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10-Q Filing

CADENCE DESIGN SYSTEMS INC CIK: 813672 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0000813672-23-000025
Period End Date 20230331
Filing Date 20230424
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance cdns-20230331_htm.xml
Balance Sheet 54 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $916.96M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $882.33M USD Point-in-time
Receivables, net ReceivablesNetCurrent $486.71M USD Point-in-time
Receivables, net ReceivablesNetCurrent $488.24M USD Point-in-time
Inventories InventoryNet $128.00M USD Point-in-time
Inventories InventoryNet $127.57M USD Point-in-time
Prepaid expenses and other PrepaidExpenseAndOtherAssetsCurrent $209.73M USD Point-in-time
Prepaid expenses and other PrepaidExpenseAndOtherAssetsCurrent $165.78M USD Point-in-time
Total current assets AssetsCurrent $1.71B USD Point-in-time
Total current assets AssetsCurrent $1.70B USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $371.45M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $372.96M USD Point-in-time
Goodwill Goodwill $1.37B USD Point-in-time
Goodwill Goodwill $1.38B USD Point-in-time
Acquired intangibles, net IntangibleAssetsNetExcludingGoodwill $354.62M USD Point-in-time
Acquired intangibles, net IntangibleAssetsNetExcludingGoodwill $341.74M USD Point-in-time
Deferred taxes DeferredIncomeTaxAssetsNet $853.69M USD Point-in-time
Deferred taxes DeferredIncomeTaxAssetsNet $864.75M USD Point-in-time
Other assets OtherAssets $516.01M USD Point-in-time
Other assets OtherAssets $476.28M USD Point-in-time
Total assets Assets $5.17B USD Point-in-time
Total assets Assets $5.14B USD Point-in-time
Revolving credit facility LinesOfCreditCurrent $100.00M USD Point-in-time
Revolving credit facility LinesOfCreditCurrent $30.00M USD Point-in-time
Accounts payable and accrued liabilities AccountsPayableAndAccruedLiabilitiesCurrent $557.16M USD Point-in-time
Accounts payable and accrued liabilities AccountsPayableAndAccruedLiabilitiesCurrent $430.13M USD Point-in-time
Current portion of deferred revenue ContractWithCustomerLiabilityCurrent $721.25M USD Point-in-time
Current portion of deferred revenue ContractWithCustomerLiabilityCurrent $690.54M USD Point-in-time
Total current liabilities LiabilitiesCurrent $1.35B USD Point-in-time
Total current liabilities LiabilitiesCurrent $1.18B USD Point-in-time
Long-term portion of deferred revenue ContractWithCustomerLiabilityNoncurrent $91.52M USD Point-in-time
Long-term portion of deferred revenue ContractWithCustomerLiabilityNoncurrent $102.52M USD Point-in-time
Long-term debt UnsecuredLongTermDebt $648.08M USD Point-in-time
Long-term debt UnsecuredLongTermDebt $648.30M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $298.55M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $304.66M USD Point-in-time
Total long-term liabilities LiabilitiesNoncurrent $1.05B USD Point-in-time
Total long-term liabilities LiabilitiesNoncurrent $1.04B 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 $2.88B USD Point-in-time
Common stock and capital in excess of par value CommonStocksIncludingAdditionalPaidInCapital $2.77B USD Point-in-time
Treasury stock, at cost TreasuryStockValue $3.99B USD Point-in-time
Treasury stock, at cost TreasuryStockValue $3.82B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $4.14B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $3.90B USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-91.64M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-87.39M USD Point-in-time
Total stockholders equity StockholdersEquity $2.94B USD Point-in-time
Total stockholders equity StockholdersEquity $2.75B USD Point-in-time
Total stockholders equity StockholdersEquity $2.76B USD Point-in-time
Total stockholders equity StockholdersEquity $2.74B USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $5.14B USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $5.17B USD Point-in-time
Income Statement 34 line items
Line Item Tag Value Unit Period
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $901.77M USD 1 Quarter
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $1.02B USD 1 Quarter
Marketing and sales SellingAndMarketingExpense $166.67M USD 1 Quarter
Marketing and sales SellingAndMarketingExpense $140.19M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $290.89M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $350.30M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $53.53M 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 $4.27M USD 1 Quarter
Restructuring RestructuringCharges $12.00K USD 1 Quarter
Restructuring RestructuringCharges - USD 1 Quarter
Total costs and expenses CostsAndExpenses $582.84M USD 1 Quarter
Total costs and expenses CostsAndExpenses $699.23M USD 1 Quarter
Income from operations OperatingIncomeLoss $318.93M USD 1 Quarter
Income from operations OperatingIncomeLoss $322.46M USD 1 Quarter
Interest expense InterestExpense $4.11M USD 1 Quarter
Interest expense InterestExpense $9.26M USD 1 Quarter
Other income (expense), net OtherNonoperatingIncomeExpense $8.28M USD 1 Quarter
Other income (expense), net OtherNonoperatingIncomeExpense $-4.90M USD 1 Quarter
Income before provision for income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $309.92M USD 1 Quarter
Income before provision for income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $321.49M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $74.59M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $79.68M USD 1 Quarter
Net income NetIncomeLoss $241.80M USD 1 Quarter
Net income NetIncomeLoss $235.34M USD 1 Quarter
Net income per share - basic (usd per share) EarningsPerShareBasic $0.86 USD 1 Quarter
Net income per share - basic (usd per share) EarningsPerShareBasic $0.90 USD 1 Quarter
Net Income per share - diluted (usd per share) EarningsPerShareDiluted $0.85 USD 1 Quarter
Net Income per share - diluted (usd per share) EarningsPerShareDiluted $0.89 USD 1 Quarter
Weighted average common shares outstanding - basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 269.50M 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 276.92M shares 1 Quarter
Weighted average common shares outstanding - diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 273.16M shares 1 Quarter
Cash Flow Statement 72 line items
Line Item Tag Value Unit Period
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $916.96M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $882.33M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.09B USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.13B USD Point-in-time
Net income NetIncomeLoss $241.80M USD 1 Quarter
Net income NetIncomeLoss $235.34M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $34.83M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $34.40M USD 1 Quarter
Amortization of debt discount and fees AmortizationOfFinancingCostsAndDiscounts $268.00K USD 1 Quarter
Amortization of debt discount and fees AmortizationOfFinancingCostsAndDiscounts $311.00K USD 1 Quarter
Stock-based compensation ShareBasedCompensation $74.29M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $59.47M USD 1 Quarter
(Gain) loss on investments, net GainLossOnInvestments $123.00K USD 1 Quarter
(Gain) loss on investments, net GainLossOnInvestments $-2.04M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $-24.92M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $-11.64M USD 1 Quarter
Provisions for losses (recoveries) on receivables ProvisionForDoubtfulAccounts $-344.00K USD 1 Quarter
Provisions for losses (recoveries) on receivables ProvisionForDoubtfulAccounts $214.00K USD 1 Quarter
ROU asset amortization and change in operating lease liabilities ROUassetamortizationandchangeinoperatingleaseliabilities $926.00K USD 1 Quarter
ROU asset amortization and change in operating lease liabilities ROUassetamortizationandchangeinoperatingleaseliabilities $-1.39M USD 1 Quarter
Other non-cash items OtherNoncashIncomeExpense $-88.00K USD 1 Quarter
Other non-cash items OtherNoncashIncomeExpense $-99.00K USD 1 Quarter
Receivables IncreaseDecreaseInAccountsAndOtherReceivables $8.72M USD 1 Quarter
Receivables IncreaseDecreaseInAccountsAndOtherReceivables $28.43M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $-399.00K USD 1 Quarter
Inventories IncreaseDecreaseInInventories $-4.58M USD 1 Quarter
Prepaid expenses and other IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-56.21M USD 1 Quarter
Prepaid expenses and other IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-44.42M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $42.08M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $-11.59M USD 1 Quarter
Accounts payable and accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-117.92M USD 1 Quarter
Accounts payable and accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-58.20M USD 1 Quarter
Deferred revenue IncreaseDecreaseInDeferredRevenue $56.23M USD 1 Quarter
Deferred revenue IncreaseDecreaseInDeferredRevenue $40.65M USD 1 Quarter
Other long-term liabilities IncreaseDecreaseInOtherNoncurrentLiabilities $-1.26M USD 1 Quarter
Other long-term liabilities IncreaseDecreaseInOtherNoncurrentLiabilities $897.00K USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $336.61M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $267.40M USD 1 Quarter
Purchases of investments PaymentsToAcquireInvestments $9.05M USD 1 Quarter
Purchases of investments PaymentsToAcquireInvestments $1.00M USD 1 Quarter
Proceeds from the sale of investments ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities - USD 1 Quarter
Proceeds from the sale of investments ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities $102.00K USD 1 Quarter
Purchases of property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $18.13M USD 1 Quarter
Purchases of property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $26.72M USD 1 Quarter
Purchases of intangible assets PaymentsToAcquireIntangibleAssets - USD 1 Quarter
Purchases of intangible assets PaymentsToAcquireIntangibleAssets $750.00K USD 1 Quarter
Net cash used for investing activities NetCashProvidedByUsedInInvestingActivities $-35.67M USD 1 Quarter
Net cash used for investing activities NetCashProvidedByUsedInInvestingActivities $-19.88M USD 1 Quarter
Proceeds from revolving credit facility ProceedsFromLinesOfCredit $50.00M USD 1 Quarter
Proceeds from revolving credit facility ProceedsFromLinesOfCredit - USD 1 Quarter
Payments on revolving credit facility RepaymentsOfLinesOfCredit $120.00M USD 1 Quarter
Payments on revolving credit facility RepaymentsOfLinesOfCredit - USD 1 Quarter
Proceeds from issuance of common stock ProceedsFromIssuanceOfCommonStock $45.67M USD 1 Quarter
Proceeds from issuance of common stock ProceedsFromIssuanceOfCommonStock $65.37M 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 $67.71M USD 1 Quarter
Payments for repurchases of common stock PaymentsForRepurchaseOfCommonStock $125.01M USD 1 Quarter
Payments for repurchases of common stock PaymentsForRepurchaseOfCommonStock $250.02M USD 1 Quarter
Net cash used for financing activities NetCashProvidedByUsedInFinancingActivities $-197.35M USD 1 Quarter
Net cash used for financing activities NetCashProvidedByUsedInFinancingActivities $-260.69M USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-10.23M USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $261.00K USD 1 Quarter
Increase in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $34.64M USD 1 Quarter
Increase in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $45.81M USD 1 Quarter
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $916.96M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $882.33M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.09B USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.13B USD Point-in-time
Cash paid for interest InterestPaidNet $5.14M USD 1 Quarter
Cash paid for interest InterestPaidNet $158.00K USD 1 Quarter
Cash paid for income taxes, net IncomeTaxesPaidNet $19.81M USD 1 Quarter
Cash paid for income taxes, net IncomeTaxesPaidNet $10.02M USD 1 Quarter
Stockholders Equity 22 line items
Line Item Tag Value Unit Period
Beginning balance StockholdersEquity $2.94B USD Point-in-time
Beginning balance StockholdersEquity $2.75B USD Point-in-time
Beginning balance StockholdersEquity $2.76B USD Point-in-time
Beginning balance StockholdersEquity $2.74B USD Point-in-time
Net income NetIncomeLoss $241.80M USD 1 Quarter
Net income NetIncomeLoss $235.34M USD 1 Quarter
Other comprehensive loss, net of taxes OtherComprehensiveIncomeLossNetOfTax $-14.61M USD 1 Quarter
Other comprehensive loss, net of taxes OtherComprehensiveIncomeLossNetOfTax $4.25M USD 1 Quarter
Purchase of treasury stock, shares TreasuryStockSharesAcquired 668,000.00 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 $125.01M 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
Issuance of common stock and reissuance of treasury stock under equity incentive plans, net of forfeitures StockIssuedDuringPeriodValueTreasuryStockReissued $68.14M USD 1 Quarter
Stock received for payment of employee taxes on vesting of restricted stock AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $67.71M 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 $74.29M USD 1 Quarter
Ending balance StockholdersEquity $2.94B USD Point-in-time
Ending balance StockholdersEquity $2.75B USD Point-in-time
Ending balance StockholdersEquity $2.76B USD Point-in-time
Ending balance StockholdersEquity $2.74B USD Point-in-time
Comprehensive Income 12 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $241.80M USD 1 Quarter
Net income NetIncomeLoss $235.34M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax $3.96M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax $-14.77M USD 1 Quarter
Changes in defined benefit plan liabilities OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax $-263.00K USD 1 Quarter
Changes in defined benefit plan liabilities OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax $-166.00K USD 1 Quarter
Unrealized gain on investments OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $30.00K USD 1 Quarter
Unrealized gain on investments OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax - USD 1 Quarter
Total other comprehensive income (loss), net of tax effects OtherComprehensiveIncomeLossNetOfTax $-14.61M USD 1 Quarter
Total other comprehensive income (loss), net of tax effects OtherComprehensiveIncomeLossNetOfTax $4.25M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $246.05M 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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