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 January 3, 2015

(In thousands)

(Unaudited)

                         
               

Three Months Ended

       
               

January 3, 2015

       
           

GAAP

 

Adjustments

 

Non-GAAP

   
                         

Revenue:

                   
 

Product and maintenance

$         393,223

 

$                -

 

$       393,223

   
 

Services

   

29,875

 

-

 

29,875

   
                         
   

Total revenue

 

423,098

 

-

 

423,098

   
                         

Costs and expenses:

               
 

Cost of product and maintenance

39,475

 

(11,297)

 (A) 

28,178

   
 

Cost of services

 

18,640

 

(950)

 (A) 

17,690

   
 

Marketing and sales

 

102,367

 

(5,924)

 (A) 

96,443

   
 

Research and development

155,124

 

(15,795)

 (A) 

139,329

   
 

General and administrative

26,939

 

(4,344)

 (A) 

22,595

   
 

Amortization of acquired intangibles

6,912

 

(6,912)

 (A) 

-

   
 

Restructuring and other charges (credits)

(1,145)

 

1,145

 

-

   
                         
   

Total costs and expenses

348,312

 

(44,077)

 

304,235

   
                         
     

Income from operations

74,786

 

44,077

 

118,863

   
                         
 

Interest expense

 

(11,961)

 

4,782

 (B) 

(7,179)

   
 

Other income, net

 

3,879

 

(1,484)

(C)

2,395

   
                         
     

Income before provision for income taxes

66,704

 

47,375

 

114,079

   
                         
 

Provision for income taxes

1,674

 

27,987

(D)

29,661

   
                         
     

Net income 

$           65,030

 

$        19,388

 

$         84,418

   
                         

Notes: 

                   

(A) For the three months ended January 3, 2015, 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

 

Total
adjustments

Cost of product and maintenance

$            10,647

$                644

 

$                 6

 

$                -

 

$        11,297

Cost of services

-

942

 

8

 

-

 

950

Marketing and sales

-

5,494

 

19

 

411

 

5,924

Research and development

-

12,225

 

216

 

3,354

 

15,795

General and administrative

-

3,669

 

160

 

515

 

4,344

Amortization of acquired intangibles

6,912

-

 

-

 

-

 

6,912

 

Total

   

$            17,559

$           22,974

 

$             409

 

$           4,280

 

$        45,222

                         

(B) Amortization of debt discount related to convertible notes

       

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

(D) Income tax effect of non-GAAP adjustments 

           

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