Cavium Announces Financial Results for Q3 2017

SAN JOSE, Calif., November 1, 2017 – Cavium, Inc. (NASDAQ: CAVM), a leading provider of semiconductor products that enable intelligent processing for enterprise, data center, cloud, wired and wireless networking, today announced financial results for the third quarter ended September 30, 2017.

Net revenue in the third quarter of 2017 was $252.0 million, a 4.1% sequential increase from the $242.1 million reported in the second quarter of 2017 and 49.9% from the $168.1 million reported in the third quarter of 2016.

Generally Accepted Accounting Principles (GAAP) Results
Net loss for the third quarter of 2017 was $6.2 million, or ($0.09) per diluted share, compared to $11.1 million, or ($0.16) per diluted share in the second quarter of 2017. Gross margins were 54.6% in the third quarter of 2017 compared to 53.5% in the second quarter of 2017. As a percentage of revenue, GAAP income from operations was 0.19% in the third quarter of 2017 compared to GAAP operating loss of 2.5% in the second quarter of 2017. Total cash and cash equivalents were $152.7 million at September 30, 2017.

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. Cavium believes that these non-GAAP financial measures provide additional insight into Cavium’s ongoing performance and core operational activities and has chosen to provide these measures for more consistent and meaningful comparison between periods. 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 third quarter of 2017, Non-GAAP net income was $55.8 million, or $0.76 per diluted share, Non-GAAP gross margin was 66.0% and Non-GAAP income from operations as a percentage of revenue was 24.8%.

Recent News Highlights

• October 24, 2017 - Cadence and Arm Delivers First SoC Verification Solution for Low-Power, High-Performance Arm-Based Servers
  
  
• October 9, 2017 - China Unicom Awarded "Best 5G Initiative" RANNYs Award in Partnership with Cavium
  
  
• September 11, 2017 - Cavium Showcased M-CORD NFV/5G on ARM with Leaf and Spine SDN Fabric at Mobile World Congress Americas 2017
  
  
• September 11, 2017 - Cavium and Enea Delivers Optimized Software and Hardware Platform for uCPE
  
  
• August 28, 2017 - Cavium Demonstrated NVMe Scale-out Technologies at VMworld US 2017
  
  
• August 10, 2017 - Cavium Announced Support for FC-NVMe Standard
  
  
• August 8, 2017 - Cavium Demonstrated Breakthrough NVMe over Fabrics Performance at Flash Memory Summit 2017

Cavium will broadcast its third quarter of 2017 financial results conference call today, November 1, 2017, 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 offers a broad portfolio of infrastructure solutions for compute, security, storage, switching, connectivity, and baseband processing. Cavium’s highly integrated multi-core SoC products deliver software compatible solutions across low to high performance points enabling secure and intelligent functionality in Enterprise, Data Center and Service Provider Equipment. Cavium processors and solutions are supported by an extensive ecosystem of operating systems, tools, application stacks, hardware-reference designs, and other products. Cavium is headquartered in San Jose, CA with design centers in California, Massachusetts, India, Israel, China, and Taiwan. For more information about the Company, please visit: http://cavium.com/newsevents_Cavium-Announces-Financial-Results-for-Q3-2017.html.

Cavium Contact
Angel Atondo
Senior Marketing Communications Manager
Tel: (408) 943-7417
Email:angel.atondo@cavium.com

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Cavium Announces Financial Results for Q1 2017

SAN JOSE, Calif., April 26, 2017 – Cavium, Inc. (NASDAQ: CAVM), a leading provider of semiconductor products that enable intelligent processing for enterprise, data center, cloud, wired and wireless networking, today announced financial results for the first quarter ended March 31, 2017.

Net revenue in the first quarter of 2017 was $229.6 million, a 1.5% sequential increase from the $226.2 million reported in the fourth quarter of 2016 and 125.3% from the $101.9 million reported in the first quarter of 2016.

Generally Accepted Accounting Principles (GAAP) Results
Net loss for the first quarter of 2017 was $50.5 million, or ($0.75) per diluted share, compared to $121.6 million, or ($1.82) per diluted share in the fourth quarter of 2016. Gross margins were 40.1% in the first quarter of 2017 compared to 43.4% in the fourth quarter of 2016. GAAP operating loss (GAAP loss from operations as a percentage of revenue) was 17.0% in the first quarter of 2017 compared to 12.9% in the fourth quarter of 2016. Total cash and cash equivalents were $132.4 million at March 31, 2017.

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. Cavium believes that these non-GAAP financial measures provide additional insight into Cavium’s ongoing performance and core operational activities and has chosen to provide these measures for more consistent and meaningful comparison between periods. 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 first quarter of 2017, Non-GAAP net income was $41.7 million, or $0.58 per diluted share, Non-GAAP gross margin was 65.7% and Non-GAAP operating margin (non-GAAP income from operations as a percentage of revenue) was 22.0%.

Recent News Highlights

• April 3, 2017  - Networking Industry Leaders Joined Forces to Expand New Open Source Community to Drive Development of the DPDK Project
• April 3, 2017  - Cavium FastLinQ® 25/100GbE Ethernet Adapter Accelerates Telco NFV & Cloud Workloads
• March 27, 2017  - Cavium FastLinQ® Ethernet First Achieves Microsoft Windows Server SDDC Premium Certification
• March 20, 2017  - Cavium and Elenion Technologies Collaborated to Offer Silicon Photonics Enabled End-to-End Server-to-Switch Solutions
• March 8, 2017  - Cavium Collaborated with Microsoft to Showcase SONiC Compatibility at OCP US Summit 2017
• March 8, 2017  - Cavium and Microsoft Collaborated to Accelerate Cloud Services with ThunderX2™
• February 27, 2017  - Cavium Showcased Extensive Portfolio of Solutions for 5G Infrastructure at Mobile World Congress 2017
• February 27, 2017 - Cavium Joined Telecom Infra Project to Enable OpenCellular Access to LTE, LTE-A and NFV/5G Technologies
• February 27, 2017  - Cavium Announced Expansion of OCTEON Fusion-M® Baseband Products
• February 27, 2017 - Cavium and Trend Micro Introduced Mobile Edge Computing and NFV Solutions on ThunderX® and OCTEON TX™ Platforms
• February 27, 2017 - Cavium Partners with China Unicom and Showcased M-CORD NFV/5G at Mobile World Congress 2017
• February 13, 2017 - Cavium Demonstrated the Newest Infrastructure Security Solutions at RSA 2017

Cavium will broadcast its first quarter of 2017 financial results conference call today, April 26, 2017, 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 offers a broad portfolio of integrated, software compatible processors ranging in performance from 1Gbps to 100Gbp that enable secure, intelligent functionality in Enterprise, Data Center, Broadband, Mobile and Service Provider Equipment, highly programmable switches which scale to 3.2Tbps and Ethernet and Fibre Channel adapters up to 100Gbps. Cavium processors are supported by ecosystem partners that provide operating systems, tools and application support, hardware reference designs and other products. Cavium is headquartered in San Jose, CA with design centers in California, Massachusetts, India, Israel, China and Taiwan. For more information, please visit: http://www.cavium.com.

Cavium Contact
Angel Atondo
Sr. Marketing Communications Manager
Tel: (408) 943-7417
Email:angel.atondo@cavium.com

Source: Cavium Inc

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Cavium to Showcase Extensive Portfolio of Solutions for 5G Infrastructure at Mobile World Congress 2017

SAN JOSE, CA and BARCELONA, SPAIN Feb 27, 2017 – Cavium, Inc., (NASDAQ: CAVM), a leading provider of semiconductor products that enable secure and intelligent processing for enterprise, data center, wired and wireless networking will showcase an array of the company’s extensive portfolio of products and technologies for 5G Networks, TelcoCloud, NFV/SDN and Radio Access Networks based on OCTEON Fusion-M® baseband processors, ThunderX® COTS ARMV8 processors, OCTEON TX™ and LiquidIO® Intelligent NICs at this week's Mobile World Congress in Barcelona, Spain.

The Wireless Infrastructure market is poised to grow at a substantial double digit % CAGR till 2025 fueled in large part by the densification of existing networks and the advent of new NFV/5G standards. Higher data rates, reduced latencies, faster processing are all driving the industry to innovate in new and exciting ways. 5G technologies are enabling a host of new high volume applications including fixed broadband wireless, edge computing for autonomous cars, IOT infrastructure backend for the billions of new connected devices coming online over the next few years. These new applications are expected to drive substantial growth in coming years. At Mobile World Congress 2017 Cavium continues to showcase its leadership position in wireless infrastructure products with key technology and product announcements.

Show Product Demonstrations
Cavium will feature the following product demonstrations in Hall 2, Stand 2M33:

• M–CORD Demonstration -  SDN, NFV, C–RAN and Mobile Edge Computing Open source SDN/NFV demonstration based on Cavium’s collaboration with ON.Lab and multiple network operators. M–CORD is the Mobile – Central Office Re–architected as data center project. The M-CORD rack in the Cavium booth showcases Cavium’s ThunderX 64-bit ARM processors and highly programmable SDN switches.

• Telecom Infra Project to Enable OpenCellular Access to LTE – allowing TIP OpenCellular members to access, design and deploy equipment for the latest LTE standards.

• OCTEON Fusion-M Multi-Protocol, Multi-Sector MicroCell CNF73xx for LTE/LTE-A/WCDMA/GSM enabling a new category of low cost micro base station

• 64–bit ARM Processors for COTS Servers, Carrier–Grade NFV across cloud/edge/on–premise, IoT gateway, Embedded Applications. ThunderX servers and OCTEON TX ODM boxes supported by a rich ecosystem of OS distros, application stacks, data plane acceleration libraries, Ceph storage and more.

• Telco Cloud Security and NFV Acceleration - Liquid IO intelligent Adapters enable network virtualization for network and security acceleration including OVS, vRouter, Firewall, IPSec, NFV based virtual appliances and Service Function Chaining.

• QLogic FastLinQ Ethernet Adapter Family - 10/25/50/100 GbE Ethernet connectivity with DPDK, NVMf with Universal RDMA, OVS, SDN Tunneling and OpenStack support for Telco and Private/Hybrid Cloud applications.

• Security as a Service for TelcoCloud - LiquidSecurity appliance for key authentication and management in the cloud.

To schedule a meeting at Mobile World Congress, please send an email to sales@cavium.com and enter MWC 2017 Meeting Request in the subject line.

About Cavium
Cavium, Inc. (NASDAQ: CAVM), offers a broad portfolio of infrastructure solutions for compute, security, storage, switching, connectivity and baseband processing. Cavium’s highly integrated multi-core SoC products deliver software compatible solutions across low to high performance points enabling secure and intelligent functionality in Enterprise, Data Center and Service Provider Equipment. Cavium processors and solutions are supported by an extensive ecosystem of operating systems, tools, application stacks, hardware reference designs and other products. Cavium is headquartered in San Jose, CA with design centers in California, Massachusetts, India, Israel, China and Taiwan.

Media Contact 
Angel Atondo
Sr. Marketing Communications Manager
Telephone: +1 408-943-7417
Email: angel.atondo@cavium.com 

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