Broadcom Reports Fourth Quarter and Full Year 2012 Results

Tue Jan 29, 2013 4:05pm EST

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IRVINE, Calif.,  Jan. 29, 2013  /PRNewswire/ --

- Record 2012 Net Revenue:  $8.01 billion  -

- Record 2012 Cash Flow from Operations:  $1.93 billion  -

- Raises Quarterly Cash Dividend by 10 Percent to  $.11  Per Share -

                                                                                                                        
                                                                                                                        
 Fourth Quarter 2012 Results    GAAP                                       Non-GAAP                                 
 Total net revenue              $2.08 billion                                                                       
 Diluted EPS                    $.43                                       $.76                                     
                                ($.04 better than First Call consensus)    ($.03 better than First Call consensus)  


Broadcom Corporation (NASDAQ: BRCM), a global innovation leader in semiconductor
solutions for wired and wireless communications, today reported unaudited
financial results for its fourth quarter and year ended  December 31, 2012.  

"Broadcom delivered record revenue in each of our three business groups and
record cash flow from operations in 2012, reflecting our continued market share
growth and strong economics." said  Scott McGregor, Broadcom's President and
Chief Executive Officer. "Based upon these results, Broadcom's Board of
Directors today announced a ten percent increase in our dividend, consistent
with our commitment to enhancing shareholder value."

Net revenue for the fourth quarter of 2012 was  $2.08 billion. This represents a
decrease of 2.3% compared with the  $2.13 billion  reported for the third
quarter of 2012 and an increase of 14.3% compared with the  $1.82 billion 
reported for the fourth quarter of 2011. Net income computed in accordance with
U.S. generally accepted accounting principles (GAAP) for the fourth quarter of
2012 was  $251 million, or  $.43  per share (diluted), compared with GAAP net
income of  $220 million, or  $.38  per share (diluted), for the third quarter of
2012 and GAAP net income of  $254 million, or  $.45  per share (diluted), for
the fourth quarter of 2011.

Net revenue for the year ended  December 31, 2012  was  $8.01 billion. This
represents an increase in net revenue of 8.4% from the  $7.39 billion  reported
for the year ended  December 31, 2011. Net income computed in accordance with
GAAP for the year ended  December 31, 2012  was  $719 million, or  $1.25  per
share (diluted), compared with GAAP net income of  $927 million, or  $1.65  per
share (diluted), for the year ended  December 31, 2011.

In addition to GAAP results, Broadcom reports adjusted net income and adjusted
net income per share, referred to respectively as "non-GAAP net income" and
"non-GAAP diluted net income per share." A discussion of Broadcom's use of these
and other non-GAAP financial measures is set forth below. Reconciliations of
GAAP to non-GAAP financial measures for the three months ended  December 31,
2012  and 2011, three months ended  September 30, 2012, and years ended 
December 31, 2012  and 2011, respectively, appear in the financial statements
portion of this release under the heading "Unaudited Schedule of Selected GAAP
to Non-GAAP Adjustments."

Non-GAAP net income for the fourth quarter of 2012 was  $462 million, or  $.76 
per share (diluted), compared with non-GAAP net income of  $476 million, or 
$.79  per share (diluted), for the third quarter of 2012 and non-GAAP net income
of  $394 million, or  $.68  per share diluted, for the fourth quarter of 2011.
Non-GAAP net income for the year ended  December 31, 2012  was  $1.76 billion,
or  $2.92  per share (diluted), compared with non-GAAP net income of  $1.69
billion, or  $2.89  per share (diluted), for the year ended  December 31, 2011. 


Conference Call Information

As previously announced, Broadcom will conduct a conference call with analysts
and investors to discuss its fourth quarter and 2012 financial results and
current financial prospects today at  1:45 p.m. Pacific Time  (4:45 p.m. Eastern
Time). The company will broadcast the conference call via webcast over the
Internet. To listen to the webcast, or to view the financial and other
statistical information required by Securities and Exchange Commission
Regulation G, please visit the Investors section of the Broadcom website at 
www.broadcom.com/investors. The webcast will be recorded and available for
replay until  11:59 p.m. Pacific Time  on  Thursday, February 28, 2013.

The financial results included in this release are unaudited. The audited
financial statements of the company for the year ended  December 31, 2012  will
be included in Broadcom's Annual Report on Form 10-K, to be filed with the SEC
as soon as practicable.

About Broadcom

Broadcom Corporation (NASDAQ: BRCM), a FORTUNE 500® company, is a global leader
and innovator in semiconductor solutions for wired and wireless communications.
Broadcom® products seamlessly deliver voice, video, data and multimedia
connectivity in the home, office and mobile environments. With the industry's
broadest portfolio of state-of-the-art system-on-a-chip and embedded software
solutions, Broadcom is changing the world by Connecting everything®. For more
information, go to  www.broadcom.com.

Note Regarding Use of Non-GAAP Financial Measures

Broadcom reports the following measures in accordance with GAAP and on a
non-GAAP basis: (i) cost of product revenue, (ii) product gross profit, (iii)
product gross margin, (iv) research and development and selling, general and
administrative expense, (v) net income, (vi) weighted average shares outstanding
(diluted) and (vii) diluted net income per share (EPS). Broadcom's presentation
of non-GAAP cost of product revenue, non-GAAP product gross profit, and non-GAAP
product gross margin excludes certain charges related to acquisitions,
stock-based compensation expense and employer payroll tax expense on certain
stock option exercises. Acquisition-related charges include the amortization of
purchased intangible assets and the amortization of acquired inventory valuation
step-up. Our non-GAAP research and development and selling, general and
administrative expense excludes stock-based compensation expense and employer
payroll tax expense on certain stock option exercises, non-recurring legal fees,
and changes in contingent earn-out liabilities. In addition to the exclusions
noted above, our non-GAAP net income and diluted net income per share also
exclude settlement costs (gains), charitable contributions, restructuring costs
(reversals), impairment of long-lived assets, gains on strategic investments,
tax benefits resulting from reductions in our U.S. valuation allowance on
certain deferred tax assets due to the recording of net deferred tax liabilities
for identifiable intangible assets under purchase accounting, and tax benefits
resulting from the reduction of certain foreign deferred tax liabilities due to
the impairment of long-lived assets. Stock-based compensation expense primarily
includes the impact of stock options and restricted stock units issued by
Broadcom. Reconciliations of our GAAP to non-GAAP financial measures for the
three months ended  December 31, 2012  and 2011, three months ended  September
30, 2012, and years ended  December 31, 2012  and 2011 appear in the financial
statements portion of this release under the heading "Unaudited Schedule of
Selected GAAP to Non-GAAP Adjustments." Some totals or amounts may not add or
conform to prior period presentations due to rounding.

Broadcom believes that the presentation of these non-GAAP measures 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 these non-GAAP financial measures 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 analysis 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 within the
meaning of the federal securities laws, including the Private Securities
Litigation Reform Act of 1995. 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, product gross margin and operating
expenses for the first quarter of 2013 (on both a GAAP and non-GAAP basis), and
references to our continued dividend program. 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:

* Our quarterly operating results may fluctuate significantly.  
* We depend on a few significant customers for a substantial portion of our
revenue.  
* We face intense competition.  
* Our operating results may be adversely impacted by worldwide economic
uncertainties and specific conditions in the markets we address.  
* We may fail to adjust our operations in response to changes in demand.  
* Our stock price is highly volatile.  
* We may be required to defend against alleged infringement of intellectual
property rights of others and/or may be unable to adequately protect or enforce
our own intellectual property rights.  
* We are subject to order and shipment uncertainties.  
* We manufacture and sell complex products and may be unable to successfully
develop and introduce new products.  
* We depend on third parties to fabricate, assemble and test our products.  
* We face risks associated with our acquisition strategy.  
* We are exposed to risks associated with our international operations.  
* There can be no assurance that we will continue to declare cash dividends.  
* We may be unable to attract, retain or motivate key personnel.  
* Government regulation may adversely affect our business.  
* Our business is subject to potential tax liabilities.  
* Our systems are subject to security breaches and other cybersecurity
incidents.  
* Our articles of incorporation and bylaws contain anti-takeover provisions.  
* Our co-founders and their affiliates may strongly influence the outcome of
matters that require the approval of our shareholders.

Our Annual Report on Form 10-K for the year ended  December 31, 2011, subsequent
Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other
Securities and Exchange Commission filings, including our Annual Report on Form
10-K for the year ended  December 31, 2012  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.

Broadcom®, the pulse logo, Connecting everything®, and the Connecting everything
logo are among the trademarks of Broadcom Corporation and/or its affiliates in 
the United States, certain other countries and/or the EU. Any other trademarks
or trade names mentioned are the property of their respective owners.

 BROADCOM CORPORATION                                                                                                                     
 Unaudited GAAP Condensed Consolidated Statements of Income                                                                               
 (In millions, except per share amounts)                                                                                                  
                                                                                                                                   
                                              Three Months Ended                             Year Ended                                
                                              December 31,                                   December 31,                              
                                              2012                    2011                 2012                  2011              
 Net revenue:                                                                                                                      
 Product revenue                              $    2,028            $    1,763         $    7,793          $    7,159      
 Income from Qualcomm Agreement               43                     52                  186                  207              
 Licensing revenue                            9                      5                   27                   23               
 Total net revenue                            2,080                  1,820               8,006                7,389            
 Costs and expenses:                                                                                                               
 Cost of product revenue                      1,025                  894                 4,027                3,626            
 Research and development                     590                    479                 2,318                1,983            
 Selling, general and administrative          172                    157                 696                  682              
 Amortization of purchased intangible assets  31                     7                   113                  30               
 Impairments of long-lived assets             5                      -                   90                   92               
 Restructuring costs (reversals), net         1                      (1)                 7                    16               
 Settlement costs (gains), net                (7)                    5                   79                   (18)             
 Charitable contribution                      -                      -                   -                    25               
 Total operating costs and expenses           1,817                  1,541               7,330                6,436            
 Income from operations                       263                    279                 676                  953              
 Interest expense, net                        (9)                    (4)                 (30)                 (5)              
 Other income (expense), net                  (4)                    1                   10                   8                
 Income before income taxes                   250                    276                 656                  956              
 Provision for (benefit of) income taxes      (1)                    22                  (63)                 29               
 Net income                                   $    251              $    254           $    719            $    927        
 Net income per share (basic)                 $    0.44             $    0.47          $    1.29           $    1.72       
 Net income per share (diluted)               $    0.43             $    0.45          $    1.25           $    1.65       
 Weighted average shares (basic)              566                    543                 558                  539              
 Weighted average shares (diluted)            581                    561                 576                  563              
                                                                                                                                   
 Dividends per share                          $    0.10             $    0.09          $    0.40           $    0.36       


The following table presents details of total stock-based compensation expense
included in each functional line item in the unaudited condensed consolidated
statements of income above:

                                      Three Months Ended                         Year Ended                        
                                      December 31,                               December 31,                      
                                      2012                  2011               2012              2011          
 Cost of product revenue              $    6              $    5           $   27          $   24      
 Research and development             90                   79                368              363          
 Selling, general and administrative  32                   27                148              126          


 BROADCOM CORPORATION                                                                                                                                                             
 Unaudited Condensed Consolidated Statements of Cash Flows                                                                                                                        
 (In millions)                                                                                                                                                                    
                                                                                                                                                                           
                                                                                    Three Months Ended                             Year Ended                                  
                                                                                    December 31,                                   December 31,                                
                                                                                    2012                    2011                 2012                   2011               
 Operating activities                                                                                                                                                      
 Net income                                                                         $    251              $    254           $     719            $     927        
 Adjustments to reconcile net income to net cash provided by operating activities:                                                                                         
 Depreciation and amortization                                                      39                     29                  134                   108               
 Stock-based compensation expense:                                                                                                                                         
 Stock options and other awards                                                     22                     19                  80                    119               
 Restricted stock units                                                             106                    92                  463                   394               
 Acquisition-related items:                                                                                                                                                
 Amortization of purchased intangible assets                                        81                     19                  311                   84                
 Impairments of long-lived assets                                                   5                      -                   90                    92                
 Non-cash settlement gains                                                          (7)                    -                   (8)                   (14)              
 Loss (gain) on strategic investments and other                                     1                      (1)                 (10)                  (1)               
 Changes in operating assets and liabilities, net of acquisitions:                                                                                                         
 Accounts receivable                                                                124                    139                 (16)                  154               
 Inventory                                                                          30                     70                  (5)                   207               
 Prepaid expenses and other assets                                                  -                      5                   (8)                   (28)              
 Accounts payable                                                                   (53)                   (102)               72                    (201)             
 Deferred revenue and income                                                        6                      (5)                 45                    (33)              
 Accrued settlement costs                                                           3                      (10)                54                    21                
 Other accrued and long-term liabilities                                            (15)                   (27)                10                    9                 
 Net cash provided by operating activities                                          593                    482                 1,931                 1,838             
 Investing activities                                                                                                                                                      
 Net purchases of property and equipment                                            (55)                   (22)                (244)                 (163)             
 Net cash paid for acquired companies                                               -                      -                   (3,582)               (347)             
 Sales (purchases) of strategic investments                                         14                     (2)                 27                    (2)               
 Purchases of marketable securities                                                 (697)                  (235)               (2,551)               (2,768)           
 Proceeds from sales and maturities of marketable securities                        362                    1,087               1,554                 4,143             
 Net cash provided by (used in) investing activities                                (376)                  828                 (4,796)               863               
 Financing activities                                                                                                                                                      
 Issuance of long-term debt, net                                                    -                      494                 492                   494               
 Repurchases of Class A common stock                                                (32)                   -                   (33)                  (670)             
 Dividends paid                                                                     (57)                   (49)                (224)                 (194)             
 Payment of assumed contingent consideration and debt                               -                      -                   (57)                  -                 
 Proceeds from issuance of common stock                                             102                    90                  311                   348               
 Minimum tax withholding paid on behalf of employees for restricted stock units     (29)                   (32)                (153)                 (155)             
 Net cash provided by (used in) financing activities                                (16)                   503                 336                   (177)             
 Increase (decrease) in cash and cash equivalents                                   201                    1,813               (2,529)               2,524             
 Cash and cash equivalents at beginning of period                                   1,416                  2,333               4,146                 1,622             
 Cash and cash equivalents at end of period                                         $    1,617            $    4,146         $     1,617          $     4,146      


 BROADCOM CORPORATION                                                                            
 Unaudited Condensed Consolidated Balance Sheets                                                 
 (In millions)                                                                                   
                                                                                              
                                             December 31,              December 31,           
                                             2012                      2011                   
 ASSETS                                                                                       
                                                                                              
 Current assets:                                                                              
 Cash and cash equivalents                   $      1,617            $      4,146         
 Short-term marketable securities            757                      383                   
 Accounts receivable, net                    740                      678                   
 Inventory                                   527                      421                   
 Prepaid expenses and other current assets   140                      124                   
 Total current assets                        3,781                    5,752                 
 Property and equipment, net                 485                      368                   
 Long-term marketable securities             1,348                    676                   
 Goodwill                                    3,726                    1,787                 
 Purchased intangible assets, net            1,786                    400                   
 Other assets                                82                       57                    
 Total assets                                $      11,208           $      9,040         
                                                                                              
 LIABILITIES AND SHAREHOLDERS' EQUITY                                                         
                                                                                              
 Current liabilities:                                                                         
 Current portion of long-term debt           $      300              $      -             
 Accounts payable                            549                      442                   
 Wages and related benefits                  241                      175                   
 Deferred revenue and income                 22                       21                    
 Accrued liabilities                         570                      461                   
 Total current liabilities                   1,682                    1,099                 
 Long-term debt                              1,393                    1,196                 
 Other long-term liabilities                 294                      224                   
 Commitments and contingencies                                                                
 Shareholders' equity                        7,839                    6,521                 
 Total liabilities and shareholders' equity  $      11,208           $      9,040         


 UNAUDITED SUPPLEMENTAL FINANCIAL INFORMATION                                                                                                  
 (In millions)                                                                                                                                 
                                                         December 31,               September 30, 2012             December 31,           
                                                         2012                                                      2011                   
 Cash and cash equivalents                               $      1,617             $        1,416               $      4,146         
 Short-term marketable securities                        757                       735                           383                   
 Long-term marketable securities                         1,348                     1,039                         676                   
 Total cash, cash equivalents and marketable securities  $      3,722             $        3,190               $      5,205         
 Increase from prior period end                          532                                                                             
 Decrease from prior year end                            $      (1,483)                                                                 


 BROADCOM CORPORATION                                                                                                                                                                                               
 Unaudited Schedule of Selected GAAP to Non-GAAP Adjustments                                                                                                                                                        
 (In millions)                                                                                                                                                                                                      
                                                                                    Three Months Ended                                                                 Year Ended                                
                                                                                    December 31,               September 30,              December 31,             December 31,                              
                                                                                    2012                       2012                       2011                     2012                  2011              
                                                                                                                                                                                                           
 Product revenue                                                                    $      2,028             $      2,078             $      1,763           $    7,793          $    7,159      
 GAAP cost of product revenue                                                       1,025                     1,063                     894                     4,027                3,626            
 GAAP product gross profit                                                          $      1,003             $      1,015             $      869             $    3,766          $    3,533      
 GAAP product gross margin                                                          49.5           %          48.8           %          49.3           %        48.3         %       49.4         %   
                                                                                                                                                                                                           
                                                                                                                                                                                                           
 GAAP cost of product revenue                                                       $      1,025             $      1,063             $      894             $    4,027          $    3,626      
 Adjustments:                                                                                                                                                                                              
 Stock-based compensation and related payroll taxes                                 (6)                       (6)                       (5)                     (27)                 (23)             
 Amortization of purchased intangible assets and step-up of acquired inventory      (50)                      (62)                      (17)                    (270)                (78)             
 Non-GAAP cost of product revenue                                                   $      969               $      995               $      872             $    3,730          $    3,525      
                                                                                                                                                                                                           
                                                                                                                                                                                                           
 Product revenue                                                                    $      2,028             $      2,078             $      1,763           $    7,793          $    7,159      
 Non-GAAP cost of product revenue                                                   969                       995                       872                     3,730                3,525            
 Non-GAAP product gross profit                                                      $      1,059             $      1,083             $      891             $    4,063          $    3,634      
 Non-GAAP product gross margin                                                      52.2           %          52.1           %          50.5           %        52.1         %       50.8         %   
                                                                                                                                                                                                           
                                                                                                                                                                                                           
 GAAP research and development and selling, general and administrative expense      $      762               $      774               $      636             $    3,014          $    2,665      
 Adjustments:                                                                                                                                                                                              
 Stock-based compensation and related payroll taxes                                 (124)                     (126)                     (109)                   (526)                (498)            
 Non-recurring legal fees                                                           -                         -                         -                       -                    (25)             
 Change in contingent earn-out liability                                            -                         -                         1                       -                    1                
 Total GAAP to Non-GAAP adjustments                                                 (124)                     (126)                     (108)                   (526)                (522)            
 Non-GAAP research and development and selling, general and administrative expense  $      638               $      648               $      528             $    2,488          $    2,143      


 BROADCOM CORPORATION                                                                                                                                                                                           
 Unaudited Schedule of Selected GAAP to Non-GAAP Adjustments                                                                                                                                                    
 (In millions)                                                                                                                                                                                                  
                                                                                Three Months Ended                                                                 Year Ended                                
                                                                                December 31,               September 30,              December 31,             December 31,                              
                                                                                2012                       2012                       2011                     2012                  2011              
                                                                                                                                                                                                       
 GAAP net income                                                                $      251               $      220               $      254             $    719            $    927        
 Adjustments:                                                                                                                                                                                          
 Stock-based compensation and related payroll taxes                             130                       132                       114                     553                  521              
 Amortization of purchased intangible assets and step-up of acquired inventory  81                        94                        24                      383                  108              
 Impairment of long-lived assets                                                5                         48                        -                       90                   92               
 Settlement costs (gains)                                                       (7)                       (2)                       5                       79                   (18)             
 Charitable contributions                                                       -                         -                         -                       -                    25               
 Restructuring costs, net                                                       1                         2                         (1)                     7                    16               
 Non-recurring legal fees                                                       -                         -                         -                       -                    25               
 Change in contingent earn-out liability                                        -                         -                         (1)                     -                    (1)              
 Other income, net                                                              -                         (6)                       (1)                     (9)                  (1)              
 Certain income tax expense (benefit)                                           1                         (12)                      -                       (62)                 -                
 Total GAAP to Non-GAAP adjustments                                             211                       256                       140                     1,041                767              
 Non-GAAP net income                                                            $      462               $      476               $      394             $    1,760          $    1,694      
                                                                                                                                                                                                       
 Shares used in calculation - diluted (GAAP)                                    581                       579                       561                     576                  563              
 Non-GAAP adjustment *                                                          24                        26                        20                      26                   23               
 Shares used in calculation - diluted (Non-GAAP)                                605                       605                       581                     602                  586              
                                                                                                                                                                                                       
 GAAP diluted net income per share                                              $      0.43              $      0.38              $      0.45            $    1.25           $    1.65       
 Non-GAAP diluted net income per share                                          $      0.76              $      0.79              $      0.68            $    2.92           $    2.89       


 *Represents the benefits of compensation costs attributable to future services and not yet recognized in the financial statements that are treated as proceeds assumed to be used to repurchase shares under the GAAP treasury stock method.  


 BROADCOM CORPORATION                                                                                                              
 Guidance for the Three Months Ending March 31, 2013                                                                               
                                                                                                                                  
                                                                                      Three Months Ending                         
                                                                                      March 31, 2013                              
 Total net revenue                                                                    ~$1.90 billion plus or minus 4%             
 Product gross margin (GAAP)                                                          Flat to down 50 basis points from Q4'12     
 Product gross margin (Non-GAAP)                                                      Flat to down 50 basis points from Q4'12     
 Research & development and selling, general, and administrative expenses (GAAP)      Up ~$35 million to ~$50 million from Q4'12  
 Research & development and selling, general, and administrative expenses (Non-GAAP)  Up ~$25 million to ~$40 million from Q4'12  


Broadcom has based the preceding guidance for the three months ending  March 31,
2013  on expectations, assumptions and estimates that we believe are reasonable
given our assessment of historical trends and other information reasonably
available as of  January 29, 2013. Our guidance consists of predictions only,
however, and is subject to a wide range of known and unknown business risks and
uncertainties, many of which are beyond our control. The forecasts and
projections contained in the table above should not be regarded as
representations by Broadcom that the estimated results will be achieved.
Projections and estimates are necessarily speculative in nature and actual
results may vary materially from the guidance we provide today. The non-GAAP
guidance presented above is consistent with the presentation of non-GAAP results
included elsewhere herein.

The guidance set forth in the above table should be read together with the
information under the caption, "Cautions Regarding Forward-Looking Statements"
above, our Annual Report on Form 10-K for the year ended  December 31, 2011,
subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K,
and our other Securities and Exchange Commission filings, including our Annual
Report on Form 10-K for the year ended  December 31, 2012  when it is filed. We
undertake no obligation to publicly update or revise any forward-looking
statements, including the guidance set forth herein, to reflect future events or
circumstances.

 Broadcom Business Press Contact           Broadcom Investor Relations Contact  
 Karen Kahn                                Chris Zegarelli                      
 Vice President, Corporate Communications  Senior Director, Investor Relations  
 415-297-5035                              949-926-7567                         
 kkahn@broadcom.com                        czegarel@broadcom.com                


SOURCE  Broadcom Corporation; BRCM Corporate

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