Avago Technologies Limited Announces First Quarter Fiscal Year 2012 Financial Results

(1) A reconciliation of the non-GAAP measures presented above to the most directly comparable GAAP financial data appears on the next page. These non-GAAP measures are provided in addition to and not as a substitute for measures of financial performance prepared in accordance with GAAP. The financial summary excludes amortization of intangible assets, share-based compensation, restructuring charges, and loss on extinguishment of debt.

 
AVAGO TECHNOLOGIES LIMITED
FINANCIAL RECONCILIATION: GAAP TO NON-GAAP - UNAUDITED
(IN MILLIONS)
     
Quarter ended

January 29,
2012

October 30,
2011

January 30,
2011

 
Net income on GAAP basis $ 125 $ 154 $ 119
Amortization of intangible assets 19 20 20
Share-based compensation expense 11 11 7
Restructuring charges 1 1 -
Loss on extinguishment of debt   -   -   19
Net income on Non-GAAP basis $ 156 $ 186 $ 165
 
Gross margin on GAAP basis $ 270 $ 304 $ 271
Amortization of intangible assets 14 14 14
Share-based compensation expense   1   1   1
Gross margin on Non-GAAP basis $ 285 $ 319 $ 286
 
Research and development on GAAP basis $ 82 $ 83 $ 73
Share-based compensation expense   4   4   3
Research and development on Non-GAAP basis $ 78 $ 79 $ 70
 
Selling, general and administrative on GAAP basis $ 50 $ 55 $ 50
Share-based compensation expense   6   6   3
Selling, general and administrative on Non-GAAP basis $ 44 $ 49 $ 47
 
Total operating expenses on GAAP basis $ 138 $ 145 $ 129
Amortization of intangible assets 5 6 6
Share-based compensation expense 10 10 6
Restructuring charges   1   1   -
Total operating expenses on Non-GAAP basis $ 122 $ 128 $ 117
 
Income from operations on GAAP basis $ 132 $ 159 $ 142
Amortization of intangible assets 19 20 20
Share-based compensation expense 11 11 7
Restructuring charges   1   1   -
Income from operations on Non-GAAP basis $ 163 $ 191 $ 169
 
Shares used in per share calculation - diluted on GAAP basis 250 252 250
Non-GAAP adjustment   3   3   4
Shares used in per share calculation - diluted on Non-GAAP basis(1)   253   255   254
 

(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.

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