Broadcom Inc. Announces First Quarter Fiscal Year 2023 Financial Results and Quarterly Dividend

 

BROADCOM INC.







FINANCIAL RECONCILIATION: GAAP TO NON-GAAP - UNAUDITED







(IN MILLIONS)









































Fiscal Quarter Ended









January 29,


October 30,


January 30,









2023


2022


2022























Gross margin on GAAP basis


$

6,004


$

5,926


$

5,049







Amortization of acquisition-related intangible assets



535



705



730







Stock-based compensation expense



37



38



36







Restructuring charges



2



1



2







Acquisition-related costs



-



3



4







Gross margin on non-GAAP basis


$

6,578


$

6,673


$

5,821























Research and development on GAAP basis


$

1,195


$

1,197


$

1,206







Stock-based compensation expense



267



260



268







Acquisition-related costs



(1)



-



-







Research and development on non-GAAP basis


$

929


$

937


$

938























Selling, general and administrative expense on GAAP basis


$

348


$

370


$

321







Stock-based compensation expense



87



89



83







Acquisition-related costs



42



45



11







Selling, general and administrative expense on non-GAAP basis


$

219


$

236


$

227























Total operating expenses on GAAP basis


$

1,901


$

1,940


$

1,941







Amortization of acquisition-related intangible assets



348



358



397







Stock-based compensation expense



354



349



351







Restructuring, impairment and disposal charges



10



15



17







Acquisition-related costs



41



45



11







Total operating expenses on non-GAAP basis


$

1,148


$

1,173


$

1,165























Operating income on GAAP basis


$

4,103


$

3,986


$

3,108







Amortization of acquisition-related intangible assets



883



1,063



1,127







Stock-based compensation expense



391



387



387







Restructuring, impairment and disposal charges



12



16



19







Acquisition-related costs



41



48



15







Operating income on non-GAAP basis


$

5,430


$

5,500


$

4,656























Other income (expense), net on GAAP basis


$

143


$

40


$

(14)







(Gains) losses on investments



(44)



29



16







Other income, net on non-GAAP basis


$

99


$

69


$

2























Provision for income taxes on GAAP basis


$

66


$

261


$

215







Non-GAAP tax reconciling adjustments



574



358



295







Provision for income taxes on non-GAAP basis


$

640


$

619


$

510























Net income on GAAP basis


$

3,774


$

3,359


$

2,472







Amortization of acquisition-related intangible assets



883



1,063



1,127







Stock-based compensation expense



391



387



387







Restructuring, impairment and disposal charges



12



16



19







Acquisition-related costs



41



48



15







(Gains) losses on investments



(44)



29



16







Non-GAAP tax reconciling adjustments



(574)



(358)



(295)







Net income on non-GAAP basis


$

4,483


$

4,544


$

3,741







































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



429



429



429







Non-GAAP adjustment (1)



5



6



17







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



434



435



446







































Net income on non-GAAP basis


$

4,483


$

4,544


$

3,741







Interest expense



406



406



407







Provision for income taxes on non-GAAP basis



640



619



510







Depreciation



127



129



136







Amortization of purchased intangibles and right-of-use assets



22



24



24







Adjusted EBITDA


$

5,678


$

5,722


$

4,818























Net cash provided by operating activities


$

4,036


$

4,583


$

3,486







Purchases of property, plant and equipment



(103)



(122)



(101)







Free cash flow


$

3,933


$

4,461


$

3,385









































 Fiscal
Quarter
Ending 















April 30,













Expected average diluted share count (2)


2023





























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


429













Non-GAAP adjustment (1)


9













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


438




















(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 was antidilutive on a GAAP basis for the fiscal quarter ended January 30, 2022. 







.

(2) Excludes the effects of potential share repurchases.








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