Cadence Design Systems, Inc.
Condensed Consolidated Statements of Cash Flows
For the Years Ended December 31, 2011 and January 1, 2011
(In thousands)
(Unaudited)
Years Ended
--------------------------
December 31, January 1,
2011 2011
------------ ------------
Cash and Cash Equivalents at Beginning of Period $ 557,409 $ 569,115
------------ ------------
Cash Flows from Operating Activities:
Net income 72,229 126,538
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 91,648 88,335
Amortization of debt discount and fees 29,266 25,352
Loss on extinguishment of debt - 5,705
Stock-based compensation 43,588 43,460
Gain on investments, net (15,737) (5,984)
Non-cash restructuring and other charges 240 4,086
Tax impact of convertible notes 8,486 -
Impairment of property, plant and equipment - 491
Deferred income taxes (7,811) (64,191)
Provisions (recoveries) for losses (gains)
on trade and installment contract
receivables (6,596) (17,098)
Other non-cash items 3,196 1,039
Changes in operating assets and liabilities,
net of effect of acquired businesses:
Receivables 14,388 (33,459)
Installment contract receivables 62,397 104,834
Inventories (6,820) (26,528)
Prepaid expenses and other 20,053 (22,392)
Other assets (2,220) 8,604
Accounts payable and accrued liabilities (46,950) 60,281
Deferred revenue (13,408) 62,531
Other long-term liabilities (5,607) (162,461)
------------ ------------
Net cash provided by operating
activities 240,342 199,143
------------ ------------
Cash Flows from Investing Activities:
Proceeds from the sale of available-for-sale
securities 9,793 -
Proceeds from the sale of short-term
investments - 317
Proceeds from the sale of long-term
investments 9,791 10,276
Proceeds from the sale of property, plant and
equipment - 900
Purchases of property, plant and equipment (31,421) (34,782)
Purchases of software licenses - (2,706)
Investment in venture capital partnerships and
equity investments (608) (3,000)
Cash paid in business combinations and asset
acquisitions, net of cash acquired (44,052) (256,117)
------------ ------------
Net cash used for investing activities (56,497) (285,112)
------------ ------------
Cash Flows from Financing Activities:
Principal payments on receivable sale
financing (5,842) (3,540)
Proceeds from issuance of 2015 Notes - 350,000
Payment of 2011 Notes and 2013 Notes (150,000) (192,364)
Payment of 2015 Notes issuance costs - (10,532)
Purchase of 2015 Notes Hedges - (76,635)
Proceeds from termination of 2011 and 2013
Notes Hedges - 311
Proceeds from sale of 2015 Warrants - 37,450
Tax effect related to employee stock
transactions allocated to equity 5,549 (9,458)
Proceeds from issuance of common stock 19,714 13,643
Stock received for payment of employee taxes
on vesting of restricted stock (14,225) (8,940)
Purchases of treasury stock - (39,997)
------------ ------------
Net cash provided by (used for)
financing activities (144,804) 59,938
------------ ------------
Effect of exchange rate changes on cash and cash
equivalents 5,152 14,325
------------ ------------
Increase (decrease) in cash and cash equivalents 44,193 (11,706)
------------ ------------
Cash and Cash Equivalents at End of Period $ 601,602 $ 557,409
============ ============
Cadence Design Systems, Inc.
As of February 1, 2012
Impact of Non-GAAP Adjustments on Forward Looking Diluted Net Income Per
Share
(Unaudited)
Three Months Ending Year Ending
March 31, 2012 December 29, 2012
------------------- -------------------
Forecast Forecast
------------------- -------------------
Diluted net income per share on a
GAAP basis $0.08 to $0.10 $0.39 to $0.49
Amortization of acquired
intangibles 0.03 0.10
Stock-based compensation expense 0.04 0.18
Integration and acquisition-
related costs - -
Amortization of debt discount 0.02 0.08
Income tax effect of non-GAAP
adjustments (0.03) (0.15)
------------------- -------------------
Diluted net income per share on a
non-GAAP basis $0.14 to $0.16 $0.60 to $0.70
=================== ===================
Cadence Design Systems, Inc.
As of February 1, 2012
Impact of Non-GAAP Adjustments on Forward Looking Net Income
(Unaudited)
Three Months Ending Year Ending
March 31, 2012 December 29, 2012
------------------- -------------------
($ in Millions) Forecast Forecast
------------------- -------------------
Net income on a GAAP basis $23 to $29 $109 to $135
Amortization of acquired
intangibles 7 27
Stock-based compensation expense 12 50
Integration and acquisition-
related costs - 1
Amortization of debt discount 5 21
Income tax effect of non-GAAP
adjustments (9) (41)
------------------- -------------------
Net income on a non-GAAP basis $38 to $44 $167 to $193
=================== ===================
Cadence Design Systems, Inc.
(Unaudited)
Revenue Mix by Geography (% of Total Revenue)
2010 2011
------------------------ ------------------------
GEOGRAPHY Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year
---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Americas 40% 46% 43% 45% 43% 44% 47% 44% 44% 45%
Europe 22% 23% 20% 23% 22% 21% 20% 21% 20% 20%
Japan 23% 14% 20% 14% 18% 19% 17% 18% 17% 18%
Asia 15% 17% 17% 18% 17% 16% 16% 17% 19% 17%
Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Revenue Mix by Product Group (% of Total Revenue)
2010 2011
------------------------ ------------------------
PRODUCT GROUP Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year
---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Functional Verification
and Design IP 22% 26% 25% 22% 24% 28% 33% 30% 32% 30%
Digital IC Design 21% 21% 23% 26% 23% 24% 21% 22% 21% 22%
Custom IC Design 27% 26% 24% 27% 26% 20% 22% 23% 23% 22%
Design for Manufacturing 9% 6% 8% 7% 7% 8% 6% 6% 6% 7%
System Interconnect Design 9% 10% 10% 8% 9% 10% 8% 9% 8% 9%
Services & Other 12% 11% 10% 10% 11% 10% 10% 10% 10% 10%
Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Note: Product Group total revenue includes Product + Maintenance
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Cadence Reports Fourth Quarter and Fiscal Year 2011 Financial Results
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