Mentor Graphics Reports Fiscal Second Quarter Results (Revenue down 12%)

 

MENTOR GRAPHICS CORPORATION

UNAUDITED RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES

(In thousands, except percentages)
Three Months Ended Six Months Ended
July 31, July 31, July 31, July 31,
2008 2007 2008 2007
GAAP gross margin $ 152,026 $ 177,180 $ 297,371 $ 341,957
Reconciling items to non-GAAP gross margin

 

Equity plan-related compensation

375 200 751 361

 

Prepaid royalty costs

- - 103 -

 

Amortization of purchased intangible assets

1,992 2,332 5,230 5,374
Non-GAAP gross margin $ 154,393 $ 179,712 $ 303,455 $ 347,692
Three Months Ended Six Months Ended
July 31, July 31, July 31, July 31,
2008 2007 2008 2007
GAAP gross margin as a percent of total revenue 83 % 84 % 82 % 85 %

 

Non-GAAP adjustments detailed above

2 % 2 % 2 % 1 %
Non-GAAP gross margin as a percent of total revenue 85 % 86 % 84 % 86 %
Three Months Ended Six Months Ended
July 31, July 31, July 31, July 31,
2008 2007 2008 2007
GAAP operating expenses $ 181,933 $ 170,544 $ 357,943 $ 330,104
Reconciling items to non-GAAP operating expenses

 

Equity plan-related compensation

(7,209 ) (4,251 ) (13,384 ) (7,155 )

 

Amortization of purchased intangible assets

(2,537 ) (2,279 ) (4,970 ) (3,657 )

 

Rebalance and restructuring costs

(3,235 ) 8 (12,885 ) (4,045 )

 

In-process research and development

(15,285 ) (4,100 ) (15,285 ) (4,100 )
Non-GAAP operating expenses $ 153,667 $ 159,922 $ 311,419 $ 311,147
Three Months Ended Six Months Ended
July 31, July 31, July 31, July 31,
2008 2007 2008 2007
GAAP operating income (loss) $ (29,907 ) $ 6,636 $ (60,572 ) $ 11,853
Reconciling items to non-GAAP operating income

 

Equity plan-related compensation

7,584 4,451 14,135 7,516

 

Prepaid royalty costs

- - 103 -

 

Amortization of purchased intangible assets:

 

Cost of revenues

1,992 2,332 5,230 5,374

 

Amortization of intangible assets

2,537 2,279 4,970 3,657

 

Rebalance and restructuring costs

3,235 (8 ) 12,885 4,045

 

In-process research and development

15,285 4,100 15,285 4,100
Non-GAAP operating income (loss) $ 726 $ 19,790 $ (7,964 ) $ 36,545
Three Months Ended Six Months Ended
July 31, July 31, July 31, July 31,
2008 2007 2008 2007
GAAP operating margin as a percent of total revenue -16 % 3 % -17 % 3 %

 

Non-GAAP adjustments detailed above

16 % 6 % 15 % 6 %
Non-GAAP operating margin as a percent of total revenue 0 % 9 % -2 % 9 %
Three Months Ended Six Months Ended
July 31, July 31, July 31, July 31,
2008 2007 2008 2007
GAAP other income, net and interest expense $ (3,170 ) $ (3,290 ) $ (4,957 ) $ (7,124 )
Reconciling items to non-GAAP other income, net and interest expense

 

Equity in losses of unconsolidated entities

475 - 643 -

 

Debt retirement costs

- - - 164
Non-GAAP other income, net and interest expense $ (2,695 ) $ (3,290 ) $ (4,314 ) $ (6,960 )

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