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    Cadence Design Systems Inc (CDNS)

    Board Change

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    Cadence Design Systems, Inc. is a leader in electronic system design software and intellectual property (IP), offering computational software, special-purpose computational hardware, IP, and services across various sectors such as automotive, AI, aerospace and defense, and high-performance computing . The company organizes its offerings into five main product categories, which are crucial to its business operations . Cadence's revenue is primarily driven by the increasing complexity of semiconductor and electronic systems, with a significant portion recognized over time from software arrangements, services, and maintenance . The company has expanded its capabilities through acquisitions like Invecas and BETA CAE Systems to enhance its product offerings and market reach .

    1. Digital IC Design and Signoff - Provides tools and solutions for designing and verifying digital integrated circuits, ensuring they meet performance and power specifications.
    2. Functional Verification - Offers comprehensive verification solutions to ensure the functionality and reliability of complex electronic systems.
    3. Custom IC Design and Simulation - Delivers software and tools for designing and simulating custom integrated circuits, focusing on analog, RF, and mixed-signal designs.
    4. IP - Supplies a broad range of intellectual property cores and solutions to accelerate the development of semiconductor products.
    5. System Design and Analysis - Provides tools and services for designing and analyzing complete electronic systems, enhancing performance and efficiency.
    NamePositionStart DateShort Bio
    Anirudh DevganPresident and Chief Executive OfficerDecember 2021Anirudh Devgan has served as the CEO of Cadence since December 2021 and as President since November 2017. He joined Cadence in 2012, initially serving as Executive Vice President and General Manager of the Digital & Signoff and System & Verification groups. He is an IEEE Fellow and has received numerous awards .
    John M. WallSenior Vice President and Chief Financial OfficerOctober 2017John M. Wall has served as Senior Vice President and CFO of Cadence since October 2017. He previously held several positions at Cadence, including Corporate Vice President and Corporate Controller. He is a Fellow of the Association of Chartered Certified Accountants .
    Thomas P. BeckleySenior Vice President and General Manager of the Custom IC and PCB Group2018Thomas P. Beckley has served as Senior Vice President and General Manager of the Custom IC and PCB Group at Cadence since 2018. He was previously Senior Vice President of Research and Development at Cadence. Before joining Cadence, he was the CEO of Neolinear, Inc. .
    Paul CunninghamSenior Vice President and General Manager of the System Verification GroupMarch 2021Paul Cunningham has served as Senior Vice President and General Manager of the System Verification Group at Cadence since March 2021. He was previously Corporate Vice President of the System Verification Group. He co-founded Azuro, Inc., which Cadence acquired in 2011 .
    Karna NisewanerSenior Vice President, General Counsel, and Corporate SecretaryFebruary 2024Karna Nisewaner has served as Senior Vice President, General Counsel, and Corporate Secretary of Cadence since February 2024. She previously held several positions at Cadence, including Corporate Vice President, General Counsel, and Corporate Secretary .
    Chin-Chi TengSenior Vice President and General Manager of the Digital and Signoff GroupSeptember 2018Chin-Chi Teng has served as Senior Vice President and General Manager of the Digital and Signoff Group at Cadence since September 2018. He previously held several positions at Cadence, including Corporate Vice President, Research and Development .
    Neil ZamanSenior Advisor (transitioning from Senior Vice President and Chief Revenue Officer)May 6, 2024 (transition period until May 12, 2025)Neil Zaman has served as Senior Vice President and Chief Revenue Officer of Cadence since October 2020. He has been with Cadence since October 1999, holding various positions. He will transition from his role as Senior Vice President and Chief Revenue Officer starting May 6, 2024 .
    Moshe GavrielovUpcoming DirectorJanuary 1, 2025Moshe Gavrielov has been appointed as a director of Cadence, effective January 1, 2025. He has a rich history in the technology sector, having served as the president and CEO of Xilinx, Inc. from 2008 to 2018 .
    Paul ScannellSenior Vice President of Worldwide Field OperationsN/APaul Scannell serves as the Senior Vice President of Worldwide Field Operations at Cadence. He adopted a trading plan on September 13, 2024, but specific details on his start date are not provided .
    1. Given the strong demand for your new hardware systems but current production constraints, how do you plan to balance meeting customer demand with managing inventory levels, and can you provide more clarity on when you expect production to catch up with demand?

    2. With bookings being stronger than expected in Q2 and reduced expectations for China, how does this impact your outlook for the second half of 2024, and what steps are you taking to mitigate potential risks in that region?

    3. Considering the significant upfront investment in raw materials to support multi-year hardware demand, how do you expect this to affect your operating cash flow in future quarters, and what assurances can you provide regarding the longevity of demand for these systems?

    4. As your memory customers shift towards more advanced digital design and 3D-IC integration, how are you positioning your advanced digital implementation and verification products to capture this opportunity, and what competitive advantages do you have in this area?

    5. With the expansion of your multiphysics platform through acquisitions like beta CAE and the development of integrated solutions, can you elaborate on your strategy for bundling and packaging products, and how this approach will drive growth in both EDA and System Design and Analysis segments?

    Program DetailsProgram 1
    Approval DateAugust 2, 2023
    End Date/DurationNo expiration date
    Total Additional Amount$1.0 billion
    Remaining Authorization$1.0 billion
    DetailsPrevent share dilution associated with stock compensation plans
    YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
    2024$350.0 4.375% Senior Notes4.375 12.4% = (350.0 / 2,825.19) * 100
    2027$500.0 4.200% Senior Notes4.200 17.7% = (500.0 / 2,825.19) * 100
    2029$1,000.0 4.300% Senior Notes4.300 35.4% = (1,000.0 / 2,825.19) * 100
    2034$1,000.0 4.700% Senior Notes4.700 35.4% = (1,000.0 / 2,825.19) * 100

    Competitors mentioned in the company's latest 10K filing.

    • Synopsys, Inc. - Frequently competes with Cadence in the EDA industry .
    • Siemens EDA - Another frequent competitor in the EDA industry .
    • ANSYS, Inc. - Competes with Cadence in the EDA industry .
    • Keysight Technologies, Inc. - U.S. based competitor .
    • Schrödinger, Inc. - U.S. based competitor .
    • CEVA, Inc. - U.S. based competitor .
    • Altium Limited - Based in Australia .
    • Zuken Ltd. - Based in Japan .
    • Huada Empyrean - Emerging competitor in China .
    • Xpeedic - Emerging competitor in China .
    • X-EPIC - Emerging competitor in China .
    • Primarius Technologies - Emerging competitor in China .
    • Univista - Emerging competitor in China .
    • Giga-DA - Emerging competitor in China .
    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers LLP2020 PresentCurrent auditor.
    KPMG LLPN/A2020 The Audit Committee conducted a competitive process and decided to dismiss KPMG LLP after reviewing proposals from several firms.

    Recent developments and announcements about CDNS.

    Corporate Leadership

      Board Change

      ·
      Dec 12, 2024, 9:58 PM

      Moshe Gavrielov has been appointed to the board of directors of Cadence Design Systems, Inc., effective January 1, 2025. He will receive an incentive stock award under Cadence's 1995 Directors Stock Incentive Plan, with a grant date fair value of $80,219. His compensation will align with other non-employee board members .