SAN JOSE -- Cadence Design Systems today announced second quarter revenue of $479 million, compared to revenue of $453 million reported for the same period in 2016.

GAAP net income was up 41% to $69 million for the period ended Jul. 1.

Non-GAAP net income was $94 million, versus $86 million for the same period in 2016.

The Americas made up 45% of sales for the quarter.

The System Interconnect and Analysis, which includes printed circuit board design software, made up 10% of revenue for the quarter, or $47.9 million. By that measure, the unit's sales were up 5.7% year-over-year.

"Customer adoption of our innovative product portfolio enabled Cadence's strong second quarter results, driven by robust software and IP growth," said Lip-Bu Tan, president and chief executive officer.

"Our excellent financial results for the second quarter were highlighted with revenue near the high end of our guidance range and operating margin, EPS and operating cash flow all exceeding expectations," said Geoff Ribar, senior vice president and chief financial officer, and added, "We are increasing our outlook for the fiscal year and expect to repurchase shares in the third quarter under our existing authorization."

Cadence guided for the third quarter revenue of $475 million to $485 million. For 2017, the company expects total revenue of $1.91 billion to $1.95 billion.


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