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MENTOR GRAPHICS CORPORATION |
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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
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| (In thousands, except earnings per share data) | ||||||||||||||||||||
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Three Months Ended January 31, |
Twelve Months Ended January 31, |
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| 2015 | 2014 | 2015 | 2014 | |||||||||||||||||
| Revenues: | ||||||||||||||||||||
| System and software | $ | 323,327 | $ | 293,468 | $ | 799,151 | $ | 737,790 | ||||||||||||
| Service and support | 115,739 | 107,532 | 444,982 | 418,583 | ||||||||||||||||
| Total revenues | 439,066 | 401,000 | 1,244,133 | 1,156,373 | ||||||||||||||||
| Cost of revenues: (1) | ||||||||||||||||||||
| System and software | 14,834 | 25,206 | 69,811 | 65,288 | ||||||||||||||||
| Service and support | 33,719 | 29,841 | 127,403 | 118,221 | ||||||||||||||||
| Amortization of purchased technology | 1,847 | 950 | 7,099 | 3,598 | ||||||||||||||||
| Total cost of revenues | 50,400 | 55,997 | 204,313 | 187,107 | ||||||||||||||||
| Gross profit | 388,666 | 345,003 | 1,039,820 | 969,266 | ||||||||||||||||
| Operating expenses: | ||||||||||||||||||||
| Research and development (2) | 112,863 | 101,994 | 381,125 | 348,817 | ||||||||||||||||
| Marketing and selling (3) | 108,874 | 98,135 | 365,688 | 342,799 | ||||||||||||||||
| General and administration (4) | 22,187 | 23,091 | 79,193 | 75,543 | ||||||||||||||||
| Equity in earnings of Frontline (5) | (1,028 | ) | (1,353 | ) | (5,653 | ) | (4,092 | ) | ||||||||||||
| Amortization of intangible assets (6) | 2,157 | 1,580 | 8,166 | 6,230 | ||||||||||||||||
| Special charges (7) | 4,081 | 4,359 | 23,490 | 16,929 | ||||||||||||||||
| Total operating expenses | 249,134 | 227,806 | 852,009 | 786,226 | ||||||||||||||||
| Operating income | 139,532 | 117,197 | 187,811 | 183,040 | ||||||||||||||||
| Other income (expense), net (8) | (34 | ) | 359 | (777 | ) | (520 | ) | |||||||||||||
| Interest expense (9) | (4,950 | ) | (4,803 | ) | (19,276 | ) | (19,452 | ) | ||||||||||||
| Income before income tax | 134,548 | 112,753 | 167,758 | 163,068 | ||||||||||||||||
| Income tax expense (10) | 20,674 | 7,646 | 22,581 | 9,510 | ||||||||||||||||
| Net income | 113,874 | 105,107 | 145,177 | 153,558 | ||||||||||||||||
| Less: Loss attributable to noncontrolling interest (11) | (614 | ) | (429 | ) | (1,962 | ) | (1,700 | ) | ||||||||||||
| Net income attributable to Mentor Graphics | ||||||||||||||||||||
| shareholders | $ | 114,488 | $ | 105,536 | $ | 147,139 | $ | 155,258 | ||||||||||||
| Net income per share attributable to Mentor Graphics | ||||||||||||||||||||
| shareholders: | ||||||||||||||||||||
| Basic a | $ | 0.98 | $ | 0.91 | $ | 1.28 | $ | 1.33 | ||||||||||||
| Diluted a | $ | 0.96 | $ | 0.89 | $ | 1.26 | $ | 1.29 | ||||||||||||
| Weighted average number of shares outstanding: | ||||||||||||||||||||
| Basic | 115,338 | 114,978 | 114,635 | 113,671 | ||||||||||||||||
| Diluted | 117,466 | 117,484 | 117,078 | 116,702 | ||||||||||||||||
| a We have increased (decreased) the numerator of our basic and diluted earnings per share calculation for the adjustment of the noncontrolling interest with redemption feature to its calculated redemption value, recorded directly to retained earnings, as follows: | ||||||||||||||||||||
| $ | (1,174 | ) | $ | (573 | ) | $ | 121 | $ | (4,486 | ) | ||||||||||
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Refer to description of footnotes below. |
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MENTOR GRAPHICS CORPORATION |
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FOOTNOTES TO UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
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| (In thousands) | ||||||||||||||||||||
| Listed below are the items included in net income that management excludes in computing the non-GAAP financial measures referred to in the text of this press release. Items are further described under "Discussion of Non-GAAP Financial Measures." | ||||||||||||||||||||
| Three Months Ended January 31, | Twelve Months Ended January 31, | |||||||||||||||||||
| 2015 | 2014 | 2015 | 2014 | |||||||||||||||||
| (1) Cost of revenues: | ||||||||||||||||||||
| Equity plan-related compensation | $ | 617 | $ | 554 | $ | 2,304 | $ | 1,992 | ||||||||||||
| Amortization of purchased technology | 1,847 | 950 | 7,099 | 3,598 | ||||||||||||||||
| $ | 2,464 | $ | 1,504 | $ | 9,403 | $ | 5,590 | |||||||||||||
| (2) Research and development: | ||||||||||||||||||||
| Equity plan-related compensation | $ | 3,824 | $ | 3,164 | $ | 14,027 | $ | 11,182 | ||||||||||||
| (3) Marketing and selling: | ||||||||||||||||||||
| Equity plan-related compensation | $ | 2,411 | $ | 2,126 | $ | 9,103 | $ | 7,777 | ||||||||||||
| (4) General and administration: | ||||||||||||||||||||
| Equity plan-related compensation | $ | 2,564 | $ | 2,237 | $ | 10,373 | $ | 8,399 | ||||||||||||
| (5) Equity in earnings of Frontline: | ||||||||||||||||||||
| Amortization of purchased technology and other identified intangible assets | ||||||||||||||||||||
| $ | - | $ | 231 | $ | 116 | $ | 1,430 | |||||||||||||
| (6) Amortization of intangible assets: | ||||||||||||||||||||
| Amortization of other identified intangible assets | $ | 2,157 | $ | 1,580 | $ | 8,166 | $ | 6,230 | ||||||||||||
| (7) Special charges: | ||||||||||||||||||||
| Rebalance, restructuring, certain litigation, and other costs | $ | 4,081 | $ | 4,359 | $ | 23,490 | $ | 16,929 | ||||||||||||
| (8) Other income (expense), net: | ||||||||||||||||||||
| Net income (loss) of unconsolidated entities | $ | 38 | $ | 7 | $ | 184 | $ | (119 | ) | |||||||||||
| (9) Interest expense: | ||||||||||||||||||||
| Amortization of original issuance debt discount | $ | 1,576 | $ | 1,467 | $ | 6,139 | $ | 5,715 | ||||||||||||
| (10) Income tax expense: | ||||||||||||||||||||
| Non-GAAP income tax effects | $ | (5,449 | ) | $ | (14,357 | ) | $ | (19,708 | ) | $ | (28,944 | ) | ||||||||
| (11) Loss attributable to noncontrolling interest: | ||||||||||||||||||||
| Amortization of intangible assets, equity-plan related compensation, and income tax effects | $ | (198 | ) | $ | (203 | ) | $ | (820 | ) | $ | (971 | ) | ||||||||
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