UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________ FORM 10-K _____________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF ☐ 1934 For the transition period from _________ to_________. Commission file number 000-15867 _______________________________ ...

Cadence Design Systems (CDNS) reported $1.07 billion in revenue for the quarter ended December 2023, representing a year-over-year increase of 18.8%. EPS of $1.38 for the same period compares to $0.96 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $1.07 billion, representing a surprise of +0.27%. The company delivered an EPS surprise of +2.99%, with the consensus EPS estimate being $1.34.While investors closely watch year-over-year changes in headline numbers -- revenue and earn ...

Core Insights - Cadence Design Systems (CDNS) reported strong fourth-quarter 2023 results with non-GAAP earnings of $1.38 per share, exceeding estimates by 3% and showing a year-over-year increase of 43.8% [1] - Revenues reached $1.069 billion, surpassing estimates by 0.3% and reflecting an 18.8% year-over-year growth, driven by high customer demand and operational efficiency [1] - The company ended the quarter with a backlog of $6 billion and remaining performance obligations of $3.2 billion [1] Financial Performance - For 2023, CDNS achieved a revenue growth of 15% to $4.09 billion and a 20% increase in earnings to $5.15 per share [1] - In the fourth quarter, Product & Maintenance revenues constituted 91.9% of total revenues, amounting to $982 million, a 16.1% year-over-year increase, while Services revenues grew 61.1% to $87 million [4] - The Americas contributed 44% to total revenues, followed by China (15%), Other Asia (19%), Europe, the Middle East and Africa (16%), and Japan (6%) [4] Business Segments - The Digital IC business grew 22% year over year in the fourth quarter, with 34 new customers adopting CDNS' digital full flow [5] - The Functional Verification segment saw an 11% increase, attributed to rising system complexity, with significant traction in Palladium and Protium platforms [5] - The IP business registered a remarkable 36% year-over-year growth in revenues during the fourth quarter [6] Guidance and Projections - For 2024, CDNS projects revenues between $4.55 billion and $4.61 billion, indicating an 11.4% growth from the previous year [2] - Non-GAAP EPS for 2024 is expected to be between $5.87 and $5.97, suggesting a 13.7% increase from the prior year [2] - The company anticipates a non-GAAP operating margin of 42-43% and operating cash flow between $1.35 billion and $1.45 billion for 2024 [3] Cash Flow and Share Repurchase - CDNS generated operating cash flow of $272 million in the fourth quarter, down from $396 million in the previous quarter, while free cash flow was $238 million [7] - For 2023, the company reported operating cash flow of $1.349 billion and free cash flow of $1.247 billion, with $125 million in share repurchases during the fourth quarter [7] Stock Performance - The stock experienced a 7.9% decline in pre-market trading on February 13, despite a 54% increase over the past year, outperforming the sub-industry's growth of 49.5% [3]

Cadence Design Systems, Inc. (NASDAQ:CDNS) Q4 2023 Earnings Conference Call February 12, 2024 5:00 PM ET Company Participants Richard Gu - Vice President, Investor Relations Anirudh Devgan - President and Chief Executive Officer John Wall - Senior Vice President and Chief Financial Officer Conference Call Participants Jason Celino - KeyBanc Capital Markets Charles Shi - Needham Vivek Arya - Bank of America Securities Gary Mobley - Wells Fargo Securities Jay Vleeschhouwer - Griffin Securities Harlan Sur - JP ...

SAN JOSE, Calif.--(BUSINESS WIRE)--Cadence Design Systems, Inc. (Nasdaq: CDNS) today announced results for the fourth quarter and fiscal year 2023. Fourth Quarter 2023 Financial Highlights Revenue of $1.069 billion, compared to revenue of $900 million in Q4 2022 GAAP operating margin of 31%, compared to 23% in Q4 2022 Non-GAAP operating margin of 43%, compared to 36% in Q4 2022 GAAP diluted net income per share of $1.19, compared to $0.88 in Q4 2022 Non-GAAP diluted net income per share of $1.38, ...

SAN JOSE, Calif.--(BUSINESS WIRE)--Cadence Design Systems, Inc. (Nasdaq: CDNS) and Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today announced at 3DEXPERIENCE World that they have extended their ongoing strategic partnership by integrating the AI-driven Cadence® OrCAD® X and Allegro® X with Dassault Systèmes’ extended 3DEXPERIENCE Works Portfolio, for SOLIDWORKS existing and future customers. This enables best-in-class collaboration for continuous development across PCB, 3D mechanical design an ...

Investors are always looking for stocks that are poised to beat at earnings season and Cadence Design Systems, Inc. (CDNS) may be one such company. The firm has earnings coming up pretty soon, and events are shaping up quite nicely for their report.That is because Cadence is seeing favorable earnings estimate revision activity as of late, which is generally a precursor to an earnings beat. After all, analysts raising estimates right before earnings — with the most up-to-date information possible — is a pret ...

Investors interested in Computer and Technology stocks should always be looking to find the best-performing companies in the group. Is Cadence Design Systems (CDNS) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.Cadence Design Systems is one of 621 companies in the Computer and Technology group. The Computer and Technology group currently sits at #11 within the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 individual secto ...

The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price. Do they really matter, though?Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Cadence Design Systems (CDNS) .Cadence currently has an average b ...

Cadence Design Systems (CDNS) is scheduled to release fourth-quarter 2023 results on Feb 12.For the fourth quarter, Cadence expects total revenues in the range of $1.039-$1.079 billion. The Zacks Consensus Estimate is currently pegged at $1.07 billion, suggesting an increase of 18.7% from a year ago.Management projects non-GAAP earnings per share (EPS) in the range of $1.30-$1.36. The Zacks Consensus Estimate is pegged at $1.34, indicating an increase of 40% from the prior-year quarter’s reported figure.The ...