Mentor Graphics Reports Fiscal Fourth Quarter Results

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,
2009 2008 2009 2008
GAAP gross margin $ 211,412 $ 248,489 $ 661,909 $ 749,637
Reconciling items to non-GAAP gross margin
Equity plan-related compensation 442 322 1,544 964
Prepaid royalty costs - - 103 -
Amortization of purchased intangible assets   3,363     1,955     12,403     9,468  
Non-GAAP gross margin $ 215,217   $ 250,766   $ 675,959   $ 760,069  
 
 
 
Three Months Ended January 31,   Twelve Months Ended January 31,
2009 2008 2009 2008
GAAP gross margin as a percent of total revenues 87 % 87 % 84 % 85 %
Non-GAAP adjustments detailed above   2 %   1 %   2 %   1 %
Non-GAAP gross margin as a percent of total revenues   89 %   88 %   86 %   86 %
 
 
 
Three Months Ended January 31, Twelve Months Ended January 31,
2009 2008 2009 2008
GAAP operating expenses $ 191,056 $ 180,701 $ 727,467 $ 677,271
Reconciling items to non-GAAP operating expenses
Equity plan-related compensation (6,648 ) (5,669 ) (26,679 ) (17,513 )
Amortization of other identified intangible assets (3,014 ) (2,575 ) (11,113 ) (8,936 )
Rebalance, restructuring and other costs (1,789 ) (4,988 ) (16,888 ) (10,148 )
Impairment of long-lived assets (4,553 ) - (4,553 ) -
In-process research and development   -     -     (22,075 )   (4,100 )
Non-GAAP operating expenses $ 175,052   $ 167,469   $ 646,159   $ 636,574  
 
 
 
Three Months Ended January 31, Twelve Months Ended January 31,
2009 2008 2009 2008
GAAP operating income (loss) $ 20,356 $ 67,788 $ (65,558 ) $ 72,366
Reconciling items to non-GAAP operating income
Equity plan-related compensation 7,090 5,991 28,223 18,477
Prepaid royalty costs - - 103 -
Amortization of purchased and other identified intangible assets:
Cost of revenues 3,363 1,955 12,403 9,468
Amortization of intangible assets 3,014 2,575 11,113 8,936
Rebalance, restructuring and other costs 1,789 4,988 16,888 10,148
Impairment of long-lived assets 4,553 - 4,553 -
In-process research and development   -     -     22,075     4,100  
Non-GAAP operating income $ 40,165   $ 83,297   $ 29,800   $ 123,495  
 
 
 
Three Months Ended January 31,   Twelve Months Ended January 31,
2009 2008 2009 2008
GAAP operating margin as a percent of total revenues 8 % 24 % -8 % 8 %
Non-GAAP adjustments detailed above   9 %   5 %   12 %   6 %
Non-GAAP operating margin as a percent of total revenues   17 %   29 %   4 %   14 %
 
 
 
Three Months Ended January 31, Twelve Months Ended January 31,
2009 2008 2009 2008
GAAP other income, net and interest expense $ (4,993 ) $ (3,888 ) $ (12,526 ) $ (15,039 )
Reconciling items to non-GAAP other income, net and interest expense
Equity in losses of unconsolidated entities 344 - 1,432 -
Impairment of cost method investments 3,488 - 3,488 -
Debt retirement costs   -     612     -     1,064  
Non-GAAP other income, net and interest expense $ (1,161 ) $ (3,276 ) $ (7,606 ) $ (13,975 )

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