SAN JOSE, CA – Cadence Design Systems reported a 40% year-over-year increase in annual revenue for its System Design & Analysis segment.

The company said the growth was driven by its multi-physics analysis platform and AI-driven optimization, which delivered superior results to a rapidly expanding customer base across multiple verticals, especially Aerospace & Defense and Automotive.

As a whole, Cadence saw revenue of $4.6 billion in 2024, a 13.5% increase over 2023, and $1.4 billion in the fourth quarter, up 26.8% year-over-year.

"Cadence delivered exceptional results in the fourth quarter, capping off a strong 2024 with 13.5% revenue growth and 42.5% non-GAAP operating margin for the year," said Anirudh Devgan, president and CEO. “Our momentum continues to build as we exited 2024 with record bookings and record backlog. Cadence is very well positioned to benefit from the various phases of AI, including the current AI infrastructure buildout, applying AI to our own products, and expanding into new markets such as life sciences."

"We had a strong finish to 2024, driven by broad based strength across all our businesses," said John Wall, senior vice president and chief financial officer. "I’m pleased with our record year-end backlog of $6.8 billion and cRPO of $3.4 billion, and I look forward to building on that strength in 2025."

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