Cadence Reports Third Quarter 2015 Financial Results

 

Cadence Design Systems, Inc.

Condensed Consolidated Income Statements

For the Three and Nine Months Ended October 3, 2015 and September 27, 2014

(In thousands, except per share amounts)

(Unaudited)

                     
                     
       

Three Months Ended

 

Nine Months Ended

       

October 3, 2015

 

September 27, 2014

 

October 3, 2015

 

September 27, 2014

                     

Revenue:

             
 

Product and maintenance

$         396,867

 

$             374,110

 

$       1,165,455

 

$            1,085,928

 

Services

36,896

 

26,386

 

95,557

 

71,906

                     
   

Total revenue

433,763

 

400,496

 

1,261,012

 

1,157,834

                     

Costs and expenses:

             
 

Cost of product and maintenance

41,206

 

36,954

 

114,980

 

116,858

 

Cost of services

24,005

 

17,125

 

62,571

 

48,733

 

Marketing and sales

101,950

 

100,387

 

298,880

 

297,321

 

Research and development

154,627

 

148,744

 

475,597

 

447,882

 

General and administrative

28,084

 

25,894

 

83,193

 

86,680

 

Amortization of acquired intangibles

5,687

 

6,316

 

18,037

 

17,105

 

Restructuring and other charges

303

 

11,027

 

4,164

 

11,397

                     
   

Total costs and expenses

355,862

 

346,447

 

1,057,422

 

1,025,976

                     
     

Income from operations

77,901

 

54,049

 

203,590

 

131,858

                     
 

Interest expense

(4,177)

 

(7,523)

 

(24,111)

 

(22,160)

 

Other income (expense), net

1,839

 

(417)

 

7,967

 

4,600

                     
     

Income before provision (benefit) for income taxes

75,563

 

46,109

 

187,446

 

114,298

                     
 

Provision (benefit) for income taxes

(2,061)

 

8,574

 

15,403

 

20,430

                     
     

Net income 

$           77,624

 

$               37,535

 

$          172,043

 

$                 93,868

                     
                     

Net income per share - basic

$               0.27

 

$                   0.13

 

$                0.60

 

$                     0.33

                     

Net income per share - diluted

$               0.25

 

$                   0.12

 

$                0.55

 

$                     0.31

                     

Weighted average common shares outstanding - basic

284,818

 

284,462

 

284,880

 

283,141

                     

Weighted average common shares outstanding - diluted

313,186

 

309,995

 

312,899

 

305,595


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