Broadcom Inc. Announces Fourth Quarter and Fiscal Year 2020 Financial Results and Quarterly Dividends

 

BROADCOM INC.

FINANCIAL RECONCILIATION: GAAP TO NON-GAAP - UNAUDITED

(IN MILLIONS, EXCEPT PERCENTAGES)



































Fiscal Quarter Ended


Fiscal Year Ended



November 1,


August 2,


November 3,


November 1,


November 3,



2020


2020


2019


2020


2019

















Gross margin on GAAP basis


$

3,747


$

3,316


$

3,152


$

13,516


$

12,483

Purchase accounting effect on inventory



-



-



-



11



-

Amortization of acquisition-related intangible assets



962



953



827



3,819



3,314

Stock-based compensation expense



38



37



41



159



163

Restructuring charges



5



15



9



35



77

Acquisition-related costs



6



-



6



12



18

Gross margin on non-GAAP basis


$

4,758


$

4,321


$

4,035


$

17,552


$

16,055

















Research and development on GAAP basis


$

1,182


$

1,228


$

1,177


$

4,968


$

4,696

Stock-based compensation expense



318



337



394



1,419



1,532

Acquisition-related costs



1



1



1



14



5

Research and development on non-GAAP basis


$

863


$

890


$

782


$

3,535


$

3,159

















Selling, general and administrative expense on GAAP basis


$

405


$

428


$

409


$

1,935


$

1,709

Stock-based compensation expense



93



91



109



398



490

Acquisition-related costs



60



66



65



396



252

Litigation settlements



-



21



-



63



-

Selling, general and administrative expense on non-GAAP basis


$

252


$

250


$

235


$

1,078


$

967

















Total operating expenses on GAAP basis


$

2,221


$

2,308


$

2,098


$

9,502


$

9,039

Amortization of acquisition-related intangible assets



599



600



474



2,401



1,898

Stock-based compensation expense



411



428



503



1,817



2,022

Restructuring, impairment and disposal charges



35



52



38



198



736

Litigation settlements



-



21



-



63



-

Acquisition-related costs



61



67



66



410



257

Total operating expenses on non-GAAP basis


$

1,115


$

1,140


$

1,017


$

4,613


$

4,126

















Operating income on GAAP basis


$

1,526


$

1,008


$

1,054


$

4,014


$

3,444

Purchase accounting effect on inventory



-



-



-



11



-

Amortization of acquisition-related intangible assets



1,561



1,553



1,301



6,220



5,212

Stock-based compensation expense



449



465



544



1,976



2,185

Restructuring, impairment and disposal charges



40



67



47



233



813

Litigation settlements



-



21



-



63



-

Acquisition-related costs



67



67



72



422



275

Operating income on non-GAAP basis


$

3,643


$

3,181


$

3,018


$

12,939


$

11,929

















Interest expense on GAAP basis


$

(420)


$

(464)


$

(361)


$

(1,777)


$

(1,444)

Loss on debt extinguishment



16



55



26



169



54

Interest expense on non-GAAP basis


$

(404)


$

(409)


$

(335)


$

(1,608)


$

(1,390)

















Other income, net on GAAP basis


$

31


$

49


$

54


$

206


$

226

Gain from lapse of indemnification



-



-



-



(116)



-

Gains on investments



(10)



(31)



(50)



(31)



(145)

Gain from sale of business



-



(23)



-



(23)



-

Acquisition-related gain



(4)



-



-



(11)



-

Other income (loss), net on non-GAAP basis


$

17


$

(5)


$

4


$

25


$

81

















Benefit from income taxes on GAAP basis


$

(187)


$

(96)


$

(100)


$

(518)


$

(510)

Non-GAAP tax reconciling adjustments



578



428



396



1,881



1,678

Provision for income taxes on non-GAAP basis


$

391


$

332


$

296


$

1,363


$

1,168

















Net income on GAAP basis


$

1,324


$

688


$

847


$

2,960


$

2,724

Purchase accounting effect on inventory



-



-



-



11



-

Amortization of acquisition-related intangible assets



1,561



1,553



1,301



6,220



5,212

Stock-based compensation expense



449



465



544



1,976



2,185

Restructuring, impairment and disposal charges



40



67



47



233



813

Litigation settlements



-



21



-



63



-

Acquisition-related costs



63



67



72



411



275

Loss on debt extinguishment



16



55



26



169



54

Gain from lapse of indemnification



-



-



-



(116)



-

Gains on investments



(10)



(31)



(50)



(31)



(145)

Gain from sale of business



-



(23)



-



(23)



-

Non-GAAP tax reconciling adjustments



(578)



(428)



(396)



(1,881)



(1,678)

Discontinued operations, net of income taxes



-



1



-



1



12

Net income on non-GAAP basis


$

2,865


$

2,435


$

2,391


$

9,993


$

9,452

































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



426



422



416



421



419

Non-GAAP adjustment (1)



25



29



28



30



25

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



451



451



444



451



444

































Net income on non-GAAP basis


$

2,865


$

2,435


$

2,391


$

9,993


$

9,452

Interest expense on non-GAAP basis



404



409



335



1,608



1,390

Provision for income taxes on non-GAAP basis



391



332



296



1,363



1,168

Depreciation



139



138



143



570



569

Amortization of purchased intangibles and right-of-use assets



28



28



-



109



-

Adjusted EBITDA


$

3,827


$

3,342


$

3,165


$

13,643


$

12,579

















Net cash provided by operating activities


$

3,348


$

3,178


$

2,479


$

12,061


$

9,697

Purchases of property, plant and equipment



(102)



(105)



(96)



(463)



(432)

Free cash flow


$

3,246


$

3,073


$

2,383


$

11,598


$

9,265



































 Fiscal Quarter
Ending 















January 31,













Expected average diluted share count:


2021





























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


427













 Non-GAAP adjustment (1)


23













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


450






























(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 periods presented, the non-GAAP adjustment included the impact of Mandatory Convertible Preferred Stock that was antidilutive on a GAAP basis. For the fiscal quarter ending January 31, 2021, the non-GAAP adjustment includes the impact of Mandatory Convertible Preferred Stock that is expected to be antidilutive on a GAAP basis.


« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9  Next Page »



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us
ShareCG™ is a trademark of Internet Business Systems, Inc.

Report a Bug Report Abuse Make a Suggestion About Privacy Policy Contact Us User Agreement Advertise