Broadcom Limited Announces First Quarter Fiscal Year 2016 Financial Results


BROADCOM LIMITED 
FINANCIAL RECONCILIATION: GAAP TO NON-GAAP - UNAUDITED
(IN MILLIONS, EXCEPT DAYS)
        
        
     Fiscal Quarter Ended   
   January 31,  November 1,  February 1, 
    2016    2015    2015  
        
        
Net revenue on GAAP basis $  1,771  $  1,840  $  1,635  
Acquisition-related purchase accounting revenue adjustment    11     13     22  
Net revenue on non-GAAP basis $  1,782  $  1,853  $  1,657  
        
Gross margin on GAAP basis $  941  $  997  $  826  
Acquisition-related purchase accounting revenue adjustment    11     13     22  
Purchase accounting effect on inventory    -     -     4  
Amortization of intangible assets    130     129     113  
Share-based compensation expense    6     7     6  
Restructuring charges    1     2     2  
Acquisition-related costs    -     1      1    
Gross margin on non-GAAP basis   $   1,089     $   1,149     $   974    
               
Research and development on GAAP basis   $   267     $   287     $   235    
Share-based compensation expense       28         30         19    
Acquisition-related costs       1         -         6    
Research and development on non-GAAP basis   $   238     $   257     $   210    
               
Selling, general and administrative expense on GAAP basis   $   114     $   118     $   117    
Share-based compensation expense       23         26         24    
Acquisition-related costs       23         11         10    
Selling, general and administrative expense on non-GAAP basis   $   68     $   81     $   83    
               
Total operating expenses on GAAP basis   $   466     $   483     $   425    
Amortization of intangible assets       54         63         59    
Share-based compensation expense       51         56         43    
Restructuring and disposal charges       31         15         14    
Acquisition-related costs       24         11         16    
Total operating expenses on non-GAAP basis   $   306     $   338     $   293    
               
Operating income on GAAP basis   $   475     $   514     $   401    
Acquisition-related purchase accounting revenue adjustment       11         13         22    
Purchase accounting effect on inventory       -         -         4    
Amortization of intangible assets       184         192         172    
Share-based compensation expense       57         63         49    
Restructuring and disposal charges       32         17         16    -
Acquisition-related costs       24         12         17    
Operating income on non-GAAP basis   $   783     $   811     $   681    
               
Interest expense on GAAP basis   $   (84 )   $   (41 )   $   (54 )  
Acquisition-related costs       43         -         -    
Interest expense on non-GAAP basis   $   (41 )   $   (41 )   $   (54 )  
               
Other income, net on GAAP basis   $   3     $   12     $   4    
Other       -         (2 )       -    
Other income, net on non-GAAP basis   $   3     $   10     $   4    
               
Income from continuing operations before income taxes on GAAP basis   $   394     $   485     $   351    
Acquisition-related purchase accounting revenue adjustment       11         13         22    
Purchase accounting effect on inventory       -         -         4    
Amortization of intangible assets       184         192         172    
Share-based compensation expense       57         63         49    
Restructuring and disposal charges       32         17         16    
Acquisition-related costs       67         12         17    
Other       -         (2 )       -    
Income before income taxes on non-GAAP basis   $   745     $   780     $   631    
               
Provision for income taxes on GAAP basis   $   17     $   15     $   13    
Income tax effects of non-GAAP reconciling adjustments       18         28         22    
Provision for income taxes on non-GAAP basis   $   35     $   43     $   35    
               
Net income on GAAP basis   $   377     $   429     $   351    
Acquisition-related purchase accounting revenue adjustment       11         13         22    
Purchase accounting effect on inventory       -         -         4    
Amortization of intangible assets       184         192         172    
Share-based compensation expense       57         63         49    
Restructuring and disposal charges       32         17         16    
Acquisition-related costs       67         12         17    
Income tax effects of non-GAAP reconciling adjustments       (18 )       (28 )       (22 )  
Discontinued operations, net of income taxes       -         41         (13 )  
Other       -         (2 )       -    
Net income on non-GAAP basis   $   710     $   737     $   596    
               
               
Shares used in per share calculation - diluted on GAAP basis       289         287         278    
Non-GAAP adjustment       6         7         7    
Shares used in per share calculation - diluted on non-GAAP basis (1)       295         294         285    
               
Days sales outstanding on GAAP basis       55         50         40    
Non-GAAP adjustment       (1 )       -         (1 )  
Days sales outstanding on non-GAAP basis (2)       54         50         39    
               
Inventory Days on Hand on GAAP basis       64         67         66    
Non-GAAP adjustment       -         1         1    
Inventory Days on Hand on non-GAAP basis (3)       64         68         67    
               
               
(1) The number of shares used in the diluted per share calculations on a non-GAAP basis excludes the impact of share-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.
(2) Days sales outstanding on a non-GAAP basis includes the impact of the acquisition-related purchase accounting revenue adjustment and excludes the impact of accounts receivable related to discontinued operations.
(3) Inventory days on hand on a non-GAAP basis excludes the impact of purchase accounting on inventory, amortization of intangible assets, share-based compensation expense, restructuring charges, acquisition-related costs, and cost of products sold attributable to discontinued operations.
               

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