71,491

 

 

69,702

 

 

331,760

 

 

273,565

 

Cost of services

 

32,639

 

 

23,813

 

 

103,281

 

 

98,058

 

Marketing and sales

 

180,368

 

 

171,817

 

 

690,319

 

 

604,224

 

Research and development

 

367,443

 

 

350,423

 

 

1,441,796

 

 

1,251,544

 

General and administrative

 

75,742

 

 

68,065

 

 

242,430

 

 

242,116

 

Amortization of acquired intangibles

 

4,981

 

 

4,927

 

 

18,162

 

 

18,470

 

Restructuring

 

(569

)

 

13

 

 

11,013

 

 

55

 

 
Total costs and expenses

 

732,095

 

 

688,760

 

 

2,838,761

 

 

2,488,032

 

 
Income from operations

 

336,528

 

 

211,117

 

 

1,251,225

 

 

1,073,686

 

 
Interest expense

 

(8,989

)

 

(9,082

)

 

(36,185

)

 

(22,934

)

Other income (expense), net

 

34,523

 

 

8,490

 

 

66,886

 

 

(5,389

)

 
Income before provision (benefit) for income taxes

 

362,062

 

 

210,525

 

 

1,281,926

 

 

1,045,363

 

 
Provision (benefit) for income taxes

 

38,163

 

 

(29,867

)

 

240,782

 

 

196,411

 

 
Net income

$

323,899

 

$

240,392

 

$

1,041,144

 

$

848,952

 

 
 
Net income per share – basic

$

1.20

 

$

0.89

 

$

3.86

 

$

3.13

 

 
Net income per share – diluted

$

1.19

 

$

0.88

 

$

3.82

 

$

3.09

 

 
Weighted average common shares outstanding – basic

 

269,088

 

 

269,709

 

 

269,381

 

 

271,198

 

 
Weighted average common shares outstanding – diluted

 

272,419

 

 

272,997

 

 

272,748

 

 

275,011

 

Cadence Design Systems, Inc.

Condensed Consolidated Statements of Cash Flows

For the Years Ended December 31, 2023 and December 31, 2022

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

Years Ended

 

 

December 31,

 

December 31,

 

 

 

2023

 

 

 

2022

 

 
Cash and cash equivalents at beginning of year

$

882,325

 

$

1,088,940

 

Cash flows from operating activities:
Net income

 

1,041,144

 

 

848,952

 

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

 

145,292

 

 

132,088

 

Amortization of debt discount and fees

 

1,262

 

 

1,134

 

Stock-based compensation

 

325,611

 

 

270,439

 

(Gain) loss on investments, net

 

(34,602

)

 

5,425

 

Deferred income taxes

 

(36,512

)

 

(107,606

)

Provisions for losses on receivables

 

3,325

 

 

204

 

ROU asset amortization and change in operating lease liabilities

 

451

 

 

3,342

 

Other non-cash items

 

1,983

 

 

371

 

Changes in operating assets and liabilities, net of effect of acquired businesses:
Receivables

 

(11,748

)

 

(138,471

)

Inventories

 

(65,895

)

 

(23,073

)

Prepaid expenses and other

 

39,015

 

 

(38,927

)

Other assets

 

(45,784

)

 

(933

)

Accounts payable and accrued liabilities

 

5,415

 

 

113,945

 

Deferred revenue

 

(21,583

)

 

131,462

 

Other long-term liabilities

 

1,802

 

 

43,542

 

Net cash provided by operating activities

 

1,349,176

 

 

1,241,894

 

 
Cash flows from investing activities:
Purchases of investments

 

(176,170

)

 

(1,000

)

Proceeds from the sale and maturity of investments

 

64,775

 

 

366

 

Purchases of property, plant and equipment

 

(102,337

)

 

(123,215

)

Purchases of intangible assets

 

(166

)

 

(1,000

)

Cash paid in business combinations, net of cash acquired

 

(198,351

)

 

(613,785

)

Net cash used for investing activities

 

(412,249

)

 

(738,634

)

 
Cash flows from financing activities:
Proceeds from revolving credit facility

 

50,000

 

 

585,000

 

Payments on revolving credit facility

 

(150,000

)

 

(485,000

)

Proceeds from term loan

 

 

 

300,000

 

Payment of debt issuance costs

 

 

 

(425

)

Proceeds from issuance of common stock

 

132,957

 

 

105,331

 

Stock received for payment of employee taxes on vesting of restricted stock

 

(136,396

)

 

(111,864

)

Payments for repurchases of common stock

 

(700,134

)

 

(1,050,091

)

Net cash used for financing activities

 

(803,573

)

 

(657,049

)

 
Effect of exchange rate changes on cash and cash equivalents

 

(7,527

)

 

(52,826

)

 
Increase (decrease) in cash and cash equivalents

 

125,827

 

 

(206,615

)

 
Cash and cash equivalents at end of year

$

1,008,152

 

$

882,325

 

 
Cadence Design Systems, Inc.
(Unaudited)
 
Revenue Mix by Geography (% of Total Revenue)

2022

 

2023

GEOGRAPHY

Q1

 

Q2

 

Q3

 

Q4

 

Year

 

Q1

 

Q2

 

Q3

 

Q4

 

Year

 
Americas

47

%

45

%

45

%

46

%

46

%

44

%

41

%

43

%

44

%

43

%

China

16

%

13

%

17

%

13

%

15

%

17

%

18

%

17

%

15

%

17

%

Other Asia

18

%

18

%

17

%

18

%

18

%

18

%

18

%

19

%

19

%

19

%

Europe, Middle East and Africa

14

%

18

%

16

%

17

%

16

%

15

%

17

%

15

%

16

%

16

%

Japan

5

%

6

%

5

%

6

%

5

%

6

%

6

%

6

%

6

%

5

%

Total

100

%

100

%

100

%

100

%

100

%

100

%

100

%

100

%

100

%

100

%

 
 
Revenue Mix by Product Category (% of Total Revenue)

2022

 

2023

PRODUCT CATEGORY

Q1

 

Q2

 

Q3

 

Q4

 

Year

 

Q1

 

Q2

 

Q3

 

Q4

 

Year

 
Custom IC Design and Simulation

22

%

23

%

22

%

22

%

22

%

20

%

22

%

22

%

22

%

22

%

Digital IC Design and Signoff

27

%

27

%

29

%

28

%

28

%

25

%

27

%

28

%

29

%

27

%

Functional Verification, including Emulation and Prototyping Hardware

28

%

24

%

25

%

25

%

26

%

32

%

27

%

26

%

24

%

27

%

IP

13

%

14

%

12

%

12

%

12

%

11

%

11

%

11

%

13

%

12

%

System Design and Analysis

10

%

12

%

12

%

13

%

12

%

12

%

13

%

13

%

12

%

12

%

Total

100

%

100

%

100

%

100

%

100

%

100

%

100

%

100

%

100

%

100

%

 
 
 

Contacts

Cadence Investor Relations

408-944-7100

investor_relations@cadence.com

Cadence Newsroom

408-944-7039

newsroom@cadence.com

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