Cadence Design Systems Inc (NASDAQ:CDNS) reported fourth-quarter financial results and issued soft guidance after the bell. Here’s a rundown of the report.

• Q4 Revenue: $1.36 billion, versus estimates of $1.35 billion

• Q4 Adjusted EPS: $1.88, versus estimates of $1.82

Total revenue was up about 27% year-over-year in the fourth quarter. The company ended the quarter with a record backlog of $6.8 billion and current remaining performance obligations of $3.4 billion. Cadence said it had $2.64 billion in cash and cash equivalents at quarter’s end.

“Our momentum continues to build as we exited 2024 with record bookings and record backlog. Cadence is very well positioned to benefit from the various phases of AI, including the current AI infrastructure buildout, applying AI to our own products, and expanding into new markets such as life sciences,” said Anirudh Devgan, president and CEO of Cadence Design Systems.

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Outlook: Cadence Design Systems expects full-year 2025 revenue to be in the range of $5.14 billion to $5.22 billion versus estimates of $5.25 billion. The company anticipates full-year adjusted earnings of $6.65 to $6.75 per share versus estimates of $6.83 per share, per Benzinga Pro.

Management will further discuss the company’s quarterly results on a conference call scheduled for 5 p.m. ET.

CDNS Price Action: Cadence Design Systems shares were down 4.64% after hours, trading at $286.50 at the time of publication Tuesday, according to Benzinga Pro.

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