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

 

BROADCOM INC.

FINANCIAL RECONCILIATION: GAAP TO NON-GAAP - UNAUDITED

(IN MILLIONS)



































Fiscal Quarter Ended


Fiscal Year Ended



October 29,


July 30,


October 30,


October 29,


October 30,



2023


2023


2022


2023


2022

















Gross margin on GAAP basis


$

6,407


$

6,164


$

5,926


$

24,690


$

22,095

Amortization of acquisition-related intangible assets



438



439



705



1,853



2,847

Stock-based compensation expense



62



61



38



210



147

Restructuring charges



1



1



1



4



5

Acquisition-related costs



-



-



3



-



13

Gross margin on non-GAAP basis


$

6,908


$

6,665


$

6,673


$

26,757


$

25,107

















Research and development on GAAP basis


$

1,388


$

1,358


$

1,197


$

5,253


$

4,919

Stock-based compensation expense



448



444



260



1,513



1,048

Acquisition-related costs



-



1



-



-



-

Research and development on non-GAAP basis


$

940


$

913


$

937


$

3,740


$

3,871

















Selling, general and administrative expense on GAAP basis


$

418


$

388


$

370


$

1,592


$

1,382

Stock-based compensation expense



128



124



89



448



338

Acquisition-related costs



69



48



45



252



102

Selling, general and administrative expense on non-GAAP basis


$

221


$

216


$

236


$

892


$

942

















Total operating expenses on GAAP basis


$

2,167


$

2,308


$

1,940


$

8,483


$

7,870

Amortization of acquisition-related intangible assets



348



350



358



1,394



1,512

Stock-based compensation expense



576



568



349



1,961



1,386

Restructuring and other charges



13



212



15



244



57

Acquisition-related costs



69



49



45



252



102

Total operating expenses on non-GAAP basis


$

1,161


$

1,129


$

1,173


$

4,632


$

4,813

















Operating income on GAAP basis


$

4,240


$

3,856


$

3,986


$

16,207


$

14,225

Amortization of acquisition-related intangible assets



786



789



1,063



3,247



4,359

Stock-based compensation expense



638



629



387



2,171



1,533

Restructuring and other charges



14



213



16



248



62

Acquisition-related costs



69



49



48



252



115

Operating income on non-GAAP basis


$

5,747


$

5,536


$

5,500


$

22,125


$

20,294

















Interest expense on GAAP basis


$

(405)


$

(406)


$

(406)


$

(1,622)


$

(1,737)

Loss on debt extinguishment



-



-



-



-



112

Interest expense on non-GAAP basis


$

(405)


$

(406)


$

(406)


$

(1,622)


$

(1,625)

















Other income (expense), net on GAAP basis


$

132


$

124


$

40


$

512


$

(54)

(Gains) losses on investments



24



(2)



29



(11)



169

Other



(1)



-



-



(1)



(5)

Other income, net on non-GAAP basis


$

155


$

122


$

69


$

500


$

110

















Provision for income taxes on GAAP basis


$

443


$

271


$

261


$

1,015


$

939

Non-GAAP tax reconciling adjustments



244



385



358



1,610



1,314

Provision for income taxes on non-GAAP basis


$

687


$

656


$

619


$

2,625


$

2,253

















Net income on GAAP basis


$

3,524


$

3,303


$

3,359


$

14,082


$

11,495

Amortization of acquisition-related intangible assets



786



789



1,063



3,247



4,359

Stock-based compensation expense



638



629



387



2,171



1,533

Restructuring and other charges



14



213



16



248



62

Acquisition-related costs



69



49



48



252



115

Loss on debt extinguishment



-



-



-



-



112

(Gains) losses on investments



24



(2)



29



(11)



169

Other



(1)



-



-



(1)



(5)

Non-GAAP tax reconciling adjustments



(244)



(385)



(358)



(1,610)



(1,314)

Net income on non-GAAP basis


$

4,810


$

4,596


$

4,544


$

18,378


$

16,526

































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



427



427



429



427



423

Non-GAAP adjustment (1)



8



9



6



8



16

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



435



436



435



435



439

































Net income on non-GAAP basis


$

4,810


$

4,596


$

4,544


$

18,378


$

16,526

Interest expense



405



406



406



1,622



1,625

Provision for income taxes on non-GAAP basis



687



656



619



2,625



2,253

Depreciation



124



122



129



502



529

Amortization of purchased intangibles and right-of-use assets



22



21



24



86



96

Adjusted EBITDA


$

6,048


$

5,801


$

5,722


$

23,213


$

21,029

















Net cash provided by operating activities


$

4,828


$

4,719


$

4,583


$

18,085


$

16,736

Purchases of property, plant and equipment



(105)



(122)



(122)



(452)



(424)

Free cash flow


$

4,723


$

4,597


$

4,461


$

17,633


$

16,312



































 Fiscal Year
  Ending 















November 3,













Expected average diluted share count (2)


2024





























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


480













Non-GAAP adjustment (1)


14













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


494














(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 year ended October 30, 2022.

(2) Excludes the effects of potential share repurchases.
































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