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FINANCIAL NEWS RELEASE

Broadcom Inc. Announces First Quarter Fiscal Year 2021 Financial Results and Quarterly Dividends

- Revenue of $6,655 million for the first quarter, up 14 percent from the prior year period

- GAAP net income of $1,378 million for the first quarter; Adjusted EBITDA of $3,941 million for the first quarter

- GAAP diluted EPS of $3.05 for the first quarter; Non-GAAP diluted EPS of $6.61 for the first quarter

- $2,999 million of free cash flow from operations for the first quarter, defined as cash from operations of $3,113 million less capital expenditures of $114 million

- Quarterly common stock dividend of $3.60 per share

- Second quarter revenue guidance of approximately $6.5 billion, an expected increase of 13 percent from the prior year period

- Second quarter Adjusted EBITDA guidance of approximately 59 percent of projected revenue1

 

 

 

SAN JOSE, Calif., March 4, 2021 /PRNewswire/ -- Broadcom Inc. (Nasdaq: AVGO), a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, today reported financial results for its first quarter of fiscal year 2021, ended January 31, 2021, provided guidance for the second quarter of its fiscal year 2021 and announced its quarterly dividends.

"We executed well during our first fiscal quarter driving 14% organic growth year on year," said Hock Tan, President and CEO of Broadcom Inc. "This growth reflects the critical role our technology franchises play in this environment of accelerated digital transformation."

"This quarter highlights the strength of our financial model with 14% year over year revenue growth translating to an increase in operating profit of 23%," said Kirsten Spears, CFO of Broadcom Inc. "We continue to deliver strong free cash flow, approximately $3 billion in the quarter, representing 35% growth on a year on year basis."

First Quarter Fiscal Year 2021 Financial Highlights

                                 
   

GAAP

 

Non-GAAP

(Dollars in millions, except per share data)

 

Q1 21

 

Q1 20

 

Change

 

Q1 21

 

Q1 20

 

Change

Net revenue

 

$

6,655

 

$

5,858

 

+14%

 

$

6,655

 

$

5,858

 

+14%

Net income

 

$

1,378

 

$

385

 

+$

993

 

$

2,973

 

$

2,370

 

+$

603

Earnings per common share - diluted

 

$

3.05

 

$

0.74

 

+$

2.31

 

$

6.61

 

$

5.25

 

+$

1.36

 

 

(Dollars in millions)

                 

Q1 21

 

Q1 20

 

Change

Cash flow from operations

                 

$

3,113

 

$

2,322

 

+$

791

Adjusted EBITDA

                 

$

3,941

 

$

3,265

 

+$

676

Free cash flow

                 

$

2,999

 

$

2,214

 

+$

785

 

 

Net revenue by segment

                                                 

(Dollars in millions)

                     

Q1 21

 

Q1 20

 

Change

Semiconductor solutions

                     

$

4,908

 

74%

 

$

4,191

 

72%

 

+17%

Infrastructure software

                       

1,747

 

26

   

1,667

 

28

 

+5%

Total net revenue

                     

$

6,655

 

100%

 

$

5,858

 

100%

     

 

The Company's cash and cash equivalents at the end of the first fiscal quarter were $9,552 million, compared to $7,618 million at the end of the prior quarter.

During the first fiscal quarter, the Company generated $3,113 million in cash from operations and spent $114 million on capital expenditures.

On December 31, 2020, the Company paid a cash dividend of $3.60 per share of common stock, totaling $1,468 million and a cash dividend of $20.00 per share of mandatory convertible preferred stock, totaling $75 million.

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.

Second Quarter Fiscal Year 2021 Business Outlook

Based on current business trends and conditions, the outlook for the second quarter of fiscal year 2021, ending May 2, 2021, is expected to be as follows: 

  • Second quarter revenue guidance of approximately $6.5 billion; and
  • Second quarter Adjusted EBITDA guidance of approximately 59 percent of projected revenue

The guidance provided above is only an estimate of what the Company believes is realizable as of the date of this release. The Company is not readily able to provide a reconciliation of projected Adjusted EBITDA to projected net income without unreasonable effort. 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.

Quarterly Dividends

The Company's Board of Directors has approved a quarterly cash dividend on its common stock of $3.60 per share. The common stock dividend is payable on March 31, 2021 to common stockholders of record at the close of business (5:00 p.m. Eastern Time) on March 22, 2021.

The Company's Board of Directors has also approved a quarterly cash dividend on its 8.00% Mandatory Convertible Preferred Stock, Series A, of $20.00 per share. This dividend is payable on March 31, 2021 to preferred stockholders of record at the close of business (5:00 p.m. Eastern Time) on March 15, 2021.

Financial Results Conference Call

Broadcom Inc. will host a conference call to review its financial results for the first quarter fiscal year ended January 31, 2021, and to discuss the business outlook, today at 2:00 p.m. Pacific Time. Those wishing to access the call should dial (866) 310-8712; International +1 (720) 634-2946. The passcode is 9555701. A replay of the call will be accessible for one week after the call. To access the replay dial (855) 859-2056; International +1 (404) 537-3406; and reference the passcode: 9555701. A webcast of the conference call will also be available in the "Investors" section of Broadcom's website at www.broadcom.com.

Non-GAAP Financial Measures

The non-GAAP measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. A reconciliation between GAAP and non-GAAP financial data is included in the supplemental financial data attached to this press release. Broadcom believes non-GAAP financial information provides additional insight into the Company's on-going performance. Therefore, Broadcom provides this information to investors for a more consistent basis of comparison and to help them evaluate the results of the Company's on-going operations and enable more meaningful period to period comparisons.   

In addition to GAAP reporting, Broadcom provides investors with net revenue, net income, operating income, gross margin, operating expenses, cash flow and other data on a non-GAAP basis. This non-GAAP information excludes amortization of acquisition-related intangible assets, stock-based compensation expense, restructuring, impairment and disposal charges, acquisition-related costs, including integration costs, purchase accounting effect on inventory, litigation settlements, loss on debt extinguishment, gains (losses) on investments, income (loss) from discontinued operations, non-GAAP tax reconciling adjustments, and other adjustments. Management does not believe that these items are reflective of the Company's underlying performance. Internally, these non-GAAP measures are significant measures used by management for purposes of evaluating the core operating performance of the Company, establishing internal budgets, calculating return on investment for development programs and growth initiatives, comparing performance with internal forecasts and targeted business models, strategic planning, evaluating and valuing potential acquisition candidates and how their operations compare to the Company's operations, and benchmarking performance externally against the Company's competitors. The exclusion of these and other similar items from Broadcom's non-GAAP financial results should not be interpreted as implying that these items are non-recurring, infrequent or unusual.

Free cash flow measures have limitations as they omit certain components of the overall cash flow statement and do not represent the residual cash flow available for discretionary expenditures. Investors should not consider presentation of free cash flow measures as implying that stockholders have any right to such cash. Broadcom's free cash flow may not be calculated in a manner comparable to similarly named measures used by other companies.

About Broadcom Inc.

Broadcom Inc., (NASDAQ: AVGO), a Delaware corporation headquartered in San Jose, CA, is a global technology leader that designs, develops and supplies a broad range of semiconductor and infrastructure software solutions. Broadcom's category-leading product portfolio serves critical markets including data center, networking, enterprise software, broadband, wireless, storage and industrial. Our solutions include data center networking and storage, enterprise, mainframe and cyber security software focused on automation, monitoring and security, smartphone components, telecoms and factory automation. For more information, go to www.broadcom.com.

Cautionary Note Regarding Forward-Looking Statements

This announcement contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning Broadcom. These statements include, but are not limited to, statements that address our expected future business and financial performance and other statements identified by words such as "will", "expect", "believe", "anticipate", "estimate", "should", "intend", "plan", "potential", "predict" "project", "aim", and similar words, phrases or expressions. These forward-looking statements are based on current expectations and beliefs of the management of Broadcom, as well as assumptions made by, and information currently available to, such management, current market trends and market conditions and involve risks and uncertainties, many of which are outside the Company's and management's control, and which may cause actual results to differ materially from those contained in forward-looking statements. Accordingly, you should not place undue reliance on such statements.

Particular uncertainties that could materially affect future results include risks associated with: the COVID-19 pandemic, which has, and will likely continue to, negatively impact the global economy and disrupt normal business activity, and which may have an adverse effect on our results of operations; any loss of our significant customers and fluctuations in the timing and volume of significant customer demand; our dependence on contract manufacturing and outsourced supply chain; our dependency on a limited number of suppliers; global economic conditions and concerns; global political and economic conditions; government regulations, trade restrictions and trade tensions; our significant indebtedness and the need to generate sufficient cash flows to service and repay such debt; dependence on and risks associated with distributors and resellers of our products; dependence on senior management and our ability to attract and retain qualified personnel; any acquisitions we may make, such as delays, challenges and expenses associated with receiving governmental and regulatory approvals and satisfying other closing conditions, and with integrating acquired businesses with our existing businesses and our ability to achieve the benefits, growth prospects and synergies expected by such acquisitions; involvement in legal or administrative proceedings; quarterly and annual fluctuations in operating results; our ability to accurately estimate customers' demand and adjust our manufacturing and supply chain accordingly; cyclicality in the semiconductor industry or in our target markets; our competitive performance and ability to continue achieving design wins with our customers, as well as the timing of any design wins; prolonged disruptions of our or our contract manufacturers' manufacturing facilities, warehouses or other significant operations; our ability to improve our manufacturing efficiency and quality; our dependence on outsourced service providers for certain key business services and their ability to execute to our requirements; our ability to maintain or improve gross margin; our ability to protect our intellectual property and the unpredictability of any associated litigation expenses; compatibility of our software products with operating environments, platforms or third-party products; our ability to enter into satisfactory software license agreements; availability of third party software used in our products; use of open source code sources in our products; any expenses or reputational damage associated with resolving customer product warranty and indemnification claims; market acceptance of the end products into which our products are designed; our ability to sell to new types of customers and to keep pace with technological advances; our compliance with privacy and data security laws; our ability to protect against a breach of security systems; fluctuations in foreign exchange rates; our provision for income taxes and overall cash tax costs, legislation that may impact our overall cash tax costs and our ability to maintain tax concessions in certain jurisdictions; and other events and trends on a national, regional and global scale, including those of a political, economic, business, competitive and regulatory nature. Many of the foregoing risks and uncertainties are, and will be, exacerbated by the COVID-19 pandemic and any worsening of the global business and economic environment as a result. 

Our filings with the SEC, which you may obtain for free at the SEC's website at http://www.sec.gov, discuss some of the important risk factors that may affect our business, results of operations and financial condition. Actual results may vary from the estimates provided. We undertake no intent or obligation to publicly update or revise any of the estimates and other forward-looking statements made in this announcement, whether as a result of new information, future events or otherwise, except as required by law.

Contact:
Ji Yoo
Broadcom Inc.
Investor Relations
408-433-8000
investor.relations@broadcom.com

1 The Company is not readily able to provide a reconciliation of the projected non-GAAP financial information presented to the relevant projected GAAP measure without unreasonable effort.

 

BROADCOM INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED

(IN MILLIONS, EXCEPT PER SHARE DATA)

                   
                   
   

Fiscal Quarter Ended

   

January 31,

 

November 1,

 

February 2,

   

2021

 

2020

 

2020

                   

Net revenue

 

$

6,655

 

$

6,467

 

$

5,858

Cost of revenue:

                 

Cost of revenue

   

1,814

   

1,753

   

1,636

Amortization of acquisition-related intangible assets

   

874

   

962

   

950

Restructuring charges

   

15

   

5

   

8

Total cost of revenue

   

2,703

   

2,720

   

2,594

Gross margin

   

3,952

   

3,747

   

3,264

Research and development

   

1,211

   

1,182

   

1,289

Selling, general and administrative

   

339

   

405

   

601

Amortization of acquisition-related intangible assets

   

494

   

599

   

603

Restructuring, impairment and disposal charges

   

71

   

35

   

57

Total operating expenses

   

2,115

   

2,221

   

2,550

Operating income

   

1,837

   

1,526

   

714

Interest expense

   

(570)

   

(420)

   

(406)

Other income (expense), net

   

117

   

31

   

(4)

Income from continuing operations before income taxes

   

1,384

   

1,137

   

304

Provision for (benefit from) income taxes

   

6

   

(187)

   

(76)

Income from continuing operations

   

1,378

   

1,324

   

380

Income from discontinued operations, net of income taxes

   

-

   

-

   

5

Net income

   

1,378

   

1,324

   

385

Dividends on preferred stock

   

(74)

   

(74)

   

(74)

Net income attributable to common stock

 

$

1,304

 

$

1,250

 

$

311

                   

Basic income per share attributable to common stock:

                 

Income per share from continuing operations

 

$

3.20

 

$

3.09

 

$

0.77

Income per share from discontinued operations

   

-

   

-

   

0.01

Net income per share

 

$

3.20

 

$

3.09

 

$

0.78

                   

Diluted income per share attributable to common stock(1):

                 

Income per share from continuing operations

 

$

3.05

 

$

2.93

 

$

0.73

Income per share from discontinued operations

   

-

   

-

   

0.01

Net income per share

 

$

3.05

 

$

2.93

 

$

0.74

                   

Weighted-average shares used in per share calculations:

                 

Basic

   

407

   

405

   

398

Diluted

   

428

   

426

   

420

                   

Stock-based compensation expense included in continuing operations:

                 

Cost of revenue

 

$

32

 

$

38

 

$

43

Research and development

   

328

   

318

   

391

Selling, general and administrative

   

84

   

93

   

111

Total stock-based compensation expense

 

$

444

 

$

449

 

$

545

                   
 

(1) Excludes the potentially dilutive effect of Mandatory Convertible Preferred Stock as the impact was antidilutive.

 

 

BROADCOM INC.

FINANCIAL RECONCILIATION: GAAP TO NON-GAAP - UNAUDITED

(IN MILLIONS)

                   
                   
   

Fiscal Quarter Ended

   

January 31,

 

November 1,

 

February 2,

   

2021

 

2020

 

2020

                   

Gross margin on GAAP basis

 

$

3,952

 

$

3,747

 

$

3,264

Purchase accounting effect on inventory

   

-

   

-

   

11

Amortization of acquisition-related intangible assets

   

874

   

962

   

950

Stock-based compensation expense

   

32

   

38

   

43

Restructuring charges

   

15

   

5

   

8

Acquisition-related costs

   

3

   

6

   

1

Gross margin on non-GAAP basis

 

$

4,876

 

$

4,758

 

$

4,277

                   

Research and development on GAAP basis

 

$

1,211

 

$

1,182

 

$

1,289

Stock-based compensation expense

   

328

   

318

   

391

Acquisition-related costs

   

1

   

1

   

7

Research and development on non-GAAP basis

 

$

882

 

$

863

 

$

891

                   

Selling, general and administrative expense on GAAP basis

 

$

339

 

$

405

 

$

601

Stock-based compensation expense

   

84

   

93

   

111

Acquisition-related costs

   

41

   

60

   

175

Litigation settlements

   

-

   

-

   

13

Selling, general and administrative expense on non-GAAP basis

 

$

214

 

$

252

 

$

302

                   

Total operating expenses on GAAP basis

 

$

2,115

 

$

2,221

 

$

2,550

Amortization of acquisition-related intangible assets

   

494

   

599

   

603

Stock-based compensation expense

   

412

   

411

   

502

Restructuring, impairment and disposal charges

   

71

   

35

   

57

Litigation settlements

   

-

   

-

   

13

Acquisition-related costs

   

42

   

61

   

182

Total operating expenses on non-GAAP basis

 

$

1,096

 

$

1,115

 

$

1,193

                   

Operating income on GAAP basis

 

$

1,837

 

$

1,526

 

$

714

Purchase accounting effect on inventory

   

-

   

-

   

11

Amortization of acquisition-related intangible assets

   

1,368

   

1,561

   

1,553

Stock-based compensation expense

   

444

   

449

   

545

Restructuring, impairment and disposal charges

   

86

   

40

   

65

Litigation settlements

   

-

   

-

   

13

Acquisition-related costs

   

45

   

67

   

183

Operating income on non-GAAP basis

 

$

3,780

 

$

3,643

 

$

3,084

                   

Interest expense on GAAP basis

 

$

(570)

 

$

(420)

 

$

(406)

Loss on debt extinguishment

   

172

   

16

   

5

Interest expense on non-GAAP basis

 

$

(398)

 

$

(404)

 

$

(401)

                   

Other income (loss), net on GAAP basis

 

$

117

 

$

31

 

$

(4)

(Gains) losses on investments

   

(119)

   

(10)

   

18

Acquisition-related gain

   

(2)

   

(4)

   

(4)

Other income (loss), net on non-GAAP basis

 

$

(4)

 

$

17

 

$

10

                   

Provision for (benefit from) income taxes on GAAP basis

 

$

6

 

$

(187)

 

$

(76)

Non-GAAP tax reconciling adjustments

   

399

   

578

   

399

Provision for income taxes on non-GAAP basis

 

$

405

 

$

391

 

$

323

                   

Net income on GAAP basis

 

$

1,378

 

$

1,324

 

$

385

Purchase accounting effect on inventory

   

-

   

-

   

11

Amortization of acquisition-related intangible assets

   

1,368

   

1,561

   

1,553

Stock-based compensation expense

   

444

   

449

   

545

Restructuring, impairment and disposal charges

   

86

   

40

   

65

Litigation settlements

   

-

   

-

   

13

Acquisition-related costs

   

43

   

63

   

179

Loss on debt extinguishment

   

172

   

16

   

5

(Gains) losses on investments

   

(119)

   

(10)

   

18

Non-GAAP tax reconciling adjustments

   

(399)

   

(578)

   

(399)

Discontinued operations, net of income taxes

   

-

   

-

   

(5)

Net income on non-GAAP basis

 

$

2,973

 

$

2,865

 

$

2,370

                   
                   

Weighted-average shares used in per share calculations - diluted on GAAP basis

   

428

   

426

   

420

Non-GAAP adjustment (1)

   

22

   

25

   

31

Weighted-average shares used in per share calculations - diluted on non-GAAP basis

   

450

   

451

   

451

                   
                   

Net income on non-GAAP basis

 

$

2,973

 

$

2,865

 

$

2,370

Interest expense on non-GAAP basis

   

398

   

404

   

401

Provision for income taxes on non-GAAP basis

   

405

   

391

   

323

Depreciation

   

138

   

139

   

146

Amortization of purchased intangibles and right-of-use assets

   

27

   

28

   

25

Adjusted EBITDA

 

$

3,941

 

$

3,827

 

$

3,265

                   

Net cash provided by operating activities

 

$

3,113

 

$

3,348

 

$

2,322

Purchases of property, plant and equipment

   

(114)

   

(102)

   

(108)

Free cash flow

 

$

2,999

 

$

3,246

 

$

2,214

                   
                   
   

 Fiscal Quarter
Ending 

           
   

May 2,

           

Expected average diluted share count:

 

2021

           
                   

Weighted-average shares used in per share calculation - diluted on GAAP basis

 

430

           

Non-GAAP adjustment (1)

 

20

           

Weighted-average shares used in per share calculation - diluted on non-GAAP basis

 

450

           
 

(1) Non-GAAP adjustment for the number of shares used in the diluted per share calculations excludes the impact of stock-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. The non-GAAP adjustment also included the impact of Mandatory Convertible Preferred Stock that was
antidilutive on a GAAP basis. For the fiscal quarter ending May 2, 2021, the non-GAAP adjustment includes the impact of Mandatory Convertible
Preferred Stock that is expected to be antidilutive on a GAAP basis.

 

 

BROADCOM INC.

CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED

(IN MILLIONS)

               
               
   

January 31,

 

November 1,

 
   

2021

 

2020

 
               

ASSETS

             
               

Current assets:

             

Cash and cash equivalents

 

$

9,552

 

$

7,618

 

Trade accounts receivable, net

   

2,524

   

2,297

 

Inventory

   

952

   

1,003

 

Other current assets

   

1,272

   

977

 

Total current assets

   

14,300

   

11,895

 
               

Long-term assets:

             

Property, plant and equipment, net

   

2,496

   

2,509

 

Goodwill

   

43,457

   

43,447

 

Intangible assets, net

   

15,419

   

16,782

 

Other long-term assets

   

1,300

   

1,300

 

Total assets

 

$

76,972

 

$

75,933

 
               
               

LIABILITIES AND EQUITY

             
               

Current liabilities:

             

Accounts payable

 

$

898

 

$

836

 

Employee compensation and benefits

   

494

   

877

 

Current portion of long-term debt

   

864

   

827

 

Other current liabilities

   

4,438

   

3,831

 

Total current liabilities

   

6,694

   

6,371

 
               

Long-term liabilities:

             

Long-term debt

   

41,068

   

40,235

 

Other long-term liabilities

   

5,211

   

5,426

 

Total liabilities

   

52,973

   

52,032

 
               

Preferred stock dividend obligation

   

26

   

27

 
               

Stockholders' equity:

             

Preferred stock

   

-

   

-

 

Common stock

   

-

   

-

 

Additional paid-in capital

   

24,080

   

23,982

 

Retained earnings

   

-

   

-

 

Accumulated other comprehensive loss

   

(107)

   

(108)

 

Total stockholders' equity

   

23,973

   

23,874

 

  Total liabilities and equity

 

$

76,972

 

$

75,933

 

 

 

BROADCOM INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED

(IN MILLIONS)

                   
   

Fiscal Quarter Ended

   

January 31,

 

November 1,

 

February 2,

   

2021

 

2020

 

2020

Cash flows from operating activities:

                 

Net income

 

$

1,378

 

$

1,324

 

$

385

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

               

Amortization of intangible and right-of-use assets

   

1,395

   

1,589

   

1,582

Depreciation

   

138

   

139

   

146

Stock-based compensation

   

444

   

449

   

545

Deferred taxes and other non-cash taxes

   

(149)

   

(459)

   

(72)

Loss on debt extinguishment

   

172

   

16

   

5

Unrealized gain on investments

   

(119)

   

-

   

-

Non-cash restructuring, impairment and disposal charges

   

15

   

12

   

11

Non-cash interest expense

   

22

   

25

   

30

Other

   

(5)

   

(9)

   

19

Changes in assets and liabilities, net of acquisitions and disposals:

                 

  Trade accounts receivable, net

   

(247)

   

391

   

(392)

  Inventory

   

51

   

67

   

40

  Accounts payable

   

44

   

(230)

   

117

  Employee compensation and benefits

   

(375)

   

142

   

(217)

  Other current assets and current liabilities

   

408

   

(131)

   

346

  Other long-term assets and long-term liabilities

   

(59)

   

23

   

(223)

Net cash provided by operating activities

   

3,113

   

3,348

   

2,322

                   

Cash flows from investing activities:

                 

Acquisitions of businesses, net of cash acquired

   

(8)

   

-

   

(10,870)

Purchases of property, plant and equipment

   

(114)

   

(102)

   

(108)

Proceeds from disposals of property, plant and equipment

   

-

   

2

   

-

Other

   

-

   

-

   

(9)

Net cash used in investing activities

   

(122)

   

(100)

   

(10,987)

                   

Cash flows from financing activities:

                 

Proceeds from long-term borrowings

   

9,904

   

-

   

15,381

Repayment of debt

   

(9,200)

   

(3,000)

   

(4,537)

Other borrowings, net

   

-

   

-

   

718

Payment of dividends

   

(1,543)

   

(1,395)

   

(1,372)

Shares repurchased for tax withholdings on vesting of equity awards

   

(225)

   

(185)

   

(169)

Issuance of common stock

   

35

   

102

   

37

Other

   

(28)

   

(9)

   

(4)

Net cash provided by (used in) financing activities

   

(1,057)

   

(4,487)

   

10,054

                   

Net change in cash and cash equivalents

   

1,934

   

(1,239)

   

1,389

Cash and cash equivalents at beginning of period

   

7,618

   

8,857

   

5,055

Cash and cash equivalents at end of period

 

$

9,552

 

$

7,618

 

$

6,444

                   

Supplemental disclosure of cash flow information:

                 

Cash paid for interest

 

$

372

 

$

383

 

$

381

Cash paid for income taxes

 

$

147

 

$

202

 

$

131

 

 

 

Cision View original content:http://www.prnewswire.com/news-releases/broadcom-inc-announces-first-quarter-fiscal-year-2021-financial-results-and-quarterly-dividends-301240995.html

SOURCE Broadcom Inc.