SAN JOSE, CA – Cadence Design Systems reported revenue of $1.07 billion in the fourth quarter, up 19% compared to its revenue of $900 million in the fourth quarter of 2022.

For the full year, the company's $4.09 billion in revenue was an increase of 14.8% from 2022's total.

"Cadence delivered exceptional results for 2023, propelled by our innovative solutions and the successful execution of our Intelligent System Design strategy," said Anirudh Devgan, president and CEO. "I'm thrilled about the opportunities ahead of us, particularly in AI and 3D-IC. And I look forward to continuing to drive our broad-based business momentum through our technology leadership."

"We had a strong finish to the year, with growth across all our businesses in 2023," said John Wall, senior vice president and CFO. "I’m pleased with our record year-end backlog of $6.0 billion and cRPO of $3.2 billion, and I look forward to building on that strength in 2024."

For the first quarter, Cadence projects revenue of $990 million to $1.01 billion, and for the full year 2024, the company projects revenue in the range of $4.55 billion to $4.61 billion.