Cadence beats Q4 estimates, record backlog $6.8B, FY2025 guidance above consensus

CADENCE DESIGN SYSTEMS INC

2024-FY EPS reported $3.85 revenue$4,641,264,000

Q4 revenue $1.356B (+27% YoY); GAAP EPS $1.24; Non-GAAP EPS $1.88, above guidance.
FY2024 revenue $4.641B (+13.5% YoY); Non-GAAP operating margin 42.5%.
Record year-end backlog $6.8B; cRPO $3.4B.
FY2025 guidance: revenue $5.14-$5.22B, Non-GAAP EPS $6.65-$6.75, implying ~12% growth.
IP business grew 28% YoY in Q4; System Design & Analysis grew >40% in FY2024.

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