Cadence Reports Second Quarter 2015 Financial Results

 



Cadence Design Systems, Inc.

Supplemental Reconciliation of Certain GAAP to Non-GAAP Measures

For the Three Months Ended June 28, 2014

(In thousands)

(Unaudited)














Three Months Ended







June 28, 2014







GAAP


Adjustments


Non-GAAP*










Revenue:







Product and maintenance

$               354,468


$                     -


$                354,468


Services

24,320


-


24,320












Total revenue

378,788


-


378,788










Costs and expenses:







Cost of product and maintenance

37,707


(9,504)

 (E) 

28,203


Cost of services

16,706


(1,384)

 (E) 

15,322


Marketing and sales

98,611


(6,992)

 (E) 

91,619


Research and development

152,672


(21,177)

 (E) 

131,495


General and administrative

32,042


(8,824)

 (E) 

23,218


Amortization of acquired intangibles

5,579


(5,579)

 (E) 

-


Restructuring and other charges (credits)

(26)


26


-












Total costs and expenses

343,291


(53,434)


289,857













Income from operations

35,497


53,434


88,931











Interest expense

(7,369)


4,241

(F)

(3,128)


Other income, net

1,635


(1,480)

(G)

155













Income before provision for income taxes

29,763


56,195


85,958











Provision for income taxes

6,500


15,849

(H)

22,349













Net income 

$                 23,263


$             40,346


$                  63,609










* The non-GAAP measures presented in the table above should not be considered a substitute for financial results and measures  determined or calculated in accordance with GAAP.


Notes: 











(E) For the three months ended June 28, 2014, 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

$                 8,613

$                 485


$                     5


$                       -


$          401


$             9,504

Cost of services

-

709


8


-


667


1,384

Marketing and sales

-

4,560


20


499


1,913


6,992

Research and development

-

9,701


642


4,980


5,854


21,177

General and administrative

-

3,622


372


3,308


1,522


8,824

Amortization of acquired intangibles

5,579

-


-


-


-


5,579


Total

$               14,192

$             19,077


$              1,047


$                8,787


$     10,357


$           53,460













(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 costs related to a voluntary retirement program


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