Cavium Announces Financial Results for Q2 2016

SAN JOSE, Calif., July 26, 2016 — (PRNewswire) —  Cavium, Inc. (NASDAQ: CAVM), a leading provider of semiconductor products that enable secure and intelligent processing for enterprise, data center, cloud, wired and wireless networking, today announced financial results for the second quarter ended June 30, 2016.

 Cavium, Inc. Logo.

Net revenue in the second quarter was $107.2 million, a 5.2% sequential increase from the $101.9 million reported in the first quarter of 2016 and 2.1% from the $105.0 million reported in the second quarter of 2015.

Generally Accepted Accounting Principles (GAAP) Results

Net loss for the second quarter of 2016 was $7.4 million, or $(0.13) per diluted share, compared to $3.8 million, or $(0.07) per diluted share in the first quarter of 2016. Gross margins were 66.9% in the second quarter of 2016 compared to 66.8% in the first quarter of 2016. GAAP operating loss (GAAP loss from operations as a percentage of revenue) was 6.3% in the second quarter of 2016 compared to 3.3% in the first quarter of 2016. Total cash and cash equivalents were $140.4 million at June 30, 2016.

Non-GAAP Results                  

Cavium believes that the presentation of non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to Cavium's financial condition and results of operations. These measures should only be used to evaluate Cavium's results of operations in conjunction with the corresponding GAAP measures. The reconciliation between GAAP and non-GAAP financial results is provided in the financial statements portion of this release.

In the second quarter of 2016, Non-GAAP net income was $17.2 million, or $0.29 per diluted share. Non-GAAP gross margin was 67.3% and Non-GAAP operating margin (non-GAAP income from operations as a percentage of revenue) was 16.6%.

Recent News Highlights

  • July 13, 2016 -  Cavium Commences Exchange Offer to Acquire QLogic
  • June 21, 2016 - Cavium Adds Microsemi's Storage Solutions to ThunderX® Processor Family
  • June 20, 2016 - IDT Collaborates with Cavium to Support Hyperscale Data Centers
  • June 20, 2016 - Cavium and Partners Demonstrated ThunderX Servers at ISC 2016
  • June 15, 2016 - Cavium Announced to Acquire QLogic
  • May 20, 2016 - Cavium Announced ThunderX2™
  • May 30, 2016 - Cavium Showcased The CloudScale Rack™
  • May 23, 2016 - Cavium Unveiled OCTEON TX™: Industry's widest range of 64-bit ARM®-based SOCs for a broad spectrum of open, services-centric applications in enterprise and service provider infrastructure

Cavium, Inc. will broadcast its second quarter of 2016 financial results conference call today, July 26, 2016, at 2 p.m. Pacific time (5 p.m. Eastern time).  The conference call will be available via a live web cast on the investor relations section of the Cavium website at http://www.cavium.com. Please access the website at least a few minutes prior to the start of the call in order to download and install any necessary audio software. An archived web cast replay of the call will be available on the web site for a limited period of time.

About Cavium

Cavium is a leading provider of highly integrated semiconductor products that enable intelligent processing in enterprise, data center, cloud and wired and wireless service provider applications. Cavium offers a broad portfolio of integrated, software-compatible processors ranging in performance from 100 Mbps to 100 Gbps that enable secure, intelligent functionality in enterprise, data-center, broadband/consumer and access and service provider equipment. Cavium's processors are supported by ecosystem partners that provide operating systems, tool support, reference designs and other services. Cavium's principal office is in San Jose, CA with design team locations in California, Massachusetts, India and China. For more information, please visit: http://www.cavium.com.

 

CAVIUM, INC.
Unaudited GAAP Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)





Three Months Ended



June 30, 2016



March 31, 2016


Net revenue

$

107,158



$

101,882


Cost of revenue


35,499




33,866


Gross profit


71,659




68,016


Operating expenses:








     Research and development


52,578




50,455


     Sales, general and administrative


25,882




20,925


        Total operating expenses


78,460




71,380


Loss from operations


(6,801)




(3,364)


Other income (expense), net:








    Interest expense


(185)




(208)


    Other, net


(151)




14


Total other expense, net


(336)




(194)


     Loss before income taxes


(7,137)




(3,558)


     Provision for income taxes


273




275


Net loss

$

(7,410)



$

(3,833)


Net loss per common share, basic and diluted

$

(0.13)



$

(0.07)


Shares used in computing basic and diluted net loss per common share


57,527




56,932



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