Cadence Design Systems, Inc. | ||||||||||
Condensed Consolidated Income Statements | ||||||||||
For the Three and Six Months Ended July 1, 2017 and July 2, 2016 | ||||||||||
(In thousands, except per share amounts) | ||||||||||
(Unaudited) | ||||||||||
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Three Months Ended |
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Six Months Ended | ||||
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July 1, 2017 |
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July 2, 2016 |
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July 1, 2017 |
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July 2, 2016 |
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Revenue: |
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Product and maintenance |
$ 443,847 |
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$ 419,963 |
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$ 895,254 |
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$ 831,707 | ||
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Services |
35,154 |
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33,058 |
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60,658 |
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69,176 | ||
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Total revenue |
479,001 |
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453,021 |
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955,912 |
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900,883 | |
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Costs and expenses: |
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Cost of product and maintenance |
38,829 |
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42,960 |
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82,546 |
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87,141 | ||
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Cost of services |
22,003 |
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18,823 |
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40,078 |
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36,696 | ||
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Marketing and sales |
103,897 |
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101,110 |
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207,244 |
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200,310 | ||
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Research and development |
195,901 |
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182,371 |
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394,187 |
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362,277 | ||
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General and administrative |
32,774 |
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36,388 |
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64,590 |
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64,688 | ||
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Amortization of acquired intangibles |
3,836 |
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4,537 |
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7,692 |
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10,317 | ||
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Restructuring and other charges (credits) |
(929) |
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(74) |
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(2,717) |
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14,512 | ||
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Total costs and expenses |
396,311 |
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386,115 |
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793,620 |
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775,941 | |
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Income from operations |
82,690 |
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66,906 |
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162,292 |
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124,942 |
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Interest expense |
(6,248) |
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(5,896) |
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(12,727) |
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(11,253) | ||
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Other income, net |
924 |
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2,842 |
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1,983 |
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7,605 | ||
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Income before provision for income taxes |
77,366 |
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63,852 |
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151,548 |
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121,294 |
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Provision for income taxes |
8,239 |
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14,517 |
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14,162 |
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21,397 | ||
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Net income |
$ 69,127 |
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$ 49,335 |
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$ 137,386 |
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$ 99,897 |
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Net income per share - basic |
$ 0.25 |
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$ 0.17 |
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$ 0.51 |
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$ 0.34 | |||
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Net income per share - diluted |
$ 0.25 |
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$ 0.17 |
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$ 0.49 |
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$ 0.33 | |||
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Weighted average common shares outstanding - basic |
271,887 |
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288,191 |
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271,030 |
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292,403 | |||
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Weighted average common shares outstanding - diluted |
279,526 |
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295,201 |
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278,631 |
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299,318 |
Cadence Reports Second Quarter 2017 Financial Results
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