Avago Technologies Limited Announces Fourth Quarter and Fiscal Year 2015 Financial Results

AVAGO TECHNOLOGIES LIMITED 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED 
(IN MILLIONS, EXCEPT PER SHARE DATA) 
            
            
     Fiscal Quarter Ended    Fiscal Year Ended 
   November 1,  August 2,  November 2,  November 1,  November 2, 
    2015    2015    2014    2015    2014  
            
Net revenue $  1,840  $  1,735  $  1,590  $  6,824  $  4,269  
Cost of products sold:           
Cost of products sold    712     694     678     2,750     1,911  
Purchase accounting effect on inventory    -     26     10     30     210  
Amortization of intangible assets    129     129     108     484     249  
Restructuring charges    2     2     6     7     22  
Total cost of products sold    843      851         802         3,271         2,392    
Gross margin       997         884         788         3,553         1,877    
                       
Research and development       287         276         234         1,049         695    
Selling, general and administrative       118         143         129         486         407    
Amortization of intangible assets       63         68         91         249         197    
Restructuring and asset impairment charges       15         98         33         137         140    
Total operating expenses       483         585         487         1,921         1,439    
                                           
Operating income       514         299         301         1,632         438    
Interest expense       (41 )       (43 )       (54 )       (191 )       (110 )  
Other income, net       12         11         16         26         14    
Income from continuing operations before income taxes       485         267         263         1,467         342    
Provision for income taxes       15         23         126         76         33    
Income from continuing operations       470         244         137         1,391         309    
Loss from discontinued operations, net of income taxes       (41 )       (4 )       (2 )       (27 )       (46 )  
Net income   $   429     $   240     $   135     $   1,364     $   263    
                                           
Basic income per share:                                          
Income per share from continuing operations   $   1.70     $   0.92     $   0.54     $   5.27     $   1.23    
Loss per share from discontinued operations, net of income taxes   $   (0.15 )   $   (0.01 )   $   (0.01 )   $   (0.10 )   $   (0.18 )  
Net income per share   $   1.55     $   0.91     $   0.53     $   5.17     $   1.05    
                       
Diluted income per share:                      
Income per share from continuing operations   $   1.64     $   0.85     $   0.50     $   4.95     $   1.16    
Loss per share from discontinued operations, net of income taxes   $   (0.15 )   $   (0.01 )   $   -      $   (0.10 )   $   (0.17 )  
Net income per share   $   1.49     $   0.84     $   0.50     $   4.85     $   0.99    
                       
Shares used in per share calculations:                      
Basic       276         265         254         264         251    
Diluted       287         287         272         281         267    
                       
Share-based compensation expense included in continuing operations:                      
Cost of products sold   $   7     $   7     $   6     $   26     $   18    
Research and development       30         31         19         107         57    
Selling, general and administrative       26         25         24         99         78    
Total share-based compensation expense   $   63     $   63     $   49     $   232     $   153    
                                           

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