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10-Q Filing

CADENCE DESIGN SYSTEMS INC CIK: 813672 Q1 2022
Filing Information
Form Type 10-Q
Accession Number 0000813672-22-000022
Period End Date 20220331
Filing Date 20220425
Fiscal Year 2022
Fiscal Period Q1
XBRL Instance cdns-20220402_htm.xml
Balance Sheet 53 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $1.09B USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $928.43M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $1.13B USD Point-in-time
Receivables, net ReceivablesNetCurrent $337.60M USD Point-in-time
Receivables, net ReceivablesNetCurrent $361.79M USD Point-in-time
Inventories InventoryNet $110.21M USD Point-in-time
Inventories InventoryNet $115.72M USD Point-in-time
Prepaid expenses and other PrepaidExpenseAndOtherAssetsCurrent $128.14M USD Point-in-time
Prepaid expenses and other PrepaidExpenseAndOtherAssetsCurrent $173.51M USD Point-in-time
Total current assets AssetsCurrent $1.73B USD Point-in-time
Total current assets AssetsCurrent $1.72B USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $305.91M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $310.69M USD Point-in-time
Goodwill Goodwill $923.72M USD Point-in-time
Goodwill Goodwill $928.36M USD Point-in-time
Acquired intangibles, net IntangibleAssetsNetExcludingGoodwill $233.26M USD Point-in-time
Acquired intangibles, net IntangibleAssetsNetExcludingGoodwill $219.11M USD Point-in-time
Deferred taxes DeferredIncomeTaxAssetsNet $787.11M USD Point-in-time
Deferred taxes DeferredIncomeTaxAssetsNet $763.77M USD Point-in-time
Other assets OtherAssets $439.23M USD Point-in-time
Other assets OtherAssets $419.54M USD Point-in-time
Total assets Assets $4.39B USD Point-in-time
Total assets Assets $4.40B USD Point-in-time
Accounts payable and accrued liabilities AccountsPayableAndAccruedLiabilitiesCurrent $417.28M USD Point-in-time
Accounts payable and accrued liabilities AccountsPayableAndAccruedLiabilitiesCurrent $360.55M USD Point-in-time
Current portion of deferred revenue ContractWithCustomerLiabilityCurrent $553.94M USD Point-in-time
Current portion of deferred revenue ContractWithCustomerLiabilityCurrent $600.28M USD Point-in-time
Total current liabilities LiabilitiesCurrent $971.23M USD Point-in-time
Total current liabilities LiabilitiesCurrent $960.83M USD Point-in-time
Long-term portion of deferred revenue ContractWithCustomerLiabilityNoncurrent $101.15M USD Point-in-time
Long-term portion of deferred revenue ContractWithCustomerLiabilityNoncurrent $106.84M USD Point-in-time
Long-term debt UnsecuredLongTermDebt $347.79M USD Point-in-time
Long-term debt UnsecuredLongTermDebt $347.59M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $225.66M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $219.43M USD Point-in-time
Total long-term liabilities LiabilitiesNoncurrent $674.40M USD Point-in-time
Total long-term liabilities LiabilitiesNoncurrent $674.06M USD Point-in-time
Commitments and contingencies CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies CommitmentsAndContingencies - USD Point-in-time
Common stock and capital in excess of par value CommonStocksIncludingAdditionalPaidInCapital $2.47B USD Point-in-time
Common stock and capital in excess of par value CommonStocksIncludingAdditionalPaidInCapital $2.55B USD Point-in-time
Treasury stock, at cost TreasuryStockValue $3.03B USD Point-in-time
Treasury stock, at cost TreasuryStockValue $2.74B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $3.05B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $3.28B USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-47.92M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-33.31M USD Point-in-time
Total stockholders equity StockholdersEquity $2.76B USD Point-in-time
Total stockholders equity StockholdersEquity $2.54B USD Point-in-time
Total stockholders equity StockholdersEquity $2.49B USD Point-in-time
Total stockholders equity StockholdersEquity $2.74B USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $4.40B USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $4.39B USD Point-in-time
Income Statement 34 line items
Line Item Tag Value Unit Period
Revenues RevenueFromContractWithCustomerExcludingAssessedTax $736.03M USD 1 Quarter
Revenues RevenueFromContractWithCustomerExcludingAssessedTax $901.77M USD 1 Quarter
Marketing and sales SellingAndMarketingExpense $140.19M USD 1 Quarter
Marketing and sales SellingAndMarketingExpense $132.83M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $290.89M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $270.99M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $39.95M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $48.94M USD 1 Quarter
Amortization of acquired intangibles AmortizationOfIntangibleAssets $4.96M USD 1 Quarter
Amortization of acquired intangibles AmortizationOfIntangibleAssets $4.63M USD 1 Quarter
Restructuring RestructuringCharges $12.00K USD 1 Quarter
Restructuring RestructuringCharges $-277.00K USD 1 Quarter
Total costs and expenses CostsAndExpenses $532.09M USD 1 Quarter
Total costs and expenses CostsAndExpenses $582.84M USD 1 Quarter
Income from operations OperatingIncomeLoss $318.93M USD 1 Quarter
Income from operations OperatingIncomeLoss $203.94M USD 1 Quarter
Interest expense InterestExpense $4.22M USD 1 Quarter
Interest expense InterestExpense $4.11M USD 1 Quarter
Other income (expenses), net OtherNonoperatingIncomeExpense $2.70M USD 1 Quarter
Other income (expenses), net OtherNonoperatingIncomeExpense $-4.90M USD 1 Quarter
Income before provision for income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $202.42M USD 1 Quarter
Income before provision for income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $309.92M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $15.25M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $74.59M USD 1 Quarter
Net income NetIncomeLoss $187.17M USD 1 Quarter
Net income NetIncomeLoss $235.34M USD 1 Quarter
Net income per share - basic (usd per share) EarningsPerShareBasic $0.68 USD 1 Quarter
Net income per share - basic (usd per share) EarningsPerShareBasic $0.86 USD 1 Quarter
Net Income per share - diluted (usd per share) EarningsPerShareDiluted $0.67 USD 1 Quarter
Net Income per share - diluted (usd per share) EarningsPerShareDiluted $0.85 USD 1 Quarter
Weighted average common shares outstanding - basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 274.02M shares 1 Quarter
Weighted average common shares outstanding - basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 272.43M shares 1 Quarter
Weighted average common shares outstanding - diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 280.14M shares 1 Quarter
Weighted average common shares outstanding - diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 276.92M shares 1 Quarter
Cash Flow Statement 68 line items
Line Item Tag Value Unit Period
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $1.09B USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $928.43M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $1.13B USD Point-in-time
Net income NetIncomeLoss $187.17M USD 1 Quarter
Net income NetIncomeLoss $235.34M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $36.22M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $34.83M USD 1 Quarter
Amortization of debt discount and fees AmortizationOfFinancingCostsAndDiscounts $264.00K USD 1 Quarter
Amortization of debt discount and fees AmortizationOfFinancingCostsAndDiscounts $268.00K USD 1 Quarter
Stock-based compensation ShareBasedCompensation $59.47M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $52.60M USD 1 Quarter
(Gain) loss on investments, net GainLossOnInvestments $-2.04M USD 1 Quarter
(Gain) loss on investments, net GainLossOnInvestments $1.43M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $-24.92M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $2.71M USD 1 Quarter
Provisions for losses (recoveries) on receivables ProvisionForDoubtfulAccounts $77.00K USD 1 Quarter
Provisions for losses (recoveries) on receivables ProvisionForDoubtfulAccounts $-344.00K USD 1 Quarter
ROU asset amortization and change in operating lease liabilities ROUassetamortizationandchangeinoperatingleaseliabilities $-2.14M USD 1 Quarter
ROU asset amortization and change in operating lease liabilities ROUassetamortizationandchangeinoperatingleaseliabilities $926.00K USD 1 Quarter
Other non-cash items OtherNoncashIncomeExpense $-302.00K USD 1 Quarter
Other non-cash items OtherNoncashIncomeExpense $-88.00K USD 1 Quarter
Receivables IncreaseDecreaseInAccountsAndOtherReceivables $28.43M USD 1 Quarter
Receivables IncreaseDecreaseInAccountsAndOtherReceivables $45.93M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $669.00K USD 1 Quarter
Inventories IncreaseDecreaseInInventories $-4.58M USD 1 Quarter
Prepaid expenses and other IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-44.42M USD 1 Quarter
Prepaid expenses and other IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $3.01M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $-11.59M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $-6.26M USD 1 Quarter
Accounts payable and accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-80.77M USD 1 Quarter
Accounts payable and accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-58.20M USD 1 Quarter
Deferred revenue IncreaseDecreaseInDeferredRevenue $59.17M USD 1 Quarter
Deferred revenue IncreaseDecreaseInDeferredRevenue $56.23M USD 1 Quarter
Other long-term liabilities IncreaseDecreaseInOtherNoncurrentLiabilities $-2.37M USD 1 Quarter
Other long-term liabilities IncreaseDecreaseInOtherNoncurrentLiabilities $-1.26M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $336.61M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $208.44M USD 1 Quarter
Purchases of non-marketable investments PaymentsToAcquireInvestments $1.00M USD 1 Quarter
Purchases of non-marketable investments PaymentsToAcquireInvestments - USD 1 Quarter
Purchases of property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $18.13M USD 1 Quarter
Purchases of property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $16.97M USD 1 Quarter
Purchases of intangible assets PaymentsToAcquireIntangibleAssets - USD 1 Quarter
Purchases of intangible assets PaymentsToAcquireIntangibleAssets $750.00K USD 1 Quarter
Cash paid in business combinations, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired $189.26M USD 1 Quarter
Cash paid in business combinations, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired - USD 1 Quarter
Net cash used for investing activities NetCashProvidedByUsedInInvestingActivities $-19.88M USD 1 Quarter
Net cash used for investing activities NetCashProvidedByUsedInInvestingActivities $-206.23M USD 1 Quarter
Proceeds from issuance of common stock ProceedsFromIssuanceOfCommonStock $46.38M USD 1 Quarter
Proceeds from issuance of common stock ProceedsFromIssuanceOfCommonStock $45.67M USD 1 Quarter
Stock received for payment of employee taxes on vesting of restricted stock PaymentsRelatedToTaxWithholdingForShareBasedCompensation $56.34M USD 1 Quarter
Stock received for payment of employee taxes on vesting of restricted stock PaymentsRelatedToTaxWithholdingForShareBasedCompensation $56.38M USD 1 Quarter
Payments for repurchases of common stock PaymentsForRepurchaseOfCommonStock $250.02M USD 1 Quarter
Payments for repurchases of common stock PaymentsForRepurchaseOfCommonStock $172.27M USD 1 Quarter
Net cash used for financing activities NetCashProvidedByUsedInFinancingActivities $-182.27M USD 1 Quarter
Net cash used for financing activities NetCashProvidedByUsedInFinancingActivities $-260.69M USD 1 Quarter
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-5.39M USD 1 Quarter
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-10.23M USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.13B USD Point-in-time
Effect of exchange rate changes on cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $742.98M USD Point-in-time
Increase (decrease) in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-185.45M USD 1 Quarter
Increase (decrease) in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $45.81M USD 1 Quarter
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $1.09B USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $928.43M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $1.13B USD Point-in-time
Cash paid for interest InterestPaidNet $131.00K USD 1 Quarter
Cash paid for interest InterestPaidNet $158.00K USD 1 Quarter
Cash paid for taxes, net IncomeTaxesPaidNet $10.13M USD 1 Quarter
Cash paid for taxes, net IncomeTaxesPaidNet $10.02M USD 1 Quarter
Stockholders Equity 22 line items
Line Item Tag Value Unit Period
Beginning balance StockholdersEquity $2.76B USD Point-in-time
Beginning balance StockholdersEquity $2.54B USD Point-in-time
Beginning balance StockholdersEquity $2.49B USD Point-in-time
Beginning balance StockholdersEquity $2.74B USD Point-in-time
Net income NetIncomeLoss $187.17M USD 1 Quarter
Net income NetIncomeLoss $235.34M USD 1 Quarter
Other comprehensive loss, net of taxes OtherComprehensiveIncomeLossNetOfTax $-9.61M USD 1 Quarter
Other comprehensive loss, net of taxes OtherComprehensiveIncomeLossNetOfTax $-14.61M USD 1 Quarter
Purchase of treasury stock, shares TreasuryStockSharesAcquired 1.32M shares 1 Quarter
Purchase of treasury stock, shares TreasuryStockSharesAcquired 1.57M shares 1 Quarter
Purchase of treasury stock TreasuryStockValueAcquiredCostMethod $250.02M USD 1 Quarter
Purchase of treasury stock TreasuryStockValueAcquiredCostMethod $172.27M USD 1 Quarter
Issuance of common stock and reissuance of treasury stock under equity incentive plans, net of forfeitures StockIssuedDuringPeriodValueTreasuryStockReissued $47.91M USD 1 Quarter
Issuance of common stock and reissuance of treasury stock under equity incentive plans, net of forfeitures StockIssuedDuringPeriodValueTreasuryStockReissued $45.67M USD 1 Quarter
Stock received for payment of employee taxes on vesting of restricted stock AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $56.38M USD 1 Quarter
Stock received for payment of employee taxes on vesting of restricted stock AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $56.34M USD 1 Quarter
Stock-based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $59.47M USD 1 Quarter
Stock-based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $52.60M USD 1 Quarter
Ending balance StockholdersEquity $2.76B USD Point-in-time
Ending balance StockholdersEquity $2.54B USD Point-in-time
Ending balance StockholdersEquity $2.49B USD Point-in-time
Ending balance StockholdersEquity $2.74B USD Point-in-time
Comprehensive Income 10 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $187.17M USD 1 Quarter
Net income NetIncomeLoss $235.34M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax $-9.92M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax $-14.77M USD 1 Quarter
Changes in defined benefit plan liabilities OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax $-311.00K USD 1 Quarter
Changes in defined benefit plan liabilities OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax $-166.00K USD 1 Quarter
Total other comprehensive loss, net of tax effects OtherComprehensiveIncomeLossNetOfTax $-9.61M USD 1 Quarter
Total other comprehensive loss, net of tax effects OtherComprehensiveIncomeLossNetOfTax $-14.61M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $177.56M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $220.73M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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