Mentor Graphics Reports Fiscal Fourth Quarter Results, Announces Quarterly Dividend Increase

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,
  2015     2014     2015     2014  
GAAP gross profit $ 388,666 $ 345,003 $ 1,039,820 $ 969,266
Reconciling items to non-GAAP gross profit:
Equity plan-related compensation 617 554 2,304 1,992
Amortization of purchased technology   1,847     950     7,099     3,598  
Non-GAAP gross profit $ 391,130   $ 346,507   $ 1,049,223   $ 974,856  
 
 
Three Months Ended January 31, Twelve Months Ended January 31,
  2015     2014     2015     2014  
GAAP gross profit as a percent of total revenues 88.5 % 86.0 % 83.6 % 83.8 %
Non-GAAP adjustments detailed above   0.6 %   0.4 %   0.7 %   0.5 %
Non-GAAP gross profit as a percent of total revenues   89.1 %   86.4 %   84.3 %   84.3 %
 
 
Three Months Ended January 31, Twelve Months Ended January 31,
  2015     2014     2015     2014  
GAAP operating expenses $ 249,134 $ 227,806 $ 852,009 $ 786,226
Reconciling items to non-GAAP operating expenses:
Equity plan-related compensation (8,799 ) (7,527 ) (33,503 ) (27,358 )
Amortization of Frontline purchased technology and other
identified intangible assets - (231 ) (116 ) (1,430 )
Amortization of other identified intangible assets (2,157 ) (1,580 ) (8,166 ) (6,230 )
Special charges   (4,081 )   (4,359 )   (23,490 )   (16,929 )
Non-GAAP operating expenses $ 234,097   $ 214,109   $ 786,734   $ 734,279  
 
 
Three Months Ended January 31, Twelve Months Ended January 31,
  2015     2014     2015     2014  
GAAP operating income $ 139,532 $ 117,197 $ 187,811 $ 183,040
Reconciling items to non-GAAP operating income:
Equity plan-related compensation 9,416 8,081 35,807 29,350
Amortization of purchased technology 1,847 950 7,099 3,598
Amortization of Frontline purchased technology and other
identified intangible assets - 231 116 1,430
Amortization of other identified intangible assets 2,157 1,580 8,166 6,230
Special charges   4,081     4,359     23,490     16,929  
Non-GAAP operating income $ 157,033   $ 132,398   $ 262,489   $ 240,577  
 
 
Three Months Ended January 31, Twelve Months Ended January 31,
  2015     2014     2015     2014  
GAAP operating income as a percent of total revenues 31.8 % 29.2 % 15.1 % 15.8 %
Non-GAAP adjustments detailed above   4.0 %   3.8 %   6.0 %   5.0 %
Non-GAAP operating income as a percent of total revenues   35.8 %   33.0 %   21.1 %   20.8 %
 
 
Three Months Ended January 31, Twelve Months Ended January 31,
  2015     2014     2015     2014  
GAAP other income (expense), net and interest expense $ (4,984 ) $ (4,444 ) $ (20,053 ) $ (19,972 )
Reconciling items to non-GAAP other income (expense), net
and interest expense:
Equity in earnings of unconsolidated entities 38 7 184 (119 )
Amortization of original issuance debt discount   1,576     1,467     6,139     5,715  
Non-GAAP other income (expense), net and interest expense $ (3,370 ) $ (2,970 ) $ (13,730 ) $ (14,376 )
 

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