Cadence Reports Fourth Quarter and Fiscal Year 2014 Financial Results

Cadence's management uses non-GAAP net income because it excludes items that are generally not directly related to the performance of the company's core business operations and therefore provides useful supplemental information to Cadence's management and investors regarding the performance of the company's business operations, facilitates comparisons to the company's historical operating results and enhances investors' ability to review Cadence's business from the same perspective as Cadence's management.  Cadence's management also uses non-GAAP net income internally for forecasting and budgeting. Non-GAAP financial measures should not be considered as a substitute for or superior to measures of financial performance prepared in accordance with GAAP.  Investors and potential investors are encouraged to review the reconciliation of non-GAAP financial measures contained within this press release with their most directly comparable GAAP financial results.  Investors are encouraged to look at the GAAP results as the best measure of financial performance.

The following tables reconcile the specific items excluded from GAAP net income and GAAP net income per diluted share in the calculation of non-GAAP net income and non-GAAP net income per diluted share for the periods shown below:

Net Income Reconciliation

 

Three Months Ended

   

January 3, 2015

 

December 28, 2013

   

(unaudited)

(in thousands)

           

Net income on a GAAP basis

 

$

65,030

   

$

37,705

 

Amortization of acquired intangibles

 

17,559

   

12,422

 

Stock-based compensation expense

 

22,974

   

18,798

 

Non-qualified deferred compensation expenses

 

409

   

1,256

 

Restructuring and other charges (credits)

 

(1,145)

   

15,405

 

Acquisition and integration-related costs

 

4,280

   

8,903

 

Special charges*

 

   

216

 

Amortization of debt discount

 

4,782

   

5,515

 

Other income or expense related to investments and non-qualified deferred compensation plan assets**

 

(1,484)

   

(1,553)

 

Income tax effect of non-GAAP adjustments

 

(27,987)

   

(31,775)

 

Net income on a non-GAAP basis

 

$

84,418

   

$

66,892

 
   

*

Comprised of costs related to executive severance costs

   

**

Includes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on sale of investments and gains or losses on non-qualified deferred compensation plan assets recorded in other income or expense.

 

Net Income Reconciliation

 

Years Ended

   

January 3, 2015

 

December 28, 2013

   

(unaudited)

(in thousands)

           

Net income on a GAAP basis

 

$

158,898

   

$

164,243

 

Amortization and sale of acquired intangibles

 

60,924

   

44,134

 

Stock-based compensation expense

 

83,792

   

66,285

 

Non-qualified deferred compensation expenses

 

3,415

   

3,293

 

Restructuring and other charges

 

10,252

   

17,999

 

Acquisition and integration-related costs

 

24,620

   

31,972

 

Special charges*

 

10,816

   

961

 

Amortization of debt discount

 

17,602

   

22,315

 

Other income or expense related to investments and non-qualified deferred compensation plan assets**

 

(4,629)

   

(5,280)

 

Income tax benefit due to a release of an uncertain tax position

 

   

(33,719)

 

Income tax effect of non-GAAP adjustments

 

(78,723)

   

(60,104)

 

Net income on a non-GAAP basis

 

$

286,967

   

$

252,099

 
   

*

Comprised of costs related to a voluntary retirement program and executive severance costs

   

**

Includes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on sale of investments and gains or losses on non-qualified deferred compensation plan assets recorded in other income or expense.


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