SAN JOSE, CA — Cadence Design Systems reported preliminary third quarter revenues at its System Design and Analysis unit of $108 million, a 31% increase over 2021.

Cadence reported total third-quarter revenues of $903 million, compared to revenue of $751 million for the same period in 2021. On a GAAP basis, Cadence achieved operating margin of 29% and recognized net income of $186 million, in the third quarter, compared to operating margin of 26% and net income of $176 million for the same period in 2021.

“I’m pleased with our excellent results for Q3 driven by our technology leadership, strong execution, diversified customer base and resilient business model,” said Anirudh Devgan, president and chief executive officer. “Generational industry trends are driving continued investment by semiconductor and system companies, and our broad, differentiated portfolio positions us extremely well to help our customers accelerate their next generation innovation.”

“We delivered another quarter of strong financial results,” said John Wall, senior vice president and chief financial officer. “I am pleased that we exceeded all key operating metrics for the quarter, allowing us to raise our full year outlook.”

For the fourth quarter, the company expects total revenue in the range of $870 million to $890 million. Fourth quarter GAAP operating margin is expected to be approximately 24%.

For fiscal 2022, the company expects total revenue in the range of $3.53 billion to $3.55 billion. On a GAAP basis, Cadence reported that the operating margin for 2022 is expected to be in the range of 29.7% to 30.7%.

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