Mentor Graphics Reports Fiscal Second Quarter Results

MENTOR GRAPHICS CORPORATION

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

(In thousands, except percentages)
           
 
Three Months Ended July 31, Six Months Ended July 31,
2011 2010 2011 2010
GAAP gross margin $ 169,848 $ 152,764 $ 355,238 $ 299,962
Reconciling items to non-GAAP gross margin:
Equity plan-related compensation 237 238 504 450
Amortization of purchased technology   2,754     3,560     6,111     7,129  
Non-GAAP gross margin $ 172,839   $ 156,562   $ 361,853   $ 307,541  
 
 
Three Months Ended July 31, Six Months Ended July 31,
2011 2010 2011 2010
GAAP gross margin as a percent of total revenues 79 % 81 % 80 % 81 %
Non-GAAP adjustments detailed above   2 %   2 %   2 %   2 %
Non-GAAP gross margin as a percent of total revenues   81 %   83 %   82 %   83 %
 
 
Three Months Ended July 31, Six Months Ended July 31,
2011 2010 2011 2010
GAAP operating expenses $ 165,004 $ 163,255 $ 334,221 $ 325,447
Reconciling items to non-GAAP operating expenses:
Equity plan-related compensation (5,592 ) (4,865 ) (11,005 ) (11,234 )

Amortization of Frontline purchased technology and other identified intangible assets

(1,242 ) (1,242 ) (2,484 ) (1,863 )
Amortization of other identified intangible assets (1,455 ) (1,936 ) (3,065 ) (4,297 )
Special charges   (1,677 )   (3,206 )   (6,224 )   (6,474 )
Non-GAAP operating expenses $ 155,038   $ 152,006   $ 311,443   $ 301,579  
 
 
Three Months Ended July 31, Six Months Ended July 31,
2011 2010 2011 2010
GAAP operating income (loss) $ 4,844 $ (10,491 ) $ 21,017 $ (25,485 )
Reconciling items to non-GAAP operating income:
Equity plan-related compensation 5,829 5,103 11,509 11,684
Amortization of purchased technology 2,754 3,560 6,111 7,129

Amortization of Frontline purchased technology and other identified intangible assets

1,242 1,242 2,484 1,863
Amortization of other identified intangible assets 1,455 1,936 3,065 4,297
Special Charges   1,677     3,206     6,224     6,474  
Non-GAAP operating income $ 17,801   $ 4,556   $ 50,410   $ 5,962  
 
 
Three Months Ended July 31, Six Months Ended July 31,
2011 2010 2011 2010
GAAP operating income (loss) as a percent of total revenues 2 % -6 % 5 % -7 %
Non-GAAP adjustments detailed above   6 %   8 %   6 %   9 %
Non-GAAP operating income as a percent of total revenues   8 %   2 %   11 %   2 %
 
 
Three Months Ended July 31, Six Months Ended July 31,
2011 2010 2011 2010
GAAP other expense, net and interest expense $ (4,105 ) $ (4,741 ) $ (22,020 ) $ (10,209 )

Reconciling items to non-GAAP other expense, net and interest expense:

Equity in losses of unconsolidated entities 52 1 52 271
Amortization of debt discount and retirement costs   1,228     1,089     13,907     1,818  
Non-GAAP other expense, net and interest expense $ (2,825 ) $ (3,651 ) $ (8,061 ) $ (8,120 )

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