-
- News
- Books
Featured Books
- design007 Magazine
Latest Issues
Current IssueSilicon to Systems: From Soup to Nuts
This month, we asked our expert contributors to weigh in on silicon to systems—what it means to PCB designers and design engineers, EDA companies, and the rest of the PCB supply chain... from soup to nuts.
Cost Drivers
In this month’s issue of Design007 Magazine, our expert contributors explain the impact of cost drivers on PCB designs and the need to consider a design budget. They discuss the myriad design cycle cost adders—hidden and not so hidden—and ways to add value.
Mechatronics
Our expert contributors discuss the advent of mechatronics in PCB design, the challenges and opportunities this creates for circuit board designers, and the benefits—to the employee and the company—of becoming a mechatronics engineer.
- Articles
- Columns
Search Console
- Links
- Events
||| MENU - design007 Magazine
Cadence Reports Third Quarter 2023 Financial Results
October 24, 2023 | Cadence Design Systems, Inc.Estimated reading time: 2 minutes
Cadence Design Systems, Inc. announced results for the third quarter of 2023.
Cadence reported third quarter 2023 revenue of $1.023 billion, compared to revenue of $903 million for the same period in 2022. On a GAAP basis, Cadence achieved operating margin of 29 percent and recognized net income of $254 million, or $0.93 per share on a diluted basis, in the third quarter of 2023, compared to operating margin of 29 percent and net income of $186 million, or $0.68 per share on a diluted basis, for the same period in 2022.
Using the non-GAAP measures defined below, operating margin for the third quarter of 2023 was 41 percent and net income was $343 million, or $1.26 per share on a diluted basis, compared to operating margin of 39 percent and net income of $290 million, or $1.06 per share on a diluted basis, for the same period in 2022.
“I’m pleased with our strong Q3 performance and our relentless focus on driving innovation and delighting our customers,” said Anirudh Devgan, president and chief executive officer. “Generational trends including AI, HPC, and autonomous driving continue to fuel robust design activities, and 3D-IC designs are accelerating. We are excited about the momentum of our JedAI platform based Generative AI applications that are delivering breakthrough results for our customers.”
“Cadence delivered yet another strong quarter of top and bottom-line results in Q3, driven by growth across our businesses,” said John Wall, senior vice president and chief financial officer. “Our team’s strong execution and operational efficiency allowed us to raise our outlook for the year.”
Business Outlook
For the fourth quarter of 2023, the company expects total revenue in the range of $1.039 billion to $1.079 billion. Fourth quarter GAAP operating margin is expected to be approximately 31 percent and GAAP net income per diluted share is expected to be in the range of $0.85 to $0.91. Using the non-GAAP measures defined below, operating margin is expected to be approximately 42 percent and net income per diluted share is expected to be in the range of $1.30 to $1.36.
For fiscal year 2023, the company expects total revenue in the range of $4.06 billion to $4.10 billion. On a GAAP basis, operating margin for 2023 is expected to be in the range of 30.5 percent to 31.0 percent and GAAP net income per diluted share for 2023 is expected to be in the range of $3.48 to $3.54. Using the non-GAAP measures defined below, operating margin for 2023 is expected to be in the range of 41.5 percent to 42.0 percent and net income per diluted share for 2023 is expected to be in the range of $5.07 to $5.13.
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 could be 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 this normalized non-GAAP tax rate through fiscal 2025 but will re-evaluate this rate periodically for significant items that may materially affect its projections.
A schedule showing reconciliations of the 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, is included in this press release.
Suggested Items
ZESTRON to Exhibit & Present at Upcoming SMTA International 2024
09/13/2024 | ZESTRONZESTRON, the global leader in high-precision cleaning products, services, and training solutions for the electronics manufacturing industry, is excited to announce its participation in the upcoming SMTA International (SMTAI) (SMTAI) 2024.
SigmaTron Regains Compliance with Nasdaq Listing Rule 5250
09/13/2024 | Globe NewswireSigmaTron International, Inc., an electronic manufacturing services company), announced today that on September 10, 2024, it received notice from the Listing Qualifications Department of the Nasdaq Stock Market LLC.
Mycronic Appoints Nomination Committee
09/13/2024 | MycronicThe Nomination Committee for Mycronic’s 2025 Annual General Meeting has been appointed in accordance with the instructions for the Nomination Committee as decided by the 2024 Annual General Meeting.
Smiths Detection Unveils the SDX 6040: An Advanced X-Ray Screening Solution Redefining Mobility, Imaging, and Precision Detection
09/12/2024 | BUSINESS WIRESmiths Detection, a global leader in threat detection and security screening technologies, and a business of Smiths Group plc, announces the launch of the SDX 6040 Enhanced Image Quality (EIQ), a cutting-edge screening solution designed to meet the dynamic demands of modern security environments.
KYZEN Wins Two Mexico Technology Awards for KYZEN SLV901 and KYZEN ANALYST²
09/12/2024 | KYZEN'KYZEN, the global leader in innovative environmentally friendly cleaning chemistries, is proud to announce that it has been awarded two prestigious 2024 Mexico Technology Awards. KYZEN received recognition in the category of Cleaning Materials for its KYZEN SLV901 and in the category of Process Control Tools for the KYZEN ANALYST².