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

 

AVAGO TECHNOLOGIES LIMITED
FINANCIAL RECONCILIATION: GAAP TO NON-GAAP - UNAUDITED
(IN MILLIONS, EXCEPT DAYS)
            
            
      Fiscal Quarter Ended    Fiscal Year Ended
    November 1,  August 2,  November 2,  November 1,  November 2,
     2015    2015    2014    2015    2014 
            
            
Net revenue on GAAP basis  $  1,840  $  1,735  $  1,590  $  6,824  $  4,269 
Acquisition-related purchase accounting revenue adjustment     13     15     20     81     38 
Net revenue on non-GAAP basis  $  1,853  $  1,750  $  1,610  $  6,905  $  4,307 
                      
                      
Gross margin on GAAP basis  $  997  $  884  $  788  $  3,553  $   1,877  
Acquisition-related purchase accounting revenue adjustment         13         15         20         81         38  
Purchase accounting effect on inventory         -         26         10         30         210  
Amortization of intangible assets         129         129         108         484         249  
Share-based compensation expense         7         7         6         26         18  
Restructuring charges         2         2         6         7         22  
Acquisition-related costs         1         -         1         3         7  
Gross margin on non-GAAP basis     $   1,149     $   1,063     $   939     $   4,184     $   2,421  
                                           
                                           
Research and development on GAAP basis     $   287     $   276     $   234     $   1,049     $   695  
Share-based compensation expense         30         31         19         107         57  
Acquisition-related costs         -         -         1         9         6  
Research and development on non-GAAP basis     $   257     $   245     $   214     $   933     $   632  
                                           
                                           
Selling, general and administrative expense on GAAP basis     $   118     $   143     $   129     $   486     $   407  
Share-based compensation expense         26         25         24         99         78  
Acquisition-related costs         11         33         16         62         61  
Selling, general and administrative expense on non-GAAP basis     $   81     $   85     $   89     $   325     $   268  
                                           
                                           
Total operating expenses on GAAP basis     $   483     $   585     $   487     $   1,921     $   1,439  
Amortization of intangible assets         63         68         91         249         197  
Share-based compensation expense         56         56         43         206         135  
Restructuring and asset impairment charges         15         98         33         137         140  
Acquisition-related costs         11         33         17         71         67  
Total operating expenses on non-GAAP basis     $   338     $   330     $   303     $   1,258     $   900  
                                           
                                           
Operating income on GAAP basis     $   514     $   299     $   301     $   1,632     $   438  
Acquisition-related purchase accounting revenue adjustment         13         15         20         81         38  
Purchase accounting effect on inventory         -         26         10         30         210  
Amortization of intangible assets         192         197         199         733         446  
Share-based compensation expense         63         63         49         232         153  
Restructuring and asset impairment charges         17         100         39         144         162  
Acquisition-related costs         12         33         18         74         74  
Operating income on non-GAAP basis     $   811     $   733     $   636     $   2,926     $   1,521  
                                           
Other income, net on GAAP basis     $   12     $   11     $   16     $   26     $   14  
Write-off of debt issuance costs         -         -         -         13         -  
Other         (2 )       (3 )       -         (5 )       -  
Other income, net on non-GAAP basis     $   10     $   8     $   16     $   34     $   14  
                                           
Income from continuing operations before income taxes on GAAP basis     $   485     $   267     $   263     $   1,467     $   342  
Acquisition-related purchase accounting revenue adjustment         13         15         20         81         38  
Purchase accounting effect on inventory         -         26         10         30         210  
Amortization of intangible assets         192         197         199         733         446  
Share-based compensation expense         63         63         49         232         153  
Restructuring and asset impairment charges         17         100         39         144         162  
Acquisition-related costs         12         33         18         74         74  
Write-off of debt issuance costs         -         -         -         13         -  
Other         (2 )       (3 )       -         (5 )       -  
Income before income taxes on non-GAAP basis     $   780     $   698     $   598     $   2,769     $   1,425  
                                           
                                           
Provision for income taxes on GAAP basis     $   15     $   23     $   126     $   76     $   33  
Income tax effects of non-GAAP reconciling adjustments         28         15         (84 )       80         49  
Provision for income taxes on non-GAAP basis     $   43     $   38     $   42     $   156     $   82  
                                           
Net income on GAAP basis     $   429     $   240     $   135     $   1,364     $   263  
Acquisition-related purchase accounting revenue adjustment         13         15         20         81         38  
Purchase accounting effect on inventory         -         26         10         30         210  
Amortization of intangible assets         192         197         199         733         446  
Share-based compensation expense         63         63         49         232         153  
Restructuring and asset impairment charges         17         100         39         144         162  
Acquisition-related costs         12         33         18         74         74  
Write-off of debt issuance costs         -         -         -         13         -  
Other         (2 )       (3 )       -         (5 )       -  
Income tax effects of non-GAAP reconciling adjustments         (28 )       (15 )       84         (80 )       (49 )
Discontinued operations, net of income taxes         41         4         2         27         46  
Net income on non-GAAP basis     $   737     $   660     $   556     $   2,613     $   1,343  
                                           
                                           
Shares used in per share calculation - diluted on GAAP basis         287         287         272         281         267  
Non-GAAP adjustment         7         7         8         10         7  
Shares used in per share calculation - diluted on non-GAAP basis (1)         294         294         280         291         274  
                                           
Days sales outstanding on GAAP basis         50         43         45          
Non-GAAP adjustment         -         (1 )       (3 )        
Days sales outstanding on non-GAAP basis (2)         50         42         42          
                                           
Inventory Days on Hand on GAAP basis         67         64         69          
Non-GAAP adjustment         1         3         1          
Inventory Days on Hand on non-GAAP basis (3)         68         67         70          
                                           
                       
(1) The number of shares used in the diluted per share calculations on a non-GAAP basis excludes the impact of share-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. 
(2) Days sales outstanding on a non-GAAP basis includes the impact of the acquisition-related purchase accounting revenue adjustment and excludes the impact of accounts receivable related to discontinued operations. 
(3) Inventory days on hand on a non-GAAP basis excludes the impact of purchase accounting on inventory, amortization of intangible assets, share-based compensation expense, restructuring charges, acquisition-related costs, and cost of products sold attributable to discontinued operations. 
                       

« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9  Next Page »



Review Article Be the first to review this article
CST Webinar Series

EMA:

Featured Video
Editorial
Peggy AycinenaWhat Would Joe Do?
by Peggy Aycinena
Retail Therapy: Jump starting Black Friday
Peggy AycinenaIP Showcase
by Peggy Aycinena
REUSE 2016: Addressing the Four Freedoms
More Editorial  
Jobs
ACCOUNT MANAGER MUNICH GERMANY EU for EDA Careers at MUNICH, Germany
Principal Circuit Design Engineer for Rambus at Sunnyvale, CA
Development Engineer-WEB SKILLS +++ for EDA Careers at North Valley, CA
AE-APPS SUPPORT/TMM for EDA Careers at San Jose-SOCAL-AZ, CA
FAE FIELD APPLICATIONS SAN DIEGO for EDA Careers at San Diego, CA
Manager, Field Applications Engineering for Real Intent at Sunnyvale, CA
Upcoming Events
Zuken Innovation World 2017, April 24 - 26, 2017, Hilton Head Marriott Resort & Spa in Hilton Head Island, SC at Hilton Head Marriott Resort & Spa Hilton Head Island NC - Apr 24 - 26, 2017
CST Webinar Series



Internet Business Systems © 2016 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering TechJobsCafe - Technical Jobs and Resumes GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy Policy