| AVAGO TECHNOLOGIES LIMITED | |||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED | |||||||||||||||||||||
| (IN MILLIONS, EXCEPT PER SHARE DATA) | |||||||||||||||||||||
| Fiscal Quarter Ended | Fiscal Year Ended | ||||||||||||||||||||
| November 1, | August 2, | November 2, | November 1, | November 2, | |||||||||||||||||
| 2015 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||
| Net revenue | $ | 1,840 | $ | 1,735 | $ | 1,590 | $ | 6,824 | $ | 4,269 | |||||||||||
| Cost of products sold: | |||||||||||||||||||||
| Cost of products sold | 712 | 694 | 678 | 2,750 | 1,911 | ||||||||||||||||
| Purchase accounting effect on inventory | - | 26 | 10 | 30 | 210 | ||||||||||||||||
| Amortization of intangible assets | 129 | 129 | 108 | 484 | 249 | ||||||||||||||||
| Restructuring charges | 2 | 2 | 6 | 7 | 22 | ||||||||||||||||
| Total cost of products sold | 843 | 851 | 802 | 3,271 | 2,392 | ||||||||||||||||
| Gross margin | 997 | 884 | 788 | 3,553 | 1,877 | ||||||||||||||||
| Research and development | 287 | 276 | 234 | 1,049 | 695 | ||||||||||||||||
| Selling, general and administrative | 118 | 143 | 129 | 486 | 407 | ||||||||||||||||
| Amortization of intangible assets | 63 | 68 | 91 | 249 | 197 | ||||||||||||||||
| Restructuring and asset impairment charges | 15 | 98 | 33 | 137 | 140 | ||||||||||||||||
| Total operating expenses | 483 | 585 | 487 | 1,921 | 1,439 | ||||||||||||||||
| Operating income | 514 | 299 | 301 | 1,632 | 438 | ||||||||||||||||
| Interest expense | (41 | ) | (43 | ) | (54 | ) | (191 | ) | (110 | ) | |||||||||||
| Other income, net | 12 | 11 | 16 | 26 | 14 | ||||||||||||||||
| Income from continuing operations before income taxes | 485 | 267 | 263 | 1,467 | 342 | ||||||||||||||||
| Provision for income taxes | 15 | 23 | 126 | 76 | 33 | ||||||||||||||||
| Income from continuing operations | 470 | 244 | 137 | 1,391 | 309 | ||||||||||||||||
| Loss from discontinued operations, net of income taxes | (41 | ) | (4 | ) | (2 | ) | (27 | ) | (46 | ) | |||||||||||
| Net income | $ | 429 | $ | 240 | $ | 135 | $ | 1,364 | $ | 263 | |||||||||||
| Basic income per share: | |||||||||||||||||||||
| Income per share from continuing operations | $ | 1.70 | $ | 0.92 | $ | 0.54 | $ | 5.27 | $ | 1.23 | |||||||||||
| Loss per share from discontinued operations, net of income taxes | $ | (0.15 | ) | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.10 | ) | $ | (0.18 | ) | ||||||
| Net income per share | $ | 1.55 | $ | 0.91 | $ | 0.53 | $ | 5.17 | $ | 1.05 | |||||||||||
| Diluted income per share: | |||||||||||||||||||||
| Income per share from continuing operations | $ | 1.64 | $ | 0.85 | $ | 0.50 | $ | 4.95 | $ | 1.16 | |||||||||||
| Loss per share from discontinued operations, net of income taxes | $ | (0.15 | ) | $ | (0.01 | ) | $ | - | $ | (0.10 | ) | $ | (0.17 | ) | |||||||
| Net income per share | $ | 1.49 | $ | 0.84 | $ | 0.50 | $ | 4.85 | $ | 0.99 | |||||||||||
| Shares used in per share calculations: | |||||||||||||||||||||
| Basic | 276 | 265 | 254 | 264 | 251 | ||||||||||||||||
| Diluted | 287 | 287 | 272 | 281 | 267 | ||||||||||||||||
| Share-based compensation expense included in continuing operations: | |||||||||||||||||||||
| Cost of products sold | $ | 7 | $ | 7 | $ | 6 | $ | 26 | $ | 18 | |||||||||||
| Research and development | 30 | 31 | 19 | 107 | 57 | ||||||||||||||||
| Selling, general and administrative | 26 | 25 | 24 | 99 | 78 | ||||||||||||||||
| Total share-based compensation expense | $ | 63 | $ | 63 | $ | 49 | $ | 232 | $ | 153 | |||||||||||
Avago Technologies Limited Announces Fourth Quarter and Fiscal Year 2015 Financial Results
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