- Cash from operations of $4,583
million for the fourth quarter, less capital expenditures of
$122 million, resulted in
$4,461 million of free cash flow, or
50 percent of revenue
- Quarterly common stock dividend increased by 12 percent to
$4.60 from the prior quarter
- Revenue of $8,930 million for
the fourth quarter, up 21 percent from the prior year
period
- GAAP net income of $3,359
million for the fourth quarter; Adjusted EBITDA of
$5,722 million for the fourth
quarter
- GAAP diluted EPS of $7.83 for
the fourth quarter; Non-GAAP diluted EPS of $10.45 for the fourth quarter
- First quarter revenue guidance of approximately $8.9 billion, an increase of 16 percent from the
prior year period
- First quarter Adjusted EBITDA guidance of approximately 63
percent of projected revenue
(1)
SAN
JOSE, Calif., Dec. 8, 2022
/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 quarter and fiscal year ended October 30, 2022, provided guidance for the first
quarter of its fiscal year 2023 and announced its quarterly
dividend.
"Broadcom's fiscal year 2022 revenue grew 21% year-over-year to
a record $33.2 billion, as a result
of strong demand from hyperscale, service providers, and
enterprise," said Hock Tan, President and CEO of Broadcom Inc.
"This growth was driven by our strong partnerships with customers
and accelerated adoption of our next generation technologies. As we
look into fiscal 2023, our increased R&D investments during the
preceding years position us to extend our leadership in next
generation products within the end markets we address."
"In fiscal 2022 we achieved record adjusted EBITDA margin of
63%, generating $16.3 billion in free
cash flow or 49% of revenue, demonstrating our stable and focused
business model," said Kirsten
Spears, CFO of Broadcom Inc. "Consistent with our commitment
to return cash to shareholders, we will resume our authorized share
repurchase programs for the remaining $13
billion, and we are increasing our quarterly common stock
dividend by 12 percent to $4.60 per
share for fiscal year 2023. The target fiscal 2023 annual common
stock dividend of $18.40 per share is
a record, and the twelfth consecutive increase in annual dividends
since we initiated dividends in fiscal 2011."
Fourth Quarter Fiscal Year 2022 Financial
Highlights
|
|
|
|
|
GAAP
|
|
Non-GAAP
|
(Dollars in millions,
except per share data)
|
|
|
|
|
Q4 22
|
|
Q4 21
|
|
Change
|
|
Q4 22
|
|
Q4 21
|
|
Change
|
Net revenue
|
|
|
|
|
$
|
8,930
|
|
$
|
7,407
|
|
|
+21
|
%
|
|
$
|
8,930
|
|
$
|
7,407
|
|
|
+21
|
%
|
Net income
|
|
|
|
|
$
|
3,359
|
|
$
|
1,989
|
|
+$
|
1,370
|
|
|
$
|
4,544
|
|
$
|
3,501
|
|
+$
|
1,043
|
|
Earnings per common
share - diluted
|
|
|
|
|
$
|
7.83
|
|
$
|
4.45
|
|
+$
|
3.38
|
|
|
$
|
10.45
|
|
$
|
7.81
|
|
+$
|
2.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 22
|
|
Q4 21
|
|
Change
|
Cash flow from
operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,583
|
|
$
|
3,541
|
|
+$
|
1,042
|
Adjusted
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,722
|
|
$
|
4,547
|
|
+$
|
1,175
|
Free cash
flow
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,461
|
|
$
|
3,453
|
|
+$
|
1,008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue by
segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 22
|
|
Q4 21
|
|
Change
|
|
Semiconductor
solutions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
7,092
|
|
79
|
%
|
|
$
|
5,634
|
|
76
|
%
|
|
|
+26
|
%
|
|
|
Infrastructure
software
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,838
|
|
21
|
|
|
|
1,773
|
|
24
|
|
|
|
+4
|
%
|
|
|
Total net
revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
8,930
|
|
100
|
%
|
|
$
|
7,407
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company's cash and cash equivalents at the end of the fiscal
quarter were $12,416 million,
compared to $9,977 million at the end
of the prior quarter.
During the fourth fiscal quarter, the Company generated
$4,583 million in cash from
operations and spent $122 million on
capital expenditures.
On September 30, 2022, the Company
paid a cash dividend of $4.10 per
share of common stock, totaling $1,707
million and a cash dividend of $20.00 per share of mandatory convertible
preferred stock, totaling $75
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 2022 Financial Highlights
|
|
|
|
|
GAAP
|
|
Non-GAAP
|
(Dollars in millions,
except per share data)
|
|
|
|
|
FY 22
|
|
FY 21
|
|
Change
|
|
FY 22
|
|
FY 21
|
|
Change
|
Net revenue
|
|
|
|
|
$
|
33,203
|
|
$
|
27,450
|
|
|
+21
|
%
|
|
$
|
33,203
|
|
$
|
27,450
|
|
|
+21
|
%
|
Net income
|
|
|
|
|
$
|
11,495
|
|
$
|
6,736
|
|
+$
|
4,759
|
|
|
$
|
16,526
|
|
$
|
12,578
|
|
+$
|
3,948
|
|
Earnings per common
share - diluted
|
|
|
|
|
$
|
26.53
|
|
$
|
15.00
|
|
+$
|
11.53
|
|
|
$
|
37.64
|
|
$
|
28.01
|
|
+$
|
9.63
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY 22
|
|
|
FY 21
|
|
Change
|
Cash flow from
operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
16,736
|
|
$
|
13,764
|
|
+$
|
2,972
|
Adjusted
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
21,029
|
|
$
|
16,571
|
|
+$
|
4,458
|
Free cash
flow
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
16,312
|
|
$
|
13,321
|
|
+$
|
2,991
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue by
segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY 22
|
|
FY 21
|
|
Change
|
|
Semiconductor
solutions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
25,818
|
|
78
|
%
|
|
$
|
20,383
|
|
74
|
%
|
|
|
+27
|
%
|
|
Infrastructure
software
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,385
|
|
22
|
|
|
|
7,067
|
|
26
|
|
|
|
+4
|
%
|
|
Total net
revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
33,203
|
|
100
|
%
|
|
$
|
27,450
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter Fiscal Year 2023 Business Outlook
Based on current business trends and conditions, the outlook for
the first quarter of fiscal year 2023, ending January 29, 2023, is expected to be as
follows:
- First quarter revenue guidance of approximately $8.9 billion; and
- First quarter Adjusted EBITDA guidance of approximately 63
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 on its common stock of $4.60
per share. The common stock dividend is payable on December 30, 2022 to common stockholders of
record at the close of business (5:00 p.m.
Eastern Time) on December 20,
2022.
Financial Results Conference Call
Broadcom Inc. will host a conference call to review its
financial results for the fourth quarter and fiscal year 2022 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/BI3bd5e222a5a94efa94293a14af6ff35a.
Upon registering, you will be emailed a link to the dial-in number
and unique PIN.
Replay: An audio replay of the conference call can
be accessed for one year through the Investors section of
Broadcom's website at https://investors.broadcom.com/.
Non-GAAP Financial Measures
The non-GAAP measures should not be considered as a substitute
for, or superior to, measures of financial performance prepared in
accordance with GAAP. A reconciliation between GAAP and non-GAAP
financial data is included in the supplemental financial data
attached to this press release. Broadcom believes non-GAAP
financial information provides additional insight into the
Company's on-going performance. Therefore, Broadcom provides this
information to investors for a more consistent basis of comparison
and to help them evaluate the results of the Company's on-going
operations and enable more meaningful period to period
comparisons.
In addition to GAAP reporting, Broadcom provides
investors with net income, operating income, gross margin,
operating expenses, cash flow and other data on a non-GAAP basis.
This non-GAAP information excludes amortization of
acquisition-related intangible assets, stock-based compensation
expense, restructuring, impairment and disposal charges,
acquisition-related costs, including integration costs, purchase
accounting effect on inventory, litigation settlements, loss on
debt extinguishment, gains (losses) on investments, income (loss)
from discontinued operations, 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 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 https://www.broadcom.com.
Cautionary Note Regarding Forward-Looking Statements
This announcement contains forward-looking statements (including
within the meaning of Section 21E of the United States Securities
Exchange Act of 1934, as amended, and Section 27A of the United
States Securities Act of 1933, as amended) concerning Broadcom.
These statements include, but are not limited to, statements that
address our expected future business and financial performance, our
plans and expectations with regard to our share repurchases, and
other statements identified by words such as "will," "expect,"
"believe," "anticipate," "estimate," "should," "intend," "plan,"
"potential," "predict," "project," "aim," and similar words,
phrases or expressions. These forward-looking statements are based
on current expectations and beliefs of 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: global economic conditions
and concerns; 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;
government regulations and administrative proceedings, trade
restrictions and trade tensions; global political and economic
conditions; our significant indebtedness and the need to generate
sufficient cash flows to service and repay such debt; the amount
and frequency of our share repurchase programs; the COVID-19
pandemic; 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; failing to
complete or realize the expected benefits of our acquisition of
VMware, Inc.; any acquisitions we may make, including our
acquisition of VMware, such as delays, challenges and expenses
associated with receiving governmental and regulatory approvals and
satisfying other closing conditions, and with integrating acquired
businesses with our existing businesses and our ability to achieve
the benefits, growth prospects and synergies expected by such
acquisitions; involvement in legal proceedings; quarterly and
annual fluctuations in operating results; our ability to accurately
estimate customers' demand and adjust our manufacturing and supply
chain accordingly; 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, warehouses 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 protect
against cyber security threats and a breach of security systems;
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; 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; 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. Many of the foregoing risks and uncertainties
are, and may continue to be, exacerbated by the COVID-19 pandemic.
We are not obligated to repurchase any specific amount of shares of
common stock, and the stock repurchase programs may be suspended or
terminated at any time.
Our filings with the SEC, which you may obtain for free at the
SEC's website at http://www.sec.gov, discuss some of the important
risk factors that may affect our business, results of operations
and financial condition. Actual results may vary from the estimates
provided. We undertake no intent or obligation to publicly update
or revise any of the estimates and other forward-looking statements
made in this announcement, whether as a result of new information,
future events or otherwise, except as required by law.
Contact:
Ji Yoo
Broadcom Inc.
Investor Relations
408-433-8000
investor.relations@broadcom.com
(AVGO-Q)
|
(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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BROADCOM
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED
|
(IN MILLIONS, EXCEPT
PER SHARE DATA)
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Quarter
Ended
|
|
Fiscal Year
Ended
|
|
|
|
|
|
|
October
30,
|
|
July
31,
|
|
October
31,
|
|
October
30,
|
|
October
31,
|
|
|
|
|
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|
2022
|
|
2022
|
|
2021
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|
2022
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|
2021
|
|
|
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|
|
|
|
|
|
|
|
|
|
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|
|
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Net revenue
|
|
|
|
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|
$
|
8,930
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|
$
|
8,464
|
|
$
|
7,407
|
|
$
|
33,203
|
|
$
|
27,450
|
Cost of
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Cost of
revenue
|
|
|
|
|
|
|
2,298
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|
|
2,077
|
|
|
1,920
|
|
|
8,256
|
|
|
7,162
|
Amortization of
acquisition-related intangible assets
|
|
|
|
|
|
|
705
|
|
|
705
|
|
|
849
|
|
|
2,847
|
|
|
3,427
|
Restructuring
charges
|
|
|
|
|
|
|
1
|
|
|
1
|
|
|
-
|
|
|
5
|
|
|
17
|
Total cost of
revenue
|
|
|
|
|
|
|
3,004
|
|
|
2,783
|
|
|
2,769
|
|
|
11,108
|
|
|
10,606
|
Gross margin
|
|
|
|
|
|
|
5,926
|
|
|
5,681
|
|
|
4,638
|
|
|
22,095
|
|
|
16,844
|
Research and
development
|
|
|
|
|
|
|
1,197
|
|
|
1,255
|
|
|
1,200
|
|
|
4,919
|
|
|
4,854
|
Selling, general and
administrative
|
|
|
|
|
|
|
370
|
|
|
323
|
|
|
337
|
|
|
1,382
|
|
|
1,347
|
Amortization of
acquisition-related intangible assets
|
|
|
|
|
|
|
358
|
|
|
359
|
|
|
494
|
|
|
1,512
|
|
|
1,976
|
Restructuring,
impairment and disposal charges
|
|
|
|
|
|
|
15
|
|
|
7
|
|
|
26
|
|
|
57
|
|
|
148
|
Total operating
expenses
|
|
|
|
|
|
|
1,940
|
|
|
1,944
|
|
|
2,057
|
|
|
7,870
|
|
|
8,325
|
Operating
income
|
|
|
|
|
|
|
3,986
|
|
|
3,737
|
|
|
2,581
|
|
|
14,225
|
|
|
8,519
|
Interest
expense
|
|
|
|
|
|
|
(406)
|
|
|
(406)
|
|
|
(434)
|
|
|
(1,737)
|
|
|
(1,885)
|
Other income (expense),
net
|
|
|
|
|
|
|
40
|
|
|
6
|
|
|
22
|
|
|
(54)
|
|
|
131
|
Income before income
taxes
|
|
|
|
|
|
|
3,620
|
|
|
3,337
|
|
|
2,169
|
|
|
12,434
|
|
|
6,765
|
Provision for income
taxes
|
|
|
|
|
|
|
261
|
|
|
263
|
|
|
180
|
|
|
939
|
|
|
29
|
Net income
|
|
|
|
|
|
|
3,359
|
|
|
3,074
|
|
|
1,989
|
|
|
11,495
|
|
|
6,736
|
Dividends on preferred
stock
|
|
|
|
|
|
|
(48)
|
|
|
(75)
|
|
|
(75)
|
|
|
(272)
|
|
|
(299)
|
Net income attributable
to common stock
|
|
|
|
|
|
$
|
3,311
|
|
$
|
2,999
|
|
$
|
1,914
|
|
$
|
11,223
|
|
$
|
6,437
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
Net income per share
attributable to common stock:
|
|
|
|
|
|
|
|
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Basic
|
|
|
|
|
|
$
|
8.06
|
|
$
|
7.40
|
|
$
|
4.65
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|
$
|
27.44
|
|
$
|
15.70
|
Diluted
(1)
|
|
|
|
|
|
$
|
7.83
|
|
$
|
7.15
|
|
$
|
4.45
|
|
$
|
26.53
|
|
$
|
15.00
|
|
|
|
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|
Weighted-average shares
used in per share calculations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
Basic
|
|
|
|
|
|
|
411
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|
|
405
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|
|
412
|
|
|
409
|
|
|
410
|
Diluted
(1)
|
|
|
|
|
|
|
429
|
|
|
430
|
|
|
430
|
|
|
423
|
|
|
429
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|
|
|
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|
|
|
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|
|
|
|
|
|
|
|
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|
|
Stock-based
compensation expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
|
|
|
$
|
38
|
|
$
|
37
|
|
$
|
37
|
|
$
|
147
|
|
$
|
143
|
Research and
development
|
|
|
|
|
|
|
260
|
|
|
259
|
|
|
279
|
|
|
1,048
|
|
|
1,199
|
Selling, general and
administrative
|
|
|
|
|
|
|
89
|
|
|
77
|
|
|
98
|
|
|
338
|
|
|
362
|
Total stock-based
compensation expense
|
|
|
|
|
|
$
|
387
|
|
$
|
373
|
|
$
|
414
|
|
$
|
1,533
|
|
$
|
1,704
|
|
(1) Excludes the
potentially dilutive effect of Mandatory Convertible Preferred
Stock as the impact was antidilutive for the fiscal
quarter
ended October 31, 2021,
and for the fiscal years ended October 30, 2022 and October 31,
2021.
|
BROADCOM
INC.
|
FINANCIAL
RECONCILIATION: GAAP TO NON-GAAP - UNAUDITED
|
(IN
MILLIONS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Quarter
Ended
|
|
Fiscal Year
Ended
|
|
|
October
30,
|
|
July
31,
|
|
October
31,
|
|
October
30,
|
|
October
31,
|
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin on GAAP
basis
|
|
$
|
5,926
|
|
$
|
5,681
|
|
$
|
4,638
|
|
$
|
22,095
|
|
$
|
16,844
|
Amortization of
acquisition-related intangible assets
|
|
|
705
|
|
|
705
|
|
|
849
|
|
|
2,847
|
|
|
3,427
|
Stock-based
compensation expense
|
|
|
38
|
|
|
37
|
|
|
37
|
|
|
147
|
|
|
143
|
Restructuring
charges
|
|
|
1
|
|
|
1
|
|
|
-
|
|
|
5
|
|
|
17
|
Acquisition-related
costs
|
|
|
3
|
|
|
3
|
|
|
3
|
|
|
13
|
|
|
12
|
Gross margin on
non-GAAP basis
|
|
$
|
6,673
|
|
$
|
6,427
|
|
$
|
5,527
|
|
$
|
25,107
|
|
$
|
20,443
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development on GAAP basis
|
|
$
|
1,197
|
|
$
|
1,255
|
|
$
|
1,200
|
|
$
|
4,919
|
|
$
|
4,854
|
Stock-based
compensation expense
|
|
|
260
|
|
|
259
|
|
|
279
|
|
|
1,048
|
|
|
1,199
|
Acquisition-related
costs
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
3
|
Research and
development on non-GAAP basis
|
|
$
|
937
|
|
$
|
996
|
|
$
|
921
|
|
$
|
3,871
|
|
$
|
3,652
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expense on GAAP basis
|
|
$
|
370
|
|
$
|
323
|
|
$
|
337
|
|
$
|
1,382
|
|
$
|
1,347
|
Stock-based
compensation expense
|
|
|
89
|
|
|
77
|
|
|
98
|
|
|
338
|
|
|
362
|
Acquisition-related
costs
|
|
|
45
|
|
|
14
|
|
|
17
|
|
|
102
|
|
|
105
|
Litigation
settlements
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1
|
Selling, general and
administrative expense on non-GAAP basis
|
|
$
|
236
|
|
$
|
232
|
|
$
|
222
|
|
$
|
942
|
|
$
|
879
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses on GAAP basis
|
|
$
|
1,940
|
|
$
|
1,944
|
|
$
|
2,057
|
|
$
|
7,870
|
|
$
|
8,325
|
Amortization of
acquisition-related intangible assets
|
|
|
358
|
|
|
359
|
|
|
494
|
|
|
1,512
|
|
|
1,976
|
Stock-based
compensation expense
|
|
|
349
|
|
|
336
|
|
|
377
|
|
|
1,386
|
|
|
1,561
|
Restructuring,
impairment and disposal charges
|
|
|
15
|
|
|
7
|
|
|
26
|
|
|
57
|
|
|
148
|
Litigation
settlements
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1
|
Acquisition-related
costs
|
|
|
45
|
|
|
14
|
|
|
17
|
|
|
102
|
|
|
108
|
Total operating
expenses on non-GAAP basis
|
|
$
|
1,173
|
|
$
|
1,228
|
|
$
|
1,143
|
|
$
|
4,813
|
|
$
|
4,531
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income on
GAAP basis
|
|
$
|
3,986
|
|
$
|
3,737
|
|
$
|
2,581
|
|
$
|
14,225
|
|
$
|
8,519
|
Amortization of
acquisition-related intangible assets
|
|
|
1,063
|
|
|
1,064
|
|
|
1,343
|
|
|
4,359
|
|
|
5,403
|
Stock-based
compensation expense
|
|
|
387
|
|
|
373
|
|
|
414
|
|
|
1,533
|
|
|
1,704
|
Restructuring,
impairment and disposal charges
|
|
|
16
|
|
|
8
|
|
|
26
|
|
|
62
|
|
|
165
|
Litigation
settlements
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1
|
Acquisition-related
costs
|
|
|
48
|
|
|
17
|
|
|
20
|
|
|
115
|
|
|
120
|
Operating income on
non-GAAP basis
|
|
$
|
5,500
|
|
$
|
5,199
|
|
$
|
4,384
|
|
$
|
20,294
|
|
$
|
15,912
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense on
GAAP basis
|
|
$
|
(406)
|
|
$
|
(406)
|
|
$
|
(434)
|
|
$
|
(1,737)
|
|
$
|
(1,885)
|
Loss on debt
extinguishment
|
|
|
-
|
|
|
-
|
|
|
23
|
|
|
112
|
|
|
245
|
Interest expense on
non-GAAP basis
|
|
$
|
(406)
|
|
$
|
(406)
|
|
$
|
(411)
|
|
$
|
(1,625)
|
|
$
|
(1,640)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense),
net on GAAP basis
|
|
$
|
40
|
|
$
|
6
|
|
$
|
22
|
|
$
|
(54)
|
|
$
|
131
|
(Gains) losses on
investments
|
|
|
29
|
|
|
25
|
|
|
(9)
|
|
|
169
|
|
|
(99)
|
Other
|
|
|
-
|
|
|
(5)
|
|
|
(8)
|
|
|
(5)
|
|
|
(11)
|
Other income, net on
non-GAAP basis
|
|
$
|
69
|
|
$
|
26
|
|
$
|
5
|
|
$
|
110
|
|
$
|
21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes on GAAP basis
|
|
$
|
261
|
|
$
|
263
|
|
$
|
180
|
|
$
|
939
|
|
$
|
29
|
Non-GAAP tax
reconciling adjustments
|
|
|
358
|
|
|
315
|
|
|
297
|
|
|
1,314
|
|
|
1,686
|
Provision for income
taxes on non-GAAP basis
|
|
$
|
619
|
|
$
|
578
|
|
$
|
477
|
|
$
|
2,253
|
|
$
|
1,715
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income on GAAP
basis
|
|
$
|
3,359
|
|
$
|
3,074
|
|
$
|
1,989
|
|
$
|
11,495
|
|
$
|
6,736
|
Amortization of
acquisition-related intangible assets
|
|
|
1,063
|
|
|
1,064
|
|
|
1,343
|
|
|
4,359
|
|
|
5,403
|
Stock-based
compensation expense
|
|
|
387
|
|
|
373
|
|
|
414
|
|
|
1,533
|
|
|
1,704
|
Restructuring,
impairment and disposal charges
|
|
|
16
|
|
|
8
|
|
|
26
|
|
|
62
|
|
|
165
|
Litigation
settlements
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1
|
Acquisition-related
costs
|
|
|
48
|
|
|
17
|
|
|
20
|
|
|
115
|
|
|
120
|
Loss on debt
extinguishment
|
|
|
-
|
|
|
-
|
|
|
23
|
|
|
112
|
|
|
245
|
(Gains) losses on
investments
|
|
|
29
|
|
|
25
|
|
|
(9)
|
|
|
169
|
|
|
(99)
|
Other
|
|
|
-
|
|
|
(5)
|
|
|
(8)
|
|
|
(5)
|
|
|
(11)
|
Non-GAAP tax
reconciling adjustments
|
|
|
(358)
|
|
|
(315)
|
|
|
(297)
|
|
|
(1,314)
|
|
|
(1,686)
|
Net income on non-GAAP
basis
|
|
$
|
4,544
|
|
$
|
4,241
|
|
$
|
3,501
|
|
$
|
16,526
|
|
$
|
12,578
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares
used in per share calculations - diluted on GAAP basis
|
|
|
429
|
|
|
430
|
|
|
430
|
|
|
423
|
|
|
429
|
Non-GAAP adjustment
(1)
|
|
|
6
|
|
|
6
|
|
|
18
|
|
|
16
|
|
|
20
|
Weighted-average shares
used in per share calculations - diluted on non-GAAP
basis
|
|
|
435
|
|
|
436
|
|
|
448
|
|
|
439
|
|
|
449
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income on non-GAAP
basis
|
|
$
|
4,544
|
|
$
|
4,241
|
|
$
|
3,501
|
|
$
|
16,526
|
|
$
|
12,578
|
Interest expense on
non-GAAP basis
|
|
|
406
|
|
|
406
|
|
|
411
|
|
|
1,625
|
|
|
1,640
|
Provision for income
taxes on non-GAAP basis
|
|
|
619
|
|
|
578
|
|
|
477
|
|
|
2,253
|
|
|
1,715
|
Depreciation
|
|
|
129
|
|
|
129
|
|
|
134
|
|
|
529
|
|
|
539
|
Amortization of
purchased intangibles and right-of-use assets
|
|
|
24
|
|
|
24
|
|
|
24
|
|
|
96
|
|
|
99
|
Adjusted
EBITDA
|
|
$
|
5,722
|
|
$
|
5,378
|
|
$
|
4,547
|
|
$
|
21,029
|
|
$
|
16,571
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
$
|
4,583
|
|
$
|
4,424
|
|
$
|
3,541
|
|
$
|
16,736
|
|
$
|
13,764
|
Purchases of property,
plant and equipment
|
|
|
(122)
|
|
|
(116)
|
|
|
(88)
|
|
|
(424)
|
|
|
(443)
|
Free cash
flow
|
|
$
|
4,461
|
|
$
|
4,308
|
|
$
|
3,453
|
|
$
|
16,312
|
|
$
|
13,321
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal
Quarter
Ending
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January
29,
|
|
|
|
|
|
|
|
|
|
|
|
|
Expected average
diluted share count (2):
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares
used in per share calculation - diluted on GAAP basis
|
|
429
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjustment
(1)
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares
used in per share calculation - diluted on non-GAAP
basis
|
|
435
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Non-GAAP adjustment
for the number of shares used in the diluted per share calculations
excludes the impact of stock-based
compensation expense
expected to be incurred in future periods and not yet recognized in
the financial statements, which would otherwise
be assumed to be used
to repurchase shares under the GAAP treasury stock method. In
addition, the non-GAAP adjustment includes the
impact of Mandatory
Convertible Preferred Stock that is antidilutive on a GAAP basis
for the fiscal quarter ended October 31, 2021 and
the fiscal years ended
October 30, 2022 and October 31, 2021.
|
(2) Excludes the
effects of potential share repurchases.
|
BROADCOM
INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS - UNAUDITED
|
(IN
MILLIONS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October
30,
|
|
October
31,
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
12,416
|
|
$
|
12,163
|
|
Trade accounts
receivable, net
|
|
|
2,958
|
|
|
2,071
|
|
Inventory
|
|
|
1,925
|
|
|
1,297
|
|
Other current
assets
|
|
|
1,205
|
|
|
1,055
|
|
Total current
assets
|
|
|
18,504
|
|
|
16,586
|
|
|
|
|
|
|
|
|
|
Long-term
assets:
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
|
2,223
|
|
|
2,348
|
|
Goodwill
|
|
|
43,614
|
|
|
43,450
|
|
Intangible assets,
net
|
|
|
7,111
|
|
|
11,374
|
|
Other long-term
assets
|
|
|
1,797
|
|
|
1,812
|
|
Total assets
|
|
$
|
73,249
|
|
$
|
75,570
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
998
|
|
$
|
1,086
|
|
Employee compensation
and benefits
|
|
|
1,202
|
|
|
1,066
|
|
Current portion of
long-term debt
|
|
|
440
|
|
|
290
|
|
Other current
liabilities
|
|
|
4,412
|
|
|
3,839
|
|
Total current
liabilities
|
|
|
7,052
|
|
|
6,281
|
|
|
|
|
|
|
|
|
|
Long-term
liabilities:
|
|
|
|
|
|
|
|
Long-term
debt
|
|
|
39,075
|
|
|
39,440
|
|
Other long-term
liabilities
|
|
|
4,413
|
|
|
4,860
|
|
Total
liabilities
|
|
|
50,540
|
|
|
50,581
|
|
|
|
|
|
|
|
|
|
Preferred stock
dividend obligation
|
|
|
-
|
|
|
27
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
Preferred
stock
|
|
|
-
|
|
|
-
|
|
Common stock
|
|
|
-
|
|
|
-
|
|
Additional paid-in
capital
|
|
|
21,159
|
|
|
24,330
|
|
Retained
earnings
|
|
|
1,604
|
|
|
748
|
|
Accumulated other
comprehensive loss
|
|
|
(54)
|
|
|
(116)
|
|
Total stockholders'
equity
|
|
|
22,709
|
|
|
24,962
|
|
Total
liabilities and equity
|
|
$
|
73,249
|
|
$
|
75,570
|
|
BROADCOM
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED
|
(IN
MILLIONS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Quarter
Ended
|
|
Fiscal Year
Ended
|
|
|
October
30,
|
|
July
31,
|
|
October
31,
|
|
October
30,
|
|
October
31,
|
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
3,359
|
|
$
|
3,074
|
|
$
|
1,989
|
|
$
|
11,495
|
|
$
|
6,736
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
intangible and right-of-use assets
|
|
|
1,087
|
|
|
1,088
|
|
|
1,367
|
|
|
4,455
|
|
|
5,502
|
Depreciation
|
|
|
129
|
|
|
129
|
|
|
134
|
|
|
529
|
|
|
539
|
Stock-based
compensation
|
|
|
387
|
|
|
373
|
|
|
414
|
|
|
1,533
|
|
|
1,704
|
Deferred taxes and
other non-cash taxes
|
|
|
(89)
|
|
|
(15)
|
|
|
(47)
|
|
|
(34)
|
|
|
(809)
|
Loss on debt
extinguishment
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
100
|
|
|
198
|
Non-cash restructuring,
impairment and disposal charges
|
|
|
2
|
|
|
2
|
|
|
3
|
|
|
13
|
|
|
38
|
Non-cash interest
expense
|
|
|
32
|
|
|
32
|
|
|
29
|
|
|
129
|
|
|
96
|
Other
|
|
|
29
|
|
|
25
|
|
|
(15)
|
|
|
170
|
|
|
(113)
|
Changes in assets and
liabilities, net of acquisitions and disposals:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade accounts
receivable, net
|
|
|
(241)
|
|
|
375
|
|
|
160
|
|
|
(870)
|
|
|
210
|
Inventory
|
|
|
(87)
|
|
|
(170)
|
|
|
(137)
|
|
|
(627)
|
|
|
(294)
|
Accounts
payable
|
|
|
304
|
|
|
(352)
|
|
|
101
|
|
|
(79)
|
|
|
243
|
Employee
compensation and benefits
|
|
|
128
|
|
|
321
|
|
|
172
|
|
|
136
|
|
|
186
|
Other current
assets and current liabilities
|
|
|
(388)
|
|
|
(198)
|
|
|
(540)
|
|
|
222
|
|
|
(177)
|
Other long-term
assets and long-term liabilities
|
|
|
(69)
|
|
|
(260)
|
|
|
(89)
|
|
|
(436)
|
|
|
(295)
|
Net cash provided by
operating activities
|
|
|
4,583
|
|
|
4,424
|
|
|
3,541
|
|
|
16,736
|
|
|
13,764
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions of
businesses, net of cash acquired
|
|
|
(7)
|
|
|
(5)
|
|
|
-
|
|
|
(246)
|
|
|
(8)
|
Proceeds from sales of
businesses
|
|
|
-
|
|
|
-
|
|
|
45
|
|
|
-
|
|
|
45
|
Purchases of property,
plant and equipment
|
|
|
(122)
|
|
|
(116)
|
|
|
(88)
|
|
|
(424)
|
|
|
(443)
|
Purchases of
investments
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(200)
|
|
|
-
|
Sales of
investments
|
|
|
-
|
|
|
200
|
|
|
102
|
|
|
200
|
|
|
169
|
Other
|
|
|
1
|
|
|
1
|
|
|
(9)
|
|
|
3
|
|
|
(8)
|
Net cash provided by
(used in) investing activities
|
|
|
(128)
|
|
|
80
|
|
|
50
|
|
|
(667)
|
|
|
(245)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from long-term
borrowings
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1,935
|
|
|
9,904
|
Payments on debt
obligations
|
|
|
(9)
|
|
|
-
|
|
|
(762)
|
|
|
(2,361)
|
|
|
(11,495)
|
Payments of
dividends
|
|
|
(1,782)
|
|
|
(1,736)
|
|
|
(1,561)
|
|
|
(7,032)
|
|
|
(6,212)
|
Repurchases of common
stock - repurchase program
|
|
|
-
|
|
|
(1,500)
|
|
|
-
|
|
|
(7,000)
|
|
|
-
|
Shares repurchased for
tax withholdings on vesting of equity awards
|
|
|
(274)
|
|
|
(292)
|
|
|
(266)
|
|
|
(1,455)
|
|
|
(1,299)
|
Issuance of common
stock
|
|
|
54
|
|
|
-
|
|
|
57
|
|
|
114
|
|
|
170
|
Other
|
|
|
(5)
|
|
|
(4)
|
|
|
(1)
|
|
|
(17)
|
|
|
(42)
|
Net cash used in
financing activities
|
|
|
(2,016)
|
|
|
(3,532)
|
|
|
(2,533)
|
|
|
(15,816)
|
|
|
(8,974)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and
cash equivalents
|
|
|
2,439
|
|
|
972
|
|
|
1,058
|
|
|
253
|
|
|
4,545
|
Cash and cash
equivalents at beginning of period
|
|
|
9,977
|
|
|
9,005
|
|
|
11,105
|
|
|
12,163
|
|
|
7,618
|
Cash and cash
equivalents at end of period
|
|
$
|
12,416
|
|
$
|
9,977
|
|
$
|
12,163
|
|
$
|
12,416
|
|
$
|
12,163
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of cash flow information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for
interest
|
|
$
|
397
|
|
$
|
290
|
|
$
|
571
|
|
$
|
1,386
|
|
$
|
1,565
|
Cash paid for income
taxes
|
|
$
|
251
|
|
$
|
231
|
|
$
|
168
|
|
$
|
908
|
|
$
|
775
|
View original
content:https://www.prnewswire.com/news-releases/broadcom-inc-announces-fourth-quarter-and-fiscal-year-2022-financial-results-and-quarterly-dividend-301698763.html
SOURCE Broadcom Inc.