Cadence Design Systems - CDNS STOCK NEWS

Cadence Design Systems (CDNS) has been ranked #9 on Fortune Magazine and Great Place To Work's World's Best Workplaces™ 2024 list. This marks the ninth time Cadence has appeared on this prestigious list, which recognizes only 25 global leaders from thousands of organizations representing 20 million employees worldwide.

The company stood out for creating exceptional employee experiences and maintaining high-trust relationships. With 93% of employees expressing pride in working at Cadence and 90% feeling they make a difference, the company excels in fostering an inclusive culture. Employees work on transformative technologies including AI, 5G, and autonomous driving while collaborating with leading tech companies.

In 2024, Cadence also achieved Great Place To Work recognition in 13 countries and ranked #9 on Fortune's 100 Best Companies to Work For list in the United States.

Cadence Design Systems hosted its inaugural Fem.AI Summit on October 1, 2024, focusing on addressing gender disparity in high tech and AI. The summit, launched by the Cadence Giving Foundation, featured prominent speakers including Dr. Chelsea Clinton, Dr. Joy Buolamwini, and Reshma Saujani. CEO Anirudh Devgan emphasized women's important role in AI's future. The event brought together innovators, educators, business leaders, and investors to create an ecosystem supporting women's participation in the AI revolution. The initiative has gained support from companies like Equinix Foundation, NetApp, NVIDIA, Unity Technologies, and Workday through the Fem.AI Alliance.

Cadence Design Systems (CDNS) reported strong Q3 2024 results with revenue of $1.215 billion, up 19% year-over-year. The company achieved a non-GAAP operating margin of 45% and non-GAAP EPS of $1.64. Quarter-end backlog reached $5.6 billion, with current remaining performance obligations of $2.9 billion. Notable growth areas included System Design & Analysis (47% YoY), IP business (59% YoY), and Functional Verification (22% YoY). The company raised its 2024 non-GAAP EPS outlook midpoint to $5.90 and expects full-year revenue between $4.61-4.65 billion.

Cadence Design Systems recently held a Latinx Mercado Fiesta, celebrating Hispanic heritage and culture within the company. The event featured vendors selling traditional items, including childhood candies and culturally significant clothing. A notable item was a sweater with the phrase 'Vaquera Ingeniera' (cowgirl engineer), symbolizing the blend of Mexican culture and professional identity.

The fiesta included Aztec dance performances and empanadas, creating a space for cultural exchange and connection among employees. This event, organized by Cadencia, the Latinx Inclusion group at Cadence, highlights the company's commitment to diversity and inclusion in the tech industry. It also emphasizes the importance of cultural representation and the celebration of diverse traditions in the workplace.

Cadence Design Systems (Nasdaq: CDNS) has announced the formation of the Fem.AI Alliance, a group dedicated to increasing women's representation and leadership in the tech industry. Founding members include Equinix Foundation, NetApp, NVIDIA, and Workday. The alliance aims to evolve the future workforce and drive change towards a more representative tech and AI workforce.

The Cadence Giving Foundation is committing $20 million to address critical points where women decide not to pursue STEM careers. The initiative has already impacted thousands of women through partnerships with nonprofits and universities. The inaugural Fem.AI Summit, hosted on October 1 (International Women in AI Day), brought together industry leaders to discuss challenges women face in AI and inspire change.

TEACH-NW students are preparing to establish a live connection with the International Space Station (ISS) on October 18, 2024. Led by 13-year-old Ezekiel Wheeler, the students built a custom radio antenna as part of NASA's ARISS program. The project, selected by NASA, involves collaboration with the Carlton Observatory at the Evergreen Air and Space Museum and support from Cadence Design Systems.

The students will communicate with Astronaut Sunita Williams during a ten-minute live amateur radio call. The event will be hosted at the Carlton Observatory and live-streamed online. This initiative showcases the power of STEM education and community collaboration in inspiring young innovators and problem-solvers.

Cadence Design Systems (Nasdaq: CDNS) has announced its upcoming third quarter 2024 financial results webcast. The event is scheduled for Monday, October 28, 2024, at 2:00 p.m. Pacific Time. Key participants in the webcast will include Dr. Anirudh Devgan, president and CEO, and John Wall, senior vice president and CFO.

For those unable to attend the live event, an archive of the webcast will be made available online. This recording can be accessed from 5:00 p.m. Pacific Time on October 28, 2024, until 5:00 p.m. Pacific Time on Friday, December 13, 2024. Interested parties can find the archived webcast at cadence.com/cadence/investor_relations.

International Women in AI Day, celebrated on October 1, was established by Cadence to foster gender diversity in artificial intelligence (AI). The day aims to recognize women's contributions, highlight challenges, and advocate for inclusive opportunities in AI. Currently, less than 20% of AI professionals are women, underscoring a significant gap.

Fem.AI, a Cadence initiative with a $20 million commitment, focuses on closing the gender gap in AI through partnerships, funding for nonprofits, and support for women-led ventures. The inaugural Fem.AI Summit is being held today, bringing together industry, academia, nonprofit, and gender equity leaders to drive innovative solutions for gender equity in AI.

Individuals and organizations can get involved by raising awareness, encouraging participation, supporting career growth, and forming partnerships. The Fem.AI Alliance provides opportunities for mentorship, learning, and collaboration to support women in tech.

Cadence Design Systems (NASDAQ: CDNS) and TSMC are collaborating to enhance productivity and optimize performance for AI-driven advanced-node designs and 3D-ICs. Key highlights include:

1. AI-driven digital and custom design flows for TSMC's N2P and N3 technologies
2. Collaboration on A16 design solutions to optimize power, performance, and area (PPA)
3. Cadence Integrity 3D-IC Platform supporting latest 3Dblox features
4. Celsius Studio mechanical analysis enablement for TSMC 3DFabric
5. Silicon-proven GDDR7 IP running at 32Gbps on TSMC N3 technology
6. Support for secure chip design in the cloud and TSMC silicon photonics technologies

The partnership aims to accelerate time to market and increase performance for advanced silicon solutions capable of handling large datasets and computations required by AI applications.