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,
  2009     2008     2009     2008  
GAAP gross margin $ 161,727 $ 153,126 $ 476,126 $ 450,497
Reconciling items to non-GAAP gross margin
Equity plan-related compensation 349 351 1,318 1,102
Prepaid royalty costs - - - 103
Amortization of purchased technology   3,089     3,810     8,965     9,040  
Non-GAAP gross margin $ 165,165   $ 157,287   $ 486,409   $ 460,742  
 
 
Three Months Ended October 31, Nine Months Ended October 31,
  2009     2008     2009     2008  
GAAP gross margin as a percent of total revenues 85 % 83 % 84 % 82 %
Non-GAAP adjustments detailed above   2 %   2 %   2 %   2 %
Non-GAAP gross margin as a percent of total revenues   87 %   85 %   86 %   84 %
 
 
Three Months Ended October 31, Nine Months Ended October 31,
  2009     2008     2009     2008  
GAAP operating expenses $ 168,995 $ 178,468 $ 501,037 $ 536,411
Reconciling items to non-GAAP operating expenses
Equity plan-related compensation (5,360 ) (6,647 ) (19,658 ) (20,031 )
Amortization of other identified intangible assets (2,796 ) (3,129 ) (8,554 ) (8,099 )
Special charges (5,993 ) (2,214 ) (15,890 ) (15,099 )
In-process research and development   -     (6,790 )   -     (22,075 )
Non-GAAP operating expenses $ 154,846   $ 159,688   $ 456,935   $ 471,107  
 
 
Three Months Ended October 31, Nine Months Ended October 31,
  2009     2008     2009     2008  
GAAP operating loss $ (7,268 ) $ (25,342 ) $ (24,911 ) $ (85,914 )
Reconciling items to non-GAAP operating income
Equity plan-related compensation 5,709 6,998 20,976 21,133
Prepaid royalty costs - - - 103
Amortization of purchased intangible assets:
Cost of revenues 3,089 3,810 8,965 9,040
Amortization of intangible assets 2,796 3,129 8,554 8,099
Special Charges 5,993 2,214 15,890 15,099
In-process research and development   -     6,790     -     22,075  
Non-GAAP operating income (loss) $ 10,319   $ (2,401 ) $ 29,474   $ (10,365 )
 
 
Three Months Ended October 31, Nine Months Ended October 31,
  2009     2008     2009     2008  
GAAP operating margin as a percent of total revenues -4 % -14 % -4 % -16 %
Non-GAAP adjustments detailed above   9 %   13 %   9 %   14 %
Non-GAAP operating margin as a percent of total revenues   5 %   -1 %   5 %   -2 %
 
 
Three Months Ended October 31, Nine Months Ended October 31,
  2009     2008     2009     2008  
GAAP other income, net and interest expense a $ (5,389 ) $ (3,152 ) $ (14,521 ) $ (9,219 )
Reconciling items to non-GAAP other income, net and interest expense
Equity in losses of unconsolidated entities 170 445 851 1,088
Amortization of debt discount and retirement costs   698     642     1,697     1,885  
Non-GAAP other income, net and interest expense a $ (4,521 ) $ (2,065 ) $ (11,973 ) $ (6,246 )
 

a The three and nine months ended October 31, 2008 presentations have been adjusted for the retrospective adoption of the FASB's convertible debt accounting guidance.

 

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