Cadence Reports Fourth Quarter and Fiscal Year 2014 Financial Results

 

                             

Cadence Design Systems, Inc.

       

Supplemental Reconciliation of Certain GAAP to Non-GAAP Measures

       

For the Year Ended January 3, 2015

       

(In thousands)

       

(Unaudited)

       
                             
               

Year Ended

           
               

January 3, 2015

           
           

GAAP

 

Adjustments

 

Non-GAAP

       
                             

Revenue:

                     
 

Product and maintenance

$     1,479,151

 

$                     -

 

$  1,479,151

       
 

Services

   

101,781

 

-

 

101,781

       
                             
   

Total revenue

 

1,580,932

 

-

 

1,580,932

       
                             

Costs and expenses:

                   
 

Cost of product and maintenance

156,333

 

(39,586)

 (J) 

116,747

       
 

Cost of services

 

67,373

 

(3,997)

 (J) 

63,376

       
 

Marketing and sales

399,688

 

(25,410)

 (J) 

374,278

       
 

Research and development

603,006

 

(68,141)

 (J) 

534,865

       
 

General and administrative

113,619

 

(22,416)

 (J) 

91,203

       
 

Amortization of acquired intangibles

24,017

 

(24,017)

 (J) 

-

       
 

Restructuring and other charges

10,252

 

(10,252)

 

-

       
                             
   

Total costs and expenses

1,374,288

 

(193,819)

 

1,180,469

       
                             
     

Income from operations

206,644

 

193,819

 

400,463

       
                             
 

Interest expense

   

(34,121)

 

17,602

 (K) 

(16,519)

       
 

Other income, net

 

8,479

 

(4,629)

(L)

3,850

       
                             
     

Income before provision for income taxes

181,002

 

206,792

 

387,794

       
                             
 

Provision for income taxes

22,104

 

78,723

(M)

100,827

       
                             
     

Net income 

$        158,898

 

$           128,069

 

$     286,967

       
                             

Notes: 

                       

(J) For the year ended January 3, 2015 adjustments to GAAP are as follows for the line items specified:

   
                             
         

Amortization of
acquired
intangibles

Stock-based
compensation
expense

 

Non-qualified
deferred
compensation
expenses

Acquisition and
integration-
related costs

 

Special
charges (N)

 

Total
adjustments

Cost of product and maintenance

$              36,907

$            2,244

 

$                    34

$                      -

 

$          401

 

$     39,586

Cost of services

 

-

3,280

 

50

-

 

667

 

3,997

Marketing and sales

-

20,580

 

149

2,768

 

1,913

 

25,410

Research and development

-

43,173

 

1,886

17,228

 

5,854

 

68,141

General and administrative

-

14,515

 

1,296

4,624

 

1,981

 

22,416

Amortization of acquired intangibles

24,017

-

 

-

-

 

-

 

24,017

 

Total

   

$              60,924

$          83,792

 

$               3,415

$              24,620

 

$     10,816

 

$   183,567

                             

(K) Amortization of debt discount related to convertible notes

           

(L) Other income or expense related to investments and non-qualified deferred compensation plan assets

   

(M) Income tax effect of non-GAAP adjustments 

             

(N) Comprised of costs related to a voluntary retirement program

           

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