Cadence Reports Fourth Quarter and Fiscal Year 2014 Financial Results

 

Cadence Design Systems, Inc.

   

Supplemental Reconciliation of Certain GAAP to Non-GAAP Measures

   

For the Three Months Ended December 28, 2013

   

(In thousands)

   

(Unaudited)

   
                             
               

Three Months Ended

           
               

December 28, 2013

           
           

GAAP

 

Adjustments

 

Non-GAAP

       
                             

Revenue:

                       
 

Product and maintenance

$         350,079

 

$                -

 

$       350,079

       
 

Services

   

26,643

 

-

 

26,643

       
                             
   

Total revenue

376,722

 

-

 

376,722

       
                             

Costs and expenses:

                 
 

Cost of product and maintenance

41,757

 

(7,743)

 (E) 

34,014

       
 

Cost of services

17,274

 

(698)

 (E) 

16,576

       
 

Marketing and sales

94,384

 

(5,201)

 (E) 

89,183

       
 

Research and development

135,465

 

(15,666)

 (E) 

119,799

       
 

General and administrative

29,481

 

(7,130)

 (E) 

22,351

       
 

Amortization of acquired intangibles

5,157

 

(5,157)

 (E) 

-

       
 

Restructuring and other charges 

15,405

 

(15,405)

 

-

       
                             
   

Total costs and expenses

338,923

 

(57,000)

 

281,923

       
                             
     

Income from operations

37,799

 

57,000

 

94,799

       
                             
 

Interest expense

(9,208)

 

5,515

(F)

(3,693)

       
 

Other income (expense), net

842

 

(1,553)

(G)

(711)

       
                             
     

Income before provision (benefit) for income taxes

29,433

 

60,962

 

90,395

       
                             
 

Provision (benefit) for income taxes

(8,272)

 

31,775

(H)

23,503

       
                             
     

Net income 

$           37,705

 

$        29,187

 

$         66,892

       
                             

Notes: 

                       

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

                             
         

Amortization of
acquired
intangibles

Stock-based
compensation
expense

 

Non-qualified
deferred
compensation
expenses

 

Acquisition and
integration-
related costs

 

Special
charges (I)

 

Total
adjustments

Cost of product and maintenance

$              7,265

$                471

 

$                 7

 

$                -

 

$                -

 

$                  7,743

Cost of services

-

689

 

9

 

-

 

-

 

698

Marketing and sales

-

4,703

 

68

 

430

 

-

 

5,201

Research and development

-

9,605

 

683

 

5,378

 

-

 

15,666

General and administrative

-

3,330

 

489

 

3,095

 

216

 

7,130

Amortization of acquired intangibles

5,157

-

 

-

 

-

 

-

 

5,157

 

Total

   

$            12,422

$           18,798

 

$          1,256

 

$           8,903

 

$             216

 

$                41,595

                             

(F) Amortization of debt discount related to convertible notes

             

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

   

(H) Income tax effect of non-GAAP adjustments

               

(I) Comprised of executive severance costs

               

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