SAN JOSE – Cadence Design Systems reported third quarter revenue at its System Interconnect and Analysis division of $47.93 million. Under new revenue rules, ASC Topic 606, Cadence posted overall third quarter revenue of $532 million and GAAP net income of $99 million. System Interconnect and Analysis revenue made up 9% of those sales.

Under the previous accounting rules, overall sales were up 8.5% year-over-year to $526 million. On a GAAP basis, the firm recognized net income of $95 million, an increase of 17.3% compared to the same quarter last year. The PCB design unit sales rose 8.4% year-over-year to $52.6 million under the previous accounting rules.

“I am pleased to report we exceeded all of our key operating metrics for the quarter,” said John Wall, senior vice president and CFO. “We expect strong demand and cash flow to continue into the fourth quarter, and as a result we are raising our outlook for fiscal 2018 and increasing stock repurchases to $75 million for the fourth quarter.”

For the fourth quarter, the company expects revenue in the range of $545 million to $555 million. For 2018, the company expects revenue in the range of $2.11 billion to $2.12 billion.