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 Cadence Reports First Quarter 2014 Financial Results
   Monday, April 21, 2014 4:10:00 PM ET

Cadence Design Systems, Inc. (CDNS ) today announced results for the first quarter of fiscal year 2014.

http://photos.prnewswire.com/prnvar/20140102/SF39436LOGO

Cadence reported first quarter 2014 revenue of $379 million, compared to revenue of $354 million reported for the same period in 2013. On a GAAP basis, Cadence recognized net income of $33 million, or $0.11 per share on a diluted basis, in the first quarter of 2014, compared to net income of $79 million, or $0.27 per share on a diluted basis, in the same period in 2013. GAAP net income for the first quarter of 2013 included a $34 million income tax benefit due to a release of an uncertain tax position.

Using the non-GAAP measure defined below, net income in the first quarter of 2014 was $59 million, or $0.20 per share on a diluted basis, as compared to net income of $61 million, or $0.21 per share on a diluted basis, in the same period in 2013.

"In Q1, Cadence continued to strengthen its product portfolio through internally developed products and key acquisitions," said Lip-Bu Tan, president and chief executive officer. "We advanced our functional verification platform by releasing our new Incisive? vManagerTM solution and acquiring Forte Design Systems. And today, we announced that we entered into a definitive agreement to acquire Jasper Design Automation, Inc., which will meaningfully add to our verification capabilities. We also continued to see strong customer interest and growing adoption of our digital and new sign-off products with multiple design wins."

"Cadence produced solid operating results in Q1 while continuing to invest strategically to further our growth objectives," added Geoff Ribar, senior vice president and chief financial officer.

Business Outlook

For the second quarter of 2014, the company expects total revenue in the range of $370 million to $380 million. Second quarter GAAP net income per diluted share is expected to be in the range of $0.10 to $0.12. Net income per diluted share using the non-GAAP measure defined below is expected to be in the range of $0.19 to $0.21.

For 2014, the company expects total revenue in the range of $1.550 billion to $1.590 billion. On a GAAP basis, net income per diluted share for 2014 is expected to be in the range of $0.56 to $0.66. Using the non-GAAP measure defined below, net income per diluted share for 2014 is expected to be in the range of $0.92 to $1.02.

The foregoing statements regarding the company’s business outlook do not take into account the pending acquisition of Jasper Design Automation, Inc.

A schedule showing a reconciliation of the business outlook from GAAP net income and diluted net income per share to non-GAAP net income and diluted net income per share is also included with this release.

Audio Webcast Scheduled

Lip-Bu Tan, president and chief executive officer, and Geoff Ribar, senior vice president and chief financial officer, will host a first quarter 2014 financial results audio webcast today, April 21, 2014, 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 21, 2014 at 5 p.m. (Pacific) and ending June 13, 2014 at 5 p.m. (Pacific). Webcast access is available at www.cadence.com/company/investor_relations.

About Cadence

Cadence enables global electronic design innovation and plays an essential role in the creation of today’s integrated circuits and electronics. Customers use Cadence? software, hardware, IP, and services to design and verify advanced semiconductors, consumer electronics, networking and telecommunications equipment, and computer systems. The company is headquartered in San Jose, California, with sales offices, design centers, and research facilities around the world to serve the global electronics industry. More information about the company and its products and services is available at www.cadence.com.

Cadence, the Cadence logo, Forte, Incisive and vManager are trademarks or registered trademarks of Cadence Design Systems, Inc. All other trademarks are the property of their respective owners.

The statements contained above regarding Cadence’s first quarter 2014 financial results and Cadence’s expected benefits of the pending acquisition of Jasper Design Automation, Inc., as well as the information in the Business Outlook section and the statements by Lip-Bu Tan and Geoff Ribar, are or include forward-looking statements based on current expectations or beliefs and preliminary assumptions about future events that are subject to factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside Cadence’s control, including, among others: (i) Cadence’s ability to compete successfully in the electronic design automation product and the commercial electronic design and methodology services industries; (ii) the success of Cadence’s efforts to improve operational efficiency and growth; (iii) the mix of products and services sold and the timing of significant orders for Cadence’s products; (iv) change in customer demands, including those resulting from consolidation among Cadence’s customers and the possibility that the restructurings and other efforts to improve operational efficiency of Cadence’s customers could result in delays in purchases of Cadence’s products and services; (v) economic and industry conditions in regions in which Cadence does business; (vi) fluctuations in rates of exchange between the U.S. dollar and the currencies of other countries in which Cadence does business; (vii) capital expenditure requirements, legislative or regulatory requirements, interest rates and Cadence’s ability to access capital and debt markets; (viii) failure or inability to consummate the acquisition of Jasper, the effects of the acquisition of Jasper on Cadence’s financial results, the effect of regulatory approval requirements, the potential inability to successfully operate or integrate Jasper’s business, including the potential inability to retain customers, key employees or vendors; (ix) the acquisition of other companies or technologies or the failure to successfully integrate and operate these companies or technologies Cadence acquires, including the potential inability to retain customers, key employees or vendors; (x) the effects of Cadence’s efforts to improve operational efficiency on Cadence’s business, including strategic, customer and supplier relationships, and its ability to retain key employees; (xi) events that affect the reserves or settlement assumptions Cadence may take from time to time with respect to accounts receivable, taxes, litigation or other matters; and (xii) the effects of any litigation or other proceedings to which Cadence is or may become a party.

For a detailed discussion of these and other cautionary statements related to Cadence’s business, please refer to Cadence’s filings with the Securities and Exchange Commission. These include Cadence’s most recent reports on Form 10-K and Form 10-Q, including Cadence’s future filings.

GAAP to Non-GAAP Reconciliation

To supplement Cadence’s financial results presented on a generally accepted accounting principles, or 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, and is calculated by taking GAAP net income and excluding, as applicable, amortization and sale of intangible assets and debt discount related to our convertible notes, stock-based compensation expense, acquisition and integration-related costs including changes in fair value of contingent consideration and retention expenses for employees added from our 2013 and 2014 acquisitions, executive severance costs, investment gains or losses, income or expenses related to 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’s management uses non-GAAP net income because it excludes items that are generally not directly related to the performance of the company’s core business operations and therefore provides useful supplemental information to Cadence’s management and investors regarding the performance of the company’s business operations, facilitates comparisons to the company’s historical operating results and enhances investors’ ability to review Cadence’s business from the same perspective as Cadence’s management. Cadence’s management also uses non-GAAP net income internally for forecasting and budgeting. Non-GAAP financial measures should not be considered as a substitute for or superior to measures of financial performance prepared in accordance with GAAP. Investors and potential investors are encouraged to review the reconciliation of non-GAAP financial measures contained within this press release with their most directly comparable GAAP financial results. Investors are encouraged to look at the GAAP results as the best measure of financial performance.

The following tables reconcile the specific items excluded from GAAP net income and GAAP net income per diluted share in the calculation of non-GAAP net income and non-GAAP net income per diluted share for the periods shown below:

Net Income Reconciliation                                                                            Three Months Ended
                                                                                                     March 29, 2014   March 30, 2013
                                                                                                     (unaudited)
(in thousands)
Net income on a GAAP basis                                                                           $       33,070   $       78,609
Amortization of acquired intangibles                                                                 12,786           7,598
Stock-based compensation expense                                                                     18,864           13,810
Non-qualified deferred compensation expenses                                                         2,063            152
Restructuring and other charges (credits)                                                            396              (148)
Integration and acquisition-related costs                                                            7,118            4,935
Amortization of debt discount                                                                        4,209            5,536
Other income or expense related to investments and non-qualified deferred compensation plan assets*  (3,609)          (990)
Income tax benefit due to a release of an uncertain tax position                                     --               (33,719)
Income tax effect of non-GAAP adjustments                                                            (15,510)         (15,146)
Net income on a non-GAAP basis                                                                       $       59,387   $       60,637
* Includes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on sale of investments and gains or losses on non-qualified deferred compensation plan assets recorded in other income or expense.
Diluted Net Income per Share Reconciliation                                                          Three Months Ended
                                                                                                     March 29, 2014   March 30, 2013
                                                                                                     (unaudited)
(in thousands, except per share data)
Diluted net income per share on a GAAP basis                                                         $       0.11     $       0.27
Amortization of acquired intangibles                                                                 0.04             0.03
Stock-based compensation expense                                                                     0.06             0.05
Non-qualified deferred compensation expenses                                                         0.01             --
Restructuring and other charges (credits)                                                            --               --
Integration and acquisition-related costs                                                            0.02             0.02
Amortization of debt discount                                                                        0.02             0.02
Other income or expense related to investments and non-qualified deferred compensation plan assets*  (0.01)           (0.01)
Income tax benefit due to a release of an uncertain tax position                                     --               (0.12)
Income tax effect of non-GAAP adjustments                                                            (0.05)           (0.05)
Diluted net income per share on a non-GAAP basis                                                     $       0.20     $       0.21
Shares used in calculation of diluted net income per share -- GAAP**                                 301,034          292,151
Shares used in calculation of diluted net income per share -- non-GAAP**                             301,034          292,151
*  Includes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on sale of investments and gains or losses on non-qualified deferred compensation plan assets recorded in other income or expense.
** Shares used in the calculation of GAAP net income per share are expected to be the same as shares used in the calculation of non-GAAP net income per share, except when the company reports a GAAP net loss and non-GAAP net income, or GAAP net income and a non-GAAP net loss.

Cadence expects that its corporate representatives will meet privately during the quarter with investors, the media, investment analysts and others. At these meetings, Cadence may reiterate the business outlook published in this press release. At the same time, Cadence will keep this press release, including the business outlook, publicly available on its website.

Prior to the start of the Quiet Period (described below), the public may continue to rely on the business outlook contained herein as still being Cadence’s current expectations on matters covered unless Cadence publishes a notice stating otherwise.

Beginning June 13, 2014, Cadence will observe a Quiet Period during which the business outlook as provided in this press release and the company’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q no longer constitute the company’s current expectations. During the Quiet Period, the business outlook in these documents should be considered to be historical, speaking as of prior to the Quiet Period only and not subject to any update by the company. During the Quiet Period, Cadence’s representatives will not comment on Cadence’s business outlook, financial results or expectations. The Quiet Period will extend until the day when Cadence’s second quarter 2014 earnings release is published, which is currently scheduled for July 21, 2014.

For more information, please contact:

Investors and Shareholders Alan Lindstrom Cadence Design Systems, Inc. 408-944-7100 investor_relations@cadence.com

Media and Industry Analysts Anna del Rosario Cadence Design Systems, Inc. 408-914-6884 newsroom@cadence.com

Cadence Design Systems, Inc.
Condensed Consolidated Balance Sheets
March 29, 2014 and December 28, 2013
(In thousands)
(Unaudited)
                                                                          March 29, 2014         December 28, 2013
Current assets:
                   Cash and cash equivalents                              $             532,761  $                   536,260
                   Short-term investments                                 97,006                 96,788
                   Receivables, net                                       106,322                107,624
                   Inventories                                            55,605                 50,220
                   2015 notes hedges                                      369,731                306,817
                   Prepaid expenses and other                             136,300                123,382
                                             Total current assets         1,297,725              1,221,091
Property, plant and equipment, net of accumulated
                   depreciation of $576,562 and $568,494, respectively    239,425                238,715
Goodwill                                                                  478,990                456,905
Acquired intangibles, net of accumulated amortization of
                   $107,521 and $139,820, respectively                    316,498                311,693
Long-term receivables                                                     6,193                  3,672
Other assets                                                              185,389                196,525
Total assets                                                              $          2,524,220   $                2,428,601
Current liabilities:
                   Convertible notes                                      $             329,058  $                   324,826
                   2015 notes embedded conversion derivative              369,731                306,817
                   Accounts payable and accrued liabilities               189,200                216,594
                   Current portion of deferred revenue                    304,705                299,973
                                             Total current liabilities    1,192,694              1,148,210
Long-term liabilities:
                   Long-term portion of deferred revenue                  48,299                 52,850
                   Other long-term liabilities                            69,025                 71,436
                                             Total long-term liabilities  117,324                124,286
Stockholders’ equity                                                      1,214,202              1,156,105
Total liabilities and stockholders’ equity                                $          2,524,220   $                2,428,601
Cadence Design Systems, Inc.
Condensed Consolidated Income Statements
For the Three Months Ended March 29, 2014 and March 30, 2013
(In thousands, except per share amounts)
(Unaudited)
                                                                                              Three Months Ended
                                                                                              March 29,             March 30,
                                                                                              2014                  2013
Revenue:
              Product and maintenance                                                         $         357,350     $         328,271
              Services                                                                        21,200                25,995
                            Total revenue                                                     378,550               354,266
Costs and expenses:
              Cost of product and maintenance                                                 42,197                29,847
              Cost of services                                                                14,902                18,344
              Marketing and sales                                                             98,323                90,402
              Research and development                                                        146,466               124,084
              General and administrative                                                      28,744                29,810
              Amortization of acquired intangibles                                            5,210                 3,791
              Restructuring and other charges (credits)                                       396                   (148)
                            Total costs and expenses                                          336,238               296,130
                                          Income from operations                              42,312                58,136
              Interest expense                                                                (7,268)               (9,262)
              Other income, net                                                               3,382                 2,175
                                          Income before provision (benefit) for income taxes  38,426                51,049
              Provision (benefit) for income taxes                                            5,356                 (27,560)
                                          Net income                                          $           33,070    $           78,609
Net income per share - basic                                                                  $               0.12  $               0.29
Net income per share - diluted                                                                $               0.11  $               0.27
Weighted average common shares outstanding - basic                                            281,615               274,936
Weighted average common shares outstanding - diluted                                          301,034               292,151
Cadence Design Systems, Inc.
Condensed Consolidated Statements of Cash Flows
For the Three Months Ended March 29, 2014 and March 30, 2013
(In thousands)
(Unaudited)
                                                                                    Three Months Ended
                                                                                    March 29,     March 30,
                                                                                    2014          2013
Cash and cash equivalents at beginning of period                                    $  536,260    $  726,357
Cash flows from operating activities:
Net income                                                                          33,070        78,609
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization                                                       26,017        21,682
Amortization of debt discount and fees                                              4,882         6,281
Stock-based compensation                                                            18,864        13,810
Gain on investments, net                                                            (3,651)       (1,006)
Deferred income taxes                                                               2,245         8,695
Other non-cash items                                                                2,344         (1,007)
Changes in operating assets and liabilities, net of effect of acquired businesses:
Receivables                                                                         (108)         23,652
Inventories                                                                         (9,373)       (979)
Prepaid expenses and other                                                          (9,753)       (1,099)
Other assets                                                                        3,157         4,148
Accounts payable and accrued liabilities                                            (29,680)      (11,003)
Deferred revenue                                                                    (5,508)       (16,648)
Other long-term liabilities                                                         (4,408)       (49,799)
Net cash provided by operating activities                                           28,098        75,336
Cash flows from investing activities:
Purchases of available-for-sale securities                                          (47,005)      (24,282)
Proceeds from the sale of available-for-sale securities                             32,586        14,985
Proceeds from the maturity of available-for-sale securities                         13,905        8,700
Proceeds from the sale of long-term investments                                     -             6,102
Purchases of property, plant and equipment                                          (6,252)       (6,569)
Cash paid in business combinations and asset acquisitions, net of cash acquired     (27,422)      (757)
Net cash used for investing activities                                              (34,188)      (1,821)
Cash flows from financing activities:
Principal payments on receivable financing                                          -             (2,526)
Payment of acquisition-related contingent consideration                             (1,835)       (582)
Tax effect related to employee stock transactions allocated to equity               1,827         5,276
Proceeds from issuance of common stock                                              23,377        21,801
Stock received for payment of employee taxes on vesting of restricted stock         (10,981)      (8,775)
Payments for repurchases of common stock                                            (12,517)      -
Net cash provided by (used for) financing activities                                (129)         15,194
Effect of exchange rate changes on cash and cash equivalents                        2,720         (4,914)
Increase (decrease) in cash and cash equivalents                                    (3,499)       83,795
Cash and cash equivalents at end of period                                          $  532,761    $  810,152
Cadence Design Systems, Inc.
As of April 21, 2014
Impact of Non-GAAP Adjustments on Forward Looking Diluted Net Income Per Share
(Unaudited)
                                                                                          Three Months Ending  Year Ending
                                                                                          June 28, 2014        January 3, 2015
                                                                                          Forecast             Forecast
Diluted net income per share on a GAAP basis                                              $0.10 to $0.12       $0.56 to $0.66
                         Amortization of acquired intangibles                             0.04                 0.17
                         Stock-based compensation expense                                 0.06                 0.27
                         Non-qualified deferred compensation expenses                     -                    0.01
                         Integration and acquisition-related costs                        0.02                 0.06
                         Amortization of debt discount                                    0.01                 0.06
                         Other income or expense related to investments and non-qualified
                         deferred compensation plan assets*                               -                    (0.01)
                         Income tax effect of non-GAAP adjustments                        (0.04)               (0.20)
Diluted net income per share on a non-GAAP basis                                          $0.19 to $0.21       $0.92 to $1.02
* Includes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on sale of  investments and gains or losses on non-qualified deferred compensation plan assets recorded in other income or expense.
Cadence Design Systems, Inc.
As of April 21, 2014
Impact of Non-GAAP Adjustments on Forward Looking Net Income
(Unaudited)
                                                                                 Three Months Ending  Year Ending
                                                                                 June 28, 2014        January 3, 2015
($ in millions)                                                                  Forecast             Forecast
Net income on a GAAP basis                                                       $30 to $36           $172 to $202
                Amortization of acquired intangibles                             13                   52
                Stock-based compensation expense                                 19                   83
                Non-qualified deferred compensation expenses                     -                    2
                Integration and acquisition-related costs                        5                    18
                Amortization of debt discount                                    4                    18
                Other income or expense related to investments and non-qualified
                deferred compensation plan assets*                               -                    (4)
                Income tax effect of non-GAAP adjustments                        (14)                 (62)
Net income on a non-GAAP basis                                                   $57 to $63           $279 to $309
* Includes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on sale of  investments and gains or losses on non-qualified deferred compensation plan assets recorded in other income or expense.
Cadence Design Systems, Inc.
(Unaudited)
Revenue Mix by Geography (% of Total Revenue)
                                                       2013                                 2014
GEOGRAPHY                                              Q1              Q2   Q3   Q4   Year  Q1
Americas                                               44%             45%  48%  47%  46%   45%
Europe, Middle East and Africa                         22%             21%  20%  20%  21%   20%
Japan                                                  15%             13%  12%  14%  13%   12%
Asia                                                   19%             21%  20%  19%  20%   23%
Total                                                  100%            100% 100% 100% 100%  100%
Revenue Mix by Product Group (% of Total Revenue)
                                                       2013                                 2014
PRODUCT GROUP                                          Q1              Q2   Q3   Q4   Year  Q1
Functional Verification, including Emulation Hardware  22%             22%  24%  25%  23%   23%
Digital IC Design and Signoff                          33%             31%  29%  29%  30%   30%
Custom IC Design                                       28%             28%  28%  26%  27%   27%
System Interconnect and Analysis                       10%             11%  10%  10%  11%   10%
IP                                                     7%              8%   9%   10%  9%    10%
Total                                                  100%            100% 100% 100% 100%  100%
Cadence Design Systems, Inc.
Supplemental Reconciliation of Certain GAAP to Non-GAAP Measures
For the Three Months Ended March 29, 2014
(In thousands)
(Unaudited)
                                                                           Three Months Ended
                                                                           March 29, 2014
                                                                           GAAP                   Adjustments                    Non-GAAP
Revenue:
       Product and maintenance                                             $            357,350   $                     -        $                357,350
       Services                                                            21,200                 -                              21,200
                    Total revenue                                          378,550                -                              378,550
Costs and expenses:
       Cost of product and maintenance                                     42,197                 (8,082)                 (A)    34,115
       Cost of services                                                    14,902                 (739)                   (A)    14,163
       Marketing and sales                                                 98,323                 (5,695)                 (A)    92,628
       Research and development                                            146,466                (15,751)                (A)    130,715
       General and administrative                                          28,744                 (5,354)                 (A)    23,390
       Amortization of acquired intangibles                                5,210                  (5,210)                 (A)    -
       Restructuring and other charges                                     396                    (396)                          -
                    Total costs and expenses                               336,238                (41,227)                       295,011
                                 Income from operations                    42,312                 41,227                         83,539
       Interest expense                                                    (7,268)                4,209                   (B)    (3,059)
       Other income (expense), net                                         3,382                  (3,609)                 (C)    (227)
                                 Income before provision for income taxes  38,426                 41,827                         80,253
       Provision for income taxes                                          5,356                  15,510                  (D)    20,866
                                 Net income                                $              33,070  $             26,317           $                  59,387
Notes:
(A) For the three months ended March 29, 2014 adjustments to GAAP are as follows for the line items specified:
                                       Amortization of                 Stock-based              Non-qualified            Integration and               Total
                                       acquired                        compensation             deferred                 acquisition-                  adjustments
                                       intangibles                     expense                  compensation             related costs
                                                                                                expenses
Cost of product and maintenance        $                         7,576 $                   482  $                    24  $                          -  $                   8,082
Cost of services                       -                               703                      36                       -                             739
Marketing and sales                    -                               4,596                    111                      988                           5,695
Research and development               -                               9,667                    1,123                    4,961                         15,751
General and administrative             -                               3,416                    769                      1,169                         5,354
Amortization of acquired intangibles   5,210                           -                        -                        -                             5,210
                   Total               $                       12,786  $              18,864    $               2,063    $                    7,118    $                 40,831
(B) Amortization of debt discount related to convertible notes
(C) Other income or expense related to investments and non-qualified deferred compensation plan assets
(D) Income tax effect of non-GAAP adjustments
Cadence Design Systems, Inc.
Supplemental Reconciliation of Certain GAAP to Non-GAAP Measures
For the Three Months Ended March 30, 2013
(In thousands)
(Unaudited)
                                                                                       Three Months Ended
                                                                                       March 30, 2013
                                                                                       GAAP                   Adjustments                    Non-GAAP
Revenue:
       Product and maintenance                                                         $            328,271   $                     -        $                328,271
       Services                                                                        25,995                 -                              25,995
                     Total revenue                                                     354,266                -                              354,266
Costs and expenses:
       Cost of product and maintenance                                                 29,847                 (4,175)                 (E)    25,672
       Cost of services                                                                18,344                 (530)                   (E)    17,814
       Marketing and sales                                                             90,402                 (3,104)                 (E)    87,298
       Research and development                                                        124,084                (7,928)                 (E)    116,156
       General and administrative                                                      29,810                 (6,967)                 (E)    22,843
       Amortization of acquired intangibles                                            3,791                  (3,791)                 (E)    -
       Restructuring and other charges (credits)                                       (148)                  148                            -
                     Total costs and expenses                                          296,130                (26,347)                       269,783
                                   Income from operations                              58,136                 26,347                         84,483
       Interest expense                                                                (9,262)                5,536                   (F)    (3,726)
       Other income, net                                                               2,175                  (990)                   (G)    1,185
                                   Income before provision (benefit) for income taxes  51,049                 30,893                         81,942
       Provision (benefit) for income taxes                                            (27,560)               48,865                  (H)    21,305
                                   Net income                                          $              78,609  $            (17,972)          $                  60,637
Notes:
(E) For the three months ended March 30, 2013 adjustments to GAAP are as follows for the line items specified:
                                       Amortization of                 Stock-based              Non-qualified             Integration and               Total
                                       acquired                        compensation             deferred                  acquisition-                  adjustments
                                       intangibles                     expense                  compensation              related costs
                                                                                                expenses
Cost of product and maintenance        $                         3,807 $                   364  $                      4  $                          -  $                   4,175
Cost of services                       -                               525                      5                         -                             530
Marketing and sales                    -                               3,018                    22                        64                            3,104
Research and development               -                               6,553                    78                        1,297                         7,928
General and administrative             -                               3,350                    43                        3,574                         6,967
Amortization of acquired intangibles   3,791                           -                        -                         -                             3,791
                   Total               $                         7,598 $              13,810    $                  152    $                    4,935    $                 26,495
(F) Amortization of debt discount related to convertible notes
(G) Other income or expense related to investments and non-qualified deferred compensation plan assets
(H) Income tax benefit due to a release of an uncertain tax position $33,719 and income tax effect of non-GAAP adjustments $15,146

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SOURCE Cadence Design Systems, Inc.

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