TMTB: CDNS SAP CALX First Takes; EOD Wrap

CDNS -9% as June guide and flat backlog disappoints.

Miss likely timing issue on shipments of their sim software given they re-affirmed FY guide, but investors showing they have continued little patience following TSM/ASML last week.

June Revenue: $ 1.03bn - $1.05B vs. street $1.11B
June OPM 38.5%-39.5% Street 42.3%
June EPS $1.20-$1.24 vs. Street $1.43

2024 Revenue guide: $4.56bn -$4.4.62bn inline with St est. $4.587bn
2024 OPM Guide 42-43% vs. street 42.6%

Q1 Results
ADJ EPS $1.17 vs. $1.29 y/y, EST $1.13
Revenue $1.01B, -1.2% y/y, EST $1.01B
Product and maintenance revenue $913.4M, -5.2% y/y, EST $943.5M
Services revenue $95.7M, +65% y/y, EST $62.9M
ADJ operating margin 38% vs. 42% y/y, EST 37.1%
ADJ net income $318.9M, -9.3% y/y, EST $307.5M