Broadcom Reports Fourth Quarter and Full Year 2013 Results

The following table presents details of total stock-based compensation expense included in each functional line item in the unaudited condensed consolidated statements of income above:























Three Months Ended


Year Ended


December 31,


September 30,


December 31,


December 31,


2013


2013


2012


2013


2012

Cost of product revenue

$

6



$

6



$

6



$

25



$

27


Research and development

83



86



90



363



368


Selling, general and administrative

28



33



32



130



148























BROADCOM CORPORATION

Unaudited Condensed Consolidated Statements of Cash Flows

(In millions)












Three Months Ended


Year Ended


December 31,


September 30,


December 31,


December 31,


2013


2013


2012


2013


2012

Operating activities










Net income

$

168



$

316



$

251



$

424



$

719


Adjustments to reconcile net income to net cash provided by operating activities:










Depreciation and amortization

51



44



39



173



134


Stock-based compensation expense

117



125



128



518



543


Acquisition-related items:










Amortization of purchased intangible assets

56



56



81



228



311


Impairments of long-lived assets





5



511



90


Non-cash settlement gains





(7)



(2)



(7)


Loss (gain) on strategic investments and other



(1)



1





(11)


Changes in operating assets and liabilities, net of acquisitions:










Accounts receivable

57



(91)



124



(55)



(16)


Inventory

16



69



30



2



(5)


Prepaid expenses and other assets

(28)



30





(25)



(8)


Accounts payable

44



(112)



(53)



24



72


Deferred revenue and income

(4)



(2)



6



(15)



45


Accrued settlement costs

3



3



3



(35)



54


Other accrued and long-term liabilities

(89)



235



(15)



37



10


Net cash provided by operating activities

391



672



593



1,785



1,931


Investing activities










Net purchases of property and equipment

(56)



(64)



(55)



(228)



(244)


Net cash paid for acquired companies

(142)







(142)



(3,582)


Sales (purchases) of strategic investments

(15)





14



(15)



27


Purchases of marketable securities

(468)



(678)



(697)



(2,682)



(2,551)


Proceeds from sales and maturities of marketable securities

575



391



362



2,071



1,554


Net cash used in investing activities

(106)



(351)



(376)



(996)



(4,796)


Financing activities










Issuance of long-term debt, net









492


Payments of long-term debt

(300)







(300)




Repurchases of Class A common stock

(2)



(378)



(32)



(597)



(33)


Dividends paid

(64)



(63)



(57)



(254)



(224)


Payment of assumed contingent consideration and debt









(57)


Proceeds from issuance of common stock

240



25



102



532



311


Minimum tax withholding paid on behalf of employees for restricted stock units

(26)



(26)



(29)



(130)



(153)


Net cash provided by (used in) financing activities

(152)



(442)



(16)



(749)



336


Increase (decrease) in cash and cash equivalents

133



(121)



201



40



(2,529)


Cash and cash equivalents at beginning of period

1,524



1,645



1,416



1,617



4,146


Cash and cash equivalents at end of period

$

1,657



$

1,524



$

1,617



$

1,657



$

1,617











BROADCOM CORPORATION

Unaudited Condensed Consolidated Balance Sheets

(In millions)






December 31,

2013


December 31,

2012


ASSETS





Current assets:




Cash and cash equivalents

$

1,657



$

1,617


Short-term marketable securities

775



757


Accounts receivable, net

795



740


Inventory

525



527


Prepaid expenses and other current assets

163



140


Total current assets

3,915



3,781


Property and equipment, net

593



485


Long-term marketable securities

1,939



1,348


Goodwill

3,793



3,726


Purchased intangible assets, net

1,144



1,786


Other assets

111



82


Total assets

$

11,495



$

11,208







LIABILITIES AND SHAREHOLDERS' EQUITY





Current liabilities:




Current portion of long-term debt

$



$

300


Accounts payable

585



549


Wages and related benefits

243



241


Deferred revenue and income

21



22


Accrued liabilities

647



570


Total current liabilities

1,496



1,682


Long-term debt

1,394



1,393


Other long-term liabilities

234



294


Commitments and contingencies




Shareholders' equity

8,371



7,839


Total liabilities and shareholders' equity

$

11,495



$

11,208















UNAUDITED SUPPLEMENTAL FINANCIAL INFORMATION

(In millions)








December 31,

2013


September 30,

2013


December 31,

2012

Cash and cash equivalents

$

1,657



$

1,524



$

1,617


Short-term marketable securities

775



880



757


Long-term marketable securities

1,939



1,940



1,348


Total cash, cash equivalents and marketable securities

$

4,371



$

4,344



$

3,722


Increase from prior period end

$

27






Increase from prior year end

$

649



























BROADCOM CORPORATION

Unaudited Schedule of Selected GAAP to Non-GAAP Adjustments

(In millions)






Three Months Ended


Year Ended


December 31,


September 30,


December 31,


December 31,


2013


2013


2012


2013


2012











Product revenue

$

2,064



$

2,146



$

2,037



$

8,219



$

7,820


GAAP cost of product revenue

1,026



1,044



1,025



4,088



4,027


GAAP product gross profit

$

1,038



$

1,102



$

1,012



$

4,131



$

3,793


GAAP product gross margin

50.3

%


51.4

%


49.7

%


50.3

%


48.5

%





















GAAP cost of product revenue

$

1,026



$

1,044



$

1,025



$

4,088



$

4,027


Adjustments:










Stock-based compensation and related payroll taxes

(6)



(6)



(6)



(25)



(27)


Amortization of purchased intangible assets and step-up of acquired inventory

(42)



(42)



(50)



(172)



(270)


Non-GAAP cost of product revenue

$

978



$

996



$

969



$

3,891



$

3,730
































Product revenue

$

2,064



$

2,146



$

2,037



$

8,219



$

7,820


Non-GAAP cost of product revenue

978



996



969



3,891



3,730


Non-GAAP product gross profit

$

1,086



$

1,150



$

1,068



$

4,328



$

4,090


Non-GAAP product gross margin

52.6

%


53.6

%


52.4

%


52.7

%


52.3

%





















GAAP research and development and selling, general and administrative expense

$

815



$

790



$

762



$

3,192



$

3,014


Adjustments:










Stock-based compensation and related payroll taxes

(113)



(120)



(124)



(499)



(526)


Non-GAAP research and development and selling, general and administrative expense

$

702



$

670



$

638



$

2,693



$

2,488























BROADCOM CORPORATION

Unaudited Schedule of Selected GAAP to Non-GAAP Adjustments

(In millions)






Three Months Ended


Year Ended


December 31,


September 30,


December 31,


December 31,


2013


2013


2012


2013


2012











GAAP net income

$

168



$

316



$

251



$

424



$

719


Adjustments:










Stock-based compensation and related payroll taxes

119



126



130



524



553


Amortization of purchased intangible assets and step-up of acquired inventory

56



56



81



229



383


Impairment of long-lived assets





5



511



90


Settlement costs (gains)

6



(75)



(7)



(69)



79


Charitable contributions



25





25




Restructuring costs

17



12



1



29



7


Other income, net







(1)



(9)


Certain income tax expense (benefits)





1



(10)



(62)


Total GAAP to Non-GAAP adjustments

198



144



211



1,238



1,041


Non-GAAP net income

$

366



$

460



$

462



$

1,662



$

1,760












Shares used in calculation - diluted (GAAP)

581



578



581



584



576


Non-GAAP adjustment *

25



27



24



28



26


Shares used in calculation - diluted (Non-GAAP)

606



605



605



612



602












GAAP diluted net income per share

$

0.29



$

0.55



$

0.43



$

0.73



$

1.25


Non-GAAP diluted net income per share

$

0.60



$

0.76



$

0.76



$

2.72



$

2.92



*Represents the benefits of compensation costs attributable to future services and not yet recognized in the financial statements that are treated as proceeds assumed to be used to repurchase shares under the GAAP treasury stock method.

BROADCOM CORPORATION

Guidance for the Three Months Ending March 31, 2014




Three Months Ending


March 31, 2014

Total net revenue

~$1.9 billion to ~$2.0 billion

Product gross margin (GAAP)

Down ~100 to ~150 basis points from Q4'13

Product gross margin (Non-GAAP)

Down ~50 to ~100 basis points from Q4'13

Research & development and selling, general, and administrative expenses (GAAP)

Up ~$20 million to ~$40 million from Q4'13

Research & development and selling, general, and administrative expenses (Non-GAAP)

Up ~$15 million to ~$35 million from Q4'13


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