The differences between the Company's GAAP and non-GAAP results are described generally under "Non-GAAP Financial Measures" below, and presented in detail in the financial reconciliation tables attached to this release.
Fiscal Year 2020 Financial Highlights
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| GAAP |
| Non-GAAP | ||||||||||||||
(Dollars in millions, except per share data) |
| 2020 |
| 2019 |
| Change |
| 2020 |
| 2019 |
| Change | ||||||
Net revenue |
| $ | 23,888 |
| $ | 22,597 |
| +6% |
| $ | 23,888 |
| $ | 22,597 |
| +6% | ||
Net income |
| $ | 2,960 |
| $ | 2,724 |
| +$ 236 |
| $ | 9,993 |
| $ | 9,452 |
| +$ 541 | ||
Earnings per common share - diluted |
| $ | 6.33 |
| $ | 6.43 |
| -$ 0.10 |
| $ | 22.16 |
| $ | 21.29 |
| +$ 0.87 | ||
(Dollars in millions) |
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| 2020 |
| 2019 |
| Change | ||
Cash flow from operations |
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| $ | 12,061 |
| $ | 9,697 |
| +$ 2,364 |
Adjusted EBITDA |
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| $ | 13,643 |
| $ | 12,579 |
| +$ 1,064 |
Free cash flow |
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| $ | 11,598 |
| $ | 9,265 |
| +$ 2,333 |
Net revenue by segment |
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| (Dollars in millions) |
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| 2020 |
| 2019 |
| Change | |||||||||
| Semiconductor solutions |
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| $ | 17,267 |
| 72% |
| $ | 17,441 |
| 77% |
| -1% | |||
| Infrastructure software |
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| 6,621 |
| 28 |
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| 5,156 |
| 23 |
| +28% | |||
| Total net revenue |
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| $ | 23,888 |
| 100% |
| $ | 22,597 |
| 100% |
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