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LONDON, UK / ACCESSWIRE / May 07, 2018 / If you want access to our free earnings report on Cadence Design Systems, Inc. (NASDAQ: CDNS) ("Cadence"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=CDNS. On April 23, 2018, Cadence reported financial results for the first quarter of 2018 ending March 31, 2018. Cadence has adopted new revenue rules of ASC 606 and incorporated it while reporting the results for Q1 FY18. However, as required by the new standard, the Company will report revenue under both methods for the transition year 2018. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Cadence Design Systems most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

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Earnings Highlights and Summary

Cadence's total revenues reached $517.31 million for Q1 FY18, reflecting an increase of 8.47% from $476.91 million in Q1 FY17, mainly driven by increasing demand for the Company's innovative System Design Enablement solutions. The reported revenue number exceeded analysts' consensus estimates of $506 million.

In the quarter under review, Americas segment accounted for 45% of the total revenues; Asia's segment for 27%; Europe, Middle-East, and Africa for 20%; and Japan for the remaining 8%.

Cadence incurred total costs and expenses of $431.48 million in Q1 FY18, 8.60% higher than $397.31 million in Q1 FY17. The Company's income from operations advanced 7.83% to $85.83 million in the quarter under review from $79.60 million in the year ago same quarter. Cadence's operating margin was 16.59% in Q1 FY18 compared to 16.69% in Q1 FY17.

Cadence's net income for the quarter ending March 31, 2018, was $72.89 million, up 6.78% from $68.26 million in the same period last year. The Company's diluted net income per share also rose 4% to $0.26 in the reported quarter from $0.25 in the year ago comparable quarter. The reported earnings included amortization of acquired intangibles, stock-based compensation expense, acquisition and integration-related costs, and restructuring credits. Cadence's adjusted diluted earnings per share (DEPS), excluding these non-recurring items, was $0.40 in Q1 FY18. This was higher than analysts' consensus estimates of $0.37 per share, and management's guidance of $0.36-$0.38.

On ASC 605 basis, Cadence had an adjusted diluted income per share of $0.44 in Q1 FY18, up 37.50% from $0.32 in Q1 FY17.

Cash Matters

Cadence had cash and cash equivalents of $746.97 million as on March 31, 2018, an increase of 37.28% from $544.13 million as on April 01, 2017. The Company's long-term debt reduced 46.44% to $344.77 million at the end of Q1 FY18 from $643.71 million at the end of Q1 FY17.

Cadence's net cash flow from operating activities was $157.65 million in Q1 FY18, 70.56% higher than $92.43 million in Q1 FY17. The Company spent $13.13 million on purchases of property, plant and equipment in Q1 FY18 compared to $14.84 million in Q1 FY17, reflecting a decrease of 11.55%.

In Q1 FY18, Cadence repurchased 1,289 common shares at an average price of $38.80, and for total of $50.01 million.

Outlook

For the second quarter of 2018, Cadence expects total GAAP revenue to be in the range of $510 million to $520 million, and GAAP net income per diluted share to be in the range of $0.20 to $0.22. The Company expects non-GAAP net income per diluted share to be in the range of $0.39 to $0.41 in Q2 FY18.

For 2018, Cadence expects total GAAP revenue to be in the range of $2.055 billion to $2.085 billion and GAAP net income per diluted share to be in the band of $0.86 to $0.94. The Company expects non-GAAP net income per diluted share to be in the range of $1.57 to $1.65 in FY18. On ASC 605 basis, Cadence anticipates a revenue of $2.085 billion to $2.115 billion, GAAP net income per diluted share of $0.97 to $1.05 and non-GAAP net income per diluted share of $1.66 to $1.74.

Stock Performance Snapshot

May 04, 2018 - At Friday's closing bell, Cadence Design Systems' stock advanced 1.37%, ending the trading session at $40.80.

Volume traded for the day: 2.01 million shares.

Stock performance in the last month ? up 10.33%; and past twelve-month period ? up 24.54%

After last Friday's close, Cadence Design Systems' market cap was at $11.27 billion.

Price to Earnings (P/E) ratio was at 102.77.

The stock is part of the Technology sector, categorized under the Application Software industry. This sector was up 1.4% at the end of the session.

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