Broadcom Inc. Announces First Quarter Fiscal Year 2019 Financial Results and Quarterly Dividend

The Company's cash and cash equivalents at the end of the first fiscal quarter were $5,093 million, compared to $4,292 million at the end of the prior quarter.

During the first fiscal quarter the Company generated $2,132 million in cash from operations and spent $3,513 million on share repurchases and eliminations consisting of $3,436 million in repurchases of 13.9 million shares and $77 million on withholding tax payments related to net settled equity awards that vested in the quarter (representing approximately 0.3 million shares withheld), as well as $99 million on capital expenditures.

On December 28, 2018, the Company paid a cash dividend of $2.65 per share of common stock, totaling $1,067 million.

First Quarter Fiscal Year 2019 Non-GAAP Results From Continuing Operations

The differences between the Company's GAAP and non-GAAP results are described generally under "Non-GAAP Financial Measures" below, and presented in detail in the financial reconciliation tables attached to this release.

Gross margin from continuing operations was $4,133 million, or 71.4 percent of net revenue. This compares with gross margin from continuing operations of $3,725 million, or 68.4 percent of net revenue, in the prior quarter, and $3,454 million, or 64.8 percent of net revenue, in the same quarter last year.

Operating income from continuing operations was $3,052 million, or 52.7 percent of net revenue. This compares with operating income from continuing operations of $2,862 million, or 52.5 percent of net revenue, in the prior quarter, and $2,571 million, or 48.2 percent of net revenue, in the same quarter last year.

Net income from continuing operations was $2,446 million, or $5.55 per diluted share. This compares with net income of $2,546 million, or $5.85 per diluted share, in the prior quarter, and net income of $2,345 million, or $5.12 per diluted share, in the same quarter last year.

Free cash flow from operations, defined as cash from operations less capital expenditures, was $2,033 million in the quarter, compared to $1,465 million in the same quarter last year.

First Quarter Fiscal Year 2019 Non-GAAP Results








Change

(Dollars in millions, except per share data)


Q1 19


Q4 18


Q1 18


Q/Q


Y/Y

Gross margin


71.4%


68.4%


64.8%


+300bps


+660bps

Operating expenses


$     1,081


$        863


$        883


+$   218


+$   198

Net income


$     2,446


$     2,546


$     2,345


-$   100


+$   101

Earnings per share - diluted


$       5.55


$       5.85


$       5.12


-$  0.30


+$  0.43

Other Quarterly Data

Net revenue by segment:

















Change

(Dollars in millions)


Q1 19


Q4 18


Q1 18


Q/Q


Y/Y

Semiconductor solutions


$ 4,374


76%


$  4,874


90%


$  4,955


93%


-10%


-12%

Infrastructure software


1,403


24


513


9


328


6


173%


328%

Intellectual property licensing


12


-


57


1


44


1


-79%


-73%

Total net revenue


$ 5,789


100%


$  5,444


100%


$  5,327


100%






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