Cadence Reports Fourth Quarter and Fiscal Year 2013 Financial Results

 


Cadence Design Systems, Inc.

Supplemental Reconciliation of Certain GAAP to Non-GAAP Measures

For the Year Ended December 29, 2012

(In thousands)

(Unaudited)































Year Ended











December 29, 2012









GAAP


Adjustments


Non-GAAP












Revenue:









Product and maintenance


$     1,212,429


$                                  -


$ 1,212,429


Services



113,995


-


113,995














Total revenue



1,326,424


-


1,326,424












Costs and expenses:









Cost of product and maintenance


118,516


(14,905)

 (M) 

103,611


Cost of services



72,607


(1,957)

 (M) 

70,650


Marketing and sales



342,278


(11,247)

 (M) 

331,031


Research and development


454,085


(29,860)

 (M) 

424,225


General and administrative


112,076


(16,910)

 (M) 

95,166


Amortization of acquired intangibles


15,077


(15,077)

 (M) 

-


Restructuring and other charges


113


(113)


-














Total costs and expenses


1,114,752


(90,069)


1,024,683















Income from operations


211,672


90,069


301,741













Interest expense



(34,742)


20,846

 (N) 

(13,896)


Other income, net



11,341


(6,296)

(O)

5,045















Income before provision (benefit) for income taxes

188,271


104,619


292,890













Provision (benefit) for income taxes


(251,677)


327,828

(P)

76,151















Net income 



$        439,948


$                       (223,209)


$    216,739












Notes: 









(M) For the year ended December 29, 2012 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

 

Shareholder

litigation

costs

Total

adjustments

Cost of product and maintenance

$          13,541

$               1,317

$                    47

$                     -

$                   -

$          14,905

Cost of services

-

1,889

68

-

-

1,957

Marketing and sales

-

10,193

492

562

-

11,247

Research and development

-

21,516

2,144

6,200

-

29,860

General and administrative

-

12,646

1,702

2,516

46

16,910

Amortization of acquired intangibles

15,077

-

-

-

-

15,077

    Total

$          28,618

$             47,561

$               4,453

$             9,278

$                46

$          89,956


(N) Amortization of debt discount related to convertible notes

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

(P) Income tax effect of non-GAAP adjustments 


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