🔹 Adj EPS: $1.88 (Est. $1.82) 🟢; UP +36.2% YoY
🔹 Revenue: $1.356B (Est. $1.346B) 🟢; UP +26.8% YoY
🔹 Non-GAAP Operating Margin: 46.0% (Est. 45.03% as EBIT Margin) 🟢; UP +3.1pp YoY
FY 25 Guidance:
🔹 Revenue: $5.14B-$5.22B (Est. $5.25B) 🔴
🔹 Adj EPS: $6.65-$6.75 (Est. $6.83) 🔴
🔹 Non-GAAP Operating Margin: 43.25%-44.25%
Q4'24 Segment Performance:
🔹 Core EDA Revenue (Digital, Custom/Analog, Verification): UP +15% YoY
🔹 IP Business Revenue: UP +28% YoY
🔹 Hardware Business (Palladium Z3, Protium X3): Record quarter
Q4 2024 Key Metrics:
🔹 Backlog: $6.8B
🔹 Current Remaining Performance Obligations (cRPO): $3.4B
Strategic Updates:
🔸 Cadence. ai portfolio gaining traction with AI-driven products (Cerebrus, Verisium SimAI, Allegro X AI).
🔸 System Design & Analysis revenue up over 40% in 2024, driven by multi-physics and AI optimization.
Management Commentary:
🔸 "Our momentum continues to build as we exited 2024 with record bookings and record backlog. Cadence is very well positioned to benefit from the various phases of AI," said Anirudh Devgan, President and CEO.
🔸 "I’m pleased with our record year-end backlog of $6.8 billion and cRPO of $3.4 billion, and I look forward to building on that strength in 2025," said John Wall, SVP and CFO.