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Share Name | Share Symbol | Market | Type |
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Mentor Graphics Corp. | NASDAQ:MENT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 37.25 | 37.25 | 37.26 | 0 | 01:00:00 |
Mentor Graphics Corporation (NASDAQ: MENT) today announced financial results for the company’s fiscal third quarter ended October 31, 2016. The company reported revenues of $322.5 million, GAAP earnings per share of $0.37 and non-GAAP earnings per share of $0.50.
Fiscal Third Quarter Performance
“Mentor’s third quarter results solidly exceeded revenue and earnings-per-share guidance,” said Walden C. Rhines, chairman and CEO of Mentor Graphics. “Book to bill was significantly above one with strength in both semiconductor and system accounts. Growth of the annual run-rate in our top 10 customers was a strong 60 percent in the third fiscal quarter. After quarter end, on November 14, we announced an agreement whereby Siemens will acquire Mentor Graphics. Joining forces with Siemens will enable Mentor to achieve the next level of success for our customers and employees.”
During the quarter Mentor Graphics acquired Galaxy Semiconductor, a leading provider of test data analysis and defect reduction software for the semiconductor industry. The company further extended its offerings within the Calibre® and Analog FastSPICE (AFS™) platforms to support TSMC 7 nm and 16 FFC FinFET process technologies. Mentor received two Partner of the Year Awards from TSMC for joint delivery of the 7 nm mobile design platform and the Integrated Fan-Out (INFO) design solution.
Mentor announced a partnership with embedded middleware vendor Real-Time Innovations (RTI) for secure embedded systems communications in industrial, medical and mil-aero applications. The company also released the new Xpedition® multi-board system design solution enabling multi-discipline team collaboration, as well as advanced technologies in the Xpedition flow to enable design and verification of 3D rigid-flex structures. In automotive news, the company announced a joint agreement with Telemotive AG to provide smart charging technology for plug-in vehicles.
“Bookings were up 50 percent over the same quarter a year ago,” said Gregory K. Hinckley, president of Mentor Graphics. “Revenue of $323 million is a record for a third quarter and up 11 percent from the same period a year ago while non-GAAP earnings per share of $0.50 were up 78 percent year over year. Robust revenue combined with our continued attention to expense control resulted in a GAAP operating margin of 18 percent. In addition non-GAAP operating margin of 22 percent drove non-GAAP operating profits up over 60 percent year over year.”
Outlook
On November 14, 2016, the company announced that it had entered into a merger agreement under which Siemens will acquire Mentor Graphics. As a result of the acquisition announcement, the company will not provide an outlook for future financial results and is withdrawing all previously issued financial guidance.
Dividend
The company announced a quarterly dividend of $0.055 per share. The dividend is payable on January 3, 2017 to shareholders of record at the close of business on December 8, 2016.
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 revenues, research and development, marketing and sales, 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:
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, employee stock purchase plan shares, and convertible debt 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:
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 of approximately $1.18 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, Calibre and Xpedition are registered trademarks and AFS is a trademark of Mentor Graphics Corporation. All other company and/or product names are the trademarks and/or registered trademarks of their respective owners.)
Additional Information and Where to Find It
In connection with the proposed transaction, the Company will file with the U.S. Securities and Exchange Commission (the “SEC”) and mail or otherwise provide to its stockholders a proxy statement regarding the proposed transaction. BEFORE MAKING ANY VOTING DECISION, THE COMPANY’S STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT IN ITS ENTIRETY WHEN IT BECOMES AVAILABLE AND ANY OTHER DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED MERGER OR INCORPORATED BY REFERENCE THEREIN BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES TO THE PROPOSED TRANSACTION. Investors and security holders may obtain a free copy of the proxy statement and other documents that the Company files with the SEC (when available) from the SEC’s website at www.sec.gov and the Company’s website at www.mentor.com. In addition, the proxy statement and other documents filed by the Company with the SEC (when available) may be obtained from the Company free of charge by directing a request to Mentor Graphics Corporation, Investor Relations, 8005 SW Boeckman Rd., Wilsonville, OR 97070, 1-503-685-1462.
Participants in Solicitation
The Company and its directors, executive officers and certain employees may be deemed, and Siemens Industry, Inc. and its managing board, officers and employees may be deemed, under SEC rules, to be participants in the solicitation of proxies from the Company’s shareholders with respect to the proposed acquisition of the Company by Siemens Industry, Inc. With respect to Siemens Industry, Inc. and its managing board, officers and employees, certain additional information is available and has been prepared in accordance with the German Commercial Code. Information concerning the ownership of the Company’s securities by the Company’s directors and executive officers is included in their SEC filings on Forms 3, 4 and 5, and additional information regarding the names, affiliations and interests of such individuals is available in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2016 and its definitive proxy statement for the 2016 annual meeting of shareholders filed with the SEC on May 18, 2016. Information regarding the Company’s directors, executive officers and certain other employees who may be deemed, under SEC rules, to be participants in the solicitation of proxies from the Company’s shareholders with respect to the proposed acquisition of the Company by Siemens Industry, Inc., including their respective interests by security holdings or otherwise, also will be included in the proxy statement relating to such acquisition when it is filed with the SEC. These documents will be available free of charge from the SEC’s website at www.sec.gov and the Company’s website at www.mentor.com.
Forward-Looking Statements
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) uncertainty associated with the announcement and pendency of our agreement to be acquired by U.S.-based entities affiliated with Siemens AG could adversely affect our business and relationships with customers; (ii) continued economic weakness in the European Union, China, Japan or other countries, and the adverse impact of such weakness on the company’s customers in those regions; (iii) the company’s ability to successfully update existing hardware and software products and offer new products and services that compete in the highly competitive EDA industry, including the risk of obsolescence for our hardware products; (iv) effects of customer mergers, divestitures or shutdowns of business units or divisions, customer seasonal purchasing patterns and the timing of significant orders which may negatively or positively impact the company’s quarterly results of operations; (v) effects of the volatility of foreign currency fluctuations on the company’s business and operating results; (vi) 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, or result in loss of business; (vii) changes in accounting or reporting rules or interpretations, including new rules affecting revenue recognition; (viii) the impact of audits by taxing authorities, or changes in applicable tax laws, regulations or enforcement practices; (ix) political and economic uncertainty regarding Britain’s exit from the EU; (x) effects of unanticipated shifts in product mix on gross margin; and (x) litigation; 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 INCOME
(In thousands, except earnings per share data) Three Months Ended October 31, Nine Months Ended October 31, 2016 2015 2016 2015 Revenues: System and software $ 198,605 $ 168,699 $ 439,064 $ 486,831 Service and support 123,911 121,817 365,435 356,890 Total revenues 322,516 290,516 804,499 843,721 Cost of revenues: (1) System and software 13,713 9,759 37,375 36,432 Service and support 35,649 35,286 100,910 100,275 Amortization of purchased technology 1,828 1,844 5,400 5,496 Total cost of revenues 51,190 46,889 143,685 142,203 Gross profit 271,326 243,627 660,814 701,518 Operating expenses: Research and development (2) 101,023 99,669 285,561 278,237 Marketing and selling (3) 91,646 93,165 259,816 262,857 General and administration (4) 20,015 19,665 56,777 56,298 Equity in earnings of Frontline (634 ) (1,755 ) (2,311 ) (3,976 ) Amortization of intangible assets (5) 1,462 2,364 4,536 6,817 Special charges (6) 1,500 4,831 5,936 43,994Total operating expenses
215,012 217,939 610,315 644,227 Operating income: 56,314 25,688 50,499 57,291 Other income, net (7) 268 320 1,795 849 Interest expense (8) (5,143 ) (4,915 ) (14,971 ) (14,381 ) Income before income tax 51,439 21,093 37,323 43,759 Income tax expense (9) 9,677 7,204 5,560 9,763 Net income 41,762 13,889 31,763 33,996 Less: Loss attributable to noncontrolling interest (10) - (790 ) - (2,010 )Net income attributable to Mentor Graphics shareholders
$ 41,762 $ 14,679 $ 31,763 $ 36,006Net income per share attributable to Mentor Graphics shareholders:
Basica $ 0.38 $ 0.13 $ 0.29 $ 0.31 Diluteda,b $ 0.37 $ 0.12 $ 0.29 $ 0.30 Weighted average number of shares outstanding: Basic 108,887 117,759 108,442 116,787 Diluted 114,112 120,141 110,931 121,963aWe have increased the numerator of our basic and diluted earnings per share calculation for the adjustment of the noncontrolling interest with redemption feature to its calculated redemption value, recorded directly to retained earnings, as follows:
$ 133 $ 258 bWe have increased the numerator of our diluted earnings per share calculation by $519 for the three months ended October 31, 2016 and the nine months ended October 31, 2015 for the dilutive effect of our convertible debt. Corresponding dilutive shares of 2,496 for the three months ended October 31, 2016 and 2,565 for the nine months ended October 31, 2015 are included in the diluted weighted average number of shares outstanding. Refer to following page for a description of footnotes.
MENTOR GRAPHICS CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands) Listed below are the items included in net income 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." Three Months Ended October 31, Nine Months Ended October 31, 2016 2015 2016 2015 (1) Cost of revenues: Equity plan-related compensation $ 785 $ 665 $ 2,277 $ 1,981 Amortization of purchased technology 1,828 1,844 5,400 5,496 $ 2,613 $ 2,509 $ 7,677 $ 7,477 (2) Research and development: Equity plan-related compensation $ 4,708 $ 4,095 $ 13,598 $ 12,213 (3) Marketing and selling: Equity plan-related compensation $ 2,911 $ 2,468 $ 8,612 $ 7,314 (4) General and administration: Equity plan-related compensation $ 2,687 $ 2,797 $ 9,031 $ 9,381 (5) Amortization of intangible assets: Amortization of other identified intangible assets $ 1,462 $ 2,364 $ 4,536 $ 6,817 (6) Special charges: Rebalance, restructuring, certain litigation, and other costs $ 1,500 $ 4,831 $ 5,936 $ 43,994 (7) Other income, net: Net loss of unconsolidated entities $ 36 $ 72 $ 81 $ 33 (8) Interest expense: Amortization of original issuance debt discount $ 1,786 $ 1,663 $ 5,263 $ 4,900 (9) Income tax expense: Non-GAAP income tax effects $ (3,460 ) $ (756 ) $ (11,931 ) $ (16,056 ) (10) Loss attributable to noncontrolling interest:Amortization of intangible assets, equity-plan related compensation, and income tax effects
$ - $ (238 ) $ - $ (638 )
MENTOR GRAPHICS CORPORATION
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS
(In thousands, except earnings per share data) Three Months Ended October 31, Nine Months Ended October 31, 2016 2015 2016 2015 GAAP net income attributable to Mentor Graphics shareholders $ 41,762 $ 14,679 $ 31,763 $ 36,006 Non-GAAP adjustments: Equity plan-related compensation: (1) Cost of revenues 785 665 2,277 1,981 Research and development 4,708 4,095 13,598 12,213 Marketing and selling 2,911 2,468 8,612 7,314 General and administration 2,687 2,797 9,031 9,381 Acquisition - related items: Amortization of purchased assets Cost of revenues (2) 1,828 1,844 5,400 5,496 Amortization of intangible assets (3) 1,462 2,364 4,536 6,817 Special charges (4) 1,500 4,831 5,936 43,994 Other income, net (5) 36 72 81 33 Interest expense (6) 1,786 1,663 5,263 4,900 Non-GAAP income tax effects (7) (3,460 ) (756 ) (11,931 ) (16,056 ) Noncontrolling interest (8) - (238 ) - (638 ) Total of non-GAAP adjustments 14,243 19,805 42,803 75,435 Non-GAAP net income attributable to Mentor Graphics shareholders $ 56,005 $ 34,484 $ 74,566 $ 111,441 GAAP weighted average shares (diluted) 114,112 120,141 110,931 121,963 Non-GAAP adjustment - 2,695 1,071 - Non-GAAP weighted average shares (diluted) 114,112 122,836 112,002 121,963 Net income per share attributable to Mentor Graphics shareholders: GAAP (diluted) $ 0.37 $ 0.12 $ 0.29 $ 0.30 Non-GAAP adjustments detailed above 0.13 0.16 0.38 0.62 Non-GAAP (diluted) (9) $ 0.50 $ 0.28 $ 0.67 $ 0.92 (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 generally amortized over two to five years. (3) Other identified intangible assets are generally amortized to operating expense over two to five years. Other identified intangible assets include trade names, customer relationships, and backlog resulting from acquisition transactions. (4) Three months ended October 31, 2016: Special charges consist of (i) $354 of costs incurred for employee rebalances which include severance benefits and notice pay, (ii) $(19) for EVE litigation costs, and (iii) $1,165 in other adjustments. Three months ended October 31, 2015: Special charges consist of (i) $3,485 of costs incurred for employee rebalances which include severance benefits and notice pay, (ii) $1,122 for EVE litigation costs, (iii) $(203) for severance costs incurred for the voluntary early retirement program, and (iv) $427 in other adjustments. Nine months ended October 31, 2016: Special charges consist of (i) $2,884 of costs incurred for employee rebalances which include severance benefits and notice pay, (ii) $1,344 for EVE litigation costs, and (iii) $1,708 in other adjustments. Nine months ended October 31, 2015: Special charges consist of (i) $25,232 of severance costs incurred for the voluntary early retirement program, (ii) $14,188 of costs incurred for employee rebalances which include severance benefits and notice pay, (iii) $3,641 for EVE litigation costs, and (iv) $933 in other adjustments. (5) Amount represents loss for an investment accounted for under the equity method of accounting. (6) Amount represents the amortization of original issuance debt discount. (7) Non-GAAP income tax expense adjustment reflects the application of our assumed normalized effective 19% tax rate, instead of our GAAP tax rate, to our non-GAAP pre-tax income. (8) Adjustment for the impact of amortization of intangible assets, equity plan-related compensation, and income tax expense on noncontrolling interest. (9) We have increased the numerator of our diluted earnings per share calculation by $519 for the three and nine months ended October 31, 2016 and 2015 for the dilutive effect of our convertible debt. Corresponding dilutive shares of 2,695 for the three months ended October 31, 2015 and 1,071 for the nine months ended October 31, 2016 are presented in the reconciliation above. Corresponding dilutive shares of 2,496 for the three months ended October 31, 2016 and 2,565 for the nine months ended October 31, 2015 are already included in the GAAP diluted weighted average number of shares outstanding.
MENTOR GRAPHICS CORPORATION
UNAUDITED RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES
(In thousands, except percentages) Three Months Ended October 31, Nine Months Ended October 31, 2016 2015 2016 2015 GAAP gross profit $ 271,326 $ 243,627 $ 660,814 $ 701,518 Reconciling items to non-GAAP gross profit: Equity plan-related compensation 785 665 2,277 1,981 Amortization of purchased technology 1,828 1,844 5,400 5,496 Non-GAAP gross profit $ 273,939 $ 246,136 $ 668,491 $ 708,995 Three Months Ended October 31, Nine Months Ended October 31, 2016 2015 2016 2015 GAAP gross profit as a percent of total revenues 84.1 % 83.9 % 82.1 % 83.1 % Non-GAAP adjustments detailed above 0.8 % 0.8 % 1.0 % 0.9 % Non-GAAP gross profit as a percent of total revenues 84.9 % 84.7 % 83.1 % 84.0 % Three Months Ended October 31, Nine Months Ended October 31, 2016 2015 2016 2015 GAAP operating expenses $ 215,012 $ 217,939 $ 610,315 $ 644,227 Reconciling items to non-GAAP operating expenses: Equity plan-related compensation (10,306 ) (9,360 ) (31,241 ) (28,908 ) Amortization of other identified intangible assets (1,462 ) (2,364 ) (4,536 ) (6,817 ) Special charges (1,500 ) (4,831 ) (5,936 ) (43,994 ) Non-GAAP operating expenses $ 201,744 $ 201,384 $ 568,602 $ 564,508 Three Months Ended October 31, Nine Months Ended October 31, 2016 2015 2016 2015 GAAP operating income $ 56,314 $ 25,688 $ 50,499 $ 57,291 Reconciling items to non-GAAP operating income: Equity plan-related compensation 11,091 10,025 33,518 30,889 Amortization of purchased technology 1,828 1,844 5,400 5,496 Amortization of other identified intangible assets 1,462 2,364 4,536 6,817 Special charges 1,500 4,831 5,936 43,994 Non-GAAP operating income $ 72,195 $ 44,752 $ 99,889 $ 144,487 Three Months Ended October 31, Nine Months Ended October 31, 2016 2015 2016 2015 GAAP operating income as a percent of total revenues 17.5 % 8.8 % 6.3 % 6.8 % Non-GAAP adjustments detailed above 4.9 % 6.6 % 6.1 % 10.3 % Non-GAAP operating income as a percent of total revenues 22.4 % 15.4 % 12.4 % 17.1 % Three Months Ended October 31, Nine Months Ended October 31, 2016 2015 2016 2015 GAAP other income, net and interest expense $ (4,875 ) $ (4,595 ) $ (13,176 ) $ (13,532 )Reconciling items to non-GAAP other income, net and interest expense:
Equity in losses of unconsolidated entities 36 72 81 33 Amortization of original issuance debt discount 1,786 1,663 5,263 4,900 Non-GAAP other income, net and interest expense $ (3,053 ) $ (2,860 ) $ (7,832 ) $ (8,599 )
MENTOR GRAPHICS CORPORATION
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands) October 31, January 31, 2016 2016 Assets Current assets: Cash and cash equivalents $ 262,762 $ 334,826 Trade accounts receivable, net 125,453 176,021 Term receivables, short-term 304,081 317,188 Prepaid expenses and other 64,616 70,432 Total current assets 756,912 898,467 Property, plant, and equipment, net 200,781 182,092 Term receivables, long-term 251,416 268,657 Goodwill and intangible assets, net 645,461 644,288 Other assets 79,005 70,860 Total assets $ 1,933,575 $ 2,064,364 Liabilities and Stockholders' Equity Current liabilities: Short-term borrowings $ 21,475 $ 33,449 Notes Payable, current portion 240,865 - Accounts payable 13,431 16,740 Income taxes payable 5,339 3,966 Accrued payroll and related liabilities 68,189 73,371 Accrued and other liabilities 32,114 37,059 Deferred revenue 213,630 258,725 Total current liabilities 595,043 423,310 Long-term notes payable 5,188 240,076 Deferred revenue, long-term 34,242 18,303 Other long-term liabilities 51,934 62,246 Total liabilities 686,407 743,935 Convertible notes 12,092 - Stockholders' equity: Common stock 708,128 818,683 Retained earnings 547,007 522,846 Accumulated other comprehensive loss (20,059 ) (21,100 ) Total stockholders' equity 1,235,076 1,320,429 Total liabilities and stockholders' equity $ 1,933,575 $ 2,064,364
MENTOR GRAPHICS CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AND SUPPLEMENTAL INFORMATION
(In thousands, except days sales outstanding) Three Months Ended October 31, Nine Months Ended October 31, 2016 2015 2016 2015 Operating activities Net income $ 41,762 $ 13,889 $ 31,763 $ 33,996 Depreciation and amortization 15,635 15,765 45,469 45,925 Other adjustments to reconcile: Operating cash 15,336 6,609 39,527 27,976 Changes in working capital (58,533 ) (8,799 ) 26,947 14,379 Net cash provided by operating activities 14,200 27,464 143,706 122,276 Investing activities Net cash used in investing activities (24,768 ) (15,801 ) (55,344 ) (37,969 ) Financing activities Net cash provided by (used in) financing activities 7,491 (27,993 ) (163,317 ) (34,580 ) Effect of exchange rate changes on cash and cash equivalents 43 (116 ) 2,891 (1,007 ) Net change in cash and cash equivalents (3,034 ) (16,446 ) (72,064 ) 48,720 Cash and cash equivalents at beginning of period 265,796 295,447 334,826 230,281 Cash and cash equivalents at end of period $ 262,762 $ 279,001 $ 262,762 $ 279,001 Other data: Capital expenditures, net $ 17,968 $ 11,301 $ 43,585 $ 26,269 Days sales outstanding 120 139
MENTOR GRAPHICS CORPORATION
UNAUDITED SUPPLEMENTAL BOOKINGS AND REVENUE INFORMATION
(Rounded to nearest 5%)
2017 2016 2015 Product Category Bookings (a) Q1 Q2 Q3 Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year IC DESIGN TO SILICON 30% 50% 60% 50% 30% 40% 40% 50% 45% 20% 25% 45% 55% 45% SCALABLE VERIFICATION 15% 20% 15% 20% 25% 30% 15% 15% 20% 25% 25% 20% 20% 20% INTEGRATED SYSTEMS DESIGN 25% 15% 10% 15% 15% 15% 20% 15% 15% 30% 25% 15% 10% 15% NEW & EMERGING MARKETS 5% 5% 5% 5% 10% 5% 10% 10% 10% 10% 15% 10% 5% 10% SERVICES / OTHER 25% 10% 10% 10% 20% 10% 15% 10% 10% 15% 10% 10% 10% 10% Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 2017 2016 2015 Product Category Revenue (b) Q1 Q2 Q3 Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year IC DESIGN TO SILICON 30% 40% 45% 40% 35% 40% 40% 50% 40% 25% 30% 35% 55% 40% SCALABLE VERIFICATION 20% 25% 20% 25% 30% 25% 25% 15% 25% 35% 25% 20% 20% 25% INTEGRATED SYSTEMS DESIGN 25% 20% 20% 20% 20% 20% 20% 20% 20% 25% 25% 25% 15% 20% NEW & EMERGING MARKETS 10% 5% 5% 5% 5% 5% 5% 5% 5% 5% 10% 10% 5% 5% SERVICES / OTHER 15% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 5% 10% Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 2017 2016 2015 Bookings by Geography Q1 Q2 Q3 Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year North America 30% 40% 30% 35% 35% 35% 45% 40% 40% 50% 40% 50% 40% 45% Europe 25% 20% 10% 15% 25% 30% 20% 20% 25% 15% 25% 15% 15% 15% Japan 30% 5% 5% 10% 15% 5% 10% 5% 5% 15% 5% 10% 5% 5% Pac Rim 15% 35% 55% 40% 25% 30% 25% 35% 30% 20% 30% 25% 40% 35% Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 2017 2016 2015 Revenue by Geography Q1 Q2 Q3 Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year North America 40% 40% 45% 45% 50% 40% 40% 40% 45% 50% 45% 50% 40% 45% Europe 25% 20% 20% 20% 15% 25% 25% 20% 20% 25% 20% 20% 15% 20% Japan 15% 10% 5% 10% 10% 5% 10% 5% 5% 10% 10% 10% 5% 5% Pac Rim 20% 30% 30% 25% 25% 30% 25% 35% 30% 15% 25% 20% 40% 30% Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 2017 2016 2015 Bookings by Business Model (c) Q1 Q2 Q3 Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Perpetual 20% 10% 10% 10% 20% 15% 15% 10% 15% 35% 20% 15% 10% 15% Term Ratable 15% 10% 5% 10% 10% 10% 10% 10% 10% 20% 10% 5% 5% 10% Term Up Front 65% 80% 85% 80% 70% 75% 75% 80% 75% 45% 70% 80% 85% 75% Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 2017 2016 2015 Revenue by Business Model (c) Q1 Q2 Q3 Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Perpetual 20% 20% 10% 15% 15% 15% 10% 15% 15% 35% 30% 15% 10% 20% Term Ratable 15% 15% 10% 10% 10% 10% 10% 5% 10% 10% 10% 10% 5% 5% Term Up Front 65% 65% 80% 75% 75% 75% 80% 80% 75% 55% 60% 75% 85% 75% Total 100% 100% 100% 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).
View source version on businesswire.com: http://www.businesswire.com/news/home/20161122006036/en/
Mentor Graphics CorporationJoe Reinhart, 503-685-1462Vice President, Investor Relations and Corporate Developmentjoe_reinhart@mentor.com
1 Year Mentor Graphics Corp. Chart |
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