0001730168FALSE00017301682024-12-122024-12-12

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 12, 2024
 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 12, 2024, Broadcom Inc. (the “Company”) issued a press release announcing its unaudited financial results for the fourth quarter and fiscal year ended November 3, 2024.
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 8.01     Other Events.
On December 12, 2024, the Company announced that the Board of Directors has declared a quarterly cash dividend on the Company’s common stock of $0.59 per share. This dividend is payable on December 31, 2024 to common stockholders of record at the close of business (5:00 p.m., Eastern Time) on December 23, 2024.
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 12, 2024
 
Broadcom Inc.
By:/s/ Kirsten M. Spears
Name:Kirsten M. Spears
Title:Chief Financial Officer and Chief Accounting Officer





Exhibit 99.1
                                        
Broadcom Inc. Announces Fourth Quarter and Fiscal Year 2024 Financial Results and Quarterly Dividend

•Revenue of $14,054 million for the fourth quarter, up 51 percent from the prior year period
•GAAP net income of $4,324 million for the fourth quarter; Non-GAAP net income of $6,965 million for the fourth quarter
•Adjusted EBITDA of $9,089 million for the fourth quarter, or 65 percent of revenue
•GAAP diluted EPS of $0.90 for the fourth quarter; Non-GAAP diluted EPS of $1.42 for the fourth quarter
•Cash from operations of $5,604 million for the fourth quarter, less capital expenditures of $122 million, resulted in $5,482 million of free cash flow, or 39 percent of revenue
•Quarterly common stock dividend increased by 11 percent from the prior quarter to $0.59 per share
•First quarter fiscal year 2025 revenue guidance of approximately $14.6 billion, an increase of 22 percent from the prior year period
•First quarter fiscal year 2025 Adjusted EBITDA guidance of approximately 66 percent of projected revenue (1)

PALO ALTO, Calif. – December 12, 2024 – Broadcom 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 November 3, 2024, provided guidance for its first quarter of fiscal year 2025 and announced its quarterly dividend.

“Broadcom’s fiscal year 2024 revenue grew 44% year-over-year to a record $51.6 billion, as infrastructure software revenue grew to $21.5 billion, on the successful integration of VMware,” said Hock Tan, President and CEO of Broadcom Inc. “Semiconductor revenue was a record $30.1 billion driven by AI revenue of $12.2 billion. AI revenue which grew 220 percent year-on-year was driven by our leading AI XPUs and Ethernet networking portfolio.”

“In fiscal year 2024 adjusted EBITDA increased 37% year-over-year to a record $31.9 billion, and free cash flow excluding restructuring was strong at $21.9 billion,” said Kirsten Spears, CFO of Broadcom Inc. “Based on increased cash flows in fiscal year 2024, we are increasing our quarterly common stock dividend by 11% to $0.59 per share for fiscal year 2025. The target fiscal year 2025 annual common stock dividend of $2.36 per share is a record, and the fourteenth consecutive increase in annual dividends since we initiated dividends in fiscal 2011.”


________________________________
(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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Fourth Quarter Fiscal Year 2024 Financial Highlights
GAAPNon-GAAP
(Dollars in millions, except per share data)Q4 24Q4 23ChangeQ4 24Q4 23Change
Net revenue$14,054 $9,295 +51%$14,054 $9,295 +51%
Net income$4,324 $3,524 +$800$6,965 $4,810 +$2,155
Earnings per common share - diluted *
$0.90 $0.83 +$0.07$1.42 $1.11 +$0.31
(Dollars in millions)Q4 24Q4 23Change
Cash flow from operations$5,604 $4,828 +$776
Adjusted EBITDA$9,089 $6,048 +$3,041
Free cash flow$5,482 $4,723 +$759
Net revenue by segment
(Dollars in millions)Q4 24Q4 23Change
Semiconductor solutions$8,230 59%$7,326 79%+12%
Infrastructure software5,824 411,969 21+196%
Total net revenue$14,054 100%$9,295 100%
* On July 12, 2024, the Company completed a ten-for-one forward stock split. All per share amounts presented reflect the stock split.

The Company’s cash and cash equivalents at the end of the fiscal quarter were $9,348 million, compared to $9,952 million at the end of the prior quarter.

During the fourth fiscal quarter, the Company generated $5,604 million in cash from operations and spent $122 million on capital expenditures. The Company paid $1,204 million of withholding taxes related to net settled equity awards that vested in the quarter (resulting in the elimination of 7.4 million shares).

On September 30, 2024, the Company paid a cash dividend on a split adjusted basis of $0.53 per share, totaling $2,484 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.
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Fiscal Year 2024 Financial Highlights
GAAPNon-GAAP
(Dollars in millions, except per share data)FY 24FY 23ChangeFY 24FY 23Change
Net revenue$51,574 $35,819 +44%$51,574 $35,819 +44%
Net income$5,895 $14,082 -$8,187$23,733 $18,378 +$5,355
Earnings per common share - diluted *
$1.23 $3.30 -$2.07$4.87 $4.22 +$0.65
(Dollars in millions)FY 24FY 23Change
Cash flow from operations$19,962 $18,085 +$1,877
Adjusted EBITDA$31,897 $23,213 +$8,684
Free cash flow$19,414 $17,633 +$1,781
Net revenue by segment
(Dollars in millions)FY 24FY 23Change
Semiconductor solutions$30,096 58%$28,182 79%+7%
Infrastructure software21,478 427,637 21+181%
Total net revenue$51,574 100%$35,819 100%
* On July 12, 2024, the Company completed a ten-for-one forward stock split. All per share amounts presented reflect the stock split.

First Quarter Fiscal Year 2025 Business Outlook

Based on current business trends and conditions, the outlook for the first quarter of fiscal year 2025, ending February 2, 2025, is expected to be as follows:

•First quarter revenue guidance of approximately $14.6 billion; and
•First quarter Adjusted EBITDA guidance of approximately 66 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 of $0.59 per share. The dividend is payable on December 31, 2024 to stockholders of record at the close of business (5:00 p.m. Eastern Time) on December 23, 2024.

Financial Results Conference Call

Broadcom Inc. will host a conference call to review its financial results for the fourth quarter and fiscal year 2024 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/.

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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 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
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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 Broadcom’s management, current information available to Broadcom’s management, and current market trends and market conditions and involve risks and uncertainties that may cause actual results to differ materially from those contained in forward-looking statements. Accordingly, undue reliance should not be placed 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 our ability to realize the expected benefits; any acquisitions or dispositions 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; 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; our ability to protect against cyber security threats and a breach of security systems; any loss of our significant customers and fluctuations in the timing and volume of significant customer demand; cyclicality in the semiconductor industry or in our target markets; our dependence on contract manufacturing and outsourced supply chain; our dependency on a limited number of suppliers; prolonged disruptions of our or our contract manufacturers’ manufacturing facilities, warehouses or other significant operations; 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; our ability to improve our manufacturing efficiency and quality; involvement in legal proceedings; ability of our software products to manage and secure IT infrastructures and environments; demand for our data center virtualization products 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; 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; our provision for income taxes and overall cash tax costs; our ability to maintain tax concessions in certain jurisdictions; potential tax liabilities as a result of acquiring VMware; our significant indebtedness and the need to generate sufficient cash flows to service and repay such debt; and other events and trends on a national, regional, industry-specific and global scale, including those of a political, economic, business, competitive and regulatory nature.

Our filings with the SEC, which are available without charge at the SEC’s website at https://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
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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
November 3,
2024		August 4,
2024		October 29,
2023		November 3,
2024		October 29,
2023
Net revenue$14,054 $13,072 $9,295 $51,574 $35,819 
Cost of revenue:
Cost of revenue3,399 3,133 2,449 12,788 9,272 
Amortization of acquisition-related intangible assets1,602 1,525 438 6,023 1,853 
Restructuring charges51 58 1 254 4 
Total cost of revenue5,052 4,716 2,888 19,065 11,129 
Gross margin9,002 8,356 6,407 32,509 24,690 
Research and development2,234 2,353 1,388 9,310 5,253 
Selling, general and administrative1,010 1,100 418 4,959 1,592 
Amortization of acquisition-related intangible assets813 812 348 3,244 1,394 
Restructuring and other charges318 303 13 1,533 244 
Total operating expenses4,375 4,568 2,167 19,046 8,483 
Operating income4,627 3,788 4,240 13,463 16,207 
Interest expense(916)(1,064)(405)(3,953)(1,622)
Other income, net52 82 132 406 512 
Income from continuing operations before income taxes3,763 2,806 3,967 9,916 15,097 
Provision for (benefit from) income taxes(442)4,238 443 3,748 1,015 
Income (loss) from continuing operations4,205 (1,432)3,524 6,168 14,082 
Income (loss) from discontinued operations, net of income taxes119 (443)— (273)— 
Net income (loss)$4,324 $(1,875)$3,524 $5,895 $14,082 
Basic income (loss) per share (1):
Income (loss) per share from continuing operations$0.89 $(0.31)$0.85 $1.33 $3.39 
Income (loss) per share from discontinued operations0.03 (0.09)— (0.06)— 
Net income (loss) per share$0.92 $(0.40)$0.85 $1.27 $3.39 
Diluted income (loss) per share (1):
Income (loss) per share from continuing operations$0.87 $(0.31)$0.83 $1.29 $3.30 
Income (loss) per share from discontinued operations0.03 (0.09)— (0.06)— 
Net income (loss) per share$0.90 $(0.40)$0.83 $1.23 $3.30 
Weighted-average shares used in per share calculations (1):
Basic4,679 4,663 4,133 4,624 4,149 
Diluted4,828 4,663 4,268 4,778 4,272 
Stock-based compensation expense included in continuing operations:
Cost of revenue$159 $174 $62 $664 $210 
Research and development839 877 448 3,460 1,513 
Selling, general and administrative316 330 128 1,546 448 
Total stock-based compensation expense$1,314 $1,381 $638 $5,670 $2,171 
(1) Reflects a ten-for-one forward stock split on July 12, 2024.




BROADCOM INC.
FINANCIAL RECONCILIATION: GAAP TO NON-GAAP — UNAUDITED
(IN MILLIONS)
Fiscal Quarter EndedFiscal Year Ended
November 3,
2024		August 4,
2024		October 29,
2023		November 3,
2024		October 29,
2023
Gross margin on GAAP basis$9,002 $8,356 $6,407 $32,509 $24,690 
Amortization of acquisition-related intangible assets1,602 1,525 438 6,023 1,853 
Stock-based compensation expense159 174 62 664 210 
Restructuring charges51 58 1 254 4 
Acquisition-related costs— — — 9 — 
Gross margin on non-GAAP basis$10,814 $10,113 $6,908 $39,459 $26,757 
Research and development on GAAP basis$2,234 $2,353 $1,388 $9,310 $5,253 
Stock-based compensation expense839 877 448 3,460 1,513 
Acquisition-related costs— 2 — 3 — 
Research and development on non-GAAP basis$1,395 $1,474 $940 $5,847 $3,740 
Selling, general and administrative expense on GAAP basis$1,010 $1,100 $418 $4,959 $1,592 
Stock-based compensation expense316 330 128 1,546 448 
Acquisition-related costs86 79 69 537 252 
Selling, general and administrative expense on non-GAAP basis$608 $691 $221 $2,876 $892 
Total operating expenses on GAAP basis$4,375 $4,568 $2,167 $19,046 $8,483 
Amortization of acquisition-related intangible assets813 812 348 3,244 1,394 
Stock-based compensation expense1,155 1,207 576 5,006 1,961 
Restructuring and other charges318 303 13 1,533 244 
Acquisition-related costs86 81 69 540 252 
Total operating expenses on non-GAAP basis$2,003 $2,165 $1,161 $8,723 $4,632 
Operating income on GAAP basis$4,627 $3,788 $4,240 $13,463 $16,207 
Amortization of acquisition-related intangible assets2,415 2,337 786 9,267 3,247 
Stock-based compensation expense1,314 1,381 638 5,670 2,171 
Restructuring and other charges369 361 14 1,787 248 
Acquisition-related costs86 81 69 549 252 
Operating income on non-GAAP basis$8,811 $7,948 $5,747 $30,736 $22,125 
Interest expense on GAAP basis$(916)$(1,064)$(405)$(3,953)$(1,622)
Loss on debt extinguishment52 83 — 157 — 
Interest expense on non-GAAP basis$(864)$(981)$(405)$(3,796)$(1,622)
Other income, net on GAAP basis$52 $82 $132 $406 $512 
(Gains) losses on investments30 6 24 12 (11)
Other— — (1)— (1)
Other income, net on non-GAAP basis$82 $88 $155 $418 $500 


Fiscal Quarter EndedFiscal Year Ended
November 3,
2024		August 4,
2024		October 29,
2023		November 3,
2024		October 29,
2023
Provision for (benefit from) income taxes on GAAP basis$(442)$4,238 $443 $3,748 $1,015 
Non-GAAP tax reconciling adjustments (1)
1,506 (3,303)244 (123)1,610 
Provision for income taxes on non-GAAP basis$1,064 $935 $687 $3,625 $2,625 
Net income (loss) on GAAP basis$4,324 $(1,875)$3,524 $5,895 $14,082 
Amortization of acquisition-related intangible assets2,415 2,337 786 9,267 3,247 
Stock-based compensation expense1,314 1,381 638 5,670 2,171 
Restructuring and other charges369 361 14 1,787 248 
Acquisition-related costs86 81 69 549 252 
Loss on debt extinguishment52 83 — 157 — 
(Gains) losses on investments30 6 24 12 (11)
Other— — (1)— (1)
Non-GAAP tax reconciling adjustments (1)
(1,506)3,303 (244)123 (1,610)
(Income) loss from discontinued operations, net of income taxes(119)443 — 273 — 
Net income on non-GAAP basis$6,965 $6,120 $4,810 $23,733 $18,378 
Net income (loss) on GAAP basis$4,324 $(1,875)$3,524 $5,895 $14,082 
Non-GAAP Adjustments:
Amortization of acquisition-related intangible assets2,415 2,337 786 9,267 3,247 
Stock-based compensation expense1,314 1,381 638 5,670 2,171 
Restructuring and other charges369 361 14 1,787 248 
Acquisition-related costs86 81 69 549 252 
Loss on debt extinguishment52 83 — 157 — 
(Gains) losses on investments30 6 24 12 (11)
Other— — (1)— (1)
Non-GAAP tax reconciling adjustments (1)
(1,506)3,303 (244)123 (1,610)
(Income) loss from discontinued operations, net of income taxes(119)443 — 273 — 
Other Adjustments:
Interest expense864 981 405 3,796 1,622 
Provision for income taxes on non-GAAP basis1,064 935 687 3,625 2,625 
Depreciation156 149 124 593 502 
Amortization of purchased intangibles and right-of-use assets40 38 22 150 86 
Adjusted EBITDA$9,089 $8,223 $6,048 $31,897 $23,213 
Weighted-average shares used in per share calculations - diluted on GAAP basis (2)
4,828 4,663 4,268 4,778 4,272 
Non-GAAP adjustment (3)
77 254 82 99 81 
Weighted-average shares used in per share calculations - diluted on non-GAAP basis4,905 4,917 4,350 4,877 4,353 
Net cash provided by operating activities$5,604 $4,963 $4,828 $19,962 $18,085 
Purchases of property, plant and equipment(122)(172)(105)(548)(452)
Free cash flow$5,482 $4,791 $4,723 $19,414 $17,633 


 Fiscal Quarter Ending
February 2,
Expected average diluted share count: 2025
Weighted-average shares used in per share calculation - diluted on GAAP basis (2)
4,828 
Non-GAAP adjustment (3)
68 
Weighted-average shares used in per share calculation - diluted on non-GAAP basis4,896 
(1) Non-GAAP tax reconciling adjustments included a one-time discrete non-cash tax provision of $4.5 billion from the impact of an intra-group transfer of certain IP rights to the United States as a result of supply chain realignment for the fiscal quarter ended August 4, 2024 and the fiscal year ended November 3, 2024.
(2) Reflects a ten-for-one forward stock split on July 12, 2024.
(3) 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. For the fiscal quarter ended August 4, 2024, non-GAAP adjustment included the dilutive effect of the equity awards that were antidilutive on a GAAP basis.


BROADCOM INC.
CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED
(IN MILLIONS)
November 3,
2024		October 29,
2023
ASSETS
Current assets:
Cash and cash equivalents$9,348 $14,189 
Trade accounts receivable, net4,416 3,154 
Inventory1,760 1,898 
Other current assets4,071 1,606 
Total current assets19,595 20,847 
Long-term assets:
Property, plant and equipment, net2,521 2,154 
Goodwill97,873 43,653 
Intangible assets, net40,583 3,867 
Other long-term assets5,073 2,340 
Total assets$165,645 $72,861 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$1,662 $1,210 
Employee compensation and benefits1,971 935 
Current portion of long-term debt1,271 1,608 
Other current liabilities11,793 3,652 
Total current liabilities16,697 7,405 
Long-term liabilities:
Long-term debt66,295 37,621 
Other long-term liabilities14,975 3,847 
Total liabilities97,967 48,873 
Stockholders’ equity:
Preferred stock— — 
Common Stock5 4 
Additional paid-in capital67,466 21,095 
Retained earnings— 2,682 
Accumulated other comprehensive income207 207 
Total stockholders' equity67,678 23,988 
Total liabilities and equity$165,645 $72,861 



BROADCOM INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED
(IN MILLIONS)
Fiscal Quarter EndedFiscal Year Ended
November 3,
2024		August 4,
2024		October 29,
2023		November 3,
2024		October 29,
2023
Cash flows from operating activities:
Net income (loss)$4,324 $(1,875)$3,524 $5,895 $14,082 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization of intangible and right-of-use assets2,455 2,375 808 9,417 3,333 
Depreciation156 149 124 593 502 
Stock-based compensation1,314 1,388 638 5,741 2,171 
Deferred taxes and other non-cash taxes(868)3,638 639 1,965 (501)
Loss on debt extinguishment52 83 — 157 — 
Non-cash interest expense91 115 34 427 132 
Other138 158 27 404 9 
Changes in assets and liabilities, net of acquisitions and disposals:
  Trade accounts receivable, net249 835 (231)2,327 (187)
  Inventory134 (52)(56)150 27 
  Accounts payable(85)373 215 121 209 
  Employee compensation and benefits196 291 103 78 (279)
  Other current assets and current liabilities(1,410)(1,345)(694)(5,323)(628)
  Other long-term assets and long-term liabilities(1,142)(1,170)(303)(1,990)(785)
Net cash provided by operating activities5,604 4,963 4,828 19,962 18,085 
Cash flows from investing activities:
Acquisitions of businesses, net of cash acquired— (2)(36)(25,978)(53)
Proceeds from sale of business— 3,485 — 3,485 — 
Purchases of property, plant and equipment(122)(172)(105)(548)(452)
Purchases of investments(30)(73)(58)(175)(346)
Sales of investments20 5 154 156 228 
Other— 2 (79)(10)(66)
Net cash provided by (used in) investing activities(132)3,245 (124)(23,070)(689)
Cash flows from financing activities: 
Proceeds from long-term borrowings4,969 4,975 — 39,954 — 
Payments on debt obligations(7,472)(9,202)(143)(19,608)(403)
Payments of dividends(2,484)(2,452)(1,904)(9,814)(7,645)
Repurchases of common stock - repurchase program— — (123)(7,176)(5,824)
Shares repurchased for tax withholdings on vesting of equity awards(1,204)(1,350)(454)(5,216)(1,861)
Issuance of common stock126 — 59 190 122 
Other(11)(36)(5)(63)(12)
Net cash used in financing activities(6,076)(8,065)(2,570)(1,733)(15,623)
Net change in cash and cash equivalents(604)143 2,134 (4,841)1,773 
Cash and cash equivalents at beginning of period9,952 9,809 12,055 14,189 12,416 
Cash and cash equivalents at end of period$9,348 $9,952 $14,189 $9,348 $14,189 
Supplemental disclosure of cash flow information:
Cash paid for interest$738 $816 $397 $3,250 $1,503 
Cash paid for income taxes$832 $585 $191 $3,155 $1,782 


v3.24.3
Cover Page Statement
Dec. 12, 2024
Document Entity Information [Abstract]  
Document Type 8-K
Document Period End Date Dec. 12, 2024
Entity Registrant Name Broadcom Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-38449
Entity Tax Identification Number 35-2617337
Entity Address, Address Line One 3421 Hillview Avenue
Entity Address, City or Town Palo Alto,
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94304
City Area Code (650)
Local Phone Number 427-6000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.001 par value
Trading Symbol AVGO
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0001730168
Amendment Flag false
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