SAN JOSE — Cadence Design today reported revenue at its System Interconnect and Analysis group was 9% of its overall first quarter sales, or about $46.5 million.

Reporting under its new revenue rules for the first time, Cadence reported overall first quarter revenue of $517 million. GAAP net income was $73 million. Non-GAAP net income was $113 million.

Under its old revenue rules, Cadence had revenue of $525 million, compared to revenue of $477 million reported for the same period in 2017. GAAP net income was $84 million, versus $68 million a year ago. Non-GAAP net income was $123 million, up from $89 million in 2017.

Under the old rules, the System Interconnect and Analysis unit's sales made up 9% of the firm's overall sales, or $47.25 million. The PCB design tools unit reported revenue of about $47.7 million for the quarter ended Apr. 1, 2017.

The Americas made up the biggest market, at 45%, followed by Asia at 27%.

“The Data-Driven Economy is being propelled by key technology waves of mobile, cloud/datacenter, edge computing, automotive, and most significantly machine learning, all driving increasing design activity,” said Lip-Bu Tan, chief executive. “This is driving broad-based customer demand for our innovative System Design Enablement solutions that, along with strong execution, contributed to our excellent financial performance in the first quarter.”

“We are pleased with results for all of our key operating metrics including revenue, operating margin, EPS and operating cash flow,” said John Wall, senior vice president and chief financial officer. “On the strength of first quarter business and continuing momentum, we are raising our outlook for the year.” Cadence now expects second quarter revenue of $510 million to $520 million, and GAAP net income of $0.20 to $0.22 per share. For 2018, the company expects total revenue of $2.06 billion to $2.09 billion.

For comparison purposes, the company expects 2018 sales based on its prior accounting method of $2.09 billion to $2.12 billion.

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