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CADENCE DESIGN SYSTEMS INC Quarterly Report for Q1 Ended Mar 31, 2001

Filing Date
Filed May 14, 2001
Period End
March 31, 2001
Security
CDNS
In the record · 2016–202610-K1210-Q328-K98

CDNS filed 12 annual reports (10-K), 32 quarterly reports (10-Q) and 98 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Leadership change8-K · May ’19May ’19
  3. Leadership change8-K · Jul ’21Jul ’21
  4. Material agreement8-K · Sep ’25Sep ’25

01—Abstract

Summary

Summary of the 10-Q filed May 14, 2001. Cited figures are marked; the original filing is the authoritative source.

Cadence Design Systems, Inc. (CDNS) reported revenue of $344.7 milliona for the first quarter of 2001, a significant 34% increase compared to $257.5 million in the same period last year.

This growth was primarily driven by a substantial 72% surge in product revenue, reaching $181.3 millionb, indicating strong demand for their electronic design automation (EDA) software, particularly in integrated circuit implementation and intellectual property creation products. While services revenue saw a modest 6% increase and maintenance revenue grew 10%, the overall financial performance reflects a company navigating a challenging industry landscape amidst a general economic slowdown.

02—Key points

Key Highlights

  1. Total revenue increased by 34% year-over-year to $344.7 million, driven by strong product revenue growth.
  2. Product revenue experienced a significant 72% increase to $181.3 million, signaling robust demand for EDA software.
  3. The company acquired CadMOS Design Technology, Inc. for $92.7 million, expanding its capabilities in noise analysis for ultra-deep submicron processes.
  4. Operating expenses increased across marketing & sales (8%), R&D (13%), and G&A (36%), with the latter largely due to bad debt expense and consulting services.
  5. Significant 'unusual items' totaling $17.1 million were recorded, including a $12.1 million write-off of acquired in-process technology related to the CadMOS acquisition.
  6. The company reported a net income of $3.8 million, or $0.01 per diluted share, a turnaround from a net loss of $(11.8) million, or $(0.05) per diluted share, in the prior year's first quarter.
  7. Cash provided by operating activities was $45.7 million, a slight decrease from $51.1 million in the prior year's first quarter, but indicates positive cash generation.

03—Questions

Frequently Asked Questions

  1. What is the company's revenue performance compared to the previous year?

    Cadence Design Systems reported a 34% increase in total revenue, reaching $344.7 million for the first quarter of 2001, up from $257.5 million in the first quarter of 2000. This growth was primarily fueled by a substantial 72% increase in product revenue.

  2. Did the company make any significant acquisitions during the quarter?

    Yes, in February 2001, Cadence acquired CadMOS Design Technology, Inc. for $92.7 million to enhance its noise-analysis solutions for advanced semiconductor processes. This acquisition resulted in goodwill of $58.3 million and intangibles of $12.9 million, and included a $12.1 million charge for acquired in-process technology.

  3. How did the company's profitability change from the previous year?

    Cadence Design Systems has turned a net loss of $11.8 million in the first quarter of 2000 into a net income of $3.8 million in the first quarter of 2001. This improvement is reflected in the earnings per share, which went from $(0.05) to $0.01 on a diluted basis.

  4. What are the notable 'unusual items' reported in the financial results?

    The company reported $17.1 million in unusual items for the first quarter of 2001. This includes a significant $12.1 million write-off of acquired in-process technology related to the CadMOS acquisition, $3.5 million for Tality IPO fees and separation costs, and $1.5 million in restructuring charges.

04—Continue

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