Cadence Reports Third Quarter 2017 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 December 15, 2017, Cadence will observe a Quiet Period during which the business outlook as provided in this press release and the 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 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 Cadence's fourth quarter 2017 earnings release is published, which is currently scheduled for January 31, 2018.

For more information, please contact:

Cadence Investor Relations
Alan Lindstrom
408-428-5020
alind@cadence.com

Cadence Newsroom
408-944-7039
newsroom@cadence.com

 

Cadence Design Systems, Inc.

Condensed Consolidated Balance Sheets

September 30, 2017 and December 31, 2016

(In thousands)

(Unaudited)














September 30, 2017


December 31, 2016









Current assets:






Cash and cash equivalents


$                    678,284


$                   465,232


Short-term investments


4,135


3,057


Receivables, net


170,312


157,171


Inventories


36,000


39,475


Prepaid expenses and other


42,374


37,099



Total current assets


931,105


702,034









Property, plant and equipment, net of accumulated






depreciation of $648,298 and $612,961, respectively


244,620


238,607

Goodwill


574,912


572,764

Acquired intangibles, net of accumulated amortization of 






$283,632 and $267,723, respectively


216,177


258,814

Long-term receivables


11,590


12,949

Other assets


326,823


311,740

Total assets


$                 2,305,227


$                2,096,908









Current liabilities:






Revolving credit facility


$                              -


$                     50,000


Accounts payable and accrued liabilities


199,672


239,496


Current portion of deferred revenue


320,462


296,066



Total current liabilities


520,134


585,562









Long-term liabilities:






Long-term portion of deferred revenue


57,865


66,769


Long-term debt


644,146


643,493


Other long-term liabilities


72,342


59,314



Total long-term liabilities


774,353


769,576









Stockholders' equity


1,010,740


741,770

Total liabilities and stockholders' equity


$                 2,305,227


$                2,096,908


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