During the fourth fiscal quarter, the Company generated $2,635 million in cash from operations and spent $1,533 million repurchasing an aggregate of 6.4 million shares and $106 million in capital expenditures.
On September 28, 2018, the Company paid a cash dividend of $1.75 per share of common stock, totaling $723 million.
Fourth Quarter Fiscal Year 2018 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 $5,448 million, an increase of 8 percent from $5,066 million in the previous quarter, and an increase of 12 percent from $4,848 million in the same quarter last year.
Gross margin from continuing operations was $3,725 million, or 68.4 percent of net revenue. This compares with gross margin from continuing operations of $3,410 million, or 67.3 percent of net revenue, in the prior quarter, and $3,068 million, or 63.3 percent of net revenue, in the same quarter last year.
Operating income from continuing operations was $2,862 million, or 52.5 percent of net revenue. This compares with operating income from continuing operations of $2,536 million, or 50.1 percent of net revenue, in the prior quarter, and $2,293 million, or 47.3 percent of net revenue, in the same quarter last year.
Net income from continuing operations was $2,546 million, or $5.85 per diluted share. This compares with net income of $2,257 million, or $4.98 per diluted share, in the prior quarter, and net income of $2,091 million, or $4.59 per diluted share, in the same quarter last year.
Free cash flow from operations, defined as cash from operations less capital expenditures, was $2,529 million in the quarter, compared to $1,726 million in the same quarter last year.
Fourth Quarter Fiscal Year 2018 Non-GAAP Results |
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| Change | ||
(Dollars in millions, except per share data) |
| Q4 18 |
| Q3 18 |
| Q4 17 |
| Q/Q |
| Y/Y |
Net revenue |
| $ 5,448 |
| $ 5,066 |
| $ 4,848 |
| +8% |
| +12% |
Gross margin |
| 68.4% |
| 67.3% |
| 63.3% |
| +110bps |
| +510bps |
Operating expenses |
| $ 863 |
| $ 874 |
| $ 775 |
| -$ 11 |
| +$ 88 |
Net income |
| $ 2,546 |
| $ 2,257 |
| $ 2,091 |
| +$ 289 |
| +$ 455 |
Earnings per share - diluted |
| $ 5.85 |
| $ 4.98 |
| $ 4.59 |
| +$ 0.87 |
| +$ 1.26 |
Other Quarterly Data |
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Net revenue by segment: |
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| Change | ||
(Dollars in millions) |
| Q4 18 |
| Q3 18 |
| Q4 17 |
| Q/Q |
| Y/Y | |||||||||
| Wired infrastructure |
| $ 2,208 |
| 41% |
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| $ 2,297 |
| 45% |
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| $ 2,146 |
| 45% |
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| -4% |
| 3% |
| Wireless
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| 1,698 |
| 31 |
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| 1,288 |
| 25 |
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| 1,796 |
| 37 |
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| 32% |
| -5% |
| Enterprise storage |
| 1,266 |
| 23 |
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| 1,253 |
| 25 |
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| 645 |
| 13 |
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| 1% |
| 96% |
| Industrial & other |
| 272 |
| 5 |
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| 225 |
| 5 |
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| 257 |
| 5 |
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| 21% |
| 6% |
| Total net revenue |
| $ 5,444 |
| 100% |
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| $ 5,063 |
| 100% |
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| $ 4,844 |
| 100% |
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| Non-GAAP net revenue by segment: |
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| Change | ||
| (Dollars in millions) |
| Q4 18 |
| Q3 18 |
| Q4 17 |
| Q/Q |
| Y/Y | |||||||||
| Wired infrastructure (1) |
| $ 2,212 |
| 41% |
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| $ 2,300 |
| 45% |
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| $ 2,150 |
| 45% |
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| -4% |
| 3% |
| Wireless
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| 1,698 |
| 31 |
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| 1,288 |
| 25 |
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| 1,796 |
| 37 |
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| 32% |
| -5% |
| Enterprise storage |
| 1,266 |
| 23 |
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| 1,253 |
| 25 |
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| 645 |
| 13 |
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| 1% |
| 96% |
| Industrial & other |
| 272 |
| 5 |
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| 225 |
| 5 |
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| 257 |
| 5 |
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| 21% |
| 6% |
| Total non-GAAP
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| $ 5,448 |
| 100% |
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| $ 5,066 |
| 100% |
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| $ 4,848 |
| 100% |
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| (1) Non-GAAP data include the effect of acquisition-related purchase accounting adjustments relating to licensing revenue. |
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