Broadcom's CEO Presents at Citi 2013 Global Technology Conference

Sep. 04, 2013 8:43 PM ETBroadcom Inc. (AVGO)
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Broadcom Corporation (BRCM) Citi 2013 Global Technology Conference September 4, 2013 2:20 PM ET


Scott McGregor - President, Chief Executive Officer


Glen Yeung - Citi

Glen Yeung - Citi

Good morning, everybody. This is Day 2 in the afternoon of Citi’s 2013 Global Technology Conference. I’m Glen Yeung. I’m Citi’s Head of Global Technology Research and also U.S. semiconductor analyst.

I have been saying this in every meeting but another interesting discussion with a chip company Broadcom, who has some very interesting announcements to make this morning. Scott McGregor is the President and CEO of Broadcom. Scott is going to start off by doing a few slides about this morning announcements so we get the benefit of what is said in the conference call today. I will then move to Q&A. And we will try to leave some room towards the end – we will get more room towards the end for Q&A than we have other meetings since this room is very full. Scott McGregor, the floor is yours.

Scott McGregor

Great. Thanks for everybody coming today. So this morning, we had a transaction where we acquired the LTE assets from Renesas Electronics. And we paid $164 million in foreign cash for the transaction. The timing has already been approved by both Board of Directors and we expect the transaction to close quite quickly on October 1st.

The growth of this and financial impact was follows, we believe that our revenue for LTE will accelerate into early 2014, we believe that on a non-GAAP, the EPS impact is as follows, it will be about $0.12 dilutive in Q4 of this year, it will be about $0.10 to $0.15 dilutive in the first half of 2014, we believe it will be neutral by the second half of 2014 and accretive in 2015.

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