Cadence Design Systems reported strong Q3 2024 financial results with revenue increasing 19% year-over-year to $1.22 billion. Product and maintenance revenue grew 14% to $1.10 billion, while services revenue doubled to $115.1 million. Net income was $238.1 million with diluted EPS of $0.87, maintaining a solid 29% operating margin.The company significantly strengthened its financial position by issuing $2.5 billion in senior notes, comprising $500 million due 2027, $1 billion due 2029, and $1 billion due 2034. The proceeds were partially used to prepay existing term loans. Cash and cash equivalents increased to $2.79 billion, up from $1.01 billion at year-end 2023.Strategic acquisitions enhanced Cadence's market position, including BETA CAE Systems for $1.14 billion and Invecas for $71.2 million. The company continued its share repurchase program, buying back 0.6 million shares for $150 million in Q3, with $1.0 billion remaining under the current authorization.

Cadence Design Systems reported strong Q3 2024 financial results with revenue increasing 19% year-over-year to $1.22 billion. Product and maintenance revenue grew 14% to $1.10 billion, while services revenue doubled to $115.1 million. Net income was $238.1 million with diluted EPS of $0.87, maintaining a solid 29% operating margin.The company significantly strengthened its financial position by issuing $2.5 billion in senior notes, comprising $500 million due 2027, $1 billion due 2029, and $1 billion due 2034. The proceeds were partially used to prepay existing term loans. Cash and cash equivalents increased to $2.79 billion, up from $1.01 billion at year-end 2023.Strategic acquisitions enhanced Cadence's market position, including BETA CAE Systems for $1.14 billion and Invecas for $71.2 million. The company continued its share repurchase program, buying back 0.6 million shares for $150 million in Q3, with $1.0 billion remaining under the current authorization.