Cadence Reports Fourth Quarter and Fiscal Year 2011 Financial Results

                        Cadence Design Systems, Inc.                        
              Condensed Consolidated Statements of Cash Flows               
         For the Years Ended December 31, 2011 and January 1, 2011          
                               (In thousands)                               
                                (Unaudited)                                 
                                                                            
                                                         Years Ended        
                                                 -------------------------- 
                                                 December 31,   January 1,  
                                                     2011          2011     
                                                 ------------  ------------ 
                                                                            
Cash and Cash Equivalents at Beginning of Period $    557,409  $    569,115 
                                                 ------------  ------------ 
Cash Flows from Operating Activities:                                       
  Net income                                           72,229       126,538 
  Adjustments to reconcile net income to net                                
   cash provided by operating activities:                                   
    Depreciation and amortization                      91,648        88,335 
    Amortization of debt discount and fees             29,266        25,352 
    Loss on extinguishment of debt                          -         5,705 
    Stock-based compensation                           43,588        43,460 
    Gain on investments, net                          (15,737)       (5,984)
    Non-cash restructuring and other charges              240         4,086 
    Tax impact of convertible notes                     8,486             - 
    Impairment of property, plant and equipment             -           491 
    Deferred income taxes                              (7,811)      (64,191)
    Provisions (recoveries) for losses (gains)                              
     on trade and installment contract                                      
     receivables                                       (6,596)      (17,098)
    Other non-cash items                                3,196         1,039 
    Changes in operating assets and liabilities,                               
          net  of  effect  of  acquired  businesses:                                                                    
            Receivables                                                                            14,388              (33,459)
            Installment  contract  receivables                                  62,397              104,834  
            Inventories                                                                            (6,820)            (26,528)
            Prepaid  expenses  and  other                                              20,053              (22,392)
            Other  assets                                                                          (2,220)                8,604  
            Accounts  payable  and  accrued  liabilities                (46,950)              60,281  
            Deferred  revenue                                                                (13,408)              62,531  
            Other  long-term  liabilities                                            (5,607)          (162,461)
                                                                                                  ------------    ------------  
                Net  cash  provided  by  operating                                                                            
                  activities                                                                      240,342              199,143  
                                                                                                  ------------    ------------  
                                                                                                                                                        
Cash  Flows  from  Investing  Activities:                                                                              
    Proceeds  from  the  sale  of  available-for-sale                                                            
      securities                                                                                      9,793                          -  
    Proceeds  from  the  sale  of  short-term                                                                            
      investments                                                                                            -                      317  
    Proceeds  from  the  sale  of  long-term                                                                              
      investments                                                                                    9,791                10,276  
    Proceeds  from  the  sale  of  property,  plant  and                                                          
      equipment                                                                                                -                      900  
    Purchases  of  property,  plant  and  equipment                    (31,421)            (34,782)
    Purchases  of  software  licenses                                                        -                (2,706)
    Investment  in  venture  capital  partnerships  and                                                        
      equity  investments                                                                        (608)              (3,000)
    Cash  paid  in  business  combinations  and  asset                                                            
      acquisitions,  net  of  cash  acquired                                  (44,052)          (256,117)
                                                                                                  ------------    ------------  
                Net  cash  used  for  investing  activities                (56,497)          (285,112)
                                                                                                  ------------    ------------  
                                                                                                                                                        
Cash  Flows  from  Financing  Activities:                                                                              
    Principal  payments  on  receivable  sale                                                                          
      financing                                                                                      (5,842)              (3,540)
    Proceeds  from  issuance  of  2015  Notes                                            -              350,000  
    Payment  of  2011  Notes  and  2013  Notes                              (150,000)          (192,364)
    Payment  of  2015  Notes  issuance  costs                                            -              (10,532)
    Purchase  of  2015  Notes  Hedges                                                          -              (76,635)
    Proceeds  from  termination  of  2011  and  2013                                                                
      Notes  Hedges                                                                                          -                      311  
    Proceeds  from  sale  of  2015  Warrants                                              -                37,450  
    Tax  effect  related  to  employee  stock                                                                            
      transactions  allocated  to  equity                                          5,549                (9,458)
    Proceeds  from  issuance  of  common  stock                              19,714                13,643  
    Stock  received  for  payment  of  employee  taxes                                                            
      on  vesting  of  restricted  stock                                          (14,225)              (8,940)
    Purchases  of  treasury  stock                                                              -              (39,997)
                                                                                                  ------------    ------------  
                Net  cash  provided  by  (used  for)                                                                          
                  financing  activities                                                (144,804)              59,938  
                                                                                                  ------------    ------------  
                                                                                                                                                        
Effect  of  exchange  rate  changes  on  cash  and  cash                                                        
  equivalents                                                                                        5,152                14,325  
                                                                                                  ------------    ------------  
                                                                                                                                                        
Increase  (decrease)  in  cash  and  cash  equivalents              44,193              (11,706)
                                                                                                  ------------    ------------  
                                                                                                                                                        
Cash  and  Cash  Equivalents  at  End  of  Period              $        601,602    $        557,409  
                                                                                                  ============    ============  
                                                                                                                                                        
                                                Cadence  Design  Systems,  Inc.                                                
                                                      As  of  February  1,  2012                                                      
    Impact  of  Non-GAAP  Adjustments  on  Forward  Looking  Diluted  Net  Income  Per    
                                                                        Share                                                                      
                                                                  (Unaudited)                                                                
                                                                                                                                                        
                                                                        Three  Months  Ending            Year  Ending        
                                                                              March  31,  2012          December  29,  2012  
                                                                        -------------------    -------------------
                                                                                    Forecast                          Forecast          
                                                                        -------------------    -------------------
                                                                                                                                                        
Diluted  net  income  per  share  on  a                                                                                      
  GAAP  basis                                                        $0.08  to  $0.10              $0.39  to  $0.49    
                                                                                                                                                        
    Amortization  of  acquired                                                                                                    
      intangibles                                                            0.03                                  0.10              
    Stock-based  compensation  expense                    0.04                                  0.18              
    Integration  and  acquisition-                                                                                            
      related  costs                                                          -                                        -                  
    Amortization  of  debt  discount                          0.02                                  0.08              
    Income  tax  effect  of  non-GAAP                                                                                          
      adjustments                                                          (0.03)                              (0.15)            
                                                                                                                                                        
                                                                        -------------------    -------------------
Diluted  net  income  per  share  on  a                                                                                      
  non-GAAP  basis                                                $0.14  to  $0.16              $0.60  to  $0.70    
                                                                        ===================    ===================
                                                                                                                                                        
                                                Cadence  Design  Systems,  Inc.                                                
                                                      As  of  February  1,  2012                                                      
                Impact  of  Non-GAAP  Adjustments  on  Forward  Looking  Net  Income                
                                                                  (Unaudited)                                                                
                                                                                                                                                        
                                                                        Three  Months  Ending            Year  Ending        
                                                                              March  31,  2012          December  29,  2012  
                                                                        -------------------    -------------------
($  in  Millions)                                                      Forecast                          Forecast          
                                                                        -------------------    -------------------
                                                                                                                                                        
Net  income  on  a  GAAP  basis                              $23  to  $29                    $109  to  $135      
                                                                                                                                                        
    Amortization  of  acquired                                                                                                    
      intangibles                                                              7                                        27                
    Stock-based  compensation  expense                      12                                      50                
    Integration  and  acquisition-                                                                                            
      related  costs                                                          -                                        1                  
    Amortization  of  debt  discount                            5                                        21                
    Income  tax  effect  of  non-GAAP                                                                                          
      adjustments                                                            (9)                                    (41)              
                                                                                                                                                        
                                                                        -------------------    -------------------
Net  income  on  a  non-GAAP  basis                      $38  to  $44                    $167  to  $193      
                                                                        ===================    ===================
                                                                                                                                                        
                                                Cadence  Design  Systems,  Inc.                                                
                                                                  (Unaudited)                                                                
                                                                                                                                                        
Revenue  Mix  by  Geography  (%  of  Total  Revenue)                                                              
                                                                                                                                                        
                                                                          2010                                          2011                    
                                                      ------------------------  ------------------------
GEOGRAPHY                                      Q1      Q2      Q3      Q4    Year    Q1      Q2      Q3      Q4    Year
                                                      ----  ----  ----  ----  ----  ----  ----  ----  ----  ----
                                                                                                                                                        
Americas                                        40%    46%    43%    45%    43%    44%    47%    44%    44%    45%
Europe                                            22%    23%    20%    23%    22%    21%    20%    21%    20%    20%
Japan                                              23%    14%    20%    14%    18%    19%    17%    18%    17%    18%
Asia                                                15%    17%    17%    18%    17%    16%    16%    17%    19%    17%
Total                                            100%  100%  100%  100%  100%  100%  100%  100%  100%  100%
                                                                                                                                                        
Revenue  Mix  by  Product  Group  (%  of  Total  Revenue)                                                      
                                                                                                                                                        
                                                                          2010                                          2011                    
                                                      ------------------------  ------------------------
PRODUCT  GROUP                              Q1      Q2      Q3      Q4    Year    Q1      Q2      Q3      Q4    Year
                                                      ----  ----  ----  ----  ----  ----  ----  ----  ----  ----
                                                                                                                                                        
Functional  Verification                                                                                                          
  and  Design  IP                            22%    26%    25%    22%    24%    28%    33%    30%    32%    30%
Digital  IC  Design                      21%    21%    23%    26%    23%    24%    21%    22%    21%    22%
Custom  IC  Design                        27%    26%    24%    27%    26%    20%    22%    23%    23%    22%
Design  for  Manufacturing          9%      6%      8%      7%      7%      8%      6%      6%      6%      7%
System  Interconnect  Design      9%    10%    10%      8%      9%    10%      8%      9%      8%      9%
Services  &  Other                        12%    11%    10%    10%    11%    10%    10%    10%    10%    10%
Total                                            100%  100%  100%  100%  100%  100%  100%  100%  100%  100%
                                                                                                                                                        
Note:  Product  Group  total  revenue  includes  Product  +  Maintenance                        
                                                                                                                                                        
 

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