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8-K - FORM 8-K - CADENCE DESIGN SYSTEMS INC | d383977d8k.htm |
Exhibit 99.01
Cadence Reports Second Quarter 2012 Financial Results
SAN JOSE, Calif. July 25, 2012 Cadence Design Systems, Inc. (NASDAQ: CDNS) today announced results for the second quarter of fiscal year 2012.
Cadence reported second quarter 2012 revenue of $326 million, compared to revenue of $283 million reported for the same period in 2011. On a GAAP basis, Cadence recognized net income of $36 million, or $0.13 per share on a diluted basis in the second quarter of 2012, compared to net income of $27 million, or $0.10 per share on a diluted basis in the same period in 2011.
Using Cadences non-GAAP measure, net income in the second quarter of 2012 was $53 million, or $0.19 per share on a diluted basis, as compared to net income of $32 million, or $0.12 per share on a diluted basis in the same period in 2011.
The Cadence team executed well again in Q2, said Lip-Bu Tan, president and chief executive officer. Our 20-nanometer engagements have expanded, use of our Azuro technology acquired in 2011 increased, our emulation business significantly exceeded expectations, we had a strong quarter for both design and verification IP, and the acquisition of Sigrity has significantly enhanced our printed circuit board product line.
Cadence continues to deliver strong operating performance as measured by our key metrics of revenue growth, operating margin and cash flow, added Geoff Ribar, senior vice president and chief financial officer.
The following statements are based on current expectations. These statements are forward-looking, and actual results may differ materially.
1
Business Outlook
For the third quarter of 2012, the company expects total revenue in the range of $325 million to $335 million. Third quarter GAAP net income per diluted share is expected to be in the range of $0.17 to $0.18. Net income per diluted share using the non-GAAP measure defined below is expected to be in the range of $0.18 to $0.19.
For 2012, the company expects total revenue in the range of $1,295 million to $1,315 million. On a GAAP basis, net income per diluted share for 2012 is expected to be in the range of $0.51 to $0.55. Using the non-GAAP measure defined below, net income per diluted share for 2012 is expected to be in the range of $0.70 to $0.74.
A schedule showing a reconciliation of the business outlook from GAAP net income and diluted net income per share to non-GAAP net income and diluted net income per share is included with this release.
Audio Webcast Scheduled
Lip-Bu Tan, Cadences president and chief executive officer, and Geoff Ribar, Cadences senior vice president and chief financial officer, will host a second quarter 2012 financial results audio webcast today, July 25, 2012, at 2 p.m. (Pacific) / 5 p.m. (Eastern). Attendees are asked to register at the website at least 10 minutes prior to the scheduled webcast. An archive of the webcast will be available starting July 25, 2012 at 5 p.m. (Pacific) and ending August 8, 2012 at 5 p.m. (Pacific). Webcast access is available at www.cadence.com/company/investor_relations.
About Cadence
Cadence enables global electronic design innovation and plays an essential role in the creation of todays integrated circuits and electronics. Customers use Cadence software, hardware, IP, and services to design and verify advanced semiconductors, consumer electronics, networking and telecommunications equipment, and computer systems. The company is headquartered in San Jose, California, with sales offices, design centers, and research facilities around the world to serve the global electronics industry. More information about the company and its products and services is available at www.cadence.com.
2
Cadence, the Cadence logo and Azuro are registered trademarks, and Sigrity is a trademark of Cadence Design Systems, Inc. All other trademarks are the property of their respective owners.
The statements contained above regarding Cadences second quarter 2012 results, as well as the information in the Business Outlook section and the statements by Lip-Bu Tan and Geoff Ribar include forward-looking statements based on current expectations or beliefs, as well as a number of preliminary assumptions about future events that are subject to factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Readers are cautioned not to put undue reliance on these forward-looking statements, which are not a guarantee of future performance and are subject to a number of risks, uncertainties and other factors, many of which are outside Cadences control, including, among others: (i) Cadences ability to compete successfully in the electronic design automation product and the commercial electronic design and methodology services industries; (ii) the success of Cadences efforts to improve operational efficiency and growth; (iii) the mix of products and services sold and the timing of significant orders for Cadences products, and its shift to a ratable license structure, which may result in changes in the mix of license types; (iv) change in customer demands, including those resulting from consolidation among Cadences customers and the possibility that Cadences customers restructurings and other efforts to improve operational efficiency could result in delays in their purchases of products and services; (v) economic and industry conditions in regions in which Cadence does business; (vi) fluctuations in rates of exchange between the U.S. dollar and the currencies of other countries in which Cadence does business; (vii) capital expenditure requirements, legislative or regulatory requirements, interest rates and Cadences ability to access capital and debt markets; (viii) the acquisition of other companies or technologies or the failure to successfully integrate and operate these companies or technologies Cadence acquires; (ix) the effects of Cadences efforts to improve operational efficiency on its business, including its strategic and customer relationships, and its ability to retain key employees; (x) events that affect the reserves or settlement assumptions Cadence may take from time to time with respect to accounts receivable, taxes, litigation or other matters; and (xi) the effects of any litigation or other proceedings to which Cadence is or may become a party.
For a detailed discussion of these and other cautionary statements related to Cadences business, please refer to Cadences filings with the Securities and Exchange Commission. These include Cadences most recent reports on Form 10-K and Form 10-Q, including Cadences future filings.
3
GAAP to non-GAAP Reconciliation
To supplement Cadences financial results presented on a GAAP basis, Cadence management uses non-GAAP measures that it believes are helpful in understanding Cadences performance. One such measure is non-GAAP net income, which is a financial measure not calculated under generally accepted accounting principles (GAAP), and is calculated by taking GAAP net income and excluding, as applicable, amortization of intangible assets, stock-based compensation expense, integration and acquisition-related costs, including changes in contingent consideration related to prior acquisitions and asset purchases, shareholder litigation costs, gains or losses and expenses or credits related to non-qualified deferred compensation plan assets, executive and other employee severance costs, restructuring charges and credits, amortization of discount on convertible notes, equity in losses or income from investments, write-down of investments and gains or losses on the sale of investments. Intangible assets consist primarily of purchased or licensed technology, backlog, patents, trademarks, distribution rights, customer contracts and related relationships and non-compete agreements. Non-GAAP net income is adjusted by the amount of additional taxes or tax benefit that Cadence would accrue if it used non-GAAP results instead of GAAP results to calculate the companys tax liability.
Cadences management believes it is useful in measuring Cadences operations to exclude amortization of intangible assets and integration and acquisition-related costs, including changes in contingent consideration related to prior acquisitions and asset purchases, because these costs are inconsistent in size, are significantly impacted by the timing and valuation of those acquisitions and generally cannot be changed by Cadences management in the short term. In addition, Cadences management believes it is useful to exclude stock-based compensation expense, because it is based on many subjective inputs at a point in time and many of these inputs are not necessarily directly attributable to the underlying performance of Cadences business operations, and such exclusion enhances investors ability to review Cadences business from the same perspective as Cadences management. Cadences management also believes it is useful to exclude costs related to shareholder litigation because these costs are not related to Cadences core business operations. Cadences management also believes that it is useful to exclude restructuring charges and credits. Cadences management believes that in measuring the companys operations, it is useful to exclude any such restructuring charges and credits because exclusion of such charges and credits permits consistent evaluations of Cadences performance before and after such actions are taken. Cadences management also believes it is useful to exclude gains or losses and expenses or credits related to the non-qualified deferred compensation plan assets because these gains or losses and expenses or credits are not part of Cadences direct costs of operations, but reflect changes in the value of assets held in the non-qualified deferred compensation plan. Cadences management also believes it is useful to exclude executive and other employee severance costs because exclusion of such costs permits consistent evaluations of Cadences performance. Cadences management also believes it is useful to exclude the amortization of the discount on convertible notes because this incremental cost recorded as interest expense does not represent a cash obligation of the company and is not part of Cadences direct cost of operations. Finally, Cadences management believes it is useful to exclude the equity in losses or income from investments, write-down of investments and gains or losses on the sale of investments because these items are not part of Cadences direct cost of operations. Rather, these are non-operating items that are included in other income or expense and are part of the companys investment activities.
4
Cadences management believes that non-GAAP net income provides useful supplemental information to Cadences management and investors regarding the performance of the companys business operations and facilitates comparisons to the companys historical operating results. Cadences management also uses this information internally for forecasting and budgeting. Non-GAAP financial measures should not be considered as a substitute for or superior to measures of financial performance prepared in accordance with GAAP. Investors and potential investors are encouraged to review the reconciliation of non-GAAP financial measures contained within this press release with their most directly comparable GAAP financial results.
The following tables reconcile the specific items excluded from GAAP net income and GAAP net income per diluted share in the calculation of non-GAAP net income and non-GAAP net income per diluted share for the periods shown below:
Net Income Reconciliation | Three Months Ended | |||||||
June 30, 2012 | July 2, 2011 | |||||||
(unaudited) | ||||||||
(in thousands) | ||||||||
Net income on a GAAP basis |
$ | 36,386 | $ | 26,908 | ||||
Amortization of acquired intangibles |
6,534 | 6,988 | ||||||
Stock-based compensation expense |
10,361 | 10,341 | ||||||
Non-qualified deferred compensation expenses |
2,278 | 1,186 | ||||||
Restructuring and other charges |
43 | 751 | ||||||
Shareholder litigation costs |
| 1,106 | ||||||
Executive and other employee severance costs |
| 1,916 | ||||||
Integration and acquisition-related costs |
3,627 | 1,005 | ||||||
Amortization of debt discount |
5,124 | 6,566 | ||||||
Other income or expense related to investments and non-qualified deferred compensation plan assets* |
(2,220 | ) | (9,229 | ) | ||||
Income tax effect of non-GAAP adjustments |
(9,245 | ) | (15,560 | ) | ||||
|
|
|
|
|||||
Net income on a non-GAAP basis |
$ | 52,888 | $ | 31,978 | ||||
|
|
|
|
* | Includes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on sale of investments and gains or losses on non-qualified deferred compensation plan assets recorded in Other income (expense), net. |
5
Diluted Net Income per Share Reconciliation | Three Months Ended | |||||||
June 30, 2012 | July 2, 2011 | |||||||
(unaudited) | ||||||||
(in thousands, except per share data) | ||||||||
Diluted net income per share on a GAAP basis |
$ | 0.13 | $ | 0.10 | ||||
Amortization of acquired intangibles |
0.02 | 0.03 | ||||||
Stock-based compensation expense |
0.04 | 0.04 | ||||||
Non-qualified deferred compensation expenses |
0.01 | 0.01 | ||||||
Restructuring and other charges |
| | ||||||
Shareholder litigation costs |
| | ||||||
Executive and other employee severance costs |
| 0.01 | ||||||
Integration and acquisition-related costs |
0.01 | | ||||||
Amortization of debt discount |
0.02 | 0.02 | ||||||
Other income or expense related to investments and non-qualified deferred compensation plan assets* |
(0.01 | ) | (0.03 | ) | ||||
Income tax effect of non-GAAP adjustments |
(0.03 | ) | (0.06 | ) | ||||
|
|
|
|
|||||
Diluted net income per share on a non-GAAP basis |
$ | 0.19 | $ | 0.12 | ||||
|
|
|
|
|||||
Shares used in calculation of diluted net income per share GAAP** |
275,318 | 270,885 | ||||||
Shares used in calculation of diluted net income per share non-GAAP** |
275,318 | 270,885 |
* | Includes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on sale of investments and gains or losses on non-qualified deferred compensation plan assets recorded in Other income (expense), net. |
** | Shares used in the calculation of GAAP net income per share are expected to be the same as shares used in the calculation of non-GAAP net income per share, except when the company reports a GAAP net loss and non-GAAP net income, or GAAP net income and a non-GAAP net loss. |
Investors are encouraged to look at the GAAP results as the best measure of financial performance.
Cadence expects that its corporate representatives will meet privately during the quarter with investors, the media, investment analysts and others. At these meetings, Cadence may reiterate the business outlook published in this press release. At the same time, Cadence will keep this press release, including the business outlook, publicly available on its website.
6
Prior to the start of the Quiet Period (described below), the public may continue to rely on the business outlook contained herein as still being Cadences current expectations on matters covered unless Cadence publishes a notice stating otherwise.
Beginning September 14, 2012, Cadence will observe a Quiet Period during which the business outlook as provided in this press release and the companys most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q no longer constitute the companys current expectations. During the Quiet Period, the business outlook in these documents should be considered to be historical, speaking as of prior to the Quiet Period only and not subject to any update by the company. During the Quiet Period, Cadences representatives will not comment on Cadences business outlook, financial results or expectations. The Quiet Period will extend until the day when Cadences Third Quarter 2012 Earnings Release is published, which is currently scheduled for October 24, 2012.
For more information, please contact:
Investors and Shareholders
Alan Lindstrom
Cadence Design Systems, Inc.
408-944-7100
investor_relations@cadence.com
Media and Industry Analysts
Nancy Szymanski
Cadence Design Systems, Inc.
408-473-8382
publicrelations@cadence.com
# # #
7
Cadence Design Systems, Inc.
Condensed Consolidated Balance Sheets
June 30, 2012 and December 31, 2011
(In thousands)
(Unaudited)
June 30, 2012 | December 31, 2011 | |||||||
Current Assets: |
||||||||
Cash and cash equivalents |
$ | 661,658 | $ | 601,602 | ||||
Short-term investments |
51,304 | 3,037 | ||||||
Receivables |
123,243 | 136,772 | ||||||
Inventories |
41,066 | 43,243 | ||||||
2015 notes hedges |
219,199 | 215,113 | ||||||
Prepaid expenses and other |
61,976 | 64,216 | ||||||
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|
|
|
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Total current assets |
1,158,446 | 1,063,983 | ||||||
Property, plant and equipment, net of accumulated depreciation of $668,328 and $658,990, respectively |
251,920 | 262,517 | ||||||
Goodwill |
192,238 | 192,125 | ||||||
Acquired intangibles, net of accumulated amortization of $89,572 and $91,542, respectively |
159,807 | 173,234 | ||||||
Long-term receivables |
7,750 | 11,371 | ||||||
Other assets |
59,096 | 58,039 | ||||||
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|
|
|||||
Total Assets |
$ | 1,829,257 | $ | 1,761,269 | ||||
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Current Liabilities: |
||||||||
Convertible notes |
$ | 301,292 | $ | 294,061 | ||||
2015 notes embedded conversion derivative |
219,199 | 215,113 | ||||||
Accounts payable and accrued liabilities |
153,957 | 165,791 | ||||||
Current portion of deferred revenue |
328,405 | 340,401 | ||||||
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|
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Total current liabilities |
1,002,853 | 1,015,366 | ||||||
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Long-Term Liabilities: |
||||||||
Long-term portion of deferred revenue |
58,213 | 73,959 | ||||||
Convertible notes |
135,006 | 131,920 | ||||||
Other long-term liabilities |
131,172 | 128,894 | ||||||
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|
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Total long-term liabilities |
324,391 | 334,773 | ||||||
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Stockholders Equity |
502,013 | 411,130 | ||||||
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|
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Total Liabilities and Stockholders Equity |
$ | 1,829,257 | $ | 1,761,269 | ||||
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Cadence Design Systems, Inc.
Condensed Consolidated Income Statements
For the Three and Six Months Ended June 30, 2012 and July 2, 2011
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, 2012 | July 2, 2011 | June 30, 2012 | July 2, 2011 | |||||||||||||
Revenue: |
||||||||||||||||
Product |
$ | 208,301 | $ | 157,938 | $ | 398,325 | $ | 299,757 | ||||||||
Services |
28,966 | 29,477 | 58,508 | 57,282 | ||||||||||||
Maintenance |
89,209 | 95,855 | 185,473 | 192,333 | ||||||||||||
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Total revenue |
326,476 | 283,270 | 642,306 | 549,372 | ||||||||||||
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Costs and Expenses: |
||||||||||||||||
Cost of product |
21,585 | 20,074 | 36,986 | 34,268 | ||||||||||||
Cost of services |
17,071 | 20,616 | 36,445 | 40,691 | ||||||||||||
Cost of maintenance |
10,821 | 10,716 | 22,632 | 21,614 | ||||||||||||
Marketing and sales |
80,418 | 77,006 | 164,213 | 155,378 | ||||||||||||
Research and development |
112,031 | 99,268 | 220,625 | 200,567 | ||||||||||||
General and administrative |
30,244 | 25,377 | 58,014 | 44,679 | ||||||||||||
Amortization of acquired intangibles |
3,643 | 4,505 | 7,429 | 8,964 | ||||||||||||
Restructuring and other charges (credits) |
43 | 751 | (8 | ) | 710 | |||||||||||
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Total costs and expenses |
275,856 | 258,313 | 546,336 | 506,871 | ||||||||||||
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|
|||||||||
Income from operations |
50,620 | 24,957 | 95,970 | 42,501 | ||||||||||||
Interest expense |
(8,566 | ) | (10,768 | ) | (17,103 | ) | (21,754 | ) | ||||||||
Other income, net |
3,669 | 8,394 | 6,103 | 12,863 | ||||||||||||
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|||||||||
Income before provision (benefit) for income taxes |
45,723 | 22,583 | 84,970 | 33,610 | ||||||||||||
Provision (benefit) for income taxes |
9,337 | (4,325 | ) | 17,480 | 379 | |||||||||||
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Net income |
$ | 36,386 | $ | 26,908 | $ | 67,490 | $ | 33,231 | ||||||||
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Basic net income per share |
$ | 0.13 | $ | 0.10 | $ | 0.25 | $ | 0.13 | ||||||||
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Diluted net income per share |
$ | 0.13 | $ | 0.10 | $ | 0.24 | $ | 0.12 | ||||||||
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|||||||||
Weighted average common shares outstanding basic |
269,739 | 263,191 | 268,840 | 262,362 | ||||||||||||
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Weighted average common shares outstanding diluted |
275,318 | 270,885 | 276,526 | 269,732 | ||||||||||||
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Cadence Design Systems, Inc.
Condensed Consolidated Statements of Cash Flows
For the Six Months Ended June 30, 2012 and July 2, 2011
(In thousands)
(Unaudited)
Six Months Ended | ||||||||
June 30, 2012 |
July 2, 2011 |
|||||||
Cash and Cash Equivalents at Beginning of Period |
$ | 601,602 | $ | 557,409 | ||||
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Cash Flows from Operating Activities: |
||||||||
Net income |
67,490 | 33,231 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
Depreciation and amortization |
43,736 | 46,283 | ||||||
Amortization of debt discount and fees |
11,529 | 14,587 | ||||||
Stock-based compensation |
21,886 | 19,698 | ||||||
Gain on investments, net |
(4,169 | ) | (13,676 | ) | ||||
Non-cash restructuring and other charges |
125 | 136 | ||||||
Deferred income taxes |
459 | (4,811 | ) | |||||
Provisions (recoveries) for losses (gains) on trade and installment contract receivables, net |
| (5,885 | ) | |||||
Other non-cash items |
3,439 | 2,518 | ||||||
Changes in operating assets and liabilities, net of effect of acquired businesses: |
||||||||
Current and long-term receivables |
16,513 | 64,535 | ||||||
Inventories |
499 | (6,987 | ) | |||||
Prepaid expenses and other |
414 | 1,969 | ||||||
Other assets |
(169 | ) | 1,479 | |||||
Accounts payable and accrued liabilities |
(4,694 | ) | (48,650 | ) | ||||
Deferred revenue |
(27,446 | ) | 25,979 | |||||
Other long-term liabilities |
(1,424 | ) | (4,628 | ) | ||||
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|
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Net cash provided by operating activities |
128,188 | 125,778 | ||||||
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Cash Flows from Investing Activities: |
||||||||
Proceeds from the sale and maturity of available-for-sale securities |
136 | 9,588 | ||||||
Purchases of available-for-sale securities |
(49,083 | ) | | |||||
Proceeds from the sale of long-term investments |
44 | 2,785 | ||||||
Purchases of property, plant and equipment |
(18,269 | ) | (11,312 | ) | ||||
Investment in venture capital partnerships and equity investments |
(250 | ) | (608 | ) | ||||
Cash paid in business combinations and asset acquisitions, net of cash acquired, and acquisition of intangibles |
(1,041 | ) | (22,865 | ) | ||||
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Net cash used for investing activities |
(68,463 | ) | (22,412 | ) | ||||
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Cash Flows from Financing Activities: |
||||||||
Principal payments on receivable sale financing |
(2,907 | ) | (2,829 | ) | ||||
Tax effect related to employee stock transactions allocated to equity |
4,075 | 967 | ||||||
Payment of acquisition-related contingent consideration |
(39 | ) | | |||||
Proceeds from issuance of common stock |
13,063 | 10,302 | ||||||
Stock received for payment of employee taxes on vesting of restricted stock |
(9,897 | ) | (7,389 | ) | ||||
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Net cash provided by financing activities |
4,295 | 1,051 | ||||||
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Effect of exchange rate changes on cash and cash equivalents |
(3,964 | ) | 3,491 | |||||
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Increase in cash and cash equivalents |
60,056 | 107,908 | ||||||
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Cash and Cash Equivalents at End of Period |
$ | 661,658 | $ | 665,317 | ||||
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Cadence Design Systems, Inc.
As of July 25, 2012
Impact of Non-GAAP Adjustments on Forward Looking Diluted Net Income Per Share
(Unaudited)
Three Months Ending September 29, 2012 |
Year Ending December 29, 2012 | |||
Forecast | Forecast | |||
Diluted net income per share on a GAAP basis |
$0.17 to $0.18 | $0.51 to $0.55 | ||
Amortization of acquired intangibles |
0.03 | 0.10 | ||
Stock-based compensation expense |
0.04 | 0.18 | ||
Non-qualified deferred compensation expenses |
| 0.01 | ||
Integration and acquisition-related costs |
0.01 | 0.03 | ||
Amortization of debt discount |
0.02 | 0.08 | ||
Other income or expense related to investments and non-qualified deferred compensation plan assets* |
| (0.01) | ||
Income tax effect of non-GAAP adjustments |
(0.09) | (0.20) | ||
|
| |||
Diluted net income per share on a non-GAAP basis |
$0.18 to $0.19 | $0.70 to $0.74 | ||
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* | Includes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on sale of investments and gains or losses on non-qualified deferred compensation plan assets recorded in Other income (expense), net. |
Cadence Design Systems, Inc.
As of July 25, 2012
Impact of Non-GAAP Adjustments on Forward Looking Net Income
(Unaudited)
Three Months Ending September 29, 2012 |
Year Ending December 29, 2012 | |||
($ in millions) | Forecast | Forecast | ||
Net income on a GAAP basis |
$46 to $51 | $141 to $153 | ||
Amortization of acquired intangibles |
8 | 28 | ||
Stock-based compensation expense |
13 | 50 | ||
Non-qualified deferred compensation expenses |
| 4 | ||
Integration and acquisition-related costs |
2 | 8 | ||
Amortization of debt discount |
5 | 21 | ||
Other income or expense related to investments and non-qualified deferred compensation plan assets* |
| (4) | ||
Income tax effect of non-GAAP adjustments |
(25) | (54) | ||
|
| |||
Net income on a non-GAAP basis |
$49 to $54 | $194 to $206 | ||
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* | Includes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on sale of investments and gains or losses on non-qualified deferred compensation plan assets recorded in Other income (expense), net. |
Cadence Design Systems, Inc.
(Unaudited)
Revenue Mix by Geography (% of Total Revenue)
2011 | 2012 | |||||||||||||||||||||||||||
GEOGRAPHY |
Q1 | Q2 | Q3 | Q4 | Year | Q1 | Q2 | |||||||||||||||||||||
Americas |
44 | % | 47 | % | 44 | % | 44 | % | 45 | % | 44 | % | 46 | % | ||||||||||||||
Europe, Middle East and Africa |
21 | % | 20 | % | 21 | % | 20 | % | 20 | % | 19 | % | 20 | % | ||||||||||||||
Japan |
19 | % | 17 | % | 18 | % | 17 | % | 18 | % | 18 | % | 16 | % | ||||||||||||||
Asia |
16 | % | 16 | % | 17 | % | 19 | % | 17 | % | 19 | % | 18 | % | ||||||||||||||
Total |
100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
Revenue Mix by Product Group (% of Total Revenue)
2011 | 2012 | |||||||||||||||||||||||||||
PRODUCT GROUP |
Q1 | Q2 | Q3 | Q4 | Year | Q1 | Q2 | |||||||||||||||||||||
Functional Verification and Design IP |
28 | % | 33 | % | 30 | % | 32 | % | 30 | % | 30 | % | 33 | % | ||||||||||||||
Digital IC Design |
24 | % | 21 | % | 22 | % | 21 | % | 22 | % | 23 | % | 22 | % | ||||||||||||||
Custom IC Design |
20 | % | 22 | % | 23 | % | 23 | % | 22 | % | 23 | % | 22 | % | ||||||||||||||
Design for Manufacturing |
8 | % | 6 | % | 6 | % | 6 | % | 7 | % | 7 | % | 6 | % | ||||||||||||||
System Interconnect |
10 | % | 8 | % | 9 | % | 8 | % | 9 | % | 8 | % | 8 | % | ||||||||||||||
Services and other |
10 | % | 10 | % | 10 | % | 10 | % | 10 | % | 9 | % | 9 | % | ||||||||||||||
Total |
100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
Note: Product Group total revenue includes Product + Maintenance