Broadcom Inc. Announces First Quarter Fiscal Year 2022 Financial Results and Quarterly Dividends

 

BROADCOM INC.

FINANCIAL RECONCILIATION: GAAP TO NON-GAAP - UNAUDITED

(IN MILLIONS)

























Fiscal Quarter Ended




January 30,


October 31,


January 31,




2022


2021


2021













Gross margin on GAAP basis


$

5,049


$

4,638


$

3,952


Amortization of acquisition-related intangible assets



730



849



874


Stock-based compensation expense



36



37



32


Restructuring charges



2



-



15


Acquisition-related costs



4



3



3


Gross margin on non-GAAP basis


$

5,821


$

5,527


$

4,876













Research and development on GAAP basis


$

1,206


$

1,200


$

1,211


Stock-based compensation expense



268



279



328


Acquisition-related costs



-



-



1


Research and development on non-GAAP basis


$

938


$

921


$

882













Selling, general and administrative expense on GAAP basis


$

321


$

337


$

339


Stock-based compensation expense



83



98



84


Acquisition-related costs



11



17



41


Selling, general and administrative expense on non-GAAP basis


$

227


$

222


$

214













Total operating expenses on GAAP basis


$

1,941


$

2,057


$

2,115


Amortization of acquisition-related intangible assets



397



494



494


Stock-based compensation expense



351



377



412


Restructuring, impairment and disposal charges



17



26



71


Acquisition-related costs



11



17



42


Total operating expenses on non-GAAP basis


$

1,165


$

1,143


$

1,096













Operating income on GAAP basis


$

3,108


$

2,581


$

1,837


Amortization of acquisition-related intangible assets



1,127



1,343



1,368


Stock-based compensation expense



387



414



444


Restructuring, impairment and disposal charges



19



26



86


Acquisition-related costs



15



20



45


Operating income on non-GAAP basis


$

4,656


$

4,384


$

3,780













Interest expense on GAAP basis


$

(407)


$

(434)


$

(570)


Loss on debt extinguishment



-



23



172


Interest expense on non-GAAP basis


$

(407)


$

(411)


$

(398)













Other income (expense), net on GAAP basis


$

(14)


$

22


$

117


(Gains) losses on investments



16



(9)



(119)


Other



-



(8)



(2)


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


$

2


$

5


$

(4)













Provision for income taxes on GAAP basis


$

215


$

180


$

6


Non-GAAP tax reconciling adjustments



295



297



399


Provision for income taxes on non-GAAP basis


$

510


$

477


$

405













Net income on GAAP basis


$

2,472


$

1,989


$

1,378


Amortization of acquisition-related intangible assets



1,127



1,343



1,368


Stock-based compensation expense



387



414



444


Restructuring, impairment and disposal charges



19



26



86


Acquisition-related costs



15



20



43


Loss on debt extinguishment



-



23



172


(Gains) losses on investments



16



(9)



(119)


Other



-



(8)



-


Non-GAAP tax reconciling adjustments



(295)



(297)



(399)


Net income on non-GAAP basis


$

3,741


$

3,501


$

2,973
























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



429



430



428


Non-GAAP adjustment (1)



17



18



22


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



446



448



450
























Net income on non-GAAP basis


$

3,741


$

3,501


$

2,973


Interest expense on non-GAAP basis



407



411



398


Provision for income taxes on non-GAAP basis



510



477



405


Depreciation



136



134



138


Amortization of purchased intangibles and right-of-use assets



24



24



27


Adjusted EBITDA


$

4,818


$

4,547


$

3,941













Net cash provided by operating activities


$

3,486


$

3,541


$

3,113


Purchases of property, plant and equipment



(101)



(88)



(114)


Free cash flow


$

3,385


$

3,453


$

2,999


























 Fiscal Quarter Ending 










May 1,








Expected average diluted share count (2)


2022



















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


426








Non-GAAP adjustment (1)


16








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


442



















(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 May 1, 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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