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,
2010 2009 2010 2009
GAAP gross margin $ 156,391 $ 149,664 $ 307,125 $ 314,399
Reconciling items to non-GAAP gross margin
Equity plan-related compensation 238 470 450 969
Amortization of purchased technology   3,560     2,928     7,129     5,876  
Non-GAAP gross margin $ 160,189   $ 153,062   $ 314,704   $ 321,244  
 
 
Three Months Ended July 31, Six Months Ended July 31,
2010 2009 2010 2009
GAAP gross margin as a percent of total revenues 83 % 82 % 83 % 84 %
Non-GAAP adjustments detailed above   2 %   2 %   2 %   1 %
Non-GAAP gross margin as a percent of total revenues   85 %   84 %   85 %   85 %
 
 
Three Months Ended July 31, Six Months Ended July 31,
2010 2009 2010 2009
GAAP operating expenses $ 166,882 $ 161,161 $ 332,610 $ 332,042
Reconciling items to non-GAAP operating expenses

Amortization of Frontline purchased technology and other identified intangible assets

(1,242 ) - (1,863 ) -
Equity plan-related compensation (4,865 ) (7,027 ) (11,234 ) (14,298 )
Amortization of other identified intangible assets (1,936 ) (2,888 ) (4,297 ) (5,758 )
Special charges   (3,206 )   (4,202 )   (6,474 )   (9,897 )
Non-GAAP operating expenses $ 155,633   $ 147,044   $ 308,742   $ 302,089  
 
 
Three Months Ended July 31, Six Months Ended July 31,
2010 2009 2010 2009
GAAP operating loss $ (10,491 ) $ (11,497 ) $ (25,485 ) $ (17,643 )
Reconciling items to non-GAAP operating income

Amortization of Frontline purchased technology and other identified intangible assets

1,242 - 1,863 -
Equity plan-related compensation 5,103 7,497 11,684 15,267
Amortization of purchased intangible assets:
Cost of revenues 3,560 2,928 7,129 5,876
Amortization of intangible assets 1,936 2,888 4,297 5,758
Special Charges   3,206     4,202     6,474     9,897  
Non-GAAP operating income $ 4,556   $ 6,018   $ 5,962   $ 19,155  
 
 
Three Months Ended July 31, Six Months Ended July 31,
2010 2009 2010 2009
GAAP operating loss as a percent of total revenues -6 % -6 % -7 % -5 %
Non-GAAP adjustments detailed above   8 %   9 %   9 %   10 %
Non-GAAP operating income as a percent of total revenues   2 %   3 %   2 %   5 %
 
 
Three Months Ended July 31, Six Months Ended July 31,
2010 2009 2010 2009
GAAP other expense, net and interest expense $ (4,741 ) $ (5,079 ) $ (10,209 ) $ (9,132 )

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

Equity in losses of unconsolidated entities 1 244 271 568
Impairment of cost method investment - - - 113
Amortization of debt discount and retirement costs   1,089     578     1,818     999  
Non-GAAP other expense, net and interest expense $ (3,651 ) $ (4,257 ) $ (8,120 ) $ (7,452 )

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