Broadcom Reports Third Quarter 2015 Results

These risks and uncertainties include, but are not limited to the following:

  • The announcement and pendency of Broadcom's agreement to be acquired by Avago may have an adverse effect on Broadcom's business and share price.
  • Litigation challenging the Avago Agreement may prevent the Transaction from being consummated at all or within the expected timeframe.
  • The failure of Broadcom's pending acquisition by Avago to be completed may adversely affect Broadcom's business and share price.
  • Broadcom's quarterly operating results may fluctuate significantly.
  • Broadcom depends on a few significant customers for a substantial portion of its revenue.
  • Broadcom's stock price is highly volatile.
  • Broadcom may fail to appropriately adjust its operations in response to changes in its strategy or market demand.
  • Broadcom faces intense competition.
  • Broadcom may be unable to attract, retain or motivate key personnel.
  • Broadcom's operating results may be adversely impacted by worldwide economic uncertainties and specific conditions in the markets it addresses.
  • Broadcom manufactures and sells complex products and may be unable to successfully develop and introduce new products.
  • Broadcom is exposed to risks associated with its international operations.
  • Broadcom's business is subject to potential tax liabilities.
  • Broadcom may be required to defend against alleged infringement of intellectual property rights of others and/or may be unable to adequately protect or enforce its own intellectual property rights.
  • Broadcom is subject to order and shipment uncertainties.
  • Broadcom depends on third parties to fabricate, assemble and test its products.
  • Broadcom's systems are subject to security breaches and other cybersecurity incidents.
  • Broadcom faces risks associated with its acquisitions.
  • Government regulation may adversely affect Broadcom's business.
  • Broadcom's future ability to return capital to shareholders in the form of dividends may be impacted by the availability of U.S. cash.
  • Broadcom's articles of incorporation and bylaws contain anti-takeover provisions.
  • Broadcom's co-founders and their affiliates may strongly influence the outcome of matters that require the approval of Broadcom's shareholders, such as the approval of the Avago Agreement and the Transaction.

Broadcom's Annual Report on Form 10-K for the year ended December 31, 2014, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, discuss the foregoing risks as well as other important risk factors that could contribute to such differences or otherwise affect Broadcom's business, results of operations and financial condition. The forward-looking statements used in this release speak only as of the date they are made. Broadcom undertakes no obligation to revise or update publicly any forward-looking statement to reflect future events or circumstances.

Broadcom®, the pulse logo, Connecting everything®, and the Connecting everything logo are among the trademarks of Broadcom Corporation and/or its affiliates in the United States, certain other countries and/or the EU. Any other trademarks or trade names mentioned are the property of their respective owners.

BROADCOM CORPORATION

Unaudited GAAP Condensed Consolidated Statements of Income

(In millions, except per share amounts)

                   
 

Three Months Ended

 

Nine Months Ended

 

September 30,

 

June 30,

 

September 30,

 

September 30,

 

2015

 

2015

 

2014

 

2015

 

2014

Net revenue

$

2,187

   

$

2,096

   

$

2,260

   

$

6,341

   

$

6,285

 

Cost of revenue

1,015

   

939

   

1,077

   

2,926

   

3,086

 

Gross profit

1,172

   

1,157

   

1,183

   

3,415

   

3,199

 

Operating expenses:

                 

Research and development

542

   

538

   

573

   

1,619

   

1,843

 

Selling, general and administrative

177

   

188

   

176

   

542

   

543

 

Amortization of purchased intangible assets

1

   

2

   

8

   

4

   

26

 

Impairments of long-lived assets

   

   

200

   

143

   

390

 

Restructuring costs, net

4

   

4

   

114

   

15

   

142

 

Settlement costs

4

   

1

   

2

   

5

   

20

 

Other charges (gains), net

8

   

22

   

(1)

   

26

   

(60)

 

Total operating expenses

736

   

755

   

1,072

   

2,354

   

2,904

 

Income from operations

436

   

402

   

111

   

1,061

   

295

 

Interest expense, net

(1)

   

(3)

   

(17)

   

(9)

   

(27)

 

Other income (expense), net

6

   

(5)

   

9

   

1

   

4

 

Income before income taxes

441

   

394

   

103

   

1,053

   

272

 

Provision for income taxes

12

   

8

   

5

   

29

   

10

 

Net income

$

429

   

$

386

   

$

98

   

$

1,024

   

$

262

 

Net income per share (basic)

$

0.71

   

$

0.64

   

$

0.17

   

$

1.70

   

$

0.45

 

Net income per share (diluted)

$

0.69

   

$

0.63

   

$

0.16

   

$

1.66

   

$

0.44

 

Weighted average shares (basic)

608

   

602

   

591

   

603

   

587

 

Weighted average shares (diluted)

620

   

616

   

607

   

616

   

598

 

Dividends per share

$

0.14

   

$

0.14

   

$

0.12

   

$

0.42

   

$

0.36

 

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