Cadence Design Systems, Inc. (CDNS): Business Model Canvas [Dec-2025 Updated]

You're trying to figure out how the foundational software powering the AI chip revolution actually makes its money, right? Well, looking at the latest data for Cadence Design Systems, Inc. as of late 2025, it's clear: this isn't just about selling software; it's about mission-critical Intellectual Property (IP) and design services that are locking in customers. With a record contract backlog hitting $7.0 billion and projected non-GAAP operating margins between 43.9% and 44.9% for the full year, the model is clearly working. I've broken down exactly how they connect their key activities-like developing Cerebrus and integrating acquisitions-to those impressive revenue streams below, so you can see the whole picture.

Cadence Design Systems, Inc. (CDNS) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that fuel Cadence Design Systems, Inc.'s growth, especially in this AI-driven era. These aren't just handshake agreements; they are deep technical integrations that directly impact silicon performance and market access. Honestly, the numbers coming out of these partnerships are what really tell the story of Cadence Design Systems, Inc.'s strategic positioning.

NVIDIA: AI Factory Digital Twins and Architecture Alignment

The collaboration with NVIDIA is clearly centered on the massive buildout of AI Factories. Cadence Design Systems, Inc. has adopted NVIDIA Omniverse as its Digital Twin collaboration platform, while NVIDIA, in turn, uses the Cadence Reality Digital Twin Platform to simulate its own supercomputing data centers. This full-stack alignment is critical as data center rack power requirements have shot up from around ~12KW to over 125 KW in just the last year, with plans for a Gigawatt rack soon. To put the scale in perspective, Jensen Huang noted that building just one one-Gigawatt AI factory can require capital near $60 billion. Cadence Design Systems, Inc. is helping to de-risk this by simulating these environments; one disclosure mentioned that while Cadence Design Systems, Inc. engages about 99% of the semiconductor industry with simulation and AI, only 20% of data center systems are currently simulated before construction. Furthermore, Cadence Design Systems, Inc.'s tools running on NVIDIA AI infrastructure can accelerate solvers for Europe's industrial AI ecosystem by up to 80X.

Intel Foundry: Alliance Membership and Process Co-Optimization

Cadence Design Systems, Inc. is deeply embedded in the Intel Foundry ecosystem. They are a founding member of the Intel Foundry Chiplet Alliance and also participate in the EDA, IP, and USMAG Alliance programs. This relationship translates directly into tangible performance gains for customers using Intel Foundry processes. For instance, Cadence Design Systems, Inc. helped improve ISO power and performance by 6% on benchmark designs, which is significant because typical generational process node gains are only about 15%. Also, routing automation resulting from this collaboration is projected to deliver a 10X productivity improvement this year alone. The company bolstered its design services capability here by acquiring Intrinsix, a founding member of the original USMAG Design Services Alliance.

Major Foundries (TSMC, Samsung): Advanced Node Enablement

Deepening relationships with the leading foundries is how Cadence Design Systems, Inc. ensures its tools and IP are ready for the next wave of silicon. You can see this in the specific process nodes they are certifying against. Here's a quick look at the recent activity:

The overall Semiconductor IP revenue for Cadence Design Systems, Inc. reflected this foundry strength, growing 40% year-over-year in Q1 2025.

Arm: Foundation IP Portfolio Acquisition

Cadence Design Systems, Inc. completed the acquisition of Arm Holdings' Artisan foundation IP business on August 27, 2025. This move brought standard cell libraries, memory compilers, and GPIOs optimized for advanced nodes directly into the Cadence Design Systems, Inc. portfolio, marking its entry into the foundation IP market. While the deal is expected to be immaterial to revenue and earnings this year (2025), the strategic value is clear, especially as Cadence Design Systems, Inc. has already taped out its first-ever Arm-based system chiplet.

Academic Network

Cadence Design Systems, Inc. maintains partnerships with universities to fuel STEM and technology education, which is vital for the long-term talent pipeline supporting the complex EDA and IP development required by these industry partnerships. For example, a significant portion of Cadence Design Systems, Inc.'s global engineering talent is estimated to be based in India, at 35-40%.

Finance: review Q4 2025 backlog conversion rate against the $3.5 billion remaining performance obligations reported at the end of Q3 2025.

Cadence Design Systems, Inc. (CDNS) - Canvas Business Model: Key Activities

Developing and enhancing AI-driven Electronic Design Automation (EDA) software.

Core EDA revenue increased 16% year-over-year in Q1 2025. Momentum was noted for AI-driven solutions like Cadence Cerebrus and Verisium. The Core EDA segment contributed 71% of total revenue for the three months ended June 30, 2025. Cadence Design Systems posted adjusted earnings per share of $1.57 for Q1 2025. The company raised its full-year 2025 revenue outlook to a range of $5.15 billion to $5.23 billion. For the third quarter of 2025, Non-GAAP diluted net income per share reached $1.93. The Non-GAAP operating margin for Q3 2025 stood at 47.6%. The company repurchased $350 million worth of shares during Q1 2025. The trailing 12 months recurring revenue was 80%. Cadence Design Systems had a market capitalization of approximately $87,395 million as of May 2025. The company expects earnings to be as high as $4.31 per share for the full year 2025 based on a Q1 revision. The company's quarter-end backlog totaled $6.4 billion after Q1 2025. By the end of Q3 2025, the backlog reached a record of $7.0 billion. Cadence expects to recognize $3.5 billion of that backlog as revenue over the next 12 months. The company's Q3 2025 revenue was $1.339 billion. The GAAP operating margin for Q1 2025 was 29.1%. The company posted net income of $273.6 million in Q1 2025, up 10.4% year-over-year. For the six months ended June 30, 2025, total revenue was $2,517.8 million, up 22% from the prior year period. For the same six-month period, diluted net income per share was $1.59. Operating cash flow reached $487 million in Q1 2025. The company's full-year 2024 revenue was $4.64 billion. The company forecasts 13% revenue growth and 16% EPS growth for 2025 according to one projection.

R&D investment in next-generation technologies like 3D-IC and silicon photonics.

Cadence Design Systems research and development expenses for the twelve months ending September 30, 2025, were $1.696B. Annual research and development expenses for 2024 were $1.549B. Historically, Cadence invested about 35% of its total revenue in R&D to remain on the cutting edge of the chips design process. The company is investing in R&D for next-generation technologies, such as heterogeneous integration, advanced packaging, and silicon photonics.

Manufacturing and selling high-end emulation and prototyping hardware systems.

The Palladium Z3 and Protium X3 platforms had their best quarter ever in Q4 2024, reflecting increased customer demand. The Hardware segment had a record third quarter in Q3 2025, driven by several significant expansions, particularly with AI and HPC customers. System Design and Analysis revenue jumped over 50% year-over-year in Q1 2025. The System Design and Analysis segment made up 16% of revenue for the three months ended June 30, 2025.

Integrating acquired technologies, like Hexagon's D&E for system analysis.

Cadence Design Systems signed an agreement to acquire Hexagon AB's Design & Engineering (D&E) division for approximately €2.7 billion, which is roughly $3.18 billion. The transaction is structured with 70% cash and 30% Cadence common stock. Hexagon's D&E division generated approximately $280 million in revenue in 2024. The acquisition is expected to close in the first quarter of 2026. The D&E business employs more than 1,100 experts worldwide. The deal adds MSC Nastran and Adams to Cadence's offerings. Cadence also purchased Beta CAE in 2024 for $1.24 billion.

Licensing a broad portfolio of semiconductor Intellectual Property (IP).

Semiconductor IP revenue surged 40% year-over-year in Q1 2025. The Semiconductor IP segment accounted for 13% of total revenue for the three months ended June 30, 2025. The IP business maintained strong momentum in Q3 2025, driven by accelerating global IP demand. Cadence successfully completed the acquisition of the Arm Artisan foundation IP. The IP business grew 28% year-over-year in Q4 2024. The IP portfolio includes flagship HBM, DDR, PCIe, and UCIe solutions.

Here's the quick math on the latest reported segment performance:

You can see the reliance on the Core EDA segment, but the explosive growth is clearly coming from IP and System Design & Analysis. The massive backlog gives you a strong view of future committed revenue.

• Developing and enhancing AI-driven EDA software.
• R&D investment in next-generation technologies like 3D-IC and silicon photonics.
• Manufacturing and selling high-end emulation and prototyping hardware systems.
• Integrating acquired technologies, like Hexagon's D&E for system analysis.
• Licensing a broad portfolio of semiconductor Intellectual Property (IP).

Finance: review the cash impact of the 70% cash portion of the Hexagon D&E deal for Q1 2026 by next Tuesday.

Cadence Design Systems, Inc. (CDNS) - Canvas Business Model: Key Resources

You're looking at the core assets that power Cadence Design Systems, Inc.'s market position as of late 2025. These aren't just tools; they are the engine behind their financial stability and growth trajectory.

The foundation rests heavily on proprietary, AI-powered EDA software (Electronic Design Automation). The latest iteration, Cadence Cerebrus AI Studio, is positioned as the industry's first agentic AI, multi-block, multi-user SoC design platform. This technology is designed to deliver engineering productivity gains of up to 5X to 10X for system-on-chip (SoC) optimization, directly addressing the complexity of chips requiring trillions of transistors.

Also critical is the extensive portfolio of Silicon and Design IP. Cadence Design Systems, Inc. bolstered this by completing the acquisition of Arm's Artisan foundation IP Business on August 27, 2025, for approximately $150 million. This move brought standard cell libraries, memory compilers, and general-purpose I/Os optimized for advanced process nodes directly into the Cadence Design Systems, Inc. fold, augmenting existing protocol, interface, SerDes, and embedded security IP.

The high-performance verification hardware, the Palladium Z3 Emulation and Protium X3 FPGA Prototyping systems, forms another pillar. This dynamic duo targets multi-billion-gate designs. Compared to their predecessors, these systems offer more than 2X increased capacity and are 1.5X faster. The Palladium Z3 can scale up to 48B gates, and its specialized Power App achieves 95% power sign-off accuracy.

This technological strength translates directly into financial security, evidenced by the record contract backlog. As of Q3 2025, Cadence Design Systems, Inc. reported a record backlog of $7.0 billion. For context, Q3 2025 revenue itself was $1.339 billion, with a Non-GAAP operating margin hitting 47.6%.

The final key resource is the highly specialized R&D talent focused on computational software and system design, which underpins the entire Intelligent System Design strategy. This talent drives the development of tools that deliver measurable customer results, like the 5X to 10X acceleration seen with Cerebrus AI Studio.

Here's a quick look at the performance metrics of the verification hardware:

The IP portfolio expansion is also marked by recent strategic additions:

• Acquisition of Arm Artisan foundation IP for approximately $150 million.
• Pending acquisition of Secure-IC (embedded security IP).
• Acquisition of Hexagon's D&E business (structural analysis).

The commitment to this resource base is clear; the $7.0 billion backlog suggests customers are locking in multi-year commitments for these advanced capabilities. Finance: draft 13-week cash view by Friday.

Cadence Design Systems, Inc. (CDNS) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose Cadence Design Systems, Inc. in late 2025. It's about speed, complexity management, and the sheer power of their AI integration.

Accelerating time-to-market for complex AI and HPC chips is a primary driver. The Semiconductor IP segment shows this demand clearly, growing $\mathbf{40\%}$ year-over-year in Q1 2025, fueled by AI chips and chiplet architectures. Overall, Cadence Design Systems, Inc. projects a full-year 2025 revenue growth of approximately $\mathbf{14\%}$.

The value proposition extends beyond just the chip. Cadence Design Systems, Inc. enables full system-level design and analysis, from chip to electromechanical system. This is reflected in the customer mix, where about $\mathbf{45\%}$ of their business now comes from system companies like automotive and hyperscalers, with the System Design and Analysis segment achieving over $\mathbf{40\%}$ growth in 2024.

For productivity, the numbers are stark. Cadence Design Systems, Inc. is delivering up to $\mathbf{10X}$ engineering productivity gains using AI-powered verification tools, with the CEO stating they can deliver at least $\mathbf{10x}$ productivity improvement by applying AI to their products over the next 5 years. This is directly tied to the adoption of tools like the Cerebrus Intelligent Chip Explorer, which saw $\mathbf{1,000}$ tapeouts and nearly $\mathbf{50}$ new customers in Q1 2025 alone.

The portfolio is comprehensive across EDA, IP, and System Design. For example, in Q2 2025, the Core EDA revenue grew $\mathbf{16\%}$ year-over-year, while the IP business delivered over $\mathbf{25\%}$ year-over-year growth in the same quarter. The company's overall Q2 2025 revenue hit $\mathbf{\$1.28}$ billion, a $\mathbf{20\%}$ increase year-over-year.

Regarding design cycle time, while the $\mathbf{30\%}$ reduction figure isn't explicitly confirmed in recent reports, the impact of AI automation on design quality and speed is quantified elsewhere. Using the Cerebrus AI-driven tool, customers have seen up to $\mathbf{60\%}$ improvement in timing metrics, which directly translates to faster final design closure.

Here's a quick look at the financial scale supporting these value propositions as of late 2025:

The specific gains from AI automation are best seen through product performance:

• The Cerebrus AI tool delivered up to $\mathbf{10X}$ engineering productivity gains.
• Cerebrus improved timing by up to $\mathbf{60\%}$.
• Cerebrus lowered leakage by nearly $\mathbf{40\%}$.
• Allegro X AI reduced Printed Circuit Board (PCB) placement and routing time from days to minutes.
• The company's overall incremental margin on new revenue has been $\mathbf{50\%}$ or better for 8 years running.

The focus on high-growth areas is clear in the segment performance you see. Finance: draft 13-week cash view by Friday.

Cadence Design Systems, Inc. (CDNS) - Canvas Business Model: Customer Relationships

You're looking at how Cadence Design Systems, Inc. keeps its top-tier customers locked in for the long haul. It's not just about selling software; it's about becoming an indispensable part of their design flow, especially as chips get more complex with AI integration.

The relationship model relies heavily on deep technical integration and long-term financial commitments. This stickiness is evident in the recurring revenue base. For the trailing twelve months ending September 30, 2025, recurring revenue sat at 80% of total revenue. This compares to 78% of total revenue in fiscal Q2 2025. To give you context on the total scale, the revenue for the twelve months ending September 30, 2025, was $5.213B.

The long-term nature of these agreements is reflected in the backlog. As of the end of Q3 2025, Cadence Design Systems reported a record backlog of $7.0 billion. Management expected to recognize $3.5 billion of that backlog as revenue over just the next 12 months. This forward visibility is crucial; for instance, the current remaining performance obligations (cRPO), which is contract revenue expected in the next 12 months, stood at $3.1 billion at the end of Q2 2025.

The structure supporting these relationships involves dedicated technical staff and high-value services.

• Dedicated account teams and field application engineers for deep customer support.
• Professional services revenue for Q4 2024 was $116.7 million, marking a 35% year-over-year increase.

The financial breakdown for fiscal year 2025 shows the Service segment generated $2.68 B in revenue, accounting for 22.07% of the total revenue for that year, based on one segment analysis.

Cadence Design Systems, Inc. solidifies these ties through strategic co-development with the biggest players in the semiconductor and cloud space. These partnerships ensure Cadence's tools are certified and optimized for the very latest process nodes and architectures.

The mission-critical nature of the software means customers are deeply invested in the ecosystem. For example, the company's IP business saw significant expansions and competitive displacements at top-tier customers, fueled by demand for AI high-performance computing protocols like HBM, DDR, PCIe, and UCIe solutions. The overall FY2025 revenue guidance reflects this strong commitment, projected to be between $5.262 billion and $5.292 billion.

Cadence Design Systems, Inc. (CDNS) - Canvas Business Model: Channels

You're looking at how Cadence Design Systems, Inc. gets its software and services into the hands of the world's leading chip designers. The structure is heavily weighted toward direct engagement, which makes sense for high-value, strategic software licenses.

Direct sales force for large, strategic, and recurring software license deals.

The success of this channel is evident in the financial results. For the trailing twelve months ending September 30, 2025, Cadence Design Systems, Inc. revenue was reported at $5.21 billion. The core Electronic Design Automation segment, which captures much of the software licensing, brought in $3.30 billion USD in the last reported year. Furthermore, the company raised its full-year 2025 revenue outlook to the range of $5.262 billion to $5.292 billion, projecting approximately 14% year-over-year growth. The ratable software business model, which relies on these recurring deals, provides strong visibility, with a backlog of $7 billion noted in late 2025.

Global network of field application engineers for on-site customer support.

The depth of engagement required for advanced node design and AI-driven tools necessitates this high-touch support. The Core EDA revenue grew 16% year-over-year in Q2 2025, partly due to the use of Cadence Cerebrus in over 50% of advanced node designs. This level of adoption suggests deep integration supported by FAEs. Geographically, the United States remains the largest market, accounting for 3,984 customers, or 69.93% of the total customer base of over 6,673 companies using the tool globally as of 2025.

Cadence Academic Network for university and research institution outreach.

This channel builds the future talent pipeline and drives early adoption. While specific numbers for the network size aren't public, the focus on education is clear from customer industry data. In 2025, top industries using Cadence Design Systems included Research with 218 companies, Continuing Education with 214, and Higher Education with 183 customers. This indicates a significant, quantifiable channel into academic and research bodies.

Online customer support portal and technical documentation.

This digital channel supports the massive installed base, which includes 1,398 companies with 10,000+ employees. The Service segment, which encompasses support, generated $2.68 billion in revenue in fiscal year 2025.

Here's a look at the scale of the business that these channels support as of late 2025:

The success of the direct sales and FAE network is directly tied to the growth in specialized areas; for instance, the IP business grew by more than 25% year-over-year in Q2 2025.

• Direct sales focus on large, recurring software license deals.
• FAEs provide on-site support for advanced node proliferation.
• Academic Network supports 183+ Higher Education customers.
• Service revenue reached $2.68 billion in FY 2025.

The company repurchased $350 million worth of shares in Q1 2025, showing capital return aligned with strong cash flow visibility from these recurring channels. Finance: draft 13-week cash view by Friday.

Cadence Design Systems, Inc. (CDNS) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Cadence Design Systems, Inc. as of late 2025. The company's CEO noted that the customer mix is split into two major groups based on revenue contribution.

For the full fiscal year 2025, Cadence Design Systems projected total revenue in the range of $5.262 billion to $5.292 billion. This revenue base supports the following customer segment distribution:

The System Companies segment, which includes hyperscale computing and data center companies, automotive, and mobile communications, drives a substantial portion of the business. For context, the Q3 2025 revenue was reported at $1.339 billion.

The demand from specific customer types within these segments is driving significant growth, especially in high-performance areas.

• The Intellectual Property (IP) business, which serves many of these design customers, saw growth of 40% year-over-year (based on Q1 2025 data).
• The Hardware segment experienced a record Q3, with significant expansions noted specifically at AI and HPC customers.
• Specific design wins and expansions were noted with companies like Socionext, Rapidus, and Intel Foundry.

The segment serving global foundries, which require Process Design Kits (PDKs) and IP for advanced nodes, is embedded within the larger semiconductor customer base. Cadence Design Systems joined the Intel Foundry Accelerator Design Services Alliance to support advanced IP for AI and HPC applications.

Emerging technology companies focused on chiplet and 3D-IC architectures are a key area of focus, as Cadence's Intelligent System Design strategy unifies EDA, IP, 3D-IC, PCB, and system analysis solutions to address this complexity.

Finance: draft 13-week cash view by Friday.

Cadence Design Systems, Inc. (CDNS) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Cadence Design Systems, Inc.'s operations as of late 2025. Honestly, for a high-growth software and IP company, the cost structure is heavily weighted toward future innovation, which is good for long-term value but requires significant upfront investment.

The single largest identifiable operating expense is the investment in the future product pipeline. Research and Development (R&D) expenses for the twelve months ending September 30, 2025, totaled $1.696B. This figure reflects the intense effort required to maintain leadership in Electronic Design Automation (EDA) and expand into adjacent simulation markets, like the recently announced acquisition area.

The company is also actively spending on inorganic growth to broaden its platform. The agreement to acquire Hexagon's Design & Engineering (D&E) business is a major cost event, valued at approximately $3.16 billion to $3.18 billion in cash and stock. This deal, expected to close in Q1 2026, will certainly impact near-term integration costs, which are typically excluded from non-GAAP metrics but are a real cash outlay. To put this in context with prior moves, Cadence paid $1.24 billion for BETA CAE Systems in 2024. If the Hexagon deal were to fall through, Cadence would face a reverse termination fee of up to 175 million euros.

The structure of the revenue itself dictates a large portion of the Cost of Revenue. In the third quarter of 2025, the core EDA business, which is primarily software licensing, represented about 71% of total revenue. This high proportion of software revenue, which carries very high gross margins-the Non-GAAP Gross Margin was 88.4% in Q1 2025-means the Cost of Revenue related to IP development and software delivery is relatively low as a percentage of sales, though the absolute dollar amount for IP development is captured within R&D.

Supporting the global reach of these products requires a dedicated Sales and Marketing (S&M) function. While specific S&M dollar amounts for FY 2025 aren't explicitly broken out in the latest reports, the company's high operating leverage suggests S&M scales efficiently relative to revenue growth. The overall cost control is evident in the projected profitability.

For the full fiscal year 2025, Cadence Design Systems projects a strong Non-GAAP Operating Margin in the range of 43.9% to 44.9%. This efficiency is a direct result of the scalable software model, even with high R&D spending and M&A costs factored into the GAAP view.

Here's a quick look at the known cost and margin drivers based on recent figures:

The company's cash position at the end of Q3 2025 was $2.753 billion, with $2.5 billion in principal debt outstanding, which provides a buffer for ongoing operational costs and integration efforts.

You should keep an eye on how the integration of the acquired simulation assets-which have their own dedicated R&D and Sales teams-will affect the overall operating margin as those costs are absorbed into the P&L, even as the high-margin software revenue base grows.

• High R&D spending is necessary to fuel the AI and digital twin roadmaps.
• Acquisition costs are significant, signaling a strategy of buying capability rather than building all of it.
• The high Non-GAAP Operating Margin demonstrates excellent scalability of the core software business.
• The recurring revenue component, at 80% trailing twelve months in Q3 2025, helps stabilize the base cost structure.

Cadence Design Systems, Inc. (CDNS) - Canvas Business Model: Revenue Streams

You're looking at the engine room of Cadence Design Systems, Inc.'s financial structure, which is heavily weighted toward predictable, long-term revenue. The core of the business model relies on locking in customers with software that becomes essential to their design flow, making renewals almost automatic. This is the recurring revenue stream that analysts, myself included, really focus on.

The full-year 2025 revenue is projected to be between $5.262 billion and $5.292 billion, showing continued double-digit growth momentum as we head into the end of the year. That forecast, updated after the third quarter of 2025, reflects strong underlying demand across the board.

Here's a quick look at some key financial markers as of late 2025:

The structure of this revenue is what matters most for valuation. It's not just about the total number; it's about how much of it is locked in.

The primary revenue source is recurring revenue from ratable software license subscriptions. This is the bread and butter, the part that makes the business so valuable. This revenue is recognized over the term of the contract, which is why the backlog and remaining performance obligations are so important-they are deferred revenue that will hit the income statement later. For example, the quarter-end backlog swelled past $7.0 billion following the third quarter of 2025, giving great visibility into future recognized revenue.

Next up, you have the revenue from high-end hardware systems, specifically the Palladium Z3 emulation and Protium X3 prototyping platforms. This is up-front revenue from sales of high-end hardware systems. While it's not the largest component compared to the subscription base, it's a high-margin, strategic sale that often locks in a customer for years of associated software/support contracts. Management noted that hardware was doing 'phenomenally well,' and they expect that momentum to continue into 2026, which suggests significant upfront bookings in late 2025.

The third key stream is licensing fees for Semiconductor Intellectual Property (IP) cores. This segment is a major growth driver. In the second quarter of 2025, IP revenue exceeded 25% year-over-year growth. This business benefits directly from the massive investment in AI and high-performance computing protocols like HBM, DDR, and PCIe, as customers license these pre-verified blocks to speed up their chip design.

Finally, there is the revenue from professional services. This covers consulting, training, and design services that help customers implement and optimize the tools and IP. For the full fiscal year 2025, one segment breakdown listed the Service revenue at $2.68 billion, representing about 22.07% of that specific segment's total revenue calculation, though the overall mix is dominated by software subscriptions.

You can see the revenue streams are clearly segmented by the nature of the sale:

• Software licenses are ratable and form the recurring base.
• Hardware sales are upfront and act as a gateway to long-term support.
• IP licensing is high-growth, tied to cutting-edge protocol demand.
• Services provide immediate revenue and deepen customer integration.

Finance: draft 13-week cash view by Friday.