Financial Data and Key Metrics Changes - Cadence reported total revenue of $1.275 billion for Q2 2025, representing a 20% year-over-year growth, with non-GAAP EPS increasing by 29% to $1.65 [18][19] - The company raised its 2025 revenue growth outlook to 13% and EPS growth to 16% [6][17] - GAAP operating margin was reported at 19%, while non-GAAP operating margin was 42.8% [19] Business Line Data and Key Metrics Changes - Core EDA revenue grew by 16% year-over-year in Q2, with significant adoption of Cadence Cerebras solutions [12] - The IP business saw over 25% year-over-year growth in Q2, driven by demand in AI and HPC use cases [11] - System design and analysis business delivered 35% year-over-year revenue growth, with strong uptake of 3D IC technology [15] Market Data and Key Metrics Changes - China accounted for 9% of total revenue in Q2, down from 11% in Q1, but strength in other regions offset this decline [36] - The company noted robust design activity and customer demand globally, particularly in AI, HPC, and system design workloads [36][40] Company Strategy and Development Direction - Cadence continues to execute its intelligent system design strategy initiated in 2018, focusing on unified EDA, IP, and system analysis [7] - The company is leveraging its AI-driven product portfolio to capitalize on the AI super cycle, enhancing its competitive position [6][17] - Cadence is committed to compliance and has enhanced its processes in response to evolving trade restrictions [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand for AI technologies and the overall customer environment, indicating a positive outlook for the next few years [30] - The company is focused on innovation and productivity, with expectations for continued growth in the second half of the year [21][40] Other Important Information - Cadence reached a settlement with the US Department of Justice and the Bureau of Industry and Security regarding investigations into transactions with customers in China, totaling approximately $45 million [19][16] - The One Big Beautiful Bill Act is expected to decrease Cadence's US federal tax payments by approximately $140 million for the remainder of fiscal 2025 [20] Q&A Session Summary Question: Impact of physical AI on bookings - Management noted that the optimism surrounding AI is driving increased customer investment in innovation, which is positively impacting bookings [24][25] Question: Increase in growth outlook despite China revenue restrictions - Management confirmed that strong demand across all geographies and a robust backlog contributed to the increased growth outlook, despite a decline in China revenue [34][36] Question: Near and long-term impact of China - Management expressed a cautious but optimistic view on China, indicating that while growth is expected to be slightly up, the rest of the world is performing even better [46][49] Question: Contribution of advanced packaging to revenue - Management highlighted that the industry is moving towards chiplet-based architectures, which is driving demand for Cadence's advanced packaging solutions [52][56] Question: Recurring revenue percentage and customer behavior - Management indicated that the recurring revenue percentage dipped to 78% due to paused revenue in China, but typically expects it to trend towards 80% [103][106] Question: Long-term perspective on IP growth - Management expressed optimism about IP growth, citing increased investment and opportunities from emerging chiplet architectures and advanced node foundries [110][112]

电子设计自动化软件与工程服务厂商铿腾电子（楷登电子/益华电脑股份有限公司）二季度营收12.8亿 美元，分析师预期12.5亿美元。 铿腾电子（CDNS）美股盘后涨5.76%。 二季度调整后EPS为1.65美元，分析师预期1.56美元。 上调全年营收指引至同比增长13%。 预计全年营收52.1亿-52.7亿美元，公司原本预计51.5亿-52.3亿美元。 预计全年调整后EPS为6.85-6.95美元，公司原本预计6.73-6.83美元。 预计三季度营收13.1亿-13.4亿美元，分析师预期13.2亿美元。 预计三季度EPS为1.75-1.81美元，分析师预期1.73美元。 ...

Exhibit 99.02 CADENCE REPORTS SECOND QUARTER 2025 CADENCE DESIGN SYSTEMS, INC. CFO COMMENTARY Q3 2025 Outlook Q2 2025 KEY METRICS FY 2025 Outlook Financial Results Webcast Our Q2 2025 financial results webcast will begin July 28, 2025 at 2:00 p.m. (Pacific). The webcast may be accessed at www.cadence.com/cadence/investor_relations. An archive of the webcast will be available on July 28, 2025 until 5:00 p.m. (Pacific) on September 16, 2025. July 28, 2025 Cadence Q2 2025 Financial Results 1 Key Takeaways • Ex ...

Earnings Reports - Q2 earnings season is ramping up with major companies like Microsoft, Meta Platforms, Apple, and Amazon set to report earnings this week [2][3] - A total of 164 companies in the S&P 500 are expected to release their earnings results by August 1st [3] Federal Reserve Outlook - The Federal Reserve is unlikely to lower interest rates in the upcoming FOMC meeting, maintaining the current rate of +4.25-4.50% [4] - There is only a 2% chance that the Fed will cut rates at this meeting, with a 67% probability of a 25 basis-point cut in September [5] Labor Market Insights - Initial Jobless Claims have decreased to 217K, but the labor market may be weakening as ADP reported a negative -33K jobs filled in June, the first decline in over two years [7] - The BLS report indicated +147K new jobs in June, but only about 70K were outside government hires, which may not be sufficient to offset the retiring workforce [8]

Group 1 - Multiple companies are scheduled to release their earnings reports throughout the week, indicating a busy earnings season [1] - On Monday, companies like 铿腾电子 are set to report their performance [1] - On Tuesday, Stellantis and AstraZeneca will release their earnings before the European market opens [1] Group 2 - Major U.S. companies such as Boeing, UnitedHealth, and Procter & Gamble are expected to report earnings before the U.S. market opens on Tuesday [1] - Following that, Visa, Booking, and Starbucks will report their earnings after the U.S. market closes on Tuesday [1] - On Wednesday, significant tech companies including Microsoft, Meta Platforms, Qualcomm, and Arm Holdings are scheduled to release their earnings after the U.S. market closes [1] Group 3 - Mastercard is set to report its earnings before the U.S. market opens on Thursday [1] - Apple, Amazon, MicroStrategy, Coinbase, and Coherent will report their earnings after the U.S. market closes on Thursday [1] - On Friday, ExxonMobil, Chevron, and Regeneron Pharmaceuticals are expected to release their earnings before the U.S. market opens [1]

Core Insights - Cadence Design Systems, Inc. (CDNS) is set to release its second-quarter 2025 results on July 28, with earnings expected to be $1.57 per share, reflecting a 22.7% increase year-over-year, and revenues estimated at $1.26 billion, indicating an 18.7% growth from the previous year [1][2] Financial Expectations - For Q2 2025, CDNS anticipates revenues between $1.25 billion and $1.27 billion, up from $1.06 billion in the same quarter last year. Non-GAAP EPS is projected to be between $1.55 and $1.61, compared to $1.28 in the prior year [2][8] - The company has a strong earnings surprise history, having beaten the Zacks Consensus Estimate in the last four quarters with an average surprise of 6.7% [2] Stock Performance - CDNS stock has increased by 25.4% over the past year, outperforming the Computer-Software industry, which grew by 21.4%, and the S&P 500 composite, which rose by 22.1% [5] Market Drivers - Robust design activity in sectors such as data centers and automotive is driven by trends in artificial intelligence (AI), hyperscale computing, 5G, and autonomous driving, leading to increased demand for Cadence's solutions [6][10] - The company's ratable software model, strong backlog of $6.4 billion, and high recurring revenue mix are additional positive factors [7][8] Revenue Breakdown - The Core EDA business is expected to generate revenues of $905.6 million, reflecting a 17% year-over-year growth, driven by demand for new hardware systems and digital solutions [11] - The System Design and Analysis division is projected to achieve revenues of $177.5 million, indicating a 19.5% increase year-over-year, supported by demand for AI-powered solutions [12] - The IP business division is anticipated to see revenues rise by 26.5% to $174.5 million year-over-year, bolstered by demand for AI solutions and chiplet use cases [13] Strategic Collaborations - CDNS is collaborating with major tech companies like Qualcomm and NVIDIA on next-generation AI designs, which is expected to enhance its market position [9]

Wall Street analysts forecast that Cadence Design Systems (CDNS) will report quarterly earnings of $1.57 per share in its upcoming release, pointing to a year-over-year increase of 22.7%. It is anticipated that revenues will amount to $1.26 billion, exhibiting an increase of 18.7% compared to the year-ago quarter. Analysts expect 'Revenue- Product and maintenance' to come in at $1.15 billion. The estimate points to a change of +19.6% from the year-ago quarter. The collective assessment of analysts points to ...

Core Insights - The automotive industry is rapidly transitioning towards electrification, intelligence, and autonomous driving, creating unprecedented opportunities for the Electronic Design Automation (EDA) industry [1] - Major EDA players like Synopsys, Siemens, and Cadence are competing fiercely in the automotive electronics sector through technological innovation and strategic acquisitions [1][25][38] - The complexity and safety requirements of automotive electronic systems necessitate a closer relationship between chip design and system-level development, leading to increased demand for simulation and verification [3][41] Group 1: Mergers and Acquisitions - Synopsys announced the completion of a $35 billion acquisition of Ansys, marking a significant milestone in the EDA industry's shift towards system-level design [8][18] - Siemens completed a $10.6 billion acquisition of Altair Engineering to enhance its system-level software capabilities in the automotive electronics field [25][26] - Cadence acquired BETA CAE Systems for $1.24 billion, expanding its presence in automotive and aerospace simulation [38][39] Group 2: Importance of Simulation - Simulation is increasingly critical in automotive electronics due to the rapid evolution of technologies like autonomous driving and battery management systems [3][6] - Compared to physical testing, simulation is more cost-effective, faster, and safer, allowing for early-stage verification and rapid iteration [4][5][6] - Simulation can cover a broader range of test cases and scenarios, which is essential for complex systems like autonomous vehicles and battery management systems [5][6] Group 3: Market Growth and Trends - The total addressable market (TAM) for Synopsys is expected to grow 1.5 times to approximately $31 billion post-acquisition of Ansys, driven by the increasing demand for electronic and physical integration [20] - The combined market for system-level simulation and EDA revenue is projected to equalize, particularly in aerospace, industrial, automotive, and server markets [24] - The automotive electronics sector is experiencing unprecedented development cycles, necessitating a shift towards system-level simulation and virtual testing [41]

Company Overview - Cadence Design Systems (NASDAQ: CDNS) is a leading provider of engineering software tools essential for semiconductor chip design [1] Industry Significance - The company's Electronic Design Automation (EDA) tools are crucial for semiconductor design companies and other firms that incorporate semiconductors into their products [1]

Company Performance - Cadence Design Systems (CDNS) closed at $314.58, reflecting a -1.09% change from the previous day, underperforming the S&P 500's gain of 0.32% [1] - Over the past month, CDNS shares appreciated by 6.37%, underperforming the Computer and Technology sector's gain of 7.22% but outperforming the S&P 500's gain of 4.51% [2] Upcoming Earnings - The company's earnings report is scheduled for July 28, 2025, with an anticipated EPS of $1.57, representing a 22.66% increase year-over-year [3] - Revenue is expected to reach $1.26 billion, indicating an 18.8% rise compared to the same quarter last year [3] - For the full year, analysts expect earnings of $6.77 per share and revenue of $5.2 billion, marking changes of +13.4% and +11.99% respectively from the previous year [4] Analyst Estimates and Rankings - Recent changes to analyst estimates for Cadence Design Systems indicate a positive outlook, reflecting analyst optimism regarding business and profitability [5] - The Zacks Rank system, which includes estimate changes, currently ranks Cadence Design Systems at 3 (Hold) [7] Valuation Metrics - Cadence Design Systems is trading at a Forward P/E ratio of 46.96, which is a premium compared to the industry average of 25.34 [8] - The company has a PEG ratio of 3.49, higher than the Computer - Software industry's average PEG ratio of 2.37 [9] Industry Context - The Computer - Software industry is part of the Computer and Technology sector, currently holding a Zacks Industry Rank of 36, placing it in the top 15% of all industries [10]