Broadcom Inc. Announces First Quarter Fiscal Year 2021 Financial Results and Quarterly Dividends

 

BROADCOM INC.

FINANCIAL RECONCILIATION: GAAP TO NON-GAAP - UNAUDITED

(IN MILLIONS)























Fiscal Quarter Ended



January 31,


November 1,


February 2,



2021


2020


2020











Gross margin on GAAP basis


$

3,952


$

3,747


$

3,264

Purchase accounting effect on inventory



-



-



11

Amortization of acquisition-related intangible assets



874



962



950

Stock-based compensation expense



32



38



43

Restructuring charges



15



5



8

Acquisition-related costs



3



6



1

Gross margin on non-GAAP basis


$

4,876


$

4,758


$

4,277











Research and development on GAAP basis


$

1,211


$

1,182


$

1,289

Stock-based compensation expense



328



318



391

Acquisition-related costs



1



1



7

Research and development on non-GAAP basis


$

882


$

863


$

891











Selling, general and administrative expense on GAAP basis


$

339


$

405


$

601

Stock-based compensation expense



84



93



111

Acquisition-related costs



41



60



175

Litigation settlements



-



-



13

Selling, general and administrative expense on non-GAAP basis


$

214


$

252


$

302











Total operating expenses on GAAP basis


$

2,115


$

2,221


$

2,550

Amortization of acquisition-related intangible assets



494



599



603

Stock-based compensation expense



412



411



502

Restructuring, impairment and disposal charges



71



35



57

Litigation settlements



-



-



13

Acquisition-related costs



42



61



182

Total operating expenses on non-GAAP basis


$

1,096


$

1,115


$

1,193











Operating income on GAAP basis


$

1,837


$

1,526


$

714

Purchase accounting effect on inventory



-



-



11

Amortization of acquisition-related intangible assets



1,368



1,561



1,553

Stock-based compensation expense



444



449



545

Restructuring, impairment and disposal charges



86



40



65

Litigation settlements



-



-



13

Acquisition-related costs



45



67



183

Operating income on non-GAAP basis


$

3,780


$

3,643


$

3,084











Interest expense on GAAP basis


$

(570)


$

(420)


$

(406)

Loss on debt extinguishment



172



16



5

Interest expense on non-GAAP basis


$

(398)


$

(404)


$

(401)











Other income (loss), net on GAAP basis


$

117


$

31


$

(4)

(Gains) losses on investments



(119)



(10)



18

Acquisition-related gain



(2)



(4)



(4)

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


$

(4)


$

17


$

10











Provision for (benefit from) income taxes on GAAP basis


$

6


$

(187)


$

(76)

Non-GAAP tax reconciling adjustments



399



578



399

Provision for income taxes on non-GAAP basis


$

405


$

391


$

323











Net income on GAAP basis


$

1,378


$

1,324


$

385

Purchase accounting effect on inventory



-



-



11

Amortization of acquisition-related intangible assets



1,368



1,561



1,553

Stock-based compensation expense



444



449



545

Restructuring, impairment and disposal charges



86



40



65

Litigation settlements



-



-



13

Acquisition-related costs



43



63



179

Loss on debt extinguishment



172



16



5

(Gains) losses on investments



(119)



(10)



18

Non-GAAP tax reconciling adjustments



(399)



(578)



(399)

Discontinued operations, net of income taxes



-



-



(5)

Net income on non-GAAP basis


$

2,973


$

2,865


$

2,370





















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



428



426



420

Non-GAAP adjustment (1)



22



25



31

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



450



451



451





















Net income on non-GAAP basis


$

2,973


$

2,865


$

2,370

Interest expense on non-GAAP basis



398



404



401

Provision for income taxes on non-GAAP basis



405



391



323

Depreciation



138



139



146

Amortization of purchased intangibles and right-of-use assets



27



28



25

Adjusted EBITDA


$

3,941


$

3,827


$

3,265











Net cash provided by operating activities


$

3,113


$

3,348


$

2,322

Purchases of property, plant and equipment



(114)



(102)



(108)

Free cash flow


$

2,999


$

3,246


$

2,214























 Fiscal Quarter
Ending 









May 2,







Expected average diluted share count:


2021

















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


430







Non-GAAP adjustment (1)


20







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. The non-GAAP adjustment also included the impact of Mandatory Convertible Preferred Stock that was
antidilutive on a GAAP basis. For the fiscal quarter ending May 2, 2021, the non-GAAP adjustment includes the impact of Mandatory Convertible
Preferred Stock that is expected to be antidilutive on a GAAP basis.


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