Broadcom Inc. Announces First Quarter Fiscal Year 2020 Financial Results, Quarterly Dividend and Updated Guidance

 

 

BROADCOM INC.

FINANCIAL RECONCILIATION: GAAP TO NON-GAAP - UNAUDITED

(IN MILLIONS)



















 Fiscal Quarter Ended 




February 2,


November 3,


February 3,




2020


2019


2019


















Gross margin on GAAP basis


$                    3,264


$              3,152


$              3,208


Purchase accounting effect on inventory


11


-


-


Amortization of acquisition-related intangible assets


950


827


833


Stock-based compensation expense


43


41


34


Restructuring charges


8


9


56


Acquisition-related costs


1


6


2










Gross margin on non-GAAP basis


$                    4,277


$              4,035


$              4,133


















Research and development on GAAP basis


$                    1,289


$              1,177


$              1,133


Stock-based compensation expense


391


394


311


Acquisition-related costs


7


1


2










Research and development on non-GAAP basis


$                       891


$                 782


$                 820


















Selling, general and administrative expense on GAAP basis


$                       601


$                 409


$                 471


Stock-based compensation expense


111


109


120


Acquisition-related costs


175


65


90


Litigation settlements


13


-


-










Selling, general and administrative expense on non-GAAP basis


$                       302


$                 235


$                 261


















Total operating expenses on GAAP basis


$                    2,550


$              2,098


$              2,653


Amortization of acquisition-related intangible assets


603


474


476


Stock-based compensation expense


502


503


431


Restructuring, impairment and disposal charges


57


38


573


Litigation settlements


13


-


-


Acquisition-related costs


182


66


92










Total operating expenses on non-GAAP basis


$                    1,193


$              1,017


$              1,081


















Operating income on GAAP basis


$                       714


$              1,054


$                 555


Purchase accounting effect on inventory


11


-


-


Amortization of acquisition-related intangible assets


1,553


1,301


1,309


Stock-based compensation expense


545


544


465


Restructuring, impairment and disposal charges


65


47


629


Litigation settlements


13


-


-


Acquisition-related costs


183


72


94










Operating income on non-GAAP basis


$                    3,084


$              3,018


$              3,052


















Interest expense on GAAP basis


$                     (406)


$                (361)


$                (345)


Debt-related costs


5


26


-










Interest expense on non-GAAP basis


$                     (401)


$                (335)


$                (345)


















Other income (expense), net on GAAP basis


$                         (4)


$                   54


$                   68


(Gains) losses on investments


18


(50)


(27)


Acquisition-related - non-operating contract fair value adjustment amortization


(4)


-


-










Other income, net on non-GAAP basis


$                         10


$                     4


$                   41


















Income from continuing operations before income taxes on GAAP basis


$                       304


$                 747


$                 278


Purchase accounting effect on inventory


11


-


-


Amortization of acquisition-related intangible assets


1,553


1,301


1,309


Stock-based compensation expense


545


544


465


Restructuring, impairment and disposal charges


65


47


629


Litigation settlements


13


-


-


Acquisition-related costs, net


179


72


94


Debt-related costs


5


26


-


(Gains) losses on investments


18


(50)


(27)










Income before income taxes on non-GAAP basis


$                    2,693


$              2,687


$              2,748


















Benefit from income taxes on GAAP basis


$                       (76)


$                (100)


$                (203)


Non-GAAP tax reconciling adjustments


399


396


505










Provision for income taxes on non-GAAP basis


$                       323


$                 296


$                 302


















Net income on GAAP basis


$                       385


$                 847


$                 471


Purchase accounting effect on inventory


11


-


-


Amortization of acquisition-related intangible assets


1,553


1,301


1,309


Stock-based compensation expense


545


544


465


Restructuring, impairment and disposal charges


65


47


629


Litigation settlements


13


-


-


Acquisition-related costs, net


179


72


94


Debt-related costs


5


26


-


(Gains) losses on investments


18


(50)


(27)


Non-GAAP tax reconciling adjustments


(399)


(396)


(505)


Discontinued operations, net of income taxes


(5)


-


10










Net income on non-GAAP basis


$                    2,370


$              2,391


$              2,446


























Weighted-average shares used in per share calculations - diluted on GAAP basis


420


416


419


Non-GAAP adjustment (1)


31


28


22










Weighted-average shares used in per share calculations - diluted on non-GAAP basis


451


444


441


















Net income on non-GAAP basis


$                    2,370


$              2,391


$              2,446


Interest expense on non-GAAP basis


401


335


345


Provision for income taxes on non-GAAP basis


323


296


302


Depreciation


146


143


143


Amortization on non-GAAP basis


25


-


-










Adjusted EBITDA


$                    3,265


$              3,165


$              3,236


















Net cash provided by operating activities


$                    2,322


$              2,479


$              2,132


Purchases of property, plant and equipment


(108)


(96)


(99)










Free cash flow


$                    2,214


$              2,383


$              2,033


















(1) Non-GAAP adjustment for the 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. For the fiscal quarters ended February 2, 2020 and November 3, 2019, non-GAAP adjustment included the impact of
Mandatory Convertible Preferred Stock that was antidilutive on a GAAP basis. 













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