Mentor Graphics Reports Fiscal Q4 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,
		2017			2016			2017			2016
GAAP gross profit	$	427,425		$	289,812		$	1,088,239		$	991,330
Reconciling items to non-GAAP gross profit:
Equity plan-related compensation		808			626			3,085			2,607
Amortization of purchased technology		1,928			1,807			7,328			7,303
Non-GAAP gross profit	$	430,161		$	292,245		$	1,098,652		$	1,001,240


	Three Months Ended January 31,						Twelve Months Ended January 31,
		2017			2016			2017			2016
GAAP gross profit as a percent of total revenues		89.4	%		85.9	%		84.9	%		83.9	%
Non-GAAP adjustments detailed above		0.6	%		0.8	%		0.8	%		0.9	%
Non-GAAP gross profit as a percent of total revenues		90.0	%		86.7	%		85.7	%		84.8	%


	Three Months Ended January 31,						Twelve Months Ended January 31,
		2017			2016			2017			2016
GAAP operating expenses	$	274,843		$	210,358		$	885,158		$	854,585
Reconciling items to non-GAAP operating expenses:
Equity plan-related compensation		(12,467	)		(8,982	)		(43,708	)		(37,890	)
Amortization of other identified intangible assets		(1,492	)		(1,899	)		(6,028	)		(8,716	)
Special charges		(9,833	)		(1,087	)		(15,769	)		(45,081	)
Non-GAAP operating expenses	$	251,051		$	198,390		$	819,653		$	762,898


	Three Months Ended January 31,						Twelve Months Ended January 31,
		2017			2016			2017			2016
GAAP operating income	$	152,582		$	79,454		$	203,081		$	136,745
Reconciling items to non-GAAP operating income:
Equity plan-related compensation		13,275			9,608			46,793			40,497
Amortization of purchased technology		1,928			1,807			7,328			7,303
Amortization of other identified intangible assets		1,492			1,899			6,028			8,716
Special charges		9,833			1,087			15,769			45,081
Non-GAAP operating income	$	179,110		$	93,855		$	278,999		$	238,342


	Three Months Ended January 31,						Twelve Months Ended January 31,
		2017			2016			2017			2016
GAAP operating income as a percent of total revenues		31.9	%		23.6	%		15.8	%		11.6	%
Non-GAAP adjustments detailed above		5.6	%		4.2	%		6.0	%		8.6	%
Non-GAAP operating income as a percent of total revenues		37.5	%		27.8	%		21.8	%		20.2	%


	Three Months Ended January 31,						Twelve Months Ended January 31,
		2017			2016			2017			2016
GAAP other income, net and interest expense	$	(5,049	)	$	(4,284	)	$	(18,225	)	$	(17,816	)
Reconciling items to non-GAAP other income, net
and interest expense:
Equity in (earnings) losses of unconsolidated entities		(81	)		(39	)		-			(6	)
Amortization of original issuance debt discount		1,818			1,693			7,081			6,593
Non-GAAP other income, net and interest expense	$	(3,312	)	$	(2,630	)	$	(11,144	)	$	(11,229	)

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