Cavium Announces Financial Results for Q1 2013

 

 

CAVIUM, INC.

Unaudited Reconciliation of Non-GAAP Adjustments

(in thousands, except per share data and percentages)






Three Months Ended 


March 31, 2013


December 31, 2012

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




Net revenue

$            69,530


$                  66,369

GAAP gross profit

43,371


41,320

GAAP gross margin

62.4%


62.3%





          Stock-based compensation and related payroll taxes

296


432

          Amortization of acquired intangible assets

1,607


1,625

          Acquisition and restructuring related expenses

178


(571)

Non-GAAP gross profit

$            45,452


$                  42,806

Non-GAAP gross margin

65.4%


64.5%






Three Months Ended 


March 31, 2013


December 31, 2012

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




GAAP loss from operations

$            (4,284)


$                 (37,286)

          Stock-based compensation and related payroll taxes

8,487


8,593

          Amortization of acquired intangible assets

1,807


1,825

          Acquisition and restructuring related expenses

1,328


(378)

          Acquisition and restructuring related compensation expenses

938


289

          Write-down of acquired intangible assets

-


5,570

          Goodwill impairment

-


27,680

          Gain on sale of certain assets

(747)


-

          Loss from operations of a variable interest entity

3,585


2,880

Non-GAAP income from operations

$            11,114


$                    9,173

Non-GAAP income from operations as a percentage of revenue

16.0%


13.8%






Three Months Ended 


March 31, 2013


December 31, 2012

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




GAAP net loss attributable to the Company

$            (3,184)


$                 (78,839)

Non-GAAP adjustments:




      Stock-based compensation and related payroll taxes:




          Cost of revenue

296


432

          Research and development 

4,042


4,070

          Sales, general and administrative 

4,149


4,091

      Amortization of acquired intangible assets:




          Cost of revenue

1,607


1,625

          Sales, general and administrative 

200


200

      Acquisition and restructuring related expenses 

1,328


(378)

      Acquisition and restructuring related compensation expenses

938


289

      Gain on sale of certain assets

(747)


-

      Net loss of a variable interest entity attributable to the Company

1,594


2,396

      Write-down of acquired intangible assets

-


5,570

      Goodwill impairment

-


27,680

     Valuation allowance on deferred tax assets

-


43,505

     Total of non-GAAP adjustments

13,407


89,480

Non-GAAP net income 

$            10,223


$                  10,641





GAAP net loss attributable to the Company per share, diluted

$              (0.06)


$                     (1.56)

   Non-GAAP adjustments detailed above

0.25


1.76

Non-GAAP net income per share, diluted

$                0.19


$                      0.20





GAAP weighted average shares, diluted

51,001


50,490

   Non-GAAP share adjustment

3,705


3,974

Non-GAAP weighted average shares, diluted

54,706


54,464


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