Broadcom Reports Fourth Quarter and Full Year 2014 Results

Our Annual Report on Form 10-K for the year ended December 31, 2013, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, including our Annual Report on Form 10-K for the year ended December 31, 2014 when it is filed, discuss the foregoing risks as well as other important risk factors that could contribute to such differences or otherwise affect our business, results of operations and financial condition. The forward-looking statements used in this release and the related conference call for analysts and investors speak only as of the date they are made. We undertake no obligation to revise or update publicly any forward-looking statement to reflect future events or circumstances.

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BROADCOM CORPORATION
Unaudited GAAP Condensed Consolidated Statements of Operations
(In millions, except per share amounts)

	Three Months Ended						Year Ended
	December 31,		September 30,		December 31,		December 31,
	2014		2014		2013		2014		2013
Net revenue	$	2,143	$	2,260	$	2,064	$	8,428	$	8,305
Cost of revenue	1,012		1,077		1,026		4,098		4,088
Gross profit	1,131		1,183		1,038		4,330		4,217
Operating expenses:
Research and development	530		573		643		2,373		2,486
Selling, general and administrative	173		176		172		716		706
Amortization of purchased intangible assets	3		8		14		29		57
Impairments of long-lived assets	14		200		—		404		511
Restructuring costs, net	16		114		17		158		29
Settlement costs (gains)	(4)		2		6		16		(69)
Other charges (gains), net	—		(1)		—		(60)		25
Total operating expenses	732		1,072		852		3,636		3,745
Income from operations	399		111		186		694		472
Interest expense, net	(9)		(17)		(6)		(36)		(30)
Other income, net	5		9		1		9		3
Income before income taxes	395		103		181		667		445
Provision for income taxes	5		5		13		15		21
Net income	$	390	$	98	$	168	$	652	$	424
Net income per share (basic)	$	0.65	$	0.17	$	0.29	$	1.11	$	0.74
Net income per share (diluted)	$	0.64	$	0.16	$	0.29	$	1.08	$	0.73
Weighted average shares (basic)	596		591		576		590		574
Weighted average shares (diluted)	610		607		581		601		584

Dividends per share	$	0.12	$	0.12	$	0.11	$	0.48	$	0.44

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