Free Research Report as Cadence’s Revenues Jumped 8%; Non-GAAP EPS Surged 32%

Stock Monitor: Brightcove Post Earnings Reporting

LONDON, UK / ACCESSWIRE / July 30, 2018 /

If you want access to our free earnings report on Cadence Design Systems, Inc. (NASDAQ: CDNS) (“Cadence”), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=CDNS. The Company reported its second quarter fiscal 2018 operating and financial results on July 23, 2018. The maker of hardware and software products for validating chip designs outperformed top- and bottom-line expectations. Register today and get access to over 1,000 Free Research Reports by joining our site below:

www.active-investors.com/registration-sg

Active-Investors.com is currently working on the research report for Brightcove Inc. (NASDAQ: BCOV), which also belongs to the Technology sector as the Company Cadence Design Systems. Do not miss out and become a member today for free to access this upcoming report at:

www.active-investors.com/registration-sg/?symbol=BCOV

Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Cadence Design Systems most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/?symbol=CDNS

Earnings Highlights and Summary

For the second quarter of the fiscal year 2018, Cadence reported revenues of $518 million, up 8% compared to $515 million in Q2 2017. The Company’s revenue numbers beat analysts’ estimates of $515.3 million.

During Q2 2018, Cadence recorded an income from operations of $93.1 million compared to $82.7 million in Q2 2017. The Company’s income before provision for income taxes was $90.0 million.

Cadence reported a GAAP net income of $75 million, or $0.27 per diluted share, in Q2 2018 compared to $69.1 million, or $0.25 per diluted share, in Q2 2017. For the reported quarter, the Company’s non-GAAP net income was $126 million, or $0.45 per diluted share, compared to $94 million, or $0.34 per diluted share, in the year earlier same quarter. Cadence’s earnings beat Wall Street’s estimates of $0.45 per share.

Cash Matters

Cadence’s cash and short-term investments totaled $825 million at the end of Q2 2018, with approximately $475 million in the US. The Company’s debt outstanding was $650 million at the end of the reported quarter.

Cadence’s operating cash flow was $205 million in Q2 2018. During the reported quarter, the Company used $50 million for share repurchases and $45 million to pay down borrowings under its revolving credit facility. During Q2 2018, Cadence’s reported Day Sales Outstanding (DSO) were 39 days compared to 36 days in Q2 2017.

Business Outlook

For the third quarter of the fiscal year 2018, Cadence is forecasting total revenues to be in the range of $510 million to $520 million. The Company’s GAAP net income per diluted share is expected to be in the band of $0.22 to $0.24 for the upcoming quarter, and its non-GAAP net income per diluted share is estimated to be in the range of $0.40 to $0.42.

For the full fiscal year 2018, Cadence is forecasting total revenues to be in the band of $2.070 billion to $2.090 billion. On a GAAP basis, the Company’s net income per diluted share is estimated to be in the range of $0.95 to $1.01 for FY18. The Company’s non-GAAP net income is estimated to be in the band of $1.64 to $1.70 for FY18.

For FY18, Cadence is forecasting a non-GAAP income tax rate of 16%, down from 23% in FY17, primarily resulting from the tax rate reduction.

Stock Performance Snapshot

July 27, 2018 – At Friday’s closing bell, Cadence Design Systems’ stock fell 2.20%, ending the trading session at $45.24.

Volume traded for the day: 1.52 million shares.

Stock performance in the last month – up 5.55%; previous three-month period – up 13.21%; past twelve-month period – up 22.34%; and year-to-date – up 8.18%

After last Friday’s close, Cadence Design Systems’ market cap was at $13.19 billion.

Price to Earnings (P/E) ratio was at 108.49.

The stock is part of the Technology sector, categorized under the Application Software industry.

Active-Investors:

Active-Investors (A-I) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. A-I has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

A-I has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the “Author”) and is fact checked and reviewed by a third-party research service company (the “Reviewer”) represented by a credentialed financial analyst [for further information on analyst credentials, please email info@active-investors.com. Rohit Tuli, a CFA® charterholder (the “Sponsor”), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by A-I. A-I is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

A-I, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. A-I, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, A-I, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither A-I nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://active-investors.com/legal-disclaimer/.

CONTACT

For any questions, inquiries, or comments reach out to us directly. If you’re a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: info@active-investors.com

Phone number: 73 29 92 6381

Office Address: 6, Jalan Kia Peng, Kuala Lumpur, 50450 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Active-Investors

ReleaseID: 507191