avgo-20231207
0001730168FALSE00017301682023-12-072023-12-07

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): December 7, 2023
 Broadcom Inc.
(Exact Name of Registrant as Specified in Charter)
  
Delaware001-3844935-2617337
(State or other jurisdiction of incorporation)(Commission File Number)(I.R.S. Employer Identification No.)
3421 Hillview Avenue
Palo Alto,California94304
(Address of principal executive offices including zip code)
(650)
427-6000
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging 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. ¨





Item 2.02    Results of Operations and Financial Condition.
On December 7, 2023, Broadcom Inc. (the “Company”) issued a press release announcing its unaudited financial results for the fourth quarter and fiscal year ended October 29, 2023.
A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. 
The information in Item 2.02 of this Report and the press release attached hereto as Exhibit 99.1 are furnished and shall not be treated as filed for purposes of the Securities Exchange Act of 1934, as amended.
Item 2.05    Costs Associated with Exit or Disposal Activities.
In connection with the completion of the Companys acquisition of VMware, Inc. (“VMware”) on November 22, 2023, the Company expects to take charges of approximately $1.3 billion through fiscal year 2025 for the implementation of cost reduction activities. The Company does not plan to further update these estimates but will provide details of VMware acquisition-related restructuring costs as part of its quarterly financial reporting.
The statements above include forward-looking statements based on current expectations and beliefs of the Company’s management and current market trends and conditions. These forward-looking statements involve risks and uncertainties that are outside the Company’s control and may cause actual results to differ materially from those contained in forward-looking statements. For information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to the Company’s periodic reports and other filings with the Securities and Exchange Commission, including the risk factors in the Company’s most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K.
Item 8.01     Other Events.
On December 7, 2023, the Company announced that the Board of Directors has declared a quarterly cash dividend on the Company’s common stock of $5.25 per share. This dividend is payable on December 29, 2023 to common stockholders of record at the close of business (5:00 p.m., Eastern Time) on December 20, 2023.
Item 9.01    Financial Statements and Exhibits.

(d) Exhibits
Exhibit No.
Description
104Cover Page Interactive Data File (formatted as Inline XBRL).
    




SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: December 7, 2023
 
Broadcom Inc.
By:/s/ Kirsten M. Spears
Name:Kirsten M. Spears
Title:Chief Financial Officer and Chief Accounting Officer





Document
Exhibit 99.1
                                        
Broadcom Inc. Announces Fourth Quarter and Fiscal Year 2023 Financial Results and Quarterly Dividend

Revenue of $9,295 million for the fourth quarter, up 4 percent from the prior year period
Cash from operations of $4,828 million for the fourth quarter, less capital expenditures of $105 million, resulted in $4,723 million of free cash flow, or 51 percent of revenue
Quarterly common stock dividend increased by 14 percent from the prior quarter to $5.25
Adjusted EBITDA of $6,048 million for the fourth quarter, or 65 percent of revenue
Non-GAAP diluted EPS of $11.06 for the fourth quarter; GAAP diluted EPS of $8.25 for the fourth quarter
Fiscal 2024 annual revenue guidance of approximately $50.0 billion including contribution from VMware, an increase of 40 percent from the prior year period
Fiscal 2024 annual Adjusted EBITDA guidance of approximately 60 percent of projected revenue (1)

PALO ALTO, Calif. – December 7, 2023Broadcom Inc. (Nasdaq: AVGO), a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, today reported financial results for its fourth quarter and fiscal year ended October 29, 2023, provided guidance for its fiscal year 2024 and announced its quarterly dividend.

“Broadcom’s fiscal year 2023 revenue grew 8% year-over-year to a record $35.8 billion, driven by investments in accelerators and network connectivity for AI by hyperscalers,” said Hock Tan, President and CEO of Broadcom Inc. “The acquisition of VMware is transformational. In fiscal year 2024 we expect semiconductor to sustain its mid to high single digit revenue growth rate, with the contribution of VMware driving consolidated revenue to $50 billion, and adjusted EBITDA to $30 billion.”

“In fiscal year 2023 we achieved record adjusted EBITDA margin of 65%, generating $17.6 billion in free cash flow or 49% of revenue, demonstrating our stable and diversified business model,” said Kirsten Spears, CFO of Broadcom Inc. “With this transformational acquisition and expected increase in cash flows, we are increasing our quarterly common stock dividend by 14% to $5.25 per share for fiscal year 2024. The target fiscal 2024 annual common stock dividend of $21.00 per share is a record, and the thirteenth consecutive increase in annual dividends since we initiated dividends in fiscal 2011.”

Fourth Quarter Fiscal Year 2023 Financial Highlights
GAAPNon-GAAP
(Dollars in millions, except per share data)Q4 23Q4 22ChangeQ4 23Q4 22Change
Net revenue$9,295 $8,930 +4%$9,295 $8,930 +4%
Net income$3,524 $3,359 +$165$4,810 $4,544 +$266
Earnings per common share - diluted$8.25 $7.83 +$0.42$11.06 $10.45 +$0.61

________________________________
(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.



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(Dollars in millions)Q4 23Q4 22Change
Cash flow from operations$4,828 $4,583 +$245
Adjusted EBITDA$6,048 $5,722 +$326
Free cash flow$4,723 $4,461 +$262
Net revenue by segment
(Dollars in millions)Q4 23Q4 22Change
Semiconductor solutions$7,326 79%$7,092 79%+3%
Infrastructure software1,969 211,838 21+7%
Total net revenue$9,295 100%$8,930 100%

The Company’s cash and cash equivalents at the end of the fiscal quarter were $14,189 million, compared to $12,055 million at the end of the prior quarter.

During the fourth fiscal quarter, the Company generated $4,828 million in cash from operations and spent $105 million on capital expenditures.

On September 29, 2023, the Company paid a cash dividend of $4.60 per share, totaling $1,904 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.

Fiscal Year 2023 Financial Highlights
GAAPNon-GAAP
(Dollars in millions, except per share data)FY 23FY 22ChangeFY 23FY 22Change
Net revenue$35,819 $33,203 +8%$35,819 $33,203 +8%
Net income$14,082 $11,495 +$2,587$18,378 $16,526 +$1,852
Earnings per common share - diluted$32.98 $26.53 +$6.45$42.25 $37.64 +$4.61
(Dollars in millions)FY 23FY 22Change
Cash flow from operations$18,085 $16,736 +$1,349
Adjusted EBITDA$23,213 $21,029 +$2,184
Free cash flow$17,633 $16,312 +$1,321
Net revenue by segment
(Dollars in millions)FY 23FY 22Change
Semiconductor solutions$28,182 79%$25,818 78%+9%
Infrastructure software7,637 217,385 22+3%
Total net revenue$35,819 100%$33,203 100%

Fiscal Year 2024 Business Outlook

Based on current business trends and conditions, the outlook for continuing operations for fiscal year 2024, ending November 3, 2024, including contributions from VMware, is expected to be as follows:

Fiscal year 2024 revenue guidance of approximately $50.0 billion; and
Fiscal year 2024 adjusted EBITDA guidance of approximately 60 percent of projected revenue.
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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 of $5.25 per share. The dividend is payable on December 29, 2023 to stockholders of record at the close of business (5:00 p.m. Eastern Time) on December 20, 2023.

Financial Results Conference Call

Broadcom Inc. will host a conference call to review its financial results for the fourth quarter fiscal year 2023 and to discuss the business outlook, today at 2:00 p.m. Pacific Time.

To Listen via Internet: The conference call can be accessed live online in the Investors section of the Broadcom website at https://investors.broadcom.com/.

To Listen via Telephone: Preregistration is required by the conference call operator. Please preregister at https://register.vevent.com/register/BIacd438722e7946a58b1c10d35c792d79. Upon registering, you will be emailed a link to the dial-in number and unique PIN.

Replay: An audio replay of the conference call can be accessed for one year through the Investors section of Broadcom's website at https://investors.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 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 and other charges, acquisition-related costs, including integration costs, 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
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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

Broadcom Inc. (NASDAQ: AVGO) is a global technology leader that designs, develops, and supplies a broad range of semiconductor, enterprise software and security solutions. Broadcom’s category-leading product portfolio serves critical markets including cloud, data center, networking, broadband, wireless, storage, industrial, and enterprise software. Our solutions include service provider and enterprise networking and storage, mobile device and broadband connectivity, mainframe, cybersecurity, and private and hybrid cloud infrastructure. Broadcom is a Delaware corporation headquartered in Palo Alto, CA. 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, our plans and expectations with regard to our share repurchases, 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 Broadcom’s management, 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 control of Broadcom and its management, that 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: global economic conditions and concerns; government regulations and administrative proceedings, trade restrictions and trade tensions; global political and economic conditions; our acquisition of VMware, Inc., including employee retention, unexpected costs, charges or expenses, and our ability to successfully integrate VMware’s business and realize the expected benefits; any acquisitions we may make, including our acquisition of VMware, 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; dependence on and risks associated with distributors and resellers of our products; our significant indebtedness and the need to generate sufficient cash flows to service and repay such debt; dependence on senior management and our ability to attract and retain qualified personnel; our ability to protect against cyber security threats and a breach of
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security systems; cyclicality in the semiconductor industry or in our target markets; 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; our ability to accurately estimate customers’ demand and adjust our manufacturing and supply chain accordingly; our 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; involvement in legal proceedings; demand for our data center virtualization products; customer and market acceptance of our products and services; 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 software in our products; ability of our software products to manage and secure IT infrastructures and environments; sales to government customers; our ability to manage products and services lifecycles; quarterly and annual fluctuations in operating results; our competitive performance; our ability to maintain or improve gross margin; our ability to protect our intellectual property and the unpredictability of any associated litigation expenses; any expenses or reputational damage associated with resolving customer product warranty and indemnification claims, or other undetected defects or bugs; our ability to sell to new types of customers and to keep pace with technological advances; our compliance with privacy and data security laws; the amount and frequency of our share repurchase programs; fluctuations in foreign exchange rates; our provision for income taxes and overall cash tax costs, legislation that may impact our overall cash tax costs, our ability to maintain tax concessions in certain jurisdictions and potential tax liabilities as a result of acquiring VMware; and other events and trends on a national, regional and global scale, including those of a political, economic, business, competitive and regulatory nature. We are not obligated to repurchase any specific amount of shares of common stock, and the stock repurchase programs may be suspended or terminated at any time.

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
650-427-6000
investor.relations@broadcom.com

(AVGO-Q)
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BROADCOM INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS — UNAUDITED
(IN MILLIONS, EXCEPT PER SHARE DATA)
Fiscal Quarter EndedFiscal Year Ended
October 29,
2023
July 30,
2023
October 30,
2022
October 29,
2023
October 30,
2022
Net revenue$9,295 $8,876 $8,930 $35,819 $33,203 
Cost of revenue:
Cost of revenue2,449 2,272 2,298 9,272 8,256 
Amortization of acquisition-related intangible assets438 439 705 1,853 2,847 
Restructuring charges
Total cost of revenue2,888 2,712 3,004 11,129 11,108 
Gross margin6,407 6,164 5,926 24,690 22,095 
Research and development1,388 1,358 1,197 5,253 4,919 
Selling, general and administrative418 388 370 1,592 1,382 
Amortization of acquisition-related intangible assets348 350 358 1,394 1,512 
Restructuring and other charges13 212 15 244 57 
Total operating expenses2,167 2,308 1,940 8,483 7,870 
Operating income4,240 3,856 3,986 16,207 14,225 
Interest expense(405)(406)(406)(1,622)(1,737)
Other income (expense), net132 124 40 512 (54)
Income before income taxes3,967 3,574 3,620 15,097 12,434 
Provision for income taxes443 271 261 1,015 939 
Net income3,524 3,303 3,359 14,082 11,495 
Dividends on preferred stock— — (48)— (272)
Net income attributable to common stock$3,524 $3,303 $3,311 $14,082 $11,223 
Net income per share attributable to common stock:
Basic$8.53 $8.00 $8.06 $33.93 $27.44 
Diluted (1)
$8.25 $7.74 $7.83 $32.98 $26.53 
Weighted-average shares used in per share calculations:
Basic413 413 411 415 409 
Diluted (1)
427 427 429 427 423 
Stock-based compensation expense:
Cost of revenue$62 $61 $38 $210 $147 
Research and development448 444 260 1,513 1,048 
Selling, general and administrative128 124 89 448 338 
Total stock-based compensation expense$638 $629 $387 $2,171 $1,533 
(1) Excludes the potentially dilutive effect of Mandatory Convertible Preferred Stock as the impact was antidilutive for the fiscal year ended October 30, 2022. All outstanding shares of Mandatory Convertible Preferred Stock were converted into our common stock during the fiscal quarter ended October 30, 2022.





BROADCOM INC.
FINANCIAL RECONCILIATION: GAAP TO NON-GAAP — UNAUDITED
(IN MILLIONS)
Fiscal Quarter EndedFiscal Year Ended
October 29,
2023
July 30,
2023
October 30,
2022
October 29,
2023
October 30,
2022
Gross margin on GAAP basis$6,407 $6,164 $5,926 $24,690 $22,095 
Amortization of acquisition-related intangible assets438 439 705 1,853 2,847 
Stock-based compensation expense62 61 38 210 147 
Restructuring charges
Acquisition-related costs— — — 13 
Gross margin on non-GAAP basis$6,908 $6,665 $6,673 $26,757 $25,107 
Research and development on GAAP basis$1,388 $1,358 $1,197 $5,253 $4,919 
Stock-based compensation expense448 444 260 1,513 1,048 
Acquisition-related costs— — — — 
Research and development on non-GAAP basis$940 $913 $937 $3,740 $3,871 
Selling, general and administrative expense on GAAP basis$418 $388 $370 $1,592 $1,382 
Stock-based compensation expense128 124 89 448 338 
Acquisition-related costs69 48 45 252 102 
Selling, general and administrative expense on non-GAAP basis$221 $216 $236 $892 $942 
Total operating expenses on GAAP basis$2,167 $2,308 $1,940 $8,483 $7,870 
Amortization of acquisition-related intangible assets348 350 358 1,394 1,512 
Stock-based compensation expense576 568 349 1,961 1,386 
Restructuring and other charges13 212 15 244 57 
Acquisition-related costs69 49 45 252 102 
Total operating expenses on non-GAAP basis$1,161 $1,129 $1,173 $4,632 $4,813 
Operating income on GAAP basis$4,240 $3,856 $3,986 $16,207 $14,225 
Amortization of acquisition-related intangible assets786 789 1,063 3,247 4,359 
Stock-based compensation expense638 629 387 2,171 1,533 
Restructuring and other charges14 213 16 248 62 
Acquisition-related costs69 49 48 252 115 
Operating income on non-GAAP basis$5,747 $5,536 $5,500 $22,125 $20,294 
Interest expense on GAAP basis$(405)$(406)$(406)$(1,622)$(1,737)
Loss on debt extinguishment— — — — 112 
Interest expense on non-GAAP basis$(405)$(406)$(406)$(1,622)$(1,625)
Other income (expense), net on GAAP basis$132 $124 $40 $512 $(54)
(Gains) losses on investments24 (2)29 (11)169 
Other(1)— — (1)(5)
Other income, net on non-GAAP basis$155 $122 $69 $500 $110 
Provision for income taxes on GAAP basis$443 $271 $261 $1,015 $939 
Non-GAAP tax reconciling adjustments244 385 358 1,610 1,314 
Provision for income taxes on non-GAAP basis$687 $656 $619 $2,625 $2,253 



Fiscal Quarter EndedFiscal Year Ended
October 29,
2023
July 30,
2023
October 30,
2022
October 29,
2023
October 30,
2022
Net income on GAAP basis$3,524 $3,303 $3,359 $14,082 $11,495 
Amortization of acquisition-related intangible assets786 789 1,063 3,247 4,359 
Stock-based compensation expense638 629 387 2,171 1,533 
Restructuring and other charges14 213 16 248 62 
Acquisition-related costs69 49 48 252 115 
Loss on debt extinguishment— — — — 112 
(Gains) losses on investments24 (2)29 (11)169 
Other(1)— — (1)(5)
Non-GAAP tax reconciling adjustments(244)(385)(358)(1,610)(1,314)
Net income on non-GAAP basis$4,810 $4,596 $4,544 $18,378 $16,526 
Weighted-average shares used in per share calculations - diluted on GAAP basis427 427 429 427 423 
Non-GAAP adjustment (1)
16 
Weighted-average shares used in per share calculations - diluted on non-GAAP basis435 436 435 435 439 
Net income on non-GAAP basis$4,810 $4,596 $4,544 $18,378 $16,526 
Interest expense405 406 406 1,622 1,625 
Provision for income taxes on non-GAAP basis687 656 619 2,625 2,253 
Depreciation124 122 129 502 529 
Amortization of purchased intangibles and right-of-use assets22 21 24 86 96 
Adjusted EBITDA$6,048 $5,801 $5,722 $23,213 $21,029 
Net cash provided by operating activities$4,828 $4,719 $4,583 $18,085 $16,736 
Purchases of property, plant and equipment(105)(122)(122)(452)(424)
Free cash flow$4,723 $4,597 $4,461 $17,633 $16,312 
Fiscal Year Ending
November 3,
Expected average diluted share count (2):
2024
Weighted-average shares used in per share calculation - diluted on GAAP basis480 
Non-GAAP adjustment (1)
14 
Weighted-average shares used in per share calculation - diluted on non-GAAP basis494 
(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. In addition, the non-GAAP adjustment includes the impact of Mandatory Convertible Preferred Stock that is antidilutive on a GAAP basis for the fiscal year ended October 30, 2022.
(2) Excludes the effects of potential share repurchases.




BROADCOM INC.
CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED
(IN MILLIONS)
October 29,
2023
October 30,
2022
ASSETS
Current assets:
Cash and cash equivalents$14,189 $12,416 
Trade accounts receivable, net3,154 2,958 
Inventory1,898 1,925 
Other current assets1,606 1,205 
Total current assets20,847 18,504 
Long-term assets:
Property, plant and equipment, net2,154 2,223 
Goodwill43,653 43,614 
Intangible assets, net3,867 7,111 
Other long-term assets2,340 1,797 
Total assets$72,861 $73,249 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$1,210 $998 
Employee compensation and benefits935 1,202 
Current portion of long-term debt1,608 440 
Other current liabilities3,652 4,412 
Total current liabilities7,405 7,052 
Long-term liabilities:
Long-term debt37,621 39,075 
Other long-term liabilities3,847 4,413 
Total liabilities48,873 50,540 
Stockholders' equity:
Preferred stock— — 
Common stock— — 
Additional paid-in capital21,099 21,159 
Retained earnings2,682 1,604 
Accumulated other comprehensive income (loss)207 (54)
Total stockholders' equity23,988 22,709 
  Total liabilities and equity$72,861 $73,249 




BROADCOM INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED
(IN MILLIONS)
Fiscal Quarter EndedFiscal Year Ended
October 29,
2023
July 30,
2023
October 30,
2022
October 29,
2023
October 30,
2022
Cash flows from operating activities:
Net income$3,524 $3,303 $3,359 $14,082 $11,495 
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible and right-of-use assets808 810 1,087 3,333 4,455 
Depreciation124 122 129 502 529 
Stock-based compensation638 629 387 2,171 1,533 
Deferred taxes and other non-cash taxes639 (251)(89)(501)(34)
Loss on debt extinguishment— — — — 100 
Non-cash interest expense34 33 32 132 129 
Other27 — 31 183 
Changes in assets and liabilities, net of acquisitions and disposals:
  Trade accounts receivable, net(231)135 (241)(187)(870)
  Inventory(56)44 (87)27 (627)
  Accounts payable215 188 304 209 (79)
  Employee compensation and benefits103 184 128 (279)136 
  Other current assets and current liabilities(694)(339)(388)(628)222 
  Other long-term assets and long-term liabilities(303)(139)(69)(785)(436)
Net cash provided by operating activities4,828 4,719 4,583 18,085 16,736 
Cash flows from investing activities:
Acquisitions of businesses, net of cash acquired(36)(17)(7)(53)(246)
Purchases of property, plant and equipment(105)(122)(122)(452)(424)
Purchases of investments(58)(91)— (346)(200)
Sales of investments154 74 — 228 200 
Other(79)12 (66)
Net cash used in investing activities(124)(144)(128)(689)(667)
Cash flows from financing activities: 
Proceeds from long-term borrowings— — — — 1,935 
Payments on debt obligations(143)— (9)(403)(2,361)
Payments of dividends(1,904)(1,901)(1,782)(7,645)(7,032)
Repurchases of common stock - repurchase program(123)(1,707)— (5,824)(7,000)
Shares repurchased for tax withholdings on vesting of equity awards(454)(460)(274)(1,861)(1,455)
Issuance of common stock59 — 54 122 114 
Other(5)(5)(5)(12)(17)
Net cash used in financing activities(2,570)(4,073)(2,016)(15,623)(15,816)
Net change in cash and cash equivalents2,134 502 2,439 1,773 253 
Cash and cash equivalents at beginning of period12,055 11,553 9,977 12,416 12,163 
Cash and cash equivalents at end of period$14,189 $12,055 $12,416 $14,189 $12,416 
Supplemental disclosure of cash flow information:
Cash paid for interest$397 $348 $397 $1,503 $1,386 
Cash paid for income taxes$191 $427 $251 $1,782 $908