Cadence Design Systems (CDNS) FY2019 results: revenue $2.3 billion, up 9.3% on the year
Cadence Design Systems Inc. (CDNS) reported revenue of $2.3 billion for fiscal 2019, the year ended 28 December 2019, up 9.3% on the year before. Net income was $989 million, up 186.0%, and diluted earnings per share $3.53. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2020.
Revenue
$2.3 billion
+9.3% on the year
FY2012FY2019
Operating margin
21.1%
18.5% a year earlier
FY2012FY2019
Net income
$989 million
+186.0% on the year
FY2012FY2019
Diluted EPS
$3.53
+187.0% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
2,336
2,138
1,943
+9.3%
Operating income
492
396
324
+24.1%
Operating margin
21.1%
18.5%
16.7%
Interest expense
18.8
23.1
25.7
-18.6%
Pre-tax income
479
376
315
+27.3%
Income tax
-510
30.6
111
Effective tax rate
-106.5%
8.1%
35.2%
Net income
989
346
204
+186.0%
Net margin
42.3%
16.2%
10.5%
Diluted EPS
$3.53
$1.23
$0.73
+187.0%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
730
605
471
+20.6%
Capital expenditure
74.6
61.5
57.9
+21.3%
Free cash flow
655
543
413
+20.6%
Free cash flow margin
28.0%
25.4%
21.2%
Cash from investing
-106
-174
-191
Cash from financing
-444
-568
-70.1
Depreciation and amortisation
123
119
116
+3.4%
Share-based compensation
182
168
130
+8.2%
Buybacks
306
250
100
+22.4%
Diluted shares, weighted
281m
281m
280m
-0.2%
Shares outstanding at period end
280m
280m
282m
-0.1%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
2,103
1,288
989
+63.2%
Debt
346
445
729
-22.3%
Operating lease liabilities
84.8
0.0
n/a
Other liabilities
824
735
700
+12.1%
Total liabilities and equity
3,357
2,469
2,419
+36.0%
Fixed assets
276
253
251
+9.2%
Goodwill
662
662
666
-0.1%
Intangible assets
172
225
279
-23.5%
Investments
n/a
n/a
4.5
Cash and equivalents
705
533
688
+32.2%
Receivables
305
297
190
+2.5%
Inventory
55.8
28.2
33.2
+98.1%
Other assets
1,182
470
306
+151.5%
Total assets
3,357
2,469
2,419
+36.0%
10-K for the year ended 28 December 2019, filed 24 February 2020: the filing.