UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
______________
FORM 8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported):
|
|
May
22, 2014
|
MENTOR
GRAPHICS CORPORATION
|
(Exact
name of registrant as specified in charter)
|
OREGON
|
0-34795
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93-0786033
|
(State or other jurisdiction
of incorporation)
|
(Commission
File Number)
|
(IRS Employer
Identification No.)
|
8005 S.W. BOECKMAN ROAD
WILSONVILLE, OR
|
|
97070-7777
|
(Address
of principal executive offices)
|
|
(Zip
Code)
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Registrant’s
telephone number, including area code:
|
(503)
685-7000
|
|
NO
CHANGE
|
(Former
name or former address, if changed since last report.)
|
Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition.
Attached as Exhibit 99.1 is a copy of a press release of Mentor Graphics
Corporation dated May 22, 2014, announcing the Company’s financial
results for the first quarter and the Company’s outlook for the second
quarter and full fiscal year 2015, which is being furnished to the
Securities and Exchange Commission.
SIGNATURES
Pursuant to
the requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
|
|
MENTOR GRAPHICS CORPORATION
|
|
|
(Registrant)
|
|
|
|
|
|
|
Date:
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May 22, 2014
|
By:
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/s/ Dean M. Freed
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Dean M. Freed
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Vice President and General Counsel
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3
Exhibit 99.1
Mentor
Graphics Reports Fiscal First Quarter Results
WILSONVILLE, Ore.--(BUSINESS WIRE)--May 22, 2014--Mentor Graphics
Corporation (NASDAQ: MENT) today announced financial results for the
company’s fiscal first quarter ended April 30, 2014. The company
reported revenues of $252.2 million, non-GAAP earnings per share of
$0.11, and a GAAP loss per share of $0.02.
“First quarter results were better than our guidance, driven largely by
strong revenue growth in scalable verification, particularly emulation,”
said Walden C. Rhines, chairman and CEO of Mentor Graphics. “During the
quarter Mentor introduced a revolutionary new Enterprise Verification
Platform - one of the most significant verification product
announcements in Mentor’s history. We also acquired Berkeley Design
Automation, a recognized leader in analog, mixed-signal and RF circuit
verification. This high-impact acquisition, along with the increase in
our quarterly dividend and continued share repurchases, demonstrates
Mentor’s balanced approach to capital deployment.”
The Mentor® Enterprise Verification Platform combines Questa® advanced
verification solutions, Veloce® OS3 global emulation resourcing
technology, and the Visualizer™ debug environment into a globally
accessible high-performance data center resource. The new platform
eliminates barriers to hardware acceleration and combines the
functionality and observability of simulation-based verification with
the speed of emulation.
During the quarter the company also launched the first phase of a new
systems design enterprise platform, starting with innovative Xpedition™
printed circuit board (PCB) layout technology. Mentor also released
Valor® “new product introduction” software which seamlessly links PCB
design and manufacturing operations to deliver the industry’s first
integrated, automated flow for the design, fabrication and assembly of
PCBs. The company also announced that LEONI, a leading supplier of
cables and cable systems to the automotive sector and other industries,
has expanded its use of Mentor’s Capital® software throughout its
worldwide facilities. In other news, Mentor’s IC solutions, including
Calibre® and Olympus-SoC™ software as well as the Pyxis™ custom IC
design platform and the ELDO® spice simulator, have achieved
certification for TSMC 16 nm FinFET family production.
“Mentor’s business performed well in the first quarter,” said Gregory K.
Hinckley, president of Mentor Graphics. “Strict attention to cost
control enabled the company to exceed our non-GAAP operating income
target by over $7 million and beat non-GAAP EPS guidance by $0.05 on a
$7 million hardware-driven revenue upside. The company is executing well
and we expect strength in transportation applications and core EDA
demand as the year progresses.”
Outlook
For the second quarter of fiscal 2015, the company expects revenues of
about $250 million, non-GAAP earnings per share of about $0.15 and GAAP
earnings per share of approximately $0.07. For the full year fiscal
2015, the company expects revenues of about $1.237 billion, non-GAAP
earnings per share of about $1.75, and GAAP earnings per share of
approximately $1.46.
Dividend and Share Repurchase
The company announced a quarterly dividend of $0.05 per share. The
dividend is payable on June 30, 2014 to shareholders of record as of the
close of business on June 10, 2014.
During the quarter the company repurchased approximately 2 million
shares for $45 million.
Fiscal Year Definition
Mentor Graphics Corporation’s fiscal year runs from February 1 to
January 31. The fiscal year is dated by the calendar year in which the
fiscal year ends. As a result, the first three fiscal quarters of any
fiscal year will be dated with the next calendar year, rather than the
current calendar year.
Discussion of Non-GAAP Financial Measures
Mentor Graphics’ management evaluates and makes operating decisions
using various performance measures. In addition to our GAAP results, we
also consider adjusted gross profit, operating income, operating margin,
net income, and earnings per share which we refer to as non-GAAP gross
profit, operating income, operating margin, net income, and earnings per
share, respectively. These non-GAAP measures are derived from the
revenues of our product, maintenance, and services business operations
and the costs directly related to the generation of those revenues, such
as cost of revenue, research and development, sales and marketing, and
general and administrative expenses, that management considers in
evaluating our ongoing core operating performance. These non-GAAP
measures exclude amortization of intangible assets, special charges,
equity plan-related compensation expenses, interest expense associated
with the amortization of original issuance debt discount on convertible
debt, the equity in earnings or losses of unconsolidated entities
(except Frontline PCB Solutions Limited Partnership (Frontline)), and
the impact on basic and diluted earnings per share of changes in the
calculated redemption value of noncontrolling interests, which
management does not consider reflective of our core operating business.
Management excludes from our non-GAAP measures certain recurring items
to facilitate its review of the comparability of our core operating
performance on a period-to-period basis because such items are not
related to our ongoing core operating performance as viewed by
management. Management considers our core operating performance to be
that which can be affected by our managers in any particular period
through their management of the resources that affect our underlying
revenue and profit generating operations during that period. Management
uses this view of our operating performance for purposes of comparison
with our business plan and individual operating budgets and allocation
of resources. Additionally, when evaluating potential acquisitions,
management excludes the items described above from its consideration of
target performance and valuation. More specifically, management adjusts
for the excluded items for the following reasons:
-
Identified intangible assets consist primarily of purchased
technology, backlog, trade names, and customer relationships.
Amortization charges for our intangible assets can vary in frequency
and amount due to the timing and magnitude of acquisition
transactions. We consider our operating results without these charges
when evaluating our core performance due to the variability.
Generally, the most significant impact to inter-period comparability
of our net income is in the first twelve months following an
acquisition.
-
Special charges may include expenses related to certain litigation
costs, employee severance, acquisitions, excess facility costs, and
other asset related charges. Special charges are incurred based on
particular facts and circumstances and can vary in size and frequency.
Litigation costs classified as special charges consist of professional
service fees related to patent litigation involving us, EVE S.A., and
Synopsys, Inc. These costs are included in special charges because of
their unusual nature due to the significance in variability of timing
and amount. Restructuring costs included in special charges include
costs incurred for employee terminations, including severance and
benefits, driven by modification of business strategy or business
emphasis. Special charges are not ordinarily included in our annual
operating plan and related budget due to unpredictability, driven in
part by rapidly changing technology and the competitive environment in
our industry. We therefore exclude them when evaluating our managers’
performance internally.
-
Equity plan-related compensation expenses represent the fair value of
all share-based payments to employees, including grants of employee
stock options and restricted stock units, and purchases made as a
result of the employee stock purchase plan. We do not consider equity
plan-related compensation expense in evaluating our managers’
performance internally or our core operations in any given period.
-
Interest expense attributable to amortization of the original issuance
debt discount on convertible debt is excluded. Management does not
consider this charge as a part of our core operating performance. We
do not consider the amortization of the original issuance debt
discount on convertible debt to be a direct cost of operations.
-
Equity in earnings or losses of unconsolidated entities represents our
equity in the net income (loss) of common stock investments accounted
for under the equity method. The carrying amounts of our investments
are adjusted for our share of earnings or losses of the investee. We
report our equity in the earnings or losses of investments in other
income (expense), net (with the exception of our investment in
Frontline as discussed below). The amounts are excluded from our
non-GAAP results as we do not control the results of operations for
the investments and we do not participate in regular and periodic
operating activities; therefore, management does not consider these
investments as a part of our core operating performance.
-
The Company maintains a 50% interest in Frontline, a joint venture. We
report our equity in the earnings or losses of Frontline within
operating income. Although we do not exert control, we actively
participate in regular and periodic activities such as budgeting,
business planning, marketing and direction of research and development
projects. Accordingly, we do not exclude our share of Frontline’s
earnings or losses from our non-GAAP results as management considers
the joint venture to be core to our operating performance.
-
Income tax expense is adjusted by the amount of additional tax expense
or benefit that we would accrue if we used non-GAAP results instead of
GAAP results in the calculation of our tax liability, taking into
consideration our long-term tax structure. We use a normalized
effective tax rate of 17%, which reflects the weighted average tax
rate applicable under the various jurisdictions in which we operate.
This non-GAAP tax rate eliminates the effects of non-recurring and
period specific items which are often attributable to acquisition
decisions and can vary in size and frequency and considers our U.S.
loss carryforwards that have not been previously benefited. This rate
is subject to change over time for various reasons, including changes
in the geographic business mix and changes in statutory tax rates. Our
GAAP tax rate for the three months ended April 30, 2014 is 5.4% after
consideration of period specific items. Without period specific items
of $10 thousand, our GAAP tax rate is 5.7%. Our full fiscal year 2015
GAAP tax rate, inclusive of period specific items, is projected to be
11%. The GAAP tax rate considers certain mandatory and other
non-scalable tax costs which may adversely or beneficially affect our
tax rate depending upon our level of profitability in various
jurisdictions.
-
Our agreement with the owners of noncontrolling interests in one of
our subsidiaries gives them a right to require us to purchase their
interests for a price based on a formula defined in the agreement.
Under GAAP, increases (or decreases to the extent they offset previous
increases) in the calculated redemption value of the noncontrolling
interests are recorded directly to retained earnings and therefore do
not affect net income. However, as required by GAAP, these amounts are
applied to increase or decrease the numerator in the calculation of
basic and diluted earnings per share. Management does not consider
fluctuations in the calculated redemption value of noncontrolling
interests to be relevant to our core operating performance.
In certain instances our GAAP results of operations may not be
profitable when our corresponding non-GAAP results are profitable or
vice versa. The number of shares on which our non-GAAP earnings per
share is calculated may therefore differ from the GAAP presentation due
to the anti-dilutive effect of stock options, restricted stock units,
and employee stock purchase plan shares in a loss situation.
Non-GAAP gross profit, operating income, operating margin, net income,
and earnings per share are supplemental measures of our performance that
are not presented in accordance with GAAP. Moreover, they should not be
considered as an alternative to any performance measure derived in
accordance with GAAP, or as an alternative to cash flow from operating
activities as a measure of our liquidity. We present non-GAAP gross
profit, operating income, operating margin, net income, and earnings per
share because we consider them to be important supplemental measures of
our operating performance and profitability trends, and because we
believe they give investors useful information on period-to-period
performance as evaluated by management. Non-GAAP net income also
facilitates comparison with other companies in our industry, which use
similar financial measures to supplement their GAAP results. Non-GAAP
net income has limitations as an analytical tool, and therefore should
not be considered in isolation or as a substitute for analysis of our
results as reported under GAAP. In the future, we expect to continue to
incur expenses similar to the non-GAAP adjustments described above and
exclusion of these items in our non-GAAP presentation should not be
construed as an inference that these costs are unusual, infrequent or
non-recurring. Some of the limitations in relying on non-GAAP net income
are:
-
Amortization of intangible assets represents the loss in value as the
technology in our industry evolves, is advanced, or is replaced over
time. The expense associated with this loss in value is not included
in the non-GAAP net income presentation and therefore does not reflect
the full economic effect of the ongoing cost of maintaining our
current technological position in our competitive industry, which is
addressed through our research and development program.
-
We regularly evaluate our business to determine whether any operations
should be eliminated or curtailed. Additionally, as part of our
ongoing business, we engage in acquisition and assimilation activities
and patent litigation. We therefore will continue to experience
special charges on a regular basis. These costs also directly impact
our available funds.
-
Our stock incentive and stock purchase plans are important components
of our incentive compensation arrangements and will be reflected as
expenses in our GAAP results.
-
Our income tax expense will be ultimately based on our GAAP taxable
income and actual tax rates in effect, which often differ
significantly from the 17% rate assumed in our non-GAAP presentation.
In addition, if we have a GAAP loss and non-GAAP net income, our
non-GAAP results will not reflect any projected GAAP tax benefits.
Similarly, in the event we were to have GAAP net income and a non-GAAP
loss, our GAAP tax expense would be replaced by a credit in our
non-GAAP presentation.
-
Other companies, including other companies in our industry, calculate
non-GAAP net income differently than we do, limiting its usefulness as
a comparative measure.
About Mentor Graphics
Mentor Graphics Corporation is a world leader in electronic hardware and
software design solutions, providing products, consulting services and
award-winning support for the world’s most successful electronic,
semiconductor and systems companies. Established in 1981, the company
reported revenues in the last fiscal year in excess of $1.15 billion.
Corporate headquarters are located at 8005 S.W. Boeckman Road,
Wilsonville, Oregon 97070-7777. World Wide Web site: http://www.mentor.com/.
(Mentor Graphics, Mentor, Questa, Veloce, Valor, Capital, Calibre and
ELDO are registered trademarks and Visualizer, Xpedition, Olympus-SoC,
and Pyxis are trademarks of Mentor Graphics Corporation. All other
company and/or product names are the trademarks and/or registered
trademarks of their respective owners.)
Statements in this press release regarding the company’s guidance for
future periods constitute “forward-looking” statements based on current
expectations within the meaning of the Securities Exchange Act of 1934.
Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of the company or industry results to be
materially different from any results, performance or achievements
expressed or implied by such forward-looking statements. Such factors
include, among others, the following: (i) weakness in the United States,
the European Union, China or other international economies, and the
potential adverse impact on the semiconductor and electronics
industries; (ii) the company’s ability to successfully offer products
and services that compete in the highly competitive EDA industry,
including the risk of obsolescence for our hardware products;
(iii) product bundling or discounting of products and services by
competitors, which could force the company to lower its prices or offer
other more favorable terms to customers; (iv) effects of the volatility
of foreign currency fluctuations on the company’s business and operating
results; (v) litigation; (vi) changes in accounting or reporting rules
or interpretations; (vii) the impact of tax audits by the IRS or other
taxing authorities, or changes in the tax laws, regulations or
enforcement practices where the company does business; (viii) effects of
unanticipated shifts in product mix on gross margin; and (ix) effects of
customer mergers or divestitures, customer seasonal purchasing patterns
and the timing of significant orders which may negatively or positively
impact the company’s quarterly results of operations; all as may be
discussed in more detail under the heading “Risk Factors” in the
company’s most recent Form 10-K or Form 10-Q. Given these uncertainties,
prospective investors are cautioned not to place undue reliance on such
forward-looking statements. In addition, statements regarding guidance
do not reflect potential impacts of mergers or acquisitions that have
not been announced or closed as of the time the statements are made.
Mentor Graphics disclaims any obligation to update any such factors or
to publicly announce the results of any revisions to any of the
forward-looking statements to reflect future events or developments.
MENTOR GRAPHICS CORPORATION
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(In thousands, except earnings per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
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Three Months Ended April 30,
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|
|
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2014
|
|
|
|
2013
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
System and software
|
|
|
|
|
$
|
148,229
|
|
|
$
|
123,284
|
|
|
|
Service and support
|
|
|
|
|
|
103,922
|
|
|
|
103,231
|
|
|
|
|
Total revenues
|
|
|
|
|
|
252,151
|
|
|
|
226,515
|
|
Cost of revenues: (1)
|
|
|
|
|
|
|
|
|
|
System and software
|
|
|
|
|
|
26,971
|
|
|
|
8,899
|
|
|
|
Service and support
|
|
|
|
|
|
29,111
|
|
|
|
30,075
|
|
|
|
Amortization of purchased technology
|
|
|
|
|
|
1,361
|
|
|
|
1,207
|
|
|
|
|
Total cost of revenues
|
|
|
|
|
|
57,443
|
|
|
|
40,181
|
|
|
|
|
Gross profit
|
|
|
|
|
|
194,708
|
|
|
|
186,334
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
Research and development (2)
|
|
|
|
|
|
84,451
|
|
|
|
79,717
|
|
|
|
Marketing and selling (3)
|
|
|
|
|
|
84,634
|
|
|
|
79,107
|
|
|
|
General and administrationa (4)
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|
|
|
|
|
17,682
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|
|
|
16,337
|
|
|
|
Equity in earnings of Frontline (5)
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|
|
|
|
|
(1,379
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)
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|
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(397
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)
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|
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Amortization of intangible assets (6)
|
|
|
|
|
|
1,750
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|
|
|
1,654
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|
|
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Special chargesa (7)
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|
|
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5,926
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|
|
|
4,023
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|
|
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Total operating expenses
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|
|
|
|
|
193,064
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|
|
|
180,441
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Operating income
|
|
|
|
|
|
1,644
|
|
|
|
5,893
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|
|
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Other income (expense), net (8)
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|
|
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(258
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)
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|
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(959
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)
|
|
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Interest expense (9)
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|
|
|
|
|
(4,585
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)
|
|
|
(4,785
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)
|
|
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Income (loss) before income tax
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|
|
|
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(3,199
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)
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|
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149
|
|
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Income tax expense (benefit) (10)
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|
|
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(174
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)
|
|
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568
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|
|
|
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Net loss
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|
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(3,025
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)
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|
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(419
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)
|
|
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Less: Loss attributable to noncontrolling interest (11)
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|
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(474
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)
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|
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(624
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)
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|
Net income (loss) attributable to Mentor Graphics
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|
|
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|
|
|
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|
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shareholders
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|
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$
|
(2,551
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)
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|
$
|
205
|
|
|
|
Net income (loss) per share attributable to Mentor Graphics
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|
|
|
|
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shareholders:
|
|
|
|
|
|
|
|
|
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Basicb
|
|
|
|
|
$
|
(0.02
|
)
|
|
$
|
0.01
|
|
|
|
|
Dilutedb
|
|
|
|
|
$
|
(0.02
|
)
|
|
$
|
0.01
|
|
|
|
Weighted average number of shares outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
114,935
|
|
|
|
112,711
|
|
|
|
|
Diluted
|
|
|
|
|
|
114,935
|
|
|
|
115,751
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
aCertain litigation costs have been reclassified from
general and administration to special charges within operating
expenses for the three months ended April 30, 2013. These
reclassifications were made to conform to the current period
presentation. These reclassifications had no impact on GAAP
operating expense, operating income or net income for the three
months ended April 30, 2013. Additional discussion regarding the
reclassification was provided in our Annual Report on Form 10-K for
the year ended January 31, 2014.
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|
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bWe have increased the numerator of our basic and diluted
earnings per share calculation for the adjustment to decrease the
noncontrolling interest to the calculated redemption value, recorded
directly to retained earnings, as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
667
|
|
|
$
|
468
|
|
|
|
|
|
|
|
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Refer to following page for a description of footnotes.
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|
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|
MENTOR GRAPHICS CORPORATION
|
FOOTNOTES TO UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
|
(In thousands)
|
|
|
|
|
|
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Listed below are the items included in net income (loss) that
management excludes in computing the non-GAAP financial measures
referred to in the text of this press release. Items are further
described under "Discussion of Non-GAAP Financial Measures."
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|
Three Months Ended April 30,
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|
|
|
|
|
|
|
|
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2014
|
|
|
|
2013
|
|
(1) Cost of revenues:
|
|
|
|
|
|
|
|
|
|
Equity plan-related compensation
|
|
|
|
|
$
|
535
|
|
|
$
|
460
|
|
|
|
Amortization of purchased technology
|
|
|
|
|
|
1,361
|
|
|
|
1,207
|
|
|
|
|
|
|
|
|
|
$
|
1,896
|
|
|
$
|
1,667
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Research and development:
|
|
|
|
|
|
|
|
|
|
Equity plan-related compensation
|
|
|
|
|
$
|
3,241
|
|
|
$
|
2,610
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Marketing and selling:
|
|
|
|
|
|
|
|
|
|
Equity plan-related compensation
|
|
|
|
|
$
|
2,178
|
|
|
$
|
1,882
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) General and administration:
|
|
|
|
|
|
|
|
|
|
Equity plan-related compensation
|
|
|
|
|
$
|
2,175
|
|
|
$
|
1,614
|
|
|
|
|
|
|
|
|
|
|
|
|
(5) Equity in earnings of Frontline:
|
|
|
|
|
|
|
|
|
|
Amortization of purchased technology and other identified intangible
assets
|
|
|
|
|
|
|
|
|
|
|
$
|
116
|
|
|
$
|
737
|
|
|
|
|
|
|
|
|
|
|
|
|
(6) Amortization of intangible assets:
|
|
|
|
|
|
|
|
|
|
Amortization of other identified intangible assets
|
|
|
|
$
|
1,750
|
|
|
$
|
1,654
|
|
|
|
|
|
|
|
|
|
|
|
|
(7) Special charges:
|
|
|
|
|
|
|
|
|
|
Rebalance, restructuring, and other costs
|
|
|
|
$
|
5,926
|
|
|
$
|
4,023
|
|
|
|
|
|
|
|
|
|
|
|
|
(8) Other income (expense), net:
|
|
|
|
|
|
|
|
|
|
Net income (loss) of unconsolidated entities
|
|
|
|
$
|
13
|
|
|
$
|
(51
|
)
|
|
|
|
|
|
|
|
|
|
|
|
(9) Interest expense:
|
|
|
|
|
|
|
|
|
|
Amortization of original issuance debt discount
|
|
|
|
$
|
1,494
|
|
|
$
|
1,391
|
|
|
|
|
|
|
|
|
|
|
|
|
(10) Income tax expense (benefit):
|
|
|
|
|
|
|
|
|
|
Non-GAAP income tax effects
|
|
|
|
|
$
|
(2,825
|
)
|
|
$
|
(2,097
|
)
|
|
|
|
|
|
|
|
|
|
|
|
(11) Loss attributable to noncontrolling interest:
|
|
|
|
|
|
|
|
|
Amortization of intangible assets, equity-plan related compensation,
and income tax effects
|
$
|
(200
|
)
|
|
$
|
(393
|
)
|
|
|
|
|
|
|
|
|
|
|
MENTOR GRAPHICS CORPORATION
|
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS
|
(In thousands, except earnings per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended April 30,
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
2013
|
|
GAAP net income (loss) attributable to Mentor Graphics shareholders
|
|
|
|
$
|
(2,551
|
)
|
|
$
|
205
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
Equity plan-related compensation: (1)
|
|
|
|
|
|
|
|
Cost of revenues
|
|
|
|
|
|
535
|
|
|
|
460
|
|
Research and development
|
|
|
|
|
|
3,241
|
|
|
|
2,610
|
|
Marketing and selling
|
|
|
|
|
|
2,178
|
|
|
|
1,882
|
|
General and administration
|
|
|
|
|
|
2,175
|
|
|
|
1,614
|
|
Acquisition - related items:
|
|
|
|
|
|
|
|
Amortization of purchased assets
|
|
|
|
|
|
|
|
Cost of revenues (2)
|
|
|
|
|
|
1,361
|
|
|
|
1,207
|
|
Frontline purchased technology and intangible assets (3)
|
|
|
|
|
|
116
|
|
|
|
737
|
|
Amortization of intangible assets (4)
|
|
|
|
|
|
1,750
|
|
|
|
1,654
|
|
Special chargesa (5)
|
|
|
|
|
|
5,926
|
|
|
|
4,023
|
|
Other income (expense), net (6)
|
|
|
|
|
|
13
|
|
|
|
(51
|
)
|
Interest expense (7)
|
|
|
|
|
|
1,494
|
|
|
|
1,391
|
|
Non-GAAP income tax effects (8)
|
|
|
|
|
|
(2,825
|
)
|
|
|
(2,097
|
)
|
Noncontrolling interest (9)
|
|
|
|
|
|
(200
|
)
|
|
|
(393
|
)
|
Total of non-GAAP adjustments
|
|
|
|
|
|
15,764
|
|
|
|
13,037
|
|
Non-GAAP net income attributable to Mentor Graphics shareholders
|
|
|
|
$
|
13,213
|
|
|
$
|
13,242
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP weighted average shares (diluted)
|
|
|
|
|
|
114,935
|
|
|
|
115,751
|
|
Non-GAAP adjustment
|
|
|
|
|
|
2,479
|
|
|
|
-
|
|
GAAP and Non-GAAP weighted average shares (diluted)
|
|
|
|
|
|
117,414
|
|
|
|
115,751
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share attributable to Mentor Graphics
shareholders:
|
|
|
|
|
|
|
GAAP (diluted)
|
|
|
|
|
$
|
(0.02
|
)
|
|
$
|
0.01
|
|
Noncontrolling interest adjustment (10)
|
|
|
|
|
|
(0.01
|
)
|
|
|
(0.01
|
)
|
Non-GAAP adjustments detailed above
|
|
|
|
|
|
0.14
|
|
|
|
0.11
|
|
Non-GAAP (diluted)
|
|
|
|
|
$
|
0.11
|
|
|
$
|
0.11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
aSee footnote a for a discussion of the
reclassification of certain litigation costs to special charges.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1
|
)
|
|
Equity plan-related compensation expense is the fair value of all
share-based payments to employees for stock options and restricted
stock units, and purchases made as a result of the employee stock
purchase plans.
|
(2
|
)
|
|
Amount represents amortization of purchased technology resulting
from acquisitions. Purchased technology is amortized over two to
five years.
|
(3
|
)
|
|
Amount represents amortization of purchased technology and other
identified intangible assets identified as part of the fair value of
the Frontline P.C.B. Solutions Limited Partnership (Frontline) joint
venture investment. Mentor Graphics has a 50% interest in Frontline.
The purchased technology was amortized over three years from the
March 2010 acquisition date, other identified intangible assets will
be amortized over three to four years, and are reflected in the
income statement in the equity in earnings of Frontline. This
expense is the same type as being adjusted for in note (2) above and
(4) below.
|
(4
|
)
|
|
Other identified intangible assets are amortized to operating
expense over two to five years. Other identified intangible assets
include trade names, customer relationships, and backlog which are
the result of acquisition transactions.
|
(5
|
)
|
|
Three months ended April 30, 2014: Special charges consist of
(i) $ 3,958 for EVE litigation costs, (ii) $1,125 of costs incurred
for employee rebalances which includes severance benefits, notice
pay, and outplacement services, and (iii) $843 in other adjustments.
|
|
|
Three months ended April 30, 2013: Special charges consist of
(i) $2,079 of costs incurred for employee rebalances which includes
severance benefits, notice pay, and outplacement services, (ii)
$1,940 for EVE litigation costs, and (ii) $4 in other adjustments.
|
(6
|
)
|
|
Amount represents income (loss) on investment accounted for under
the equity method of accounting.
|
|
|
(7
|
)
|
|
Amount represents the amortization of original issuance debt
discount.
|
|
|
|
|
(8
|
)
|
|
Non-GAAP income tax expense adjustment reflects the application of
our assumed normalized effective 17% tax rate, instead of our GAAP
tax rate, to our non-GAAP pre-tax income.
|
(9
|
)
|
|
Adjustment for the impact of amortization of intangible assets,
equity plan-related compensation, and income tax expense on
noncontrolling interest.
|
(10
|
)
|
|
Non-GAAP EPS excludes from the numerator of our earnings per share
calculation the adjustment of the noncontrolling interest to the
calculated redemption value, recorded directly to retained earnings.
|
|
|
|
|
MENTOR GRAPHICS CORPORATION
|
UNAUDITED RECONCILIATION OF GAAP FINANCIAL MEASURES TO
NON-GAAP FINANCIAL MEASURES
|
(In thousands, except percentages)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended April 30,
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
2013
|
|
GAAP gross profit
|
|
|
|
|
$
|
194,708
|
|
|
$
|
186,334
|
|
Reconciling items to non-GAAP gross profit:
|
|
|
|
|
|
|
|
Equity plan-related compensation
|
|
|
|
|
|
535
|
|
|
|
460
|
|
Amortization of purchased technology
|
|
|
|
|
|
1,361
|
|
|
|
1,207
|
|
Non-GAAP gross profit
|
|
|
|
|
$
|
196,604
|
|
|
$
|
188,001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended April 30,
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
2013
|
|
GAAP gross profit as a percent of total revenues
|
|
|
|
|
|
77.2
|
%
|
|
|
82.3
|
%
|
Non-GAAP adjustments detailed above
|
|
|
|
|
|
0.8
|
%
|
|
|
0.7
|
%
|
Non-GAAP gross profit as a percent of total revenues
|
|
|
|
|
|
78.0
|
%
|
|
|
83.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended April 30,
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
2013
|
|
GAAP operating expenses
|
|
|
|
|
$
|
193,064
|
|
|
$
|
180,441
|
|
Reconciling items to non-GAAP operating expenses:
|
|
|
|
|
|
|
|
Equity plan-related compensation
|
|
|
|
|
|
(7,594
|
)
|
|
|
(6,106
|
)
|
Amortization of Frontline purchased technology and other
|
|
|
|
|
|
|
|
identified intangible assets
|
|
|
|
|
|
(116
|
)
|
|
|
(737
|
)
|
Amortization of other identified intangible assets
|
|
|
|
|
|
(1,750
|
)
|
|
|
(1,654
|
)
|
Special chargesa
|
|
|
|
|
|
(5,926
|
)
|
|
|
(4,023
|
)
|
Non-GAAP operating expenses
|
|
|
|
|
$
|
177,678
|
|
|
$
|
167,921
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended April 30,
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
2013
|
|
GAAP operating income
|
|
|
|
|
$
|
1,644
|
|
|
$
|
5,893
|
|
Reconciling items to non-GAAP operating income:
|
|
|
|
|
|
|
|
Equity plan-related compensation
|
|
|
|
|
|
8,129
|
|
|
|
6,566
|
|
Amortization of purchased technology
|
|
|
|
|
|
1,361
|
|
|
|
1,207
|
|
Amortization of Frontline purchased technology and other
|
|
|
|
|
|
|
|
identified intangible assets
|
|
|
|
|
|
116
|
|
|
|
737
|
|
Amortization of other identified intangible assets
|
|
|
|
|
|
1,750
|
|
|
|
1,654
|
|
Special chargesa
|
|
|
|
|
|
5,926
|
|
|
|
4,023
|
|
Non-GAAP operating income
|
|
|
|
|
$
|
18,926
|
|
|
$
|
20,080
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended April 30,
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
2013
|
|
GAAP operating income as a percent of total revenues
|
|
|
|
|
|
0.7
|
%
|
|
|
2.6
|
%
|
Non-GAAP adjustments detailed above
|
|
|
|
|
|
6.8
|
%
|
|
|
6.3
|
%
|
Non-GAAP operating income as a percent of total revenues
|
|
|
|
|
|
7.5
|
%
|
|
|
8.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended April 30,
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
2013
|
|
GAAP other income (expense), net and interest expense
|
|
|
|
|
$
|
(4,843
|
)
|
|
$
|
(5,744
|
)
|
Reconciling items to non-GAAP other income (expense), net
|
|
|
|
|
|
|
|
and interest expense:
|
|
|
|
|
|
|
|
Equity in earnings of unconsolidated entities
|
|
|
|
|
|
13
|
|
|
|
(51
|
)
|
Amortization of original issuance debt discount
|
|
|
|
|
|
1,494
|
|
|
|
1,391
|
|
Non-GAAP other income (expense), net and interest expense
|
|
|
|
|
$
|
(3,336
|
)
|
|
$
|
(4,404
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
aSee footnote a for a discussion of the
reclassification of certain litigation costs to special charges.
|
|
|
MENTOR GRAPHICS CORPORATION
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 30,
|
|
January 31,
|
|
|
|
|
|
2014
|
|
|
2014
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash, cash equivalents and short-term investments
|
|
$
|
175,825
|
|
$
|
297,312
|
Trade accounts receivable, net
|
|
|
|
146,920
|
|
|
179,830
|
Term receivables, short-term
|
|
|
|
273,675
|
|
|
274,653
|
Prepaid expenses and other
|
|
|
|
68,916
|
|
|
64,658
|
Deferred income taxes
|
|
|
|
9,576
|
|
|
13,656
|
|
|
|
|
|
|
|
Total current assets
|
|
|
|
674,912
|
|
|
830,109
|
Property, plant, and equipment, net
|
|
|
|
157,843
|
|
|
160,165
|
Term receivables, long-term
|
|
|
|
264,843
|
|
|
270,365
|
Goodwill and intangible assets, net
|
|
|
|
618,160
|
|
|
571,843
|
Other assets
|
|
|
|
75,304
|
|
|
71,627
|
|
|
|
|
|
|
|
Total assets
|
|
|
$
|
1,791,062
|
|
$
|
1,904,109
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Short-term borrowings
|
|
|
$
|
1,352
|
|
$
|
9,590
|
Accounts payable
|
|
|
|
15,947
|
|
|
21,548
|
Income taxes payable
|
|
|
|
-
|
|
|
3,365
|
Accrued payroll and related liabilities
|
|
|
|
57,911
|
|
|
102,848
|
Accrued and other liabilities
|
|
|
|
41,353
|
|
|
42,457
|
Deferred revenue
|
|
|
|
221,916
|
|
|
231,179
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
|
338,479
|
|
|
410,987
|
Long-term notes payable
|
|
|
|
225,755
|
|
|
224,261
|
Deferred revenue, long-term
|
|
|
|
20,953
|
|
|
17,398
|
Other long-term liabilities
|
|
|
|
46,474
|
|
|
50,690
|
Total liabilities
|
|
|
|
631,661
|
|
|
703,336
|
|
|
|
|
|
|
|
Noncontrolling interest with redemption feature
|
|
|
|
14,568
|
|
|
15,479
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
Common stock
|
|
|
|
803,242
|
|
|
838,939
|
Retained earnings
|
|
|
|
319,890
|
|
|
327,552
|
Accumulated other comprehensive income
|
|
|
|
21,701
|
|
|
18,803
|
Total stockholders' equity
|
|
|
|
1,144,833
|
|
|
1,185,294
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
|
$
|
1,791,062
|
|
$
|
1,904,109
|
|
|
|
|
|
|
|
MENTOR GRAPHICS CORPORATION
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
AND SUPPLEMENTAL INFORMATION
|
(In thousands, except days sales outstanding)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended April 30,
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
2013
|
|
Operating activities
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
|
|
|
$
|
(3,025
|
)
|
|
$
|
(419
|
)
|
Depreciation and amortization
|
|
|
|
|
|
|
13,737
|
|
|
|
13,344
|
|
Other adjustments to reconcile:
|
|
|
|
|
|
|
|
|
Operating cash
|
|
|
|
|
|
|
6,522
|
|
|
|
10,810
|
|
Changes in working capital
|
|
|
|
|
|
|
(28,195
|
)
|
|
|
(11,608
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities
|
|
|
|
(10,961
|
)
|
|
|
12,127
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
|
|
|
|
(47,580
|
)
|
|
|
(15,158
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
|
|
Net cash used in financing activities
|
|
|
|
|
|
(59,293
|
)
|
|
|
(21,408
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
337
|
|
|
|
(964
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents
|
|
|
|
|
|
(117,497
|
)
|
|
|
(25,403
|
)
|
Cash and cash equivalents at beginning of perioda
|
|
|
|
293,322
|
|
|
|
223,783
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of periodb
|
|
|
|
|
$
|
175,825
|
|
|
$
|
198,380
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other data:
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
|
|
|
$
|
6,170
|
|
|
$
|
4,410
|
|
Days sales outstanding
|
|
|
|
|
|
|
150
|
|
|
|
146
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
aThe condensed consolidated balance sheet at January 31,
2014 includes $3,990 of short-term investments in the "Cash, cash
equivalents, and short-term investments" line item. $3,990 should be
deducted from that line item to reconcile to the amount of "Cash and
cash equivalents at beginning of period" presented in this statement
for the three months ended April 30, 2014.
|
|
|
|
|
|
|
|
|
|
|
|
bThe condensed consolidated balance sheet at April 30,
2013 includes $7,833 of short-term investments in the "Cash, cash
equivalents, and short-term investments" line item. $7,833 should be
deducted from that line item to reconcile to the amount of "Cash and
cash equivalents at end of period" presented in this statement for
the three months ended April 30, 2013.
|
|
MENTOR GRAPHICS CORPORATION
|
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP
|
EARNINGS PER SHARE
|
|
|
|
|
|
|
|
|
|
The following table reconciles management's estimates of the
specific items excluded from GAAP in the calculation of estimated
non-GAAP net income per share for Q2'15 and fiscal year 2015.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated
|
|
Estimated
|
|
|
|
|
|
|
Q2'15
|
|
FY'15
|
Diluted GAAP net income per share
|
|
|
$
|
0.07
|
|
|
$
|
1.46
|
|
Non-GAAP Adjustments:
|
|
|
|
|
|
Amortization of purchased technology (1)
|
|
|
|
0.02
|
|
|
|
0.04
|
|
Amortization of other identified intangible assets (2)
|
|
|
|
0.01
|
|
|
|
0.04
|
|
Equity plan-related compensation (3)
|
|
|
|
0.08
|
|
|
|
0.31
|
|
Special Charges (4)
|
|
|
|
-
|
|
|
|
0.05
|
|
Other income (expense), net and interest expense (5)
|
|
|
|
0.02
|
|
|
|
0.05
|
|
Non-GAAP income tax effects (6)
|
|
|
|
(0.05
|
)
|
|
|
(0.19
|
)
|
Noncontrolling interest (7)
|
|
|
|
-
|
|
|
|
-
|
|
Other (8)
|
|
|
|
|
-
|
|
|
|
(0.01
|
)
|
|
|
|
|
|
|
|
|
|
Diluted non-GAAP net income per share
|
|
|
$
|
0.15
|
|
|
$
|
1.75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1
|
)
|
|
Excludes amortization of purchased technology resulting from
acquisitions. Purchased technology is amortized over two to five
years.
|
(2
|
)
|
|
Excludes amortization of other identified intangible assets
including trade names, customer relationships, and backlog resulting
from acquisition transactions. Other identified intangible assets
are amortized over two to five years.
|
(3
|
)
|
|
Excludes equity plan-related compensation expense for the fair value
of all share-based payments to employees for stock options and
restricted stock units, and purchases made as a result of the
employee stock purchase plans.
|
(4
|
)
|
|
Excludes special charges consisting primarily of costs incurred for
certain litigation costs, and employee rebalances, which includes
severance benefits, notice pay and outplacement services. Full year
adjustment represents the impact of actual special charges for the
three months ended April 30, 2014 as we do not provide guidance for
special charges.
|
(5
|
)
|
|
Excludes income (loss) from an investment accounted for under the
equity method of accounting, and amortization of original issuance
debt discount.
|
(6
|
)
|
|
Non-GAAP income tax expense adjustment reflects the application of
our assumed normalized effective 17% tax rate, instead of our GAAP
tax rate, to our non-GAAP pre-tax income.
|
(7
|
)
|
|
Adjustment for the impact of amortization of intangible assets,
equity plan-related compensation, and income tax expense on
noncontrolling interest. Full year adjustment represents the impact
of the adjustment for the three months ended April 30, 2014, as we
do not provide guidance for this adjustment.
|
(8
|
)
|
|
Excludes the adjustment to the calculated redemption value of the
noncontrolling interest, recorded directly to retained earnings.
Full year adjustment represents the impact of the adjustment to the
redemption value as of April 30, 2014, as we do not provide guidance
for this adjustment.
|
|
|
|
|
MENTOR GRAPHICS CORPORATION
|
UNAUDITED SUPPLEMENTAL BOOKINGS AND REVENUE INFORMATION
|
(Rounded to nearest 5%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2013
|
Product Category Bookings (a)
|
|
|
|
Q1
|
|
Q1
|
Q2
|
Q3
|
Q4
|
Year
|
|
Q1
|
Q2
|
Q3
|
Q4
|
Year
|
IC DESIGN TO SILICON
|
|
|
|
20%
|
|
60%
|
35%
|
40%
|
30%
|
40%
|
|
35%
|
25%
|
30%
|
35%
|
30%
|
SCALABLE VERIFICATION
|
|
|
25%
|
|
15%
|
45%
|
25%
|
30%
|
30%
|
|
15%
|
30%
|
20%
|
25%
|
25%
|
INTEGRATED SYSTEMS DESIGN
|
|
30%
|
|
10%
|
10%
|
20%
|
30%
|
20%
|
|
25%
|
25%
|
25%
|
25%
|
25%
|
NEW & EMERGING MARKETS
|
|
10%
|
|
5%
|
5%
|
5%
|
5%
|
5%
|
|
5%
|
10%
|
15%
|
5%
|
10%
|
SERVICES / OTHER
|
|
|
|
15%
|
|
10%
|
5%
|
10%
|
5%
|
5%
|
|
20%
|
10%
|
10%
|
10%
|
10%
|
Total
|
|
|
|
100%
|
|
100%
|
100%
|
100%
|
100%
|
100%
|
|
100%
|
100%
|
100%
|
100%
|
100%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2013
|
Product Category Revenue (b)
|
|
|
|
Q1
|
|
Q1
|
Q2
|
Q3
|
Q4
|
Year
|
|
Q1
|
Q2
|
Q3
|
Q4
|
Year
|
IC DESIGN TO SILICON
|
|
|
|
25%
|
|
35%
|
50%
|
35%
|
35%
|
40%
|
|
40%
|
35%
|
25%
|
35%
|
35%
|
SCALABLE VERIFICATION
|
|
|
35%
|
|
20%
|
20%
|
25%
|
30%
|
25%
|
|
25%
|
25%
|
30%
|
30%
|
25%
|
INTEGRATED SYSTEMS DESIGN
|
|
25%
|
|
30%
|
20%
|
25%
|
25%
|
20%
|
|
20%
|
25%
|
25%
|
20%
|
25%
|
NEW & EMERGING MARKETS
|
|
5%
|
|
5%
|
5%
|
5%
|
5%
|
5%
|
|
5%
|
5%
|
10%
|
5%
|
5%
|
SERVICES / OTHER
|
|
|
|
10%
|
|
10%
|
5%
|
10%
|
5%
|
10%
|
|
10%
|
10%
|
10%
|
10%
|
10%
|
Total
|
|
|
|
100%
|
|
100%
|
100%
|
100%
|
100%
|
100%
|
|
100%
|
100%
|
100%
|
100%
|
100%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2013
|
Bookings by Geography
|
|
|
|
Q1
|
|
Q1
|
Q2
|
Q3
|
Q4
|
Year
|
|
Q1
|
Q2
|
Q3
|
Q4
|
Year
|
North America
|
|
|
|
50%
|
|
35%
|
55%
|
60%
|
40%
|
50%
|
|
35%
|
40%
|
50%
|
35%
|
40%
|
Europe
|
|
|
|
15%
|
|
10%
|
15%
|
15%
|
30%
|
20%
|
|
20%
|
35%
|
20%
|
30%
|
25%
|
Japan
|
|
|
|
15%
|
|
10%
|
5%
|
5%
|
10%
|
5%
|
|
10%
|
5%
|
5%
|
10%
|
10%
|
Pac Rim
|
|
|
|
20%
|
|
45%
|
25%
|
20%
|
20%
|
25%
|
|
35%
|
20%
|
25%
|
25%
|
25%
|
Total
|
|
|
|
100%
|
|
100%
|
100%
|
100%
|
100%
|
100%
|
|
100%
|
100%
|
100%
|
100%
|
100%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2013
|
Revenue by Geography
|
|
|
|
Q1
|
|
Q1
|
Q2
|
Q3
|
Q4
|
Year
|
|
Q1
|
Q2
|
Q3
|
Q4
|
Year
|
North America
|
|
|
|
50%
|
|
45%
|
40%
|
50%
|
45%
|
45%
|
|
50%
|
45%
|
50%
|
40%
|
45%
|
Europe
|
|
|
|
25%
|
|
20%
|
20%
|
20%
|
20%
|
20%
|
|
20%
|
20%
|
20%
|
30%
|
25%
|
Japan
|
|
|
|
10%
|
|
10%
|
5%
|
10%
|
15%
|
10%
|
|
10%
|
15%
|
10%
|
10%
|
10%
|
Pac Rim
|
|
|
|
15%
|
|
25%
|
35%
|
20%
|
20%
|
25%
|
|
20%
|
20%
|
20%
|
20%
|
20%
|
Total
|
|
|
|
100%
|
|
100%
|
100%
|
100%
|
100%
|
100%
|
|
100%
|
100%
|
100%
|
100%
|
100%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2013
|
Bookings by Business Model (c)
|
|
|
|
Q1
|
|
Q1
|
Q2
|
Q3
|
Q4
|
Year
|
|
Q1
|
Q2
|
Q3
|
Q4
|
Year
|
Perpetual
|
|
|
|
35%
|
|
15%
|
50%
|
20%
|
10%
|
25%
|
|
25%
|
20%
|
20%
|
15%
|
20%
|
Term Ratable
|
|
|
|
20%
|
|
10%
|
5%
|
5%
|
5%
|
5%
|
|
25%
|
15%
|
10%
|
5%
|
10%
|
Term Up Front
|
|
|
|
45%
|
|
75%
|
45%
|
75%
|
85%
|
70%
|
|
50%
|
65%
|
70%
|
80%
|
70%
|
Total
|
|
|
|
100%
|
|
100%
|
100%
|
100%
|
100%
|
100%
|
|
100%
|
100%
|
100%
|
100%
|
100%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2013
|
Revenue by Business Model (c)
|
|
|
|
Q1
|
|
Q1
|
Q2
|
Q3
|
Q4
|
Year
|
|
Q1
|
Q2
|
Q3
|
Q4
|
Year
|
Perpetual
|
|
|
|
35%
|
|
20%
|
25%
|
20%
|
20%
|
20%
|
|
20%
|
25%
|
25%
|
15%
|
20%
|
Term Ratable
|
|
|
|
10%
|
|
10%
|
10%
|
5%
|
5%
|
10%
|
|
10%
|
10%
|
10%
|
5%
|
10%
|
Term Up Front
|
|
|
|
55%
|
|
70%
|
65%
|
75%
|
75%
|
70%
|
|
70%
|
65%
|
65%
|
80%
|
70%
|
Total
|
|
|
|
100%
|
|
100%
|
100%
|
100%
|
100%
|
100%
|
|
100%
|
100%
|
100%
|
100%
|
100%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Product Category Bookings excludes support bookings for all
sub-flow categories.
|
|
|
|
|
|
|
|
(b) Product Category Revenue includes support revenue for each
sub-flow category as appropriate.
|
|
|
|
|
|
|
(c) Bookings and Revenue by Business Model are System and Software
only (excludes finance fee).
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CONTACT:
Mentor Graphics Corporation
Joe Reinhart, 503-685-1462
joe_reinhart@mentor.com
Mentor Graphics Corp. (NASDAQ:MENT)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Mentor Graphics Corp. (NASDAQ:MENT)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024