Cadence Reports Second 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 September 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 the day when Cadence's third quarter 2017 earnings release is published, which is currently scheduled for Thursday, October 26, 2017.

For more information, please contact:

Cadence Investor Relations
408-944-7100
investor_relations@cadence.com

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

Cadence Design Systems, Inc.

Condensed Consolidated Balance Sheets

July 1, 2017 and December 31, 2016

(In thousands)

(Unaudited)










July 1, 2017


December 31, 2016







Current assets:





Cash and cash equivalents

$      655,998


$                   465,232


Short-term investments

3,229


3,057


Receivables, net

153,154


157,171


Inventories

31,894


39,475


Prepaid expenses and other

39,175


37,099



Total current assets

883,450


702,034







Property, plant and equipment, net of accumulated





depreciation of $634,418 and $612,961, respectively

249,140


238,607

Goodwill

575,025


572,764

Acquired intangibles, net of accumulated amortization of 





$269,859 and $267,723, respectively

229,783


258,814

Long-term receivables

13,340


12,949

Other assets

316,961


311,740

Total assets

$   2,267,699


$                2,096,908







Current liabilities:





Revolving credit facility

$                -


$                     50,000


Accounts payable and accrued liabilities

222,216


239,496


Current portion of deferred revenue

322,509


296,066



Total current liabilities

544,725


585,562







Long-term liabilities:





Long-term portion of deferred revenue

60,158


66,769


Long-term debt

643,927


643,493


Other long-term liabilities

67,096


59,314



Total long-term liabilities

771,181


769,576







Stockholders' equity

951,793


741,770

Total liabilities and stockholders' equity

$   2,267,699


$                2,096,908


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