Press release
Cadence Reports Second Quarter 2024 Financial Results
Second Quarter Backlog of $6.0 Billion Updating 2024 Revenue Outlook to 13% YoY Growth SAN JOSE, Calif.--(BUSINESS WIRE)-- Cadence Design Systems, Inc.
About this update from Cadence Design Systems, Inc.
[{"type":"text","content":"\nSecond Quarter Backlog of $6.0 Billion\n\n\nUpdating 2024 Revenue Outlook to 13% YoY Growth\n\n\n SAN JOSE, Calif.--(BUSINESS WIRE)--\nCadence Design Systems, Inc. (Nasdaq: CDNS) today announced results for the second quarter of 2024.\n\n\nSecond Quarter 2024 Financial Results\n\n\n\nRevenue of $1.061 billion, compared to revenue of $977 million in Q2 2023\n\n\n\nGAAP operating margin of 28%, compared to 31% in Q2 2023\n\n\n\nNon-GAAP operating margin of 40%, compared to 42% in Q2 2023\n\n\n\nGAAP diluted net income per share of $0.84, compared to $0.81 in Q2 2023\n\n\n\nNon-GAAP diluted net income per share of $1.28, compared to $1.22 in Q2 2023\n\n\n\nQuarter-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 $3.1 billion.\n\n\n\n“Cadence delivered strong results for the second quarter of 2024, with robust demand for our cutting-edge technologies from AI, hyperscale, and automotive customers,” said Anirudh Devgan, president and chief executive officer. “I'm pleased with the strong momentum of our Cadence.AI portfolio and our next generation Z3 / X3 hardware systems, and am excited about the growing demand for our industry leading products from an expanding foundry ecosystem.”\n\n\n“I am pleased with our strong Q2 results. We exceeded our outlook on all key financial metrics, closing Q2 with backlog of approximately $6 billion,” said John Wall, senior vice president and chief financial officer. “A good finish to the first half of the year, combined with ongoing demand for our solutions, sets us up for strong growth in the second half of 2024.”\n\n\nCFO Commentary\n\n\nCommentary on the second quarter of 2024 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 fiscal year 2024, the company expects:\n\n\n\nRevenue in the range of $4.60 billion to $4.66 billion\n\n\n\nGAAP operating margin in the range of 29.7% to 31.3%\n\n\n\nNon-GAAP operating margin in the range of 41.7% to 43.3%\n\n\n\nGAAP diluted net income per share in the range of $3.82 to $4.02\n\n\n\nNon-GAAP diluted net income per share in the range of $5.77 to $5.97\n\n\n\nFor the third quarter of 2024, the company expects:\n\n\n\nR...