EX-99.02 3 cfocommentary10282024ex9902.htm CFO COMMENTARY Document
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ケイデンスデザインシステムズは第3四半期の報告を行いました
2024
ケイデンスデザインシステムズ株式会社
最高財務責任者のコメント
要点
・Q3の売上高は前年比約19％増
・Q3の非GAAP営業利益率は45％
・2024年の非GAAP EPS見通しの中間値を5.90ドルに引き上げ

2024年第4四半期の展望
• 売上高: $13.25億 - $13.65億
• GAAP営業利益率: 33.2% - 34.2%
• 非GAAP営業利益率: 45.2% - 46.2%
• GAAP eps: $1.09 - $1.15
• 非GAAP eps: $1.78 - $1.84
• Cadence株をQ4で約$15000万で買い戻す予定
Q3 2024主要指標
• 売上高: $12.15億
・ 営業利益率: 29%
・ 非GAAP営業利益率: 45%
・ GAAP eps: $0.87
・ 非GAAP eps: $1.64
・ オペレーティングキャッシュフロー: $41000万

2024会計年度見通し
・ 売上高: $46.1億 - $46.5億
・ 営業利益率: 29% - 30%
• 非GAAP営業利益率：42%〜43%
• GAAP eps：$3.70〜$3.76
• 非GAAP eps：$5.87〜$5.93
• 営業キャッシュフロー：$10億〜$12億
• 2024年にカデンス株を買い戻すためにフリーキャッシュフローの約50%を使用する予定
ファイナンシャル・リザルツのウェブキャスト
2024年第3四半期のファイナンシャル・リザルツのウェブキャストは、2024年10月28日午後2時（太平洋時間）に開始されます。ウェブキャストはwww.cadence.com/cadence/investor_relationsでアクセスできます。ウェブキャストのアーカイブは2024年10月28日から2024年12月17日午後5時（太平洋時間）までご利用いただけます。
2024年10月28日2024年第3四半期のCadenceの財務結果
1

ケイデンスデザインシステムズ株式会社
財務指標
(百万単位、1株当たりのデータを除く)201820192020*20212022
2023*
2024E
売上高$2,138 $2,336 $2,683 $2,988 $3,562 $4,090 
$4,610- $4,650
売上高成長*10%9%15%11%19%
15%
13% - 14%
3年間のCAGR8%9%11%12%15%15%
~16%
53週目の影響を除く3年間のCAGR11%
16%
GAAP営業費用$1,742 $1,845 $2,037 $2,209 $2,488 $2,839 
~$3,279
GAAP営業費用の増加8%6%10%8%13%
14%
〜15％
非GAAP営業費用$1,491 $1,587 $1,739 $1,877 $2,125 $2,373 
~$2,662
非GAAP営業費用の増加6%6%10%8%13%
12%
~12%
GAAP営業利益率**19%21%24%26%30%
31%
29.5 %
非GAAP営業利益率**30%32%35%37%40%
42%
42.5 %
米国一般会計原則に基づく一株当たり利益$1.23 $3.53 $2.11 $2.50 $3.09 $3.82 
$3.70 - $3.76
非GAAP一株当たり利益$1.87 $2.20 $2.80 $3.29 $4.27 $5.15 
$5.87 - $5.93
非GAAP eps成長**34%18%27%18%30%
21%
15 %
3年間の非GAAP eps成長率**20%22%26%21%25%
23%
21 %
希薄化後発行済株式数の加重平均281.1280.5279.6278.9275.0
272.7
273 - 275
営業キャッシュ・フロー6057309051,1011,242
1,349
$1,000 - $1,200
設備投資62759565123
102
~$130
* Fiscal 2020は全セクターの他の年に比べて1週間多い53週の年でした。2020年（これが2023年の3年間の売上高成長率に影響を与える）には、その1週間の追加により約4500万ドルの売上高インパクトが含まれていました。
**見通しの中間点。
収益性のトレンド
（百万ドル）20182019202020212022
2023
2024E*
売上高$2,138 $2,336 $2,683 $2,988 $3,562 $4,090 $4,630 
売上高の成長 10%9%15%11%19%
15%
13%
3年間の売上高成長率CAGR 8%9%11%12%15%15%
16%
GAAPの営業利益率19%21%24%26%30%
31%
29.5%
(97,297)
30.2%
32.1%
35.2%
37.2%
40.3%
42.0%
42.5%
株式報酬認識支払い
(7.8)%
(7.8)%
(7.4)%
(7.0)%
(7.6)%
(8.0)%
(8.5)%
株式報酬調整後の非GAAP営業利益率
22.4%
24.3%
27.8%
30.2%
32.7%
34.0%
34.0%
GAAP営業利益$396 $492 $646 $779 $1,074 $1,251 $1,351 
非GAAP営業利益（損失）$647 $749 $944 $1,111 $1,436 $1,717 $1,968 
株式報酬調整後の非GAAP営業利益$479 $567 $747 $901 $1,166 $1,391 $1,575 
*見通しの中間点にて。
2024年10月28日2024年第3四半期のCadenceの財務結果
2
ケイデンスデザインシステムズ株式会社
2024年第4四半期の財務見通し
Q4 2023
Q3 2024
2024年Q4見通し
売上高（百万ドル）$1,069 $1,215 
$1,325 - $1,365
Q/Q成長
15%
9% - 12%
Y/Y成長
19%
24% - 28%
GAAP営業利益率
31%
29%
33.2% - 34.2%
非GAAP営業利益率
43%
45%
45.2% - 46.2%
GAAP EPS$1.19 $0.87 
$1.09 - $1.15
GAAPと非GAAPの財務指標の詳細な調整表は、このプレスリリースの最後に掲載されています。$1.38 $1.64 
$1.78 - $1.84

2024会計年度の財務展望
前現在の任期
FY 2023
2024事業年度予測
2024事業年度予測
継続的な収益
84%
80% - 85%
80% - 85%
売上高（百万ドル）$4,090 
$4,600 - $4,660
$4,610 - $4,650
対前年同期比成長
15%
12% - 14%
13% - 14%
受注残高からの売上高
~75%
~70%
~70%
GAAP営業利益率
30.6%
29.7% - 31.3%
29% - 30%
非GAAP営業利益率
42.0%
41.7% - 43.3%
42% - 43%
GAAPその他の所得および費用（百万ドル）$31 
$42 - $56
$40 - $50
非GAAPその他の収益と費用（百万ドル）$(15)
$(31) - $(45)
$(25) - $(35)
GAAP税率19%
~25%
~27%
非GAAP税率17.5%
16.5%
16.5%
希薄化後発行済株式平均数（百万株）
272.7
273.5 - 275.5
273 - 275
GAAP EPS$3.82 
$3.82 - $4.02
$3.70 - $3.76
　Y/Y成長
24%
0% - 5%
(3)% - (2)%
GAAPと非GAAPの財務指標の詳細な調整表は、このプレスリリースの最後に掲載されています。$5.15 
$5.77 - $5.97
$5.87 - $5.93
対前年同期比成長
21%
12% - 16%
14% - 15%
営業キャッシュフロー（百万ドル）$1,349 
$1,000 - $1,200
$1,000 - $1,200
DSO
43
~45~45
資本支出（百万ドル）$102 
~$130
~$130


2024年10月28日2024年第3四半期のCadenceの財務結果
3
ケイデンスデザインシステムズ株式会社
第三四半期の財務結果
バックログ
(数十億単位)202020212022
2023
Q3 2024
バックログ$3.9 $4.4 $5.8 $6.0 $5.6 
売上高
（百万ドル）
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
製品とメンテナンス$966 $982 $913 $961 $1,100 
サービス57 87 96 100 115 
　　売上高$1,023 $1,069 $1,009 $1,061 $1,215 
継続売上高と前払い売上高
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
時間内に売上が認識される売上83 %85 %87 %85 %80 %
キャンセル不可の契約による売上高2 %2 %3 %3 %2 %
継続的な収益85 %87 %90 %88 %82 %
前払い売上高15 %13 %10 %12 %18 %
総計100 %100 %100 %100 %100 %
過去12ヶ月間の継続的および前払い売上高
過去12か月間の期間の終わり
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
継続的な収益84 %84 %87 %87 %86 %
前払い売上高16 %16 %13 %13 %14 %
　　合計 100 %100 %100 %100 %100 %
地理別の売上高構成
（売上高の割合）
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Corporate / Other43 %44 %46 %49 %50 %
中国17 %15 %12 %12 %13 %
その他のアジア19 %19 %20 %19 %17 %
ヨーロッパ、中東、およびアフリカ15 %16 %17 %14 %14 %
日本6 %6 %5 %6 %6 %
   全セクター100 %100 %100 %100 %100 %
売上高の製品カテゴリー別ミックス
(売上高の%)
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
カスタムICデザインとシミュレーション22 %22 %22 %21 %19 %
デジタルIC設計とサインオフ28 %29 %29 %27 %24 %
機能検証26 %24 %25 %25 %27 %
edaソフト合計
76 %75 %76 %73 %70 %
ipo11 %13 %12 %13 %14 %
システム設計と分析13 %12 %12 %14 %16 %
   全セクター100 %100 %100 %100 %100 %

2024年10月28日2024年第3四半期のCadenceの財務結果
4
ケイデンスデザインシステムズ株式会社
売上総利益
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
GAAPベースの売上総利益89.3 %90.3 %87.6 %86.9 %86.6 %
非GAAPベースの売上総利益90.6 %91.7 %89.1 %88.5 %88.6 %
総費用および経費
（百万ドル）
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
総GAAP費用および経費$730 $732 $759 $767 $865 
総合非GAAP費用および経費$603 $610 $627 $635 $671 
営業利益率
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
GAAPベースの営業利益率28.6 %31.5 %24.8 %27.7 %28.8 %
非GAAPベースの営業利益率41.1 %42.9 %37.8 %40.1 %44.8 %
一株当たりの純利益
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
GAAP当期純利益シェア$0.93 $1.19 $0.91 $0.84 $0.87 
株当たりの非GAAP純利益$1.26 $1.38 $1.17 $1.28 $1.64 
総DSO
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
DSO
39
43
36
49
44
貸借対照表と現金のレビュー
Free Cash Flow
(In Millions)
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Net Cash from Operating Activities$396 $272 $253 $156 $410 
Capital Expenditures22 34 49 29 27 
Free Cash Flow$374 $238 $204 $127 $383 
Cash and Cash Equivalents
(In Millions)
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Cash and Cash Equivalents$962 $1,008 $1,012 $1,059 $2,786 
•Approximately 74 percent of our cash and cash equivalents were in the U.S. at quarter-end.
Debt
(In Millions)
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Debt (principal value)
$650 $650 $650 $1,350 $2,850 
•In September 2024, Cadence issued $2.5 billion of Senior Notes at a weighted average interest rate of 4.44%.
Share Repurchase
(In Millions)
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Share Repurchase$185 $125 $125 $125 $150 
Number of Shares0.811 0.488 0.425 0.423 0.563 
•Q3 2023 includes 276,330 shares and $60 million equity forward contract from Q2 2023 ASR settled in Q3 2023.
October 28, 2024Cadence Q3 2024 Financial Results
5
Cadence Design Systems, Inc.
Employees
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Headcount11,139 11,226 11,753 12,665 12,703 
October 28, 2024Cadence Q3 2024 Financial Results
6
Cadence Design Systems, Inc.
Forward Looking Statements
This CFO Commentary contains forward-looking statements, including Cadence's outlook on future operating results, financial condition, strategic objectives, business prospects, technology and product developments, industry trends, market growth and other statements using words such as “anticipates,” “believes,” “expects,” “intends,” “plans,” “will,” and words of similar import and the negatives thereof. Forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside Cadence’s control and which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements, including, among others: (i) Cadence’s ability to compete successfully in the highly competitive industries in which it operates and realize the benefits of its investments in research and development, including opportunities presented by AI; (ii) the success of Cadence’s efforts to maintain and improve operational efficiency and growth; (iii) the mix of products and services sold, the timing of orders and deliveries and the ability to develop, install or deliver Cadence’s products or services; (iv) change in customer demands or supply constraints that could result in delays in purchases, development, installations or deliveries of Cadence’s products or services, including those resulting from consolidation, restructurings and other operational efficiency improvements of Cadence’s customers; (v) economic, geopolitical and industry conditions, including that of the semiconductor and electronics industries, government regulations and trade restrictions, and rising tensions and conflicts around the world such as in the Middle East and with respect to Taiwan; (vi) capital expenditure requirements, legislative or regulatory requirements, changes in tax laws, interest rate and currency exchange rate fluctuations, inflation rates, Cadence's increased debt levels and obligations and Cadence’s ability to access capital and debt markets in the future; (vii) Cadence’s acquisition of other companies, businesses or technologies or the failure to successfully integrate and operate them; (viii) potential harm caused by compromises in cybersecurity and cybersecurity attacks; (ix) events that affect cash flow, liquidity, or reserves, or settlement assumptions Cadence may take from time to time with respect to accounts receivable, taxes and tax examinations, litigation, regulatory or other matters; (x) the effects of any litigation, regulatory, tax or other proceedings to which Cadence is or may become a party or to which Cadence or its products, services, technologies or properties are subject; and (xi) Cadence’s ability to successfully meet corporate governance, environmental and social targets and strategies. In addition, the timing and amount of Cadence’s repurchases of its common stock are subject to business and market conditions, corporate and regulatory requirements, stock price, acquisition opportunities and other factors.

For a detailed discussion of these and other cautionary statements related to Cadence’s business, please refer to Cadence’s filings with the U.S. Securities and Exchange Commission, including its most recent report on Form 10-K, subsequent reports on Form 10-Q and future filings.

All forward-looking statements in this document are based on management's expectations as of the date of this document and, except as required by law, Cadence disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.
GAAP to Non-GAAP Reconciliation
Non-GAAP financial measures should not be considered as a substitute for or superior to measures of financial performance prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of non-GAAP financial measures contained within this CFO Commentary with their most directly comparable GAAP financial results. Investors are also encouraged to look at the GAAP results as the best measure of financial performance. See our earnings press release issued today for further discussion of our non-GAAP financial measures, as well as the reconciliation provided in the Appendix to this CFO Commentary.

Cadence’s management uses non-GAAP net income because it excludes items that are generally not directly related to the performance of the company’s core business operations and therefore provides supplemental information to Cadence’s management and investors regarding the performance of the business operations, facilitates comparisons to the historical operating results and allows the review of Cadence’s business from the same perspective as Cadence’s management, including forecasting and budgeting.

© 2024 Cadence Design Systems, Inc. All rights reserved worldwide. Cadence, the Cadence logo and the other Cadence marks found at www.cadence.com/go/trademarks are trademarks or registered trademarks of Cadence Design Systems, Inc. All other trademarks are the property of their respective owners.
October 28, 2024Cadence Q3 2024 Financial Results
7
Cadence Design Systems, Inc.
APPENDIX I
Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited)
Reconciliation of GAAP Total Expenses to Non-GAAP Total Expenses
(In Millions)
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
GAAP total costs and expenses$730 $732 $759 $767 $865 
Reconciling items to non-GAAP total costs and expenses
Stock-based compensation expense(88)(87)(88)(88)(109)
Amortization of acquired intangibles(15)(17)(17)(20)(27)
Acquisition and integration-related costs(14)(13)(22)(21)(29)
Restructuring(12)1 — — (25)
Non-qualified deferred compensation (expenses) credits2 (6)(5)(2)(4)
Special charges
— — — (1)— 
Non-GAAP total costs and expenses*$603 $610 $627 $635 $671 
*The non-GAAP measures presented in the table above should not be considered a substitute for financial results and measures determined or calculated in accordance with GAAP.
Reconciliation of GAAP Total Expenses to Non-GAAP Total Expenses
(In Millions)201820192020*20212022
2023
2024E
GAAP total costs and expenses$1,742 $1,845 $2,037 $2,209 $2,488 $2,839 $3,279 
Reconciling items to non-GAAP total costs and expenses
Stock-based compensation expense(168)(182)(197)(210)(270)(326)(393)
Amortization of acquired intangibles(53)(53)(64)(67)(60)(62)(91)
Acquisition and integration-related costs(20)(8)(23)(23)(41)(56)(96)
Restructuring (11)(9)(9)1 — (11)(25)
Non-qualified deferred compensation (expenses) credits1 (5)(5)(6)8 (11)(11)
Special charges**— (1)— (27)— — (1)
Non-GAAP total costs and expenses***$1,491 $1,587 $1,739 $1,877 $2,125 $2,373 $2,662 
*Fiscal 2020 was a 53-week year.
**2021 includes costs related to a voluntary retirement program.
***The non-GAAP measures presented in the table above should not be considered a substitute for financial results and measures determined or calculated in accordance with GAAP.
October 28, 2024Cadence Q3 2024 Financial Results
8
Cadence Design Systems, Inc.
Reconciliation of GAAP Operating Income to Non-GAAP Operating Income and Non-GAAP Operating Income Adjusted for Stock-based Compensation
(In Millions)201820192020*20212022
2023
2024E
GAAP operating income
$396 $492 $646 $779 $1,074 $1,251 $1,351 
Reconciling items to non-GAAP operating income
Stock-based compensation expense168 182 197 210 270 326 393 
Amortization of acquired intangibles53 53 64 67 60 62 91 
Acquisition and integration-related costs20 8 23 23 41 56 96 
Restructuring 11 9 9 (1)— 11 25 
Non-qualified deferred compensation expenses (credits)
(1)5 5 6 (8)11 11 
Special charges**— 1 — 27 — — 1 
Non-GAAP operating income***
$647 $749 $944 $1,111 $1,436 $1,717 $1,968 
Stock-based compensation expense(168)(182)(197)(210)(270)(326)$(393)
Non-GAAP operating income adjusted for stock-based compensation***
$479 $567 $747 $901 $1,166 $1,391 $1,575 
Table may not foot due to rounding
*Fiscal 2020 was a 53-week year.
**2021 includes costs related to a voluntary retirement program.
***The non-GAAP measures presented in the table above should not be considered a substitute for financial results and measures determined or calculated in accordance with GAAP.
October 28, 2024Cadence Q3 2024 Financial Results
9
Cadence Design Systems, Inc.
Reconciliation of GAAP Gross Margin as a Percent of Total Revenue to Non-GAAP Gross Margin as a Percent of Total Revenue
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
GAAP gross margin as a percent of total revenue
89.3%
90.3%
87.6%
86.9%
86.6%
Reconciling items to non-GAAP gross margin as a percent of total revenue
Stock-based compensation expense0.2%
0.3%
0.3%
0.3%
0.3%
Amortization of acquired intangibles1.1%1.1%1.1%
1.2%
1.5%
Non-qualified deferred compensation expenses (credits)0.0%0.0%0.0%0.0%0.0%
Acquisition and integration-related costs0.0%0.0%
0.1%
0.1%
0.2%
Non-GAAP gross margin as a percent of total revenue*
90.6%
91.7%
89.1%
88.5%
88.6%
*The non-GAAP measures presented in the table above should not be considered a substitute for financial results and measures determined or calculated in accordance with GAAP.


October 28, 2024Cadence Q3 2024 Financial Results
10
Cadence Design Systems, Inc.
Reconciliation of GAAP Operating Margin as a Percent of Total Revenue to Non-GAAP Operating Margin as a Percent of Total Revenue
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q4 2024E
GAAP operating margin as a percent of total revenue
29%
31%
25%
28%
29%
33.2% - 34.2%
Reconciling items to non-GAAP operating margin as a percent of total revenue
Stock-based compensation expense
9%
8%
9%
8%
9%
8%
Amortization of acquired intangibles
1%
2%
2%
2%
2%
2%
Acquisition and integration-related costs1%1%
2%
2%
3%
2%
Restructuring
1%
0%
0%
0%
2%
0%
Non-qualified deferred compensation expenses (credits)0%
1%
0%
0%
0%
0%
Special charges
0%0%0%0%0%0%
Non-GAAP operating margin as a percent of total revenue*
41%
43%
38%
40%
45%
45.2% - 46.2%
*The non-GAAP measures presented in the table above should not be considered a substitute for financial results and measures determined or calculated in accordance with GAAP.
Reconciliation of GAAP Operating Margin as a Percent of Total Revenue to Non-GAAP Operating Margin as a Percent of Total Revenue
20182019202020212022
2023
2024E
GAAP operating margin as a percent of total revenue19%21%24%26%30%
31%
29% - 30%
Reconciling items to non-GAAP operating margin as a percent of total revenue
Stock-based compensation expense8%8%7%7%8%
8%
8%
Amortization of acquired intangibles2%2%3%2%2%
2%
2%
Acquisition and integration-related costs1%0%1%1%1%
1%
2%
Restructuring 0%1%0%0%0%
0%
1%
Non-qualified deferred compensation expenses (credits)0%0%0%0%(1)%
0%
0%
Special charges *0%0%0%1%0%0%0%
Non-GAAP operating margin as a percent of total revenue**30%32%35%37%40%
42%
42% - 43%
*2021 includes costs related to a voluntary retirement program.
**The non-GAAP measures presented in the table above should not be considered a substitute for financial results and measures determined or calculated in accordance with GAAP.
October 28, 2024Cadence Q3 2024 Financial Results
11
Cadence Design Systems, Inc.
Reconciliation of GAAP Diluted Net Income Per Share to Non-GAAP Diluted Net Income Per Share
(In Thousands, Except Per Share Data)
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q4 2024E
Diluted net income per share on a GAAP basis$0.93 $1.19 $0.91 $0.84 $0.87 
$1.09 - $1.15
Stock-based compensation expense0.32 0.32 0.32 0.32 0.40 0.39 
Amortization of acquired intangibles0.06 0.06 0.06 0.07 0.10 0.10 
Acquisition and integration-related costs0.05 0.04 0.08 0.08 0.11 0.09 
Restructuring 0.04 — — — 0.09 — 
Non-qualified deferred compensation expenses (credits)— 0.02 0.02 0.01 0.01 — 
Special charges
— — — — — — 
Other income or expense related to investments and non-qualified deferred compensation plan assets**(0.04)(0.10)(0.22)(0.10)0.04 — 
Income tax effect of non-GAAP adjustments(0.10)(0.15)— 0.06 0.02 0.11 
Diluted net income per share on a non-GAAP basis*$1.26 $1.38 $1.17 $1.28 $1.64 
$1.78 - $1.84
Shares used in calculation of diluted net income per share272,427 272,419 273,544 273,520 273,958 
*The non-GAAP measures presented in the table above should not be considered a substitute for financial results and measures determined or calculated in accordance with GAAP.
**Includes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on investments and gains or losses on non-qualified deferred compensation plan assets recorded in other income or expense.





October 28, 2024Cadence Q3 2024 Financial Results
12
Cadence Design Systems, Inc.
Reconciliation of GAAP Diluted Net Income Per Share to Non-GAAP Diluted Net Income Per Share
(In Thousands, Except Per Share Data)20182019202020212022
2023
2024E
Diluted net income per share on a GAAP basis$1.23 $3.53 $2.11 $2.50 $3.09 $3.82 
$3.70 - $3.76
Stock-based compensation expense0.60 0.65 0.71 0.75 0.98 1.19 1.44 
Amortization of acquired intangibles0.19 0.19 0.23 0.24 0.22 0.23 0.33 
Acquisition and integration-related costs0.07 0.03 0.08 0.08 0.15 0.21 0.35 
Restructuring 0.04 0.03 0.03 — — 0.04 0.09 
Non-qualified deferred compensation expenses (credits)(0.01)0.02 0.02 0.02 (0.03)0.04 0.04 
Special charges**— — — 0.10 — — — 
Other income or expense related to investments and non-qualified deferred compensation plan assets***— (0.01)— (0.03)0.05 (0.17)(0.27)
Income tax benefit related to intercompany transfers of certain intellectual property rights— (2.05)— — — — — 
Income tax effect of non-GAAP adjustments(0.25)(0.19)(0.38)(0.37)(0.19)(0.21)0.19 
Diluted net income per share on a non-GAAP basis*$1.87 $2.20 $2.80 $3.29 $4.27 $5.15 
$5.87 - $5.93
Shares used in calculation of diluted net income per share 281,144 280,515 279,641 278,858 275,011 272,748 
273 - 275M
*The non-GAAP measures presented in the table above should not be considered a substitute for financial results and measures determined or calculated in accordance with GAAP.
**2021 includes costs related to a voluntary retirement program.
***Includes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on investments and gains or losses on non-qualified deferred compensation plan assets recorded in other income or expense.








October 28, 2024Cadence Q3 2024 Financial Results
13
Cadence Design Systems, Inc.
Reconciliation of GAAP Total Other Income and Expense to Non-GAAP Total Other Income and Expense
(In Millions)
FY 2022
FY 2023
FY 2024E
GAAP total other income and expense$(28)$31 
$40 - $50
Reconciling items to non-GAAP total income and expense
Other income or expense related to investments and non-qualified deferred compensation plan assets**14 (46)(75)
Non-GAAP total other income and expense*$(14)$(15)
$(25) - $(35)
*The non-GAAP measures presented in the table above should not be considered a substitute for financial results and measures determined or calculated in accordance with GAAP.
**Includes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on investments and gains or losses on non-qualified deferred compensation plan assets recorded in other income or expense.


October 28, 2024Cadence Q3 2024 Financial Results
14