Cavium Announces Financial Results for Q3 2012

 

 

 

CAVIUM, INC.

Unaudited Reconciliation of Non-GAAP Adjustments

(In thousands, except per share data and percentages)





Three Months Ended 

Reconciliation of GAAP gross profit & margin to non-GAAP:

September 30, 2012

June 30, 2012

Net revenue

$                   61,081

$         55,287

GAAP gross profit

36,285

30,538

GAAP gross margin

59.4%

55.2%

          Acquisition and restructuring related expenses:



                Cost of revenue

(183)

178

          Amortization of acquired intangible assets:



                Cost of revenue

2,001

2,180

          Stock-based compensation and related payroll taxes:



                Cost of revenue

491

584

Non-GAAP gross profit

$                   38,594

$         33,480

Non-GAAP gross margin

63.2%

60.6%





Three Months Ended 

Reconciliation of GAAP loss from operations to non-GAAP income from operations:

September 30, 2012

June 30, 2012

GAAP loss from operations

$                    (9,113)

$       (14,074)

          Amortization of acquired intangible assets

2,293

2,472

          Stock-based compensation and related payroll taxes

9,237

11,120

          Acquisition and restructuring related expenses

648

546

          Acquisition and restructuring related compensation expenses

195

1,170

          Loss on disposition of certain consumer product assets

2,728

-

Non-GAAP income from operations

$                     5,988

$           1,234

Non-GAAP income from operations as a percentage of revenue

9.8%

2.2%





Three Months Ended 

Reconciliation of GAAP net loss to non-GAAP net income:

September 30, 2012

June 30, 2012

GAAP net loss 

$                    (7,290)

$       (11,839)

Non-GAAP adjustments:



      Stock-based compensation and related payroll taxes:



          Cost of revenue

491

584

          Research and development 

4,420

4,657

          Sales, general and administrative 

4,326

5,879

      Amortization of acquired intangible assets:



          Cost of revenue

2,001

2,180

          Sales, general and administrative 

292

292

      Acquisition and restructuring related expenses 

648

546

      Acquisition and restructuring related compensation expenses

195

1,170

      Loss on disposition of certain consumer product assets

2,728

-

     Total of non-GAAP adjustments

15,101

15,308

Non-GAAP net income 

$                     7,811

$           3,469




GAAP net loss per share, diluted

$                      (0.15)

$           (0.24)

   Non-GAAP adjustments detailed above

0.30

0.31

Non-GAAP net income per share, diluted

$                       0.15

$             0.07




GAAP weighted average shares, diluted

50,060

49,664

   Non-GAAP share adjustment

3,076

2,782

Non-GAAP weighted average shares, diluted

53,136

52,446


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