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,
2016   2015   2016 2015
GAAP gross profit $ 204,714 $ 234,799 $ 389,488 $ 457,891
Reconciling items to non-GAAP gross profit:
Equity plan-related compensation 781 608 1,492 1,316
Amortization of purchased technology   1,787     1,794     3,572     3,652  
Non-GAAP gross profit $ 207,282   $ 237,201   $ 394,552   $ 462,859  
 
Three Months Ended July 31, Six Months Ended July 31,
2016 2015 2016 2015
GAAP gross profit as a percent of total revenues 80.5 % 83.5 % 80.8 % 82.8 %
Non-GAAP adjustments detailed above   1.0 %   0.9 %   1.1 %   0.9 %
Non-GAAP gross profit as a percent of total revenues   81.5 %   84.4 %   81.9 %   83.7 %
 
Three Months Ended July 31, Six Months Ended July 31,
2016 2015 2016 2015
GAAP operating expenses $ 198,464 $ 195,533 $ 395,303 $ 426,288
Reconciling items to non-GAAP operating expenses:
Equity plan-related compensation (11,145 ) (9,978 ) (20,935 ) (19,548 )
Amortization of other identified intangible assets (1,520 ) (2,234 ) (3,074 ) (4,453 )
Special charges   (1,445 )   (2,186 )   (4,436 )   (39,163 )
Non-GAAP operating expenses $ 184,354   $ 181,135   $ 366,858   $ 363,124  
 
Three Months Ended July 31, Six Months Ended July 31,
2016   2015 2016 2015
GAAP operating income (loss) $ 6,250 $ 39,266 $ (5,815 ) $ 31,603
Reconciling items to non-GAAP operating income:
Equity plan-related compensation 11,926 10,586 22,427 20,864
Amortization of purchased technology 1,787 1,794 3,572 3,652
Amortization of other identified intangible assets 1,520 2,234 3,074 4,453
Special charges   1,445     2,186     4,436     39,163  
Non-GAAP operating income $ 22,928   $ 56,066   $ 27,694   $ 99,735  
 
Three Months Ended July 31, Six Months Ended July 31,
2016 2015 2016 2015
GAAP operating income (loss) as a percent of total revenues 2.5 % 14.0 % (1.2 %) 5.7 %
Non-GAAP adjustments detailed above   6.5 %   5.9 %   6.9 %   12.3 %
Non-GAAP operating income as a percent of total revenues   9.0 %   19.9 %   5.7 %   18.0 %
 
Three Months Ended July 31, Six Months Ended July 31,
2016 2015 2016 2015
GAAP other income, net and interest expense $ (5,052 ) $ (4,585 ) $ (8,301 ) $ (8,937 )

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

Equity in losses (earnings) of unconsolidated entities 43 (14 ) 45 (39 )
Amortization of original issuance debt discount   1,754     1,633     3,477     3,237  
Non-GAAP other income, net and interest expense $ (3,255 ) $ (2,966 ) $ (4,779 ) $ (5,739 )

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