Cadence Reports Fourth Quarter and Fiscal Year 2016 Financial Results

 












Cadence Design Systems, Inc.

Condensed Consolidated Income Statements

For the Three Months and Years Ended December 31, 2016 and January 2, 2016

(In thousands, except per share amounts)

(Unaudited)



























Three Months Ended


Years Ended





December 31,
2016


January 2,
2016


December 31,
2016


January 2,
2016












Revenue:









Product and maintenance

$                   436,694


$             413,489


$                1,683,771


$          1,578,944


Services

32,286


27,590


132,312


123,147














Total revenue

468,980


441,079


1,816,083


1,702,091












Costs and expenses:









Cost of product and maintenance

57,410


40,679


183,291


155,659


Cost of services

18,638


20,223


73,201


82,794


Marketing and sales

98,091


103,552


395,194


402,432


Research and development

181,516


161,970


735,340


637,567


General and administrative

29,977


26,789


125,106


109,982


Amortization of acquired intangibles

3,889


5,679


18,095


23,716


Restructuring and other charges 

26,342


347


40,955


4,511














Total costs and expenses

415,863


359,239


1,571,182


1,416,661















Income from operations

53,117


81,840


244,901


285,430













Interest expense

(6,364)


(4,200)


(23,670)


(28,311)


Other income, net

5,481


2,510


15,922


10,477















Income before provision (benefit) for income taxes

52,234


80,150


237,153


267,596













Provision (benefit) for income taxes

13,757


(224)


34,067


15,179















Net income 

$                     38,477


$               80,374


$                   203,086


$             252,417























Net income per share - basic

$                         0.14


$                   0.27


$                         0.71


$                   0.88












Net income per share - diluted

$                         0.14


$                   0.26


$                         0.70


$                   0.81












Weighted average common shares outstanding - basic

272,578


297,433


284,502


288,018












Weighted average common shares outstanding - diluted

278,917


310,512


291,256


312,302


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