Mentor Graphics Reports Annual and Fiscal Fourth Quarter Results

 

MENTOR GRAPHICS CORPORATION

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

(In thousands, except percentages)
     

Three Months Ended January 31,

Twelve Months Ended January 31,

  2011     2010     2011     2010  
GAAP gross margin $ 267,048 $ 206,732 $ 774,148 $ 682,858
Reconciling items to non-GAAP gross margin
Equity plan-related compensation 217 300 888 1,618
Amortization of purchased technology   3,343     3,047     13,771     12,012  
Non-GAAP gross margin $ 270,608   $ 210,079   $ 788,807   $ 696,488  
 
 

Three Months Ended January 31,

Twelve Months Ended January 31,

  2011     2010     2011     2010  
GAAP gross margin as a percent of total revenues 87 % 87 % 85 % 85 %
Non-GAAP adjustments detailed above   1 %   2 %   1 %   2 %
Non-GAAP gross margin as a percent of total revenues   88 %   89 %   86 %   87 %
 
 

Three Months Ended January 31,

Twelve Months Ended January 31,

  2011     2010     2011     2010  
GAAP operating expenses $ 211,109 $ 182,988 $ 723,053 $ 684,025
Reconciling items to non-GAAP operating expenses

Amortization of Frontline purchased technology and other identified intangible assets

(1,242 ) - (4,347 ) -
Equity plan-related compensation (5,147 ) (4,883 ) (21,067 ) (24,541 )
Amortization of other identified intangible assets (1,605 ) (2,630 ) (7,347 ) (11,184 )
Special charges   (2,205 )   (5,444 )   (10,257 )   (21,334 )
Non-GAAP operating expenses $ 200,910   $ 170,031   $ 680,035   $ 626,966  
 
 

Three Months Ended January 31,

Twelve Months Ended January 31,

  2011     2010     2011     2010  
GAAP operating income (loss) $ 55,939 $ 23,744 $ 51,095 $ (1,167 )
Reconciling items to non-GAAP operating income

Amortization of Frontline purchased technology and other identified intangible assets

1,242 - 4,347 -
Equity plan-related compensation 5,364 5,183 21,955 26,159
Amortization of purchased intangible assets:
Cost of revenues 3,343 3,047 13,771 12,012
Amortization of intangible assets 1,605 2,630 7,347 11,184
Special Charges   2,205     5,444     10,257     21,334  
Non-GAAP operating income $ 69,698   $ 40,048   $ 108,772   $ 69,522  
 
 

Three Months Ended January 31,

Twelve Months Ended January 31,

  2011     2010     2011     2010  
GAAP operating income (loss) as a percent of total revenues 18 % 10 % 6 % 0 %
Non-GAAP adjustments detailed above   5 %   7 %   6 %   9 %
Non-GAAP operating income as a percent of total revenues   23 %   17 %   12 %   9 %
 
 

Three Months Ended January 31,

Twelve Months Ended January 31,

  2011     2010     2011     2010  
GAAP other expense, net and interest expense $ (5,788 ) $ (3,953 ) $ (20,527 ) $ (18,474 )

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

Equity in losses of unconsolidated entities 667 257 938 995
Impairment of cost method investment - - - 113
Amortization of debt discount and retirement costs   755     713     3,326     2,410  
Non-GAAP other expense, net and interest expense $ (4,366 ) $ (2,983 ) $ (16,263 ) $ (14,956 )

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