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Broadcom: Third Quarter 2015 Results

The following excerpt is from the company's SEC filing.

Non-GAAP

Net revenue

$2.19 billion

Net income per share

(including $.03 of other charges)

($.03 better than First Call consensus)

Broadcom Corporation (NASDAQ: BRCM), a global innovation leader in semiconductor solutions for wired and wireless communications, today reported unaudited financial results for its

quarter ended

September 30, 2015

"Broadcom delivered third quarter revenue ahead of consensus and above the midpoint of the guided range," said Scott McGregor, Broadcom's President and Chief Executive Officer. "These solid results are a testam ent to the company’s operational excellence and leadership in the markets we serve.”

Net revenue for the

quarter of

. This represents

an increase

compared with the

$2.10 billion

reported for the

second

a decrease

$2.26 billion

. Net income computed in accordance with U.S. generally accepted accounting principles (GAAP) for the

$429 million

per share (diluted), compared with GAAP net income of

$386 million

per share (diluted), for the

and GAAP net income of

$98 million

. GAAP net income for the third quarter of 2014 included charges for restructuring costs related to Broadcom's decision to exit the cellular baseband business totaling $114 million, or $0.19 per share, and additional charges for the impairment of purchased intangible assets of $200 million, or $0.33 per share.

In addition to GAAP results, Broadcom reports adjusted net income and adjusted net income per share, referred to respectively as “non-GAAP net income” and “non-GAAP diluted net income per share.” A discussion of Broadcom’s use of these and other non-GAAP financial measures is set forth below. Reconciliations of GAAP to non-GAAP financial measures for the three months ended

June 30, 2015

September 30, 2014

, respectively, and the

nine months ended September 30, 2015 and 2014

appear in the financial statements portion of this release under the heading “Unaudited Schedule of Selected GAAP to Non-GAAP Adjustments.”

Non-GAAP net income for the

$477 million

per share (diluted), compared with non-GAAP net income of

$445 million

and non-GAAP net income of

$461 million

The financial results included in this release are unaudited. The audited financial statements of the company for the year ended

December 31, 2014

are included in Broadcom’s Annual Report on Form 10-K, filed with the SEC on January 29, 2015.

In light of Broadcom's pending transaction with Avago, Broadcom has discontinued conducting conference calls with analysts and investors to discuss its financial results.

-more-

About Broadcom

Broadcom Corporation (NASDAQ: BRCM), a FORTUNE 500

company, is a global leader and innovator in semiconductor solutions for wired and wireless communications. Broadcom

products seamlessly deliver voice, video, data and multimedia connectivity in the home, office and mobile environments. With one of the industry’s broadest portfolio of state-of-the-art system-on-a-chip solutions, Broadcom is changing the world by Connecting everything

. For more information, go to

www.broadcom.com

Note Regarding Use of Non-GAAP Financial Measures

Broadcom reports the following measures in accordance with GAAP and on a non-GAAP basis: (i) cost of revenue, (ii) gross profit, (iii) gross margin, (iv) net income, and (v) diluted net income per share (EPS). Broadcom's non-GAAP cost of revenue, non-GAAP gross profit, and non-GAAP gross margin excludes certain charges related to acquisitions and certain inventory charges relating to its decision to exit the cellular baseband business. Acquisition-related charges include the amortization of purchased intangible assets and the amortization of acquired inventory valuation step-up. In addition to the exclusions noted above, Broadcom's non-GAAP net income and diluted net income per share also exclude impairment of long-lived assets, settlement costs (gains), restructuring costs (reversals), costs associated with the proposed acquisition by Avago, charitable contributions, gain on sale of assets, gains (losses) on strategic investments, other charges (gains), tax benefits resulting from reductions in U.S. valuation allowance on certain deferred tax assets due to the recording of net deferred tax liabilities for identifiable intangible assets under purchase accounting, and tax benefits resulting from the reduction of certain foreign deferred tax liabilities due to the impairment of long-lived assets. Reconciliations of GAAP to non-GAAP financial measures for the three...


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