Broadcom Inc. Announces First Quarter Fiscal Year 2024 Financial Results and Quarterly Dividend

 

BROADCOM INC.

FINANCIAL RECONCILIATION: GAAP TO NON-GAAP - UNAUDITED

(IN MILLIONS)























Fiscal Quarter Ended



February 4,


October 29,


January 29,



2024


2023


2023











Gross margin on GAAP basis


$

7,375


$

6,407


$

6,004

Amortization of acquisition-related intangible assets



1,380



438



535

Stock-based compensation expense



161



62



37

Restructuring charges



92



1



2

Acquisition-related costs



6



-



-

Gross margin on non-GAAP basis


$

9,014


$

6,908


$

6,578











Research and development on GAAP basis


$

2,308


$

1,388


$

1,195

Stock-based compensation expense



863



448



267

Acquisition-related costs



1



-



(1)

Research and development on non-GAAP basis


$

1,444


$

940


$

929











Selling, general and administrative expense on GAAP basis


$

1,572


$

418


$

348

Stock-based compensation expense



548



128



87

Acquisition-related costs



285



69



42

Selling, general and administrative expense on non-GAAP basis


$

739


$

221


$

219











Total operating expenses on GAAP basis


$

5,292


$

2,167


$

1,901

Amortization of acquisition-related intangible assets



792



348



348

Stock-based compensation expense



1,411



576



354

Restructuring and other charges



620



13



10

Acquisition-related costs



286



69



41

Total operating expenses on non-GAAP basis


$

2,183


$

1,161


$

1,148











Operating income on GAAP basis


$

2,083


$

4,240


$

4,103

Amortization of acquisition-related intangible assets



2,172



786



883

Stock-based compensation expense



1,572



638



391

Restructuring and other charges



712



14



12

Acquisition-related costs



292



69



41

Operating income on non-GAAP basis


$

6,831


$

5,747


$

5,430











Other income, net on GAAP basis


$

185


$

132


$

143

(Gains) losses on investments



(33)



24



(44)

Other



-



(1)



-

Other income, net on non-GAAP basis


$

152


$

155


$

99











Provision for income taxes on GAAP basis


$

68


$

443


$

66

Non-GAAP tax reconciling adjustments



735



244



574

Provision for income taxes on non-GAAP basis


$

803


$

687


$

640











Net income on GAAP basis


$

1,325


$

3,524


$

3,774

Amortization of acquisition-related intangible assets



2,172



786



883

Stock-based compensation expense



1,572



638



391

Restructuring and other charges



712



14



12

Acquisition-related costs



292



69



41

(Gains) losses on investments



(33)



24



(44)

Other



-



(1)



-

Non-GAAP tax reconciling adjustments



(735)



(244)



(574)

Income from discontinued operations, net of income taxes



(51)



-



-

Net income on non-GAAP basis


$

5,254


$

4,810


$

4,483











Net income on GAAP basis


$

1,325


$

3,524


$

3,774

Non-GAAP Adjustments:










Amortization of acquisition-related intangible assets



2,172



786



883

Stock-based compensation expense



1,572



638



391

Restructuring and other charges



712



14



12

Acquisition-related costs



292



69



41

(Gains) losses on investments



(33)



24



(44)

Other



-



(1)



-

Non-GAAP tax reconciling adjustments



(735)



(244)



(574)

Income from discontinued operations, net of income taxes



(51)



-



-

   Other Adjustments:










    Interest expense



926



405



406

    Provision for income taxes on non-GAAP basis



803



687



640

    Depreciation



139



124



127

    Amortization of purchased intangibles and right-of-use assets



34



22



22

Adjusted EBITDA


$

7,156


$

6,048


$

5,678











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



467



427



429

Non-GAAP adjustment (1)



11



8



5

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


478



435



434











Net cash provided by operating activities


$

4,815


$

4,828


$

4,036

Purchases of property, plant and equipment



(122)



(105)



(103)

Free cash flow


$

4,693


$

4,723


$

3,933























 Fiscal Quarter
Ending 









May 5,







Expected average diluted share count: 


2024

















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


480







Non-GAAP adjustment (1)


12







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

492








(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.


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