Cadence Reports First Quarter 2016 Financial Results

 

Cadence expects that its corporate representatives will meet privately during the quarter with investors, the media, investment analysts and others.  At these meetings, Cadence may reiterate the business outlook published in this press release.  At the same time, Cadence will keep this press release, including the business outlook, publicly available on its website.

Prior to the start of the Quiet Period (described below), the public may continue to rely on the business outlook contained herein as still being Cadence's current expectations on matters covered unless Cadence publishes a notice stating otherwise.

Beginning June 17, 2016, Cadence will observe a Quiet Period during which the business outlook as provided in this press release and the most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q no longer constitute the company's current expectations.  During the Quiet Period, the business outlook in these documents should be considered historical, speaking as of prior to the Quiet Period only and not subject to any update by the company.  During the Quiet Period, Cadence's representatives will not comment on Cadence's business outlook, financial results or expectations.  The Quiet Period will extend until the day when Cadence's second quarter 2016 earnings release is published, which is currently scheduled for July 25, 2016.

For more information, please contact:

Investors and Shareholders
Alan Lindstrom
Cadence Design Systems, Inc.
408-944-7100
Email Contact

Media and Industry Analysts
Craig Cochran
Cadence Design Systems, Inc.
408-944-7039
Email Contact

 

Cadence Design Systems, Inc.

Condensed Consolidated Balance Sheets

April 2, 2016 and January 2, 2016

(In thousands)

(Unaudited)










April 2, 2016


January 2, 2016






(As Adjusted)*

Current assets:





Cash and cash equivalents

$        810,400


$             616,686


Short-term investments

96,317


94,498


Receivables, net

147,533


164,848


Inventories

56,634


56,762


Prepaid expenses and other

41,360


31,441



Total current assets

1,152,244


964,235







Property, plant and equipment, net of accumulated depreciation of $592,978 and $581,345, respectively

231,180


228,599

Goodwill

551,897


551,772

Acquired intangibles, net of accumulated amortization of $224,474 and $216,589, respectively

283,825


296,482

Long-term receivables

11,365


4,498

Other assets

308,513


299,929

Total assets

$     2,539,024


$          2,345,515







Current liabilities:





Revolving credit facility

$          50,000


$                       -


Accounts payable and accrued liabilities

195,216


238,022


Current portion of deferred revenue

322,684


298,285



Total current liabilities

567,900


536,307







Long-term liabilities:





Long-term portion of deferred revenue

38,447


30,209


Long-term debt

642,862


343,288


Other long-term liabilities

55,763


59,596



Total long-term liabilities

737,072


433,093







Stockholders' equity

1,234,052


1,376,115

Total liabilities and stockholders' equity

$     2,539,024


$          2,345,515







*

Adjusted for the retrospective adoption of ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs," during the three months ended April 2, 2016.


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