- Quarterly GAAP gross margin of 51 percent; Quarterly non-GAAP gross margin from continuing operations of 61 percent
-
Quarterly GAAP diluted EPS of
$0.84 ; Quarterly non-GAAP diluted EPS from continuing operations of$2.24
Basis of Presentation
Third Quarter Fiscal Year 2015 GAAP Results
Net revenue was
Gross margin was
Operating expenses were
Operating income was
Net income, which includes the impact of discontinued operations, was
The Company's cash balance at the end of the third fiscal quarter was
The Company generated
Within the quarter, the closing of the Company's acquisition of Emulex resulted in the payment of
The Company previously issued
On
Third Quarter Fiscal Year 2015 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.
Net revenue from continuing operations was
Gross margin from continuing operations was
Operating income from continuing operations was
Net income from continuing operations was
| Third Quarter Fiscal Year 2015 Non-GAAP Results | Change | ||||
| (Dollars in millions, except EPS) | Q3 15 | Q2 15 | Q3 14 | Q/Q | Y/Y |
| Net Revenue | $1,750 | $1,645 | $1,287 | +6% | +36% |
| Gross Margin | 61% | 61% | 57% | -- | +4ppt |
| Operating Expenses | $330 | $297 | $307 | +$33 | +$23 |
| Net Income | $660 | $620 | $347 | +$40 | +$313 |
| Earnings Per Share - Diluted | $2.24 | $2.13 | $1.26 | +$0.11 | +$0.98 |
"In contrast to the recent volatility and uncertainty in equity markets, our market fundamentals have been relatively stable and I am pleased with our third quarter revenue and earnings performance," said Hock Tan, President and CEO of
| Other Quarterly Data | |||||
| Percentage of Net Revenue* | Growth Rates | ||||
| Net Revenue by Segment | Q3 15 | Q2 15 | Q3 14 | Q/Q | Y/Y |
| Wireless Communications | 35 | 35 | 28 | 7% | 69% |
| Enterprise Storage | 34 | 28 | 32 | 26% | 46% |
| Wired Infrastructure | 21 | 23 | 27 | -3% | 7% |
| Industrial & Other | 10 | 14 | 13 | -21% | 2% |
| * Represents percentages of non-GAAP net revenue | |||||
| Key Statistics (Dollars in millions) | Q3 15 | Q2 15 | Q3 14 | ||
| Cash From Operations | $592 | $663 | $314 | ||
| Depreciation | $59 | $58 | $46 | ||
| Amortization | $197 | $172 | $211 | ||
| Capital Expenditures | $148 | $177 | $95 | ||
| Non-GAAP Days Sales Outstanding | 42 | 42 | 39 | ||
| Non-GAAP Inventory Days On Hand | 67 | 69 | 79 | ||
Fourth Quarter Fiscal Year 2015 Business Outlook
Based on current business trends and conditions, the outlook for continuing operations for the fourth quarter of fiscal year 2015, ending
| GAAP | Reconciling Items | Non-GAAP | |
| Net Revenue | $1,838M +/- $25M | $12M | $1,850M +/- $25M |
| Gross Margin | 52.75% +/- 1% | $148M | 60.50% +/- 1% |
| Operating Expenses | $485M | $149M | $336M |
| Interest and Other | $38M | – | $38M |
| Taxes | $29M | $13M | $42M |
| Diluted Share Count | 289M | 7M | 296M |
Projected reconciling items:
-
Non-GAAP Revenue includes
$12 million of LSI intellectual property licensing revenue not included in GAAP revenue as a result of the effects of purchase accounting for the LSI acquisition;
-
Non-GAAP Gross Margin includes the effects of
$12 million of LSI intellectual property licensing revenue and excludes the effects of$128 million of amortization of intangible assets,$7 million of share-based compensation expense, and$1 million of restructuring charges;
-
Non-GAAP Operating Expenses exclude
$64 million of amortization of intangible assets,$59 million of share-based compensation,$17 million of acquisition-related costs, and$9 million of restructuring charges; and
-
$13 million provision at the Taxes line represents the tax effects of the reconciling items noted above.
Capital expenditures for the fourth fiscal quarter are expected to be approximately
The guidance provided above is only an estimate of what the Company believes is realizable as of the date of this release. The guidance also excludes any impact from any mergers, acquisitions and divestiture activity that may occur during the quarter. Actual results will vary from the guidance and the variations may be material. The Company undertakes no intent or obligation to publicly update or revise any of these projections, whether as a result of new information, future events or otherwise, except as required by law.
Financial Results Conference Call
Non-GAAP Financial Measures
In addition to GAAP reporting,
About
Cautionary Note Regarding Forward-Looking Statements
This announcement contains forward-looking statements that address our expected future business and financial performance. These forward-looking statements are based on current expectations, estimates, forecasts and projections of future Company or industry performance, based on management's judgment, beliefs, current trends and market conditions, and involve risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. Accordingly, we caution you not to place undue reliance on these statements. Particular uncertainties that could materially affect future results include any loss of our significant customers and fluctuations in the timing and volume of significant customer demand; risks associated with our pending acquisition of
Additional Information and Where to Find It
This document does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The proposed transaction will be submitted to the shareholders of each of
Participants in the Solicitation
| AVAGO TECHNOLOGIES LIMITED | |||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED | |||||
| (IN MILLIONS, EXCEPT PER SHARE DATA) | |||||
|
Fiscal Quarter Ended |
Three Fiscal Quarters Ended |
||||
| August 2, | May 3, | August 3, | August 2, | August 3, | |
| 2015 | 2015 | 2014 | 2015 | 2014 | |
| Net revenue | $ 1,735 | $ 1,614 | $ 1,269 | $ 4,984 | $ 2,679 |
| Cost of products sold: | |||||
| Cost of products sold | 694 | 654 | 560 | 2,038 | 1,233 |
| Purchase accounting effect on inventory | 26 | -- | 200 | 30 | 200 |
| Amortization of intangible assets | 129 | 113 | 105 | 355 | 141 |
| Restructuring charges | 2 | 1 | 11 | 5 | 16 |
| Total cost of products sold | 851 | 768 | 876 | 2,428 | 1,590 |
| Gross margin | 884 | 846 | 393 | 2,556 | 1,089 |
| Research and development | 276 | 251 | 240 | 762 | 461 |
| Selling, general and administrative | 143 | 108 | 137 | 368 | 278 |
| Amortization of intangible assets | 68 | 59 | 91 | 186 | 106 |
| Restructuring and asset impairment charges | 98 | 10 | 87 | 122 | 107 |
| Total operating expenses | 585 | 428 | 555 | 1,438 | 952 |
| Operating income (loss) | 299 | 418 | (162) | 1,118 | 137 |
| Interest expense | (43) | (53) | (55) | (150) | (56) |
| Other income (expense), net | 11 | (1) | (2) | 14 | (2) |
| Income (loss) from continuing operations before income taxes | 267 | 364 | (219) | 982 | 79 |
| Provision for (benefit from) income taxes | 23 | 25 | (99) | 61 | (93) |
| Income (loss) from continuing operations | 244 | 339 | (120) | 921 | 172 |
| Income (loss) from discontinued operations (including a gain on disposal of $14 million in the three fiscal quarters ended August 2, 2015), net of income taxes | (4) | 5 | (44) | 14 | (44) |
| Net income (loss) | $ 240 | $ 344 | $ (164) | $ 935 | $ 128 |
| Basic income (loss) per share: | |||||
| Income (loss) per share from continuing operations | $ 0.92 | $ 1.31 | $ (0.48) | $ 3.54 | $ 0.69 |
| Income (loss) per share from discontinued operations, net of income taxes | $ (0.01) | $ 0.02 | $ (0.17) | $ 0.06 | $ (0.18) |
| Net income (loss) per share | $ 0.91 | $ 1.33 | $ (0.65) | $ 3.60 | $ 0.51 |
| Diluted income (loss) per share: | |||||
| Income (loss) per share from continuing operations | $ 0.85 | $ 1.19 | $ (0.48) | $ 3.25 | $ 0.65 |
| Income (loss) per share from discontinued operations, net of income taxes | $ (0.01) | $ 0.02 | $ (0.17) | $ 0.05 | $ (0.17) |
| Net income (loss) per share | $ 0.84 | $ 1.21 | $ (0.65) | $ 3.30 | $ 0.48 |
| Shares used in per share calculations: | |||||
| Basic | 265 | 258 | 252 | 260 | 251 |
| Diluted | 287 | 284 | 252 | 283 | 265 |
| Share-based compensation expense included in continuing operations: | |||||
| Cost of products sold | $ 7 | $ 6 | $ 6 | $ 19 | $ 12 |
| Research and development | 31 | 27 | 20 | 77 | 38 |
| Selling, general and administrative | 25 | 24 | 24 | 73 | 54 |
| Total share-based compensation expense | $ 63 | $ 57 | $ 50 | $ 169 | $ 104 |
| AVAGO TECHNOLOGIES LIMITED | |||||
| FINANCIAL RECONCILIATION: GAAP TO NON-GAAP - UNAUDITED | |||||
| (IN MILLIONS, EXCEPT DAYS) | |||||
|
Fiscal Quarter Ended |
Three Fiscal Quarters Ended |
||||
| August 2, | May 3, | August 3, | August 2, | August 3, | |
| 2015 | 2015 | 2014 | 2015 | 2014 | |
| Net revenue on GAAP basis | $ 1,735 | $ 1,614 | $ 1,269 | $ 4,984 | $ 2,679 |
| Acquisition-related purchase accounting revenue adjustment | 15 | 31 | 18 | 68 | 18 |
| Net revenue on non-GAAP basis | $ 1,750 | $ 1,645 | $ 1,287 | $ 5,052 | $ 2,697 |
| Gross margin on GAAP basis | $ 884 | $ 846 | $ 393 | $ 2,556 | $ 1,089 |
| Acquisition-related purchase accounting revenue adjustment | 15 | 31 | 18 | 68 | 18 |
| Purchase accounting effect on inventory | 26 | -- | 200 | 30 | 200 |
| Amortization of intangible assets | 129 | 113 | 105 | 355 | 141 |
| Share-based compensation expense | 7 | 6 | 6 | 19 | 12 |
| Restructuring charges | 2 | 1 | 11 | 5 | 16 |
| Acquisition-related costs | -- | 1 | 2 | 2 | 6 |
| Gross margin on non-GAAP basis | $ 1,063 | $ 998 | $ 735 | $ 3,035 | $ 1,482 |
| Research and development on GAAP basis | $ 276 | $ 251 | $ 240 | $ 762 | $ 461 |
| Share-based compensation expense | 31 | 27 | 20 | 77 | 38 |
| Acquisition-related costs | -- | 3 | 1 | 9 | 5 |
| Research and development on non-GAAP basis | $ 245 | $ 221 | $ 219 | $ 676 | $ 418 |
| Selling, general and administrative expense on GAAP basis | $ 143 | $ 108 | $ 137 | $ 368 | $ 278 |
| Share-based compensation expense | 25 | 24 | 24 | 73 | 54 |
| Acquisition-related costs | 33 | 8 | 25 | 51 | 45 |
| Selling, general and administrative expense on non-GAAP basis | $ 85 | $ 76 | $ 88 | $ 244 | $ 179 |
| Total operating expenses on GAAP basis | $ 585 | $ 428 | $ 555 | $ 1,438 | $ 952 |
| Amortization of intangible assets | 68 | 59 | 91 | 186 | 106 |
| Share-based compensation expense | 56 | 51 | 44 | 150 | 92 |
| Restructuring and asset impairment charges | 98 | 10 | 87 | 122 | 107 |
| Acquisition-related costs | 33 | 11 | 26 | 60 | 50 |
| Total operating expenses on non-GAAP basis | $ 330 | $ 297 | $ 307 | $ 920 | $ 597 |
| Operating income (loss) on GAAP basis | $ 299 | $ 418 | $ (162) | $ 1,118 | $ 137 |
| Acquisition-related purchase accounting revenue adjustment | 15 | 31 | 18 | 68 | 18 |
| Purchase accounting effect on inventory | 26 | -- | 200 | 30 | 200 |
| Amortization of intangible assets | 197 | 172 | 196 | 541 | 247 |
| Share-based compensation expense | 63 | 57 | 50 | 169 | 104 |
| Restructuring and asset impairment charges | 100 | 11 | 98 | 127 | 123 |
| Acquisition-related costs | 33 | 12 | 28 | 62 | 56 |
| Operating income on non-GAAP basis | $ 733 | $ 701 | $ 428 | $ 2,115 | $ 885 |
| Other income (expense), net on GAAP basis | $ 11 | $ (1) | $ (2) | $ 14 | $ (2) |
| Write-off of debt issuance costs | -- | 13 | -- | 13 | -- |
| Gain on extinguishment of debt | (3) | -- | -- | (3) | -- |
| Other income (expense), net on non-GAAP basis | $ 8 | $ 12 | $ (2) | $ 24 | $ (2) |
| Income (loss) from continuing operations before income taxes on GAAP basis | $ 267 | $ 364 | $ (219) | $ 982 | $ 79 |
| Acquisition-related purchase accounting revenue adjustment | 15 | 31 | 18 | 68 | 18 |
| Purchase accounting effect on inventory | 26 | -- | 200 | 30 | 200 |
| Amortization of intangible assets | 197 | 172 | 196 | 541 | 247 |
| Share-based compensation expense | 63 | 57 | 50 | 169 | 104 |
| Restructuring and asset impairment charges | 100 | 11 | 98 | 127 | 123 |
| Acquisition-related costs | 33 | 12 | 28 | 62 | 56 |
| Write-off of debt issuance costs | -- | 13 | -- | 13 | -- |
| Gain on extinguishment of debt | (3) | -- | -- | (3) | -- |
| Income before income taxes on non-GAAP basis | $ 698 | $ 660 | $ 371 | $ 1,989 | $ 827 |
| Provision for (benefit from) income taxes on GAAP basis | $ 23 | $ 25 | $ (99) | $ 61 | $ (93) |
| Income tax effects of non-GAAP reconciling adjustments | 15 | 15 | 123 | 52 | 133 |
| Provision for income taxes on non-GAAP basis | $ 38 | $ 40 | $ 24 | $ 113 | $ 40 |
| Net income (loss) on GAAP basis | $ 240 | $ 344 | $ (164) | $ 935 | $ 128 |
| Acquisition-related purchase accounting revenue adjustment | 15 | 31 | 18 | 68 | 18 |
| Purchase accounting effect on inventory | 26 | -- | 200 | 30 | 200 |
| Amortization of intangible assets | 197 | 172 | 196 | 541 | 247 |
| Share-based compensation expense | 63 | 57 | 50 | 169 | 104 |
| Restructuring and asset impairment charges | 100 | 11 | 98 | 127 | 123 |
| Acquisition-related costs | 33 | 12 | 28 | 62 | 56 |
| Write-off of debt issuance costs | -- | 13 | -- | 13 | -- |
| Gain on extinguishment of debt | (3) | -- | -- | (3) | -- |
| Income tax effects of non-GAAP reconciling adjustments | (15) | (15) | (123) | (52) | (133) |
| Discontinued operations, net of income taxes | 4 | (5) | 44 | (14) | 44 |
| Net income on non-GAAP basis | $ 660 | $ 620 | $ 347 | $ 1,876 | $ 787 |
| Shares used in per share calculation - diluted on GAAP basis | 287 | 284 | 252 | 283 | 265 |
| Non-GAAP adjustment | 7 | 7 | 24 | 7 | 6 |
| Shares used in per share calculation - diluted on non-GAAP basis(1) | 294 | 291 | 276 | 290 | 271 |
| Days sales outstanding on GAAP basis | 43 | 43 | 42 | ||
| Non-GAAP adjustment | (1) | (1) | (3) | ||
| Days sales outstanding on non-GAAP basis(2) | 42 | 42 | 39 | ||
| Inventory Days on Hand on GAAP basis | 64 | 68 | 58 | ||
| Non-GAAP adjustment | 3 | 1 | 21 | ||
| Inventory Days on Hand on non-GAAP basis(3) | 67 | 69 | 79 | ||
| (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. | |||||
| (2) Days sales outstanding on a non-GAAP basis includes the impact of the acquisition-related purchase accounting revenue adjustment and excludes the impact of accounts receivable related to discontinued operations. | |||||
| (3) Inventory days on hand on a non-GAAP basis excludes the impact of purchase accounting on inventory, amortization of intangible assets, share-based compensation expense, restructuring charges, acquisition-related costs, and cost of products sold attributable to discontinued operations. | |||||
| AVAGO TECHNOLOGIES LIMITED | ||||||||||||||||
| GAAP AND NON-GAAP NET REVENUE BY SEGMENT - UNAUDITED | ||||||||||||||||
| (IN MILLIONS, EXCEPT PERCENTAGES) | ||||||||||||||||
| Fiscal Quarter Ended | ||||||||||||||||
| August 2, | May 3, | August 3, | ||||||||||||||
| 2015 | 2015 | 2014 | Growth Rates | |||||||||||||
| GAAP | Non-GAAP | GAAP | Non-GAAP | GAAP | Non-GAAP | GAAP | Non-GAAP | |||||||||
| Net revenue by segment: | Q/Q | Y/Y | Q/Q | Y/Y | ||||||||||||
| Wireless Communications | $ 616 | 36 % | $ 616 | 35 % | $ 576 | 36 % | $ 576 | 35 % | $ 364 | 29 % | $ 364 | 28 % | 7% | 69% | 7% | 69% |
| Enterprise Storage | 588 | 34 | 588 | 34 | 467 | 29 | 467 | 28 | 404 | 32 | 404 | 32 | 26% | 46% | 26% | 46% |
| Wired Infrastructure | 372 | 21 | 372 | 21 | 382 | 23 | 382 | 23 | 352 | 27 | 349 | 27 | -3% | 6% | -3% | 7% |
| Industrial & Other (1) | 159 | 9 | 174 | 10 | 189 | 12 | 220 | 14 | 149 | 12 | 170 | 13 | -16% | 7% | -21% | 2% |
| Total net revenue | $ 1,735 | 100 % | $ 1,750 | 100 % | $ 1,614 | 100 % | $ 1,645 | 100 % | $ 1,269 | 100 % | $ 1,287 | 100 % | ||||
| (1) | Non-GAAP data includes the effect of acquisition-related purchase accounting revenue adjustment | |||||||||||||||
| AVAGO TECHNOLOGIES LIMITED | ||
| CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED | ||
| (IN MILLIONS) | ||
| August 2, | November 2, | |
| 2015 | 2014 (1) | |
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $ 1,354 | $ 1,604 |
| Trade accounts receivable, net | 809 | 782 |
| Inventory | 507 | 519 |
| Assets held-for-sale | 109 | 628 |
| Other current assets | 390 | 302 |
| Total current assets | 3,169 | 3,835 |
| Property, plant and equipment, net | 1,392 | 1,158 |
| Goodwill | 1,729 | 1,596 |
| Intangible assets, net | 3,469 | 3,617 |
| Other long-term assets | 229 | 285 |
| Total assets | $ 9,988 | $ 10,491 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $ 501 | $ 515 |
| Employee compensation and benefits | 230 | 219 |
| Other current liabilities | 175 | 236 |
| Current portion of long-term debt | 46 | 46 |
| Total current liabilities | 952 | 1,016 |
| Long-term liabilities: | ||
| Long-term debt | 3,915 | 4,543 |
| Convertible notes payable to related party - non-current | -- | 920 |
| Pension and post-retirement benefit obligations | 467 | 506 |
| Other long-term liabilities | 373 | 263 |
| Total liabilities | 5,707 | 7,248 |
| Shareholders' equity: | ||
| Ordinary shares, no par value | 2,403 | 2,009 |
| Retained earnings | 1,927 | 1,284 |
| Accumulated other comprehensive loss | (49) | (50) |
| Total shareholders' equity | 4,281 | 3,243 |
| Total liabilities and shareholders' equity | $ 9,988 | $ 10,491 |
| (1) Amounts as of November 2, 2014 have been derived from audited financial statements as of that date. | ||
| AVAGO TECHNOLOGIES LIMITED | |||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED | |||||
| (IN MILLIONS) | |||||
| Fiscal Quarter Ended | Three Fiscal Quarters Ended | ||||
| August 2, | May 3, | August 3, | August 2, | August 3, | |
| 2015 | 2015 | 2014 | 2015 | 2014 | |
| Cash flows from operating activities: | |||||
| Net income (loss) | $ 240 | $ 344 | $ (164) | $ 935 | $ 128 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||
| Depreciation and amortization | 256 | 230 | 257 | 712 | 375 |
| Amortization of debt issuance costs and accretion of debt discount | 4 | 7 | 7 | 18 | 7 |
| Share-based compensation | 63 | 57 | 55 | 169 | 109 |
| Tax benefits of share-based compensation | 32 | 52 | (12) | 105 | -- |
| Excess tax from share-based compensation | (32) | (50) | 11 | (102) | -- |
| Non-cash portion of restructuring and asset impairment charges | 70 | -- | -- | 75 | -- |
| Gain on sale of business | -- | -- | -- | (14) | -- |
| Deferred taxes | (33) | 4 | (18) | (35) | (20) |
| Other | 1 | 13 | 10 | 20 | 7 |
| Changes in assets and liabilities, net of acquisitions and disposals: | |||||
| Trade accounts receivable, net | (2) | (40) | 11 | 22 | 110 |
| Inventory | 20 | 10 | 215 | 63 | 199 |
| Accounts payable | (29) | 55 | (23) | (52) | (39) |
| Employee compensation and benefits | 29 | 49 | 30 | (12) | 18 |
| Other current assets and current liabilities | (39) | (25) | 42 | (130) | 31 |
| Other long-term assets and long-term liabilities | 12 | (43) | (107) | (38) | (131) |
| Net cash provided by operating activities | 592 | 663 | 314 | 1,736 | 794 |
| Cash flows from investing activities: | |||||
| Proceeds from sale of business | -- | -- | -- | 650 | -- |
| Acquisition of businesses, net of cash acquired | (394) | -- | (5,644) | (394) | (5,644) |
| Purchases of property, plant and equipment | (148) | (177) | (95) | (487) | (220) |
| Proceeds from disposals of property, plant and equipment | -- | 37 | -- | 63 | -- |
| Purchases of investments | -- | (9) | -- | (9) | -- |
| Proceeds from sale of investments | -- | -- | -- | -- | 14 |
| Net cash used in investing activities | (542) | (149) | (5,739) | (177) | (5,850) |
| Cash flows from financing activities: | |||||
| Debt repayments | (1,010) | (605) | -- | (1,627) | -- |
| Payment of assumed debt | (178) | -- | -- | (178) | -- |
| Proceeds from term loan borrowings | -- | -- | 4,600 | -- | 4,600 |
| Proceeds from issuance of convertible senior notes | -- | -- | 1,000 | -- | 1,000 |
| Debt issuance costs | -- | -- | (124) | -- | (124) |
| Issuance of ordinary shares | 56 | 79 | 33 | 186 | 86 |
| Dividend payments to shareholders | (104) | (99) | (73) | (292) | (203) |
| Repurchases of ordinary shares | -- | -- | -- | -- | (12) |
| Excess tax from share-based compensation | 32 | 50 | (11) | 102 | -- |
| Proceeds from government grants | -- | -- | -- | -- | 2 |
| Payment of capital lease obligations | -- | -- | (1) | -- | (1) |
| Net cash (used in) provided by financing activities | (1,204) | (575) | 5,424 | (1,809) | 5,348 |
| Net change in cash and cash equivalents | (1,154) | (61) | (1) | (250) | 292 |
| Cash and cash equivalents at beginning of period | 2,508 | 2,569 | 1,278 | 1,604 | 985 |
| Cash and cash equivalents at end of period | $ 1,354 | $ 2,508 | $ 1,277 | $ 1,354 | $ 1,277 |
CONTACT:Avago Technologies Limited Ashish Saran Investor Relations +1 408 433 8000 investor.relations@avagotech.com
