Mentor Graphics Reports 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,
		2016			2015			2016			2015
GAAP gross profit	$	289,812		$	388,666		$	991,330		$	1,039,820
Reconciling items to non-GAAP gross profit:
Equity plan-related compensation		626			617			2,607			2,304
Amortization of purchased technology		1,807			1,847			7,303			7,099
Non-GAAP gross profit	$	292,245		$	391,130		$	1,001,240		$	1,049,223


	Three Months Ended January 31,						Twelve Months Ended January 31,
		2016			2015			2016			2015
GAAP gross profit as a percent of total revenues		85.9	%		88.5	%		83.9	%		83.6	%
Non-GAAP adjustments detailed above		0.8	%		0.6	%		0.9	%		0.7	%
Non-GAAP gross profit as a percent of total revenues		86.7	%		89.1	%		84.8	%		84.3	%


	Three Months Ended January 31,						Twelve Months Ended January 31,
		2016			2015			2016			2015
GAAP operating expenses	$	210,358		$	249,134		$	854,585		$	852,009
Reconciling items to non-GAAP operating expenses:
Equity plan-related compensation		(8,982	)		(8,799	)		(37,890	)		(33,503	)
Amortization of other identified intangible assets		(1,899	)		(2,157	)		(8,716	)		(8,282	)
Special charges		(1,087	)		(4,081	)		(45,081	)		(23,490	)
Non-GAAP operating expenses	$	198,390		$	234,097		$	762,898		$	786,734


	Three Months Ended January 31,						Twelve Months Ended January 31,
		2016			2015			2016			2015
GAAP operating income	$	79,454		$	139,532		$	136,745		$	187,811
Reconciling items to non-GAAP operating income:
Equity plan-related compensation		9,608			9,416			40,497			35,807
Amortization of purchased technology		1,807			1,847			7,303			7,099
Amortization of other identified intangible assets		1,899			2,157			8,716			8,282
Special charges		1,087			4,081			45,081			23,490
Non-GAAP operating income	$	93,855		$	157,033		$	238,342		$	262,489


	Three Months Ended January 31,						Twelve Months Ended January 31,
		2016			2015			2016			2015
GAAP operating income as a percent of total revenues		23.6	%		31.8	%		11.6	%		15.1	%
Non-GAAP adjustments detailed above		4.2	%		4.0	%		8.6	%		6.0	%
Non-GAAP operating income as a percent of total revenues		27.8	%		35.8	%		20.2	%		21.1	%


	Three Months Ended January 31,						Twelve Months Ended January 31,
		2016			2015			2016			2015
GAAP other income (expense), net and interest expense	$	(4,284	)	$	(4,984	)	$	(17,816	)	$	(20,053	)
Reconciling items to non-GAAP other income (expense), net and interest expense:
Equity in earnings of unconsolidated entities		(39	)		38			(6	)		184
Amortization of original issuance debt discount		1,693			1,576			6,593			6,139
Non-GAAP other income (expense), net and interest expense	$	(2,630	)	$	(3,370	)	$	(11,229	)	$	(13,730	)

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