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,
  2014     2013     2014     2013  
GAAP gross profit $ 245,142 $ 229,570 $ 651,154 $ 624,263
Reconciling items to non-GAAP gross profit:
Equity plan-related compensation 608 520 1,687 1,438
Amortization of purchased technology   2,050     729     5,252     2,648  
Non-GAAP gross profit $ 247,800   $ 230,819   $ 658,093   $ 628,349  
 
 
Three Months Ended October 31, Nine Months Ended October 31,
  2014     2013     2014     2013  
GAAP gross profit as a percent of total revenues 83.8 % 83.3 % 80.9 % 82.6 %
Non-GAAP adjustments detailed above   0.9 %   0.4 %   0.8 %   0.6 %
Non-GAAP gross profit as a percent of total revenues   84.7 %   83.7 %   81.7 %   83.2 %
 
 
Three Months Ended October 31, Nine Months Ended October 31,
  2014     2013     2014     2013  
GAAP operating expenses $ 215,419 $ 196,198 $ 602,875 $ 558,420
Reconciling items to non-GAAP operating expenses:
Equity plan-related compensation (8,494 ) (6,906 ) (24,704 ) (19,831 )

Amortization of Frontline purchased technology and other identified intangible assets

- (231 ) (116 ) (1,199 )
Amortization of other identified intangible assets (2,233 ) (1,440 ) (6,009 ) (4,650 )
Special charges   (8,375 )   (4,688 )   (19,409 )   (12,570 )
Non-GAAP operating expenses $ 196,317   $ 182,933   $ 552,637   $ 520,170  
 
 
Three Months Ended October 31, Nine Months Ended October 31,
  2014     2013     2014     2013  
GAAP operating income $ 29,723 $ 33,372 $ 48,279 $ 65,843
Reconciling items to non-GAAP operating income:
Equity plan-related compensation 9,102 7,426 26,391 21,269
Amortization of purchased technology 2,050 729 5,252 2,648
Amortization of Frontline purchased technology and other
identified intangible assets - 231 116 1,199
Amortization of other identified intangible assets 2,233 1,440 6,009 4,650
Special charges   8,375     4,688     19,409     12,570  
Non-GAAP operating income $ 51,483   $ 47,886   $ 105,456   $ 108,179  
 
 
Three Months Ended October 31, Nine Months Ended October 31,
  2014     2013     2014     2013  
GAAP operating income as a percent of total revenues 10.2 % 12.1 % 6.0 % 8.7 %
Non-GAAP adjustments detailed above   7.4 %   5.3 %   7.1 %   5.6 %
Non-GAAP operating income as a percent of total revenues   17.6 %   17.4 %   13.1 %   14.3 %
 
 
Three Months Ended October 31, Nine Months Ended October 31,
  2014     2013     2014     2013  
GAAP other income (expense), net and interest expense $ (5,315 ) $ (4,615 ) $ (15,069 ) $ (15,528 )

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

Equity in earnings of unconsolidated entities 78 (33 ) 146 (126 )
Amortization of original issuance debt discount   1,548     1,441     4,563     4,248  
Non-GAAP other income (expense), net and interest expense $ (3,689 ) $ (3,207 ) $ (10,360 ) $ (11,406 )
 

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