Mentor Graphics Reports Fiscal Second Quarter Results

 

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,
2009 2008 2009 2008
GAAP gross margin $ 149,664 $ 152,026 $ 314,399 $ 297,371
Reconciling items to non-GAAP gross margin
Equity plan-related compensation 470 375 969 751
Prepaid royalty costs - - - 103
Amortization of purchased technology   2,928     1,992     5,876     5,230  
Non-GAAP gross margin $ 153,062   $ 154,393   $ 321,244   $ 303,455  
 
 
Three Months Ended July 31, Six Months Ended July 31,
2009 2008 2009 2008
GAAP gross margin as a percent of total revenues 82 % 83 % 84 % 82 %
Non-GAAP adjustments detailed above   2 %   2 %   1 %   2 %
Non-GAAP gross margin as a percent of total revenues   84 %   85 %   85 %   84 %
 
 
Three Months Ended July 31, Six Months Ended July 31,
2009 2008 2009 2008
GAAP operating expenses $ 161,161 $ 181,933 $ 332,042 $ 357,943
Reconciling items to non-GAAP operating expenses
Equity plan-related compensation (7,027 ) (7,209 ) (14,298 ) (13,384 )
Amortization of other identified intangible assets (2,888 ) (2,537 ) (5,758 ) (4,970 )
Rebalance, restructuring, and other costs (4,202 ) (3,235 ) (9,897 ) (12,885 )
In-process research and development   -     (15,285 )   -     (15,285 )
Non-GAAP operating expenses $ 147,044   $ 153,667   $ 302,089   $ 311,419  
 
 
Three Months Ended July 31, Six Months Ended July 31,
2009 2008 2009 2008
GAAP operating loss $ (11,497 ) $ (29,907 ) $ (17,643 ) $ (60,572 )
Reconciling items to non-GAAP operating income
Equity plan-related compensation 7,497 7,584 15,267 14,135
Prepaid royalty costs - - - 103
Amortization of purchased intangible assets:
Cost of revenues 2,928 1,992 5,876 5,230
Amortization of intangible assets 2,888 2,537 5,758 4,970
Rebalance, restructuring, and other costs 4,202 3,235 9,897 12,885
In-process research and development   -     15,285     -     15,285  
Non-GAAP operating income (loss) $ 6,018   $ 726   $ 19,155   $ (7,964 )
 
 
Three Months Ended July 31, Six Months Ended July 31,
2009 2008 2009 2008
GAAP operating margin as a percent of total revenues -6 % -16 % -5 % -17 %
Non-GAAP adjustments detailed above   9 %   16 %   10 %   15 %
Non-GAAP operating margin as a percent of total revenues   3 %   0 %   5 %   -2 %
 
 
Three Months Ended July 31, Six Months Ended July 31,
2009 2008 2009 2008
GAAP other income (expense), net and interest expense a $ (5,079 ) $ (3,687 ) $ (9,132 ) $ (6,067 )
Reconciling items to non-GAAP other income, net and interest expense
Equity in losses of unconsolidated entities 244 475 681 643
Amortization of debt discount and debt retirement costs   578     628     999     1,243  
Non-GAAP other income (expense), net and interest expense a $ (4,257 ) $ (2,584 ) $ (7,452 ) $ (4,181 )
 
a Adjusted for the retrospective adoption of FSP APB 14-1.
 

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