Cadence Design Systems, Inc. today announced results for the second quarter 2016.
Cadence reported second quarter 2016 revenue of $453 million, compared to revenue of $416 million reported for the same period in 2015. On a GAAP basis, Cadence recognized net income of $49 million, or $0.17 per share on a diluted basis, in the second quarter of 2016, compared to net income of $58 million, or $0.19 per share on a diluted basis, for the same period in 2015.
Using the non-GAAP measure defined below, net income in the second quarter of 2016 was $86 million, or $0.29 per share on a diluted basis, as compared to net income of $85 million, or $0.27 per share on a diluted basis, for the same period in 2015.
“The second quarter was highlighted by strong business with systems companies across multiple vertical segments,” said Lip-Bu Tan, president and chief executive officer. “Demand for our new Palladium® Z1 emulation platform led to another record quarter for hardware revenue, and we introduced the next generation of our OrCAD® and Allegro® families of printed circuit board design products with support for flexible board technology.”
“Through strong execution Cadence again produced good financial results in a challenging environment,” said Geoff Ribar, senior vice president and chief financial officer. “Since our current stock repurchase program began in Q3 of 2015, we have repurchased a total of 32.9 million shares for $720 million, representing approximately 11 percent of shares outstanding.”
Business Outlook
For the third quarter of 2016, the company expects total revenue in the range of $440 million to $450 million. Third quarter GAAP net income per diluted share is expected to be in the range of $0.17 to $0.19. Net income per diluted share using the non-GAAP measure defined below is expected to be in the range of $0.27 to $0.29.
For 2016, the company expects total revenue in the range of $1.800 billion to $1.830 billion. On a GAAP basis, net income per diluted share for 2016 is expected to be in the range of $0.70 to $0.76. Using the non-GAAP measure defined below, net income per diluted share for 2016 is expected to be in the range of $1.17 to $1.23.
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