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 28, 2013

(In thousands)

(Unaudited)































Year Ended











December 28, 2013









GAAP


Adjustments


Non-GAAP












Revenue:









Product and maintenance


$     1,357,934


$                                  -


$ 1,357,934


Services



102,182


-


102,182














Total revenue



1,460,116


-


1,460,116












Costs and expenses:









Cost of product and maintenance


132,245


(26,352)

 (I) 

105,893


Cost of services



67,956


(2,373)

 (I) 

65,583


Marketing and sales



378,157


(17,828)

 (I) 

360,329


Research and development


534,022


(53,403)

 (I) 

480,619


General and administrative


121,314


(27,273)

 (I) 

94,041


Amortization of acquired intangibles


19,416


(19,416)

 (I) 

-


Restructuring and other charges


17,999


(17,999)


-














Total costs and expenses


1,271,109


(164,644)


1,106,465















Income from operations


189,007


164,644


353,651













Interest expense



(37,581)


22,315

 (J) 

(15,266)


Other income, net



7,570


(5,280)

(K)

2,290















Income before provision (benefit) for income taxes

158,996


181,679


340,675













Provision (benefit) for income taxes


(5,247)


93,823

(L)

88,576















Net income 



$        164,243


$                           87,856


$    252,099












Notes: 









(I) For the year ended December 28, 2013 adjustments to GAAP are as follows for the line items specified:






Amortization

and sale of

acquired

intangibles

Stock-based

compensation

expense

Non-qualified

deferred

compensation

expenses

Integration

and

acquisition-

related costs

Executive

severance

costs

Total

adjustments

Cost of product and maintenance

$         24,718

$              1,596

$                   38

$                    -

$                -

$          26,352

Cost of services

-

2,321

52

-

-

2,373

Marketing and sales

-

15,642

239

1,467

480

17,828

Research and development

-

32,999

1,700

18,704

-

53,403

General and administrative

-

13,727

1,264

11,801

481

27,273

Amortization of acquired intangibles

19,416

-

-

-

-

19,416

    Total

$         44,134

$            66,285

$              3,293

$           31,972

$           961

$        146,645


(J) Amortization of debt discount related to convertible notes

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

(L) Income tax effect of non-GAAP adjustments 


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