Cadence Design Systems (CDNS) FY2020 results: revenue $2.7 billion, up 14.8% on the year
Cadence Design Systems Inc. (CDNS) reported revenue of $2.7 billion for fiscal 2020, the year ended 2 January 2021, up 14.8% on the year before. Net income was $591 million, down 40.3%, and diluted earnings per share $2.11. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2021.
Revenue
$2.7 billion
+14.8% on the year
FY2013FY2020
Operating margin
24.1%
21.1% a year earlier
FY2013FY2020
Net income
$591 million
-40.3% on the year
FY2013FY2020
Diluted EPS
$2.11
-40.2% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
2,683
2,336
2,138
+14.8%
Operating income
646
492
396
+31.3%
Operating margin
24.1%
21.1%
18.5%
Interest expense
20.7
18.8
23.1
+10.2%
Pre-tax income
633
479
376
+32.1%
Income tax
42.1
-510
30.6
Effective tax rate
6.7%
-106.5%
8.1%
Net income
591
989
346
-40.3%
Net margin
22.0%
42.3%
16.2%
Diluted EPS
$2.11
$3.53
$1.23
-40.2%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
905
730
605
+24.0%
Capital expenditure
94.8
74.6
61.5
+27.1%
Free cash flow
810
655
543
+23.7%
Free cash flow margin
30.2%
28.0%
25.4%
Cash from investing
-292
-106
-174
Cash from financing
-415
-444
-568
Depreciation and amortisation
146
123
119
+18.6%
Share-based compensation
197
182
168
+8.7%
Buybacks
380
306
250
+24.1%
Diluted shares, weighted
280m
281m
281m
-0.3%
Shares outstanding at period end
279m
280m
280m
-0.3%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
2,493
2,103
1,288
+18.6%
Debt
347
346
445
+0.2%
Operating lease liabilities
114
84.8
0.0
+34.4%
Other liabilities
997
824
735
+21.1%
Total liabilities and equity
3,951
3,357
2,469
+17.7%
Fixed assets
311
276
253
+12.8%
Goodwill
782
662
662
+18.2%
Intangible assets
211
172
225
+22.2%
Cash and equivalents
928
705
533
+31.7%
Receivables
338
305
297
+11.1%
Inventory
76.0
55.8
28.2
+36.1%
Other assets
1,304
1,182
470
+10.4%
Total assets
3,951
3,357
2,469
+17.7%
10-K for the year ended 2 January 2021, filed 22 February 2021: the filing.