Cadence Reports First Quarter 2014 Financial Results

 

 



Cadence Design Systems, Inc.

Supplemental Reconciliation of Certain GAAP to Non-GAAP Measures

For the Three Months Ended March 30, 2013

(In thousands)

(Unaudited)




Three Months Ended






March 30, 2013






GAAP


Adjustments


Non-GAAP











Revenue:









Product and maintenance


$            328,271


$                     -


$                328,271


Services


25,995


-


25,995













Total revenue


354,266


-


354,266











Costs and expenses:








Cost of product and maintenance


29,847


(4,175)

 (E) 

25,672


Cost of services


18,344


(530)

 (E) 

17,814


Marketing and sales


90,402


(3,104)

 (E) 

87,298


Research and development


124,084


(7,928)

 (E) 

116,156


General and administrative


29,810


(6,967)

 (E) 

22,843


Amortization of acquired intangibles


3,791


(3,791)

 (E) 

-


Restructuring and other charges (credits) 


(148)


148


-













Total costs and expenses


296,130


(26,347)


269,783














Income from operations


58,136


26,347


84,483












Interest expense


(9,262)


5,536

(F)

(3,726)


Other income, net


2,175


(990)

(G)

1,185














Income before provision (benefit) for income taxes


51,049


30,893


81,942












Provision (benefit) for income taxes


(27,560)


48,865

(H)

21,305














Net income 


$              78,609


$            (17,972)


$                  60,637


Notes: 

(E) For the three months ended March 30, 2013 adjustments to GAAP are as follows for the line items specified:




Amortization of

acquired

 intangibles

Stock-based

compensation

expense


Non-qualified

deferred

compensation

expenses


Integration and

acquisition-

related costs


Total

adjustments

Cost of product and maintenance


$                         3,807

$                   364


$                      4


$                          -


$                   4,175

Cost of services


-

525


5


-


530

Marketing and sales


-

3,018


22


64


3,104

Research and development


-

6,553


78


1,297


7,928

General and administrative


-

3,350


43


3,574


6,967

Amortization of acquired intangibles


3,791

-


-


-


3,791


Total


$                         7,598

$              13,810


$                  152


$                    4,935


$                 26,495


(F) Amortization of debt discount related to convertible notes

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

(H) Income tax benefit due to a release of an uncertain tax position $33,719 and income tax effect of non-GAAP adjustments $15,146


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