Mentor Graphics Reports Fiscal Third Quarter Results

 

MENTOR GRAPHICS CORPORATION

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

(In thousands, except percentages)
               
 
Three Months Ended October 31, Nine Months Ended October 31,
2016 2015 2016 2015
GAAP gross profit $ 271,326 $ 243,627 $ 660,814 $ 701,518
Reconciling items to non-GAAP gross profit:
Equity plan-related compensation 785 665 2,277 1,981
Amortization of purchased technology   1,828     1,844     5,400     5,496  
Non-GAAP gross profit $ 273,939   $ 246,136   $ 668,491   $ 708,995  
 
 
Three Months Ended October 31, Nine Months Ended October 31,
  2016     2015     2016     2015  
GAAP gross profit as a percent of total revenues 84.1 % 83.9 % 82.1 % 83.1 %
Non-GAAP adjustments detailed above   0.8 %   0.8 %   1.0 %   0.9 %
Non-GAAP gross profit as a percent of total revenues   84.9 %   84.7 %   83.1 %   84.0 %
 
 
Three Months Ended October 31, Nine Months Ended October 31,
  2016     2015     2016     2015  
GAAP operating expenses $ 215,012 $ 217,939 $ 610,315 $ 644,227
Reconciling items to non-GAAP operating expenses:
Equity plan-related compensation (10,306 ) (9,360 ) (31,241 ) (28,908 )
Amortization of other identified intangible assets (1,462 ) (2,364 ) (4,536 ) (6,817 )
Special charges   (1,500 )   (4,831 )   (5,936 )   (43,994 )
Non-GAAP operating expenses $ 201,744   $ 201,384   $ 568,602   $ 564,508  
 
 
Three Months Ended October 31, Nine Months Ended October 31,
  2016     2015     2016     2015  
GAAP operating income $ 56,314 $ 25,688 $ 50,499 $ 57,291
Reconciling items to non-GAAP operating income:
Equity plan-related compensation 11,091 10,025 33,518 30,889
Amortization of purchased technology 1,828 1,844 5,400 5,496
Amortization of other identified intangible assets 1,462 2,364 4,536 6,817
Special charges   1,500     4,831     5,936     43,994  
Non-GAAP operating income $ 72,195   $ 44,752   $ 99,889   $ 144,487  
 
 
Three Months Ended October 31, Nine Months Ended October 31,
  2016     2015     2016     2015  
GAAP operating income as a percent of total revenues 17.5 % 8.8 % 6.3 % 6.8 %
Non-GAAP adjustments detailed above   4.9 %   6.6 %   6.1 %   10.3 %
Non-GAAP operating income as a percent of total revenues   22.4 %   15.4 %   12.4 %   17.1 %
 
 
Three Months Ended October 31, Nine Months Ended October 31,
  2016     2015     2016     2015  
GAAP other income, net and interest expense $ (4,875 ) $ (4,595 ) $ (13,176 ) $ (13,532 )

Reconciling items to non-GAAP other income, net and interest expense:

Equity in losses of unconsolidated entities 36 72 81 33
Amortization of original issuance debt discount   1,786     1,663     5,263     4,900  
Non-GAAP other income, net and interest expense $ (3,053 ) $ (2,860 ) $ (7,832 ) $ (8,599 )
 

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