Cadence Reports Fourth Quarter and Fiscal Year 2014 Financial Results

 

                         

Cadence Design Systems, Inc.

Condensed Consolidated Income Statements

For the Three Months and Years Ended January 3, 2015 and December 28, 2013

(In thousands, except per share amounts)

(Unaudited)

                         
                         
           

Three Months Ended

 

Years Ended

           

January 3,
2015

 

December 28,
2013

 

January 3,
2015

 

December 28,
2013

                         

Revenue:

                 
 

Product and maintenance

$      393,223

 

$      350,079

 

$  1,479,151

 

$  1,357,934

 

Services

   

29,875

 

26,643

 

101,781

 

102,182

                         
   

Total revenue

 

423,098

 

376,722

 

1,580,932

 

1,460,116

                         

Costs and expenses:

               
 

Cost of product and maintenance

39,475

 

41,757

 

156,333

 

132,245

 

Cost of services

 

18,640

 

17,274

 

67,373

 

67,956

 

Marketing and sales

 

102,367

 

94,384

 

399,688

 

378,157

 

Research and development

155,124

 

135,465

 

603,006

 

534,022

 

General and administrative

26,939

 

29,481

 

113,619

 

121,314

 

Amortization of acquired intangibles

6,912

 

5,157

 

24,017

 

19,416

 

Restructuring and other charges (credits)

(1,145)

 

15,405

 

10,252

 

17,999

                         
   

Total costs and expenses

348,312

 

338,923

 

1,374,288

 

1,271,109

                         
     

Income from operations

74,786

 

37,799

 

206,644

 

189,007

                         
 

Interest expense

 

(11,961)

 

(9,208)

 

(34,121)

 

(37,581)

 

Other income, net

 

3,879

 

842

 

8,479

 

7,570

                         
     

Income before provision (benefit) for income taxes

66,704

 

29,433

 

181,002

 

158,996

                         
 

Provision (benefit) for income taxes

1,674

 

(8,272)

 

22,104

 

(5,247)

                         
     

Net income 

 

$        65,030

 

$        37,705

 

$     158,898

 

$     164,243

                         
                         

Net income per share - basic

$            0.23

 

$            0.13

 

$           0.56

 

$           0.59

                         

Net income per share - diluted

$            0.21

 

$            0.13

 

$           0.52

 

$           0.56

                         

Weighted average common shares outstanding - basic

283,928

 

280,083

 

283,349

 

277,796

                         

Weighted average common shares outstanding - diluted

310,273

 

294,663

 

306,775

 

294,564


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