Broadcom Reports Fourth Quarter and Full Year 2014 Results

- Record 2014 Net Revenue: $8.43 billion -

(PRNewswire) —








Fourth Quarter 2014 Results


GAAP


Non-GAAP

 (including SBC)


Non-GAAP

(excluding SBC)

Net revenue


$2.14 billion





Net income per share


$.64


$.76


$.90





(including $0.14 of

 stock-based

 compensation)


($0.03 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 fourth quarter and year ended December 31, 2014.

"Better than anticipated revenue produced operating results above consensus for the quarter, driven by stronger Broadband and Connectivity revenue in the high-end smartphone and broadband access markets," said Scott McGregor, Broadcom's President and Chief Executive Officer.  "2014 was a pivotal year where we focused on our core businesses, delivered record revenue and non-GAAP profitability, increased capital return and enhanced corporate governance."

Net revenue for the fourth quarter of 2014 was $2.14 billion. This represents a decrease of 5.2% compared with the $2.26 billion reported for the third quarter of 2014 and an increase of 3.8% compared with the $2.06 billion reported for the fourth quarter of 2013. Net income computed in accordance with U.S. generally accepted accounting principles (GAAP) for the fourth quarter of 2014 was $390 million, or $0.64 per share (diluted), compared with GAAP net income of $98 million, or $0.16 per share (diluted), for the third quarter of 2014 and GAAP net income of $168 million, or $0.29 per share (diluted), for the fourth quarter of 2013.

Net revenue for the year ended December 31, 2014 was $8.43 billion. This represents an increase in net revenue of 1.5% from the $8.31 billion reported for the year ended December 31, 2013. Net income computed in accordance with GAAP for the year ended December 31, 2014 was $652 million, or $1.08 per share (diluted), compared with GAAP net income of $424 million, or $0.73 per share (diluted), for the year ended December 31, 2013.

GAAP net income for the fourth quarter of 2014 included charges for restructuring costs and the impairment of long-lived assets, primarily related to Broadcom's decision to exit its cellular baseband business, of $30 million, or $0.05 per share.

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.

GAAP net income for 2014 included (i) impairment charges for long-lived assets, restructuring costs and an inventory write-down primarily related to Broadcom's decision to exit the cellular baseband business totaling $329 million, or $0.55 per share; (ii) additional charges for the impairment of purchased intangible assets of $260 million, or $0.43 per share; (iii) settlements costs of $16 million, or $0.03 per share; and (iv) a net gain on sale of assets $60 million, or $0.10 per share.

GAAP net income for 2013 included (i) impairment charges for purchased intangible assets of $511 million, or $0.88 per share, which was primarily related to Broadcom's acquisition of NetLogic Microsystems, Inc.; (ii) restructuring costs of $29 million, or $0.05 per share; (iii) a charitable contribution to Broadcom Foundation of $25 million, or $0.04 per share; and (iv) net settlement gains of $69 million, or $0.12 per share.


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