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

 

BROADCOM INC.

FINANCIAL RECONCILIATION: GAAP TO NON-GAAP - UNAUDITED

(IN MILLIONS)

























 Fiscal Quarter Ended 


 Two Fiscal Quarters Ended 



May 5,


February 3,


May 6,


May 5,


May 6,



2019


2019


2018


2019


2018























Net revenue on GAAP basis


$            5,517


$            5,789


$            5,014


$          11,306


$          10,341

Acquisition-related purchase accounting revenue adjustment (1)


-


-


3


-


7












Net revenue on non-GAAP basis


$            5,517


$            5,789


$            5,017


$          11,306


$          10,348























Gross margin on GAAP basis


$            3,089


$            3,208


$            2,551


$            6,297


$            5,179

Acquisition-related purchase accounting revenue adjustment (1)


-


-


3


-


7

Purchase accounting effect on inventory


-


-


-


-


70

Amortization of acquisition-related intangible assets


826


833


765


1,659


1,480

Stock-based compensation expense


41


34


21


75


41

Restructuring charges


10


56


2


66


17

Acquisition-related costs


5


2


-


7


2












Gross margin on non-GAAP basis


$            3,971


$            4,133


$            3,342


$            8,104


$            6,796























Research and development on GAAP basis


$            1,151


$            1,133


$               936


$            2,284


$            1,861

Stock-based compensation expense


371


311


205


682


408

Acquisition-related costs


1


2


-


3


3












Research and development on non-GAAP basis


$               779


$               820


$               731


$            1,599


$            1,450























Selling, general and administrative expense on GAAP basis


$               419


$               471


$               294


$               890


$               585

Stock-based compensation expense


132


120


70


252


146

Acquisition-related costs


44


90


68


134


119












Selling, general and administrative expense on non-GAAP basis


$               243


$               261


$               156


$               504


$               320























Total operating expenses on GAAP basis


$            2,119


$            2,653


$            1,350


$            4,772


$            3,035

Amortization of acquisition-related intangible assets


473


476


67


949


406

Stock-based compensation expense


503


431


275


934


554

Restructuring, impairment and disposal charges


76


573


53


649


183

Acquisition-related costs


45


92


68


137


122












Total operating expenses on non-GAAP basis


$            1,022


$            1,081


$               887


$            2,103


$            1,770























Operating income on GAAP basis


$               970


$               555


$            1,201


$            1,525


$            2,144

Acquisition-related purchase accounting revenue adjustment (1)


-


-


3


-


7

Purchase accounting effect on inventory


-


-


-


-


70

Amortization of acquisition-related intangible assets


1,299


1,309


832


2,608


1,886

Stock-based compensation expense


544


465


296


1,009


595

Restructuring, impairment and disposal charges


86


629


55


715


200

Acquisition-related costs


50


94


68


144


124












Operating income on non-GAAP basis


$            2,949


$            3,052


$            2,455


$            6,001


$            5,026























Interest expense on GAAP basis


$             (376)


$             (345)


$             (148)


$             (721)


$             (331)

Debt-related costs


26


-


-


26


32












Interest expense on non-GAAP basis


$             (350)


$             (345)


$             (148)


$             (695)


$             (299)























Other income, net on GAAP basis


$                 63


$                 68


$                 46


$               131


$                 81

Gains on investments


(40)


(27)


(4)


(67)


(4)












Other income, net on non-GAAP basis


$                 23


$                 41


$                 42


$                 64


$                 77























Income from continuing operations before income taxes on GAAP basis

$               657


$               278


$            1,099


$               935


$            1,894

Acquisition-related purchase accounting revenue adjustment (1)


-


-


3


-


7

Purchase accounting effect on inventory


-


-


-


-


70

Amortization of acquisition-related intangible assets


1,299


1,309


832


2,608


1,886

Stock-based compensation expense


544


465


296


1,009


595

Restructuring, impairment and disposal charges


86


629


55


715


200

Acquisition-related costs


50


94


68


144


124

Debt-related costs


26


-


-


26


32

Gains on investments


(40)


(27)


(4)


(67)


(4)












Income before income taxes on non-GAAP basis


$            2,622


$            2,748


$            2,349


$            5,370


$            4,804























Benefit from income taxes on GAAP basis


$               (36)


$             (203)


$          (2,637)


$             (239)


$          (8,423)

Non-GAAP tax reconciling adjustments


324


505


2,743


829


8,639












Provision for income taxes on non-GAAP basis


$               288


$               302


$               106


$               590


$               216























Net income on GAAP basis


$               691


$               471


$            3,733


$            1,162


$          10,299

Acquisition-related purchase accounting revenue adjustment (1)


-


-


3


-


7

Purchase accounting effect on inventory


-


-


-


-


70

Amortization of acquisition-related intangible assets


1,299


1,309


832


2,608


1,886

Stock-based compensation expense


544


465


296


1,009


595

Restructuring, impairment and disposal charges


86


629


55


715


200

Acquisition-related costs


50


94


68


144


124

Debt-related costs


26


-


-


26


32

Gains on investments


(40)


(27)


(4)


(67)


(4)

Non-GAAP tax reconciling adjustments


(324)


(505)


(2,743)


(829)


(8,639)

Discontinued operations, net of income taxes


2


10


3


12


18












Net income on non-GAAP basis


$            2,334


$            2,446


$            2,243


$            4,780


$            4,588


































Shares used in per share calculation - diluted on GAAP basis


422


419


448


420


448

Non-GAAP adjustment (2)


26


22


12


25


11












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

448


441


460


445


459























Net income on non-GAAP basis


$            2,334


$            2,446


$            2,243


$            4,780


$            4,588

Interest expense on non-GAAP basis


350


345


148


695


299

Provision for income taxes on non-GAAP basis


288


302


106


590


216

Depreciation


142


143


128


285


254












Adjusted EBITDA


$            3,114


$            3,236


$            2,625


$            6,350


$            5,357























Net cash provided by operating activities


$            2,667


$            2,132


$            2,313


$            4,799


$            3,998

Purchases of property, plant and equipment


(125)


(99)


(189)


(224)


(409)












Free cash flow


$            2,542


$            2,033


$            2,124


$            4,575


$            3,589

























 Fiscal Quarter Ending 









August 4,


November 3,







Expected fully diluted share count:


2019


2019


















Shares used in per share calculation - diluted on GAAP basis


419


420







Non-GAAP adjustment (2)


25


23


















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

444


443





























(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. 


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