0001730168FALSE00017301682024-06-122024-06-12

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): June 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 June 12, 2024, Broadcom Inc. (the “Company”) issued a press release announcing its unaudited financial results for the second quarter ended May 5, 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 June 12, 2024, 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 June 28, 2024 to common stockholders of record at the close of business (5:00 p.m., Eastern Time) on June 24, 2024.
On June 12, 2024, the Company announced a ten-for-one forward stock split of the Company’s common stock. The stock split will be effected through the filing of an amendment to the Company’s Amended and Restated Certificate of Incorporation. Stockholders of record after the close of market on July 11, 2024 will receive an additional nine shares of the Company’s common stock for each share held after the close of market on July 12, 2024. At market open on July 15, 2024, trading is expected to commence on a split-adjusted basis.
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: June 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 Second Quarter Fiscal Year 2024 Financial Results and Quarterly Dividend

•Revenue of $12,487 million for the second quarter, up 43 percent from the prior year period
•GAAP net income of $2,121 million for the second quarter; Non-GAAP net income of $5,394 million for the second quarter
•Adjusted EBITDA of $7,429 million for the second quarter, or 59 percent of revenue
•GAAP diluted EPS of $4.42 for the second quarter; Non-GAAP diluted EPS of $10.96 for the second quarter
•Cash from operations of $4,580 million for the second quarter, less capital expenditures of $132 million, resulted in $4,448 million of free cash flow, or 36 percent of revenue
•Quarterly common stock dividend of $5.25 per share
•Fiscal 2024 annual revenue guidance of approximately $51.0 billion including contribution from VMware, an increase of 42 percent from the prior year period
•Fiscal 2024 annual Adjusted EBITDA guidance of approximately 61 percent of projected revenue (1)
•Ten-for-one forward stock split; trading on a split-adjusted basis is expected to commence on July 15, 2024

PALO ALTO, Calif. – June 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 second quarter of fiscal year 2024, ended May 5, 2024, provided guidance for its fiscal year 2024 and announced its quarterly dividend.

“Broadcom’s second quarter results were once again driven by AI demand and VMware. Revenue from our AI products was a record $3.1 billion during the quarter. Infrastructure software revenue accelerated as more enterprises adopted the VMware software stack to build their own private clouds,” said Hock Tan, President and CEO of Broadcom Inc. “We are raising our fiscal year 2024 guidance for consolidated revenue to $51 billion and adjusted EBITDA to 61% of revenue.”

“Consolidated revenue grew 43% year-over-year to $12.5 billion, including the contribution from VMware, and was up 12% year-over-year, excluding VMware. Adjusted EBITDA increased 31% year-over-year to $7.4 billion,” said Kirsten Spears, CFO of Broadcom Inc. “Free cash flow, excluding restructuring and integration in the quarter, was $5.3 billion, up 18% year-over-year. Today we are announcing a ten-for-one forward stock split of Broadcom’s common stock, to make ownership of Broadcom stock more accessible to investors and employees.”

The ten-for-one forward stock split will be effected through the filing of an amendment to Broadcom’s Amended and Restated Certificate of Incorporation that will proportionately increase the authorized shares of common stock. Our stockholders of record after the close of market on July 11, 2024 will receive an additional nine shares of common stock for each share held after the close of market on July 12, 2024. At market open on July 15, 2024, trading is expected to commence on a split-adjusted basis.
________________________________
(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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Second Quarter Fiscal Year 2024 Financial Highlights
GAAPNon-GAAP
(Dollars in millions, except per share data)Q2 24Q2 23ChangeQ2 24Q2 23Change
Net revenue$12,487 $8,733 +43%$12,487 $8,733 +43%
Net income$2,121 $3,481 -$1,360$5,394 $4,489 +$905
Earnings per common share - diluted$4.42 $8.15 -$3.73$10.96 $10.32 +$0.64
(Dollars in millions)Q2 24Q2 23Change
Cash flow from operations$4,580 $4,502 +$78
Adjusted EBITDA$7,429 $5,686 +$1,743
Free cash flow$4,448 $4,380 +$68
Net revenue by segment
(Dollars in millions)Q2 24Q2 23Change
Semiconductor solutions$7,202 58%$6,808 78%+6%
Infrastructure software5,285 421,925 22+175%
Total net revenue$12,487 100%$8,733 100%

The Company’s cash and cash equivalents at the end of the fiscal quarter were $9,809 million, compared to $11,864 million at the end of the prior quarter.

During the second fiscal quarter, the Company generated $4,580 million in cash from operations and spent $132 million on capital expenditures. The Company paid $1,548 million of withholding taxes related to net settled equity awards that vested in the quarter (representing approximately 1.2 million shares withheld).

On March 29, 2024, the Company paid a cash dividend of $5.25 per share, totaling $2,443 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 2024 Business Outlook

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

•Fiscal year 2024 revenue guidance of approximately $51.0 billion; and
•Fiscal year 2024 Adjusted EBITDA guidance of approximately 61 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.

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Quarterly Dividends

The Company’s Board of Directors has approved a quarterly cash dividend of $5.25 per share. The dividend is payable on June 28, 2024 to stockholders of record at the close of business (5:00 p.m. Eastern Time) on June 24, 2024.

Financial Results Conference Call

Broadcom Inc. will host a conference call to review its financial results for the second quarter of 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/.

To Listen via Telephone: Preregistration is required by the conference call operator. Please preregister at https://register.vevent.com/register/BId8ff937a59494fdca3650de7ed2678a1. Upon registering, a link to the dial-in number and unique PIN will be emailed to the registrant.

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
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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 forward stock split, 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 employee retention, unexpected costs, charges or expenses, and our ability to successfully integrate VMware’s business and realize the expected benefits; any acquisitions or dispositions 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 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
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data center virtualization products; ability of our software products to manage and secure IT infrastructures and environments; ability to manage 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; 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; 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.

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 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)
5

BROADCOM INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS — UNAUDITED
(IN MILLIONS, EXCEPT PER SHARE DATA)
Fiscal Quarter EndedTwo Fiscal Quarters Ended
May 5,
2024		February 4,
2024		April 30,
2023		May 5,
2024		April 30,
2023
Net revenue$12,487 $11,961 $8,733 $24,448 $17,648 
Cost of revenue:
Cost of revenue3,142 3,114 2,177 6,256 4,551 
Amortization of acquisition-related intangible assets1,516 1,380 441 2,896 976 
Restructuring charges53 92 — 145 2 
Total cost of revenue4,711 4,586 2,618 9,297 5,529 
Gross margin7,776 7,375 6,115 15,151 12,119 
Research and development2,415 2,308 1,312 4,723 2,507 
Selling, general and administrative1,277 1,572 438 2,849 786 
Amortization of acquisition-related intangible assets827 792 348 1,619 696 
Restructuring and other charges292 620 9 912 19 
Total operating expenses4,811 5,292 2,107 10,103 4,008 
Operating income2,965 2,083 4,008 5,048 8,111 
Interest expense(1,047)(926)(405)(1,973)(811)
Other income, net87 185 113 272 256 
Income from continuing operations before income taxes2,005 1,342 3,716 3,347 7,556 
Provision for (benefit from) income taxes(116)68 235 (48)301 
Income from continuing operations2,121 1,274 3,481 3,395 7,255 
Income from discontinued operations, net of income taxes— 51 — 51 — 
Net income$2,121 $1,325 $3,481 $3,446 $7,255 
Basic income per share:
Income per share from continuing operations$4.56 $2.82 $8.39 $7.41 $17.40 
Income per share from discontinued operations— 0.11 — 0.11 — 
Net income per share$4.56 $2.93 $8.39 $7.52 $17.40 
Diluted income per share:
Income per share from continuing operations$4.42 $2.73 $8.15 $7.18 $16.95 
Income per share from discontinued operations— 0.11 — 0.11 — 
Net income per share$4.42 $2.84 $8.15 $7.29 $16.95 
Weighted-average shares used in per share calculations:
Basic465 452 415 458 417 
Diluted480 467 427 473 428 
Stock-based compensation expense included in continuing operations:
Cost of revenue$170 $161 $50 $331 $87 
Research and development881 863 354 1,744 621 
Selling, general and administrative352 548 109 900 196 
Total stock-based compensation expense$1,403 $1,572 $513 $2,975 $904 




BROADCOM INC.
FINANCIAL RECONCILIATION: GAAP TO NON-GAAP — UNAUDITED
(IN MILLIONS)
Fiscal Quarter EndedTwo Fiscal Quarters Ended
May 5,
2024		February 4,
2024		April 30,
2023		May 5,
2024		April 30,
2023
Gross margin on GAAP basis$7,776 $7,375 $6,115 $15,151 $12,119 
Amortization of acquisition-related intangible assets1,516 1,380 441 2,896 976 
Stock-based compensation expense170 161 50 331 87 
Restructuring charges53 92 — 145 2 
Acquisition-related costs3 6 — 9 — 
Gross margin on non-GAAP basis$9,518 $9,014 $6,606 $18,532 $13,184 
Research and development on GAAP basis$2,415 $2,308 $1,312 $4,723 $2,507 
Stock-based compensation expense881 863 354 1,744 621 
Acquisition-related costs— 1 — 1 (1)
Research and development on non-GAAP basis$1,534 $1,444 $958 $2,978 $1,887 
Selling, general and administrative expense on GAAP basis$1,277 $1,572 $438 $2,849 $786 
Stock-based compensation expense352 548 109 900 196 
Acquisition-related costs87 285 93 372 135 
Selling, general and administrative expense on non-GAAP basis$838 $739 $236 $1,577 $455 
Total operating expenses on GAAP basis$4,811 $5,292 $2,107 $10,103 $4,008 
Amortization of acquisition-related intangible assets827 792 348 1,619 696 
Stock-based compensation expense1,233 1,411 463 2,644 817 
Restructuring and other charges292 620 9 912 19 
Acquisition-related costs87 286 93 373 134 
Total operating expenses on non-GAAP basis$2,372 $2,183 $1,194 $4,555 $2,342 
Operating income on GAAP basis$2,965 $2,083 $4,008 $5,048 $8,111 
Amortization of acquisition-related intangible assets2,343 2,172 789 4,515 1,672 
Stock-based compensation expense1,403 1,572 513 2,975 904 
Restructuring and other charges345 712 9 1,057 21 
Acquisition-related costs90 292 93 382 134 
Operating income on non-GAAP basis$7,146 $6,831 $5,412 $13,977 $10,842 
Interest expense on GAAP basis$(1,047)$(926)$(405)$(1,973)$(811)
Loss on debt extinguishment22 — — 22 — 
Interest expense on non-GAAP basis$(1,025)$(926)$(405)$(1,951)$(811)
Other income, net on GAAP basis$87 $185 $113 $272 $256 
(Gains) losses on investments9 (33)11 (24)(33)
Other income, net on non-GAAP basis$96 $152 $124 $248 $223 


Fiscal Quarter EndedTwo Fiscal Quarters Ended
May 5,
2024		February 4,
2024		April 30,
2023		May 5,
2024		April 30,
2023
Provision for (benefit from) income taxes on GAAP basis$(116)$68 $235 $(48)$301 
Non-GAAP tax reconciling adjustments939 735 407 1,674 981 
Provision for income taxes on non-GAAP basis$823 $803 $642 $1,626 $1,282 
Net income on GAAP basis$2,121 $1,325 $3,481 $3,446 $7,255 
Amortization of acquisition-related intangible assets2,343 2,172 789 4,515 1,672 
Stock-based compensation expense1,403 1,572 513 2,975 904 
Restructuring and other charges345 712 9 1,057 21 
Acquisition-related costs90 292 93 382 134 
Loss on debt extinguishment22 — — 22 — 
(Gains) losses on investments9 (33)11 (24)(33)
Non-GAAP tax reconciling adjustments(939)(735)(407)(1,674)(981)
Income from discontinued operations, net of income taxes— (51)— (51)— 
Net income on non-GAAP basis$5,394 $5,254 $4,489 $10,648 $8,972 
Net income on GAAP basis$2,121 $1,325 $3,481 $3,446 $7,255 
Non-GAAP Adjustments:
Amortization of acquisition-related intangible assets2,343 2,172 789 4,515 1,672 
Stock-based compensation expense1,403 1,572 513 2,975 904 
Restructuring and other charges345 712 9 1,057 21 
Acquisition-related costs90 292 93 382 134 
Loss on debt extinguishment22 — — 22 — 
(Gains) losses on investments9 (33)11 (24)(33)
Non-GAAP tax reconciling adjustments(939)(735)(407)(1,674)(981)
Income from discontinued operations, net of income taxes— (51)— (51)— 
Other Adjustments:
Interest expense1,025 926 405 1,951 811 
Provision for income taxes on non-GAAP basis823 803 642 1,626 1,282 
Depreciation149 139 129 288 256 
Amortization of purchased intangibles and right-of-use assets38 34 21 72 43 
Adjusted EBITDA$7,429 $7,156 $5,686 $14,585 $11,364 
Weighted-average shares used in per share calculations - diluted on GAAP basis480 467 427 473 428 
Non-GAAP adjustment (1)
12 11 8 12 7 
Weighted-average shares used in per share calculations - diluted on non-GAAP basis492 478 435 485 435 
Net cash provided by operating activities$4,580 $4,815 $4,502 $9,395 $8,538 
Purchases of property, plant and equipment(132)(122)(122)(254)(225)
Free cash flow$4,448 $4,693 $4,380 $9,141 $8,313 


 Fiscal Quarter Ending
August 4,
Expected average diluted share count (2):
2024
Weighted-average shares used in per share calculation - diluted on GAAP basis4,810 
Non-GAAP adjustment (1)
110 
Weighted-average shares used in per share calculation - diluted on non-GAAP basis4,920 
(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.
(2) Includes the impact of a ten-for-one forward stock split of our common stock. Stockholders of record after the close of market on July 11, 2024 will receive an additional nine shares of common stock for each share held after the close of market on July 12, 2024. At market open on July 15, 2024, trading is expected to commence on a split-adjusted basis.



BROADCOM INC.
CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED
(IN MILLIONS)
May 5,
2024		October 29,
2023
ASSETS
Current assets:
Cash and cash equivalents$9,809 $14,189 
Trade accounts receivable, net5,500 3,154 
Inventory1,842 1,898 
Other current assets8,151 1,606 
Total current assets25,302 20,847 
Long-term assets:
Property, plant and equipment, net2,668 2,154 
Goodwill97,873 43,653 
Intangible assets, net45,407 3,867 
Other long-term assets3,961 2,340 
Total assets$175,211 $72,861 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$1,441 $1,210 
Employee compensation and benefits1,385 935 
Current portion of long-term debt2,426 1,608 
Other current liabilities14,919 3,652 
Total current liabilities20,171 7,405 
Long-term liabilities:
Long-term debt71,590 37,621 
Other long-term liabilities13,489 3,847 
Total liabilities105,250 48,873 
Stockholders’ equity:
Preferred stock— — 
Common Stock— — 
Additional paid-in capital69,754 21,099 
Retained earnings— 2,682 
Accumulated other comprehensive income207 207 
Total stockholders' equity69,961 23,988 
Total liabilities and equity$175,211 $72,861 



BROADCOM INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED
(IN MILLIONS)
Fiscal Quarter EndedTwo Fiscal Quarters Ended
May 5,
2024		February 4,
2024		April 30,
2023		May 5,
2024		April 30,
2023
Cash flows from operating activities:
Net income$2,121 $1,325 $3,481 $3,446 $7,255 
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible and right-of-use assets2,381 2,206 810 4,587 1,715 
Depreciation149 139 129 288 256 
Stock-based compensation1,457 1,582 513 3,039 904 
Deferred taxes and other non-cash taxes(511)(294)(316)(805)(889)
Non-cash interest expense119 102 33 221 65 
Other92 38 21 130 (18)
Changes in assets and liabilities, net of acquisitions and disposals:
  Trade accounts receivable, net(513)1,756 185 1,243 (91)
  Inventory82 (14)13 68 39 
  Accounts payable(93)(74)(114)(167)(194)
  Employee compensation and benefits251 (660)91 (409)(566)
  Other current assets and current liabilities(386)(2,182)(165)(2,568)405 
  Other long-term assets and long-term liabilities(569)891 (179)322 (343)
Net cash provided by operating activities4,580 4,815 4,502 9,395 8,538 
Cash flows from investing activities:
Acquisitions of businesses, net of cash acquired(560)(25,416)— (25,976)— 
Purchases of property, plant and equipment(132)(122)(122)(254)(225)
Purchases of investments(59)(13)(197)(72)(197)
Sales of investments42 89 — 131 — 
Other3 (15)1 (12)1 
Net cash used in investing activities(706)(25,477)(318)(26,183)(421)
Cash flows from financing activities: 
Proceeds from long-term borrowings— 30,010 — 30,010 — 
Payments on debt obligations(2,000)(934)— (2,934)(260)
Payments of dividends(2,443)(2,435)(1,914)(4,878)(3,840)
Repurchases of common stock - repurchase program— (7,176)(2,806)(7,176)(3,994)
Shares repurchased for tax withholdings on vesting of equity awards(1,548)(1,114)(614)(2,662)(947)
Issuance of common stock64 — 63 64 63 
Other(2)(14)(7)(16)(2)
Net cash provided by (used in) financing activities(5,929)18,337 (5,278)12,408 (8,980)
Net change in cash and cash equivalents(2,055)(2,325)(1,094)(4,380)(863)
Cash and cash equivalents at beginning of period11,864 14,189 12,647 14,189 12,416 
Cash and cash equivalents at end of period$9,809 $11,864 $11,553 $9,809 $11,553 
Supplemental disclosure of cash flow information:
Cash paid for interest$946 $750 $397 $1,696 $758 
Cash paid for income taxes$834 $904 $891 $1,738 $1,164 


v3.24.1.1.u2
Cover Page Statement
Jun. 12, 2024
Document Entity Information [Abstract]  
Document Type 8-K
Document Period End Date Jun. 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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