Cadence Design Systems, Inc. (CDNS) Q4 2022 Earnings Call Transcript

Cadence Design Systems, Inc. (NASDAQ:CDNS) Q4 2022 Earnings Conference Call February 13, 2023 5:00 PM ET

Company Participants

Richard Gu - Vice President, Investor Relations

Anirudh Devgan - President and Chief Executive Officer

John Wall - Senior Vice President and Chief Financial Officer

Conference Call Participants

Charles Shi - Needham & Company

Jason Celino - KeyBanc Capital Markets

Gary Mobley - Wells Fargo Securities

Jay Vleeschhouwer - Griffin Securities

Harlan Sur - JPMorgan

Joe Vruwink - Baird

Vivek Arya - Bank of America Securities

Blair Abernethy - Rosenblatt Securities

Ruben Roy - Stifel Financial

Andrew DeGasperi - Berenberg

Operator

Good afternoon. My name is Julianne, and I will be your conference operator today. At this time, I would like to welcome everyone to the Cadence Fourth Quarter and Fiscal Year 2022 Earnings Conference Call. [Operator Instructions] Thank you. I will now turn the call over to Richard Gu, Vice President of Investor Relations for Cadence. Please go ahead.

Richard Gu

Thank you, operator. I would like to welcome everyone to our fourth quarter of fiscal year 2022 earnings conference call. I am joined today by Anirudh Devgan, President and Chief Executive Officer and John Wall, Senior Vice President and Chief Financial Officer. The webcast of this call and a copy of today’s prepared remarks will be available on our website cadence.com.

Today’s discussion will contain forward-looking statements, including our outlook on future business and operating results. Due to risks and uncertainties, actual results may differ materially from those projected or implied in today’s discussion. For information on factors that could cause actual results to differ, please refer to our SEC filings, including our most recent Forms 10-K and 10-Q and today’s earnings release. All forward-looking statements during this call are based on estimates and information available to us as of today and we disclaim any obligation to update them.

In addition, we will present certain non-GAAP measures, which should not be considered in isolation from or as a substitute for GAAP results. Reconciliations of GAAP to non-GAAP measures are included in today’s earnings release. Today’s earnings release for the fourth quarter of fiscal 2022, related financial tables and CFO commentary are also available on our website. [Operator Instructions]

Now, I will turn the call over to Anirudh.

Anirudh Devgan

Thank you, Richard. Good afternoon, everyone and thank you for joining us today. I am pleased to report that Cadence delivered record results for 2022 as we exceeded our guidance yet again, achieving 19% revenue growth and over 40% non-GAAP operating margin. Cadence’s innovative solutions are essential and especially relevant in the current environment, enabling customers to achieve their increasingly challenging design goals.