Broadcom Inc. Announces Second Quarter Fiscal Year 2019 Financial Results, Quarterly Dividend and Updated Guidance

The Company's cash and cash equivalents at the end of the second fiscal quarter were $5,328 million, compared to $5,093 million at the end of the prior quarter.

During the second fiscal quarter the Company generated $2,667 million in cash from operations and spent $1,330 million on share repurchases and eliminations consisting of $830 million in repurchases of 2.9 million shares and $500 million on withholding tax payments related to net settled equity awards that vested in the quarter (representing approximately 1.8 million shares withheld), as well as $125 million on capital expenditures.

On March 29, 2019, the Company paid a cash dividend of $2.65 per share of common stock, totaling $1,057 million.

Second 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 $3,971 million, or 72.0 percent of net revenue. This compares with gross margin from continuing operations of $4,133 million, or 71.4 percent of net revenue, in the prior quarter, and $3,342 million, or 66.6 percent of net revenue, in the same quarter last year.

Operating income from continuing operations was $2,949 million, or 53.5 percent of net revenue. This compares with operating income from continuing operations of $3,052 million, or 52.7 percent of net revenue, in the prior quarter, and $2,455 million, or 48.9 percent of net revenue, in the same quarter last year.

Net income from continuing operations was $2,334 million, or $5.21 per diluted share. This compares with net income of $2,446 million, or $5.55 per diluted share, in the prior quarter, and net income of $2,243 million, or $4.88 per diluted share, in the same quarter last year.

Free cash flow from operations, defined as cash from operations less capital expenditures, was $2,542 million in the quarter, compared to $2,124 million in the same quarter last year.

Second Quarter Fiscal Year 2019 Non-GAAP Results








Change

(Dollars in millions, except per share data)


Q2 19


Q1 19


Q2 18


Q/Q


Y/Y

Gross margin


72.0%


71.4%


66.6%


+60bps


+540bps

Operating expenses


$    1,022


$    1,081


$       887


-$    59


+$  135

Net income


$    2,334


$    2,446


$    2,243


-$  112


+$    91

Earnings per share - diluted


$      5.21


$      5.55


$      4.88


-$ 0.34


+$ 0.33

Other Quarterly Data

Net revenue by segment

















Change

(Dollars in millions)


Q2 19


Q1 19


Q2 18


Q/Q


Y/Y

Semiconductor solutions


$  4,088


74%


$  4,374


76%


$  4,537


90%


-7%


-10%

Infrastructure software


1,413


26



1,403


24



447


9



1%


216%

Intellectual property licensing


16


-



12


-



30


1



33%


-47%

Total net revenue


$  5,517


100%



$  5,789


100%



$  5,014


100%







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