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
Email Contact
Media and Industry Analysts
Anna del Rosario
Cadence Design Systems, Inc.
408-914-6884
Email Contact
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Cadence Design Systems, Inc. | ||||||||||
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Condensed Consolidated Balance Sheets | ||||||||||
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September 27, 2014 and December 28, 2013 | ||||||||||
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(In thousands) | ||||||||||
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(Unaudited) | ||||||||||
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September 27, 2014 |
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December 28, 2013 |
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Current assets: |
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Cash and cash equivalents |
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$ 500,483 |
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$ 536,260 | |||
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Short-term investments |
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94,970 |
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96,788 | |||
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Receivables, net |
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107,634 |
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107,624 | ||
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Inventories |
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61,096 |
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50,220 | ||
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2015 notes hedges |
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452,498 |
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306,817 | |||
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Prepaid expenses and other |
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134,929 |
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123,382 | |||
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Total current assets |
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1,351,610 |
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1,221,091 | ||
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Property, plant and equipment, net of accumulated |
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depreciation of $546,129 and $568,494, respectively |
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231,337 |
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238,715 | |||||
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Goodwill |
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557,252 |
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456,905 | |||
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Acquired intangibles, net of accumulated amortization of |
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$137,960 and $139,820, respectively |
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378,827 |
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311,693 | ||||
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Long-term receivables |
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4,957 |
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3,672 | ||||
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Other assets |
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181,958 |
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196,525 | |||
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Total assets |
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$ 2,705,941 |
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$ 2,428,601 | |||
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Current liabilities: |
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Convertible notes |
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$ 337,711 |
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$ 324,826 | |||
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2015 notes embedded conversion derivative |
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452,498 |
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306,817 | |||||
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Accounts payable and accrued liabilities |
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205,647 |
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216,594 | ||||
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Current portion of deferred revenue |
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300,188 |
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299,973 | ||||
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Total current liabilities |
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1,296,044 |
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1,148,210 | ||
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Long-term liabilities: |
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Long-term portion of deferred revenue |
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42,873 |
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52,850 | ||||
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Other long-term liabilities |
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82,297 |
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71,436 | |||
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Total long-term liabilities |
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125,170 |
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124,286 | ||
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Stockholders' equity |
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1,284,727 |
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1,156,105 | |||
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Total liabilities and stockholders' equity |
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$ 2,705,941 |
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$ 2,428,601 | |||||
