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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(MARK ONE)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended May 1, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Broadcom Inc.
(Exact name of registrant as specified in its charter)
Delaware001-3844935-2617337
(State or other jurisdiction of
incorporation or organization)
(Commission file Number)
(I.R.S. Employer
Identification No.)
1320 Ridder Park Drive
San Jose,CA95131-2313
(408) 
433-8000
(Address, including zip code, of principal executive offices and
registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerþAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No þ
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, $0.001 par valueAVGOThe NASDAQ Global Select Market
8.00% Mandatory Convertible Preferred Stock, Series A, $0.001 par valueAVGOPThe NASDAQ Global Select Market

As of May 27, 2022, there were 403,817,700 shares of our common stock outstanding.




BROADCOM INC.
Quarterly Report on Form 10-Q
For the Quarterly Period Ended May 1, 2022

TABLE OF CONTENTS
Page



Table of Contents
PART I — FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements — Unaudited
BROADCOM INC.
INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — UNAUDITED
Page

1

Table of Contents
BROADCOM INC.
CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED
May 1,
2022
October 31,
2021
(In millions, except par value)
ASSETS
Current assets:
Cash and cash equivalents$9,005 $12,163 
Trade accounts receivable, net3,083 2,071 
Inventory1,668 1,297 
Other current assets1,054 1,055 
Total current assets14,810 16,586 
Long-term assets:
Property, plant and equipment, net2,262 2,348 
Goodwill43,603 43,450 
Intangible assets, net9,241 11,374 
Other long-term assets1,803 1,812 
Total assets$71,719 $75,570 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$1,069 $1,086 
Employee compensation and benefits751 1,066 
Current portion of long-term debt302 290 
Other current liabilities4,788 3,839 
Total current liabilities6,910 6,281 
Long-term liabilities:  
Long-term debt39,164 39,440 
Other long-term liabilities4,655 4,860 
Total liabilities50,729 50,581 
Commitments and contingencies (Note 10)
Preferred stock dividend obligation27 27 
Stockholders’ equity:
Preferred stock, $0.001 par value; 100 shares authorized; 8.00% Mandatory Convertible Preferred Stock, Series A, 4 shares issued and outstanding; aggregate liquidation value of $3,737 as of May 1, 2022 and October 31, 2021
  
Common stock, $0.001 par value; 2,900 shares authorized; 406 and 413 shares issued and outstanding as of May 1, 2022 and October 31, 2021, respectively
  
Additional paid-in capital21,078 24,330 
Retained earnings 748 
Accumulated other comprehensive loss(115)(116)
Total stockholders’ equity20,963 24,962 
Total liabilities and equity$71,719 $75,570 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

2

Table of Contents
BROADCOM INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS — UNAUDITED
Fiscal Quarter EndedTwo Fiscal Quarters Ended
May 1,
2022
May 2,
2021
May 1,
2022
May 2,
2021
(In millions, except per share data)
Net revenue:
Products$6,417 $4,983 $12,470 $10,064 
Subscriptions and services1,686 1,627 3,339 3,201 
Total net revenue8,103 6,610 15,809 13,265 
Cost of revenue:
Cost of products sold1,798 1,548 3,567 3,220 
Cost of subscriptions and services158 151 314 293 
Amortization of acquisition-related intangible assets707 853 1,437 1,727 
Restructuring charges1 1 3 16 
Total cost of revenue2,664 2,553 5,321 5,256 
Gross margin5,439 4,057 10,488 8,009 
Research and development1,261 1,238 2,467 2,449 
Selling, general and administrative368 325 689 664 
Amortization of acquisition-related intangible assets398 494 795 988 
Restructuring, impairment and disposal charges18 25 35 96 
Total operating expenses2,045 2,082 3,986 4,197 
Operating income3,394 1,975 6,502 3,812 
Interest expense(518)(466)(925)(1,036)
Other income (expense), net(86)(23)(100)94 
Income before income taxes2,790 1,486 5,477 2,870 
Provision for (benefit from) income taxes200 (7)415 (1)
Net income2,590 1,493 5,062 2,871 
Dividends on preferred stock(75)(76)(149)(150)
Net income attributable to common stock$2,515 $1,417 $4,913 $2,721 
Net income per share attributable to common stock:
Basic$6.16 $3.46 $11.98 $6.67 
Diluted$5.93 $3.30 $11.53 $6.34 
Weighted-average shares used in per share calculations:
Basic408 409 410 408 
Diluted424 429 426 429 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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BROADCOM INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME — UNAUDITED
Fiscal Quarter EndedTwo Fiscal Quarters Ended
May 1,
2022
May 2,
2021
May 1,
2022
May 2,
2021
(In millions)
Net income$2,590 $1,493 $5,062 $2,871 
Other comprehensive income, net of tax:
Change in actuarial loss and prior service costs associated with defined benefit pension plans and post-retirement benefit plans
 1 1 2 
Other comprehensive income, net of tax 1 1 2 
Comprehensive income$2,590 $1,494 $5,063 $2,873 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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BROADCOM INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED
Two Fiscal Quarters Ended
May 1,
2022
May 2,
2021
(In millions)
Cash flows from operating activities:
Net income$5,062 $2,871 
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible and right-of-use assets2,280 2,766 
Depreciation271 271 
Stock-based compensation773 869 
Deferred taxes and other non-cash taxes70 (326)
Loss on debt extinguishment100 198 
(Gain) loss on investments115 (94)
Non-cash interest expense65 43 
Other10 19 
Changes in assets and liabilities, net of acquisitions and disposals:
Trade accounts receivable, net(1,004)(141)
Inventory(370)(1)
Accounts payable(31)(14)
Employee compensation and benefits(313)(240)
Other current assets and current liabilities808 590 
Other long-term assets and long-term liabilities(107)(129)
Net cash provided by operating activities7,729 6,682 
Cash flows from investing activities:
Acquisitions of businesses, net of cash acquired(234)(8)
Purchases of property, plant and equipment(186)(240)
Purchases of investments(200) 
Other1  
Net cash used in investing activities(619)(248)
Cash flows from financing activities:
Proceeds from long-term borrowings1,935 9,904 
Payments on debt obligations(2,352)(10,733)
Payments of dividends(3,514)(3,095)
Repurchases of common stock - repurchase program(5,500) 
Shares repurchased for tax withholdings on vesting of equity awards(889)(686)
Issuance of common stock60 106 
Other(8)(30)
Net cash used in financing activities(10,268)(4,534)
Net change in cash and cash equivalents(3,158)1,900 
Cash and cash equivalents at beginning of period12,163 7,618 
Cash and cash equivalents at end of period$9,005 $9,518 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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BROADCOM INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY — UNAUDITED
Two Fiscal Quarters Ended May 1, 2022
8.00% Mandatory Convertible Preferred Stock
Common Stock Additional
Paid-in Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Stockholders’
Equity
SharesPar ValueSharesPar Value
(In millions)
Balance as of October 31, 20214 $ 413 $ $24,330 $748 $(116)$24,962 
Net income— — — — — 2,472 — 2,472 
Other comprehensive income— — — — — — 1 1 
Dividends to common stockholders
— — — — — (1,689)— (1,689)
Dividends to preferred stockholders
— — — — — (74)— (74)
Common stock issued
— — 2  1 — — 1 
Stock-based compensation— — — — 387 — — 387 
Repurchases of common stock— — (4) (1,267)(1,457)— (2,724)
Shares repurchased for tax withholdings on vesting of equity awards
— — (1) (368)— — (368)
Balance as of January 30, 20224  410  23,083  (115)22,968 
Net income— — — — — 2,590 — 2,590 
Fair value of partially vested equity awards assumed in connection with an acquisition— — — — 4 — — 4 
Dividends to common stockholders
— — — —  (1,676)— (1,676)
Dividends to preferred stockholders
— — — — — (75)— (75)
Common stock issued
— — 2  59 — — 59 
Stock-based compensation— — — — 386 — — 386 
Repurchases of common stock— — (5)— (1,937)(839)— (2,776)
Shares repurchased for tax withholdings on vesting of equity awards
— — (1) (517)— — (517)
Balance as of May 1, 20224 $ 406 $ $21,078 $ $(115)$20,963 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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BROADCOM INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY — UNAUDITED
Two Fiscal Quarters Ended May 2, 2021
8.00% Mandatory Convertible Preferred Stock
Common Stock Additional
Paid-in Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Stockholders’
Equity
SharesPar ValueSharesPar Value
(In millions)
Balance as of November 1, 20204 $ 407 $ $23,982 $ $(108)$23,874 
Net income— — — — — 1,378 — 1,378 
Other comprehensive income— — — — — — 1 1 
Dividends to common stockholders
— — — — (164)(1,304)— (1,468)
Dividends to preferred stockholders— — — — — (74)— (74)
Common stock issued
— — 2  35 — — 35 
Stock-based compensation— — — — 444 — — 444 
Shares repurchased for tax withholdings on vesting of equity awards
— — (1) (217)— — (217)
Balance as of January 31, 20214  408  24,080  (107)23,973 
Net income— — — — — 1,493 — 1,493 
Other comprehensive income— — — — — — 1 1 
Dividends to common stockholders
— — — — (60)(1,417)— (1,477)
Dividends to preferred stockholders— — — — — (76)— (76)
Common stock issued
— — 3  71 — — 71 
Stock-based compensation— — — — 425 — — 425 
Shares repurchased for tax withholdings on vesting of equity awards
— — (1) (471)— — (471)
Balance as of May 2, 20214 $ 410 $ $24,045 $ $(106)$23,939 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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BROADCOM INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. Overview, Basis of Presentation and Significant Accounting Policies
Overview
Broadcom Inc. (“Broadcom”), a Delaware corporation, is a global technology leader that designs, develops and supplies a broad range of semiconductor and infrastructure software solutions. We develop semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products. We have a history of innovation in the semiconductor industry and offer thousands of products that are used in end products such as enterprise and data center networking, home connectivity, set-top boxes, broadband access, telecommunication equipment, smartphones and base stations, data center servers and storage systems, factory automation, power generation and alternative energy systems, and electronic displays. Our infrastructure software solutions enable customers to plan, develop, automate, manage and secure applications across mainframe, distributed, mobile and cloud platforms. Our portfolio of infrastructure and security software is designed to modernize, optimize, and secure the most complex hybrid environments, enabling scalability, agility, automation, insights, resiliency and security. We also offer mission critical fibre channel storage area networking (“FC SAN”) products and related software in the form of modules, switches and subsystems incorporating multiple semiconductor products. Unless stated otherwise or the context otherwise requires, references to “Broadcom,” “we,” “our” and “us” mean Broadcom and its consolidated subsidiaries. We have two reportable segments: semiconductor solutions and infrastructure software.
Basis of Presentation
We operate on a 52- or 53-week fiscal year ending on the Sunday closest to October 31 in a 52-week year and the first Sunday in November in a 53-week year. Our fiscal year ending October 30, 2022 (“fiscal year 2022”) is a 52-week fiscal year. The first quarter of our fiscal year 2022 ended on January 30, 2022, the second quarter ended on May 1, 2022 and the third quarter ends on July 31, 2022. Our fiscal year ended October 31, 2021 (“fiscal year 2021”) was also a 52-week fiscal year.
The accompanying condensed consolidated financial statements include the accounts of Broadcom and its subsidiaries, and have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information. The financial information included herein is unaudited, and reflects all adjustments which are, in the opinion of our management, of a normal recurring nature and necessary for a fair statement of the results for the periods presented. The October 31, 2021 condensed consolidated balance sheet data were derived from Broadcom’s audited consolidated financial statements included in its Annual Report on Form 10-K for fiscal year 2021 as filed with the Securities and Exchange Commission. All intercompany transactions and balances have been eliminated in consolidation. The operating results for each of the fiscal quarter and two fiscal quarters ended May 1, 2022 are not necessarily indicative of the results that may be expected for fiscal year 2022, or for any other future period.
Significant Accounting Policies
Use of estimates. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The inputs into certain of these estimates and assumptions include the consideration of the economic impact of the COVID-19 pandemic. Actual results could differ materially from these estimates, and such differences could affect the results of operations reported in future periods. As the impact of the COVID-19 pandemic continues to develop, many of these estimates could require increased judgment and carry a higher degree of variability and volatility, and may change materially in future periods.
Recently Adopted Accounting Guidance
In October 2021, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The new guidance requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with Accounting Standards Codification 606, Revenue from Contracts with Customers, as if it had originated the contracts. We early adopted ASU 2021-08 at the beginning of fiscal year 2022 and it did not materially impact our condensed consolidated financial statements.
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2. Revenue from Contracts with Customers
We account for a contract with a customer when both parties have approved the contract and are committed to perform their respective obligations, each party’s rights can be identified, payment terms can be identified, the contract has commercial substance, and it is probable we will collect substantially all of the consideration we are entitled to. Revenue is recognized when, or as, performance obligations are satisfied by transferring control of a promised product or service to a customer.
Disaggregation
We have considered (1) information that is regularly reviewed by our Chief Executive Officer, who has been identified as the chief operating decision maker (the “CODM”) as defined by the authoritative guidance on segment reporting, in evaluating financial performance and (2) disclosures presented outside of our financial statements in our earnings releases and used in investor presentations to disaggregate revenues. The principal category we use to disaggregate revenues is the nature of our products and subscriptions and services, as presented in our condensed consolidated statements of operations. In addition, revenues by reportable segment are presented in Note 9. “Segment Information”.
The following tables present revenue disaggregated by type of revenue and by region for the periods presented:
Fiscal Quarter Ended May 1, 2022
AmericasAsia PacificEurope, the Middle East and AfricaTotal
(In millions)
Products$658 $5,260 $499 $6,417 
Subscriptions and services (a)
1,154 125 407 1,686 
Total$1,812 $5,385 $906 $8,103 
Fiscal Quarter Ended May 2, 2021
AmericasAsia PacificEurope, the Middle East and AfricaTotal
(In millions)
Products$471 $4,035 $477 $4,983 
Subscriptions and services (a)
1,050 193 384 1,627 
Total$1,521 $4,228 $861 $6,610 
Two Fiscal Quarters Ended May 1, 2022
AmericasAsia PacificEurope, the Middle East and AfricaTotal
(In millions)
Products$1,206 $10,244 $1,020 $12,470 
Subscriptions and services (a)
2,263 253 823 3,339 
Total$3,469 $10,497 $1,843 $15,809 
Two Fiscal Quarters Ended May 2, 2021
AmericasAsia PacificEurope, the Middle East and AfricaTotal
(In millions)
Products$861 $8,355 $848 $10,064 
Subscriptions and services (a)
2,054 384 763 3,201 
Total$2,915 $8,739 $1,611 $13,265 
_______________
(a) Subscriptions and services predominantly include software licenses with termination for convenience clauses.
Although we recognize revenue for the majority of our products when title and control transfer in Penang, Malaysia, we disclose net revenue by region based primarily on the geographic shipment location or delivery location specified by our distributors, original equipment manufacturer customers, contract manufacturers, channel partners, or software customers.
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Contract Balances
Contract assets and contract liabilities balances were as follows:
May 1,
2022
October 31,
2021
(In millions)
Contract Assets$79 $126 
Contract Liabilities$4,099 $3,185 
Changes in our contract assets and contract liabilities primarily result from the timing difference between our performance and the customer’s payment. We fulfill our obligations under a contract with a customer by transferring products and services in exchange for consideration from the customer. We recognize a contract asset when we transfer products or services to a customer and the right to consideration is conditional on something other than the passage of time. Accounts receivable are recorded when the customer has been billed or the right to consideration is unconditional. We recognize contract liabilities when we have received consideration or an amount of consideration is due from the customer and we have a future obligation to transfer products or services. Contract liabilities include amounts billed or collected and advanced payments on contracts or arrangements, which may include termination for convenience provisions. The amount of revenue recognized during the two fiscal quarters ended May 1, 2022 that was included in the contract liabilities balance as of October 31, 2021 was $1,974 million. The amount of revenue recognized during the two fiscal quarters ended May 2, 2021 that was included in the contract liabilities balance as of November 1, 2020 was $1,853 million.
Remaining Performance Obligations
Revenue allocated to remaining performance obligations represents the transaction price allocated to unsatisfied or partially unsatisfied performance obligations. Remaining performance obligations include unearned revenue and amounts that will be invoiced and recognized as revenue in future periods, but do not include contracts for software, subscriptions or services where the customer is not committed. The customer is not considered committed when termination for convenience without payment of a substantive penalty exists, either contractually or through customary business practice. The majority of our customer software contracts include termination for convenience clauses without a substantive penalty and are not considered committed. Additionally, as a practical expedient, we have not included contracts that have an original duration of one year or less, nor have we included contracts with sales-based or usage-based royalties promised in exchange for a license of intellectual property (“IP”).
Certain multi-year customer contracts in our semiconductor solutions segment contain firmly committed amounts and the remaining performance obligations under these contracts as of May 1, 2022 were approximately $16.5 billion. We expect approximately 31% of this amount to be recognized as revenue over the next 12 months. Although the majority of our software contracts are not deemed to be committed, our customers generally do not exercise their termination for convenience rights. In addition, the majority of our contracts for products, subscriptions and services have a duration of one year or less. Accordingly, our remaining performance obligations disclosed above are not indicative of revenue for future periods.
3. Supplemental Financial Information
Cash Equivalents
Cash equivalents included $2,270 million and $4,668 million of time deposits and $1,665 million and $1,607 million of money-market funds as of May 1, 2022 and October 31, 2021, respectively. For time deposits, carrying value approximates fair value due to the short-term nature of the instruments. The fair value of money-market funds, which was consistent with their carrying value, was determined using unadjusted prices in active, accessible markets for identical assets, and as such, they were classified as Level 1 assets in the fair value hierarchy.
Accounts Receivable Factoring
We sell certain of our trade accounts receivable on a non-recourse basis to third-party financial institutions pursuant to factoring arrangements. We account for these transactions as sales of receivables and present cash proceeds as cash provided by operating activities in the condensed consolidated statements of cash flows. Total trade accounts receivable sold under the factoring arrangements were $900 million and $2,100 million during the fiscal quarter and two fiscal quarters ended May 1, 2022, respectively, and $900 million and $1,827 million during the fiscal quarter and two fiscal quarters ended May 2, 2021, respectively. Factoring fees for the sales of receivables were recorded in other income (expense), net and were not material for any of the periods presented.
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Inventory
May 1,
2022
October 31,
2021
(In millions)
Finished goods$590 $423 
Work-in-process851 680 
Raw materials227 194 
Total inventory$1,668 $1,297 
Other Current Assets
May 1,
2022
October 31,
2021
(In millions)
Prepaid expenses$689 $539 
Other (miscellaneous)365 516 
Total other current assets $1,054 $1,055 
Other Current Liabilities
May 1,
2022
October 31,
2021
(In millions)
Contract liabilities$3,600 $2,619 
Tax liabilities477 541 
Other (miscellaneous)711 679 
Total other current liabilities$4,788 $3,839 
Other Long-Term Liabilities
May 1,
2022
October 31,
2021
(In millions)
Unrecognized tax benefits$3,339 $3,407 
Other (miscellaneous)1,316 1,453 
Total other long-term liabilities$4,655 $4,860 
Supplemental Cash Flow Information
Fiscal Quarter EndedTwo Fiscal Quarters Ended
May 1,
2022
May 2,
2021
May 1,
2022
May 2,
2021
(In millions)
Cash paid for interest$459 $369 $699 $741 
Cash paid for income taxes$240 $293 $426 $440 
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4. Goodwill and Intangible Assets
Gross Carrying
Amount
Accumulated
Amortization
Net Book
Value
(In millions)
As of May 1, 2022:   
Purchased technology$21,792 $(16,361)$5,431 
Customer contracts and related relationships8,347 (5,203)3,144 
Order backlog1,288 (1,119)169 
Trade names700 (335)365 
Other183 (80)103 
Intangible assets subject to amortization32,310 (23,098)9,212 
In-process research and development29 — 29 
Total$32,339 $(23,098)$9,241 
As of October 31, 2021:   
Purchased technology$23,932 $(17,148)$6,784 
Customer contracts and related relationships8,356 (4,533)3,823 
Order backlog2,579 (2,352)227 
Trade names787 (386)401 
Other239 (127)112 
Intangible assets subject to amortization35,893 (24,546)11,347 
In-process research and development27 — 27 
Total$35,920 $(24,546)$11,374 
During the fiscal quarter ended May 1, 2022, we completed two acquisitions qualifying as business combinations. In connection with the acquisitions, we recorded $153 million of goodwill and $106 million of intangible assets primarily within our infrastructure software segment.
Based on the amount of intangible assets subject to amortization at May 1, 2022, the expected amortization expense was as follows:
Fiscal Year:Expected Amortization Expense
(In millions)
2022 (remainder)$2,134 
20233,254 
20242,387 
2025680 
2026343 
Thereafter414 
Total$9,212 
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The weighted-average remaining amortization periods by intangible asset category were as follows:
Amortizable intangible assets:May 1,
2022
(In years)
Purchased technology4
Customer contracts and related relationships3
Order backlog1
Trade names8
Other9
5. Net Income Per Share
Basic net income per share is computed by dividing net income attributable to common stock by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share is computed by dividing net income attributable to common stock by the weighted-average number of shares of common stock and potentially dilutive shares of common stock outstanding during the period.
Diluted shares outstanding include the dilutive effect of unvested restricted stock units (“RSUs”), in-the-money stock options and employee stock purchase plan rights under the Broadcom Inc. Employee Stock Purchase Plan, as amended (“ESPP”), (collectively referred to as “equity awards”), as well as Mandatory Convertible Preferred Stock, as defined in Note 7. “Stockholders’ Equity.” Potentially dilutive shares whose effect would have been antidilutive are excluded from the computation of diluted net income per share.
The dilutive effect of equity awards is calculated based on the average stock price for each fiscal period, using the treasury stock method. Under the treasury stock method, the amount the employee must pay for exercising stock options and purchasing shares under the ESPP and the amount of compensation cost for future service that we have not yet recognized are collectively assumed to be used to repurchase shares. The dilutive effect of Mandatory Convertible Preferred Stock is calculated using the if-converted method. The if-converted method assumes that these securities were converted at the beginning of the reporting period to the extent that the effect is dilutive.
For each of the fiscal quarter and two fiscal quarters ended May 1, 2022 and May 2, 2021, diluted net income per share excluded the potentially dilutive effect of 12 million shares of common stock issuable upon the conversion of Mandatory Convertible Preferred Stock as their effect was antidilutive.
The following is a reconciliation of the numerators and denominators of the basic and diluted net income per share computations for the periods presented:
Fiscal Quarter EndedTwo Fiscal Quarters Ended
May 1,
2022
May 2,
2021
May 1,
2022
May 2,
2021
(In millions, except per share data)
Numerator:
Net income$2,590 $1,493 $5,062 $2,871 
Dividends on preferred stock
(75)(76)(149)(150)
Net income attributable to common stock$2,515