Mentor Graphics Reports Fiscal Third Quarter Results

MENTOR GRAPHICS CORPORATION

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

(In thousands, except percentages)
                         
 
Three Months Ended October 31, Nine Months Ended October 31,
  2010     2009     2010     2009  
GAAP gross margin $ 199,975 $ 161,727 $ 507,100 $ 476,126
Reconciling items to non-GAAP gross margin
Equity plan-related compensation 221 349 671 1,318
Amortization of purchased technology   3,299     3,089     10,428     8,965  
Non-GAAP gross margin $ 203,495   $ 165,165   $ 518,199   $ 486,409  
 
 
Three Months Ended October 31, Nine Months Ended October 31,
  2010     2009     2010     2009  
GAAP gross margin as a percent of total revenues 84 % 85 % 83 % 84 %
Non-GAAP adjustments detailed above   1 %   2 %   2 %   2 %
Non-GAAP gross margin as a percent of total revenues   85 %   87 %   85 %   86 %
 
 
Three Months Ended October 31, Nine Months Ended October 31,
  2010     2009     2010     2009  
GAAP operating expenses $ 179,334 $ 168,995 $ 511,944 $ 501,037
Reconciling items to non-GAAP operating expenses

Amortization of Frontline purchased technology and other identified intangible assets

(1,242 ) - (3,105 ) -
Equity plan-related compensation (4,686 ) (5,360 ) (15,920 ) (19,658 )
Amortization of other identified intangible assets (1,445 ) (2,796 ) (5,742 ) (8,554 )
Special charges   (1,578 )   (5,993 )   (8,052 )   (15,890 )
Non-GAAP operating expenses $ 170,383   $ 154,846   $ 479,125   $ 456,935  
 
 
Three Months Ended October 31, Nine Months Ended October 31,
  2010     2009     2010     2009  
GAAP operating income (loss) $ 20,641 $ (7,268 ) $ (4,844 ) $ (24,911 )
Reconciling items to non-GAAP operating income

Amortization of Frontline purchased technology and other identified intangible assets

1,242 - 3,105 -
Equity plan-related compensation 4,907 5,709 16,591 20,976
Amortization of purchased intangible assets:
Cost of revenues 3,299 3,089 10,428 8,965
Amortization of intangible assets 1,445 2,796 5,742 8,554
Special Charges   1,578     5,993     8,052     15,890  
Non-GAAP operating income $ 33,112   $ 10,319   $ 39,074   $ 29,474  
 
 
Three Months Ended October 31, Nine Months Ended October 31,
  2010     2009     2010     2009  
GAAP operating income (loss) as a percent of total revenues 9 % -4 % -1 % -4 %
Non-GAAP adjustments detailed above   5 %   9 %   7 %   9 %
Non-GAAP operating income as a percent of total revenues   14 %   5 %   6 %   5 %
 
 
Three Months Ended October 31, Nine Months Ended October 31,
  2010     2009     2010     2009  
GAAP other expense, net and interest expense $ (4,530 ) $ (5,389 ) $ (14,739 ) $ (14,521 )
Reconciling items to non-GAAP other income (expense), net
and interest expense
Equity in losses of unconsolidated entities - 170 271 738
Impairment of cost method investment - - - 113
Amortization of debt discount and retirement costs   753     698     2,571     1,697  
Non-GAAP other expense, net and interest expense $ (3,777 ) $ (4,521 ) $ (11,897 ) $ (11,973 )
 
 

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