Cadence Reports First Quarter 2012 Financial Results

Cadence's management believes that non-GAAP net income provides useful supplemental information to Cadence's management and investors regarding the performance of the company's business operations and facilitates comparisons to the company's historical operating results. Cadence's management also uses this information internally for forecasting and budgeting. Non-GAAP financial measures should not be considered as a substitute for or superior to measures of financial performance prepared in accordance with GAAP. Investors and potential investors are encouraged to review the reconciliation of non-GAAP financial measures contained within this press release with their most directly comparable GAAP financial results.

The following tables reconcile the specific items excluded from GAAP net income and GAAP net income per diluted share in the calculation of non-GAAP net income and non-GAAP net income per diluted share for the periods shown below:

                                                                            
Net Income Reconciliation                            Three Months Ended     
                                                 -------------------------- 
                                                  March 31,      April 2,   
                                                     2012          2011     
                                                 ------------  ------------ 
                                                         (unaudited)        
(in thousands)                                                              
Net income on a GAAP basis                       $     31,104  $      6,323 
  Amortization of acquired intangibles                  6,685         6,655 
  Stock-based compensation expense                     11,525         9,357 
  Non-qualified deferred compensation expenses          1,798         1,762 
  Restructuring and other charges (credits)               (51)          (41)
  Shareholder litigation costs                             46            68 
  Integration and acquisition-related costs               448           474 
  Amortization of debt discount                         5,089         6,519 
  Other income or expense related to investments                            
   and non-qualified deferred compensation plan                             
   assets*                                             (1,949)       (4,391)
  Income tax effect of non-GAAP adjustments            (8,195)       (3,468)
                                                 ------------  ------------ 
Net income on a non-GAAP basis                   $     46,500  $     23,258 
                                                 ============  ============ 
                                                                            
*  Includes, as applicable, equity in losses or income from investments,    
   write-down of investments, gains or losses on sale of investments and    
   gains or losses on non-qualified deferred compensation plan assets       
   recorded in Other income, net.                                           
                                                                            
Diluted Net Income per Share Reconciliation          Three Months Ended     
                                                            --------------------------  
                                                                                                    March  31,            April  2,      
                                                                                                          2012                    2011          
                                                                                                  ------------    ------------  
                                                                                                                  (unaudited)                
(in  thousands,  except  per  share  data)                                                                              
Diluted  net  income  per  share  on  a  GAAP  basis          $              0.11    $              0.02  
    Amortization  of  acquired  intangibles                                      0.03                    0.03  
    Stock-based  compensation  expense                                              0.04                    0.04  
    Non-qualified  deferred  compensation  expenses                      0.01                    0.01  
    Restructuring  and  other  charges  (credits)                                  -                          -  
    Shareholder  litigation  costs                                                            -                          -  
    Integration  and  acquisition-related  costs                                  -                          -  
    Amortization  of  debt  discount                                                    0.02                    0.02  
    Other  income  or  expense  related  to  investments                                                        
      and  non-qualified  deferred  compensation  plan                                                          
      assets*                                                                                            (0.01)                (0.02)
    Income  tax  effect  of  non-GAAP  adjustments                          (0.03)                (0.01)
                                                                                                  ------------    ------------  
Diluted  net  income  per  share  on  a  non-GAAP  basis  $              0.17    $              0.09  
                                                                                                  ============    ============  
Shares  used  in  calculation  of  diluted  net  income                                                        
  per  share  --  GAAP**                                                                    277,733              268,578  
Shares  used  in  calculation  of  diluted  net  income                                                        
  per  share  --  non-GAAP**                                                            277,733              268,578  
                                                                                                                                                        
*    Includes,  as  applicable,  equity  in  losses  or  income  from  investments,        
      write-down  of  investments,  gains  or  losses  on  sale  of  investments  and        
      gains  or  losses  on  non-qualified  deferred  compensation  plan  assets              
      recorded  in  Other  income,  net.                                                                                      
                                                                                                                                                        
**  Shares  used  in  the  calculation  of  GAAP  net  income  per  share  are  expected  
      to  be  the  same  as  shares  used  in  the  calculation  of  non-GAAP  net  income    
      per  share,  except  when  the  company  reports  a  GAAP  net  loss  and  non-GAAP    
      net  income,  or  GAAP  net  income  and  a  non-GAAP  net  loss.                                    
                                                                                                                                                        
 

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