SAN JOSE – Cadence reported first quarter revenue of $618 million, up 7.1% year-over-year.

On a GAAP basis, Cadence recognized net income of $124 million, an increase of 2.5% compared to the first quarter of 2019.

The system interconnect and analysis group generated 9% of revenue for the first quarter, flat with the prior-year period and sequentially.

"I am pleased to report that in a difficult environment we have continued to deliver on our strategy and commitments, leading to excellent financial results for the first quarter of 2020, and we are reaffirming our 10% revenue growth guidance for the year," said CEO Lip-Bu Tan. "We are going through truly unprecedented times, and our first priority is ensuring the safety and well-being of our employees, customers and communities. From a business continuity perspective, our infrastructure, collaboration platforms and tight communication have enabled us to maintain a high level of productivity, and our R&D innovation projects and customer deliverables continue to track well."

"Cadence met or exceeded its key financial metrics for the first quarter, despite some disruption caused by the Covid-19 pandemic," said John Wall, senior vice president and CFO. "The vast majority of our team is effectively working from home, including our sales and application engineering teams that have adapted well to this new work model as they continue to engage productively with customers on the business, training and support fronts."

For the second quarter, the company expects total revenue in the range of $580 million to $600 million. For 2020, the company expects total revenue in the range of $2.545 billion to $2.585 billion.

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