Cadence Reports Second Quarter 2014 Financial Results

For more information, please contact:

Investors and Shareholders
Alan Lindstrom
Cadence Design Systems, Inc.
408-944-7100
Email Contact

Media and Industry Analysts
Anna del Rosario
Cadence Design Systems, Inc.
408-914-6884
Email Contact

Cadence Design Systems, Inc.
Condensed Consolidated Balance Sheets
June 28, 2014 and December 28, 2013
(In thousands)
(Unaudited)

			June 28, 2014	December 28, 2013

Current assets:
	Cash and cash equivalents		$ 557,416	$ 536,260
	Short-term investments		97,910	96,788
	Receivables, net		101,924	107,624
	Inventories		58,311	50,220
	2015 notes hedges		455,844	306,817
	Prepaid expenses and other		143,314	123,382
		Total current assets	1,414,719	1,221,091

Property, plant and equipment, net of accumulated depreciation of $584,613 and $568,494, respectively			239,314	238,715
Goodwill			559,957	456,905
Acquired intangibles, net of accumulated amortization of $121,797 and $139,820, respectively			395,430	311,693
Long-term receivables			5,611	3,672
Other assets			170,802	196,525
Total assets			$ 2,785,833	$ 2,428,601

Current liabilities:
	Revolving credit facility		$ 100,000	$ -
	Convertible notes		333,333	324,826
	2015 notes embedded conversion derivative		455,844	306,817
	Accounts payable and accrued liabilities		216,959	216,594
	Current portion of deferred revenue		301,911	299,973
		Total current liabilities	1,408,047	1,148,210

Long-term liabilities:
	Long-term portion of deferred revenue		46,800	52,850
	Other long-term liabilities		70,502	71,436
		Total long-term liabilities	117,302	124,286

Stockholders' equity			1,260,484	1,156,105
Total liabilities and stockholders' equity			$ 2,785,833	$ 2,428,601

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