Cadence Reports Third 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 December 16, 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 fourth quarter and fiscal year 2016 earnings release is published, which is currently scheduled for February 1, 2017.

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

October 1, 2016 and January 2, 2016

(In thousands)

(Unaudited)










October 1, 2016


January 2, 2016







Current assets:





Cash and cash equivalents

$           524,333


$           616,686


Short-term investments

8,503


94,498


Receivables, net

152,025


164,848


Inventories

64,476


56,762


Prepaid expenses and other

42,953


31,441



Total current assets

792,290


964,235







Property, plant and equipment, net of accumulated depreciation of $613,314 and $581,345, respectively

240,590


228,599

Goodwill

573,890


551,772

Acquired intangibles, net of accumulated amortization of $253,562 and $216,589, respectively

273,381


296,482

Long-term receivables

14,961


4,498

Other assets

298,975


299,929

Total assets

$        2,194,087


$       2,345,515







Current liabilities:





Revolving credit facility

$             50,000


$                      -


Accounts payable and accrued liabilities

192,948


238,022


Current portion of deferred revenue

288,373


298,285



Total current liabilities

531,321


536,307







Long-term liabilities:





Long-term portion of deferred revenue

36,338


30,209


Long-term debt

643,277


343,288


Other long-term liabilities

56,355


59,596



Total long-term liabilities

735,970


433,093







Stockholders' equity

926,796


1,376,115

Total liabilities and stockholders' equity

$        2,194,087


$       2,345,515


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