Cadence Design Systems reported strong Q3 2024 results with revenue reaching $1.215 billion, up 19% YoY, driven by broad-based portfolio strength. Operating margin improved to 45% non-GAAP from 41% in Q3 2023, while non-GAAP EPS grew to $1.64 from $1.26.The company saw exceptional performance across key segments, with System Design & Analysis revenue growing 47% YoY, IP business surging 59%, and Functional Verification up 22%. Cadence.AI solutions gained significant traction with revenue nearly tripling over the last year. China revenue improved to 13% of total revenue.Based on strong Q3 performance and robust Q4 bookings pipeline, Cadence raised its 2024 outlook, projecting full-year revenue of $4.61-4.65 billion and non-GAAP EPS of $5.87-5.93. The company maintains a healthy quarter-end backlog of $5.6 billion with current remaining performance obligations of $2.9 billion.

Cadence Design Systems reported strong Q3 2024 results with revenue reaching $1.215 billion, up 19% YoY, driven by broad-based portfolio strength. Operating margin improved to 45% non-GAAP from 41% in Q3 2023, while non-GAAP EPS grew to $1.64 from $1.26.The company saw exceptional performance across key segments, with System Design & Analysis revenue growing 47% YoY, IP business surging 59%, and Functional Verification up 22%. Cadence.AI solutions gained significant traction with revenue nearly tripling over the last year. China revenue improved to 13% of total revenue.Based on strong Q3 performance and robust Q4 bookings pipeline, Cadence raised its 2024 outlook, projecting full-year revenue of $4.61-4.65 billion and non-GAAP EPS of $5.87-5.93. The company maintains a healthy quarter-end backlog of $5.6 billion with current remaining performance obligations of $2.9 billion.