Cavium Announces Financial Results for Q4 2016

 

 

CAVIUM, INC.

Unaudited Reconciliation of Non-GAAP Adjustments

(in thousands, except per share data and percentages)





Three Months Ended



December 31, 2016



September 30, 2016


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








GAAP loss from operations

$

(29,146)



$

(94,242)


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


19,273




17,472


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


3,410




2,594


Purchase accounting effect on inventory


21,015




9,888


Amortization of acquisition related assets


30,105




16,047


Acquisition and integration related costs


2,282




13,486


Manufacturing rights buy-out


-




37,059


Restructuring, severance and other employment charges


-




13,477


IPR&D written-off


2,000




-


Non-GAAP income from operations

$

48,939



$

32,362


Non-GAAP income from operations as a percentage of revenue


21.6

%



19.2

%









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








GAAP net loss

$

(121,600)



$

(14,366)


Non-GAAP adjustments:








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


19,273




17,472


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


3,410




2,594


Purchase accounting effect on inventory


21,015




9,888


Amortization of acquisition related assets


30,105




16,047


Acquisition and integration related costs


2,282




13,486


Manufacturing rights buy-out


-




37,059


Restructuring, severance and other employment charges


-




13,477


IPR&D written-off


2,000




-


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


164




522


Acquisition related tax adjustments


83,174




(84,792)


Total of non-GAAP adjustments


161,423




42,334


Non-GAAP net income

$

39,823



$

27,968










GAAP net loss per share, diluted

$

(1.82)



$

(0.23)


Non-GAAP adjustments detailed above


2.38




0.66


Non-GAAP net income per share, diluted

$

0.56



$

0.43










GAAP weighted average shares, diluted


66,949




62,055


Non-GAAP share adjustment


4,365




3,062


Non-GAAP weighted average shares, diluted


71,314




65,117



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