Cadence Design Systems (CDNS) FY2023 results: revenue $4.1 billion, up 14.8% on the year
Cadence Design Systems Inc. (CDNS) reported revenue of $4.1 billion for fiscal 2023, the year ended 31 December 2023, up 14.8% on the year before. Net income was $1.0 billion, up 22.6%, and diluted earnings per share $3.82. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2024.
Revenue
$4.1 billion
+14.8% on the year
FY2016FY2023
Operating margin
30.6%
30.1% a year earlier
FY2016FY2023
Net income
$1.0 billion
+22.6% on the year
FY2016FY2023
Diluted EPS
$3.82
+23.6% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
1,349
1,242
1,101
+8.6%
Capital expenditure
102
123
65.3
-16.9%
Free cash flow
1,247
1,119
1,036
+11.5%
Free cash flow margin
30.5%
31.4%
34.7%
Cash from investing
-412
-739
-293
Cash from financing
-804
-657
-644
Depreciation and amortisation
145
132
142
+10.0%
Share-based compensation
326
270
210
+20.4%
Buybacks
700
1,050
612
-33.3%
Diluted shares, weighted
273m
275m
279m
-0.8%
Shares outstanding at period end
272m
273m
277m
-0.4%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
3,404
2,745
2,741
+24.0%
Debt
649
748
348
-13.2%
Operating lease liabilities
115
139
107
-17.2%
Other liabilities
1,501
1,505
1,191
-0.2%
Total liabilities and equity
5,669
5,137
4,386
+10.4%
Fixed assets
403
371
306
+8.6%
Goodwill
1,536
1,374
928
+11.8%
Intangible assets
337
355
233
-5.0%
Investments
130
4.5
n/a
+2,803.3%
Cash and equivalents
1,008
882
1,089
+14.3%
Receivables
489
487
338
+0.5%
Inventory
182
128
116
+41.9%
Other assets
1,584
1,535
1,377
+3.2%
Total assets
5,669
5,137
4,386
+10.4%
10-K for the year ended 31 December 2023, filed 14 February 2024: the filing.