Cadence Reports Third Quarter 2022 Financial Results

SAN JOSE, Calif.--()--Cadence Design Systems, Inc. (Nasdaq: CDNS) today announced results for the third quarter of 2022.

Cadence reported third quarter 2022 revenue of $903 million, compared to revenue of $751 million for the same period in 2021. On a GAAP basis, Cadence achieved operating margin of 29 percent and recognized net income of $186 million, or $0.68 per share on a diluted basis, in the third quarter of 2022, compared to operating margin of 26 percent and net income of $176 million, or $0.63 per share on a diluted basis, for the same period in 2021.

Using the non-GAAP measures defined below, operating margin for the third quarter of 2022 was 39 percent and net income was $290 million, or $1.06 per share on a diluted basis, compared to operating margin of 36 percent and net income of $222 million, or $0.80 per share on a diluted basis, for the same period in 2021.

I’m pleased with our excellent results for Q3 driven by our technology leadership, strong execution, diversified customer base and resilient business model,” said Anirudh Devgan, president and chief executive officer. “Generational industry trends are driving continued investment by semiconductor and system companies, and our broad, differentiated portfolio positions us extremely well to help our customers accelerate their next generation innovation.”

We delivered another quarter of strong financial results,” said John Wall, senior vice president and chief financial officer. “I am pleased that we exceeded all key operating metrics for the quarter, allowing us to raise our full year outlook.”

CFO Commentary

Commentary on the third quarter 2022 financial results by John Wall, senior vice president and chief financial officer, is available at www.cadence.com/cadence/investor_relations.

Business Outlook

For the fourth quarter of 2022, the company expects total revenue in the range of $870 million to $890 million. Fourth quarter GAAP operating margin is expected to be approximately 24 percent and GAAP net income per diluted share is expected to be in the range of $0.50 to $0.54. Using the non-GAAP measures defined below, operating margin is expected to be approximately 35 percent and net income per diluted share is expected to be in the range of $0.89 to $0.93.

For fiscal year 2022, the company expects total revenue in the range of $3.532 billion to $3.552 billion. On a GAAP basis, operating margin for 2022 is expected to be in the range of 29.7 percent to 30.7 percent and GAAP net income per diluted share for 2022 is expected to be in the range of $2.71 to $2.75. Using the non-GAAP measures defined below, operating margin for 2022 is expected to be in the range of 39.7 percent to 40.7 percent and net income per diluted share for 2022 is expected to be in the range of $4.20 to $4.24.

The company utilizes a long-term projected non-GAAP tax rate, which reflects currently available information, as well as other factors and assumptions. The non-GAAP tax rate could be subject to change for a variety of reasons, including the rapidly evolving global tax environment, significant changes in the company’s geographic earnings mix, or other changes to the company’s strategy or business operations. The company expects to use this normalized non-GAAP tax rate through fiscal 2025 but will re-evaluate this rate periodically for significant items that may materially affect its projections.

A schedule showing reconciliations of the business outlook from GAAP operating margin, GAAP net income and GAAP diluted net income per share to non-GAAP operating margin, non-GAAP net income and non-GAAP diluted net income per share, respectively, is included in this release.

Audio Webcast Scheduled

Anirudh Devgan, president and chief executive officer, and John Wall, senior vice president and chief financial officer, will host the third quarter 2022 financial results audio webcast today, October 24, 2022, at 2 p.m. (Pacific) / 5 p.m. (Eastern). Attendees are asked to register at the website at least 10 minutes prior to the scheduled webcast. An archive of the webcast will be available starting October 24, 2022 at 5 p.m. (Pacific) and ending December 16, 2022 at 5 p.m. (Pacific). Webcast access is available at www.cadence.com/cadence/investor_relations.

About Cadence

Cadence is a pivotal leader in electronic systems design, building upon more than 30 years of computational software expertise. The company applies its underlying Intelligent System Design strategy to deliver software, hardware and IP that turn design concepts into reality. Cadence customers are the world’s most innovative companies, delivering extraordinary products from chips to boards to complete systems for the most dynamic market applications, including hyperscale computing, 5G communications, automotive, mobile, aerospace, consumer, industrial and healthcare. For eight years in a row, Fortune magazine has named Cadence one of the 100 Best Companies to Work For. Learn more at www.cadence.com.

© 2022 Cadence Design Systems, Inc. All rights reserved worldwide. Cadence, the Cadence logo and the other Cadence marks found at www.cadence.com/go/trademarks are trademarks or registered trademarks of Cadence Design Systems, Inc. All other trademarks are the property of their respective owners.

This document includes forward-looking statements which are based on current expectations and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those described in the forward-looking statements. Statements regarding our outlook on future operating results, strategic objectives, business prospects, technology and product developments, industry trends and other statements using words such as “anticipates,” “believes,” “expects,” “intends,” “plans,” “will,” and words of similar import and the negatives thereof constitute forward-looking statements. Forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside Cadence’s control, including, among others: (i) Cadence’s ability to compete successfully in the highly competitive industries in which it operates; (ii) the success of Cadence’s efforts to maintain and improve operational efficiency and growth; (iii) the mix of products and services sold, the timing of orders and deliveries and the ability to develop, install or deliver Cadence’s products or services; (iv) change in customer demands or supply constraints that could result in delays in purchases, development, installations or deliveries of Cadence's products or services, including those resulting from consolidation, restructurings and other operational efficiency improvements of Cadence’s customers; (v) economic, geopolitical and industry conditions, including that of the semiconductor and electronics industries, government regulations and trade restrictions; (vi) capital expenditure requirements, legislative or regulatory requirements, changes in tax laws, interest rates, currency exchange rate fluctuations, inflation rates and Cadence’s ability to access capital and debt markets; (vii) the acquisition of other companies, businesses or technologies or the failure to successfully integrate and operate OpenEye Scientific, Future Facilities or other acquired companies, businesses or technologies; (viii) events that affect cash flow, liquidity, or reserves, or settlement assumptions Cadence may take from time to time with respect to accounts receivable, taxes and tax examinations, litigation, regulatory or other matters; (ix) the effects of any litigation, regulatory or other proceedings to which Cadence is or may become a party or to which Cadence or its products, services or properties are subject; and (x) the duration, severity, volatility and effects of the COVID-19 pandemic and containment measures on Cadence, its employees, and its suppliers and customers, which may also have the effect of heightening the other risks described in this paragraph. In addition, the timing and amount of Cadence’s repurchases of its common stock are subject to business and market conditions, corporate and regulatory requirements, stock price, acquisition opportunities and other factors.

For a detailed discussion of these and other cautionary statements related to Cadence’s business, please refer to Cadence’s filings with the U.S. Securities and Exchange Commission, including its most recent reports on Form 10-K and Form 10-Q and future filings.

GAAP to Non-GAAP Reconciliation

Non-GAAP financial measures should not be considered as a substitute for or superior to measures of financial performance prepared in accordance with generally accepted accounting principles, or GAAP. Investors are encouraged to review the reconciliation of non-GAAP financial measures contained within this press release with their most directly comparable GAAP financial results. Investors are also encouraged to look at the GAAP results as the best measure of financial performance.

To supplement Cadence’s financial results presented on a GAAP basis, Cadence management uses non-GAAP measures that it believes are helpful in understanding Cadence’s performance. One such measure is non-GAAP net income, which is a financial measure not calculated under GAAP. Non-GAAP net income is calculated by Cadence management by taking GAAP net income and excluding, as applicable, amortization of intangible assets, stock-based compensation expense, acquisition and integration-related costs including retention expenses, investment gains or losses, income or expenses related to Cadence’s non-qualified deferred compensation plan, restructuring and other significant items not directly related to Cadence’s core business operations, and the income tax effect of non-GAAP pre-tax adjustments.

Cadence management uses non-GAAP net income because it excludes items that are generally not directly related to the performance of Cadence’s core business operations and therefore provides supplemental information to Cadence management and investors regarding the performance of the business operations, facilitates comparisons to the historical operating results and allows the review of Cadence's business from the same perspective as Cadence management, including forecasting and budgeting.

The following tables reconcile the specific items excluded from GAAP operating margin, GAAP net income and GAAP net income per diluted share in the calculation of non-GAAP operating margin, non-GAAP net income and non-GAAP net income per diluted share for the periods shown below:

Operating Margin Reconciliation

 

Three Months Ended

 

 

October 1, 2022

 

October 2, 2021

 

 

(unaudited)

GAAP operating margin as a percent of total revenue

 

29%

 

26%

Reconciling items to non-GAAP operating margin as a percent of total revenue:

 

 

 

 

Stock-based compensation expense

 

8%

 

7%

Amortization of acquired intangibles

 

1%

 

2%

Acquisition and integration-related costs

 

1%

 

1%

Restructuring

 

0%

 

0%

Non-qualified deferred compensation credits

 

0%

 

0%

Non-GAAP operating margin as a percent of total revenue

 

39%

 

36%

Net Income Reconciliation

 

Three Months Ended

 

 

October 1, 2022

 

October 2, 2021

(in thousands)

 

(unaudited)

Net income on a GAAP basis

 

$

186,305

 

 

$

176,307

 

Stock-based compensation expense

 

 

73,451

 

 

 

52,746

 

Amortization of acquired intangibles

 

 

12,813

 

 

 

16,774

 

Acquisition and integration-related costs

 

 

11,418

 

 

 

5,326

 

Restructuring

 

 

14

 

 

 

(222

)

Non-qualified deferred compensation credits

 

 

(2,885

)

 

 

(351

)

Other income or expense related to investments and non-qualified deferred compensation plan assets*

 

 

4,539

 

 

 

815

 

Income tax effect of non-GAAP adjustments

 

 

4,433

 

 

 

(29,817

)

Net income on a non-GAAP basis

 

$

290,088

 

 

$

221,578

 

*

Includes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on investments and gains or losses on non-qualified deferred compensation plan assets recorded in other income or expense.

Diluted Net Income Per Share Reconciliation

 

Three Months Ended

 

 

October 1, 2022

 

October 2, 2021

(in thousands, except per share data)

 

(unaudited)

Diluted net income per share on a GAAP basis

 

$

0.68

 

 

$

0.63

 

Stock-based compensation expense

 

 

0.27

 

 

 

0.19

 

Amortization of acquired intangibles

 

 

0.05

 

 

 

0.06

 

Acquisition and integration-related costs

 

 

0.04

 

 

 

0.02

 

Restructuring

 

 

 

 

 

 

Non-qualified deferred compensation credits

 

 

(0.01

)

 

 

 

Other income or expense related to investments and non-qualified deferred compensation plan assets*

 

 

0.02

 

 

 

 

Income tax effect of non-GAAP adjustments

 

 

0.01

 

 

 

(0.10

)

Diluted net income per share on a non-GAAP basis

 

$

1.06

 

 

$

0.80

 

Shares used in calculation of diluted net income per share

 

 

274,957

 

 

 

278,311

 

*

Includes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on investments and gains or losses on non-qualified deferred compensation plan assets recorded in other income or expense.

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, 2022, 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 Cadence’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 Cadence. 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 Cadence’s fourth quarter 2022 earnings release is published, which is currently scheduled for February 13, 2023.

Cadence Design Systems, Inc.
Condensed Consolidated Balance Sheets
October 1, 2022 and January 1, 2022
(In thousands)
(Unaudited)
   
October 1, 2022   January 1, 2022
   
Current assets:  
Cash and cash equivalents

$

1,026,051

 

$

1,088,940

Receivables, net

 

391,181

 

 

337,596

Inventories

 

114,283

 

 

115,721

Prepaid expenses and other

 

138,968

 

 

173,512

Total current assets

 

1,670,483

 

 

1,715,769

   
Property, plant and equipment, net

 

348,238

 

 

305,911

Goodwill

 

1,348,494

 

 

928,358

Acquired intangibles, net

 

353,912

 

 

233,265

Deferred taxes

 

783,315

 

 

763,770

Other assets

 

463,645

 

 

439,226

Total assets

$

4,968,087

 

$

4,386,299

   
Current liabilities:  
Revolving credit facility

$

150,000

 

$

-

Accounts payable and accrued liabilities

 

454,688

 

 

417,283

Current portion of deferred revenue

 

652,306

 

 

553,942

Total current liabilities

 

1,256,994

 

 

971,225

   
Long-term liabilities:  
Long-term portion of deferred revenue

 

102,167

 

 

101,148

Long-term debt

 

647,799

 

 

347,588

Other long-term liabilities

 

252,999

 

 

225,663

Total long-term liabilities

 

1,002,965

 

 

674,399

   
Stockholders' equity

 

2,708,128

 

 

2,740,675

Total liabilities and stockholders' equity

$

4,968,087

 

$

4,386,299

Cadence Design Systems, Inc.
Condensed Consolidated Income Statements
For the Three and Nine Months Ended October 1, 2022 and October 2, 2021
(In thousands, except per share amounts)
(Unaudited)
         
         
 

Three Months Ended

 

 

Nine Months Ended

 

October 1,
2022

 

 

October 2,
2021

 

 

October 1,
2022

 

 

October 2,
2021

         
Revenue:        
Product and maintenance  

$

845,788

 

 

$

706,160

 

 

$

2,494,317

 

 

$

2,093,098

 

Services  

 

56,766

 

 

 

44,735

 

 

 

167,524

 

 

 

122,110

 

         
Total revenue  

 

902,554

 

 

 

750,895

 

 

 

2,661,841

 

 

 

2,215,208

 

         
Costs and expenses:        
Cost of product and maintenance  

 

62,351

 

 

 

54,185

 

 

 

203,863

 

 

 

174,933

 

Cost of services  

 

25,249

 

 

 

22,402

 

 

 

74,245

 

 

 

62,380

 

Marketing and sales  

 

152,925

 

 

 

143,401

 

 

 

432,407

 

 

 

412,194

 

Research and development  

 

323,629

 

 

 

289,105

 

 

 

901,121

 

 

 

845,324

 

General and administrative  

 

73,688

 

 

 

42,990

 

 

 

174,051

 

 

 

123,275

 

Amortization of acquired intangibles  

 

3,946

 

 

 

5,000

 

 

 

13,543

 

 

 

14,661

 

Restructuring  

 

14

 

 

 

(222

)

 

 

42

 

 

 

(968

)

         
Total costs and expenses  

 

641,802

 

 

 

556,861

 

 

 

1,799,272

 

 

 

1,631,799

 

         
Income from operations  

 

260,752

 

 

 

194,034

 

 

 

862,569

 

 

 

583,409

 

         
Interest expense  

 

(5,463

)

 

 

(4,196

)

 

 

(13,852

)

 

 

(12,729

)

Other income (expense), net  

 

(3,017

)

 

 

(1,143

)

 

 

(13,879

)

 

 

3,701

 

         
Income before provision for income taxes  

 

252,272

 

 

 

188,695

 

 

 

834,838

 

 

 

574,381

 

         
Provision for income taxes  

 

65,967

 

 

 

12,388

 

 

 

226,278

 

 

 

55,005

 

         
Net income  

$

186,305

 

 

$

176,307

 

 

$

608,560

 

 

$

519,376

 

         
         
Net income per share - basic  

$

0.69

 

 

$

0.65

 

 

$

2.24

 

 

$

1.90

 

         
Net income per share - diluted  

$

0.68

 

 

$

0.63

 

 

$

2.21

 

 

$

1.86

 

         
Weighted average common shares outstanding - basic  

 

271,131

 

 

 

273,194

 

 

 

271,694

 

 

 

273,636

 

         
Weighted average common shares outstanding - diluted  

 

274,957

 

 

 

278,311

 

 

 

275,683

 

 

 

279,046

 

Cadence Design Systems, Inc.
Condensed Consolidated Statements of Cash Flows
For the Nine Months Ended October 1, 2022 and October 2, 2021
(In thousands)
(Unaudited)
     
 

Nine Months Ended

 

October 1,

 

 

October 2,

 

 

2022

 

 

 

 

2021

 

     
Cash and cash equivalents at beginning of period  

$

1,088,940

 

 

$

928,432

 

Cash flows from operating activities:    
Net income  

 

608,560

 

 

 

519,376

 

Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization  

 

98,178

 

 

 

106,962

 

Amortization of debt discount and fees  

 

810

 

 

 

952

 

Stock-based compensation  

 

197,190

 

 

 

155,860

 

(Gain) loss on investments, net  

 

4,777

 

 

 

(330

)

Deferred income taxes  

 

(49,834

)

 

 

(34,566

)

Provisions for losses on receivables  

 

471

 

 

 

234

 

ROU asset amortization and change in operating lease liabilities  

 

(883

)

 

 

(2,917

)

Other non-cash items  

 

158

 

 

 

146

 

Changes in operating assets and liabilities, net of effect of acquired businesses:    
Receivables  

 

(57,309

)

 

 

15,132

 

Inventories  

 

(8,020

)

 

 

(25,608

)

Prepaid expenses and other  

 

30,596

 

 

 

36,632

 

Other assets  

 

17,644

 

 

 

8,127

 

Accounts payable and accrued liabilities  

 

24,514

 

 

 

10,501

 

Deferred revenue  

 

113,712

 

 

 

84,183

 

Other long-term liabilities  

 

(2,305

)

 

 

10,417

 

Net cash provided by operating activities  

 

978,259

 

 

 

885,101

 

     
Cash flows from investing activities:    
Purchases of non-marketable investments  

 

(1,000

)

 

 

-

 

Proceeds from the sale of non-marketable investments  

 

-

 

 

 

128

 

Purchases of property, plant and equipment  

 

(86,295

)

 

 

(49,977

)

Purchases of intangible assets  

 

(1,000

)

 

 

-

 

Cash paid in business combinations, net of cash acquired  

 

(586,163

)

 

 

(220,026

)

Net cash used for investing activities  

 

(674,458

)

 

 

(269,875

)

     
Cash flows from financing activities:    
Proceeds from term loan  

 

300,000

 

 

 

-

 

Proceeds from revolving credit facility  

 

450,000

 

 

 

-

 

Payment on revolving credit facility  

 

(300,000

)

 

 

-

 

Payment of debt issuance costs  

 

(425

)

 

 

(1,285

)

Proceeds from issuance of common stock  

 

103,682

 

 

 

83,632

 

Stock received for payment of employee taxes on vesting of restricted stock  

 

(103,093

)

 

 

(108,185

)

Payments for repurchases of common stock  

 

(750,062

)

 

 

(502,301

)

Net cash used for financing activities  

 

(299,898

)

 

 

(528,139

)

     
Effect of exchange rate changes on cash and cash equivalents  

 

(66,792

)

 

 

(1,700

)

     
Increase (decrease) in cash and cash equivalents  

 

(62,889

)

 

 

85,387

 

     
Cash and cash equivalents at end of period  

$

1,026,051

 

 

$

1,013,819

 

Cadence Design Systems, Inc.
(Unaudited)
               
Revenue Mix by Geography (% of Total Revenue)              

2021

 

2022

GEOGRAPHY

Q1

 

Q2

 

Q3

 

Q4

 

Year

 

Q1

 

Q2

 

Q3

               
Americas

46%

 

44%

 

46%

 

43%

 

45%

 

47%

 

45%

 

45%

China

12%

 

14%

 

13%

 

12%

 

13%

 

16%

 

13%

 

17%

Other Asia

18%

 

19%

 

18%

 

21%

 

19%

 

18%

 

18%

 

17%

Europe, Middle East and Africa

18%

 

17%

 

17%

 

18%

 

17%

 

14%

 

18%

 

16%

Japan

6%

 

6%

 

6%

 

6%

 

6%

 

5%

 

6%

 

5%

Total

100%

 

100%

 

100%

 

100%

 

100%

 

100%

 

100%

 

100%

               
               
Revenue Mix by Product Category (% of Total Revenue)              

2021

 

2022

PRODUCT CATEGORY

Q1

 

Q2

 

Q3

 

Q4

 

Year

 

Q1

 

Q2

 

Q3

               
Custom IC Design and Simulation

23%

 

23%

 

23%

 

24%

 

23%

 

22%

 

23%

 

22%

Digital IC Design and Signoff

27%

 

28%

 

29%

 

29%

 

29%

 

27%

 

27%

 

29%

Functional Verification, including Emulation and Prototyping Hardware

26%

 

25%

 

23%

 

21%

 

24%

 

28%

 

24%

 

25%

IP

14%

 

13%

 

14%

 

14%

 

13%

 

13%

 

14%

 

12%

System Design and Analysis

10%

 

11%

 

11%

 

12%

 

11%

 

10%

 

12%

 

12%

Total

100%

 

100%

 

100%

 

100%

 

100%

 

100%

 

100%

 

100%

Cadence Design Systems, Inc.
Impact of Non-GAAP Adjustments on Forward Looking Operating Margin
As of October 24, 2022
(Unaudited)
   
 

Three Months Ending

 

Year Ending

 

December 31, 2022

 

December 31, 2022

 

Forecast

 

Forecast

   
GAAP operating margin as a percent of total revenue   ~24% 29.7% - 30.7%
   
Reconciling items to non-GAAP operating margin as a  
percent of total revenue:  
Stock-based compensation expense  

8%

 

7.7%

Amortization of acquired intangibles  

2%

 

1.7%

Acquisition and integration-related costs  

1%

 

0.9%

Non-qualified deferred compensation credits  

0%

 

(0.3)%

   
Non-GAAP operating margin as a percent of total revenue†   ~35% 39.7% - 40.7%
†The non-GAAP measures presented in the table above should not be considered a substitute for financial results and measures determined or calculated in accordance with GAAP.
Cadence Design Systems, Inc.
Impact of Non-GAAP Adjustments on Forward Looking Diluted Net Income Per Share
As of October 24, 2022
(Unaudited)
     
 

Three Months Ending

 

Year Ending

 

December 31, 2022

 

December 31, 2022

  Forecast   Forecast
     
Diluted net income per share on a GAAP basis   $0.50 to $0.54   $2.71 to $2.75
     
Stock-based compensation expense  

0.27

 

 

0.98

Amortization of acquired intangibles  

0.05

 

 

0.22

Acquisition and integration-related costs  

0.04

 

 

0.12

Non-qualified deferred compensation credits  

-

 

 

(0.04)

Other income or expense related to investments and non-qualified deferred compensation plan assets*  

-

 

 

0.06

Income tax effect of non-GAAP adjustments  

0.03

 

 

0.15

     
Diluted net income per share on a non-GAAP basis†   $0.89 to $0.93   $4.20 to $4.24
     
     
     
     
Cadence Design Systems, Inc.
Impact of Non-GAAP Adjustments on Forward Looking Net Income
As of October 24, 2022
(Unaudited)
     
     
 

Three Months Ending

 

 

Year Ending

 

December 31, 2022

 

 

December 31, 2022

($ in millions)  

Forecast

 

 

Forecast

     
Net income on a GAAP basis   $137 to $147   $746 to $756
     
Stock-based compensation expense  

74

 

 

271

Amortization of acquired intangibles  

15

 

 

60

Acquisition and integration-related costs  

10

 

 

33

Non-qualified deferred compensation credits  

-

 

 

(12)

Other income or expense related to investments and non-qualified deferred compensation plan assets*  

-

 

 

17

Income tax effect of non-GAAP adjustments  

9

 

 

42

     
Net income on a non-GAAP basis†   $245 to $255   $1,157 to $1,167
†The non-GAAP measures presented in the table above should not be considered a substitute for financial results and measures determined or calculated in accordance with GAAP.
 
* Includes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on investments and gains or losses on non-qualified deferred compensation plan assets recorded in other income or expense.

CDNS-IR

Category: Financial, Featured

Contacts

Cadence Investor Relations
408-944-7100
investor_relations@cadence.com

Cadence Newsroom
408-944-7039
newsroom@cadence.com

Release Summary

Cadence Reports Third Quarter 2022 Financial Results

Contacts

Cadence Investor Relations
408-944-7100
investor_relations@cadence.com

Cadence Newsroom
408-944-7039
newsroom@cadence.com