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Exhibit 99.01 SAN JOSE , Calif . Cadence Reports Third Quarter 2021 Financial Results October 25 , 2021 — Cadence Design Systems , Inc. ( Nasdaq : CDNS ) today announced results fo the third quarter of 2021 . Cadence reported third quarter 2021 revenue of $ 751 million , compared to revenue of $ 667 million for the same period in 2020. On a GAAP basis , Cadence achieved operating margin of 26 percent and recognized net income of $ 176 million , or $ 0.63 per share on a diluted basis , in the third quarter of 2021 , compared to operating margin of 25 percent and net income of $ 162 million , or $ 0.58 per share on a diluted basis for the same period in 2020 . Using the non - GAAP measure defined below , operating margin for the third quarter of 2021 was 36 percent and net income was $ 222 million , or $ 0.80 per share on a diluted basis , compared to operating margin of 36 percent and net income of $ 197 million , or $ 0.70 per share on a diluted basis , for the same period in 2020 . " Cadence delivered stronger than expected financial results for the third quarter , fueled by accelerating demand for our highly differentiated solutions . ” said Lip - Bu Tan , chief executive officer . " Design activity remains robust and the Cadence team continues to execute exceedingly well to our Intelligent System Design strategy . " " Delighting customers and accelerating growth requires a relentless commitment to innovation , ” added Anirudh Devgan , president . “ Our innovation pipeline continued to deliver , as we introduced four additional significant new products this quarter , including the revolutionary Integrity 3D - IC Platform . ” " We exceeded our guidance on all key metrics for the third quarter and as a result , I am pleased to raise our outlook for the year , " said John Wall , senior vice president and chief financial officer . CFO Commentary Commentary on the third quarter 2021 financial results by John Wall , senior vice president and chief financial officer , is available at www.cadence.com/cadence/investor_relations . Business Outlook For the fourth quarter of 2021 , the company expects total revenue in the range of $ 745 million to $ 765 million . Fourth quarter GAAP operating margin is expected to be approximately 24 percent and GAAP net income per diluted share is expected to be in the range of $ 0.49 to $ 0.53 . Using the non - GAAP measure defined below , operating margin is expected to be approximately 35 percent and net income per diluted share is expected to be in the range of $ 0.76 to $ 0.80 . For 2021 , the company expects total revenue in the range of $ 2.96 billion to $ 2.98 billion . On a GAAP basis , operating margin is expected to be approximately 26 percent and GAAP net income per diluted share for 2021 is expected to be in the range of $ 2.36 to $ 2.40 . Using the non - GAAP measure defined below , operating margin for 2021 is expected to be approximately 37 percent and net income per diluted share for 2021 is expected to be in the range of $ 3.24 to $ 3.28 . Our fiscal years are 52- or 53 - week periods ending on the Saturday closest to December 31. Fiscal 2021 will be a 52 - week fiscal year . Fiscal 2020 was a 53 - week fiscal year , with an additional week in our fourth quarter of 2020 . A schedule showing a reconciliation of the business outlook from GAAP operating margin , GAAP net income and diluted net income per share to non - GAAP operating margin and non - GAAP net income and diluted net income per share is included in this release .