SAN JOSE, CA – Cadence Design Systems reported first quarter System Design and Analysis revenue, including printed circuit board design software, was $90.2 million, up 22.6% year-over-year and down 2.8% sequentially.
Total company revenue was $902 million for the period, up 22.6% compared to the first quarter of 2021.
On a GAAP basis, Cadence recognized net income of $235 million, growth of 25.7% year-over-year.
“The first quarter was a strong start of the year for Cadence, as we delivered outstanding results driven by broad-based strength across our diverse product portfolio,” said Anirudh Devgan, president and CEO. “Our intelligent system design strategy aligns well with the generational secular trends that are fueling robust design activity, and our innovative solutions are accelerating growth in both our core and our new systems businesses across a rapidly expanding customer base.”
“First quarter results reflect the success we have with our customers and partners, as well as the solid execution from the Cadence team. We benefited from strong demand for our technologies,” said John Wall, senior vice president and CFO. “We exceeded all key operating metrics for the quarter and are raising our full-year guidance.”
For the second quarter, the company expects total revenue in the range of $825 million to $845 million. For 2022, Cadence expects total revenue in the range of $3.395 billion to $3.435 billion.