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

 

BROADCOM INC.

FINANCIAL RECONCILIATION: GAAP TO NON-GAAP - UNAUDITED

(IN MILLIONS)



















 Fiscal Quarter Ended 




February 3,


November 4, 


February 4,




2019


2018


2018


















Net revenue on GAAP basis


$              5,789


$              5,444


$              5,327


  Acquisition-related purchase accounting revenue adjustment (1)


-


4


4










Net revenue on non-GAAP basis


$              5,789


$              5,448


$              5,331


















Gross margin on GAAP basis


$              3,208


$              2,935


$              2,628


  Acquisition-related purchase accounting revenue adjustment (1)


-


4


4


  Purchase accounting effect on inventory


-


-


70


  Amortization of acquisition-related intangible assets


833


762


715


  Stock-based compensation expense


34


23


20


  Restructuring charges


56


1


15


  Acquisition-related costs


2


-


2










Gross margin on non-GAAP basis


$              4,133


$              3,725


$              3,454


















Research and development on GAAP basis


$              1,133


$                 948


$                 925


  Stock-based compensation expense


311


225


203


  Acquisition-related costs


2


1


3










Research and development on non-GAAP basis


$                 820


$                 722


$                 719


















Selling, general and administrative expense on GAAP basis


$                 471


$                 237


$                 291


  Stock-based compensation expense


120


69


76


  Acquisition-related costs


90


27


51










Selling, general and administrative expense on non-GAAP basis


$                 261


$                 141


$                 164


















Total operating expenses on GAAP basis


$              2,653


$              1,283


$              1,685


  Amortization of acquisition-related intangible assets


476


67


339


  Stock-based compensation expense


431


294


279


  Restructuring, impairment and disposal charges


573


17


130


  Litigation settlements


-


14


-


  Acquisition-related costs


92


28


54










Total operating expenses on non-GAAP basis


$              1,081


$                 863


$                 883


















Operating income on GAAP basis


$                 555


$              1,652


$                 943


  Acquisition-related purchase accounting revenue adjustment (1)


-


4


4


  Purchase accounting effect on inventory


-


-


70


  Amortization of acquisition-related intangible assets


1,309


829


1,054


  Stock-based compensation expense


465


317


299


  Restructuring, impairment and disposal charges


629


18


145


  Litigation settlements


-


14


-


  Acquisition-related costs


94


28


56










Operating income on non-GAAP basis


$              3,052


$              2,862


$              2,571


















Interest expense on GAAP basis


$                (345)


$                (148)


$                (183)


  Debt-related costs


-


-


32










Interest expense on non-GAAP basis


$                (345)


$                (148)


$                (151)


















Other income, net on GAAP basis


$                   68


$                   24


$                   35


  Unrealized gains on investments


(27)


-


-










Other income, net on non-GAAP basis


$                   41


$                   24


$                   35


















Income from continuing operations before income taxes on GAAP basis


$                 278


$              1,422


$                 795


  Acquisition-related purchase accounting revenue adjustment (1)


-


4


4


  Purchase accounting effect on inventory


-


-


70


  Amortization of acquisition-related intangible assets


1,309


829


1,054


  Stock-based compensation expense


465


317


299


  Restructuring, impairment and disposal charges


629


18


145


  Litigation settlements


-


14


-


  Acquisition-related costs


94


28


56


  Impairment on investment


-


106


-


  Debt-related costs


-


-


32


  Unrealized gains on investments


(27)


-


-










Income before income taxes on non-GAAP basis


$              2,748


$              2,738


$              2,455


















Provision for (benefit from) income taxes on GAAP basis


$                (203)


$                 307


$             (5,786)


  Non-GAAP tax reconciling adjustments


505


(115)


5,896










Provision for income taxes on non-GAAP basis


$                 302


$                 192


$                 110


















Net income on GAAP basis


$                 471


$              1,115


$              6,566


  Acquisition-related purchase accounting revenue adjustment (1)


-


4


4


  Purchase accounting effect on inventory


-


-


70


  Amortization of acquisition-related intangible assets


1,309


829


1,054


  Stock-based compensation expense


465


317


299


  Restructuring, impairment and disposal charges


629


18


145


  Litigation settlements


-


14


-


  Acquisition-related costs


94


28


56


  Impairment on investment


-


106


-


  Debt-related costs


-


-


32


  Unrealized gains on investments


(27)


-


-


  Non-GAAP tax reconciling adjustments


(505)


115


(5,896)


  Discontinued operations, net of income taxes


10


-


15










Net income on non-GAAP basis


$              2,446


$              2,546


$              2,345


























Shares used in per share calculation - diluted on GAAP basis


419


423


426


  Non-GAAP adjustment (2)


22


12


32










Shares used in per share calculation - diluted on non-GAAP basis


441


435


458


















Net income on non-GAAP basis


$              2,446


$              2,546


$              2,345


  Interest expense on non-GAAP basis


345


148


151


  Provision for income taxes on non-GAAP basis


302


192


110


  Depreciation


143


132


126










Adjusted EBITDA


$              3,236


$              3,018


$              2,732


















Net cash provided by operating activities


$              2,132


$              2,635


$              1,685


  Purchases of property, plant and equipment


(99)


(106)


(220)










Free cash flow


$              2,033


$              2,529


$              1,465




















 Fiscal Quarter Ending 








May 5,






Expected fully diluted share count:


2019














  Shares used in per share calculation - diluted on GAAP basis


422






    Non-GAAP adjustment (2)


28














  Shares used in per share calculation - diluted on non-GAAP basis


450














(1) Amounts represent licensing revenue not included in GAAP net revenue as a result of the effect of purchase accounting for acquisitions.


(2) Non-GAAP adjustment for number of shares used in the diluted per share calculations excludes the impact of stock-based compensation expense expected to be incurred in future periods and not yet recognized in the financial statements, which would otherwise be assumed to be used to repurchase shares under the GAAP treasury stock method. Non-GAAP adjustment also includes the impact of LP Units that are anti-dilutive on a GAAP basis for the fiscal quarter ended February 4, 2018.  


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