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Cadence Design Systems CEO Discusses Q1 2012 Results - Earnings Call Transcript

In addition to financial results prepared in accordance with generally-accepted accounting principles, or GAAP, we will also present certain non-GAAP financial measures today. Cadence management believes that in addition to using GAAP results in evaluating our business, it can also be useful to measure results using certain non-GAAP financial measures. Investors and potential investors are encouraged to review the reconciliation of non-GAAP financial measures with the most direct comparable GAAP financial results which can be found in the quarterly earnings section of the Investor Relations portion of our website.

A copy of today's press release dated April 25, 2012, for the quarter ended December 31, 2011 and related financial tables can also be found in the Investor Relations portion of our website.

Now I'll turn the call over to Lip-Bu.

Lip-Bu Tanb

Good afternoon everyone and thank you for joining us. Cadence is off to a good start for 2012 for both software and hardware exceeding expectation for Q1. The quarter included two major renewal in North America and Japan.

For Q1 revenue totaled $316 million. Non-GAAP operating margin was 21%, and we generated $61 million of operating cash flow. Based on Q1 results and our visibility into the rest of 2012, we are updating our outlook. Geoff will present the details in a few minutes.

Let us look at the few of the highlights for Q1. I will start with silicon realization. We have significantly increased, improved our digital design flow over the last three years. In Q1, we introduced version 11.1 of our Encounter RTL-to-GDSII flow for high performance and large scale design at 20-nanometers. This new version includes in-design double-patterning support for the 20-nanometer silicon.

The growing strength of our digital flow enables us to pursue additional opportunities. At the most advance nodes, for designs using advance multi-core processors and for high performance mixed signal designs.

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