Mentor Graphics Reports Fiscal Second Quarter Results and Announces Quarterly Dividend

 

 

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,
      2015     2014     2015     2014
GAAP gross profit     $ 234,799       $ 211,304       $ 457,891       $ 406,012  
Reconciling items to non-GAAP gross profit:                        
Equity plan-related compensation       608         544         1,316         1,079  
Amortization of purchased technology       1,794         1,841         3,652         3,202  
Non-GAAP gross profit     $ 237,201       $ 213,689       $ 462,859       $ 410,293  
                         
                         
      Three Months Ended July 31,     Six Months Ended July 31,
      2015     2014     2015     2014
GAAP gross profit as a percent of total revenues       83.5 %       81.2 %       82.8 %       79.2 %
Non-GAAP adjustments detailed above       0.9 %       0.9 %       0.9 %       0.9 %
Non-GAAP gross profit as a percent of total revenues       84.4 %       82.1 %       83.7 %       80.1 %
                         
                         
      Three Months Ended July 31,     Six Months Ended July 31,
      2015     2014     2015     2014
GAAP operating expenses     $ 195,533       $ 194,392       $ 426,288       $ 387,456  
Reconciling items to non-GAAP operating expenses:                        
Equity plan-related compensation       (9,978 )       (8,616 )       (19,548 )       (16,210 )
Amortization of other identified intangible assets       (2,234 )       (2,026 )       (4,453 )       (3,892 )
Special charges       (2,186 )       (5,108 )       (39,163 )       (11,034 )
Non-GAAP operating expenses     $ 181,135       $ 178,642       $ 363,124       $ 356,320  
                         
                         
      Three Months Ended July 31,     Six Months Ended July 31,
      2015     2014     2015     2014
GAAP operating income     $ 39,266       $ 16,912       $ 31,603       $ 18,556  
Reconciling items to non-GAAP operating income:                        
Equity plan-related compensation       10,586         9,160         20,864         17,289  
Amortization of purchased technology       1,794         1,841         3,652         3,202  
Amortization of other identified intangible assets       2,234         2,026         4,453         3,892  
Special charges       2,186         5,108         39,163         11,034  
Non-GAAP operating income     $ 56,066       $ 35,047       $ 99,735       $ 53,973  
                         
                         
      Three Months Ended July 31,     Six Months Ended July 31,
      2015     2014     2015     2014
GAAP operating income as a percent of total revenues       14.0 %       6.5 %       5.7 %       3.6 %
Non-GAAP adjustments detailed above       5.9 %       7.0 %       12.3 %       6.9 %
Non-GAAP operating income as a percent of total revenues       19.9 %       13.5 %       18.0 %       10.5 %
                         
                         
      Three Months Ended July 31,     Six Months Ended July 31,
      2015     2014     2015     2014
GAAP other income (expense), net and interest expense     $ (4,585 )     $ (4,911 )     $ (8,937 )     $ (9,754 )

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

                       
Equity in (income) loss of unconsolidated entities       (14 )       55         (39 )       68  
Amortization of original issuance debt discount       1,633         1,521         3,237         3,015  
Non-GAAP other income (expense), net and interest expense     $ (2,966 )     $ (3,335 )     $ (5,739 )     $ (6,671 )
                         

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