Cadence Reports Second Quarter 2020 Financial Results

About this update from Cadence Design Systems, Inc.

[{"type":"text","content":" SAN JOSE, Calif.--(BUSINESS WIRE)--\nCadence Design Systems, Inc. (Nasdaq: CDNS) today announced results for the second quarter of 2020.\n\n\nCadence reported second quarter 2020 revenue of $638 million, compared to revenue of $580 million reported for the same period in 2019. On a GAAP basis, Cadence achieved operating margin of 24 percent and recognized net income of $131 million, or $0.47 per share on a diluted basis, in the second quarter of 2020, compared to operating margin of 23 percent and net income of $107 million, or $0.38 per share on a diluted basis, for the same period in 2019.\n\n\nUsing the non-GAAP measure defined below, operating margin for the second quarter of 2020 was 35 percent and net income was $185 million, or $0.66 per share on a diluted basis, compared to operating margin of 34 percent and net income of $161 million, or $0.57 per share on a diluted basis, for the same period in 2019.\n\n\n“Cadence has adapted well to the difficult environment, continuing to innovate and delight customers, while delivering outstanding results for shareholders,” said Lip-Bu Tan, chief executive officer. “While these are uncertain times, design activity remains strong and our Intelligent System Design strategy has us well positioned to take advantage of these opportunities. To ensure business continuity, we are further investing in infrastructure and collaboration platforms to maintain high levels of productivity and innovation.”\n\n\n“Cadence exceeded all of its key financial metrics for the second quarter and we are raising our outlook for the year to 11% revenue growth and 33% non-GAAP operating margin,” said John Wall, senior vice president and chief financial officer. “Cadence operated from approximately 50 sites across the globe before the pandemic, and we are now operating from a distributed network of more than 8,000 homes. We are blessed to have such a strong and versatile global leadership group. I am very impressed and thankful for how our team is not only rising to the challenge but thriving in this environment.”\n\n\nCFO Commentary\n\n\nCommentary on the second quarter 2020 financial results by John Wall, senior vice president and chief financial officer, is available at www.cadence.com/cadence/investor_relations.\n\n\nBusiness Outlook\n\n\nFor the third quarter of 2020, the company expects total revenue in ...

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