Cadence beats Q3 estimates; raises FY2024 non-GAAP EPS midpoint to $5.90

CADENCE DESIGN SYSTEMS INC

2024-Q3 EPS reported $2.61 revenue$3,285,283,000

Revenue $1.215B (+19% YoY); Non-GAAP EPS $1.64 vs $1.26 YoY; GAAP EPS $0.87.
Non-GAAP operating margin 45% (up from 41% Q3 2023); Q3 guidance exceeded.
FY2024 non-GAAP EPS outlook raised to $5.87-$5.93 (midpoint $5.90); revenue $4.61B-$4.65B.
Issued $2.5B senior notes in Sept at 4.44% avg rate; cash now $2.786B.
IP +59%, System Design/Analysis +47%, Functional Verification +22% YoY; Cadence.AI rev nearly tripled.

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