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 December 28, 2013

       

(In thousands)

       

(Unaudited)

       
                             
               

Year Ended

           
               

December 28, 2013

           
           

GAAP

 

Adjustments

 

Non-GAAP

       
                             

Revenue:

                     
 

Product and maintenance

$   1,357,934

 

$                -

 

$ 1,357,934

       
 

Services

   

102,182

 

-

 

102,182

       
                             
   

Total revenue

1,460,116

 

-

 

1,460,116

       
                             

Costs and expenses:

                   
 

Cost of product and maintenance

132,245

 

(26,352)

 (O) 

105,893

       
 

Cost of services

   

67,956

 

(2,373)

 (O) 

65,583

       
 

Marketing and sales

 

378,157

 

(17,828)

 (O) 

360,329

       
 

Research and development

534,022

 

(53,403)

 (O) 

480,619

       
 

General and administrative

121,314

 

(27,273)

 (O) 

94,041

       
 

Amortization of acquired intangibles

19,416

 

(19,416)

 (O) 

-

       
 

Restructuring and other charges

17,999

 

(17,999)

 

-

       
                             
   

Total costs and expenses

1,271,109

 

(164,644)

 

1,106,465

       
                             
     

Income from operations

189,007

 

164,644

 

353,651

       
                             
 

Interest expense

 

(37,581)

 

22,315

(P)

(15,266)

       
 

Other income, net

7,570

 

(5,280)

(Q)

2,290

       
                             
     

Income before provision (benefit) for income taxes

158,996

 

181,679

 

340,675

       
                             
 

Provision (benefit) for income taxes

(5,247)

 

93,823

(R)

88,576

       
                             
     

Net income 

$      164,243

 

$        87,856

 

$    252,099

       
                             

Notes: 

                       

(O) For the year ended December 28, 2013 adjustments to GAAP are as follows for the line items specified:

   
                             
         

Amortization
and sale of
acquired
intangibles

Stock-based
compensation
expense

 

Non-qualified
deferred
compensation
expenses

Acquisition and
integration-related
costs

 

Special
charges (S)

 

Total
adjustments

Cost of product and maintenance

$           24,718

$          1,596

 

$               38

$                     -

 

$            -

 

$     26,352

Cost of services

 

-

2,321

 

52

-

 

-

 

2,373

Marketing and sales

-

15,642

 

239

1,467

 

480

 

17,828

Research and development

-

32,999

 

1,700

18,704

 

-

 

53,403

General and administrative

-

13,727

 

1,264

11,801

 

481

 

27,273

Amortization of acquired intangibles

19,416

-

 

-

-

 

-

 

19,416

 

Total

   

$           44,134

$        66,285

 

$          3,293

$              31,972

 

$          961

 

$   146,645

                             

(P) Amortization of debt discount related to convertible notes

           

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

   

(R) Income tax effect of non-GAAP adjustments

             

(S) Comprised of executive severance costs



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