SAN JOSE, Calif., Dec. 12, 2019 /PRNewswire/ -- Broadcom Inc.
(Nasdaq: AVGO), a global technology leader that designs, develops
and supplies semiconductor and infrastructure software solutions,
today reported financial results for its fourth fiscal quarter and
fiscal year ended November 3, 2019,
provided guidance for its fiscal year 2020 and announced quarterly
dividends. The Company completed its acquisition of the Symantec
Enterprise Security business on November 4,
2019. The financial results provided below do not include
any contribution from the Symantec Enterprise Security
business.
"Fiscal year 2019 concluded as expected. Our semiconductor
solutions segment continued to work its way through a cyclical
correction. This was more than offset by our infrastructure
software segment, which delivered healthy results benefitting from
the integration and performance of our CA business," said Hock Tan,
President and CEO of Broadcom Inc. "Looking to fiscal 2020, we
remain well-positioned across our technology franchises. We
continue to believe that our core semiconductor business is
bottoming and will return to year over year growth in the second
half of our fiscal year. In addition, we expect to benefit from the
integration of the Symantec Enterprise Security business into what
is otherwise expected to be a stable infrastructure software
segment in fiscal 2020."
"We achieved record profitability in fiscal 2019, including free
cash flow of over $9 billion, despite
a challenging market backdrop for our semiconductor solutions
segment. As a result, we are raising our target dividend by 23
percent to $3.25 per share per
quarter for fiscal year 2020," said Tom
Krause, CFO of Broadcom Inc. "Looking ahead to next year, we
expect our adjusted EBITDA to expand by more than $1 billion, while we focus our capital returns on
cash dividends, with excess cash going towards debt pay down."
Fourth Quarter Fiscal Year 2019 GAAP Results from Continuing
Operations
Net revenue was $5,776 million,
4.7 percent higher than $5,515
million in the previous quarter and 6.1 percent higher than
$5,444 million in the same quarter
last year.
Gross margin was $3,152 million,
or 54.6 percent of net revenue. This compares with gross margin of
$3,034 million, or 55.0 percent of
net revenue, in the prior quarter, and gross margin of $2,935 million, or 53.9 percent of net revenue,
in the same quarter last year.
Operating expenses were $2,098
million. This compares with $2,169
million in the prior quarter and $1,283 million in the same quarter last year.
Operating income was $1,054
million, or 18.2 percent of net revenue. This compares with
operating income of $865 million, or
15.7 percent of net revenue, in the prior quarter, and operating
income of $1,652 million, or 30.3
percent of net revenue, in the same quarter last year.
Net income was $847 million, or
$1.97 per diluted share. This
compares with net income of $715
million, or $1.71 per diluted
share, in the prior quarter, and net income of $1,115 million, or $2.64 per diluted share, in the same quarter last
year.
Cash from operations was $2,479
million in the quarter. This compares with $2,419 million in the prior quarter and
$2,635 million in the same quarter
last year.
Fourth Quarter Fiscal
Year 2019 GAAP Results
|
|
|
|
|
|
|
|
Change
|
(Dollars in millions,
except per share data)
|
|
Q4 19
|
|
Q3 19
|
|
Q4 18
|
|
Q/Q
|
|
Y/Y
|
Net
revenue
|
|
$
5,776
|
|
$
5,515
|
|
$
5,444
|
|
+5%
|
|
+6%
|
Gross
margin
|
|
54.6%
|
|
55.0%
|
|
53.9%
|
|
-40bps
|
|
+70bps
|
Operating
expenses
|
|
$
2,098
|
|
$
2,169
|
|
$
1,283
|
|
-$
|
71
|
|
+$
|
815
|
Operating
income
|
|
$
1,054
|
|
$
865
|
|
$
1,652
|
|
+$
|
189
|
|
-$
|
598
|
Net income
|
|
$
847
|
|
$
715
|
|
$
1,115
|
|
+$
|
132
|
|
-$
|
268
|
Net income
attributable to common stock
|
|
$
818
|
|
$
715
|
|
$
1,115
|
|
+$
|
103
|
|
-$
|
297
|
Earnings per common
share - diluted
|
|
$
1.97
|
|
$
1.71
|
|
$
2.64
|
|
+$
|
0.26
|
|
-$
|
0.67
|
Cash flow from
operations
|
|
$
2,479
|
|
$
2,419
|
|
$
2,635
|
|
+$
|
60
|
|
-$
|
156
|
The Company's cash and cash equivalents at the end of the fourth
fiscal quarter were $5,055 million,
compared to $5,462 million at the end
of the prior quarter.
During the fourth fiscal quarter, the Company generated
$2,479 million in cash from
operations and spent $587 million on
share repurchases and eliminations, consisting of $433 million in repurchases of 1.5 million shares
and $154 million of withholding tax
payments related to net settled equity awards that vested in the
quarter (representing approximately 0.5 million shares withheld),
as well as $96 million on capital
expenditures.
On October 1, 2019, the Company
paid a cash dividend of $2.65 per
share of common stock, totaling $1,054
million.
Fourth Quarter Fiscal Year 2019 Non-GAAP Results From
Continuing Operations
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.
Gross margin was $4,035 million,
or 69.9 percent of net revenue. This compares with gross margin of
$3,916 million, or 71.0 percent of
net revenue, in the prior quarter, and $3,725 million, or 68.4 percent of net revenue,
in the same quarter last year.
Operating income was $3,018
million, or 52.3 percent of net revenue. This compares with
operating income of $2,910
million, or 52.8 percent of net revenue, in the prior
quarter, and $2,862 million, or 52.5
percent of net revenue, in the same quarter last year.
Net income was $2,391 million, or
$5.39 per diluted share. This
compares with net income of $2,281
million, or $5.16 per diluted
share, in the prior quarter, and net income of $2,546 million, or $5.85 per diluted share, in the same quarter last
year.
Free cash flow from operations, defined as cash from operations
less capital expenditures, was $2,383
million in the quarter. This compares with $2,307 million in the prior quarter and
$2,529 million in the same quarter
last year.
Fourth Quarter Fiscal
Year 2019 Non-GAAP Results
|
|
|
|
|
|
|
|
Change
|
(Dollars in millions,
except per share data)
|
|
Q4 19
|
|
Q3 19
|
|
Q4 18
|
|
Q/Q
|
|
Y/Y
|
Gross
margin
|
|
69.9%
|
|
71.0%
|
|
68.4%
|
|
-110bps
|
|
+150bps
|
Operating
expenses
|
|
$
|
1,017
|
|
$
|
1,006
|
|
$
|
863
|
|
+$
|
11
|
|
+$
|
154
|
Operating
income
|
|
$
|
3,018
|
|
$
|
2,910
|
|
$
|
2,862
|
|
+$
|
108
|
|
+$
|
156
|
Net income
|
|
$
|
2,391
|
|
$
|
2,281
|
|
$
|
2,546
|
|
+$
|
110
|
|
-$
|
155
|
Earnings per common
share - diluted
|
|
$
|
5.39
|
|
$
|
5.16
|
|
$
|
5.85
|
|
+$
|
0.23
|
|
-$
|
0.46
|
Free cash
flow
|
|
$
|
2,383
|
|
$
|
2,307
|
|
$
|
2,529
|
|
+$
|
76
|
|
-$
|
146
|
Other Quarterly Data
Net revenue by
segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change
|
(Dollars in
millions)
|
|
Q4 19
|
|
Q3 19
|
|
Q4 18
|
|
Q/Q
|
|
Y/Y
|
Semiconductor
solutions
|
|
$
|
4,553
|
|
79%
|
|
|
$
|
4,353
|
|
79%
|
|
|
$
|
4,874
|
|
90%
|
|
|
+5%
|
|
-7%
|
Infrastructure
software
|
|
1,200
|
|
21
|
|
|
1,140
|
|
21
|
|
|
513
|
|
9
|
|
|
+5%
|
|
+134%
|
Intellectual property
licensing
|
|
23
|
|
-
|
|
|
22
|
|
-
|
|
|
57
|
|
1
|
|
|
+5%
|
|
-60%
|
Total net
revenue
|
|
$
|
5,776
|
|
100%
|
|
|
$
|
5,515
|
|
100%
|
|
|
$
|
5,444
|
|
100%
|
|
|
|
|
|
Fiscal Year 2019 Financial Results from Continuing
Operations
Net revenue from continuing operations was $22,597 million, an increase of 8.4 percent from
$20,848 million in the prior year.
Gross margin was $12,483 million, or
55.2 percent of net revenue, versus $10,733
million, or 51.5 percent of net revenue, in the prior year.
Operating income was $3,444 million,
or 15.2 percent of net revenue, versus $5,135 million, or 24.6 percent of net revenue,
in the prior year. Net income, which includes the impact from
discontinued operations, was $2,724
million, or $6.43 per diluted
share. This compares with a net income of $12,610 million, or $28.44 per diluted share, in fiscal year 2018.
Cash from operations was $9,697
million, compared to $8,880
million in the prior year.
Fiscal Year 2019 GAAP
Results
|
|
|
|
|
|
|
|
(Dollars in millions,
except per share data)
|
|
|
2019
|
|
2018
|
|
Change
|
Net
revenue
|
|
|
$
|
22,597
|
|
$
|
20,848
|
|
+8%
|
Gross
margin
|
|
|
55.2%
|
|
51.5%
|
|
+370bps
|
Operating
expenses
|
|
|
$
|
9,039
|
|
$
|
5,598
|
|
+$
|
3,441
|
Operating
income
|
|
|
$
|
3,444
|
|
$
|
5,135
|
|
-$
|
1,691
|
Net income
|
|
|
$
|
2,724
|
|
$
|
12,610
|
|
-$
|
9,886
|
Net income
attributable to common stock
|
|
|
$
|
2,695
|
|
$
|
12,259
|
|
-$
|
9,564
|
Earnings per common
share - diluted
|
|
|
$
|
6.43
|
|
$
|
28.44
|
|
-$
|
22.01
|
Cash flow from
operations
|
|
|
$
|
9,697
|
|
$
|
8,880
|
|
+$
|
817
|
Non-GAAP gross margin was $16,055 million, or 71.0 percent
of net revenue, versus $13,931 million, or 66.8 percent of net
revenue, in the prior year. Non-GAAP operating income from
continuing operations was $11,929 million. This compares
with $10,424 million in the prior year. Non-GAAP net
income was $9,452 million, or $21.29 per diluted
share. This compares with non-GAAP net income of $9,391
million, or $20.82 per diluted share, in fiscal year
2018. Free cash flow from operations, defined as cash from
operations less capital expenditures, was $9,265 million compared to $8,245 million in the prior year.
Fiscal Year 2019
Non-GAAP Results
|
|
|
|
|
|
|
(Dollars in millions,
except per share data)
|
|
2019
|
|
2018
|
|
Change
|
Gross
margin
|
|
71.0%
|
|
66.8%
|
|
+420bps
|
Operating
expenses
|
|
$
|
4,126
|
|
$
|
3,507
|
|
+$
|
619
|
Operating
income
|
|
$
|
11,929
|
|
$
|
10,424
|
|
+$
|
1,505
|
Net income
|
|
$
|
9,452
|
|
$
|
9,391
|
|
+$
|
61
|
Earnings per common
share - diluted
|
|
$
|
21.29
|
|
$
|
20.82
|
|
+$
|
0.47
|
Free cash
flow
|
|
$
|
9,265
|
|
$
|
8,245
|
|
+$
|
1,020
|
Fiscal Year 2020 Business Outlook
Based on current business trends and conditions, the outlook for
continuing operations for fiscal year 2020, ending November 1, 2020, including contributions from
the Symantec Enterprise Security business, is expected to be as
follows:
- Revenue is expected to be $25
billion plus or minus $500
million.
- Adjusted EBITDA is expected to be $13.75
billion plus or minus $250
million.
The guidance provided above is only an estimate of what the
Company believes is realizable as of the date of this release. The
Company is not readily able to provide a reconciliation of
projected Adjusted EBITDA to projected net income without
unreasonable effort. Actual results will vary from the guidance and
the variations may be material. The Company undertakes no intent or
obligation to publicly update or revise any of these projections,
whether as a result of new information, future events or otherwise,
except as required by law.
Quarterly Dividends
The Company's Board of Directors has approved a quarterly cash
dividend on its common stock of $3.25
per share. The common stock dividend is payable on December 31, 2019 to common stockholders of
record at the close of business (5:00 p.m.
Eastern Time) on December 23,
2019.
The Company's Board of Directors also approved a quarterly cash
dividend on its 8.00% Mandatory Convertible Preferred Stock, Series
A, of $20.00 per share. This dividend
is payable on December 31, 2019 to
preferred stockholders of record at the close of business
(5:00 p.m. Eastern Time) on
December 15, 2019.
Financial Results Conference Call
Broadcom Inc. will host a conference call to review its
financial results for the fourth fiscal quarter and fiscal year
ended November 3, 2019, and discuss
guidance for fiscal year 2020, today at 2:00
p.m. Pacific Time. Those wishing to access the call should
dial (866) 310-8712; International +1 (720) 634-2946. The passcode
is 8988706. A replay of the call will be accessible for one week
after the call. To access the replay dial (855) 859-2056;
International +1 (404) 537-3406; and reference the passcode:
8988706. A webcast of the conference call will also be
available in the "Investors" section of Broadcom's website at
www.broadcom.com.
Basis of Presentation
The Company's financial results include contributions from CA,
Inc.'s continuing operations starting in the first quarter of
fiscal year 2019. The financial results from businesses that have
been classified as discontinued operations in the Company's
financial statements are not included in the results presented
above, unless otherwise stated.
Due to the Company's 52/53 week reporting cycle, fiscal year
2018 included an extra week in the first quarter, compared to
fiscal year 2019.
Non-GAAP Financial Measures
In addition to GAAP reporting, Broadcom provides
investors with net revenue, net income, operating income, gross
margin, operating expenses, cash flow and other data on a non-GAAP
basis. This non-GAAP information includes the effect, where
applicable, of purchase accounting on revenue, and excludes
amortization of acquisition-related intangible assets, stock-based
compensation expense, restructuring, impairment and disposal
charges, acquisition-related costs, including integration costs,
purchase accounting effect on inventory, litigation settlements,
impairment on investment, debt-related costs, gains on investments,
income (loss) from discontinued operations and non-GAAP tax
reconciling 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.
Broadcom believes this 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. These non-GAAP
measures are provided in addition to, and not 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.
About Broadcom Inc.
Broadcom Inc., (NASDAQ: AVGO), a Delaware corporation headquartered in
San Jose, CA, is a global
technology leader that designs, develops and supplies a broad range
of semiconductor and infrastructure software solutions. Broadcom's
category-leading product portfolio serves critical markets
including data center, networking, enterprise software, broadband,
wireless, storage and industrial. Our solutions include data center
networking and storage, enterprise, mainframe and cyber security
software focused on automation, monitoring and security, smartphone
components, telecoms and factory automation. For more information,
go to www.broadcom.com.
Cautionary Note Regarding Forward-Looking Statements
This announcement contains forward-looking statements (including
within the meaning of Section 21E of the United States
Securities Exchange Act of 1934, as amended, and Section 27A
of the United States Securities Act of 1933, as amended) concerning
Broadcom. These statements include, but are not limited to,
statements that address our expected future business and financial
performance and other statements identified by words such as
"will", "expect", "believe", "anticipate", "estimate", "should",
"intend", "plan", "potential", "predict" "project", "aim", and
similar words, phrases or expressions. These forward-looking
statements are based on current expectations and beliefs of the
management of Broadcom, as well as assumptions made by, and
information currently available to, such management, current market
trends and market conditions and involve risks and uncertainties,
many of which are outside the Company's and management's control,
and which may cause actual results to differ materially from those
contained in forward-looking statements. Accordingly, you should
not place undue reliance on such statements.
Particular uncertainties that could materially affect future
results include risks associated with: our acquisition of Symantec
Corporation's Enterprise Security business ("Symantec Business"),
including (1) potential difficulties in employee retention,
(2) unexpected costs, charges or expenses, and (3) our
ability to successfully integrate the Symantec Business and achieve
the anticipated benefits of the transaction; any loss of our
significant customers and fluctuations in the timing and volume of
significant customer demand; our dependence on contract
manufacturing and outsourced supply chain; our dependency on a
limited number of suppliers; global economic conditions and
concerns; international political and economic conditions; any
acquisitions we may make, such as delays, challenges and expenses
associated with receiving governmental and regulatory approvals and
satisfying other closing conditions, and with integrating acquired
businesses with our existing businesses and our ability to achieve
the benefits, growth prospects and synergies expected by such
acquisitions, including our recent acquisition of the Symantec
Business; government regulations and trade restrictions; our
significant indebtedness and the need to generate sufficient cash
flows to service and repay such debt; dependence on and risks
associated with distributors and resellers of our products;
dependence on senior management and our ability to attract and
retain qualified personnel; involvement in legal or administrative
proceedings; quarterly and annual fluctuations in operating
results; our ability to accurately estimate customers' demand and
adjust our manufacturing and supply chain accordingly; cyclicality
in the semiconductor industry or in our target markets; our
competitive performance and ability to continue achieving design
wins with our customers, as well as the timing of any design wins;
prolonged disruptions of our or our contract manufacturers'
manufacturing facilities or other significant operations; our
ability to improve our manufacturing efficiency and quality; our
dependence on outsourced service providers for certain key business
services and their ability to execute to our requirements; our
ability to maintain or improve gross margin; our ability to protect
our intellectual property and the unpredictability of any
associated litigation expenses; compatibility of our software
products with operating environments, platforms or third-party
products; our ability to enter into satisfactory software license
agreements; sales to our government clients; availability of third
party software used in our products; use of open source code
sources in our products; any expenses or reputational damage
associated with resolving customer product warranty and
indemnification claims; market acceptance of the end products into
which our products are designed; our ability to sell to new types
of customers and to keep pace with technological advances; our
compliance with privacy and data security laws; our ability to
protect against a breach of security systems; changes in accounting
standards; fluctuations in foreign exchange rates; our provision
for income taxes and overall cash tax costs, legislation that may
impact our overall cash tax costs and our ability to maintain tax
concessions in certain jurisdictions; and other events and trends
on a national, regional and global scale, including those of a
political, economic, business, competitive and regulatory
nature.
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:
Broadcom Inc.
Beatrice F. Russotto
Investor Relations
408-433-8000
investor.relations@broadcom.com
|
|
|
|
1 The
Company is not readily able to provide a reconciliation of the
projected non-GAAP financial information presented to the relevant
projected GAAP measure without unreasonable effort.
|
BROADCOM
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED
|
(IN MILLIONS,
EXCEPT PER SHARE DATA)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal
Quarter Ended
|
|
Fiscal Year
Ended
|
|
|
November
3,
|
|
August
4,
|
|
November
4,
|
|
November
3,
|
|
November
4,
|
|
|
2019
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenue
|
|
$
|
5,776
|
|
$
|
5,515
|
|
$
|
5,444
|
|
$
|
22,597
|
|
$
|
20,848
|
Cost of
revenue:
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
1,788
|
|
1,651
|
|
1,746
|
|
6,723
|
|
7,021
|
Purchase accounting
effect on inventory
|
|
-
|
|
-
|
|
-
|
|
-
|
|
70
|
Amortization of
acquisition-related intangible assets
|
|
827
|
|
828
|
|
762
|
|
3,314
|
|
3,004
|
Restructuring
charges
|
|
9
|
|
2
|
|
1
|
|
77
|
|
20
|
|
|
|
|
|
|
|
|
|
|
|
Total cost of
revenue
|
|
2,624
|
|
2,481
|
|
2,509
|
|
10,114
|
|
10,115
|
|
|
|
|
|
|
|
|
|
|
|
Gross
margin
|
|
3,152
|
|
3,034
|
|
2,935
|
|
12,483
|
|
10,733
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
1,177
|
|
1,235
|
|
948
|
|
4,696
|
|
3,768
|
Selling, general and
administrative
|
|
409
|
|
410
|
|
237
|
|
1,709
|
|
1,056
|
Amortization of
acquisition-related intangible assets
|
|
474
|
|
475
|
|
67
|
|
1,898
|
|
541
|
Restructuring,
impairment and disposal charges
|
|
38
|
|
49
|
|
17
|
|
736
|
|
219
|
Litigation
settlements
|
|
-
|
|
-
|
|
14
|
|
-
|
|
14
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
2,098
|
|
2,169
|
|
1,283
|
|
9,039
|
|
5,598
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
1,054
|
|
865
|
|
1,652
|
|
3,444
|
|
5,135
|
Interest
expense
|
|
(361)
|
|
(362)
|
|
(148)
|
|
(1,444)
|
|
(628)
|
Impairment on
investment
|
|
-
|
|
-
|
|
(106)
|
|
-
|
|
(106)
|
Other income,
net
|
|
54
|
|
41
|
|
24
|
|
226
|
|
144
|
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations before income taxes
|
|
747
|
|
544
|
|
1,422
|
|
2,226
|
|
4,545
|
Provision for
(benefit from) income taxes
|
|
(100)
|
|
(171)
|
|
307
|
|
(510)
|
|
(8,084)
|
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations
|
|
847
|
|
715
|
|
1,115
|
|
2,736
|
|
12,629
|
Loss from
discontinued operations, net of income taxes
|
|
-
|
|
-
|
|
-
|
|
(12)
|
|
(19)
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
847
|
|
715
|
|
1,115
|
|
2,724
|
|
12,610
|
Dividends on
preferred stock (1)
|
|
29
|
|
-
|
|
-
|
|
29
|
|
-
|
Net income
attributable to noncontrolling interest (2)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
351
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to
common stock
|
|
$
|
818
|
|
$
|
715
|
|
$
|
1,115
|
|
$
|
2,695
|
|
$
|
12,259
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic income per
share attributable to common stock:
|
|
|
|
|
|
|
|
|
|
|
Income per share from
continuing operations
|
|
$
2.06
|
|
$
|
1.80
|
|
$
|
2.71
|
|
$
|
6.80
|
|
$
|
29.37
|
Loss per share from
discontinued operations
|
|
-
|
|
-
|
|
-
|
|
(0.03)
|
|
(0.04)
|
Net income per
share
|
|
$
2.06
|
|
$
|
1.80
|
|
$
|
2.71
|
|
$
|
6.77
|
|
$
|
29.33
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income per
share attributable to common stock(3):
|
|
|
|
|
|
|
|
|
|
|
Income per share from
continuing operations
|
|
$
1.97
|
|
$
|
1.71
|
|
$
|
2.64
|
|
$
|
6.46
|
|
$
|
28.48
|
Loss per share from
discontinued operations
|
|
-
|
|
-
|
|
-
|
|
(0.03)
|
|
(0.04)
|
Net income per
share
|
|
$
1.97
|
|
$
|
1.71
|
|
$
|
2.64
|
|
$
|
6.43
|
|
$
|
28.44
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares used in per share calculations:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
397
|
|
398
|
|
412
|
|
398
|
|
418
|
Diluted
|
|
416
|
|
418
|
|
423
|
|
419
|
|
431
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense included in continuing operations:
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
$
41
|
|
$
|
47
|
|
$
|
23
|
|
$
|
163
|
|
$
|
86
|
Research and
development
|
|
394
|
|
456
|
|
225
|
|
1,532
|
|
855
|
Selling, general and
administrative
|
|
109
|
|
129
|
|
69
|
|
490
|
|
286
|
|
|
|
|
|
|
|
|
|
|
|
Total stock-based
compensation expense
|
|
$
544
|
|
$
|
632
|
|
$
|
317
|
|
$
|
2,185
|
|
$
|
1,227
|
|
(1) Net income
attributable to common stock excludes dividends on Mandatory
Convertible Preferred Stock issued during the fiscal quarter ended
November 3, 2019.
|
|
|
|
|
|
|
|
|
(2) In connection
with the redomiciliation to the United States on April 4, 2018, or
the Redomiciliation, all outstanding exchangeable limited
partnership units, or LP Units, in Broadcom Cayman L.P. were
exchanged for common stock of Broadcom on a one-for-one basis and
the noncontrolling interest, or NCI, was eliminated. Net income
attributable to NCI prior to the Redomiciliation represented
approximately 5% of net income attributable to LP Units.
|
|
|
|
|
|
|
|
|
(3) For the fiscal
quarter and fiscal year ended November 3, 2019, diluted income per
share excluded the potentially dilutive effect of Mandatory
Convertible Preferred Stock as the impact was antidilutive. For the
fiscal year ended November 4, 2018, diluted income per share
excluded the potentially dilutive effect of LP Units as the impact
was antidilutive. There were no LP Units outstanding during any of
fiscal year 2019 periods or the fiscal quarter ended November 4,
2018 due to the Redomiciliation.
|
BROADCOM
INC.
|
FINANCIAL
RECONCILIATION: GAAP TO NON-GAAP - UNAUDITED
|
(IN
MILLIONS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal
Quarter Ended
|
|
Fiscal Year
Ended
|
|
|
November
3,
|
|
August
4,
|
|
November
4,
|
|
November
3,
|
|
November
4,
|
|
|
2019
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue on GAAP
basis
|
|
$
|
5,776
|
|
$
|
5,515
|
|
$
|
5,444
|
|
$
|
22,597
|
|
$
|
20,848
|
Acquisition-related
purchase accounting revenue adjustment (1)
|
|
-
|
|
-
|
|
4
|
|
-
|
|
14
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue on
non-GAAP basis
|
|
$
|
5,776
|
|
$
|
5,515
|
|
$
|
5,448
|
|
$
|
22,597
|
|
$
|
20,862
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin on GAAP
basis
|
|
$
|
3,152
|
|
$
|
3,034
|
|
$
|
2,935
|
|
$
|
12,483
|
|
$
|
10,733
|
Acquisition-related
purchase accounting revenue adjustment (1)
|
|
-
|
|
-
|
|
4
|
|
-
|
|
14
|
Purchase accounting
effect on inventory
|
|
-
|
|
-
|
|
-
|
|
-
|
|
70
|
Amortization of
acquisition-related intangible assets
|
|
827
|
|
828
|
|
762
|
|
3,314
|
|
3,004
|
Stock-based
compensation expense
|
|
41
|
|
47
|
|
23
|
|
163
|
|
86
|
Restructuring
charges
|
|
9
|
|
2
|
|
1
|
|
77
|
|
20
|
Acquisition-related
costs
|
|
6
|
|
5
|
|
-
|
|
18
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin on
non-GAAP basis
|
|
$
|
4,035
|
|
$
|
3,916
|
|
$
|
3,725
|
|
$
|
16,055
|
|
$
|
13,931
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development on GAAP basis
|
|
$
|
1,177
|
|
$
|
1,235
|
|
$
|
948
|
|
$
|
4,696
|
|
$
|
3,768
|
Stock-based
compensation expense
|
|
394
|
|
456
|
|
225
|
|
1,532
|
|
855
|
Acquisition-related
costs
|
|
1
|
|
1
|
|
1
|
|
5
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development on non-GAAP basis
|
|
$
|
782
|
|
$
|
778
|
|
$
|
722
|
|
$
|
3,159
|
|
$
|
2,909
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expense on GAAP basis
|
|
$
|
409
|
|
$
|
410
|
|
$
|
237
|
|
$
|
1,709
|
|
$
|
1,056
|
Stock-based
compensation expense
|
|
109
|
|
129
|
|
69
|
|
490
|
|
286
|
Acquisition-related
costs
|
|
65
|
|
53
|
|
27
|
|
252
|
|
172
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expense on non-GAAP basis
|
|
$
|
235
|
|
$
|
228
|
|
$
|
141
|
|
$
|
967
|
|
$
|
598
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses on GAAP basis
|
|
$
|
2,098
|
|
$
|
2,169
|
|
$
|
1,283
|
|
$
|
9,039
|
|
$
|
5,598
|
Amortization of
acquisition-related intangible assets
|
|
474
|
|
475
|
|
67
|
|
1,898
|
|
541
|
Stock-based
compensation expense
|
|
503
|
|
585
|
|
294
|
|
2,022
|
|
1,141
|
Restructuring,
impairment and disposal charges
|
|
38
|
|
49
|
|
17
|
|
736
|
|
219
|
Litigation
settlements
|
|
-
|
|
-
|
|
14
|
|
-
|
|
14
|
Acquisition-related
costs
|
|
66
|
|
54
|
|
28
|
|
257
|
|
176
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses on non-GAAP basis
|
|
$
|
1,017
|
|
$
|
1,006
|
|
$
|
863
|
|
$
|
4,126
|
|
$
|
3,507
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income on
GAAP basis
|
|
$
|
1,054
|
|
$
|
865
|
|
$
|
1,652
|
|
$
|
3,444
|
|
$
|
5,135
|
Acquisition-related
purchase accounting revenue adjustment (1)
|
|
-
|
|
-
|
|
4
|
|
-
|
|
14
|
Purchase accounting
effect on inventory
|
|
-
|
|
-
|
|
-
|
|
-
|
|
70
|
Amortization of
acquisition-related intangible assets
|
|
1,301
|
|
1,303
|
|
829
|
|
5,212
|
|
3,545
|
Stock-based
compensation expense
|
|
544
|
|
632
|
|
317
|
|
2,185
|
|
1,227
|
Restructuring,
impairment and disposal charges
|
|
47
|
|
51
|
|
18
|
|
813
|
|
239
|
Litigation
settlements
|
|
-
|
|
-
|
|
14
|
|
-
|
|
14
|
Acquisition-related
costs
|
|
72
|
|
59
|
|
28
|
|
275
|
|
180
|
|
|
|
|
|
|
|
|
|
|
|
Operating income on
non-GAAP basis
|
|
$
|
3,018
|
|
$
|
2,910
|
|
$
|
2,862
|
|
$
|
11,929
|
|
$
|
10,424
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense on
GAAP basis
|
|
$
|
(361)
|
|
$
|
(362)
|
|
$
|
(148)
|
|
$
|
(1,444)
|
|
$
|
(628)
|
Debt-related
costs
|
|
26
|
|
2
|
|
-
|
|
54
|
|
32
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense on
non-GAAP basis
|
|
$
|
(335)
|
|
$
|
(360)
|
|
$
|
(148)
|
|
$
|
(1,390)
|
|
$
|
(596)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income, net on
GAAP basis
|
|
$
|
54
|
|
$
|
41
|
|
$
|
24
|
|
$
|
226
|
|
$
|
144
|
Gains on
investments
|
|
(50)
|
|
(28)
|
|
-
|
|
(145)
|
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
Other income, net on
non-GAAP basis
|
|
$
|
4
|
|
$
|
13
|
|
$
|
24
|
|
$
|
81
|
|
$
|
141
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations before income taxes on GAAP basis
|
|
$
|
747
|
|
$
|
544
|
|
$
|
1,422
|
|
$
|
2,226
|
|
$
|
4,545
|
Acquisition-related
purchase accounting revenue adjustment (1)
|
|
-
|
|
-
|
|
4
|
|
-
|
|
14
|
Purchase accounting
effect on inventory
|
|
-
|
|
-
|
|
-
|
|
-
|
|
70
|
Amortization of
acquisition-related intangible assets
|
|
1,301
|
|
1,303
|
|
829
|
|
5,212
|
|
3,545
|
Stock-based
compensation expense
|
|
544
|
|
632
|
|
317
|
|
2,185
|
|
1,227
|
Restructuring,
impairment and disposal charges
|
|
47
|
|
51
|
|
18
|
|
813
|
|
239
|
Litigation
settlements
|
|
-
|
|
-
|
|
14
|
|
-
|
|
14
|
Acquisition-related
costs
|
|
72
|
|
59
|
|
28
|
|
275
|
|
180
|
Impairment on
investment
|
|
-
|
|
-
|
|
106
|
|
-
|
|
106
|
Debt-related
costs
|
|
26
|
|
2
|
|
-
|
|
54
|
|
32
|
Gains on
investments
|
|
(50)
|
|
(28)
|
|
-
|
|
(145)
|
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes on non-GAAP basis
|
|
$
|
2,687
|
|
$
|
2,563
|
|
$
|
2,738
|
|
$
|
10,620
|
|
$
|
9,969
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for
(benefit from) income taxes on GAAP basis
|
|
$
|
(100)
|
|
$
|
(171)
|
|
$
|
307
|
|
$
|
(510)
|
|
$
|
(8,084)
|
Non-GAAP tax
reconciling adjustments
|
|
396
|
|
453
|
|
(115)
|
|
1,678
|
|
8,662
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes on non-GAAP basis
|
|
$
|
296
|
|
$
|
282
|
|
$
|
192
|
|
$
|
1,168
|
|
$
|
578
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income on GAAP
basis
|
|
$
|
847
|
|
$
|
715
|
|
$
|
1,115
|
|
$
|
2,724
|
|
$
|
12,610
|
Acquisition-related
purchase accounting revenue adjustment (1)
|
|
-
|
|
-
|
|
4
|
|
-
|
|
14
|
Purchase accounting
effect on inventory
|
|
-
|
|
-
|
|
-
|
|
-
|
|
70
|
Amortization of
acquisition-related intangible assets
|
|
1,301
|
|
1,303
|
|
829
|
|
5,212
|
|
3,545
|
Stock-based
compensation expense
|
|
544
|
|
632
|
|
317
|
|
2,185
|
|
1,227
|
Restructuring,
impairment and disposal charges
|
|
47
|
|
51
|
|
18
|
|
813
|
|
239
|
Litigation
settlements
|
|
-
|
|
-
|
|
14
|
|
-
|
|
14
|
Acquisition-related
costs
|
|
72
|
|
59
|
|
28
|
|
275
|
|
180
|
Impairment on
investment
|
|
-
|
|
-
|
|
106
|
|
-
|
|
106
|
Debt-related
costs
|
|
26
|
|
2
|
|
-
|
|
54
|
|
32
|
Gains on
investments
|
|
(50)
|
|
(28)
|
|
-
|
|
(145)
|
|
(3)
|
Non-GAAP tax
reconciling adjustments
|
|
(396)
|
|
(453)
|
|
115
|
|
(1,678)
|
|
(8,662)
|
Discontinued
operations, net of income taxes
|
|
-
|
|
-
|
|
-
|
|
12
|
|
19
|
|
|
|
|
|
|
|
|
|
|
|
Net income on
non-GAAP basis
|
|
$
|
2,391
|
|
$
|
2,281
|
|
$
|
2,546
|
|
$
|
9,452
|
|
$
|
9,391
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares used in per share calculations - diluted on GAAP
basis
|
|
416
|
|
418
|
|
423
|
|
419
|
|
431
|
Non-GAAP adjustment
(2)
|
|
28
|
|
24
|
|
12
|
|
25
|
|
20
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares used in per share calculations - diluted on non-GAAP
basis
|
|
444
|
|
442
|
|
435
|
|
444
|
|
451
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income on
non-GAAP basis
|
|
$
|
2,391
|
|
$
|
2,281
|
|
$
|
2,546
|
|
$
|
9,452
|
|
$
|
9,391
|
Interest expense on
non-GAAP basis
|
|
335
|
|
360
|
|
148
|
|
1,390
|
|
596
|
Provision for income
taxes on non-GAAP basis
|
|
296
|
|
282
|
|
192
|
|
1,168
|
|
578
|
Depreciation
|
|
143
|
|
141
|
|
132
|
|
569
|
|
515
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
3,165
|
|
$
|
3,064
|
|
$
|
3,018
|
|
$
|
12,579
|
|
$
|
11,080
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
$
|
2,479
|
|
$
|
2,419
|
|
$
|
2,635
|
|
$
|
9,697
|
|
$
|
8,880
|
Purchases of
property, plant and equipment
|
|
(96)
|
|
(112)
|
|
(106)
|
|
(432)
|
|
(635)
|
|
|
|
|
|
|
|
|
|
|
|
Free cash
flow
|
|
$
|
2,383
|
|
$
|
2,307
|
|
$
|
2,529
|
|
$
|
9,265
|
|
$
|
8,245
|
|
|
|
|
|
|
|
|
|
|
|
(1) Amounts represent
licensing revenue not included in GAAP net revenue as a result of
the effect of purchase accounting for acquisitions.
|
|
|
|
|
|
|
|
|
(2) 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 and fiscal year ended November
3, 2019, non-GAAP adjustment included the impact of Mandatory
Convertible Preferred Stock that was antidilutive on a GAAP basis.
For the fiscal year ended November 3, 2018, non-GAAP adjustment
included the impact of LP Units that were antidilutive on a GAAP
basis.
|
BROADCOM
INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS - UNAUDITED
|
(IN
MILLIONS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November
3,
|
|
November
4,
|
|
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
5,055
|
|
$
|
4,292
|
|
Trade accounts
receivable, net
|
|
3,259
|
|
3,325
|
|
Inventory
|
|
874
|
|
1,124
|
|
Other current
assets
|
|
729
|
|
366
|
|
|
|
|
|
|
|
Total current
assets
|
|
9,917
|
|
9,107
|
|
|
|
|
|
|
|
Long-term
assets:
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
2,565
|
|
2,635
|
|
Goodwill
|
|
36,714
|
|
26,913
|
|
Intangible assets,
net
|
|
17,554
|
|
10,762
|
|
Other long-term
assets
|
|
743
|
|
707
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
67,493
|
|
$
|
50,124
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable
|
|
$
|
855
|
|
$
|
811
|
|
Employee compensation
and benefits
|
|
641
|
|
715
|
|
Current portion of
long-term debt
|
|
2,787
|
|
-
|
|
Other current
liabilities
|
|
2,616
|
|
812
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
6,899
|
|
2,338
|
|
|
|
|
|
|
|
Long-term
liabilities:
|
|
|
|
|
|
Long-term
debt
|
|
30,011
|
|
17,493
|
|
Other long-term
liabilities
|
|
5,613
|
|
3,636
|
|
|
|
|
|
|
|
Total
liabilities
|
|
42,523
|
|
23,467
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock
dividend obligation
|
|
29
|
|
-
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
Preferred
stock
|
|
-
|
|
-
|
|
Common
stock
|
|
-
|
|
-
|
|
Additional paid-in
capital
|
|
25,081
|
|
23,285
|
|
Retained
earnings
|
|
-
|
|
3,487
|
|
Accumulated other
comprehensive loss
|
|
(140)
|
|
(115)
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
|
24,941
|
|
26,657
|
|
|
|
|
|
|
|
Total
liabilities and equity
|
|
$
|
67,493
|
|
$
|
50,124
|
|
|
|
|
|
|
|
BROADCOM
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED
|
(IN
MILLIONS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal
Quarter Ended
|
|
Fiscal Year
Ended
|
|
|
November
3,
|
|
August
4,
|
|
November
4,
|
|
November
3,
|
|
November
4,
|
|
|
2019
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
847
|
|
$
|
715
|
|
$
|
1,115
|
|
$
|
2,724
|
|
$
|
12,610
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
Amortization of
intangible assets
|
|
1,309
|
|
1,309
|
|
836
|
|
5,239
|
|
3,566
|
Depreciation
|
|
143
|
|
141
|
|
132
|
|
569
|
|
515
|
Stock-based
compensation
|
|
544
|
|
632
|
|
317
|
|
2,185
|
|
1,227
|
Deferred taxes and
other non-cash taxes
|
|
(226)
|
|
(235)
|
|
242
|
|
(934)
|
|
(8,270)
|
Impairment on
investment
|
|
-
|
|
-
|
|
106
|
|
-
|
|
106
|
Non-cash
restructuring, impairment and disposal charges
|
|
20
|
|
15
|
|
8
|
|
133
|
|
21
|
Non-cash interest
expense
|
|
40
|
|
23
|
|
6
|
|
90
|
|
24
|
Other
|
|
(44)
|
|
(21)
|
|
15
|
|
(125)
|
|
37
|
Changes in assets and
liabilities, net of acquisitions and disposals:
|
|
|
|
|
|
|
|
|
|
|
Trade accounts
receivable, net
|
|
285
|
|
(60)
|
|
(312)
|
|
486
|
|
(652)
|
Inventory
|
|
217
|
|
(57)
|
|
92
|
|
250
|
|
417
|
Accounts
payable
|
|
(147)
|
|
244
|
|
28
|
|
(42)
|
|
(325)
|
Employee
compensation and benefits
|
|
66
|
|
104
|
|
93
|
|
(294)
|
|
6
|
Contributions
to defined benefit pension plans
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(130)
|
Other current
assets and current liabilities
|
|
(398)
|
|
(354)
|
|
163
|
|
(283)
|
|
369
|
Other
long-term assets and long-term liabilities
|
|
(177)
|
|
(37)
|
|
(206)
|
|
(301)
|
|
(641)
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided
by operating activities
|
|
2,479
|
|
2,419
|
|
2,635
|
|
9,697
|
|
8,880
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
Acquisitions of
businesses, net of cash acquired
|
|
-
|
|
(6)
|
|
(7)
|
|
(16,033)
|
|
(4,800)
|
Business sale
proceeds (repayments)
|
|
-
|
|
-
|
|
(9)
|
|
957
|
|
773
|
Purchases of
property, plant and equipment
|
|
(96)
|
|
(112)
|
|
(106)
|
|
(432)
|
|
(635)
|
Proceeds from
disposals of property, plant and equipment
|
|
6
|
|
82
|
|
1
|
|
88
|
|
239
|
Purchases of
investments
|
|
-
|
|
-
|
|
-
|
|
(5)
|
|
(249)
|
Proceeds from sales
of investments
|
|
-
|
|
2
|
|
-
|
|
5
|
|
54
|
Other
|
|
2
|
|
(1)
|
|
3
|
|
(2)
|
|
(56)
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
investing activities
|
|
(88)
|
|
(35)
|
|
(118)
|
|
(15,422)
|
|
(4,674)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
Proceeds from
long-term borrowings
|
|
-
|
|
-
|
|
-
|
|
28,793
|
|
-
|
Repayment of
debt
|
|
(4,800)
|
|
-
|
|
(117)
|
|
(16,800)
|
|
(973)
|
Other borrowings,
net
|
|
(104)
|
|
(230)
|
|
-
|
|
1,241
|
|
-
|
Dividend and
distribution payments
|
|
(1,054)
|
|
(1,057)
|
|
(723)
|
|
(4,235)
|
|
(2,998)
|
Repurchases of common
stock - repurchase program
|
|
(433)
|
|
(736)
|
|
(1,533)
|
|
(5,435)
|
|
(7,258)
|
Shares repurchased
for tax withholdings on vesting of equity awards
|
|
(154)
|
|
(241)
|
|
(21)
|
|
(972)
|
|
(56)
|
Issuance of preferred
stock, net
|
|
3,679
|
|
-
|
|
-
|
|
3,679
|
|
-
|
Issuance of common
stock
|
|
59
|
|
11
|
|
59
|
|
253
|
|
212
|
Other
|
|
9
|
|
3
|
|
(26)
|
|
(36)
|
|
(45)
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided
by (used in) financing activities
|
|
(2,798)
|
|
(2,250)
|
|
(2,361)
|
|
6,488
|
|
(11,118)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash
and cash equivalents
|
|
(407)
|
|
134
|
|
156
|
|
763
|
|
(6,912)
|
Cash and cash
equivalents at the beginning of period
|
|
5,462
|
|
5,328
|
|
4,136
|
|
4,292
|
|
11,204
|
Cash and cash
equivalents at end of period
|
|
$
|
5,055
|
|
$
|
5,462
|
|
$
|
4,292
|
|
$
|
5,055
|
|
$
|
4,292
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of cash flow information:
|
|
|
|
|
|
|
|
|
|
|
Cash paid for
interest
|
|
$
|
307
|
|
$
|
368
|
|
$
|
2
|
|
$
|
1,287
|
|
$
|
547
|
Cash paid for income
taxes
|
|
$
|
123
|
|
$
|
98
|
|
$
|
189
|
|
$
|
741
|
|
$
|
512
|
View original
content:http://www.prnewswire.com/news-releases/broadcom-inc-announces-fourth-quarter-and-fiscal-year-2019-financial-results-and-quarterly-dividends-300974326.html
SOURCE Broadcom Inc.