Cadence Reports Third Quarter 2014 Financial Results

 

Cadence Design Systems, Inc.

Condensed Consolidated Income Statements

For the Three and Nine Months Ended September 27, 2014 and September 28, 2013

(In thousands, except per share amounts)

(Unaudited)

































Three Months Ended


Nine Months Ended







September 27,
2014


September 28,
2013


September 27,
2014


September 28,
2013














Revenue:











Product and maintenance


$        374,110


$        341,601


$     1,085,928


$     1,007,855


Services



26,386


25,046


71,906


75,539
















Total revenue



400,496


366,647


1,157,834


1,083,394














Costs and expenses:











Cost of product and maintenance

36,954


32,546


116,858


90,488


Cost of services



17,125


17,190


48,733


50,682


Marketing and sales


100,387


98,094


297,321


283,773


Research and development


148,744


138,078


447,882


398,557


General and administrative


25,894


27,582


86,680


91,833


Amortization of acquired intangibles

6,316


5,141


17,105


14,259


Restructuring and other charges 

11,027


86


11,397


2,594
















Total costs and expenses


346,447


318,717


1,025,976


932,186

















Income from operations

54,049


47,930


131,858


151,208















Interest expense



(7,523)


(9,583)


(22,160)


(28,373)


Other income (expense), net


(417)


2,535


4,600


6,728

















Income before provision for income taxes

46,109


40,882


114,298


129,563















Provision for income taxes


8,574


2,382


20,430


3,025

















Net income 


$          37,535


$          38,500


$          93,868


$        126,538



























Net income per share - basic


$               0.13


$               0.14


$               0.33


$               0.46














Net income per share - diluted


$               0.12


$               0.13


$               0.31


$               0.43














Weighted average common shares outstanding - basic

284,462


278,977


283,141


277,034














Weighted average common shares outstanding - diluted

309,995


296,958


305,595


294,531


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