SAN JOSE – Cadence Design Systems reported first quarter revenue from its System Design and Analysis business, including printed circuit board design software, rose 32.3% year-over-year to $73.6 million. Sequentially, the segment’s revenue was down 12%.

System Design and Analysis revenue accounted for 10% of the company’s total revenue in the first quarter, compared to 9% in the same quarter last year.

Cadence reported total first quarter revenue of $736 million, up 19.1% year-over-year. On a GAAP basis, the company recognized net income of $187 million, an increase of 50.8% compared to the same period in 2020.

“Cadence delivered excellent financial results for the first quarter, driven by strong execution and ongoing momentum in our core business and accelerating growth in our systems businesses,” said CEO Lip-Bu Tan. “Innovation is foundational to our Intelligent System Design strategy, and since the start of 2021 we introduced several exciting new products, including the Palladium Z2 emulation platform, Protium X2 prototyping platform and next-generation Sigrity X for systems analysis. We broadened our systems analysis portfolio with the successful completion of the NUMECA and Pointwise acquisitions, enabling us to provide more capabilities and value to our customers while increasing our TAM.”

“I am pleased to report we exceeded all of our key operating metrics for the quarter,” said John Wall, senior vice president and CFO. “We are raising our outlook for revenue, non-GAAP operating margin and non-GAAP earnings for the year while we continue to invest in our expanding multiphysics platform.”

For the second quarter, the company expects total revenue in the range of $705 million to $725 million. For 2021, Cadence expects total revenue in the range of $2.88 billion to $2.93 billion.

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