Wed, Jul 24, 10:03 AM (45 days ago)
Cadence Design Systems, Inc. reported a 9% increase in total revenue for Q2 2024 compared to Q2 2023, reaching $1,060.7 million. This growth was driven by increased services revenue, which rose by 86%, and a 4% increase in product and maintenance revenue. However, revenue from emulation and prototyping hardware saw a decline, partially offset by growth in software and IP offerings. Operating expenses increased by 8% due to higher costs associated with marketing, sales, research and development, and general administrative expenses. Net income for Q2 2024 was $229.5 million, up from $221.1 million in Q2 2023. The company completed acquisitions of Invecas and BETA CAE, which expanded its service and product offerings. Cash flow from operations decreased to $409.2 million for the six months ended June 30, 2024, from $681.2 million in the same period in 2023, primarily due to changes in operating assets and liabilities. The company maintains a strong liquidity position with $1,059.0 million in cash and cash equivalents.