Latest news with #JohnWall
Yahoo
3 days ago
- Sport
- Yahoo
Former Kentucky Great Has Words About NIL: 'I'm Glad I Didn't Play in That Era'
Former Kentucky Great Has Words About NIL: 'I'm Glad I Didn't Play in That Era' originally appeared on Athlon Sports. When John Wall talks, Big Blue Nation listens. On a recent appearance on Sunday Mornings with Matt & Myron, former Kentucky Wildcat and NBA All-Star John Wall dropped an unexpected take on the hottest topic in college sports: NIL (Name, Image, and Likeness). In a world where top recruits like Cooper Flagg are rumored to earn upward of $28 million, Wall, arguably the face of the Kentucky basketball resurgence in 2009 says he's thankful he missed the NIL boom. Advertisement 'For me, I'm glad I didn't come up in that era, you know what I mean?' Wall said. That's not something you hear often, especially from a player who would've been one of college basketball's highest earners in the NIL era. At Kentucky, Wall was the star. His signature dances and high-flying dunks helped catapult UK back into national relevance and led to being a No. 1 NBA Draft pick in 2010. While acknowledging the positives, Wall made it clear that NIL has its challenges too. 'I think it's great… but they gotta do like some boundaries with some of it… not like everybody jumping in the portal every year trying to just search for money.' Advertisement The former Wildcat's perspective brings a fresh voice to the NIL conversation. Wall is someone who respects the evolution of the game but is also wary of how it affects the spirit of college basketball. He even admitted that while he wouldn't trade his time at UK, cashing in would've been 'crazy.' 'That would be dope… how much I would have gotten from NIL for sure.' Wall's influence remains strong in Lexington. He revealed he's been invited by new head coach Mark Pope to work out with the current squad this summer and promises a return to Rupp Arena is coming soon. 'Kentucky's always home for me… I'm definitely coming back.' Advertisement As the NIL era continues to reshape the college sports landscape, John Wall's honest reflection is a reminder: some legends were built without a price tag and that may be what makes them truly priceless. Related: DJ Lagway Lands Lamborghini NIL Deal in Power Move Related: NCAA Sends Clear Message About Athlete Pay and Roster Limits This story was originally reported by Athlon Sports on Jun 3, 2025, where it first appeared.
Yahoo
08-05-2025
- Yahoo
Registration open for Beckley PD Junior Police Academy
BECKLEY, WV (WVNS) – Kids in Raleigh County will have a chance to get an up-close look at the law enforcement profession as the Beckley PD's Junior Police Academy program returns. Each year the Junior Police Academy offers kids grades 5-8 in the local area a chance to experience what it's like in the field as a police officer. In the past, participants have gotten up close and personal with the Beckley Police Department K-9 Unit and have gained insight into aspects of law enforcement such as defensive tactics, first aid & CPR, fingerprinting, and more. Lieutenant John Wall with the Beckley Police Department said that the program is looking for participants in the Raleigh County area, specifically Beckley-based students. 'The Junior Police Academy is open to students 11-14 years of age,' Lt. Wall told 59News. 'They must be a resident of Raleigh County a preference will be given to students that attend school in Beckley City Limits.' This year's academy will be held in two sessions over the summer, with the first scheduled from June 23-June 26 and the second for July 7-July 10. Lt. Wall says that applications can be picked up at Park Middle School, Beckley-Stratton Middle School, and at the Beckley Police Department. Registration for the Junior Police Academy is now open, but act fast! Classes for each session are limited to 21 participants. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. For the latest news, weather, sports, and streaming video, head to WVNS.
Yahoo
28-04-2025
- Business
- Yahoo
Cadence Reports First Quarter 2025 Financial Results
Exceeded Q1 Guidance for All Key Metrics Q1 Revenue Up 23% & Non-GAAP EPS Up 34% YoY Raising 2025 Revenue and EPS Outlook SAN JOSE, Calif., April 28, 2025--(BUSINESS WIRE)--Cadence (Nasdaq: CDNS) today announced results for the first quarter of 2025. First Quarter 2025 Financial Results Revenue of $1.242 billion, compared to revenue of $1.009 billion in Q1 2024 GAAP operating margin of 29.1%, compared to 24.8% in Q1 2024 Non-GAAP operating margin of 41.7%, compared to 37.8% in Q1 2024 GAAP diluted net income per share of $1.00, compared to $0.91 in Q1 2024 Non-GAAP diluted net income per share of $1.57, compared to $1.17 in Q1 2024 Quarter-end backlog was $6.4 billion and current remaining performance obligations ("cRPO"), contract revenue expected to be recognized as revenue in the next 12 months, was $3.2 billion "Cadence delivered excellent results for the first quarter of 2025 with robust ongoing customer demand for our innovative technologies driving 23% revenue growth and 34% non-GAAP EPS growth year-over-year," said Anirudh Devgan, president and chief executive officer. "We haven't seen any change in customers' behavior at this time, as they continue investing in R&D for their next-gen designs. Our resilient software business model, strong backlog, and AI-driven product innovations, position us well in navigating today's dynamic macro environment." "Q1 was a strong quarter for Cadence, driven by broad-based strength across all our businesses," said John Wall, senior vice president and chief financial officer. "I am pleased that we exceeded all key financial metrics for the quarter, and we are tracking ahead of our original forecast for 2025, allowing us to raise our full year outlook." CFO Commentary Commentary on the first quarter of 2025 financial results by John Wall, senior vice president and chief financial officer, is available at Business Outlook For fiscal year 2025, the company expects: Revenue in the range of $5.15 billion to $5.23 billion GAAP operating margin in the range of 30.25% to 31.25% Non-GAAP operating margin in the range of 43.25% to 44.25% GAAP diluted net income per share in the range of $4.21 to $4.31 Non-GAAP diluted net income per share in the range of $6.73 to $6.83 The company utilizes a long-term projected non-GAAP tax rate, which reflects currently available information, as well as other factors and assumptions. The non-GAAP tax rate is subject to change for a variety of reasons, including the rapidly evolving global tax environment, significant changes in the company's geographic earnings mix, or other changes to the company's strategy or business operations. The company expects to use the current normalized non-GAAP tax rate through fiscal 2025 but will re-evaluate this rate periodically for significant items that may materially affect its projections. Reconciliations of the financial results and business outlook from GAAP operating margin, GAAP net income and GAAP diluted net income per share to non-GAAP operating margin, non-GAAP net income and non-GAAP diluted net income per share, respectively, are included in this press release. Business Highlights Semiconductor IP revenue grew 40% year-over-year in Q1 as it continued to benefit from market opportunities offered by AI, chiplet-based architectures, and foundry ecosystem buildout. Core EDA revenue grew 16% year-over-year in Q1. AI-driven Cadence Cerebrus continued its strong momentum with nearly 50 new logos in Q1 and more than 1,000 tapeouts to date. Cadence hardware products expanded their footprint with existing customers, especially top hyperscalers, while gaining notable competitive wins. At the GPU Technology Conference (GTC), Cadence announced an expanded partnership with NVIDIA on its latest Grace Blackwell architecture and a collaboration on developing full-stack agentic AI solutions using the new Llama Nemotron Reasoning Model. System Design and Analysis delivered over 50% year-over-year revenue growth in Q1, as Cadence's AI-driven design optimization platforms integrated with its physics-based simulation solutions continued delivering superior results across multiple end-markets. Audio Webcast Scheduled Anirudh Devgan, president and chief executive officer, and John Wall, senior vice president and chief financial officer, will host the first quarter 2025 financial results audio webcast today, April 28, 2025, 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 April 28, 2025 at 5 p.m. (Pacific) and ending June 16, 2025 at 5 p.m. (Pacific). Webcast access is available at About Cadence Cadence is a market leader in AI and digital twins, pioneering the application of computational software to accelerate innovation in the engineering design of silicon to systems. Our design solutions, based on Cadence's Intelligent System Design™ strategy, are essential for the world's leading semiconductor and systems companies to build their next-generation products from chips to full electromechanical systems that serve a wide range of markets, including hyperscale computing, mobile communications, automotive, aerospace, industrial, life sciences and robotics. In 2024, Cadence was recognized by the Wall Street Journal as one of the world's top 100 best-managed companies. Cadence solutions offer limitless opportunities—learn more at © 2025 Cadence Design Systems, Inc. All rights reserved worldwide. Cadence, the Cadence logo and the other Cadence marks found at are trademarks or registered trademarks of Cadence Design Systems, Inc. All other trademarks are the property of their respective owners. This press release contains forward-looking statements, including Cadence's outlook on future operating results, financial condition, strategic objectives, business model and prospects, technology and product developments, backlog, industry trends, market growth, pending transactions and other statements using words such as "anticipates," "believes," "expects," "intends," "plans," "will," and words of similar import and the negatives thereof. Forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside Cadence's control, and which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements, including, among others: (i) Cadence's ability to compete successfully in the highly competitive industries in which it operates and realize the benefits of its investments in research and development, including opportunities presented by AI; (ii) the success of Cadence's efforts to maintain and improve operational efficiency and growth; (iii) the mix of products and services sold, the timing of orders and deliveries and the ability to develop, install or deliver Cadence's products or services; (iv) changes in customer demands or supply constraints that could result in delays in purchases, development, installations or deliveries of Cadence's products or services, including those resulting from consolidation, restructurings and other operational efficiency improvements of Cadence's customers; (v) economic, geopolitical and industry conditions, including export controls, tariffs, other trade restrictions and other government regulations, as well as rising tensions and armed conflicts around the world; (vi) changes in tax laws, interest rate and currency exchange rate fluctuations, inflation rates, Cadence's increased debt levels and obligations and Cadence's ability to access capital and debt markets in the future; (vii) legislative or regulatory requirements; (viii) Cadence's pending acquisitions of Secure-IC and Arm's Artisan foundation IP business, each of which remains subject to certain closing conditions including receipt of regulatory approvals, the acquisition of other companies, businesses or technologies or the failure to successfully integrate and operate them; (ix) potential harm caused by compromises in cybersecurity and cybersecurity attacks; (x) capital expenditure requirements and events that affect cash flow, liquidity or reserves, or estimates Cadence may take from time to time with respect to accounts receivable, taxes and tax examinations, litigation, regulatory or other matters; (xi) the effects of any litigation, regulatory, tax or other proceedings to which Cadence is or may become a party or to which Cadence or its products, services, technologies or properties are subject; and (xii) Cadence's ability to successfully meet any environmental, social and governance targets and practices. In addition, the timing and amount of Cadence's repurchases of its common stock are subject to business and market conditions, corporate and regulatory requirements, stock price, acquisition opportunities and other factors. For a detailed discussion of these and other cautionary statements related to Cadence's business, please refer to Cadence's filings with the U.S. Securities and Exchange Commission, including its most recent report on Form 10-K, subsequent reports on Form 10-Q and future filings. All forward-looking statements in this press release are based on management's expectations as of the date of this press release and, except as required by law, Cadence disclaims any obligation to update these forward-looking statements to reflect future events or circumstances. GAAP to Non-GAAP Reconciliation Non-GAAP financial measures should not be considered as a substitute for or superior to measures of financial performance prepared in accordance with generally accepted accounting principles, or GAAP. Investors are encouraged to review the reconciliation of non-GAAP measures contained within this press release with their most directly comparable GAAP results. Investors are also encouraged to look at the GAAP results as the best measure of financial performance. To supplement Cadence's financial results presented on a GAAP basis, Cadence management uses non-GAAP measures that it believes are helpful in understanding Cadence's performance. One such measure is non-GAAP net income, which is a financial measure not calculated under GAAP. Non-GAAP net income is calculated by Cadence management by taking GAAP net income and excluding, as applicable, amortization of intangible assets, stock-based compensation expense, acquisition and integration-related costs including retention expenses, income or expenses related to investments, divestitures and Cadence's non-qualified deferred compensation plan, restructuring and other significant items not directly related to Cadence's core business operations, and the income tax effect of non-GAAP pre-tax adjustments. Cadence management uses non-GAAP net income because it excludes items that are generally not directly related to the performance of Cadence's core business operations and therefore provides supplemental information to Cadence management and investors regarding the performance of the business operations, facilitates comparisons to the historical operating results and allows the review of Cadence's business from the same perspective as Cadence management, including forecasting and budgeting. The following tables reconcile the specific items excluded from GAAP operating margin, GAAP net income and GAAP net income per diluted share in the calculation of non-GAAP operating margin, non-GAAP net income and non-GAAP net income per diluted share for the periods shown below: Operating Margin Reconciliation Three Months Ended March 31, 2025 March 31, 2024 (unaudited) GAAP operating margin as a percent of total revenue 29.1 % 24.8 % Reconciling items to non-GAAP operating margin as a percent of total revenue: Stock-based compensation expense 8.7 % 8.7 % Amortization of acquired intangibles 2.0 % 1.7 % Acquisition and integration-related costs 1.8 % 2.2 % Restructuring 0.0 % 0.0 % Non-qualified deferred compensation expenses (credits) (0.1 )% 0.4 % Special charges 0.2 % 0.0 % Non-GAAP operating margin as a percent of total revenue 41.7 % 37.8 % Net Income Reconciliation Three Months Ended March 31, 2025 March 31, 2024 (in thousands) (unaudited) Net income on a GAAP basis $ 273,579 $ 247,643 Stock-based compensation expense 107,613 88,129 Amortization of acquired intangibles 25,416 16,755 Acquisition and integration-related costs 23,105 22,086 Restructuring (109 ) 280 Non-qualified deferred compensation expenses (credits) (1,573 ) 4,588 Special charges 1,988 — Other income or expense related to investments, divestitures and non-qualified deferred compensation plan assets 3,332 (59,986 ) Income tax effect of non-GAAP adjustments (2,939 ) (613 ) Net income on a non-GAAP basis $ 430,412 $ 318,882 Diluted Net Income Per Share Reconciliation Three Months Ended March 31, 2025 March 31, 2024 (in thousands, except per share data) (unaudited) Diluted net income per share on a GAAP basis $ 1.00 $ 0.91 Stock-based compensation expense 0.39 0.32 Amortization of acquired intangibles 0.09 0.06 Acquisition and integration-related costs 0.09 0.08 Restructuring — — Non-qualified deferred compensation expenses (credits) (0.01 ) 0.02 Special charges 0.01 — Other income or expense related to investments, divestitures and non-qualified deferred compensation plan assets 0.01 (0.22 ) Income tax effect of non-GAAP adjustments (0.01 ) — Diluted net income per share on a non-GAAP basis $ 1.57 $ 1.17 Shares used in calculation of diluted net income per share 273,631 273,544 Cadence Design Systems, Inc. Condensed Consolidated Balance Sheets March 31, 2025 and December 31, 2024 (In thousands) (Unaudited) March 31, 2025 December 31, 2024 Current assets: Cash and cash equivalents $ 2,777,674 $ 2,644,030 Receivables, net 580,887 680,460 Inventories 225,621 257,711 Prepaid expenses and other 413,905 433,878 Total current assets 3,998,087 4,016,079 Property, plant and equipment, net 466,322 458,200 Goodwill 2,419,717 2,378,671 Acquired intangibles, net 584,228 594,734 Deferred taxes 986,191 982,057 Other assets 558,941 544,741 Total assets $ 9,013,486 $ 8,974,482 Current liabilities: Accounts payable and accrued liabilities $ 570,197 $ 632,692 Current portion of deferred revenue 730,570 737,413 Total current liabilities 1,300,767 1,370,105 Long-term liabilities: Long-term portion of deferred revenue 110,702 115,168 Long-term debt 2,477,159 2,476,183 Other long-term liabilities 348,601 339,448 Total long-term liabilities 2,936,462 2,930,799 Stockholders' equity 4,776,257 4,673,578 Total liabilities and stockholders' equity $ 9,013,486 $ 8,974,482 Cadence Design Systems, Inc. Condensed Consolidated Income Statements For the Three Months Ended March 31, 2025 and March 31, 2024 (In thousands, except per share amounts) (Unaudited) Three Months Ended March 31, 2025 March 31, 2024 Revenue: Product and maintenance $ 1,110,850 $ 913,385 Services 131,516 95,718 Total revenue 1,242,366 1,009,103 Costs and expenses: Cost of product and maintenance 116,672 75,395 Cost of services 50,461 49,802 Marketing and sales 202,700 180,589 Research and development 439,102 378,958 General and administrative 63,098 68,716 Amortization of acquired intangibles 8,922 5,407 Restructuring (109 ) 280 Total costs and expenses 880,846 759,147 Income from operations 361,520 249,956 Interest expense (29,118 ) (8,692 ) Other income, net 23,290 68,779 Income before provision for income taxes 355,692 310,043 Provision for income taxes 82,113 62,400 Net income $ 273,579 $ 247,643 Net income per share - basic $ 1.01 $ 0.92 Net income per share - diluted $ 1.00 $ 0.91 Weighted average common shares outstanding - basic 271,973 269,606 Weighted average common shares outstanding - diluted 273,631 273,544 Cadence Design Systems, Inc. Condensed Consolidated Statements of Cash Flows For the Three Months Ended March 31, 2025 and March 31, 2024 (In thousands) (Unaudited) Three Months Ended March 31, March 31, 2025 2024 Cash and cash equivalents at beginning of period $ 2,644,030 $ 1,008,152 Cash flows from operating activities: Net income 273,579 247,643 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 52,916 39,556 Stock-based compensation 107,613 88,129 (Gain) loss on divestitures and investments, net 1,791 (55,394 ) Deferred income taxes (1,861 ) (1,523 ) ROU asset amortization and change in operating lease liabilities (1,446 ) (917 ) Other non-cash items 862 556 Changes in operating assets and liabilities, net of effect of acquired businesses: Receivables 102,136 102,991 Inventories 15,018 (10,689 ) Prepaid expenses and other 10,316 (15,073 ) Other assets 12,237 (7,535 ) Accounts payable and accrued liabilities (69,621 ) (117,291 ) Deferred revenue (14,377 ) (23,941 ) Other long-term liabilities (2,142 ) 6,720 Net cash provided by operating activities 487,021 253,232 Cash flows from investing activities: Purchases of investments (11,469 ) (2,095 ) Proceeds from the sale and maturity of investments 1,246 43,377 Proceeds from the sale of IP and other assets 11,500 - Purchases of property, plant and equipment (23,061 ) (49,601 ) Cash paid in business combinations, net of cash acquired - (71,450 ) Net cash used for investing activities (21,784 ) (79,769 ) Cash flows from financing activities: Proceeds from issuance of common stock 76,789 116,725 Stock received for payment of employee taxes on vesting of restricted stock (72,566 ) (151,123 ) Payments for repurchases of common stock (350,007 ) (125,006 ) Net cash used for financing activities (345,784 ) (159,404 ) Effect of exchange rate changes on cash and cash equivalents 14,191 (9,793 ) Increase in cash and cash equivalents 133,644 4,266 Cash and cash equivalents at end of period $ 2,777,674 $ 1,012,418 Cadence Design Systems, Inc. (Unaudited) Revenue Mix by Geography (% of Total Revenue) 2024 2025 GEOGRAPHY Q1 Q2 Q3 Q4 Year Q1 Americas 46% 49% 50% 49% 49% 48% China 12% 12% 13% 13% 12% 11% Other Asia 20% 19% 17% 17% 18% 19% Europe, Middle East and Africa 17% 14% 14% 15% 15% 16% Japan 5% 6% 6% 6% 6% 6% Total 100% 100% 100% 100% 100% 100% Revenue Mix by Product Category (% of Total Revenue) 2024 2025 PRODUCT CATEGORY Q1 Q2 Q3 Q4 Year Q1 Core EDA 76% 73% 70% 68% 71% 71% Semiconductor IP 12% 13% 14% 13% 13% 14% System Design and Analysis 12% 14% 16% 19% 16% 15% Total 100% 100% 100% 100% 100% 100% Cadence Design Systems, Inc. Impact of Non-GAAP Adjustments on Forward Looking Operating Margin As of April 28, 2025 (Unaudited) Three Months Ending Year Ending June 30, 2025 December 31, 2025 Forecast Forecast GAAP operating margin as a percent of total revenue 27.5% - 28.5% 30.25% - 31.25% Reconciling items to non-GAAP operating margin as a percent of total revenue: Stock-based compensation expense 10% 9% Amortization of acquired intangibles 2% 2% Acquisition and integration-related costs 2% 2% Non-GAAP operating margin as a percent of total revenue† 41.5% - 42.5% 43.25% - 44.25% † The non-GAAP measures presented in the table above should not be considered a substitute for financial results and measures determined or calculated in accordance with GAAP. Cadence Design Systems, Inc. Impact of Non-GAAP Adjustments on Forward Looking Diluted Net Income Per Share As of April 28, 2025 (Unaudited) Three Months Ending Year Ending June 30, 2025 December 31, 2025 Forecast Forecast Diluted net income per share on a GAAP basis $0.89 to $0.95 $4.21 to $4.31 Stock-based compensation expense 0.45 1.70 Amortization of acquired intangibles 0.09 0.36 Acquisition and integration-related costs 0.09 0.31 Non-qualified deferred compensation credits - (0.01) Special charges - 0.01 Other income or expense related to investments, divestitures and non-qualified deferred compensation plan assets - 0.01 Income tax effect of non-GAAP adjustments 0.03 0.14 Diluted net income per share on a non-GAAP basis† $1.55 to $1.61 $6.73 to $6.83 † The non-GAAP measures presented in the table above should not be considered a substitute for financial results and measures determined or calculated in accordance with GAAP. Cadence Design Systems, Inc. Impact of Non-GAAP Adjustments on Forward Looking Net Income As of April 28, 2025 (Unaudited) Three Months Ending Year Ending June 30, 2025 December 31, 2025 ($ in millions) Forecast Forecast Net income on a GAAP basis $242 to $259 $1,154 to $1,181 Stock-based compensation expense 123 466 Amortization of acquired intangibles 25 98 Acquisition and integration-related costs 25 86 Non-qualified deferred compensation credits - (2) Special charges - 2 Other income or expense related to investments, divestitures and non-qualified deferred compensation plan assets - 3 Income tax effect of non-GAAP adjustments 7 37 Net income on a non-GAAP basis† $422 to $439 $1,844 to $1,871 † The non-GAAP measures presented in the table above should not be considered a substitute for financial results and measures determined or calculated in accordance with GAAP. CDNS–IRCategory: Financial, Featured View source version on Contacts For more information, please contact:Cadence Investor Relations408-944-7100investor_relations@ Cadence Newsroom408-944-7039newsroom@ Sign in to access your portfolio
Business Wire
28-04-2025
- Business
- Business Wire
Cadence Reports First Quarter 2025 Financial Results
SAN JOSE, Calif.--(BUSINESS WIRE)--Cadence (Nasdaq: CDNS) today announced results for the first quarter of 2025. First Quarter 2025 Financial Results Revenue of $1.242 billion, compared to revenue of $1.009 billion in Q1 2024 GAAP operating margin of 29.1%, compared to 24.8% in Q1 2024 Non-GAAP operating margin of 41.7%, compared to 37.8% in Q1 2024 GAAP diluted net income per share of $1.00, compared to $0.91 in Q1 2024 Non-GAAP diluted net income per share of $1.57, compared to $1.17 in Q1 2024 Quarter-end backlog was $6.4 billion and current remaining performance obligations ("cRPO"), contract revenue expected to be recognized as revenue in the next 12 months, was $3.2 billion 'Cadence delivered excellent results for the first quarter of 2025 with robust ongoing customer demand for our innovative technologies driving 23% revenue growth and 34% non-GAAP EPS growth year-over-year,' said Anirudh Devgan, president and chief executive officer. 'We haven't seen any change in customers' behavior at this time, as they continue investing in R&D for their next-gen designs. Our resilient software business model, strong backlog, and AI-driven product innovations, position us well in navigating today's dynamic macro environment.' 'Q1 was a strong quarter for Cadence, driven by broad-based strength across all our businesses,' said John Wall, senior vice president and chief financial officer. 'I am pleased that we exceeded all key financial metrics for the quarter, and we are tracking ahead of our original forecast for 2025, allowing us to raise our full year outlook.' CFO Commentary Commentary on the first quarter of 2025 financial results by John Wall, senior vice president and chief financial officer, is available at Business Outlook For fiscal year 2025, the company expects: Revenue in the range of $5.15 billion to $5.23 billion GAAP operating margin in the range of 30.25% to 31.25% Non-GAAP operating margin in the range of 43.25% to 44.25% GAAP diluted net income per share in the range of $4.21 to $4.31 Non-GAAP diluted net income per share in the range of $6.73 to $6.83 The company utilizes a long-term projected non-GAAP tax rate, which reflects currently available information, as well as other factors and assumptions. The non-GAAP tax rate is subject to change for a variety of reasons, including the rapidly evolving global tax environment, significant changes in the company's geographic earnings mix, or other changes to the company's strategy or business operations. The company expects to use the current normalized non-GAAP tax rate through fiscal 2025 but will re-evaluate this rate periodically for significant items that may materially affect its projections. Reconciliations of the financial results and business outlook from GAAP operating margin, GAAP net income and GAAP diluted net income per share to non-GAAP operating margin, non-GAAP net income and non-GAAP diluted net income per share, respectively, are included in this press release. Business Highlights Semiconductor IP revenue grew 40% year-over-year in Q1 as it continued to benefit from market opportunities offered by AI, chiplet-based architectures, and foundry ecosystem buildout. Core EDA revenue grew 16% year-over-year in Q1. AI-driven Cadence Cerebrus continued its strong momentum with nearly 50 new logos in Q1 and more than 1,000 tapeouts to date. Cadence hardware products expanded their footprint with existing customers, especially top hyperscalers, while gaining notable competitive wins. At the GPU Technology Conference (GTC), Cadence announced an expanded partnership with NVIDIA on its latest Grace Blackwell architecture and a collaboration on developing full-stack agentic AI solutions using the new Llama Nemotron Reasoning Model. System Design and Analysis delivered over 50% year-over-year revenue growth in Q1, as Cadence's AI-driven design optimization platforms integrated with its physics-based simulation solutions continued delivering superior results across multiple end-markets. Audio Webcast Scheduled Anirudh Devgan, president and chief executive officer, and John Wall, senior vice president and chief financial officer, will host the first quarter 2025 financial results audio webcast today, April 28, 2025, 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 April 28, 2025 at 5 p.m. (Pacific) and ending June 16, 2025 at 5 p.m. (Pacific). Webcast access is available at About Cadence Cadence is a market leader in AI and digital twins, pioneering the application of computational software to accelerate innovation in the engineering design of silicon to systems. Our design solutions, based on Cadence's Intelligent System Design™ strategy, are essential for the world's leading semiconductor and systems companies to build their next-generation products from chips to full electromechanical systems that serve a wide range of markets, including hyperscale computing, mobile communications, automotive, aerospace, industrial, life sciences and robotics. In 2024, Cadence was recognized by the Wall Street Journal as one of the world's top 100 best-managed companies. Cadence solutions offer limitless opportunities—learn more at © 2025 Cadence Design Systems, Inc. All rights reserved worldwide. Cadence, the Cadence logo and the other Cadence marks found at are trademarks or registered trademarks of Cadence Design Systems, Inc. All other trademarks are the property of their respective owners. This press release contains forward-looking statements, including Cadence's outlook on future operating results, financial condition, strategic objectives, business model and prospects, technology and product developments, backlog, industry trends, market growth, pending transactions and other statements using words such as 'anticipates,' 'believes,' 'expects,' 'intends,' 'plans,' 'will,' and words of similar import and the negatives thereof. Forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside Cadence's control, and which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements, including, among others: (i) Cadence's ability to compete successfully in the highly competitive industries in which it operates and realize the benefits of its investments in research and development, including opportunities presented by AI; (ii) the success of Cadence's efforts to maintain and improve operational efficiency and growth; (iii) the mix of products and services sold, the timing of orders and deliveries and the ability to develop, install or deliver Cadence's products or services; (iv) changes in customer demands or supply constraints that could result in delays in purchases, development, installations or deliveries of Cadence's products or services, including those resulting from consolidation, restructurings and other operational efficiency improvements of Cadence's customers; (v) economic, geopolitical and industry conditions, including export controls, tariffs, other trade restrictions and other government regulations, as well as rising tensions and armed conflicts around the world; (vi) changes in tax laws, interest rate and currency exchange rate fluctuations, inflation rates, Cadence's increased debt levels and obligations and Cadence's ability to access capital and debt markets in the future; (vii) legislative or regulatory requirements; (viii) Cadence's pending acquisitions of Secure-IC and Arm's Artisan foundation IP business, each of which remains subject to certain closing conditions including receipt of regulatory approvals, the acquisition of other companies, businesses or technologies or the failure to successfully integrate and operate them; (ix) potential harm caused by compromises in cybersecurity and cybersecurity attacks; (x) capital expenditure requirements and events that affect cash flow, liquidity or reserves, or estimates Cadence may take from time to time with respect to accounts receivable, taxes and tax examinations, litigation, regulatory or other matters; (xi) the effects of any litigation, regulatory, tax or other proceedings to which Cadence is or may become a party or to which Cadence or its products, services, technologies or properties are subject; and (xii) Cadence's ability to successfully meet any environmental, social and governance targets and practices. In addition, the timing and amount of Cadence's repurchases of its common stock are subject to business and market conditions, corporate and regulatory requirements, stock price, acquisition opportunities and other factors. For a detailed discussion of these and other cautionary statements related to Cadence's business, please refer to Cadence's filings with the U.S. Securities and Exchange Commission, including its most recent report on Form 10-K, subsequent reports on Form 10-Q and future filings. All forward-looking statements in this press release are based on management's expectations as of the date of this press release and, except as required by law, Cadence disclaims any obligation to update these forward-looking statements to reflect future events or circumstances. GAAP to Non-GAAP Reconciliation Non-GAAP financial measures should not be considered as a substitute for or superior to measures of financial performance prepared in accordance with generally accepted accounting principles, or GAAP. Investors are encouraged to review the reconciliation of non-GAAP measures contained within this press release with their most directly comparable GAAP results. Investors are also encouraged to look at the GAAP results as the best measure of financial performance. To supplement Cadence's financial results presented on a GAAP basis, Cadence management uses non-GAAP measures that it believes are helpful in understanding Cadence's performance. One such measure is non-GAAP net income, which is a financial measure not calculated under GAAP. Non-GAAP net income is calculated by Cadence management by taking GAAP net income and excluding, as applicable, amortization of intangible assets, stock-based compensation expense, acquisition and integration-related costs including retention expenses, income or expenses related to investments, divestitures and Cadence's non-qualified deferred compensation plan, restructuring and other significant items not directly related to Cadence's core business operations, and the income tax effect of non-GAAP pre-tax adjustments. Cadence management uses non-GAAP net income because it excludes items that are generally not directly related to the performance of Cadence's core business operations and therefore provides supplemental information to Cadence management and investors regarding the performance of the business operations, facilitates comparisons to the historical operating results and allows the review of Cadence's business from the same perspective as Cadence management, including forecasting and budgeting. The following tables reconcile the specific items excluded from GAAP operating margin, GAAP net income and GAAP net income per diluted share in the calculation of non-GAAP operating margin, non-GAAP net income and non-GAAP net income per diluted share for the periods shown below: Net Income Reconciliation Three Months Ended March 31, 2025 March 31, 2024 (in thousands) (unaudited) Net income on a GAAP basis $ 273,579 $ 247,643 Stock-based compensation expense 107,613 88,129 Amortization of acquired intangibles 25,416 16,755 Acquisition and integration-related costs 23,105 22,086 Restructuring (109 ) 280 Non-qualified deferred compensation expenses (credits) (1,573 ) 4,588 Special charges 1,988 — Other income or expense related to investments, divestitures and non-qualified deferred compensation plan assets 3,332 (59,986 ) Income tax effect of non-GAAP adjustments (2,939 ) (613 ) Net income on a non-GAAP basis $ 430,412 $ 318,882 Expand Diluted Net Income Per Share Reconciliation Three Months Ended March 31, 2025 March 31, 2024 (in thousands, except per share data) (unaudited) Diluted net income per share on a GAAP basis $ 1.00 $ 0.91 Stock-based compensation expense 0.39 0.32 Amortization of acquired intangibles 0.09 0.06 Acquisition and integration-related costs 0.09 0.08 Restructuring — — Non-qualified deferred compensation expenses (credits) (0.01 ) 0.02 Special charges 0.01 — Other income or expense related to investments, divestitures and non-qualified deferred compensation plan assets 0.01 (0.22 ) Income tax effect of non-GAAP adjustments (0.01 ) — Diluted net income per share on a non-GAAP basis $ 1.57 $ 1.17 Shares used in calculation of diluted net income per share 273,631 273,544 Expand Cadence Design Systems, Inc. Condensed Consolidated Balance Sheets March 31, 2025 and December 31, 2024 (In thousands) (Unaudited) March 31, 2025 December 31, 2024 Current assets: Cash and cash equivalents $ 2,777,674 $ 2,644,030 Receivables, net 580,887 680,460 Inventories 225,621 257,711 Prepaid expenses and other 413,905 433,878 Total current assets 3,998,087 4,016,079 Property, plant and equipment, net 466,322 458,200 Goodwill 2,419,717 2,378,671 Acquired intangibles, net 584,228 594,734 Deferred taxes 986,191 982,057 Other assets 558,941 544,741 Total assets $ 9,013,486 $ 8,974,482 Current liabilities: Accounts payable and accrued liabilities $ 570,197 $ 632,692 Current portion of deferred revenue 730,570 737,413 Total current liabilities 1,300,767 1,370,105 Long-term liabilities: Long-term portion of deferred revenue 110,702 115,168 Long-term debt 2,477,159 2,476,183 Other long-term liabilities 348,601 339,448 Total long-term liabilities 2,936,462 2,930,799 Stockholders' equity 4,776,257 4,673,578 Total liabilities and stockholders' equity $ 9,013,486 $ 8,974,482 Expand Cadence Design Systems, Inc. Condensed Consolidated Income Statements For the Three Months Ended March 31, 2025 and March 31, 2024 (In thousands, except per share amounts) (Unaudited) Three Months Ended March 31, 2025 March 31, 2024 Revenue: Product and maintenance $ 1,110,850 $ 913,385 Services 131,516 95,718 Total revenue 1,242,366 1,009,103 Costs and expenses: Cost of product and maintenance 116,672 75,395 Cost of services 50,461 49,802 Marketing and sales 202,700 180,589 Research and development 439,102 378,958 General and administrative 63,098 68,716 Amortization of acquired intangibles 8,922 5,407 Restructuring (109 ) 280 Total costs and expenses 880,846 759,147 Income from operations 361,520 249,956 Interest expense (29,118 ) (8,692 ) Other income, net 23,290 68,779 Income before provision for income taxes 355,692 310,043 Provision for income taxes 82,113 62,400 Net income $ 273,579 $ 247,643 Net income per share - basic $ 1.01 $ 0.92 Net income per share - diluted $ 1.00 $ 0.91 Weighted average common shares outstanding - basic 271,973 269,606 Weighted average common shares outstanding - diluted 273,631 273,544 Expand Cadence Design Systems, Inc. Condensed Consolidated Statements of Cash Flows For the Three Months Ended March 31, 2025 and March 31, 2024 (In thousands) (Unaudited) Three Months Ended March 31, March 31, 2025 2024 Cash and cash equivalents at beginning of period $ 2,644,030 $ 1,008,152 Cash flows from operating activities: Net income 273,579 247,643 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 52,916 39,556 Stock-based compensation 107,613 88,129 (Gain) loss on divestitures and investments, net 1,791 (55,394 ) Deferred income taxes (1,861 ) (1,523 ) ROU asset amortization and change in operating lease liabilities (1,446 ) (917 ) Other non-cash items 862 556 Changes in operating assets and liabilities, net of effect of acquired businesses: Receivables 102,136 102,991 Inventories 15,018 (10,689 ) Prepaid expenses and other 10,316 (15,073 ) Other assets 12,237 (7,535 ) Accounts payable and accrued liabilities (69,621 ) (117,291 ) Deferred revenue (14,377 ) (23,941 ) Other long-term liabilities (2,142 ) 6,720 Net cash provided by operating activities 487,021 253,232 Cash flows from investing activities: Purchases of investments (11,469 ) (2,095 ) Proceeds from the sale and maturity of investments 1,246 43,377 Proceeds from the sale of IP and other assets 11,500 - Purchases of property, plant and equipment (23,061 ) (49,601 ) Cash paid in business combinations, net of cash acquired - (71,450 ) Net cash used for investing activities (21,784 ) (79,769 ) Cash flows from financing activities: Proceeds from issuance of common stock 76,789 116,725 Stock received for payment of employee taxes on vesting of restricted stock (72,566 ) (151,123 ) Payments for repurchases of common stock (350,007 ) (125,006 ) Net cash used for financing activities (345,784 ) (159,404 ) Effect of exchange rate changes on cash and cash equivalents 14,191 (9,793 ) Increase in cash and cash equivalents 133,644 4,266 Cash and cash equivalents at end of period $ 2,777,674 $ 1,012,418 Expand Cadence Design Systems, Inc. (Unaudited) Revenue Mix by Geography (% of Total Revenue) 2024 2025 GEOGRAPHY Q1 Q2 Q3 Q4 Year Q1 Americas 46% 49% 50% 49% 49% 48% China 12% 12% 13% 13% 12% 11% Other Asia 20% 19% 17% 17% 18% 19% Europe, Middle East and Africa 17% 14% 14% 15% 15% 16% Japan 5% 6% 6% 6% 6% 6% Total 100% 100% 100% 100% 100% 100% Revenue Mix by Product Category (% of Total Revenue) 2024 2025 PRODUCT CATEGORY Q1 Q2 Q3 Q4 Year Q1 Core EDA 76% 73% 70% 68% 71% 71% Semiconductor IP 12% 13% 14% 13% 13% 14% System Design and Analysis 12% 14% 16% 19% 16% 15% Total 100% 100% 100% 100% 100% 100% Expand † The non-GAAP measures presented in the table above should not be considered a substitute for financial results and measures determined or calculated in accordance with GAAP. Expand † The non-GAAP measures presented in the table above should not be considered a substitute for financial results and measures determined or calculated in accordance with GAAP. Expand † The non-GAAP measures presented in the table above should not be considered a substitute for financial results and measures determined or calculated in accordance with GAAP. Expand CDNS–IR Category: Financial, Featured
Yahoo
25-03-2025
- Entertainment
- Yahoo
UK fans can own a piece of Rupp Arena
LEXINGTON, Ky. (FOX 56) — University of Kentucky fans have a chance to own a piece of Kentucky basketball history. Rupp Arena is teaming up with Artsman to release an exclusive collection made from the court the Cats played on from 2001 to 2024. Mini courts, wood blocks, ornaments—even jewelry and desk displays—are all crafted from the original hardwood. These 17 bills received Gov. Beshear's signature, 4 vetoed for worker's rights and constitutional violations Outrage sparked as Lexington animal abuse suspect could evade record of felony charge Georgetown woman crowned 2025 Kentucky Derby Festival Queen This is the same floor where John Wall hit a buzzer-beater in his debut. Where Anthony Davis blocked a game-winner in 2012 and where Tayshaun Prince drained five straight threes against North Carolina You can see the full offerings and prices online on the Artsman website. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
