Cadence Q3 revenue hits $1.633B, backlog record $8.2B, raises full-year outlook

Cadence's record backlog and raised outlook suggest demand for chip-design tooling is holding up even as the broader semiconductor cycle stays uneven. The gap between GAAP and non-GAAP margins is wide, so the quality of the beat matters as much as its size. Recurring revenue growth of 18% is the steadier signal here, pointing to subscription durability rather than one-off license timing. Whether that backlog converts on schedule, and whether margin expansion survives rising costs, are the open questions worth watching.