CADENCE DESIGN SYSTEMS, INC. 
SAN JOSE, Calif., Oct. 20, 2014 /PRNewswire/ -- Cadence Design Systems, Inc. (NASDAQ: CDNS) today announced results for the third quarter of fiscal year 2014.
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Cadence reported third quarter 2014 revenue of $400 million, compared to revenue of $367 million reported for the same period in 2013. On a GAAP basis, Cadence recognized net income of $38 million, or $0.12 per share on a diluted basis, in the third quarter of 2014, compared to net income of $39 million, or $0.13 per share on a diluted basis, for the same period in 2013.
Using the non-GAAP measure defined below, net income in the third quarter of 2014 was $80 million, or $0.26 per share on a diluted basis, as compared to net income of $63 million, or $0.21 per share on a diluted basis, for the same period in 2013.
"Cadence continued to drive growth in the third quarter, with wins in core EDA and our expanding systems business," said Lip-Bu Tan, president and chief executive officer. "We won significant new business in digital and signoff at the most advanced nodes, our Incisive® simulation business is at the highest level in years, and IP had a record quarter. We continue to invest in innovation, and announced two new products in the third quarter."
"Cadence delivered strong results in Q3 with revenue and other key operating metrics exceeding targets," added Geoff Ribar, senior vice president and chief financial officer. "Our consistent performance has enabled us to issue $350 million in investment-grade bonds - a significant milestone for any company our size - that will strengthen our capital structure and fund our continued investment in innovation."
Business Outlook
For the fourth quarter of 2014, the company expects total revenue in the range of $417 million to $427 million. Fourth quarter GAAP net income per diluted share is expected to be in the range of $0.16 to $0.18. Net income per diluted share using the non-GAAP measure defined below is expected to be in the range of $0.26 to $0.28.
For 2014, the company expects total revenue in the range of $1.575 billion to $1.585 billion. On a GAAP basis, net income per diluted share for 2014 is expected to be in the range of $0.46 to $0.48. Using the non-GAAP measure defined below, net income per diluted share for 2014 is expected to be in the range of $0.92 to $0.94.
A schedule showing a reconciliation of the business outlook from GAAP net income and diluted net income per share to non-GAAP net income and diluted net income per share is also included with this release.
Audio Webcast Scheduled
Lip-Bu Tan, president and chief executive officer, and Geoff Ribar, senior vice president and chief financial officer, will host a third quarter 2014 financial results audio webcast today, October 20, 2014, 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 20, 2014 at 5 p.m. (Pacific) and ending December 19, 2014 at 5 p.m. (Pacific). Webcast access is available at www.cadence.com/company/investor_relations.
About Cadence
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, hardware, IP, and services to design and verify advanced semiconductors, consumer electronics, networking and telecommunications equipment, and computer systems. The company is headquartered in San Jose, California, 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.
Cadence, the Cadence logo, and Incisive are registered trademarks of Cadence Design Systems, Inc. All other trademarks are the property of their respective owners.
The statements contained above regarding Cadence's third quarter 2014 financial results, as well as the information in the Business Outlook section and the statements by Lip-Bu Tan and Geoff Ribar, are or include forward-looking statements based on current expectations or beliefs and preliminary assumptions about future events that are subject to factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These 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 electronic design automation product and the commercial electronic design and methodology services industries; (ii) the success of Cadence's efforts to improve operational efficiency and growth; (iii) the mix of products and services sold and the timing of significant orders for Cadence's products; (iv) change in customer demands, including those resulting from consolidation among Cadence's customers and the possibility that the restructurings and other efforts to improve operational efficiency of Cadence's customers could result in delays in purchases of Cadence's products and services; (v) economic and industry conditions in regions in which Cadence does business; (vi) fluctuations in rates of exchange between the U.S. dollar and the currencies of other countries in which Cadence does business; (vii) capital expenditure requirements, legislative or regulatory requirements, interest rates and Cadence's ability to access capital and debt markets; (viii) the acquisition of other companies or technologies or the failure to successfully integrate and operate these companies or technologies Cadence acquires, including the potential inability to retain customers, key employees or vendors; (ix) the effects of Cadence's efforts to improve operational efficiency on Cadence's business, including strategic, customer and supplier relationships, and its ability to retain key employees; (x) events that affect the reserves or settlement assumptions Cadence may take from time to time with respect to accounts receivable, taxes, litigation or other matters; and (xi) the effects of any litigation or other proceedings to which Cadence is or may become a party.
For a detailed discussion of these and other cautionary statements related to Cadence's business, please refer to Cadence's filings with the Securities and Exchange Commission. These include Cadence's most recent reports on Form 10-K and Form 10-Q, including Cadence's future filings.
GAAP to Non-GAAP Reconciliation
To supplement Cadence's financial results presented on a generally accepted accounting principles, or 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, and is calculated by taking GAAP net income and excluding, as applicable, amortization and sale of intangible assets and debt discount related to our convertible notes, stock-based compensation expense, acquisition and integration-related costs including changes in fair value of contingent consideration and retention expenses for employees added from our 2013 and 2014 acquisitions, special charges (comprised of costs related to a voluntary retirement program and executive severance costs), 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's management uses non-GAAP net income because it excludes items that are generally not directly related to the performance of the company's core business operations and therefore provides useful supplemental information to Cadence's management and investors regarding the performance of the company's business operations, facilitates comparisons to the company's historical operating results and enhances investors' ability to review Cadence's business from the same perspective as Cadence's management. Cadence's management also uses non-GAAP net income internally for forecasting and budgeting. Non-GAAP financial measures should not be considered as a substitute for or superior to measures of financial performance prepared in accordance with GAAP. Investors and potential 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 encouraged to look at the GAAP results as the best measure of financial performance.
The following tables reconcile the specific items excluded from GAAP net income and GAAP net income per diluted share in the calculation of non-GAAP net income and non-GAAP net income per diluted share for the periods shown below:
Net Income Reconciliation Three Months Ended
------------------
September 27, September 28,
2014 2013
-------------- --------------
(unaudited)
(in thousands)
Net income on a GAAP basis $37,535 $38,500
Amortization and sale of
acquired intangibles 16,387 13,027
Stock-based compensation
expense 22,877 18,566
Non-qualified deferred
compensation expenses
(credits) (104) 186
Restructuring and other
charges 11,027 86
Acquisition and integration-
related costs 4,435 8,041
Special charges* 459 745
Amortization of debt discount 4,370 5,693
Other income or expense
related to investments and
non-qualified deferred
compensation plan assets** 1,944 (1,544)
Income tax effect of non-GAAP
adjustments (19,377) (19,895)
------- -------
Net income on a non-GAAP basis $79,553 $63,405
======= =======
* Comprised of costs related to a
voluntary retirement program and
executive severance costs
** Includes, as applicable, equity in
losses or income from investments,
write-down of investments, gains
or losses on sale of 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
------------------
September 27, September 28,
2014 2013
-------------- --------------
(unaudited)
(in
thousands,
except per
share data)
Diluted net
income per
share on a
GAAP basis $0.12 $0.13
Amortization
and sale of
acquired
intangibles 0.05 0.04
Stock-based
compensation
expense 0.07 0.06
Non-
qualified
deferred
compensation
expenses
(credits) - -
Restructuring
and other
charges 0.04 -
Acquisition
and
integration-
related
costs 0.02 0.03
Special
charges* - -
Amortization
of debt
discount 0.01 0.02
Other income
or expense
related to
investments
and non-
qualified
deferred
compensation
plan
assets** 0.01 -
Income tax
effect of
non-GAAP
adjustments (0.06) (0.07)
----- -----
Diluted net
income per
share on a
non-GAAP
basis $0.26 $0.21
===== =====
Shares used
in
calculation
of diluted
net income
per share -
GAAP*** 309,995 296,958
Shares used
in
calculation
of diluted
net income
per share -
non-
GAAP*** 309,995 296,958
* Comprised of costs related to a
voluntary retirement program and
executive severance costs
** Includes, as applicable, equity in
losses or income from investments,
write-down of investments, gains
or losses on sale of investments
and gains or losses on non-
qualified deferred compensation
plan assets recorded in other
income or expense.
*** Shares used in the calculation of
GAAP net income per share are
expected to be the same as shares
used in the calculation of non-
GAAP net income per share, except
when the company reports a GAAP net
loss and non-GAAP net income, or
GAAP net income and a non-GAAP net
loss.
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 19, 2014, Cadence will observe a Quiet Period during which the business outlook as provided in this press release and the company's 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 to be 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 2014 earnings release is published, which is currently scheduled for February 4, 2015.
For more information, please contact:
Investors and Shareholders
Alan Lindstrom
Cadence Design Systems, Inc.
408-944-7100
investor_relations@cadence.com
Media and Industry Analysts
Anna del Rosario
Cadence Design Systems, Inc.
408-914-6884
newsroom@cadence.com
Cadence Design Systems, Inc.
Condensed Consolidated Balance Sheets
September 27, 2014 and December 28, 2013
(In thousands)
(Unaudited)
September 27, 2014 December 28, 2013
------------------ -----------------
Current assets:
Cash and cash
equivalents $500,483 $536,260
Short-term
investments 94,970 96,788
Receivables,
net 107,634 107,624
Inventories 61,096 50,220
2015 notes
hedges 452,498 306,817
Prepaid expenses
and other 134,929 123,382
Total
current
assets 1,351,610 1,221,091
Property, plant and equipment, net of accumulated
depreciation of
$546,129 and
$568,494,
respectively 231,337 238,715
Goodwill 557,252 456,905
Acquired intangibles, net of accumulated amortization of
$137,960 and $139,820, respectively 378,827 311,693
Long-term receivables 4,957 3,672
Other assets 181,958 196,525
-------
Total assets $2,705,941 $2,428,601
========== ==========
Current liabilities:
Convertible
notes $337,711 $324,826
2015 notes embedded
conversion
derivative 452,498 306,817
Accounts payable
and accrued
liabilities 205,647 216,594
Current portion of
deferred revenue 300,188 299,973
Total
current
liabilities 1,296,044 1,148,210
--------- ---------
Long-term liabilities:
Long-term portion
of deferred
revenue 42,873 52,850
Other long-term
liabilities 82,297 71,436
Total long-
term
liabilities 125,170 124,286
------- -------
Stockholders' equity 1,284,727 1,156,105
Total liabilities and stockholders' equity $2,705,941 $2,428,601
========== ==========
Cadence Design Systems, Inc.
Condensed Consolidated Income Statements
For the Three and Nine Months Ended September 27, 2014 and September 28, 2013
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
------------------ -----------------
September 27, September 28, September 27, September 28,
2014 2013 2014 2013
---- ---- ---- ----
Revenue:
Product and
maintenance $374,110 $341,601 $1,085,928 $1,007,855
Services 26,386 25,046 71,906 75,539
Total
revenue 400,496 366,647 1,157,834 1,083,394
------- ------- --------- ---------
Costs and expenses:
Cost of product and
maintenance 36,954 32,546 116,858 90,488
Cost of
services 17,125 17,190 48,733 50,682
Marketing and
sales 100,387 98,094 297,321 283,773
Research and
development 148,744 138,078 447,882 398,557
General and
administrative 25,894 27,582 86,680 91,833
Amortization of
acquired
intangibles 6,316 5,141 17,105 14,259
Restructuring and
other charges 11,027 86 11,397 2,594
------
Total costs
and expenses 346,447 318,717 1,025,976 932,186
------- ------- --------- -------
Income from
operations 54,049 47,930 131,858 151,208
Interest
expense (7,523) (9,583) (22,160) (28,373)
Other income
(expense), net (417) 2,535 4,600 6,728
Income
before
provision
for income
taxes 46,109 40,882 114,298 129,563
Provision for
income taxes 8,574 2,382 20,430 3,025
Net
income $37,535 $38,500 $93,868 $126,538
======= ======= ======= ========
Net income per share - basic $0.13 $0.14 $0.33 $0.46
===== ===== ===== =====
Net income per share - diluted $0.12 $0.13 $0.31 $0.43
===== ===== ===== =====
Weighted average common shares outstanding -
basic 284,462 278,977 283,141 277,034
======= ======= ======= =======
Weighted average common shares outstanding -
diluted 309,995 296,958 305,595 294,531
======= ======= ======= =======
Cadence Design Systems, Inc.
Condensed Consolidated Statements of Cash Flows
For the Nine Months Ended September 27, 2014 and September 28, 2013
(In thousands)
(Unaudited)
Nine Months Ended
-----------------
September 27, September 28,
2014 2013
---- ----
Cash and cash equivalents at
beginning of period $536,260 $726,357
Cash flows from operating
activities:
Net income 93,868 126,538
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation and amortization 84,296 72,681
Amortization of debt discount
and fees 14,863 19,102
Stock-based compensation 60,818 47,487
Gain on investments, net (3,202) (4,035)
Deferred income taxes 18,963 (6,425)
Other non-cash items 6,221 2,183
Changes in operating assets
and liabilities, net of
effect of acquired
businesses:
Receivables (1,858) 2,192
Inventories (15,796) (10,005)
Prepaid expenses and other (8) 26,927
Other assets (38,241) (46,651)
Accounts payable and accrued
liabilities (15,623) 18,277
Deferred revenue (27,231) (5,474)
Other long-term liabilities 7,585 5,644
Net cash provided by
operating activities 184,655 248,441
------- -------
Cash flows from investing
activities:
Purchases of available-for-
sale securities (98,392) (84,000)
Proceeds from the sale of
available-for-sale
securities 69,912 59,014
Proceeds from the maturity of
available-for-sale
securities 32,402 30,506
Proceeds from the sale of
long-term investments - 6,200
Purchases of property, plant
and equipment (27,958) (35,950)
Cash paid in business
combinations and asset
acquisitions, net of cash
acquired (167,248) (392,825)
Net cash used for investing
activities (191,284) (417,055)
-------- --------
Cash flows from financing
activities:
Proceeds from revolving
credit facility 100,000 100,000
Payment on revolving credit
facility (100,000) (50,000)
Payment of convertible notes (1) (78)
Payment of convertible notes
embedded conversion
derivative liability (1) -
Proceeds from convertible
notes hedges 1 -
Principal payments on
receivable financing - (2,526)
Payment of debt issuance
costs (322) -
Payment of acquisition-
related contingent
consideration (1,835) (677)
Tax effect related to
employee stock transactions
allocated to equity 5,786 9,494
Proceeds from issuance of
common stock 54,717 40,691
Stock received for payment of
employee taxes on vesting of
restricted stock (23,648) (19,461)
Payments for repurchases of
common stock (62,575) -
Net cash provided by (used
for) financing activities (27,878) 77,443
------- ------
Effect of exchange rate
changes on cash and cash
equivalents (1,270) (14,783)
------ -------
Decrease in cash and cash
equivalents (35,777) (105,954)
------- --------
Cash and cash equivalents at
end of period $500,483 $620,403
======== ========
Cadence Design Systems, Inc.
As of October 20, 2014
Impact of Non-GAAP Adjustments on Forward Looking Diluted Net Income Per Share
(Unaudited)
Three Months Ending Year Ending
January 3, 2015 January 3, 2015
Forecast Forecast
-------- --------
Diluted net income per share on a
GAAP basis $0.16 to $0.18 $0.46 to $0.48
Amortization of acquired intangibles 0.05 0.19
Stock-based compensation expense 0.08 0.28
Non-qualified deferred compensation
expenses - 0.01
Restructuring and other charges - 0.04
Acquisition and integration-related costs 0.01 0.08
Special charges* - 0.04
Amortization of debt discount 0.02 0.06
Other income or expense related to
investments and non-qualified deferred
compensation plan assets** (0.01)
-
Income tax effect of non-GAAP adjustments (0.06) (0.23)
Diluted net income per share on a
non-GAAP basis $0.26 to $0.28 $0.92 to $0.94
============== ==============
* Comprised of
costs related
to a
voluntary
retirement
program
** Includes,
as
applicable,
equity in
losses or
income from
investments,
write-down
of
investments,
gains or
losses on
sale of
investments
and gains or
losses on
non-
qualified
deferred
compensation
plan assets
recorded in
other income
or expense.
Cadence Design Systems, Inc.
As of October 20, 2014
Impact of Non-GAAP Adjustments on Forward Looking Net Income
(Unaudited)
Three Months Ending Year Ending
January 3, 2015 January 3, 2015
($ in millions) Forecast Forecast
-------- --------
Net income on a GAAP basis $48 to $55 $142 to $149
Amortization of acquired intangibles 16 60
Stock-based compensation expense 24 85
Non-qualified deferred compensation
expenses - 3
Restructuring and other charges - 11
Acquisition and integration-related costs 4 24
Special charges* - 11
Amortization of debt discount 5 18
Other income or expense related to
investments and non-qualified deferred
compensation plan assets** (3)
-
Income tax effect of non-GAAP adjustments (18) (69)
Net income on a non-GAAP basis $79 to $86 $282 to $289
========== ============
* Comprised of costs related to a
voluntary retirement program
** Includes, as applicable, equity in
losses or income from investments,
write-down of investments, gains or
losses on sale of investments and gains
or losses on non-qualified deferred
compensation plan assets recorded in
other income or expense.
Cadence Design Systems, Inc.
(Unaudited)
Revenue Mix by Geography (%
of Total Revenue)
2013 2014
---- ----
GEOGRAPHY Q1 Q2 Q3 Q4 Year Q1 Q2 Q3
--------- --- --- --- --- ---- --- --- ---
Americas 44% 45% 48% 47% 46% 45% 44% 46%
Asia 19% 21% 20% 19% 20% 23% 23% 22%
Europe, Middle East and
Africa 22% 21% 20% 20% 21% 20% 22% 21%
Japan 15% 13% 12% 14% 13% 12% 11% 11%
Total 100% 100% 100% 100% 100% 100% 100% 100%
Revenue Mix by Product Group
(% of Total Revenue)
2013 2014
---- ----
PRODUCT GROUP Q1 Q2 Q3 Q4 Year Q1 Q2 Q3
------------- --- --- --- --- ---- --- --- ---
Functional Verification,
including Emulation
Hardware 22% 22% 24% 25% 23% 23% 21% 23%
Digital IC Design and
Signoff 33% 31% 29% 29% 30% 30% 30% 29%
Custom IC Design 28% 28% 28% 26% 27% 27% 28% 27%
System Interconnect and
Analysis 10% 11% 10% 10% 11% 10% 11% 10%
IP 7% 8% 9% 10% 9% 10% 10% 11%
Total 100% 100% 100% 100% 100% 100% 100% 100%
Cadence Design Systems, Inc.
Supplemental Reconciliation of Certain GAAP to Non-GAAP Measures
For the Three Months Ended September 27, 2014
(In thousands)
(Unaudited)
Three Months Ended
September 27, 2014
------------------
GAAP Adjustments Non-GAAP
Revenue:
Product and
maintenance $374,110 $ - $374,110
Services 26,386 - 26,386
Total revenue 400,496 - 400,496
------- --- -------
Costs and expenses:
Cost of product and
maintenance 36,954 (10,703) (A) 26,251
Cost of services 17,125 (924) (A) 16,201
Marketing and
sales 100,387 (6,799) (A) 93,588
Research and
development 148,744 (15,418) (A) 133,326
General and
administrative 25,894 (3,894) (A) 22,000
Amortization of
acquired
intangibles 6,316 (6,316) (A) -
Restructuring and
other charges 11,027 (11,027) -
Total costs and
expenses 346,447 (55,081) 291,366
------- ------- -------
Income from
operations 54,049 55,081 109,130
Interest expense (7,523) 4,370 (B) (3,153)
Other income
(expense), net (417) 1,944 (C) 1,527
---
Income before
provision for
income taxes 46,109 61,395 107,504
Provision for
income taxes 8,574 19,377 (D) 27,951
---
Net income $37,535 $42,018 $79,553
======= ======= =======
Notes:
(A) For the three months ended September 27, 2014, adjustments to GAAP are as follows for the line items specified:
Amortization of Stock-based Non-qualified Acquisition and Special charges Total
acquired intangibles compensation deferred integration-related (E) adjustments
expense compensation costs
credits
-------
Cost of product and
maintenance $10,071 $633 $(1) $ - $ - $10,703
Cost of services - 926 (2) - - 924
Marketing and sales - 5,930 (1) 870 - 6,799
Research and development - 11,580 (95) 3,933 - 15,418
General and administrative - 3,808 (5) (368) 459 3,894
Amortization of acquired
intangibles 6,316 - - - - 6,316
Total $16,387 $22,877 $(104) $4,435 $459 $44,054
=======
(B) Amortization of debt discount related to convertible notes
(C) Other income or expense related to investments and non-qualified deferred compensation plan assets
(D) Income tax effect of non-GAAP adjustments
(E) Comprised of costs related to a voluntary retirement program
Cadence Design Systems, Inc.
Supplemental Reconciliation of Certain GAAP to Non-GAAP Measures
For the Three Months Ended September 28, 2013
(In thousands)
(Unaudited)
Three Months Ended
September 28, 2013
------------------
GAAP Adjustments Non-GAAP
Revenue:
Product and
maintenance $341,601 $ - $341,601
Services 25,046 - 25,046
Total revenue 366,647 - 366,647
------- --- -------
Costs and expenses:
Cost of product and
maintenance 32,546 (8,339) (F) 24,207
Cost of services 17,190 (662) (F) 16,528
Marketing and
sales 98,094 (5,655) (F) 92,439
Research and
development 138,078 (16,713) (F) 121,365
General and
administrative 27,582 (4,055) (F) 23,527
Amortization of
acquired
intangibles 5,141 (5,141) (F) -
Restructuring and
other charges 86 (86) -
Total costs and
expenses 318,717 (40,651) 278,066
------- ------- -------
Income from
operations 47,930 40,651 88,581
Interest expense (9,583) 5,693 (G) (3,890)
Other income,
net 2,535 (1,544) (H) 991
---
Income before
provision for
income taxes 40,882 44,800 85,682
Provision for
income taxes 2,382 19,895 (I) 22,277
---
Net income $38,500 $24,905 $63,405
======= ======= =======
Notes:
(F) For the three months ended September 28, 2013, adjustments to GAAP are as follows for the line items specified:
Amortization and Stock-based Non-qualified Acquisition and Special charges Total
sale of acquired compensation deferred integration-related (J) adjustments
intangibles expense compensation costs
expenses
--------
Cost of product and
maintenance $7,886 $438 $15 $ - $ - $8,339
Cost of services - 641 21 - - 662
Marketing and sales - 4,594 3 578 480 5,655
Research and development - 9,356 60 7,297 - 16,713
General and administrative - 3,537 87 166 265 4,055
Amortization of acquired
intangibles 5,141 - - - - 5,141
Total $13,027 $18,566 $186 $8,041 $745 $40,565
=======
(G) Amortization of debt discount related to convertible notes
(H) Other income or expense related to investments and non-qualified deferred compensation plan assets
(I) Income tax effect of non-GAAP adjustments
(J) Comprised of executive severance costs
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SOURCE Cadence Design Systems, Inc.
