Mentor Graphics Reports Fiscal Fourth Quarter Results and Announces 11% Dividend Increase

 

MENTOR GRAPHICS CORPORATION

UNAUDITED RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES

(In thousands, except percentages)
           
 
Three Months Ended January 31, Twelve Months Ended January 31,
  2014       2013     2014       2013  
GAAP gross profit $ 345,003 $ 283,770 $ 969,266 $ 899,037
Reconciling items to non-GAAP gross profit:
Equity plan-related compensation 554 449 1,992 1,529
Amortization of purchased technology   950     1,709     3,598     7,801  
Non-GAAP gross profit $ 346,507   $ 285,928   $ 974,856   $ 908,367  
 
 
Three Months Ended January 31, Twelve Months Ended January 31,
  2014       2013     2014       2013  
GAAP gross profit as a percent of total revenues 86.0 % 85.7 % 83.8 % 82.6 %
Non-GAAP adjustments detailed above   0.4 %   0.6 %   0.5 %   0.8 %
Non-GAAP gross profit as a percent of total revenues   86.4 %   86.3 %   84.3 %   83.4 %
 
 
Three Months Ended January 31, Twelve Months Ended January 31,
  2014       2013     2014       2013  
GAAP operating expenses $ 227,806 $ 212,675 $ 786,226 $ 737,404
Reconciling items to non-GAAP operating expenses:
Equity plan-related compensation (7,527 ) (6,086 ) (27,358 ) (22,168 )
Amortization of Frontline purchased technology and other identified intangible assets
(231 ) (1,242 ) (1,430 ) (4,968 )
Amortization of other identified intangible assets (1,580 ) (1,368 ) (6,230 ) (5,915 )
Special charges a   (4,359 )   (3,540 )   (16,929 )   (9,946 )
Non-GAAP operating expenses $ 214,109   $ 200,439   $ 734,279   $ 694,407  
 
 
Three Months Ended January 31, Twelve Months Ended January 31,
  2014       2013     2014       2013  
GAAP operating income $ 117,197 $ 71,095 $ 183,040 $ 161,633
Reconciling items to non-GAAP operating income:
Equity plan-related compensation 8,081 6,535 29,350 23,697
Amortization of purchased technology 950 1,709 3,598 7,801
Amortization of Frontline purchased technology and other identified intangible assets
231 1,242 1,430 4,968
Amortization of other identified intangible assets 1,580 1,368 6,230 5,915
Special Charges a   4,359     3,540     16,929     9,946  
Non-GAAP operating income $ 132,398   $ 85,489   $ 240,577   $ 213,960  
 
 
Three Months Ended January 31, Twelve Months Ended January 31,
  2014       2013     2014       2013  
GAAP operating margin 29.2 % 21.5 % 15.8 % 14.8 %
Non-GAAP adjustments detailed above   3.8 %   4.3 %   5.0 %   4.9 %
Non-GAAP operating margin   33.0 %   25.8 %   20.8 %   19.7 %
 
 
Three Months Ended January 31, Twelve Months Ended January 31,
  2014       2013     2014       2013  
GAAP other expense, net and interest expense $ (4,444 ) $ (6,076 ) $ (19,972 ) $ (20,298 )
Reconciling items to non-GAAP other expense, net and interest expense:
 
Equity in earnings of unconsolidated entities 7 (18 ) (119 ) (128 )
Amortization of original issuance debt discount   1,467     1,367     5,715     5,322  
Non-GAAP other expense, net and interest expense $ (2,970 ) $ (4,727 ) $ (14,376 ) $ (15,104 )
 

a See footnote a for a discussion of the reclassification of certain litigation costs to special charges.

 

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