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

 

BROADCOM INC.

FINANCIAL RECONCILIATION: GAAP TO NON-GAAP - UNAUDITED

(IN MILLIONS)



































Fiscal Quarter Ended


Three Fiscal Quarters Ended



August 4,


May 5,


July 30,


August 4,


July 30,



2024


2024


2023


2024


2023

















Gross margin on GAAP basis


$

8,356


$

7,776


$

6,164


$

23,507


$

18,283

Amortization of acquisition-related intangible assets



1,525



1,516



439



4,421



1,415

Stock-based compensation expense



174



170



61



505



148

Restructuring charges



58



53



1



203



3

Acquisition-related costs



-



3



-



9



-

Gross margin on non-GAAP basis


$

10,113


$

9,518


$

6,665


$

28,645


$

19,849

















Research and development on GAAP basis


$

2,353


$

2,415


$

1,358


$

7,076


$

3,865

Stock-based compensation expense



877



881



444



2,621



1,065

Acquisition-related costs



2



-



1



3



-

Research and development on non-GAAP basis


$

1,474


$

1,534


$

913


$

4,452


$

2,800

















Selling, general and administrative expense on GAAP basis


$

1,100


$

1,277


$

388


$

3,949


$

1,174

Stock-based compensation expense



330



352



124



1,230



320

Acquisition-related costs



79



87



48



451



183

Selling, general and administrative expense on non-GAAP basis


$

691


$

838


$

216


$

2,268


$

671

















Total operating expenses on GAAP basis


$

4,568


$

4,811


$

2,308


$

14,671


$

6,316

Amortization of acquisition-related intangible assets



812



827



350



2,431



1,046

Stock-based compensation expense



1,207



1,233



568



3,851



1,385

Restructuring and other charges



303



292



212



1,215



231

Acquisition-related costs



81



87



49



454



183

Total operating expenses on non-GAAP basis


$

2,165


$

2,372


$

1,129


$

6,720


$

3,471

















Operating income on GAAP basis


$

3,788


$

2,965


$

3,856


$

8,836


$

11,967

Amortization of acquisition-related intangible assets



2,337



2,343



789



6,852



2,461

Stock-based compensation expense



1,381



1,403



629



4,356



1,533

Restructuring and other charges



361



345



213



1,418



234

Acquisition-related costs



81



90



49



463



183

Operating income on non-GAAP basis


$

7,948


$

7,146


$

5,536


$

21,925


$

16,378

















Interest expense on GAAP basis


$

(1,064)


$

(1,047)


$

(406)


$

(3,037)


$

(1,217)

Loss on debt extinguishment



83



22



-



105



-

Interest expense on non-GAAP basis


$

(981)


$

(1,025)


$

(406)


$

(2,932)


$

(1,217)

















Other income, net on GAAP basis


$

82


$

87


$

124


$

354


$

380

(Gains) losses on investments



6



9



(2)



(18)



(35)

Other income, net on non-GAAP basis


$

88


$

96


$

122


$

336


$

345

















Provision for (benefit from) income taxes on GAAP basis


$

4,238


$

(116)


$

271


$

4,190


$

572

Non-GAAP tax reconciling adjustments (1)



(3,303)



939



385



(1,629)



1,366

Provision for income taxes on non-GAAP basis


$

935


$

823


$

656


$

2,561


$

1,938

















Net income (loss) on GAAP basis


$

(1,875)


$

2,121


$

3,303


$

1,571


$

10,558

Amortization of acquisition-related intangible assets



2,337



2,343



789



6,852



2,461

Stock-based compensation expense



1,381



1,403



629



4,356



1,533

Restructuring and other charges



361



345



213



1,418



234

Acquisition-related costs



81



90



49



463



183

Loss on debt extinguishment



83



22



-



105



-

(Gains) losses on investments



6



9



(2)



(18)



(35)

Non-GAAP tax reconciling adjustments (1)



3,303



(939)



(385)



1,629



(1,366)

Loss from discontinued operations, net of income taxes



443



-



-



392



-

Net income on non-GAAP basis


$

6,120


$

5,394


$

4,596


$

16,768


$

13,568

















Net income (loss) on GAAP basis


$

(1,875)


$

2,121


$

3,303


$

1,571


$

10,558

Non-GAAP Adjustments:
















Amortization of acquisition-related intangible assets



2,337



2,343



789



6,852



2,461

Stock-based compensation expense



1,381



1,403



629



4,356



1,533

Restructuring and other charges



361



345



213



1,418



234

Acquisition-related costs



81



90



49



463



183

Loss on debt extinguishment



83



22



-



105



-

(Gains) losses on investments



6



9



(2)



(18)



(35)

Non-GAAP tax reconciling adjustments (1)



3,303



(939)



(385)



1,629



(1,366)

Loss from discontinued operations, net of income taxes



443



-



-



392



-

Other Adjustments:
















Interest expense



981



1,025



406



2,932



1,217

Provision for income taxes on non-GAAP basis



935



823



656



2,561



1,938

Depreciation



149



149



122



437



378

Amortization of purchased intangibles and right-of-use assets



38



38



21



110



64

Adjusted EBITDA


$

8,223


$

7,429


$

5,801


$

22,808


$

17,165

















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



4,663



4,799



4,269



4,762



4,274

Non-GAAP adjustment (2)



254



117



94



106



80

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


4,917



4,916



4,363



4,868



4,354

















Net cash provided by operating activities


$

4,963


$

4,580


$

4,719


$

14,358


$

13,257

Purchases of property, plant and equipment



(172)



(132)



(122)



(426)



(347)

Free cash flow


$

4,791


$

4,448


$

4,597


$

13,932


$

12,910



































 Fiscal Quarter
Ending 















November 3,













Expected average diluted share count: 


2024





























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


4,824













Non-GAAP adjustment (2)


88













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

4,912







































(1) Non-GAAP tax reconciling adjustments included a one-time discrete non-cash tax provision of $4.5 billion from the impact of an intra-group transfer
of certain IP rights to the United States as a result of supply chain realignment for the fiscal quarter and three fiscal quarters ended August 4, 2024.







(2) 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. For the fiscal quarter ended August 4, 2024, non-GAAP
adjustment included the dilutive effect of the equity awards that were antidilutive on a GAAP basis.


























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