The EDA & Electronics IP Almanac: Q1 2011

[1] Footnote: See the latest financials of the leading MCAD and MCAE vendor companies in the recent MCAD/MCAE Commentary:

http://www10.mcadcafe.com/nbc/articles/view_article.php?articleid=962380




G5 EDA Vendor by Vendor Details for Q1 2011






On April 27, 2011 Cadence Design Systems, Inc. (NASDAQ: CDNS) announced results for the first quarter of year 2011 (our nominal Q1 2011).

Cadence reported first quarter 2011 revenue of $266 million, up 19.9% compared to revenue of $222 million reported for the same period in 2010. Moreover, as mentioned above, in Q1 2011, Cadence also beat its seasonally strong Q4 revenue of $249 million by nearly 7%.

The $266 million in Q1 2011 revenue was just above the top of the guidance range or $255- to $265-million provided three months ago.

On a GAAP basis, Cadence recognized net income of $6.32 million, some $18 million more than its net loss of $11.78 million in Q1 2010. The $6.32 million on the plus side in Q1 2011 was also some $43 million more than the Company’s net loss in sequential Q4 2010. Q1 2011 EPS were $0.02 on a diluted basis, compared to a net loss of $(0.04) per share on a diluted basis in the same period in 2010. Guidance for Q1 2011 EPS three months ago was a range of $(0.02) to $(0.00).



Lip-Bu Tan


“Demand was strong for our products and services across all regions in the first quarter,” said Lip-Bu Tan, president and chief executive officer. “Demand for the Cadence Verification Computing Platform continued to be strong. We also introduced the industry’s first complete DDR4 memory controller solution, and saw strong renewals and increasing run rates in our Silicon Realization products.” 


Geoff Ribar


“We met or exceeded expectations for our key operating metrics in Q1,” added Geoff Ribar, senior vice president and chief financial officer. “The continuing momentum in our business gives us the confidence to increase our outlook for fiscal 2011.”


Charlie Huang


The company also announced today that Charlie Huang, currently senior vice president and chief strategy officer, has been appointed senior vice president, worldwide field operations, effective immediately.

Mr. Tan continued, “I am pleased that Charlie Huang, an EDA veteran with deep technical expertise and a successful track record, will be leading our field organization. Charlie led the development of our strategy and is well positioned to further develop highly collaborative technology-based relationships with customers and partners. I am excited to have Charlie take on this new role.”


Mr. Huang has served as senior vice president and chief strategy officer of Cadence since January 2009. Since April 2010, he has also served as chief of staff. From 2007 to 2009, he served as senior vice president of business development. Mr. Huang was general partner at Telos Venture Partners, a Cadence-affiliated venture capital firm, from 2004 to 2005. From 2001 to 2007, he held several positions at Cadence in engineering management and business development. Before joining Cadence, Mr. Huang co-founded and was chief executive officer of CadMOS Design Technology, Inc., an EDA company that was acquired by Cadence in 2001.


Tom Cooley, who previously held the role now being assumed by Mr. Huang, is leaving the company. “I want to thank Tom for his many years of significant contributions and dedication to Cadence,” said Lip-Bu Tan. “Most notable among his accomplishments were 1) leading a successful transition to a highly ratable business model, and 2) building a world class sales team.”


Business Outlook

For the second quarter of 2011, the company expects total revenue in the range of $270 million to $280 million. Second 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 $1,075 million to $1,115 million. On a GAAP basis, net income per diluted share for fiscal year 2011 is expected to be in the range of $0.11 to $0.19.

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 and hardware, methodologies, and services to design and verify advanced semiconductors, consumer electronics, networking and telecommunications equipment, and computer systems. The company is headquartered in San Jose, Calif., 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 May 26, 2011 Magma® Design Automation Inc. (NASDAQ:LAVA) reported revenue of $38.04 million for its fourth quarter ended May 1, 2011. For our purposes, we treat this time period as nominal Q1 2011.

Not only was nominal Q1 2011’s $38.04 million greater than nominal Q1 2010’s revenue by over 13%, it was also over 9% more than the traditionally strong-fourth calendar quarter (nominal Q4 2010)!  Finally, the $38.04 million was also $2.54 million more than the top of the revenue guidance range provided three months earlier ($35.0 to $35.5 million).

This last quarter continued a string of solid financial performances and capped off a great fiscal 2011, as for the ninth consecutive quarter we met or exceeded all guidance targets and generated cash," said Rajeev Madhavan, Magma chairman and chief executive officer.


Rajeev Madhavan


"Bookings were up strongly and exceeded the high end of our guidance range as the semiconductor industry's push to 28-nanometer and smaller designs created opportunity for Magma's entire product line. Our core digital platform Talus gained traction, benefitting from the recently announced Talus Vortex 1.2 and Talus Vortex FX. In analog implementation, Titan added 5 new logos and now has a total of 25 customers, primarily added during fiscal 2011. The FineSim circuit simulation products had another year of great growth as they continued to replace legacy simulators. And our partnership with Applied Materials generated a lot of excitement for our yield management products and created new opportunities for growth by that product group.

GAAP EARNINGS

In accordance with generally accepted accounting principles (GAAP), Magma reported net income of $1.749 million, or $0.03 per share (basic) and $0.02 per share (diluted), for nominal Q1 2011, compared to a net loss of $0.728 million, or $(0.01) per share (basic and diluted), for the corresponding year-ago  quarter, a net profit improvement YOY of $2.477 million.

For the record, for the entire fiscal year 2011 Magma reported a GAAP net loss of $(3.3) million, or $(0.05) per share (basic and diluted), compared to a net loss of $(3.3) million, or $(0.07) per share (basic and diluted), for fiscal 2010.

In the nominal 2011 first quarter, Magma generated cash flow from operations of approximately $2.7 million.


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