Exhibit 99.2
MAGMA DESIGN AUTOMATION, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
August 2, 2009 | May 3, 2009 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 36,812 | $ | 32,888 | ||||
Restricted cash | 7,876 | 9,215 | ||||||
Short-term investments | 18,010 | — | ||||||
Accounts receivable, net | 11,320 | 26,635 | ||||||
Prepaid expenses and other current assets | 5,764 | 5,443 | ||||||
Total current assets | 79,782 | 74,181 | ||||||
Property and equipment, net | 8,868 | 10,443 | ||||||
Intangibles, net | 10,772 | 12,170 | ||||||
Goodwill | 6,672 | 6,666 | ||||||
Long-term investments | — | 17,908 | ||||||
Other assets | 6,190 | 5,665 | ||||||
Total assets | $ | 112,284 | $ | 127,033 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 1,595 | $ | 1,212 | ||||
Accrued expenses | 9,462 | 15,353 | ||||||
Secured credit line | 12,403 | 12,451 | ||||||
Revolving note | 11,246 | 12,181 | ||||||
Current portion of other long-term liabilities | 2,468 | 2,679 | ||||||
Deferred revenue | 28,648 | 35,779 | ||||||
Convertible notes, net of debt discount | 48,141 | — | ||||||
Total current liabilities | 113,963 | 79,655 | ||||||
Convertible notes, net of debt discount | — | 47,600 | ||||||
Long-term tax liabilities | 9,750 | 9,729 | ||||||
Other long-term liabilities | 2,419 | 3,160 | ||||||
Total liabilities | 126,132 | 140,144 | ||||||
Stockholders’ equity: | ||||||||
Common stock | 5 | 5 | ||||||
Additional paid-in capital | 408,724 | 405,341 | ||||||
Accumulated deficit | (384,802 | ) | 380,489 | |||||
Treasury stock at cost | (32,615 | ) | (32,615 | ) | ||||
Accumulated other comprehensive loss | (5,160 | ) | (5,353 | ) | ||||
Total stockholders’ equity (deficit) | (13,848 | ) | (13,111 | ) | ||||
Total liabilities and stockholders’ equity | $ | 112,284 | $ | 127,033 | ||||
MAGMA DESIGN AUTOMATION, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
For the Three Months Ended | ||||||||
August 2, 2009 | August 3, 2008 | |||||||
Revenue: | ||||||||
Licenses | $ | 13,779 | $ | 26,096 | ||||
Bundled licenses and services | 7,577 | 9,930 | ||||||
Services | 7,485 | 9,716 | ||||||
Total revenue | 28,841 | 45,742 | ||||||
Cost of revenue: | ||||||||
Licenses | 701 | 4,809 | ||||||
Bundled licenses and services | 976 | 2,519 | ||||||
Services | 3,160 | 5,002 | ||||||
Total cost of revenue | 4,837 | 12,330 | ||||||
Gross profit | 24,004 | 33,412 | ||||||
Operating expenses: | ||||||||
Research and development | 11,197 | 20,133 | ||||||
Sales and marketing | 9,770 | 16,803 | ||||||
General and administrative | 4,383 | 6,952 | ||||||
Amortization of intangible assets | 305 | 1,444 | ||||||
Restructuring charge | 703 | 2,020 | ||||||
Total operating expenses | 26,358 | 47,352 | ||||||
Operating loss | (2,354 | ) | (13,940 | ) | ||||
Other income (expense): | ||||||||
Interest income | 45 | 186 | ||||||
Interest expense | (1,157 | ) | (984 | ) | ||||
Other income (expense), net | (450 | ) | (96 | ) | ||||
Total other income, (expense) net | (1,562 | ) | (894 | ) | ||||
Net loss before income taxes | (3,916 | ) | (14,834 | ) | ||||
Provision for (benefit from) income taxes | 396 | 440 | ||||||
Net loss | $ | (4,312 | ) | $ | (15,274 | ) | ||
Net loss per share – basic and diluted | $ | (0.09 | ) | $ | (0.35 | ) | ||
Shares used in calculation: | 47,863 | 43,385 | ||||||