Cadence Reports Third Quarter 2014 Financial Results

Cadence expects that its corporate representatives will meet privately during the quarter with investors, the media, investment analysts and others. At these meetings, Cadence may reiterate the business outlook published in this press release. At the same time, Cadence will keep this press release, including the business outlook, publicly available on its website.

Prior to the start of the Quiet Period (described below), the public may continue to rely on the business outlook contained herein as still being Cadence's current expectations on matters covered unless Cadence publishes a notice stating otherwise.

Beginning December 19, 2014, Cadence will observe a Quiet Period during which the business outlook as provided in this press release and the company's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q no longer constitute the company's current expectations. During the Quiet Period, the business outlook in these documents should be considered to be historical, speaking as of prior to the Quiet Period only and not subject to any update by the company. During the Quiet Period, Cadence's representatives will not comment on Cadence's business outlook, financial results or expectations. The Quiet Period will extend until the day when Cadence's fourth quarter and fiscal year 2014 earnings release is published, which is currently scheduled for February 4, 2015.

For more information, please contact:

Investors and Shareholders
Alan Lindstrom
Cadence Design Systems, Inc.
408-944-7100
Email Contact

Media and Industry Analysts
Anna del Rosario
Cadence Design Systems, Inc.
408-914-6884
Email Contact

Cadence Design Systems, Inc.
Condensed Consolidated Balance Sheets
September 27, 2014 and December 28, 2013
(In thousands)
(Unaudited)

			September 27, 2014	December 28, 2013

Current assets:
	Cash and cash equivalents		$ 500,483	$ 536,260
	Short-term investments		94,970	96,788
	Receivables, net		107,634	107,624
	Inventories		61,096	50,220
	2015 notes hedges		452,498	306,817
	Prepaid expenses and other		134,929	123,382
		Total current assets	1,351,610	1,221,091

Property, plant and equipment, net of accumulated
	depreciation of $546,129 and $568,494, respectively		231,337	238,715
Goodwill			557,252	456,905
Acquired intangibles, net of accumulated amortization of
	$137,960 and $139,820, respectively		378,827	311,693
Long-term receivables			4,957	3,672
Other assets			181,958	196,525
Total assets			$ 2,705,941	$ 2,428,601

Current liabilities:
	Convertible notes		$ 337,711	$ 324,826
	2015 notes embedded conversion derivative		452,498	306,817
	Accounts payable and accrued liabilities		205,647	216,594
	Current portion of deferred revenue		300,188	299,973
		Total current liabilities	1,296,044	1,148,210

Long-term liabilities:
	Long-term portion of deferred revenue		42,873	52,850
	Other long-term liabilities		82,297	71,436
		Total long-term liabilities	125,170	124,286

Stockholders' equity			1,284,727	1,156,105
Total liabilities and stockholders' equity			$ 2,705,941	$ 2,428,601

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