Cavium Announces Financial Results for Q3 2016

 


CAVIUM, INC.

Unaudited Reconciliation of Non-GAAP Adjustments

(in thousands, except per share data and percentages)



Three Months Ended



September 30, 2016



June 30, 2016


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








GAAP loss from operations

$

(94,242)



$

(6,801)


Stock-based compensation and related payroll taxes from awards granted by the Company


17,472




14,541


Stock-based compensation expense related to employees with change in control provision


16,581




-


Stock-based compensation and related payroll taxes from awards assumed from the acquisition


2,594




-


Purchase accounting effect on inventory


9,888




-


Amortization of acquisition related assets


16,047




3,680


Acquisition and integration related costs


13,486




6,339


Manufacturing rights buy-out


37,059




-


Restructuring, severance and other employment charges


13,477




-


Non-GAAP income from operations

$

32,362



$

17,759


Non-GAAP income from operations as a percentage of revenue


19.2

%



16.6

%









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








GAAP net loss

$

(14,366)



$

(7,410)


Non-GAAP adjustments:








Stock-based compensation and related payroll taxes from awards granted by the Company


17,472




14,541


Stock-based compensation expense related to employees with change in control provision


16,581




-


Stock-based compensation and related payroll taxes from awards assumed from the acquisition


2,594




-


Purchase accounting effect on inventory


9,888




-


Amortization of acquisition related assets


16,047




3,680


Acquisition and integration related costs


13,486




6,339


Manufacturing rights buy-out


37,059




-


Restructuring, severance and other employment charges


13,477




-


Interest expense and amortization of debt financing cost associated with interim term loan facility


522




-


Partial reversal of the deferred tax asset valuation allowance due to acquisition


(84,792)




-


Total of non-GAAP adjustments


42,334




24,560


Non-GAAP net income

$

27,968



$

17,150










GAAP net loss per share, diluted

$

(0.23)



$

(0.13)


Non-GAAP adjustments detailed above


0.66




0.42


Non-GAAP net income per share, diluted

$

0.43



$

0.29










GAAP weighted average shares, diluted


62,055




57,527


Non-GAAP share adjustment


3,062




2,471


Non-GAAP weighted average shares, diluted


65,117




59,998



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