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 July 4, 2015

(In thousands)

(Unaudited)














Three Months Ended







July 4, 2015







GAAP


Adjustments


Non-GAAP*










Revenue:







Product and maintenance

$               384,951


$                     -


$                384,951


Services

30,932


-


30,932












Total revenue

415,883


-


415,883










Costs and expenses:







Cost of product and maintenance

31,715


(10,660)

 (A) 

21,055


Cost of services

20,040


(810)

 (A) 

19,230


Marketing and sales

96,662


(5,338)

 (A) 

91,324


Research and development

157,974


(12,974)

 (A) 

145,000


General and administrative

27,467


(3,744)

 (A) 

23,723


Amortization of acquired intangibles

6,119


(6,119)

 (A) 

-


Restructuring and other charges (credits)

(498)


498


-












Total costs and expenses

339,479


(39,147)


300,332













Income from operations

76,404


39,147


115,551











Interest expense

(8,180)


2,470

 (B) 

(5,710)


Other income, net

1,347


(311)

(C)

1,036













Income before provision for income taxes

69,571


41,306


110,877











Provision for income taxes

11,411


14,091

(D)

25,502













Net income 

$                 58,160


$             27,215


$                  85,375










* 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: 









(A) For the three months ended July 4, 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 (credits)


Acquisition and
integration-related
costs


Total
adjustments

Cost of product and maintenance

$               10,105

$                558


$                   (3)


$                       -


$          10,660

Cost of services

-

815


(5)


-


810

Marketing and sales

-

5,236


(12)


114


5,338

Research and development

-

11,401


22


1,551


12,974

General and administrative

-

3,693


35


16


3,744

Amortization of acquired intangibles

6,119

-


-


-


6,119


Total

$               16,224

$           21,703


$                   37


$                1,681


$          39,645


(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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