Mentor Graphics Reports Fiscal Fourth Quarter Results, Announces

Mentor Graphics Reports Fiscal Fourth Quarter Results, Announces Quarterly Dividend Increase

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,
		2015			2014			2015			2014
GAAP gross profit	$	388,666		$	345,003		$	1,039,820		$	969,266
Reconciling items to non-GAAP gross profit:
Equity plan-related compensation		617			554			2,304			1,992
Amortization of purchased technology		1,847			950			7,099			3,598
Non-GAAP gross profit	$	391,130		$	346,507		$	1,049,223		$	974,856


	Three Months Ended January 31,						Twelve Months Ended January 31,
		2015			2014			2015			2014
GAAP gross profit as a percent of total revenues		88.5	%		86.0	%		83.6	%		83.8	%
Non-GAAP adjustments detailed above		0.6	%		0.4	%		0.7	%		0.5	%
Non-GAAP gross profit as a percent of total revenues		89.1	%		86.4	%		84.3	%		84.3	%


	Three Months Ended January 31,						Twelve Months Ended January 31,
		2015			2014			2015			2014
GAAP operating expenses	$	249,134		$	227,806		$	852,009		$	786,226
Reconciling items to non-GAAP operating expenses:
Equity plan-related compensation		(8,799	)		(7,527	)		(33,503	)		(27,358	)
Amortization of Frontline purchased technology and other
identified intangible assets		-			(231	)		(116	)		(1,430	)
Amortization of other identified intangible assets		(2,157	)		(1,580	)		(8,166	)		(6,230	)
Special charges		(4,081	)		(4,359	)		(23,490	)		(16,929	)
Non-GAAP operating expenses	$	234,097		$	214,109		$	786,734		$	734,279


	Three Months Ended January 31,						Twelve Months Ended January 31,
		2015			2014			2015			2014
GAAP operating income	$	139,532		$	117,197		$	187,811		$	183,040
Reconciling items to non-GAAP operating income:
Equity plan-related compensation		9,416			8,081			35,807			29,350
Amortization of purchased technology		1,847			950			7,099			3,598
Amortization of Frontline purchased technology and other
identified intangible assets		-			231			116			1,430
Amortization of other identified intangible assets		2,157			1,580			8,166			6,230
Special charges		4,081			4,359			23,490			16,929
Non-GAAP operating income	$	157,033		$	132,398		$	262,489		$	240,577


	Three Months Ended January 31,						Twelve Months Ended January 31,
		2015			2014			2015			2014
GAAP operating income as a percent of total revenues		31.8	%		29.2	%		15.1	%		15.8	%
Non-GAAP adjustments detailed above		4.0	%		3.8	%		6.0	%		5.0	%
Non-GAAP operating income as a percent of total revenues		35.8	%		33.0	%		21.1	%		20.8	%


	Three Months Ended January 31,						Twelve Months Ended January 31,
		2015			2014			2015			2014
GAAP other income (expense), net and interest expense	$	(4,984	)	$	(4,444	)	$	(20,053	)	$	(19,972	)
Reconciling items to non-GAAP other income (expense), net
and interest expense:
Equity in earnings of unconsolidated entities		38			7			184			(119	)
Amortization of original issuance debt discount		1,576			1,467			6,139			5,715
Non-GAAP other income (expense), net and interest expense	$	(3,370	)	$	(2,970	)	$	(13,730	)	$	(14,376	)

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