SAN JOSE – Cadence Design Systems reported fourth quarter System Design and Analysis revenue of $92.8 million, up 11% year-over-year.
For the quarter ended Jan. 1, total revenue was $773 million, an increase of 1.7% compared to the fourth quarter of 2020.
Net income was $176.6 million, up 1.6% year-over-year.
Cadence reported 2021 revenue of $2.99 billion, up 11.4% compared to 2020. Net income for the year was $696 million, growth of 17.8%.
As of Jan. 1, the company had cash and cash equivalents of $1.1 billion, compared to $928.4 million at Jan. 1, 2021.
“Cadence delivered exceptional business results for 2021, driven by our highly innovative solutions and outstanding execution by the Cadence team,” said Anirudh Devgan, president and CEO, Cadence. “We accelerated our Intelligent System Design strategy, introducing over a dozen significant innovative products and making key strategic acquisitions. With generational industry trends continuing to drive robust design activity at both semiconductor and system companies, I excitedly look forward to Cadence driving further customer and shareholder success this year.”
“2021 was another year of continuous improvement at Cadence. Steady growth in our three-year revenue growth CAGR continues to drive operating margin expansion, and the quality of those improvements in earnings are showing up in our operating cash, which hit $1.1 billion for the year,” said John Wall, senior vice president and CFO. “I am pleased that we can build on 2021 with a strong outlook for 2022.”
For the first quarter of 2022, the company expects total revenue in the range of $850 million to $870 million. For 2022, the company expects total revenue in the range of $3.32 billion to $3.38 billion.