Cadence Reports Fourth Quarter and Fiscal Year 2015 Financial Results

 

 

Net Income Reconciliation


Years Ended



January 2, 2016


January 3, 2015



(unaudited)

(in thousands)





Net income on a GAAP basis


$

252,417


$

158,898

Amortization of acquired intangibles


64,248


60,924

Stock-based compensation expense


92,341


83,792

Non-qualified deferred compensation expenses (credits)


(369)


3,415

Restructuring and other charges


4,511


10,252

Acquisition and integration-related costs


7,975


24,620

Special charges*


916


10,816

Amortization of debt discount on convertible notes


7,496


17,602

Other income or expense related to investments and non-qualified deferred compensation plan assets**


(1,979)


(4,629)

Income tax effect of non-GAAP adjustments


(86,650)


(78,723)

Net income on a non-GAAP basis


$

340,906


$

286,967



*

Comprised of costs related to a voluntary retirement program and executive severance costs.



**

Includes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on sale of investments and gains or losses on non-qualified deferred compensation plan assets recorded in other income or expense.

 

 

Diluted Net Income per Share Reconciliation


Three Months Ended



January 2, 2016


January 3, 2015



(unaudited)

(in thousands, except per share data)





Diluted net income per share on a GAAP basis


$

0.26


$

0.21

Amortization of acquired intangibles


0.05


0.06

Stock-based compensation expense


0.08


0.07

Non-qualified deferred compensation expenses



Restructuring and other charges (credits)



Acquisition and integration-related costs


0.01


0.01

Special charges*



Amortization of debt discount on convertible notes



0.01

Other income or expense related to investments and non-qualified deferred compensation plan assets**



Income tax effect of non-GAAP adjustments


(0.09)


(0.09)

Diluted net income per share on a non-GAAP basis


$

0.31


$

0.27

Shares used in calculation of diluted net income per share — GAAP***


310,512


310,273

Shares used in calculation of diluted net income per share — non-GAAP***


310,512


310,273



*

Comprised of executive severance costs.



**

Includes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on sale of investments and gains or losses on non-qualified deferred compensation plan assets recorded in other income or expense.



***

Shares used in the calculation of GAAP net income per share are expected to be the same as shares used in the calculation of non-GAAP net income per share, except when the company reports a GAAP net loss and non-GAAP net income, or GAAP net income and a non-GAAP net loss.


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