博通集团公布2022财年第二季度财务业绩和季度股息

(Dollars in millions, except per share data)

Q2 22

Q2 21

Change

Q2 22

Q2 21

Change

Net revenue

$

8,103

$

6,610

+23%

$

8,103

$

6,610

+23%

Net income

$

2,590

$

1,493

+$1,097

$

4,000

$

2,980

+$1,020

Earnings per common share - diluted

$

5.93

$

3.30

+$2.63

$

9.07

$

6.62

+$2.45

(Dollars in millions)

Q2 22

Q2 21

Change

Cash flow from operations

$

4,243

$

3,569

+$674

Adjusted EBITDA

$

5,111

$

3,960

+$1,151

Free cash flow

$

4,158

$

3,443

+$715

(Dollars in millions)

Q2 22

Q2 21

Change

Semiconductor solutions

$

6,229

77%

$

4,820

73%

+29%

Infrastructure software

1,874

23

1,790

27

+5%

     Total net revenue

$

8,103

100%

$

6,610

100%

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED

(IN MILLIONS, EXCEPT PER SHARE DATA)

Fiscal Quarter Ended

Two Fiscal Quarters Ended

May 1,

January 30,

May 2,

May 1,

May 2,

2022

2022

2021

2022

2021

Net revenue

$

8,103

$

7,706

$

6,610

$

15,809

$

13,265

Cost of revenue:

Cost of revenue

1,956

1,925

1,699

3,881

3,513

Amortization of acquisition-related intangible assets

707

730

853

1,437

1,727

Restructuring charges

1

2

1

3

16

Total cost of revenue

2,664

2,657

2,553

5,321

5,256

Gross margin

5,439

5,049

4,057

10,488

8,009

Research and development

1,261

1,206

1,238

2,467

2,449

Selling, general and administrative

368

321

325

689

664

Amortization of acquisition-related intangible assets

398

397

494

795

988

Restructuring, impairment and disposal charges

18

17

25

35

96

Total operating expenses

2,045

1,941

2,082

3,986

4,197

Operating income

3,394

3,108

1,975

6,502

3,812

Interest expense

(518)

(407)

(466)

(925)

(1,036)

Other income (expense), net

(86)

(14)

(23)

(100)

94

Income before income taxes

2,790

2,687

1,486

5,477

2,870

Provision for (benefit from) income taxes

200

215

(7)

415

(1)

Net income

2,590

2,472

1,493

5,062

2,871

Dividends on preferred stock

(75)

(74)

(76)

(149)

(150)

Net income attributable to common stock

$

2,515

$

2,398

$

1,417

$

4,913

$

2,721

Net income per share attributable to common stock:

Basic

$

6.16

$

5.82

$

3.46

$

11.98

$

6.67

Diluted (1)

$

5.93

$

5.59

$

3.30

$

11.53

$

6.34

Weighted-average shares used in per share calculations:

Basic

408

412

409

410

408

Diluted (1)

424

429

429

426

429

Stock-based compensation expense:

Cost of revenue

$

36

$

36

$

38

$

72

$

70

Research and development

261

268

307

529

635

Selling, general and administrative

89

83

80

172

164

Total stock-based compensation expense

$

386

$

387

$

425

$

773

$

869

(1) Excludes the potentially dilutive effect of Mandatory Convertible Preferred Stock as the impact was antidilutive.

FINANCIAL RECONCILIATION: GAAP TO NON-GAAP - UNAUDITED

(IN MILLIONS)

Fiscal Quarter Ended

Two Fiscal Quarters Ended

May 1,

January 30,

May 2,

May 1,

May 2,

2022

2022

2021

2022

2021

Gross margin on GAAP basis

$

5,439

$

5,049

$

4,057

$

10,488

$

8,009

Amortization of acquisition-related intangible assets

707

730

853

1,437

1,727

Stock-based compensation expense

36

36

38

72

70

Restructuring charges

1

2

1

3

16

Acquisition-related costs

3

4

3

7

6

Gross margin on non-GAAP basis

$

6,186

$

5,821

$

4,952

$

12,007

$

9,828

Research and development on GAAP basis

$

1,261

$

1,206

$

1,238

$

2,467

$

2,449

Stock-based compensation expense

261

268

307

529

635

Acquisition-related costs

-

-

1

-

2

Research and development on non-GAAP basis

$

1,000

$

938

$

930

$

1,938

$

1,812

Selling, general and administrative expense on GAAP basis

$

368

$

321

$

325

$

689

$

664

Stock-based compensation expense

89

83

80

172

164

Acquisition-related costs

32

11

25

43

66

Selling, general and administrative expense on non-GAAP basis

$

247

$

227

$

220

$

474

$

434

Total operating expenses on GAAP basis

$

2,045

$

1,941

$

2,082

$

3,986

$

4,197

Amortization of acquisition-related intangible assets

398

397

494

795

988

Stock-based compensation expense

350

351

387

701

799

Restructuring, impairment and disposal charges

18

17

25

35

96

Acquisition-related costs

32

11

26

43

68

Total operating expenses on non-GAAP basis

$

1,247

$

1,165

$

1,150

$

2,412

$

2,246

Operating income on GAAP basis

$

3,394

$

3,108

$

1,975

$

6,502

$

3,812

Amortization of acquisition-related intangible assets

1,105

1,127

1,347

2,232

2,715

Stock-based compensation expense

386

387

425

773

869

Restructuring, impairment and disposal charges

19

19

26

38

112

Acquisition-related costs

35

15

29

50

74

Operating income on non-GAAP basis

$

4,939

$

4,656

$

3,802

$

9,595

$

7,582

Interest expense on GAAP basis

$

(518)

$

(407)

$

(466)

$

(925)

$

(1,036)

Loss on debt extinguishment

112

-

50

112

222

Interest expense on non-GAAP basis

$

(406)

$

(407)

$

(416)

$

(813)

$

(814)

Other income (expense), net on GAAP basis

$

(86)

$

(14)

$

(23)

$

(100)

$

94

(Gains) losses on investments

99

16

25

115

(94)

Other

-

-

(1)

-

(3)

Other income (expense), net on non-GAAP basis

$

13

$

2

$

1

$

15

$

(3)

Provision for (benefit from) income taxes on GAAP basis

$

200

$

215

$

(7)

$

415

$

(1)

Non-GAAP tax reconciling adjustments

346

295

414

641

813

Provision for income taxes on non-GAAP basis

$

546

$

510

$

407

$

1,056

$

812

Net income on GAAP basis

$

2,590

$

2,472

$

1,493

$

5,062

$

2,871

Amortization of acquisition-related intangible assets

1,105

1,127

1,347

2,232

2,715

Stock-based compensation expense

386

387

425

773

869

Restructuring, impairment and disposal charges

19

19

26

38

112

Acquisition-related costs

35

15

28

50

71

Loss on debt extinguishment

112

-

50

112

222

(Gains) losses on investments

99

16

25

115

(94)

Non-GAAP tax reconciling adjustments

(346)

(295)

(414)

(641)

(813)

Net income on non-GAAP basis

$

4,000

$

3,741

$

2,980

$

7,741

$

5,953

Weighted-average shares used in per share calculations - diluted on GAAP basis

424

429

429

426

429

Non-GAAP adjustment (1)

17

17

21

17

21

Weighted-average shares used in per share calculations - diluted on non-GAAP basis

441

446

450

443

450

Net income on non-GAAP basis

$

4,000

$

3,741

$

2,980

$

7,741

$

5,953

Interest expense on non-GAAP basis

406

407

416

813

814

Provision for income taxes on non-GAAP basis

546

510

407

1,056

812

Depreciation

135

136

133

271

271

Amortization of purchased intangibles and right-of-use assets

24

24

24

48

51

Adjusted EBITDA

$

5,111

$

4,818

$

3,960

$

9,929

$

7,901

Net cash provided by operating activities

$

4,243

$

3,486

$

3,569

$

7,729

$

6,682

Purchases of property, plant and equipment

(85)

(101)

(126)

(186)

(240)

Free cash flow

$

4,158

$

3,385

$

3,443

$

7,543

$

6,442

 Fiscal Quarter
Ending 

 Expected average diluted share count (2): 

July 31,
2022

Weighted-average shares used in per share calculation - diluted on GAAP basis

421

Non-GAAP adjustment (1)

18

Weighted-average shares used in per share calculation - diluted on non-GAAP basis

439

(2) Excludes the effects of potential share repurchases. 

CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED

(IN MILLIONS)

May 1,
2022

October 31,
2021

ASSETS

Current assets:

Cash and cash equivalents

$

9,005

$

12,163

Trade accounts receivable, net

3,083

2,071

Inventory

1,668

1,297

Other current assets

1,054

1,055

Total current assets

14,810

16,586

Long-term assets:

Property, plant and equipment, net

2,262

2,348

Goodwill

43,603

43,450

Intangible assets, net

9,241

11,374

Other long-term assets

1,803

1,812

Total assets

$

71,719

$

75,570

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

$

1,069

$

1,086

Employee compensation and benefits

751

1,066

Current portion of long-term debt

302

290

Other current liabilities

4,788

3,839

Total current liabilities

6,910

6,281

Long-term liabilities:

Long-term debt

39,164

39,440

Other long-term liabilities

4,655

4,860

Total liabilities

50,729

50,581

Preferred stock dividend obligation

27

27

Stockholders' equity:

Preferred stock

-

-

Common stock

-

-

Additional paid-in capital

21,078

24,330

Retained earnings

-

748

Accumulated other comprehensive loss

(115)

(116)

Total stockholders' equity

20,963

24,962

  Total liabilities and equity

$

71,719

$

75,570

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED

(IN MILLIONS)

Fiscal Quarter Ended

Two Fiscal Quarters Ended

May 1,

January 30,

May 2,

May 1,

May 2,

2022

2022

2021

2022

2021

Cash flows from operating activities:

Net income

$

2,590

$

2,472

$

1,493

$

5,062

$

2,871

Adjustments to reconcile net income to net cash provided by operating activities:

Amortization of intangible and right-of-use assets

1,129

1,151

1,371

2,280

2,766

Depreciation

135

136

133

271

271

Stock-based compensation

386

387

425

773

869

Deferred taxes and other non-cash taxes

-

70

(177)

70

(326)

Loss on debt extinguishment

100

-

26

100

198

(Gains) losses on investments

99

16

25

115

(94)

Non-cash interest expense

33

32

21

65

43

Other

11

(1)

9

10

19

Changes in assets and liabilities, net of acquisitions and disposals:

  Trade accounts receivable, net

(536)

(468)

106

(1,004)

(141)

  Inventory

(147)

(223)

(52)

(370)

(1)

  Accounts payable

(31)

-

(58)

(31)

(14)

  Employee compensation and benefits

215

(528)

135

(313)

(240)

  Other current assets and current liabilities

287

521

182

808

590

  Other long-term assets and long-term liabilities

(28)

(79)

(70)

(107)

(129)

Net cash provided by operating activities

4,243

3,486

3,569

7,729

6,682

Cash flows from investing activities:

Acquisitions of businesses, net of cash acquired

(225)

(9)

-

(234)

(8)

Purchases of property, plant and equipment

(85)

(101)

(126)

(186)

(240)

Purchases of investments

-

(200)

-

(200)

-

Other

-

1

-

1

-

Net cash used in investing activities

(310)

(309)

(126)

(619)

(248)

Cash flows from financing activities:

Proceeds from long-term borrowings

1,935

-

-

1,935

9,904

Payments on debt obligations

(2,097)

(255)

(1,533)

(2,352)

(10,733)

Payments of dividends

(1,750)

(1,764)

(1,552)

(3,514)

(3,095)

Repurchases of common stock - repurchase program

(2,776)

(2,724)

-

(5,500)

-

Shares repurchased for tax withholdings on vesting of equity awards

(514)

(375)

(461)

(889)

(686)

Issuance of common stock

59

1

71

60

106

Other

(4)

(4)

(2)

(8)

(30)

Net cash used in financing activities

(5,147)

(5,121)

(3,477)

(10,268)

(4,534)

Net change in cash and cash equivalents

(1,214)

(1,944)

(34)

(3,158)

1,900

Cash and cash equivalents at beginning of period

10,219

12,163

9,552

12,163

7,618

Cash and cash equivalents at end of period

$

9,005

$

10,219

$

9,518

$

9,005

$

9,518

Supplemental disclosure of cash flow information:

Cash paid for interest

$

459

$

240

$

369

$

699

$

741

Cash paid for income taxes

$

240

$

186

$

293

$

426

$

440