Cadence Reports Second Quarter 2014 Financial Results - WSMV Channel 4

Cadence Reports Second Quarter 2014 Financial Results

Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact pressreleases@worldnow.com.

SOURCE Cadence Design Systems, Inc.

SAN JOSE, Calif., July 21, 2014 /PRNewswire/ -- Cadence Design Systems, Inc. (NASDAQ: CDNS) today announced results for the second quarter of fiscal year 2014.

Cadence Logo.

Cadence reported second quarter 2014 revenue of $379 million, compared to revenue of $362 million reported for the same period in 2013.  On a GAAP basis, Cadence recognized net income of $23 million, or $0.08 per share on a diluted basis, in the second quarter of 2014, compared to net income of $9 million, or $0.03 per share on a diluted basis, in the same period in 2013.

Using the non-GAAP measure defined below, net income in the second quarter of 2014 was $64 million, or $0.21 per share on a diluted basis, as compared to net income of $61 million, or $0.21 per share on a diluted basis, in the same period in 2013.

"Cadence continued to drive growth and innovation during the quarter, reflecting the ongoing success of our system design enablement strategy," said Lip-Bu Tan, president and chief executive officer.  "In addition to completing the acquisition of Jasper Design Automation, we won new business in digital and signoff at the most advanced nodes, and made continued progress in IP.  Our digital and system design and verification solutions have strong momentum with both systems and semiconductor customers.  In addition, we are excited about the new products we recently announced in both system design and verification and signoff."

"The Cadence team delivered strong results in Q2 with key operating metrics at or above our targets," added Geoff Ribar, senior vice president and chief financial officer.  "We expect strong business levels for the second half of 2014; however, we are reducing our EPS outlook for the year due to lower hardware gross margins and higher diluted share count because of the impact of a higher share price on calculated dilution from our 2015 convertible notes."

Cadence also announced today that its Board of Directors has approved an increase in the rate of repurchase under its stock repurchase program.  Previously, in January of this year, the Board approved the repurchase of up to $50 million of Cadence common stock in each of fiscal years 2014 and 2015 for a total of $100 million, and this plan will be replaced by the new plan.  The new plan authorizes the repurchase of $300 million of Cadence common stock over two years. Cadence expects to repurchase approximately $37.5 million of its common stock per quarter under the new plan, beginning with the third quarter of 2014.  The Board made its decision based on the underlying strength of the business and a review of the company's capital needs, cash flow and capital structure.  The actual timing and amount of repurchases will be based on corporate and regulatory requirements and other factors.  The stock repurchase program may be suspended, modified or discontinued at any time.

Business Outlook

For the third quarter of 2014, the company expects total revenue in the range of $390 million to $400 million.  Third quarter GAAP net income per diluted share is expected to be in the range of $0.13 to $0.15.  Net income per diluted share using the non-GAAP measure defined below is expected to be in the range of $0.23 to $0.25.

For 2014, the company expects total revenue in the range of $1.570 billion to $1.590 billion.  On a GAAP basis, net income per diluted share for 2014 is expected to be in the range of $0.48 to $0.56.  Using the non-GAAP measure defined below, net income per diluted share for 2014 is expected to be in the range of $0.90 to $0.98.

A schedule showing a reconciliation of the business outlook from GAAP net income and diluted net income per share to non-GAAP net income and diluted net income per share is also included with this release.

Audio Webcast Scheduled

Lip-Bu Tan, president and chief executive officer, and Geoff Ribar, senior vice president and chief financial officer, will host a second quarter 2014 financial results audio webcast today, July 21, 2014, at 2 p.m. (Pacific) / 5 p.m. (Eastern).  Attendees are asked to register at the website at least 10 minutes prior to the scheduled webcast.  An archive of the webcast will be available starting July 21, 2014 at 5 p.m. (Pacific) and ending October 20, 2014 at 5 p.m. (Pacific).  Webcast access is available at www.cadence.com/company/investor_relations.

About Cadence

Cadence enables global electronic design innovation and plays an essential role in the creation of today's integrated circuits and electronics.  Customers use Cadence® software, hardware, IP, and services to design and verify advanced semiconductors, consumer electronics, networking and telecommunications equipment, and computer systems.  The company is headquartered in San Jose, California, with sales offices, design centers, and research facilities around the world to serve the global electronics industry.  More information about the company and its products and services is available at www.cadence.com.

Cadence and the Cadence logo are registered trademarks of Cadence Design Systems, Inc. All other trademarks are the property of their respective owners.

The statements contained above regarding Cadence's second quarter 2014 financial results and Cadence's intention to repurchase shares of its common stock under its new share repurchase plan, as well as the information in the Business Outlook section and the statements by Lip-Bu Tan and Geoff Ribar, are or include forward-looking statements based on current expectations or beliefs and preliminary assumptions about future events that are subject to factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.  These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside Cadence's control, including, among others: (i) Cadence's ability to compete successfully in the electronic design automation product and the commercial electronic design and methodology services industries; (ii) the success of Cadence's efforts to improve operational efficiency and growth; (iii) the mix of products and services sold and the timing of significant orders for Cadence's products; (iv) change in customer demands, including those resulting from consolidation among Cadence's customers and the possibility that the restructurings and other efforts to improve operational efficiency of Cadence's customers could result in delays in purchases of Cadence's products and services; (v) economic and industry conditions in regions in which Cadence does business; (vi) fluctuations in rates of exchange between the U.S. dollar and the currencies of other countries in which Cadence does business; (vii) capital expenditure requirements, legislative or regulatory requirements, interest rates and Cadence's ability to access capital and debt markets; (viii) the acquisition of other companies or technologies or the failure to successfully integrate and operate these companies or technologies Cadence acquires, including the potential inability to retain customers, key employees or vendors; (ix) the effects of Cadence's efforts to improve operational efficiency on Cadence's business, including strategic, customer and supplier relationships, and its ability to retain key employees; (x) events that affect the reserves or settlement assumptions Cadence may take from time to time with respect to accounts receivable, taxes, litigation or other matters; and (xi) the effects of any litigation or other proceedings to which Cadence is or may become a party.

For a detailed discussion of these and other cautionary statements related to Cadence's business, please refer to Cadence's filings with the Securities and Exchange Commission.  These include Cadence's most recent reports on Form 10-K and Form 10-Q, including Cadence's future filings.

GAAP to Non-GAAP Reconciliation

To supplement Cadence's financial results presented on a generally accepted accounting principles, or GAAP, basis, Cadence management uses non-GAAP measures that it believes are helpful in understanding Cadence's performance.  One such measure is non-GAAP net income, which is a financial measure not calculated under GAAP, and is calculated by taking GAAP net income and excluding, as applicable, amortization of intangible assets and debt discount related to our convertible notes, stock-based compensation expense, acquisition and integration-related costs including changes in fair value of contingent consideration and retention expenses for employees added from our 2013 and 2014 acquisitions, special charges (comprised of costs related to a voluntary retirement program), investment gains or losses, income or expenses related to Cadence's non-qualified deferred compensation plan, restructuring and other significant items not directly related to Cadence's core business operations, and the income tax effect of non-GAAP pre-tax adjustments.

Cadence's management uses non-GAAP net income because it excludes items that are generally not directly related to the performance of the company's core business operations and therefore provides useful supplemental information to Cadence's management and investors regarding the performance of the company's business operations, facilitates comparisons to the company's historical operating results and enhances investors' ability to review Cadence's business from the same perspective as Cadence's management.  Cadence's management also uses non-GAAP net income internally for forecasting and budgeting. Non-GAAP financial measures should not be considered as a substitute for or superior to measures of financial performance prepared in accordance with GAAP.  Investors and potential investors are encouraged to review the reconciliation of non-GAAP financial measures contained within this press release with their most directly comparable GAAP financial results.  Investors are encouraged to look at the GAAP results as the best measure of financial performance.

The following tables reconcile the specific items excluded from GAAP net income and GAAP net income per diluted share in the calculation of non-GAAP net income and non-GAAP net income per diluted share for the periods shown below:

Net Income Reconciliation


Three Months Ended



June 28, 2014


June 29, 2013



(unaudited)

(in thousands)





Net income on a GAAP basis


$

23,263


$

9,429

Amortization of acquired intangibles


14,192


11,087

Stock-based compensation expense


19,077


15,111

Non-qualified deferred compensation expenses


1,047


1,699

Restructuring and other charges (credits)


(26)


2,656

Acquisition and integration-related costs


8,787


10,093

Special charges*


10,357


-

Amortization of debt discount


4,241


5,571

Other income or expense related to investments and non-qualified deferred compensation plan assets**


(1,480)


(1,193)

Income tax effect of non-GAAP adjustments


(15,849)


6,712

Net income on a non-GAAP basis


$

63,609


$

61,165



*

Comprised of costs related to a voluntary retirement program



**

Includes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on sale of investments and gains or losses on non-qualified deferred compensation plan assets recorded in other income or expense.

 

Diluted Net Income per Share Reconciliation


Three Months Ended



June 28, 2014


June 29, 2013



(unaudited)

(in thousands, except per share data)





Diluted net income per share on a GAAP basis


$

0.08


$

0.03

Amortization of acquired intangibles


0.05


0.04

Stock-based compensation expense


0.06


0.05

Non-qualified deferred compensation expenses


-


0.01

Restructuring and other charges (credits)


-


0.01

Acquisition and integration-related costs


0.03


0.03

Special charges*


0.03


-

Amortization of debt discount


0.01


0.02

Other income or expense related to investments and non-qualified deferred compensation plan assets**


-


-

Income tax effect of non-GAAP adjustments


(0.05)


0.02

Diluted net income per share on a non-GAAP basis


$

0.21


$

0.21

Shares used in calculation of diluted net income per share - GAAP***


305,755


294,443

Shares used in calculation of diluted net income per share - non-GAAP***


305,755


294,443



*

Comprised of costs related to a voluntary retirement program



**

Includes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on sale of investments and gains or losses on non-qualified deferred compensation plan assets recorded in other income or expense.



***

Shares used in the calculation of GAAP net income per share are expected to be the same as shares used in the calculation of non-GAAP net income per share, except when the company reports a GAAP net loss and non-GAAP net income, or GAAP net income and a non-GAAP net loss.

 

Cadence expects that its corporate representatives will meet privately during the quarter with investors, the media, investment analysts and others.  At these meetings, Cadence may reiterate the business outlook published in this press release.  At the same time, Cadence will keep this press release, including the business outlook, publicly available on its website.

Prior to the start of the Quiet Period (described below), the public may continue to rely on the business outlook contained herein as still being Cadence's current expectations on matters covered unless Cadence publishes a notice stating otherwise.

Beginning September 12, 2014, Cadence will observe a Quiet Period during which the business outlook as provided in this press release and the company's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q no longer constitute the company's current expectations.  During the Quiet Period, the business outlook in these documents should be considered to be historical, speaking as of prior to the Quiet Period only and not subject to any update by the company.  During the Quiet Period, Cadence's representatives will not comment on Cadence's business outlook, financial results or expectations.  The Quiet Period will extend until the day when Cadence's third quarter 2014 earnings release is published, which is currently scheduled for October 20, 2014.

For more information, please contact:

Investors and Shareholders
Alan Lindstrom
Cadence Design Systems, Inc.
408-944-7100
investor_relations@cadence.com

Media and Industry Analysts
Anna del Rosario
Cadence Design Systems, Inc.
408-914-6884
newsroom@cadence.com

 

Cadence Design Systems, Inc.

Condensed Consolidated Balance Sheets

June 28, 2014 and December 28, 2013

(In thousands)

(Unaudited)












June 28, 2014


December 28, 2013








Current assets:






Cash and cash equivalents


$         557,416


$                   536,260


Short-term investments


97,910


96,788


Receivables, net


101,924


107,624


Inventories


58,311


50,220


2015 notes hedges


455,844


306,817


Prepaid expenses and other


143,314


123,382



Total current assets


1,414,719


1,221,091








Property, plant and equipment, net of accumulated 
     depreciation of $584,613 and $568,494, respectively


239,314


238,715

Goodwill


559,957


456,905

Acquired intangibles, net of accumulated amortization of 
     $121,797 and $139,820, respectively


395,430


311,693

Long-term receivables


5,611


3,672

Other assets


170,802


196,525

Total assets


$      2,785,833


$                2,428,601








Current liabilities:






Revolving credit facility


$         100,000


$                               -


Convertible notes


333,333


324,826


2015 notes embedded conversion derivative


455,844


306,817


Accounts payable and accrued liabilities


216,959


216,594


Current portion of deferred revenue


301,911


299,973



Total current liabilities


1,408,047


1,148,210








Long-term liabilities:






Long-term portion of deferred revenue


46,800


52,850


Other long-term liabilities


70,502


71,436



Total long-term liabilities


117,302


124,286








Stockholders' equity


1,260,484


1,156,105

Total liabilities and stockholders' equity


$      2,785,833


$                2,428,601

 

Cadence Design Systems, Inc.

Condensed Consolidated Income Statements

For the Three and Six Months Ended June 28, 2014 and June 29, 2013

(In thousands, except per share amounts)

(Unaudited)



























Three Months Ended


Six Months Ended





June 28, 2014


June 29, 2013


June 28, 2014


June 29, 2013












Revenue:









Product and maintenance

$        354,468


$         337,983


$         711,818


$         666,254


Services

24,320


24,498


45,520


50,493














Total revenue

378,788


362,481


757,338


716,747












Costs and expenses:









Cost of product and maintenance

37,707


28,095


79,904


57,942


Cost of services

16,706


15,148


31,608


33,492


Marketing and sales

98,611


95,277


196,934


185,679


Research and development

152,672


136,395


299,138


260,479


General and administrative

32,042


34,441


60,786


64,251


Amortization of acquired intangibles

5,579


5,327


10,789


9,118


Restructuring and other charges (credits)

(26)


2,656


370


2,508














Total costs and expenses

343,291


317,339


679,529


613,469















Income from operations

35,497


45,142


77,809


103,278













Interest expense

(7,369)


(9,528)


(14,637)


(18,790)


Other income, net

1,635


2,018


5,017


4,193















Income before provision for income taxes

29,763


37,632


68,189


88,681













Provision for income taxes

6,500


28,203


11,856


643















Net income 

$          23,263


$             9,429


$           56,333


$           88,038























Net income per share - basic

$              0.08


$              0.03


$               0.20


$               0.32












Net income per share - diluted

$              0.08


$              0.03


$               0.19


$               0.30












Weighted average common shares outstanding - basic

283,344


277,146


282,480


276,018












Weighted average common shares outstanding - diluted

305,755


294,443


303,395


293,274

 

Cadence Design Systems, Inc. 

Condensed Consolidated Statements of Cash Flows

For the Six Months Ended June 28, 2014 and June 29, 2013

(In thousands)

(Unaudited)









Six Months Ended



June 28,


June 29,



2014


2013






Cash and cash equivalents at beginning of period


$  536,260


$  726,357

Cash flows from operating activities:





   Net income


56,333


88,038

   Adjustments to reconcile net income to net cash provided by operating activities:





      Depreciation and amortization


53,609


46,977

      Amortization of debt discount and fees


9,814


12,625

      Stock-based compensation


37,941


28,921

      Gain on investments, net


(5,128)


(2,477)

      Deferred income taxes


4,778


(4,413)

      Other non-cash items


3,694


433

      Changes in operating assets and liabilities, net of effect of acquired businesses:





         Receivables


5,336


8,719

         Inventories


(12,266)


(2,672)

         Prepaid expenses and other


(13,602)


26,516

         Other assets


(1,273)


(45,274)

         Accounts payable and accrued liabilities


(13,550)


10,023

         Deferred revenue


(23,740)


(24,359)

         Other long-term liabilities


(4,983)


7,174

            Net cash provided by operating activities


96,963


150,231






Cash flows from investing activities:





  Purchases of available-for-sale securities


(77,490)


(63,705)

  Proceeds from the sale of available-for-sale securities


54,601


46,857

  Proceeds from the maturity of available-for-sale securities


23,799


15,716

  Proceeds from the sale of long-term investments


-


6,102

  Purchases of property, plant and equipment


(17,715)


(23,739)

  Cash paid in business combinations and asset acquisitions, net of cash acquired


(163,685)


(392,139)

           Net cash used for investing activities


(180,490)


(410,908)






Cash flows from financing activities:





  Proceeds from revolving credit facility


100,000


100,000

  Principal payments on receivable financing


-


(2,526)

  Payment of acquisition-related contingent consideration


(1,835)


(582)

  Tax effect related to employee stock transactions allocated to equity


2,642


7,300

  Proceeds from issuance of common stock 


36,482


30,227

  Stock received for payment of employee taxes on vesting of restricted stock


(12,292)


(11,758)

  Payments for repurchases of common stock


(25,032)


-

           Net cash provided by financing activities


99,965


122,661






Effect of exchange rate changes on cash and cash equivalents


4,718


(11,108)






Increase (decrease) in cash and cash equivalents 


21,156


(149,124)






Cash and cash equivalents at end of period


$  557,416


$  577,233

 



Cadence Design Systems, Inc.

As of July 21, 2014

Impact of Non-GAAP Adjustments on Forward Looking Diluted Net Income Per Share

(Unaudited)








Three Months Ending


Year Ending



September 27, 2014


January 3, 2015



Forecast


Forecast






Diluted net income per share on a GAAP basis

 $0.13 to $0.15 


 $0.48 to $0.56 







Amortization of acquired intangibles

0.05


0.20


Stock-based compensation expense

0.07


0.27


Non-qualified deferred compensation expenses

-


0.01


Acquisition and integration-related costs

0.02


0.08


Special charges*

-


0.03


Amortization of debt discount

0.01


0.06


Other income or expense related to investments and non-qualified 





    deferred compensation plan assets**

-


(0.02)


Income tax effect of non-GAAP adjustments

(0.05)


(0.21)






Diluted net income per share on a non-GAAP basis

 $0.23 to $0.25 


 $0.90 to $0.98 







 * Comprised of costs related to a voluntary retirement program 




 ** Includes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on sale of investments and gains or losses on non-qualified deferred compensation plan assets recorded in other income or expense.

 


Cadence Design Systems, Inc.

As of July 21, 2014

Impact of Non-GAAP Adjustments on Forward Looking Net Income 

(Unaudited)








Three Months Ending


Year Ending



September 27, 2014


January 3, 2015

($ in millions)

Forecast


Forecast






Net income on a GAAP basis

 $41 to $47 


 $147 to $172 







Amortization of acquired intangibles

16


60


Stock-based compensation expense

21


83


Non-qualified deferred compensation expenses

-


3


Acquisition and integration-related costs

5


25


Special charges*

-


10


Amortization of debt discount

4


18


Other income or expense related to investments and non-qualified 





    deferred compensation plan assets**

-


(5)


Income tax effect of non-GAAP adjustments

(16)


(66)






Net income on a non-GAAP basis

 $71 to $77 


 $275 to $300 







 * Comprised of costs related to a voluntary retirement program 




 ** Includes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on sale of investments and gains or losses on non-qualified deferred compensation plan assets recorded in other income or expense.

 

Cadence Design Systems, Inc.

(Unaudited)



















Revenue Mix by Geography (% of Total Revenue)











2013


2014

GEOGRAPHY

 Q1 

 Q2 

 Q3 

 Q4 

 Year 


 Q1 

 Q2 










 Americas 

44%

45%

48%

47%

46%


45%

44%

 Asia 

19%

21%

20%

19%

20%


23%

23%

 Europe, Middle East and Africa 

22%

21%

20%

20%

21%


20%

22%

 Japan 

15%

13%

12%

14%

13%


12%

11%

Total

100%

100%

100%

100%

100%


100%

100%




























Revenue Mix by Product Group (% of Total Revenue)











2013


2014

PRODUCT GROUP

 Q1 

 Q2 

 Q3 

 Q4 

 Year 


 Q1 

 Q2 










 Functional Verification, including Emulation Hardware 

22%

22%

24%

25%

23%


23%

21%

 Digital IC Design and Signoff 

33%

31%

29%

29%

30%


30%

30%

 Custom IC Design 

28%

28%

28%

26%

27%


27%

28%

 System Interconnect and Analysis 

10%

11%

10%

10%

11%


10%

11%

 IP 

7%

8%

9%

10%

9%


10%

10%

Total

100%

100%

100%

100%

100%


100%

100%

 

Cadence Design Systems, Inc.

Supplemental Reconciliation of Certain GAAP to Non-GAAP Measures

For the Three Months Ended June 28, 2014

(In thousands)

(Unaudited)























   Three Months Ended           





   June 28, 2014           





GAAP


Adjustments


Non-GAAP










Revenue:








Product and maintenance

$        354,468


$                    -


$        354,468


Services

24,320


-


24,320












Total revenue

378,788


-


378,788










Costs and expenses:







Cost of product and maintenance

37,707


(9,504)

 (A) 

28,203


Cost of services

16,706


(1,384)

 (A) 

15,322


Marketing and sales

98,611


(6,992)

 (A) 

91,619


Research and development

152,672


(21,177)

 (A) 

131,495


General and administrative

32,042


(8,824)

 (A) 

23,218


Amortization of acquired intangibles

5,579


(5,579)

 (A) 

-


Restructuring and other charges (credits)

(26)


26


-












Total costs and expenses

343,291


(53,434)


289,857













Income from operations

35,497


53,434


88,931











Interest expense

(7,369)


4,241

 (B) 

(3,128)


Other income, net

1,635


(1,480)

(C)

155













Income before provision for income taxes

29,763


56,195


85,958











Provision for income taxes

6,500


15,849

(D)

22,349













Net income 

$          23,263


$          40,346


$          63,609










Notes: 

(A) For the three months ended June 28, 2014 adjustments to GAAP are as follows for the line items specified:

 


Amortization
of acquired intangibles

Stock-based compensation expense


Non-qualified
deferred compensation expenses


Acquisition
and integration-related costs


Special charges (E)


Total adjustments

Cost of product and maintenance

$              8,613

$                  485


$                       5


$                      -


$            401


$            9,504

Cost of services

-

709


8


-


667


1,384

Marketing and sales

-

4,560


20


499


1,913


6,992

Research and development

-

9,701


642


4,980


5,854


21,177

General and administrative

-

3,622


372


3,308


1,522


8,824

Amortization of acquired intangibles

5,579

-


-


-


-


5,579

     Total

$             14,192

$             19,077


$                1,047


$                8,787


$       10,357


$          53,460


(B) Amortization of debt discount related to convertible notes

(C) Other income or expense related to investments and non-qualified deferred compensation plan assets

(D) Income tax effect of non-GAAP adjustments 

(E) Comprised of costs related to a voluntary retirement program

 


Cadence Design Systems, Inc.

Supplemental Reconciliation of Certain GAAP to Non-GAAP Measures

For the Three Months Ended June 29, 2013

(In thousands)

(Unaudited)























Three Months Ended        





June 29, 2013          





GAAP


Adjustments


Non-GAAP










Revenue:








Product and maintenance

$        337,983


$                      -


$            337,983


Services

24,498


-


24,498












Total revenue

362,481


-


362,481










Costs and expenses:







Cost of product and maintenance

28,095


(6,095)

 (F) 

22,000


Cost of services

15,148


(483)

 (F) 

14,665


Marketing and sales

95,277


(3,868)

 (F) 

91,409


Research and development

136,395


(13,096)

 (F) 

123,299


General and administrative

34,441


(9,121)

 (F) 

25,320


Amortization of acquired intangibles

5,327


(5,327)

 (F) 

-


Restructuring and other charges 

2,656


(2,656)


-












Total costs and expenses

317,339


(40,646)


276,693













Income from operations

45,142


40,646


85,788











Interest expense

(9,528)


5,571

(G)

(3,957)


Other income, net

2,018


(1,193)

(H)

825













Income before provision for income taxes

37,632


45,024


82,656











Provision for income taxes

28,203


(6,712)

(I)

21,491













Net income 

$            9,429


$            51,736


$              61,165










Notes: 

(F) For the three months ended June 29, 2013 adjustments to GAAP are as follows for the line items specified:

 



Amortization
of acquired
intangibles

Stock-based
compensation
expense


Non-qualified
deferred
compensation
expenses


Acquisition and
integration-
related costs


Total
adjustments

Cost of product and maintenance

$                5,760

$               323


$                        12


$                      -


$         6,095

Cost of services

-

466


17


-


483

Marketing and sales

-

3,327


146


395


3,868

Research and development

-

7,485


879


4,732


13,096

General and administrative

-

3,510


645


4,966


9,121

Amortization of acquired intangibles

5,327

-


-


-


5,327

     Total

$              11,087

$          15,111


$                   1,699


$              10,093


$       37,990










(G) Amortization of debt discount related to convertible notes

(H) Other income or expense related to investments and non-qualified deferred compensation plan assets

(I) Income tax effect of non-GAAP adjustments

 

Logo - http://photos.prnewswire.com/prnh/20140102/SF39436LOGO

©2012 PR Newswire. All Rights Reserved.

Powered by WorldNow
WSMV
Powered by WorldNow CNN
All content © 2014, WSMV; Nashville, TN. (A Meredith Corporation Station) and WorldNow. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.