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Broadcom Reports Fourth Quarter and Full Year 2010 Results

IRVINE, Calif. Feb. 1, 2011

Q4 Summary

  • Total Revenue: $1.95 billion
  • Gross Margin:
  • Operating Margin:
  • Net Income: $266 million
  • Diluted GAAP Earnings per Share: $0.47 $0.11
  • Cash Flow from Operations: $452 million

Full Year 2010 Summary

  • Total Revenue: $6.82 billion
  • Gross Margin:
  • Operating Margin:
  • Net Income: $1.08 billion
  • Diluted GAAP Earnings per Share:   $1.99 $0.13
  • Cash Flow from Operations: $1.37 billion

December 31, 2010

$1.95 billion $1.81 billion $1.34 billion $266 million $.47 $327 million $.60 $59 million $.11

December 31, 2010 $6.82 billion $4.49 billion December 31, 2009 December 31, 2010 $1.08 billion $1.99 $65 million $.13 December 31, 2009

For a discussion of certain selected transactions and their related accounting impact for all periods presented, see the "Unaudited Supplementary Financial Data" schedule below.

Scott A. McGregor

"Our record results, powerful balance sheet and strong operating cash flow enable us to increase our dividend by 12.5% and accelerate share repurchases, reflecting our continued commitment to returning capital to our shareholders. Looking ahead, we will focus on continuing to grow revenue faster than our peers and to gain share in our core markets, while maintaining financial discipline."

Conference Call Information

1:45 p.m. Pacific Time 4:45 p.m. Eastern Time www.broadcom.com/investors 10:00 p.m. Pacific Time Tuesday, February 22, 2011

December 31, 2010

About Broadcom

Broadcom Corporation is a major technology innovator and global leader in semiconductors for wired and wireless communications.  Broadcom® products enable the delivery of voice, video, data and multimedia to and throughout the home, the office and the mobile environment.  We provide the industry’s broadest portfolio of state-of-the-art system-on-a-chip and software solutions to manufacturers of computing and networking equipment, digital entertainment and broadband access products, and mobile devices.  These solutions support our core mission: Connecting everything®.

$6.82 billion

Irvine, Calif. North America Asia Europe www.broadcom.com

Note Regarding Use of Non-GAAP Financial Measures

December 31, 2010

Broadcom believes that the presentation of non-GAAP income from operations provides important supplemental information to management and investors regarding financial and business trends relating to our financial condition and results of operations. Broadcom’s management believes that the use of these non-GAAP financial measures provides consistency and comparability among and between results from prior periods or forecasts and future prospects, and also facilitates comparisons with other companies in our industry, many of which use similar non-GAAP financial measures to supplement their GAAP results. Broadcom’s management has historically used non-GAAP income from operations when evaluating operating performance, because we believe that the inclusion or exclusion of the items described above provides insight into our core operating results, our ability to generate cash and underlying business trends affecting our performance. Broadcom has chosen to provide this information to investors to enable them to perform additional analyses of past, present and future operating performance and as a supplemental means to evaluate our ongoing core operations. The non-GAAP financial information presented herein should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

For additional information on the items excluded by Broadcom from one or more of its non-GAAP financial measures, refer to the Form 8-K regarding this release furnished today to the Securities and Exchange Commission.

Cautions regarding Forward-Looking Statements:

All statements included or incorporated by reference in this release and the related conference call for analysts and investors, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and projections about our business and industry, management’s beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words. Examples of such forward-looking statements include, but are not limited to, guidance provided on future revenue, gross product margin and operating expense targets for the first quarter of 2011, references to opportunities within the wired and wireless communication markets to grow revenue and gain share in core markets and statements about our intention to pay quarterly cash dividends and return capital to shareholders . These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement.

These risks and uncertainties include, but are not limited to the following:

  • We face intense competition.
  • We depend on a few significant customers for a substantial portion of our revenue.
  • Our quarterly operating results may fluctuate significantly.
  • We may fail to adjust our operations in response to changes in demand.
  • We face risks associated with our acquisition strategy.
  • Our operating results may be adversely impacted by worldwide economic uncertainties and specific conditions in the markets we address.
  • We may be required to defend against alleged infringement of intellectual property rights.
  • Our stock price is highly volatile.
  • We may not be able to protect or enforce our intellectual property rights.
  • Our business is subject to potential tax liabilities.
  • We manufacture and sell complex products and may be unable to successfully develop and introduce new products.
  • We are subject to order and shipment uncertainties.
  • We are exposed to risks associated with our international operations.
  • We depend on third-party subcontractors to fabricate, assemble and test our products.
  • Government regulation may adversely affect our business.
  • We may be unable to attract, retain or motivate key personnel.
  • Our co-founders and their affiliates may control the outcome of matters that require the approval of our shareholders.
  • There can be no assurance that we will continue to declare cash dividends.
  • Our articles of incorporation and bylaws contain anti-takeover provisions.

Our Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other Securities and Exchange Commission filings 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 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, except as required by law.

the United States

BROADCOM CORPORATION

Unaudited GAAP Condensed Consolidated Statements of Income

(In thousands, except per share amounts)

Three Months Ended

December 31,

Years Ended

December 31,

2010

2009

2010

2009

Net revenue:

Product revenue

$    1,889,139

$  1,283,434

$  6,589,270

$  4,272,726

Income from Qualcomm Agreement

51,674

51,674

206,696

170,611

Licensing revenue

4,742

7,638

22,353

46,986

Total net revenue

1,945,555

1,342,746

6,818,319

4,490,323

Costs and expenses:

Cost of product revenue

955,711

630,259

3,284,213

2,210,559

Research and development

472,260

396,254

1,762,323

1,534,918

Selling, general and administrative

168,728

84,424

590,572

479,362

Amortization of purchased intangible assets

14,678

2,091

27,570

14,548

Impairment of other long-lived assets

17,260

19,045

18,895

Settlement costs, net

48,809

175,724

52,625

118,468

Restructuring costs (reversals), net

(4,829)

111

7,501

Charitable contribution

50,000

Total operating costs and expenses

1,677,446

1,283,923

5,736,459

4,434,251

Income from operations

268,109

58,823

1,081,860

56,072

Interest income, net

990

2,539

9,032

13,901

Other income (expense), net

2,749

(269)

6,428

2,218

Income before income taxes

271,848

61,093

1,097,320

72,191

Provision for income taxes

5,659

1,889

15,520

6,930

Net income

$     266,189

$  59,204

$  1,081,800

$  65,261

Net income per share (basic)

$  .50

$  .12

$  2.13

$  0.13

Net income per share (diluted)

$  .47

$  .11

$  1.99

$  0.13

Weighted average shares (basic)

528,272

495,356

508,444

494,038

Weighted average shares (diluted)

568,730

524,903

544,612

512,645

Dividends per share

$  0.08

$  —

$  0.32

$  —

included

Three Months Ended

December 31,

Years Ended

December 31,

2010

2009

2010

2009

Cost of product revenue

$    5,652

$    5,961

$  22,502

$  24,545

Research and development

88,756

85,186

341,733

351,884

Selling, general and administrative

30,142

30,101

118,789

119,918

BROADCOM CORPORATION

Unaudited Condensed Consolidated Statements of Cash Flows

(In thousands)

Three Months Ended

December 31,

Years Ended

December 31,

2010

2009

2010

2009

Operating activities

Net income

$  266,189

$  59,204

$  1,081,800

$  65,261

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

Depreciation and amortization

20,762

27,121

78,732

74,435

Stock-based compensation expense:

Stock options and other awards

34,210

33,329

121,341

159,790

Restricted stock units

90,340

87,919

361,683

336,557

Acquisition-related items:

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