Cadence Q1 revenue $1.009B, GAAP EPS $0.91; backlog record $6B, raises 2024 revenue outlook

CADENCE DESIGN SYSTEMS INC

2024-Q1 EPS reported $0.91 revenue$1,009,103,000

Q1 revenue $1.009B vs $1.022B Q1 2023; GAAP EPS $0.91 vs $0.89; non-GAAP EPS $1.17 vs $1.29.
Record Q1 backlog $6.0B; cRPO $3.1B; recurring revenue 90% of Q1 sales.
FY 2024 revenue guidance raised to $4.56B-$4.62B, GAAP EPS $4.04-$4.14, non-GAAP $5.88-$5.98.
Q2 2024 guidance: revenue $1.03B-$1.05B, GAAP EPS $0.73-$0.77, non-GAAP $1.20-$1.24.
Operating cash flow $253M in Q1; share repurchases $125M; pending BETA CAE acquisition not in outlook.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CADENCE DESIGN SYSTEMS INC reported the first quarter of 2024 results: revenue $1.009 billion, EPS $0.91. Guidance raised.

Period: the first quarter of 2024
Revenue: $1.009 billion
EPS: $0.91
Guidance: raised
Result: reported results

Exact text from the filing

Cadence Design Systems, Inc. (Nasdaq: CDNS) today announced results for the first quarter of 2024. First Quarter 2024 Financial Results • Revenue of $1.009 billion, compared to revenue of $1.022 billion in Q1 2023 • GAAP operating margin of 25%, compared to 32% in Q1 2023 • Non-GAAP operating margin of 38%, compared to 42% in Q1 2023 • GAAP diluted net income per share of $0.91, compared to $0.89 in Q1 2023 • Non-GAAP diluted net income per share of $1.17, compared to $1.29 in Q1 2023

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Source: SEC EDGAR

accession 0000813672-24-000083

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