The EDA & MCAD/MCAE Almanac: Q2 2011



G5 EDA Vendor by Vendor Details for Q2 2011 



On July 28, 2011 Cadence Design Systems, Inc. (NASDAQ: CDNS) announced its financial results for calendar Q2 2011, ended July 2, 2011.

Cadence reported second quarter 2011 revenue of $283.270 million, up 24.7% compared to revenue of $227.064 million reported year-over-year for the same period in 2010, and up 6.4% compared to $266.102 million in sequential Q1 2011. 

Guidance for Q2 2011 provided three months ago was for revenue in the $270 million to $280 million range.

On a GAAP basis, Cadence recognized net income of $26.908 million, or $0.10 per share on a diluted basis in the second quarter of 2011, down 44.9% year-over-year compared to net income of $48.807 million, or $0.18 per share on a diluted basis in the same period in 2010. (Recall that GAAP net income for the second quarter of 2010 included +$67 million in acquisition-related tax benefits). Cadence Q2 2011 earnings were $20.585 million above the $6.323 million in sequential Q1 2011.

Guidance for Q2 2011 provided three months ago was for EPS in the $0.04 to $0.06 range.

"Demand for our products and services in the second quarter continued to be strong with run rates on renewals increasing," said Lip-Bu Tan, Cadence president and chief executive officer. "We saw acceleration in adoption of our end-to-end digital solution at advanced nodes and very positive response to our new Cadence System Development Suite."

Lip-Bu Tan

"The Cadence team produced excellent operating results in Q2 as we met or exceeded expectations for our key operating metrics," added Geoff Ribar, senior vice president and chief financial officer. "With the ongoing strength in our business we are adjusting upward our outlook for fiscal 2011."

Geoff Ribar

 

Supplemental Cadence Charts

These charts are self explanatory. Notice the recent increase in the percentage of the top line of the “Revenue Mix by Product Group” chart that includes IP.


Revenue Mix by Geography (% of Total Revenue)




Revenue Mix by Product Group (% of Total Revenue)


Cadence Business Outlook

For the third quarter of 2011, the company expects total revenue in the range of $280 million to $290 million. Third quarter GAAP net income per diluted share is expected to be in the range of $0.04 to $0.06.

For the full year 2011, the company expects total revenue in the range of $1,115 million to $1,135 million. On a GAAP basis, net income per diluted share for fiscal year 2011 is expected to be in the range of $0.20 to $0.26.

Cadence self description  

Cadence enables global electronic design innovation and plays an essential role in the creation of today's integrated circuits and electronics. Customers use Cadence software, hardware, IP, and services to design and verify advanced semiconductors, consumer electronics, networking and telecommunications equipment, and computer systems. The company is headquartered in San Jose, California, with sales offices, design centers, and research facilities around the world to serve the global electronics industry. More information about the company and its products and services is available at www.cadence.com.








On August 25, 2011 Magma® Design Automation Inc. (NASDAQ:LAVA) reported revenue of $35.31 million for its fiscal 2012 first quarter, (our nominal Q2 2011) ended July 31, 2011, up 8.45% from the $32.56 million reported in the year-ago first quarter, but down 7.18% from the sequential Q1 2011 revenue of $38.04 million.

Guidance for nominal Q2 2011 revenue provided three months ago, was a revenue range of $36.0 million to $36.5 million.

"In the quarter (nominal Q2 2011), we continued to provide the most integrated and differentiated products that enable our customers to cost-effectively design the most complex SoCs," said Rajeev Madhavan, Magma chairman and chief executive officer. "While revenue came in just below the bottom end of our guidance range, we achieved our operating margin and EPS guidance for the quarter. Regarding our revenue in nominal Q2 2011, we experienced a delay at an OEM partner which pushed out an order for revenue. Absent this issue, revenue would have been in the middle to the top end of the (guidance) range.”


Rajeev Madhavan
 


“The positive reaction we experienced at June's Design Automation Conference to our Silicon One Initiative indicates we are on the right track in providing leading edge semiconductor design solutions to our customers. Silicon One is an initiative intended to bring focus to making silicon profitable for customers by providing differentiated solutions and technologies that address business challenges facing semiconductor makers today — time to market, product differentiation, cost, power and performance. We are happy to report that we completed three key silicon solutions that are being used today by major customers in each segment: System-on-Chip, Analog/Mixed Signal and Memory.”

“Additionally, we continue to see strong design activity in the customer base which is a solid indicator of the health of the EDA market,” said Madhavan.

GAAP Results

In accordance with generally accepted accounting principles (GAAP), Magma reported a net loss of $0.101 million or $0.00 per share (basic and diluted) for nominal Q2 2011, compared to a net loss of $3.258 million or $(0.06) per share (basic and diluted) for the year-ago nominal Q2 2010, and down from a positive net income of $1.75 million in the just prior nominal Q1 2011.

In nominal Q2 2011, Magma generated cash flow from operations of approximately $4.0 million. Magma added a net of 14 additional employees during nominal Q2 2011.

Business Outlook

For Magma's fiscal 2012 second quarter (nominal Q3 2011), ending October 30, 2011, the company expects total revenue in the range of $37.5 million to $38.0 million. GAAP net loss per share is expected to be in the range of $(0.01) to $0.

For Magma's entire fiscal year 2012, ending April 29, 2012, the company expects total revenue in the range of $158.0 million to $160.0 million. GAAP net income per share is expected to be in the range of $0.04 to $0.06.

Magma self description

Leading semiconductor companies worldwide use Magma's electronic design automation (EDA) software to produce chips for a wide variety of vertical markets including tablet computing, mobile devices, electronic games, digital video, networking, military/aerospace and memory. Silicon One, Magma's technology solutions for emerging silicon, address time to market, product differentiation, cost and performance while making silicon more profitable. Magma products include software for digital design, analog implementation, mixed-signal design, physical verification, circuit simulation, characterization and yield management. The company maintains headquarters in San Jose, Calif., and offices throughout North America, Europe, Japan, Asia and India. Magma's stock trades on NASDAQ under the ticker symbol LAVA. Follow Magma. Visit Magma Design Automation on the Web at www.magma-da.com Magma is a registered trademark of Magma Design Automation. All other product and company names are trademarks and registered trademarks of their respective companies .




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    > "compared to the negative effects of the right wing’s ridiculous opposition in late-July–early-August to raising the US debt ceiling"
    Regardless of my political views, statements like this in an EDA/Semiconductor business report is unprofessional. This is a subjective statement tucked inside a paragraph of facts, with the purpose of making this opinion look like fact.

    Edited by ibsystems on 10/13/11 04:53 PM.



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  • Re: The EDA & MCAD/MCAE Almanac: Q2 2011 October 24, 2011
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