Cadence Reports Second Quarter 2016 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 September 16, 2016, Cadence will observe a Quiet Period during which the business outlook as provided in this press release and the 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 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 third quarter 2016 earnings release is published, which is currently scheduled for October 24, 2016.

For more information, please contact:

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

Media and Industry Analysts
Craig Cochran
Cadence Design Systems, Inc.
408-944-7039
Email Contact

Cadence Design Systems, Inc.
Condensed Consolidated Balance Sheets
July 2, 2016 and January 2, 2016
(In thousands)
(Unaudited)

			July 2, 2016	January 2, 2016

Current assets:
	Cash and cash equivalents		$ 669,573	$ 616,686
	Short-term investments		34,745	94,498
	Receivables, net		156,444	164,848
	Inventories		61,932	56,762
	Prepaid expenses and other		39,485	31,441
		Total current assets	962,179	964,235

Property, plant and equipment, net of accumulated depreciation of $604,532 and $581,345, respectively			235,911	228,599
Goodwill			573,714	551,772
Acquired intangibles, net of accumulated amortization of $239,170 and $216,589, respectively			287,888	296,482
Long-term receivables			17,368	4,498
Other assets			300,813	299,929
Total assets			$ 2,377,873	$ 2,345,515

Current liabilities:
	Revolving credit facility		$ 50,000	$ -
	Accounts payable and accrued liabilities		224,685	238,022
	Current portion of deferred revenue		289,786	298,285
		Total current liabilities	564,471	536,307

Long-term liabilities:
	Long-term portion of deferred revenue		38,094	30,209
	Long-term debt		643,073	343,288
	Other long-term liabilities		56,842	59,596
		Total long-term liabilities	738,009	433,093

Stockholders' equity			1,075,393	1,376,115
Total liabilities and stockholders' equity			$ 2,377,873	$ 2,345,515

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