Actionable news
0
All posts from Actionable news
Actionable news in CDNS: Cadence Design Systems, Inc.,

Quarterly report [Sections 13 or 15(d)]

style="font-family:Times New Roman;font-size:10pt;">

Delaware 00-0000000
(State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.)
2655 Seely Avenue, Building 5, San Jose, California 95134
(Address of Principal Executive Offices) (Zip Code)
Page
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements:
Condensed Consolidated Balance Sheets:
April 2, 2016 and January 2, 2016
1
Condensed Consolidated Income Statements:
Three Months Ended April 2, 2016 and April 4, 2015
2
Condensed Consolidated Statements of Comprehensive Income:
Three Months Ended April 2, 2016 and April 4, 2015
3
Condensed Consolidated Statements of Cash Flows:
Three Months Ended April 2, 2016 and April 4, 2015
4
Notes to Condensed Consolidated Financial Statements 5
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 17
Item 3. Quantitative and Qualitative Disclosures About Market Risk 27
Item 4. Controls and Procedures 28
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 30
Item 1A. Risk Factors 30
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45
Item 3. Defaults Upon Senior Securities 45
Item 4. Mine Safety Disclosures 45
Item 5. Other Information 45
Item 6. Exhibits 46
Signatures 47
As of
April 2,
2016
January 2,
2016
As Adjusted (Note 1)
ASSETS
Current assets:
Cash and cash equivalents $ 810,400
$ 616,686
Short-term investments 96,317
94,498
Receivables, net 147,533
164,848
Inventories 56,634
56,762
Prepaid expenses and other 41,360
31,441
Total current assets 1,152,244
964,235
Property, plant and equipment, net of accumulated depreciation of $592,978 and $581,345, respectively 231,180
228,599
Goodwill 551,897
551,772
Acquired intangibles, net of accumulated amortization of $224,474 and $216,589, respectively 283,825
296,482
Long-term receivables 11,365
4,498
Other assets 308,513
299,929
Total assets $ 2,539,024
$ 2,345,515
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Revolving credit facility $ 50,000
$
Accounts payable and accrued liabilities 195,216
238,022
Current portion of deferred revenue 322,684
298,285
Total current liabilities 567,900
536,307
Long-term liabilities:
Long-term portion of deferred revenue 38,447
30,209
Long-term debt 642,862
343,288
Other long-term liabilities 55,763
59,596
Total long-term liabilities 737,072
433,093
Commitments and contingencies (Note 11)



Stockholders’ equity:
Common stock and capital in excess of par value 1,844,287
1,863,086
Treasury stock, at cost (587,348 ) (400,555 )
Accumulated deficit (15,622 ) (73,991 )
Accumulated other comprehensive loss (7,265 ) (12,425 )
Total stockholders’ equity 1,234,052
1,376,115
Total liabilities and stockholders’ equity $ 2,539,024
$ 2,345,515
Three Months Ended
April 2,
2016
April 4,
2015
Revenue:
Product and maintenance $ 411,744
$ 383,637
Services 36,118
27,729
Total revenue 447,862
411,366
Costs and expenses:
Cost of product and maintenance 44,181
42,059
Cost of services 17,873
18,526
Marketing and sales 99,200
100,268
Research and development 179,906
162,996
General and administrative 28,300
27,642
Amortization of acquired intangibles 5,780
6,231
Restructuring and other charges 14,586
4,359
Total costs and expenses 389,826
362,081
Income from operations 58,036
49,285
Interest expense (5,357 ) (11,754 )
Other income, net 4,763
4,781
Income before provision for income taxes 57,442
42,312
Provision for income taxes 6,880
6,053
Net income $ 50,562
$ 36,259
Net income per share - basic $ 0.17
$ 0.13
Net income per share - diluted $ 0.17
$ 0.12
Weighted average common shares outstanding – basic 296,615
284,523
Weighted average common shares outstanding – diluted 303,434
311,847
Three Months Ended
April 2,
2016
April 4,
2015
Net income $ 50,562
$ 36,259
Other comprehensive income (loss), net of tax effects:
Foreign currency translation adjustments 4,214
(8,890 )
Changes in unrealized holding gains or losses on available-for-sale securities, net of reclassification adjustment for realized gains and losses 865
65
Changes in defined benefit plan liabilities 81
291
Total other comprehensive income (loss), net of tax effects 5,160
(8,534 )
Comprehensive income $ 55,722
$ 27,725
Three Months Ended
April 2,
2016
April 4,
2015
Cash and cash equivalents at beginning of period $ 616,686
$ 932,161
Cash flows from operating activities:
Net income 50,562
36,259
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 31,231
29,433
Amortization of debt discount and fees 255
5,945
Stock-based compensation 24,632
21,861
Gain on investments, net (2,617 ) (1,270 )
Deferred income taxes 1,623
1,864
Other non-cash items 209
929
Changes in operating assets and liabilities, net of effect of acquired businesses:
Receivables 11,618
(12,450 )
Inventories (3,714 ) 1,682
Prepaid expenses and other (10,132 ) (10,004 )
Other assets (3,595 ) 3,627
Accounts payable and accrued liabilities (42,557 ) (44,754 )
Deferred revenue 30,710
16,812
Other long-term liabilities (5,034 ) (3,246 )
Net cash provided by operating activities 83,191
46,688
Cash flows from investing activities:
Purchases of available-for-sale securities (20,525 ) (33,161 )
Proceeds from the sale of available-for-sale securities 1,000
20,551
Proceeds from the maturity of available-for-sale securities 19,000
10,350
Proceeds from the sale of long-term investments 2,583
1,364
Purchases of property, plant and equipment (12,116 ) (7,520 )
Cash paid in business combinations and asset acquisitions, net of cash acquired (3,853 )
Net cash used for investing activities (13,911 ) (8,416 )
Cash flows from financing activities:
Proceeds from term loans 300,000

Proceeds from revolving credit facility 50,000

Payment of convertible notes
(53,862 )
Payment of convertible notes embedded conversion derivative liability
(77,139 )
Proceeds from convertible notes hedges
77,139
Payment of debt issuance costs (542 )
Excess tax benefits from stock-based compensation
6,482
Proceeds from issuance of common stock 24,200
24,609
Stock received for payment of employee taxes on vesting of restricted stock (15,225 ) (14,114 )
Payments for repurchases of common stock (240,000 ) (36,797 )
Net cash provided by (used for) financing activities 118,433
(73,682 )
Effect of exchange rate changes on cash and cash equivalents 6,001
(9,015 )
Increase (decrease) in cash and cash equivalents 193,714
(44,425 )
Cash and cash equivalents at end of period $ 810,400
$ 887,736
Supplemental cash flow information:
Cash paid for interest $ 109
$ 125
Cash paid for taxes, net $ 4,799
$ 10,868
April 2, 2016 January 2, 2016
(In thousands)
Principal Unamortized Discount and Debt Issuance Costs Carrying Value Principal Unamortized Discount and Debt Issuance Costs Carrying Value
Revolving Credit Facility 50,000

50,000



2019 Term Loan $ 300,000
$ (583 ) $ 299,417
$
$
$
2024 Notes 350,000
(6,555 ) 343,445
350,000
(6,712 ) 343,288
Total outstanding debt $ 700,000
$ (7,138 ) $ 692,862
$ 350,000
$ (6,712 ) $ 343,288
As of
April 2,
2016
January 2,
2016
(In thousands)
Cash and cash equivalents $ 810,400
$ 616,686
Short-term investments 96,317
94,498
Cash, cash equivalents and short-term investments $ 906,717
$ 711,184
As of
April 2,
2016
January 2,
2016
(In thousands)
Cash and interest bearing deposits $ 330,253
$ 255,995
Money market funds 480,147
360,691
Total cash and cash equivalents $ 810,400
$ 616,686
As of April 2, 2016
Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value
(In thousands)
Corporate debt securities $ 30,590
$ 15
$ (13 ) $ 30,592
Bank certificates of deposit 14,549
3
(4 ) 14,548
United States Treasury securities 46,291
32
(3 ) 46,320
Commercial paper 1,494


1,494
Marketable debt securities 92,924
50
(20 ) 92,954
Marketable equity securities 2,319
1,098
(54 ) 3,363
Total short-term investments $ 95,243
$ 1,148
$ (74 ) $ 96,317
As of January 2, 2016
Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value
(In thousands)
Corporate debt securities $ 34,905
$ 1
$ (77 ) $ 34,829
Bank certificates of deposit 15,049
1
(4 ) 15,046
United States Treasury securities 36,372
2
(88 ) 36,286
United States government agency securities 4,151
1

4,152
Commercial paper 1,993


1,993
Marketable debt securities 92,470
5
(169 ) 92,306
Marketable equity securities 1,817
375

2,192
Total short-term investments $ 94,287
$ 380
$ (169 ) $ 94,498
Amortized Cost Fair Value
(In thousands)
Due in less than one year $ 64,587
$ 64,600
Due in one to three years 28,337
28,354
Total marketable debt securities included in short-term investments $ 92,924
$ 92,954
As of
April 2,
2016
January 2,
2016
(In thousands)
Accounts receivable $ 82,404
$ 107,041
Unbilled accounts receivable 65,129
57,807
Long-term receivables 11,365
4,498
Total receivables 158,898
169,346
Less allowance for doubtful accounts

Total receivables, net $ 158,898
$ 169,346
Authorization Date Amount Remaining Authorization
(In thousands)
August 2008 $ 500,000
141,083
July 2015 578,804
578,804
Total remaining authorization $ 719,887
Three Months Ended
April 2,
2016
April 4,
2015
(In thousands)
Shares repurchased 11,556
2,001
Total cost of repurchased shares $ 240,000
$ 36,797
Three Months Ended
April 2,
2016
April 4,
2015
(In thousands)
Cost of product and maintenance $ 464
$ 569
Cost of services 681
832
Marketing and sales 5,536
5,447
Research and development 13,897
11,377
General and administrative 4,054
3,636
Total stock-based compensation expense $ 24,632
$ 21,861
Gross Carrying Amount
(In thousands)
Balance as of January 2, 2016 $ 551,772
Goodwill resulting from acquisitions 533
Effect of foreign currency translation (408 )
Balance as of April 2, 2016 $ 551,897
Gross Carrying Amount Accumulated Amortization Acquired Intangibles, Net
(In thousands)
Existing technology $ 326,359
$ (129,967 ) $ 196,392
Agreements and relationships 172,234
(88,813 ) 83,421
Tradenames, trademarks and patents 9,706
(5,694 ) 4,012
Total acquired intangibles $ 508,299
$ (224,474 ) $ 283,825
Gross Carrying Amount Accumulated Amortization Acquired Intangibles, Net
(In thousands)
Existing technology $ 329,627
$ (124,097 ) $ 205,530
Agreements and relationships 173,325
(86,808 ) 86,517
Tradenames, trademarks and patents 10,119
(5,684 ) 4,435
Total acquired intangibles $ 513,071
$ (216,589 ) $ 296,482
Three Months Ended
April 2,
2016
April 4,
2015
(In thousands)
Cost of product and maintenance $ 10,663
$ 10,173
Amortization of acquired intangibles 5,780
6,231
Total amortization of acquired intangibles $ 16,443
$ 16,404
(In thousands)
2016 – remaining period $ 42,616
2017 54,005
2018 50,157
2019 43,106
2020 37,868
Thereafter 56,073
Total estimated amortization expense $ 283,825
Severance and Benefits Excess Facilities Total
(In thousands)
Balance, January 2, 2016 $ 751
$ 386
$ 1,137
Restructuring and other charges (credits):
2016 Restructuring Plan 14,439

14,439
Prior restructuring plans 20
127
147
Non-cash charges
(45 ) (45 )
Cash payments (7,048 ) (166 ) (7,214 )
Effect of foreign currency translation 284
(13 ) 271
Balance, April 2, 2016 $ 8,446
$ 289
$ 8,735
As of
April 2, 2016
(In thousands)
Accounts payable and accrued liabilities $ 8,642
Other long-term liabilities 93
Total liabilities $ 8,735
Three Months Ended
April 2,
2016
April 4,
2015
(In thousands, except per share amounts)
Net income $ 50,562
$ 36,259
Weighted average common shares used to calculate basic net income per share 296,615
284,523
2015 Warrants
18,910
Stock-based awards 6,819
8,414
Weighted average common shares used to calculate diluted net income per share 303,434
311,847
Net income per share - basic $ 0.17
$ 0.13
Net income per share - diluted $ 0.17
$ 0.12
Three Months Ended
April 2,
2016
April 4,
2015
(In thousands)
Options to purchase shares of common stock 749
1,113
Non-vested shares of restricted stock 83
13
Total potential common shares excluded 832
1,126
Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and
Fair Value Measurements as of April 2, 2016
Total Level 1 Level 2 Level 3
(In thousands)
Assets
Cash equivalents:
Money market funds $ 480,147
$ 480,147
$
$
Short-term investments:
Corporate debt securities 30,592

30,592

Bank certificates of deposit 14,548

14,548

United States Treasury securities 46,320
46,320


Commercial paper 1,494

1,494

Marketable equity securities 3,363
3,363


Trading securities held in Non-Qualified Deferred Compensation, or NQDC, trust 22,597
22,597


Foreign currency exchange contracts 2,914

2,914

Total Assets $ 601,975
$ 552,427
$ 49,548
$
As of April 2, 2016, Cadence did not have any financial liabilities requiring a recurring fair value measurement.
Fair Value Measurements as of January 2, 2016
Total Level 1 Level 2 Level 3
(In thousands)
Assets
Cash equivalents:

Money market funds $ 360,691
$ 360,691
$
$
Short-term investments:
Corporate debt securities 34,829

34,829

Bank certificates of deposit 15,046

15,046

United States Treasury securities 36,286
36,286


United States government agency securities 4,152
4,152


Commercial paper 1,993

1,993

Marketable equity securities 2,192
2,192


Trading securities held in NQDC trust 24,905
24,905


Total Assets $ 480,094
$ 428,226
$ 51,868
$
Total Level 1 Level 2 Level 3
(In thousands)
Liabilities
Foreign currency exchange contracts 362

362

Total Liabilities $ 362
$
$ 362
$
As of
April 2,
2016
January 2,
2016
(In thousands)
Foreign currency translation loss $ (5,355 ) $ (9,569 )
Changes in defined benefit plan liabilities (2,984 ) (3,066 )
Unrealized holding gains on available-for-sale securities 1,074
210
Total accumulated other comprehensive loss $ (7,265 ) $ (12,425 )
Three Months Ended
April 2,
2016
April 4,
2015
(In thousands)
Americas:
United States $ 210,022
$ 187,207
Other Americas 9,241
5,414
Total Americas 219,263
192,621
Asia 99,179
98,782
Europe, Middle East and Africa 85,464
78,570
Japan 43,956
41,393
Total $ 447,862
$ 411,366
As of
April 2,
2016
January 2,
2016
(In thousands)
Americas:
United States $ 192,005
$ 189,665
Other Americas 427
387
Total Americas 192,432
190,052
Asia 25,364
24,767
Europe, Middle East and Africa 12,435
12,832
Japan 949
948
Total $ 231,180
$ 228,599
Three Months Ended Change
April 2,
2016
April 4,
2015
Amount Percentage
(In millions, except percentages)
Product and maintenance $ 411.8
$ 383.7
$ 28.1
7 %
Services 36.1
27.7
8.4
30 %
Total revenue $ 447.9
$ 411.4
$ 36.5
9 %
Three Months Ended
April 4,
2015
July 4,
2015
October 3,
2015
January 2,
2016
April 2,
2016
Functional Verification, including Emulation and Prototyping Hardware 23 % 21 % 23 % 25 % 26 %
Digital IC Design and Signoff 28 % 29 % 28 % 28 % 30 %
Custom IC Design 27 % 27 % 26 % 25 % 25 %
System Interconnect and Analysis 11 % 11 % 10 % 10 % 9 %
IP 11 % 12 % 13 % 12 % 10 %
Total 100 % 100 % 100 % 100 % 100 %
Three Months Ended Change
April 2,
2016
April 4,
2015
Amount Percentage
(In millions, except percentages)
United States $ 210.0
$ 187.2
$ 22.8
12 %
Other Americas 9.2
5.4
3.8
70 %
Asia 99.2
98.8
0.4
%
Europe, Middle East and Africa 85.5
78.6
6.9
9 %
Japan 44.0
41.4
2.6
6 %
Total revenue $ 447.9
$ 411.4
$ 36.5
9 %
Three Months Ended
April 2,
2016
April 4,
2015
United States 47 % 46 %
Other Americas 2 % 1 %
Asia 22 % 24 %
Europe, Middle East and Africa 19 % 19 %
Japan 10 % 10 %
Total 100 % 100 %
Three Months Ended Change
April 2,
2016
April 4,
2015
Amount Percentage
(In millions, except percentages)
Cost of product and maintenance $ 44.2
$ 42.1
$ 2.1
5 %
Cost of services 17.9
18.5
(0.6 ) (3 )%
Three Months Ended Change
April 2,
2016
April 4,
2015
Amount Percentage
(In millions, except percentages)
Product and maintenance-related costs $ 33.5
$ 31.9
$ 1.6
5 %
Amortization of acquired intangibles 10.7
10.2
0.5
5 %
Total cost of product and maintenance $ 44.2
$ 42.1
$ 2.1
5 %
Change
Three Months Ended
(In millions)
Emulation and prototyping hardware costs $ 2.0
Other items (0.4 )
$ 1.6
Three Months Ended Change
April 2,
2016
April 4,
2015
Amount Percentage
(In millions, except percentages)
Marketing and sales $ 99.2
$ 100.3
$ (1.1 ) (1 )%
Research and development 179.9
163.0
16.9
10 %
General and administrative 28.3
27.6
0.7
3 %
Total operating expenses $ 307.4
$ 290.9
$ 16.5
6 %
Three Months Ended
April 2,
2016
April 4,
2015
Marketing and sales 22 % 24 %
Research and development 40 % 40 %
General and administrative 6 % 7 %
Total operating expenses 68 % 71 %
Change
Three Months Ended
(In millions)
Salary, benefits and other employee-related costs $ 14.5
Stock-based compensation 2.5
Facilities and other infrastructure costs 2.4
Materials and other pre-production costs (3.9 )
Other items 1.4
$ 16.9
Three Months Ended
April 2,
2016
April 4,
2015
(In millions)
Contractual interest expense:
2015 Notes $
$ 1.8
2019 Term Loan 1.0

Revolving credit facility 0.3
0.1
2024 Notes 3.8
3.8
Amortization of debt discount:
2015 Notes
5.0
Amortization of deferred financing costs:
2015 Notes
0.7
2024 Notes 0.2
0.1
Other 0.1
0.3
Total interest expense $ 5.4
$ 11.8
Three Months Ended
April 2,
2016
April 4,
2015
(In millions, except percentages)
Provision for income taxes $ 6.9
$ 6.1
Effective tax rate 12.0 % 14.3 %
As of
April 2,
2016
January 2,
2016
Change
(In millions)
Cash, cash equivalents and short-term investments $ 906.7
$ 711.2
$ 195.5
Net working capital $ 584.3
$ 427.9
$ 156.4
Three Months Ended
April 2,
2016
April 4,
2015
Change
(In millions)
Cash provided by operating activities $ 83.2
$ 46.7
$ 36.5
Three Months Ended
April 2,
2016
April 4,
2015
Change
(In millions)
Cash used for investing activities $ (13.9 ) $ (8.4 ) $ (5.5 )
Three Months Ended
April 2,
2016
April 4,
2015
Change
(In millions)
Cash provided by (used for) financing activities $ 118.4
$ (73.7 ) $ 192.1
Notional Principal Weighted Average Contract Rate
(In millions)
Forward Contracts:
European Union euro $ 52.5
0.90
Japanese yen 37.8
112.44
Chinese renminbi 19.3
6.51
Israeli shekel 11.8
3.90
Canadian dollar 10.3
1.34
Taiwan dollar 10.1
32.59
British pound 8.4
0.71
South Korean won 6.9
1,182.98
Other 13.4
N/A
Total $ 170.5
Estimated fair value $ 2.9
changes in the design and manufacturing of ICs, including migration to advanced process nodes and the introduction of three dimensional transistors, such as fin-based, multigate transistors, or FinFETs, present major challenges to the semiconductor industry, particularly in IC design, design automation, design of manufacturing equipment, and the manufacturing process itself. With migration to advanced process nodes, the industry must adapt to more complex physics and manufacturing challenges such as the need to draw features on silicon that are many times smaller than the wavelength of light used to draw the features via lithography. Models of each component’s electrical properties and behavior also become more complex as do requisite analysis, design, verification and manufacturing capabilities. Novel design tools and methodologies must be invented and enhanced quickly to remain competitive in the design of electronics in the smallest nanometer ranges;
the ability to design SoCs increases the complexity of managing a design that, at the lowest level, is represented by billions of shapes on fabrication masks. In addition, SoCs typically incorporate microprocessors and digital signal processors that are programmed with software, requiring simultaneous design of the IC and the related software embedded on the IC;
with the availability of seemingly endless gate capacity, there is an increase in design reuse, or the combining of off-the-shelf design IP with custom logic to create ICs or SoCs. The unavailability of a broad range of high-quality design IP (including our own) that can be reliably incorporated into a customer’s design with our software products and services could lead to reduced demand for our products and services;
increased technological capability of the FPGA, which is a programmable logic chip, creates an alternative to IC implementation for some electronics companies. This could reduce demand for our IC implementation products and services;
the development by others of competitive EDA products or platforms and engineering services, possibly resulting in a shift of customer preferences away from our products and services and significantly decreased revenue;
aggressive pricing competition by some of our competitors may cause us to lose our competitive position, which could result in lower revenues or profitability and could adversely impact our ability to realize the revenue and profitability forecasts for our software or emulation and prototyping hardware systems products;
announcements of new products or acquisitions of new technologies by us, our competitors or our customers.
United States’ and other governments’ licensing requirements for exports, which may lengthen the sales cycle or restrict or prohibit the sale or licensing of certain products; and
Our certificate of incorporation allows our Board of Directors to issue, at any time and without stockholder approval, preferred stock with such terms as it may determine. No shares of preferred stock are currently outstanding. However, the rights of holders of any of our preferred stock that may be issued in the future may be superior to the rights of holders of our common stock.
Section 203 of the Delaware General Corporation Law generally prohibits a Delaware corporation from engaging in any business combination with a person owning 15% or more of its voting stock, or who is affiliated with the corporation and owned 15% or more of its voting stock at any time within three years prior to the proposed business combination, for a period of three years from the date the person became a 15% owner, unless specified conditions are met.
utilizing large portions of our U.S. cash to service our debt obligations because those payments are made in the United States, which may require us to repatriate cash from outside the United States and incur unanticipated or unfavorable tax expenses;
exposing us to the risk of increased interest rates as certain of our borrowings, including borrowings under
Period Total Number of Shares Purchased (1) Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plan or Program Maximum Dollar Value of Shares that May Yet Be Purchased Under Publicly Announced Plan or Program (1) (In millions)
January 3, 2016 – February 6, 2016 4,188,649
$ 19.37
4,161,219
$ 879.3
February 7, 2016 – March 5, 2016 4,551,438
$ 20.62
3,964,297
$ 797.5
March 6, 2016 – April 2, 2016 3,447,573
$ 22.64
3,430,063
$ 719.9
Total 12,187,660
$ 20.76
11,555,579
(1) Shares purchased that were not part of our publicly announced repurchase programs represent employee surrender of shares of restricted stock to satisfy employee income tax withholding obligations due upon vesting, and do not reduce the dollar value that may yet be purchased under our publicly announced repurchase programs.
Incorporated by Reference
Exhibit Number Exhibit Title Form File No. Exhibit No. Filing Date Provided Herewith
10.01 Term Loan Agreement, dated as of January 28, 2016, by and among the Registrant, J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, JPMorgan Chase Bank, N.A. and other lenders party thereto. 8-K 000-15867 10.01 2/3/2016
10.02 Offer Letter, dated December 15, 2015, between the Registrant and Pieter Vorenkamp.
X
31.01 Certification of the Registrant’s Chief Executive Officer, Lip-Bu Tan, pursuant to Rule 13a-14 of the Securities Exchange Act of 1934. X
31.02 Certification of the Registrant’s Chief Financial Officer, Geoffrey G. Ribar, pursuant to Rule 13a-14 of the Securities Exchange Act of 1934. X
32.01 Certification of the Registrant’s Chief Executive Officer, Lip-Bu Tan, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. X
32.02 Certification of the Registrant’s Chief Financial Officer, Geoffrey G. Ribar, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. X
101.INS XBRL Instance Document. X
101.SCH XBRL Taxonomy Extension Schema Document. X
101.CAL XBRL Taxonomy Extension Calculation Linkbase Document. X
101.DEF XBRL Definition Linkbase Document. X
101.LAB XBRL Taxonomy Extension Label Linkbase Document. X
101.PRE XBRL Taxonomy Extension Presentation Linkbase Document. X
CADENCE DESIGN SYSTEMS, INC. (Registrant)
DATE: April 25, 2016 By: /s/ Lip-Bu Tan
Lip-Bu Tan
President, Chief Executive Officer and Director
DATE: April 25, 2016 By: /s/ Geoffrey G. Ribar
Geoffrey G. Ribar
Senior Vice President and Chief Financial Officer
Incorporated by Reference
Exhibit Number Exhibit Title Form File No. Exhibit No. Filing Date Provided Herewith
10.01 Term Loan Agreement, dated as of January 28, 2016, by and among the Registrant, J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, JPMorgan Chase Bank, N.A. and other lenders party thereto. 8-K 000-15867 10.01 2/3/2016
10.02 Offer Letter, dated December 15, 2015, between the Registrant and Pieter Vorenkamp. X
31.01 Certification of the Registrant’s Chief Executive Officer, Lip-Bu Tan, pursuant to Rule 13a-14 of the Securities Exchange Act of 1934. X
31.02 Certification of the Registrant’s Chief Financial Officer, Geoffrey G. Ribar, pursuant to Rule 13a-14 of the Securities Exchange Act of 1934. X
32.01 Certification of the Registrant’s Chief Executive Officer, Lip-Bu Tan, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. X
32.02 Certification of the Registrant’s Chief Financial Officer, Geoffrey G. Ribar, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. X
101.INS XBRL Instance Document. X
101.SCH XBRL Taxonomy Extension Schema Document. X
101.CAL XBRL Taxonomy Extension Calculation Linkbase Document. X
101.DEF XBRL Definition Linkbase Document. X
101.LAB XBRL Taxonomy Extension Label Linkbase Document. X
101.PRE XBRL Taxonomy Extension Presentation Linkbase Document. X

The above information was disclosed in a filing to the SEC. To see the filing, click here.

To receive a free e-mail notification whenever Cadence Design Systems makes a similar move, sign up!

Other recent filings from the company include the following:

Cadence Design: Cadence Reports First Quarter 2016 Financial Results - April 25, 2016
Cadence Design Systems's Sr. Vice President just disposed of 3,130 shares - April 19, 2016
Cadence Design Systems's President & CEO just disposed of 10,000 shares - April 19, 2016
Cadence Design Systems's Sr. Vice President just declared owning 0 shares of Cadence Design Systems - April 7, 2016