Mentor Graphics Reports Fiscal Fourth Quarter Results and Announces Board Has Increased Share Buyback Authorization

                         

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,
  2012     2011     2012     2011  
GAAP gross margin $ 275,680 $ 262,596 $ 841,180 $ 758,505
Reconciling items to non-GAAP gross margin:
Equity plan-related compensation 312 217 1,065 888
Amortization of purchased technology   1,924     3,343     9,796     13,771  
Non-GAAP gross margin $ 277,916   $ 266,156   $ 852,041   $ 773,164  
 
 
Three Months Ended January 31, Twelve Months Ended January 31,
  2012     2011     2012     2011  
GAAP gross margin as a percent of total revenues 86.1 % 85.5 % 82.9 % 82.9 %
Non-GAAP adjustments detailed above   0.7 %   1.1 %   1.1 %   1.6 %
Non-GAAP gross margin as a percent of total revenues   86.8 %   86.6 %   84.0 %   84.5 %
 
 
Three Months Ended January 31, Twelve Months Ended January 31,
  2012     2011     2012     2011  
GAAP operating expenses $ 209,910 $ 205,213 $ 728,988 $ 705,966
Reconciling items to non-GAAP operating expenses:
Equity plan-related compensation (4,723 ) (3,703 ) (20,593 ) (19,623 )

Amortization of Frontline purchased technology and other identified intangible assets

(1,242 ) (1,242 ) (4,968 ) (4,347 )
Amortization of other identified intangible assets (1,544 ) (1,605 ) (5,905 ) (7,347 )
Special charges   (5,786 )   (2,205 )   (13,174 )   (10,257 )
Non-GAAP operating expenses $ 196,615   $ 196,458   $ 684,348   $ 664,392  
 
 
Three Months Ended January 31, Twelve Months Ended January 31,
  2012     2011     2012     2011  
GAAP operating income $ 65,770 $ 57,383 $ 112,192 $ 52,539
Reconciling items to non-GAAP operating income:
Equity plan-related compensation 5,035 3,920 21,658 20,511
Amortization of purchased technology 1,924 3,343 9,796 13,771

Amortization of Frontline purchased technology and other identified intangible assets

1,242 1,242 4,968 4,347
Amortization of other identified intangible assets 1,544 1,605 5,905 7,347
Special Charges   5,786     2,205     13,174     10,257  
Non-GAAP operating income $ 81,301   $ 69,698   $ 167,693   $ 108,772  
 
 
Three Months Ended January 31, Twelve Months Ended January 31,
  2012     2011     2012     2011  
GAAP operating income as a percent of total revenues 20.5 % 18.7 % 11.1 % 5.7 %
Non-GAAP adjustments detailed above   4.9 %   4.0 %   5.4 %   6.2 %
Non-GAAP operating income as a percent of total revenues   25.4 %   22.7 %   16.5 %   11.9 %
 
 
Three Months Ended January 31, Twelve Months Ended January 31,
  2012     2011     2012     2011  
GAAP other expense, net and interest expense $ (5,069 ) $ (5,788 ) $ (29,868 ) $ (20,527 )

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

Net (gain) loss of unconsolidated entities 40 667 (1,392 ) 938
Amortization of debt discount and retirement costs   1,272     755     16,429     3,326  
Non-GAAP other expense, net and interest expense $ (3,757 ) $ (4,366 ) $ (14,831 ) $ (16,263 )
 

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