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

 

BROADCOM INC.

FINANCIAL RECONCILIATION: GAAP TO NON-GAAP - UNAUDITED

(IN MILLIONS)



































Fiscal Quarter Ended


Fiscal Year Ended



October 31,


August 1,


November 1,


October 31,


November 1,



2021


2021


2020


2021


2020

















Gross margin on GAAP basis


$

4,638


$

4,197


$

3,747


$

16,844


$

13,516

Purchase accounting effect on inventory



-



-



-



-



11

Amortization of acquisition-related intangible assets



849



851



962



3,427



3,819

Stock-based compensation expense



37



36



38



143



159

Restructuring charges



-



1



5



17



35

Acquisition-related costs



3



3



6



12



12

Gross margin on non-GAAP basis


$

5,527


$

5,088


$

4,758


$

20,443


$

17,552

















Research and development on GAAP basis


$

1,200


$

1,205


$

1,182


$

4,854


$

4,968

Stock-based compensation expense



279



285



318



1,199



1,419

Acquisition-related costs



-



1



1



3



14

Research and development on non-GAAP basis


$

921


$

919


$

863


$

3,652


$

3,535

















Selling, general and administrative expense on GAAP basis


$

337


$

346


$

405


$

1,347


$

1,935

Stock-based compensation expense



98



100



93



362



398

Acquisition-related costs



17



22



60



105



396

Litigation settlements



-



1



-



1



63

Selling, general and administrative expense on non-GAAP basis


$

222


$

223


$

252


$

879


$

1,078

















Total operating expenses on GAAP basis


$

2,057


$

2,071


$

2,221


$

8,325


$

9,502

Amortization of acquisition-related intangible assets



494



494



599



1,976



2,401

Stock-based compensation expense



377



385



411



1,561



1,817

Restructuring, impairment and disposal charges



26



26



35



148



198

Litigation settlements



-



1



-



1



63

Acquisition-related costs



17



23



61



108



410

Total operating expenses on non-GAAP basis


$

1,143


$

1,142


$

1,115


$

4,531


$

4,613

















Operating income on GAAP basis


$

2,581


$

2,126


$

1,526


$

8,519


$

4,014

Purchase accounting effect on inventory



-



-



-



-



11

Amortization of acquisition-related intangible assets



1,343



1,345



1,561



5,403



6,220

Stock-based compensation expense



414



421



449



1,704



1,976

Restructuring, impairment and disposal charges



26



27



40



165



233

Litigation settlements



-



1



-



1



63

Acquisition-related costs



20



26



67



120



422

Operating income on non-GAAP basis


$

4,384


$

3,946


$

3,643


$

15,912


$

12,939

















Interest expense on GAAP basis


$

(434)


$

(415)


$

(420)


$

(1,885)


$

(1,777)

Loss on debt extinguishment



23



-



16



245



169

Interest expense on non-GAAP basis


$

(411)


$

(415)


$

(404)


$

(1,640)


$

(1,608)

















Other income, net on GAAP basis


$

22


$

15


$

31


$

131


$

206

Gain from lapse of indemnification



-



-



-



-



(116)

(Gains) losses on investments



(9)



4



(10)



(99)



(31)

Gain from sale of business



(8)



-



-



(8)



(23)

Acquisition-related gain



-



-



(4)



(3)



(11)

Other income, net on non-GAAP basis


$

5


$

19


$

17


$

21


$

25

















Provision for (benefit from) income taxes on GAAP basis


$

180


$

(150)


$

(187)


$

29


$

(518)

Non-GAAP tax reconciling adjustments



297



576



578



1,686



1,881

Provision for income taxes on non-GAAP basis


$

477


$

426


$

391


$

1,715


$

1,363

















Net income on GAAP basis


$

1,989


$

1,876


$

1,324


$

6,736


$

2,960

Purchase accounting effect on inventory



-



-



-



-



11

Amortization of acquisition-related intangible assets



1,343



1,345



1,561



5,403



6,220

Stock-based compensation expense



414



421



449



1,704



1,976

Restructuring, impairment and disposal charges



26



27



40



165



233

Litigation settlements



-



1



-



1



63

Acquisition-related costs



20



26



63



117



411

Loss on debt extinguishment



23



-



16



245



169

Gain from lapse of indemnification



-



-



-



-



(116)

(Gains) losses on investments



(9)



4



(10)



(99)



(31)

Gain from sale of business



(8)



-



-



(8)



(23)

Non-GAAP tax reconciling adjustments



(297)



(576)



(578)



(1,686)



(1,881)

Loss from discontinued operations, net of income taxes



-



-



-



-



1

Net income on non-GAAP basis


$

3,501


$

3,124


$

2,865


$

12,578


$

9,993

































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



430



429



426



429



421

Non-GAAP adjustment (1)



18



20



25



20



30

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



448



449



451



449



451

































Net income on non-GAAP basis


$

3,501


$

3,124


$

2,865


$

12,578


$

9,993

Interest expense on non-GAAP basis



411



415



404



1,640



1,608

Provision for income taxes on non-GAAP basis



477



426



391



1,715



1,363

Depreciation



134



134



139



539



570

Amortization of purchased intangibles and right-of-use assets



24



24



28



99



109

Adjusted EBITDA


$

4,547


$

4,123


$

3,827


$

16,571


$

13,643

















Net cash provided by operating activities


$

3,541


$

3,541


$

3,348


$

13,764


$

12,061

Purchases of property, plant and equipment



(88)



(115)



(102)



(443)



(463)

Free cash flow


$

3,453


$

3,426


$

3,246


$

13,321


$

11,598



































 Fiscal Quarter
Ending 















January 30,













Expected average diluted share count (2)


2022





























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


430













Non-GAAP adjustment (1)


18













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


448














(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. In addition, the non-GAAP adjustment includes the impact of Mandatory Convertible Preferred Stock that is antidilutive on a GAAP basis. For the fiscal quarter ending January 30, 2022, the non-GAAP adjustment includes the impact of Mandatory Convertible Preferred Stock that is expected to be antidilutive on a GAAP basis.

(2) Excludes the effects of potential share repurchases.


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