Cadence Design Systems, Inc. (CDNS) Q3 2022 Earnings Call Transcript

Cadence Design Systems, Inc. (NASDAQ:CDNS) Q3 2022 Results Conference Call October 24, 2022 5:00 PM ET

Company Participants

Richard Gu - VP, IR

Anirudh Devgan - President and CEO

John Wall - SVP and CFO

Conference Call Participants

Jason Celino - KeyBanc Capital Markets

Charles Shi - Needham & Company

Gary Mobley - Wells Fargo

Jay Vleeschhouwer - Griffin Securities

Vivek Arya - Bank of America Securities

Harlan Sur - JP Morgan

Gal Munda - Wolfe Research

Johnny Conti - Deutsche Bank Securities

Joe Vruwink - Baird & Company

Blair Abernethy - Rosenblatt Securities

Ruben Roy - Stifel Nicholas

Operator

Good afternoon. My name is Aby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Cadence Third Quarter 2022 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [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’d like to welcome everyone to our third quarter of fiscal year 2022 earnings conference call. I’m 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’ll present certain non-GAAP measures, which should not be considered in isolation from or as a substitute for GAAP results. Reconciliation of GAAP to non-GAAP measures are included in today’s earnings release. Today’s earnings release for the third quarter of fiscal 2022, related financial tables and CFO commentary are also available on our website. For the Q&A session today, we would ask that you observe a limit of one question and one follow up. You may re-queue if you would like to ask additional questions and time permits.