SAN JOSE -- Cadence Design Systems today reported fourth quarter revenue of $502 million, up 7% year-over-year.

The company swung to a net loss of $14 million on changes to the tax code and repatriation of cash overseas.

The GAAP net loss for the quarter ended Dec. 31 included provisional expenses of $67 million in one-time transition income taxes on previously untaxed foreign earnings and $25 million in income taxes for the reduction in the value of Cadence’s US deferred tax assets caused by the US corporate tax rate reduction.

Non-GAAP net income was $111 million, compared to net income of $95 million for the same period in 2016.

System Interconnect and Analysis revenue made up 10% of Cadence's sales for the quarter and the year. Based on the company's SEC filing, PCB and related design software revenue was $50.2 million in the most recent quarter, up 19% vs. $42.2 million in the fourth quarter 2016.

For the year, Cadence reported revenue of $1.94 billion, up 6.6% from 2016. GAAP net income was $204 million, up from $203 million the prior year. On a non-GAAP basis, net income for 2017 was $393 million, down from $351 million in 2016. System Interconnect and Analysis revenue was $194 million, up 6.6% from $182 million in 2016.

“Through the execution of our System Design Enablement Strategy and our innovative solutions, Cadence delivered strong performance for our shareholders,” said Lip-Bu Tan, chief executive of Cadence. “The data-driven economy is emerging as the new paradigm and has key underlying technology waves including mobile, cloud/datacenter, edge computing and automotive. We are confident that we are well positioned to provide enablement solutions to fuel and ride with these technology waves.”

Cadence guided for first quarter revenue of $500 million to $510 million and 2018 revenue of $2.02 billion to $2.06 billion.

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