Mentor Graphics Reports Fiscal First Quarter Results

MENTOR GRAPHICS CORPORATION

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

(In thousands, except percentages)
       
 
Three Months Ended April 30,
2009 2008
 
GAAP gross margin $ 164,735 $ 145,345
Reconciling items to non-GAAP gross margin
Equity plan-related compensation 499 376
Prepaid royalty costs - 103
Amortization of other identified intangible assets   2,948     3,238  
Non-GAAP gross margin $ 168,182   $ 149,062  
 
 
Three Months Ended April 30,
2009 2008
 
GAAP gross margin as a percent of total revenues 85 % 81 %
Non-GAAP adjustments detailed above   2 %   2 %
Non-GAAP gross margin as a percent of total revenues   87 %   83 %
 
 
Three Months Ended April 30,
2009 2008
 
GAAP operating expenses a $ 170,881 $ 176,010
Reconciling items to non-GAAP operating expenses
Equity plan-related compensation (7,271 ) (6,175 )
Amortization of other identified intangible assets (2,870 ) (2,433 )
Rebalance, restructuring, and other costs   (5,695 )   (9,650 )
Non-GAAP operating expenses a $ 155,045   $ 157,752  
 
 
Three Months Ended April 30,
2009 2008
 
GAAP operating loss a $ (6,146 ) $ (30,665 )
Reconciling items to non-GAAP operating income
Equity plan-related compensation 7,770 6,551
Prepaid royalty costs - 103
Amortization of other identified intangible assets:
Cost of revenues 2,948 3,238
Amortization of intangible assets 2,870 2,433
Rebalance, restructuring, and other costs   5,695     9,650  
Non-GAAP operating income (loss) a $ 13,137   $ (8,690 )
 
 
Three Months Ended April 30,
2009 2008
 
GAAP operating margin as a percent of total revenues a -3 % -17 %
Non-GAAP adjustments detailed above   10 %   12 %
Non-GAAP operating margin as a percent of total revenues a   7 %   -5 %
 
 
Three Months Ended April 30,
2009 2008
 
GAAP Other income, net and interest expense b $ (4,053 ) $ (2,380 )
Reconciling items to non-GAAP other income, net and interest expense
Equity in losses of unconsolidated entities and impairment of investments 437 168
Amortization of debt discount and debt retirement costs   421     615  
Non-GAAP Other income, net and interest expense b $ (3,195 ) $ (1,597 )
 
a Adjusted for the reclassification of the French research and development credit.
b Adjusted for the retrospective adoption of FSP APB 14-1.
 
 

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