Mentor Graphics Reports Fiscal First Quarter Results

MENTOR GRAPHICS CORPORATION
UNAUDITED RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES
(In thousands, except percentages)


	Three Months Ended April 30,
	2012	2011
GAAP gross margin	$ 202,535	$ 185,390
Reconciling items to non-GAAP gross margin:
Equity plan-related compensation	319	267
Amortization of purchased technology	2,179	3,357
Non-GAAP gross margin	$ 205,033	$ 189,014


	Three Months Ended April 30,
	2012	2011
GAAP gross margin as a percent of total revenues	81.7%	80.6%
Non-GAAP adjustments detailed above	1.0%	1.6%
Non-GAAP gross margin as a percent of total revenues	82.7%	82.2%


	Three Months Ended April 30,
	2012	2011
GAAP operating expenses	$ 169,713	$ 169,217
Reconciling items to non-GAAP operating expenses:
Equity plan-related compensation	(4,828)	(5,413)
Amortization of Frontline purchased technology and other identified intangible assets	(1,242)	(1,242)
Amortization of other identified intangible assets	(1,706)	(1,610)
Special charges	(1,147)	(4,547)
Non-GAAP operating expenses	$ 160,790	$ 156,405


	Three Months Ended April 30,
	2012	2011
GAAP operating income	$ 32,822	$ 16,173
Reconciling items to non-GAAP operating income:
Equity plan-related compensation	5,147	5,680
Amortization of purchased technology	2,179	3,357
Amortization of Frontline purchased technology and other identified intangible assets	1,242	1,242
Amortization of other identified intangible assets	1,706	1,610
Special Charges	1,147	4,547
Non-GAAP operating income	$ 44,243	$ 32,609


	Three Months Ended April 30,
	2012	2011
GAAP operating income as a percent of total revenues	13.2%	7.0%
Non-GAAP adjustments detailed above	4.6%	7.2%
Non-GAAP operating income as a percent of total revenues	17.8%	14.2%


	Three Months Ended April 30,
	2012	2011
GAAP other expense, net and interest expense	$ (4,511)	$ (17,915)
Reconciling items to non-GAAP other expense, net and interest expense:
Net gain of unconsolidated entities	(13)	-
Amortization of debt discount and retirement costs	1,295	12,679
Non-GAAP other expense, net and interest expense	$ (3,229)	$ (5,236)

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