Mentor Graphics Reports Fiscal Second Quarter Results

 

MENTOR GRAPHICS CORPORATION

UNAUDITED RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES

(In thousands, except percentages)
         
 
Three Months Ended July 31, Six Months Ended July 31,
  2014     2013     2014     2013  
GAAP gross profit $ 211,304 $ 208,359 $ 406,012 $ 394,693
Reconciling items to non-GAAP gross profit:
Equity plan-related compensation 544 458 1,079 918
Amortization of purchased technology   1,841     712     3,202     1,919  
Non-GAAP gross profit $ 213,689   $ 209,529   $ 410,293   $ 397,530  
 
 
Three Months Ended July 31, Six Months Ended July 31,
  2014     2013     2014     2013  
GAAP gross profit as a percent of total revenues 81.2 % 82.3 % 79.2 % 82.3 %
Non-GAAP adjustments detailed above   0.9 %   0.4 %   0.9 %   0.6 %
Non-GAAP gross profit as a percent of total revenues   82.1 %   82.7 %   80.1 %   82.9 %
 
 
Three Months Ended July 31, Six Months Ended July 31,
  2014     2013     2014     2013  
GAAP operating expenses $ 194,392 $ 181,781 $ 387,456 $ 362,222
Reconciling items to non-GAAP operating expenses:
Equity plan-related compensation (8,616 ) (6,819 ) (16,210 ) (12,925 )
Amortization of Frontline purchased technology and other
identified intangible assets - (231 ) (116 ) (968 )
Amortization of other identified intangible assets (2,026 ) (1,556 ) (3,776 ) (3,210 )
Special charges   (5,108 )   (3,859 )   (11,034 )   (7,882 )
Non-GAAP operating expenses $ 178,642   $ 169,316   $ 356,320   $ 337,237  
 
 
Three Months Ended July 31, Six Months Ended July 31,
  2014     2013     2014     2013  
GAAP operating income $ 16,912 $ 26,578 $ 18,556 $ 32,471
Reconciling items to non-GAAP operating income:
Equity plan-related compensation $ 9,160 $ 7,277 $ 17,289 $ 13,843
Amortization of purchased technology 1,841 712 3,202 1,919
Amortization of Frontline purchased technology and other
identified intangible assets - 231 116 968
Amortization of other identified intangible assets 2,026 1,556 3,776 3,210
Special charges   5,108     3,859       11,034       7,882  
Non-GAAP operating income $ 35,047   $ 40,213   $ 53,973   $ 60,293  
 
 
Three Months Ended July 31, Six Months Ended July 31,
  2014     2013     2014     2013  
GAAP operating income as a percent of total revenues 6.5 % 10.5 % 3.6 % 6.8 %
Non-GAAP adjustments detailed above   7.0 %   5.4 %   6.9 %   5.8 %
Non-GAAP operating income as a percent of total revenues   13.5 %   15.9 %   10.5 %   12.6 %
 
 
Three Months Ended July 31, Six Months Ended July 31,
  2014     2013     2014     2013  
GAAP other income (expense), net and interest expense $ (4,911 ) $ (5,169 ) $ (9,754 ) $ (10,913 )
Reconciling items to non-GAAP other income (expense), net
and interest expense:
Equity in earnings of unconsolidated entities 55 (42 ) 68 (93 )
Amortization of original issuance debt discount   1,521     1,416     3,015     2,807  
Non-GAAP other income (expense), net and interest expense $ (3,335 ) $ (3,795 ) $ (6,671 ) $ (8,199 )
 

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