Broadcom Reports Fourth Quarter and Full Year 2014 Results

 






















BROADCOM CORPORATION

Unaudited Schedule of Selected GAAP to Non-GAAP Adjustments

(In millions)






Three Months Ended


Year Ended


December 31,


September 30,


December 31,


December 31,


2014


2014


2013


2014


2013











GAAP net income

$

390



$

98



$

168



$

652



$

424


Adjustments:










Amortization of purchased intangible assets

45



54



56



214



228


Amortization of acquired inventory step-up and inventory charges related to the exit of the cellular baseband business



(7)





27



1


Impairment of long-lived assets

14



200





404



511


Settlement costs (gains)

(4)



2



6



16



(69)


Other charges (gains), net



(1)





(60)



25


Restructuring costs, net

16



114



17



158



29


Other expense (income), net

3







6



(1)


Certain income tax expense (benefit)

(1)



1





(6)



(10)


Total GAAP to Non-GAAP adjustments

$

73



$

363



$

79



$

759



$

714


Non-GAAP net income (including stock-based compensation)

463



461



247



1,411



1,138


Stock-based compensation and related payroll taxes

99



108



119



444



524


Non-GAAP net income (excluding stock-based compensation)

$

562



$

569



$

366



$

1,855



$

1,662












Shares used in calculation - diluted (GAAP and Non-GAAP)

610



607



581



601



584


Non-GAAP adjustment *

16



20



25



23



28


Shares used in calculation - diluted (Non-GAAP) (excluding stock-based compensation)

626



627



606



624



612












GAAP diluted net income per share

$

0.64



$

0.16



$

0.29



$

1.08



$

0.73


Non-GAAP diluted net income per share

$

0.76



$

0.76



$

0.43



$

2.35



$

1.95


Non-GAAP diluted net income per share (excluding stock-based compensation)

$

0.90



$

0.91



$

0.60



$

2.97



$

2.72



*Represents the benefits of compensation costs attributable to future services and not yet recognized in the financial statements that are treated as proceeds assumed to be used to repurchase shares under the GAAP treasury stock method.


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