Cadence Design Systems, Inc. (Nasdaq: CDNS) has released its financial results for the first quarter of 2024, showcasing a revenue of $1.009 billion compared to $1.022 billion in Q1 2023. The GAAP operating margin was 25%, down from 32% in the previous year, while the non-GAAP operating margin stood at 38%, a decrease from 42% in Q1 2023.
The GAAP diluted net income per share for the quarter was $0.91, slightly up from $0.89 in Q1 2023. On the other hand, the non-GAAP diluted net income per share was $1.17, a decrease from $1.29 in the same period last year. The quarter-end backlog reached $6.0 billion, with current remaining performance obligations (cRPO) totaling $3.1 billion.
President and CEO Anirudh Devgan expressed satisfaction with the company’s performance in Q1, highlighting the record Q1 backlog as a reflection of their strength and product leadership. Devgan also praised the Cadence.AI portfolio for providing customers with comprehensive chip-to-systems design capabilities and mentioned the launch of the third generation Dynamic Duo hardware platforms.
John Wall, senior vice president and CFO, emphasized the company’s technology leadership and solid execution that contributed to the strong Q1 results. Wall noted the achievement of record Q1 bookings and a backlog of approximately $6.0 billion.
For further insights into the financial results and business outlook, interested individuals can refer to the official website of Cadence Design Systems.
