Broadcom Inc. Announces Third Quarter Fiscal Year 2019 Financial Results and Quarterly Dividend

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PR Newswire

SAN JOSE, Calif., Sept. 12, 2019

SAN JOSE, Calif., Sept. 12, 2019 /PRNewswire/ -- Broadcom Inc. (Nasdaq: AVGO), a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, today reported financial results for its third quarter of fiscal year 2019, ended August 4, 2019, and announced a quarterly dividend.

"Our broad portfolio of mission critical semiconductor and infrastructure software solutions, utilized by the world's largest enterprises, continued to drive sustained revenues and robust cash flow despite a challenging market backdrop," said Hock Tan, President and CEO of Broadcom Inc. "Looking at the semiconductor solutions segment, we believe demand has bottomed out but will continue to remain at these levels due to the current uncertain environment."

"During the quarter, we generated over $2.3 billion in free cash flow representing over 8% growth on a year on year basis," said Tom Krause, CFO of Broadcom Inc. "We returned over $2 billion to stockholders in the quarter including $1.1 billion in cash dividends and approximately $1 billion in share repurchases and eliminations. We remain fully committed to maintaining our investment grade credit rating and, looking forward, we intend to focus on deleveraging our balance sheet."

Third Quarter Fiscal Year 2019 GAAP Results from Continuing Operations

Net revenue was $5,515 million, substantially consistent with $5,517 million in the previous quarter and 8.9 percent higher than $5,063 million in the same quarter last year.

Gross margin was $3,034 million, or 55.0 percent of net revenue. This compares with gross margin of $3,089 million, or 56.0 percent of net revenue, in the prior quarter, and gross margin of $2,619 million, or 51.7 percent of net revenue, in the same quarter last year.

Operating expenses were $2,169 million. This compares with $2,119 million in the prior quarter and $1,280 million in the same quarter last year.

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Operating income was $865 million, or 15.7 percent of net revenue. This compares with operating income of $970 million, or 17.6 percent of net revenue, in the prior quarter, and operating income of $1,339 million, or 26.4 percent of net revenue, in the same quarter last year.

Net income, which includes the impact of discontinued operations, was $715 million, or $1.71 per diluted share. This compares with net income of $691 million, or $1.64 per diluted share, in the prior quarter, and net income of $1,196 million, or $2.71 per diluted share, in the same quarter last year.

Cash from operations was $2,419 million in the quarter, compared to $2,247 million in the same quarter last year.

Third Quarter Fiscal Year 2019 GAAP Results				Change
(Dollars in millions, except per share data)	Q3 19	Q2 19	Q3 18	Q/Q	Y/Y
Net revenue	$ 5,515	$ 5,517	$ 5,063	-%	+9%
Gross margin	55.0%	56.0%	51.7%	- 100bps	+330bps
Operating expenses	$ 2,169	$ 2,119	$ 1,280	+$ 50	+$ 889
Net income	$ 715	$ 691	$ 1,196	+$ 24	-$ 481
Earnings per share - diluted	$ 1.71	$ 1.64	$ 2.71	+$ 0.07	-$ 1.00

The Company's cash and cash equivalents at the end of the third fiscal quarter were $5,462 million, compared to $5,328 million at the end of the prior quarter.

During the third fiscal quarter, the Company generated $2,419 million in cash from operations and spent $977 million on share repurchases and eliminations, consisting of $736 million in repurchases of 2.6 million shares and $241 million of withholding tax payments related to net settled equity awards that vested in the quarter (representing approximately 0.9 million shares withheld), as well as $112 million on capital expenditures.

On July 2, 2019, the Company paid a cash dividend of $2.65 per share of common stock, totaling $1,057 million.

Third Quarter Fiscal Year 2019 Non-GAAP Results From Continuing Operations

The differences between the Company's GAAP and non-GAAP results are described generally under "Non-GAAP Financial Measures" below, and presented in detail in the financial reconciliation tables attached to this release.

Gross margin from continuing operations was $3,916 million, or 71.0 percent of net revenue. This compares with gross margin from continuing operations of $3,971 million, or 72.0 percent of net revenue, in the prior quarter, and $3,410 million, or 67.3 percent of net revenue, in the same quarter last year.

Operating income from continuing operations was $2,910 million, or 52.8 percent of net revenue. This compares with operating income from continuing operations of $2,949 million, or 53.5 percent of net revenue, in the prior quarter, and $2,536 million, or 50.1 percent of net revenue, in the same quarter last year.

Net income from continuing operations was $2,281 million, or $5.16 per diluted share. This compares with net income of $2,334 million, or $5.21 per diluted share, in the prior quarter, and net income of $2,257 million, or $4.98 per diluted share, in the same quarter last year.

Free cash flow from operations, defined as cash from operations less capital expenditures, was $2,307 million in the quarter, compared to $2,127 million in the same quarter last year.

Third Quarter Fiscal Year 2019 Non-GAAP Results				Change
(Dollars in millions, except per share data)	Q3 19	Q2 19	Q3 18	Q/Q	Y/Y
Gross margin	71.0%	72.0%	67.3%	-100bps	+370bps
Operating expenses	$ 1,006	$ 1,022	$ 874	-$ 16	+$ 132
Net income	$ 2,281	$ 2,334	$ 2,257	-$ 53	+$ 24
Earnings per share - diluted	$ 5.16	$ 5.21	$ 4.98	-$ 0.05	+$ 0.18

Other Quarterly Data

Net revenue by segment

Change

(Dollars in millions)

Q3 19

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