SAN JOSE, CA – Cadence Design Systems reported fourth quarter revenue of $579 million, up 15.3% year-over-year. On a GAAP basis, Cadence recognized net income of $100 million, compared to a net loss of $14 million for the same period in 2017.

For 2018, revenue was $2.15 billion, an increase of 10.4% year-over-year. Net income for the year was $351 million, up 72% compared to 2017.

“Cadence achieved excellent operating results for 2018, as technology trends like AI, cloud/data center and 5G drove strong design activity,” said CEO Lip-Bu Tan. “We continued to execute our System Design Enablement strategy, leading to broad strength across our product lines, as well as in the aerospace/defense vertical, and we announced our partnership with Green Hills Software, the leader in embedded safety and security software.”

As of the end of the fourth quarter, $175 million remained available under the previously announced authorization to repurchase Cadence common stock. In February, the board of directors authorized the repurchase of an additional $500 million of Cadence common stock.

For the first quarter of 2019, the company expects total revenue in the range of $565 million to $575 million. For 2019, the company expects total revenue in the range of $2.27 billion to $2.31 billion.