SAN JOSE, CA – Cadence Design Systems reported fourth quarter revenue of $469 million, up 6.3% year-over-year.

On a GAAP basis, Cadence recognized net income of $38 million, down 52.5% compared to the same period in 2015.

Sales at the software company's System Interconnect and Analysis unit, which includes PCB CAD, made up 9% of total revenue for the period, or $42.2 million, up 2% year-over-year. 

Revenue for 2016 totaled $1.82 billion, an increase of 6.7% year-over-year.  Net income for the year was $203 million, a decrease of 19.4% year-over-year. System Interconnect and Analysis comprised 10% of overall revenue, or $182 million. PCB CAD sales were up 4.8% for the year.

"Through focus on innovation and execution, Cadence again delivered strong results for both the fourth quarter and fiscal 2016,” said Lip-Bu Tan, president and CEO. “Core EDA is foundational to our system design enablement strategy, and digital and signoff revenue grew 9% for the year on strong customer adoption, while in system integration, Palladium Z1 had a phenomenal year, with hardware revenue surging to a record high. SDE is expanding our reach with systems companies and into segments like automotive, aerospace and defense, where we had key wins with important customers in 2016."

"Cadence continued to deliver consistent, predictable financial results in 2016, with operating cash flow generation a standout at $445 million, up 18% over 2015," said Geoff Ribar, senior vice president and CFO.  "In the fourth quarter, we completed our $1.2 billion stock repurchase program, cumulatively repurchasing 52 million shares, representing approximately 18% of shares outstanding as of July 4, 2015."

For the first quarter of 2017, the company expects revenue in the range of $470 million to $480 million. For 2017, Cadence expects revenue in the range of $1.9 billion to $1.95 billion.

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