Cadence Reports Fourth Quarter and Fiscal Year 2014 Financial Results

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 March 20, 2015, 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 first quarter 2015 earnings release is published, which is currently scheduled for April 27, 2015.

For more information, please contact:
Investors and Shareholders
Alan Lindstrom
Cadence Design Systems, Inc.
408-944-7100
Email Contact

Media and Industry Analysts
Mark Plungy
Cadence Design Systems, Inc.
408-944-7039
Email Contact

 

Cadence Design Systems, Inc.

Condensed Consolidated Balance Sheets

January 3, 2015 and December 28, 2013

(In thousands)

(Unaudited)

                     
               

January 3,
2015

 

December 28,
2013

                     

Current assets:

             
 

Cash and cash equivalents

   

$              932,161

 

$           536,260

 

Short-term investments

   

90,445

 

96,788

 

Receivables, net

     

122,492

 

107,624

 

Inventories

       

56,394

 

50,220

 

2015 notes hedges

     

523,930

 

306,817

 

Prepaid expenses and other

   

126,313

 

123,382

   

Total current assets

   

1,851,735

 

1,221,091

                     

Property, plant and equipment, net of accumulated

   
 

depreciation of $552,551 and $568,494, respectively

230,112

 

238,715

Goodwill

       

553,767

 

456,905

Acquired intangibles, net of accumulated amortization of 

   
 

$154,814 and $139,820, respectively

360,932

 

311,693

Long-term receivables

     

3,644

 

3,672

Other assets

       

209,366

 

196,525

Total assets

       

$           3,209,556

 

$        2,428,601

                     

Current liabilities:

           
 

Convertible notes

     

$              342,499

 

$           324,826

 

2015 notes embedded conversion derivative

523,930

 

306,817

 

Accounts payable and accrued liabilities

225,375

 

216,594

 

Current portion of deferred revenue

301,287

 

299,973

   

Total current liabilities

   

1,393,091

 

1,148,210

                     

Long-term liabilities:

           
 

Long-term portion of deferred revenue

54,726

 

52,850

 

Long-term debt

     

348,676

 

-

 

Other long-term liabilities

   

79,489

 

71,436

   

Total long-term liabilities

 

482,891

 

124,286

                     

Stockholders' equity

     

1,333,574

 

1,156,105

Total liabilities and stockholders' equity

$           3,209,556

 

$        2,428,601


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