Stock Monitor: Determine Post Earnings Reporting
LONDON, UK / ACCESSWIRE / February 15, 2018 / Active-Investors.com has just released a free earnings report on Cadence Design Systems, Inc. (NASDAQ: CDNS) ("Cadence Design"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=CDNS. The Company posted its financial results for the fourth quarter fiscal 2017 (Q4 FY17) and for the full fiscal year 2017 (FY17) on January 31, 2018. The San Jose, California-based Company's quarterly total revenues grew on a y-o-y basis, beating market forecasts. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Cadence Design Systems most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
In Q4 FY17, Cadence Design's total revenues were $501.72 million, up from $468.98 million in Q4 FY16. The Company's total revenue numbers beat market expectations of $497.9 million. Product and maintenance revenues increased to $467.50 million in Q4 FY17 from $436.69 million in the last year's same quarter. Furthermore, Services revenues also rose to $34.22 million in Q4 FY17 from $32.29 million in Q4 FY16.
The Company posted a GAAP net loss of $14.44 million, or $0.05 loss per diluted share, in Q4 FY17 versus a GAAP net income of $38.48 million, or $0.14 per diluted share, in the previous year's comparable period. Meanwhile, the Company's non-GAAP net income increased to $111.28 million, or $0.39 per diluted share, during Q4 FY17 from $95.17 million, or $0.34 per diluted share, in Q4 FY16.
The hardware and software products maker reported total revenues of $1.94 billion in FY17, rising from $1.82 billion in FY16. The Company's net income increased to $204.10 million, or $0.73 per diluted share, in FY17 from $203.09 million, or $0.70 per diluted share, in FY16. Additionally, the Company's non-GAAP net income also grew to $392.62 million, or $1.40 per diluted share, in FY17 from $351.23 million, or $1.21 per diluted share, in the last year.
During the reported quarter, the Company spent $39.31 million on cost of product and maintenance, which came in lower than the $57.41 million incurred in Q4 FY16. Cost of services increased to $20.98 million during Q4 FY17 compared to $18.64 million in Q4 FY16. Marketing and sales expenses were $107.65 million in Q4 FY17 versus $98.09 million in Q4 FY16. Research and development (R&D) expenses came in at $203.47 million for Q4 FY17, up from $181.52 million in the prior year's corresponding quarter. The Company's general and administrative (G&A) expenses increased to $33.29 million during Q4 FY17 from $29.98 million in Q4 FY16. The Company posted a non-GAAP income from operations of $150.22 million in Q4 FY17 compared to $125.14 million in Q4 FY16.
Cash Flow and Balance Sheet
For the three months ended December 30, 2017, Cadence Design reported net cash provided by operating activities of $470.74 million compared to $444.88 million in the year ago same period. The Company's cash and cash equivalents balance increased to $688.09 million as on December 30, 2017, from $465.23 million at the close of books on December 31, 2016. Furthermore, the Company had total long-term liabilities of $787.11 million as on December 30, 2017, compared to $769.58 million as on December 31, 2016.
In its guidance for Q1 FY18, the Company projects total revenues to be in the range of $500 million to $510 million. GAAP diluted EPS is anticipated to be between $0.20 and $0.22, while non-GAAP diluted EPS is forecasted to be in the band of $0.36 to $0.38.
For the full year FY18, Cadence Design's management expects total revenues to be between $2.02 billion and $2.06 billion. The Company projects GAAP diluted EPS to be in the range of $0.80 to $0.90, and non-GAAP diluted EPS to be between $1.50 and $1.60.
Stock Performance Snapshot
February 14, 2018 - At Wednesday's closing bell, Cadence Design Systems' stock advanced 1.93%, ending the trading session at $38.63.
Volume traded for the day: 2.69 million shares, which was above the 3-month average volume of 2.45 million shares.
Stock performance in the previous six-month period - up 3.79%; and past twelve-month period - up 29.11%
After yesterday's close, Cadence Design Systems' market cap was at $10.66 billion.
Price to Earnings (P/E) ratio was at 52.99.
The stock is part of the Technology sector, categorized under the Application Software industry. This sector was up 1.8% at the end of the session.
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