SAN JOSE, Calif., Sept. 6,
2018 /PRNewswire/ -- Broadcom Inc. (Nasdaq: AVGO), a leading
semiconductor device supplier to the wired, wireless, enterprise
storage, and industrial end markets, today reported financial
results for its third quarter of fiscal year 2018, ended
August 5, 2018, provided guidance for
the fourth quarter of its fiscal year 2018 and announced a
quarterly dividend.
"Datacenter demand is driving strong growth in more than 50
percent of our consolidated revenue," said Hock Tan, President and
CEO of Broadcom Inc. "Through the strength of our franchise
business model, we delivered another quarter of sustained revenues
and strong free cash flows."
"During the quarter, we repurchased 24 million shares, returning
approximately $5.38 billion to our
stockholders," said Tom Krause, CFO
of Broadcom. "Consistent with our stated capital allocation plan,
we intend to return to stockholders 50 percent of the prior fiscal
year free cash flow in the form of cash dividends. With the balance
of our free cash flow, we have the financial flexibility to fund a
combination of share repurchases and future acquisitions to expand
earnings capacity."
Third Quarter Fiscal Year 2018 GAAP Results
Net revenue was $5,063 million, an
increase of 1 percent from $5,014
million in the previous quarter and an increase of 13
percent from $4,463 million in the
same quarter last year.
Gross margin was $2,619 million,
or 51.7 percent of net revenue. This compares with gross margin of
$2,551 million, or 50.9 percent of
net revenue, in the prior quarter, and gross margin of $2,149 million, or 48.2 percent of net revenue,
in the same quarter last year.
Operating expenses were $1,280
million. This compares with $1,350
million in the prior quarter and $1,501 million in the same quarter last year.
Operating income was $1,339
million, or 26.4 percent of net revenue. This compares with
operating income of $1,201 million,
or 24.0 percent of net revenue, in the prior quarter, and operating
income of $648 million, or 14.5
percent of net revenue, in the same quarter last year.
Net income, which includes the impact of discontinued
operations, was $1,196 million, or
$2.71 per diluted share. This
compares with net income of $3,733
million, or $8.33 per diluted
share, in the prior quarter, and net income of $507 million, or $1.14 per diluted share, in the same quarter last
year.
Third Quarter
Fiscal Year 2018 GAAP Results
|
|
|
|
|
|
|
|
Change
|
(Dollars in millions,
except per share data)
|
|
Q3
18
|
|
Q2
18
|
|
Q3
17
|
|
Q/Q
|
|
Y/Y
|
Net
revenue
|
|
$
|
5,063
|
|
$
|
5,014
|
|
$
|
4,463
|
|
+1%
|
|
+13%
|
Gross
margin
|
|
|
51.7%
|
|
|
50.9%
|
|
|
48.2%
|
|
+80bps
|
|
+350bps
|
Operating
expenses
|
|
$
|
1,280
|
|
$
|
1,350
|
|
$
|
1,501
|
|
-$70
|
|
-$221
|
Net income
|
|
$
|
1,196
|
|
$
|
3,733
|
|
$
|
507
|
|
-$2,537
|
|
+$689
|
Net income
attributable to noncontrolling interest
|
|
$
|
—
|
|
$
|
15
|
|
$
|
26
|
|
-$15
|
|
-$26
|
Net income
attributable to common stock
|
|
$
|
1,196
|
|
$
|
3,718
|
|
$
|
481
|
|
-$2,522
|
|
+$715
|
Earnings per share -
diluted
|
|
$
|
2.71
|
|
$
|
8.33
|
|
$
|
1.14
|
|
-$5.62
|
|
+$1.57
|
The Company's cash balance at the end of the third fiscal
quarter was $4,136 million, compared
to $8,187 million at the end of the
prior quarter.
During the third fiscal quarter, the Company generated
$2,247 million in cash from
operations and spent $5,378 million
repurchasing an aggregate of 24 million shares and $120 million in capital expenditures.
On June 29, 2018, the Company paid a cash dividend of
$1.75 per share of common stock,
totaling $754 million.
Third Quarter Fiscal Year 2018 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.
Net revenue from continuing operations was $5,066 million, an increase of 1 percent from
$5,017 million in the previous
quarter, and an increase of 13 percent from $4,467 million in the same quarter last year.
Gross margin from continuing operations was $3,410 million, or 67.3 percent of net revenue.
This compares with gross margin from continuing operations of
$3,342 million, or 66.6 percent of
net revenue, in the prior quarter, and $2,827 million, or 63.3 percent of net revenue,
in the same quarter last year.
Operating income from continuing operations was $2,536 million, or 50.1 percent of net revenue.
This compares with operating income from continuing operations of
$2,455 million, or 48.9 percent of
net revenue, in the prior quarter, and $2,059 million, or 46.1 percent of net revenue,
in the same quarter last year.
Net income from continuing operations was $2,257 million, or $4.98 per diluted share. This compares with net
income of $2,243 million, or
$4.88 per diluted share, in the prior
quarter, and net income of $1,871
million, or $4.10 per diluted
share, in the same quarter last year.
Free cash flow, defined as cash from operations less capital
expenditures, was $2,127 million in
the quarter.
Third Quarter
Fiscal Year 2018 Non-GAAP Results
|
|
|
|
|
|
|
|
Change
|
(Dollars in millions,
except per share data)
|
|
Q3
18
|
|
Q2
18
|
|
Q3
17
|
|
Q/Q
|
|
Y/Y
|
Net
revenue
|
|
$
|
5,066
|
|
$
|
5,017
|
|
$
|
4,467
|
|
+1%
|
|
+13%
|
Gross
margin
|
|
|
67.3%
|
|
|
66.6%
|
|
|
63.3%
|
|
+70bps
|
|
+400bps
|
Operating
expenses
|
|
$
|
874
|
|
$
|
887
|
|
$
|
768
|
|
-$13
|
|
+$106
|
Net income
|
|
$
|
2,257
|
|
$
|
2,243
|
|
$
|
1,871
|
|
+$14
|
|
+$386
|
Earnings per share -
diluted
|
|
$
|
4.98
|
|
$
|
4.88
|
|
$
|
4.10
|
|
+$0.10
|
|
+$0.88
|
Other Quarterly Data
Net revenue by
segment:
|
|
|
|
Growth
Rates
|
(Dollars in
millions)
|
|
Q3
18
|
|
Q2
18
|
|
Q3
17
|
|
Q/Q
|
|
Y/Y
|
Wired
infrastructure
|
|
$
|
2,297
|
|
|
45%
|
|
|
$
|
2,295
|
|
|
46%
|
|
|
$
|
2,208
|
|
|
50%
|
|
|
—%
|
|
4%
|
Wireless
communications
|
|
1,288
|
|
|
25
|
|
|
1,294
|
|
|
26
|
|
|
1,283
|
|
|
29
|
|
|
—%
|
|
—%
|
Enterprise
storage
|
|
1,253
|
|
|
25
|
|
|
1,162
|
|
|
23
|
|
|
735
|
|
|
16
|
|
|
8%
|
|
70%
|
Industrial &
other
|
|
225
|
|
|
5
|
|
|
263
|
|
|
5
|
|
|
237
|
|
|
5
|
|
|
-14%
|
|
-5%
|
Total net
revenue
|
|
$
|
5,063
|
|
|
100%
|
|
|
$
|
5,014
|
|
|
100%
|
|
|
$
|
4,463
|
|
|
100%
|
|
|
|
|
|
Non-GAAP net
revenue by segment:
|
|
|
|
|
|
|
|
Growth
Rates
|
(Dollars in
millions)
|
|
Q3
18
|
|
Q2
18
|
|
Q3
17
|
|
Q/Q
|
|
Y/Y
|
Wired infrastructure
(1)
|
|
$
|
2,300
|
|
|
45%
|
|
|
$
|
2,298
|
|
|
46%
|
|
|
$
|
2,211
|
|
|
50%
|
|
|
—%
|
|
4%
|
Wireless
communications
|
|
1,288
|
|
|
25
|
|
|
1,294
|
|
|
26
|
|
|
1,283
|
|
|
29
|
|
|
—%
|
|
—%
|
Enterprise
storage
|
|
1,253
|
|
|
25
|
|
|
1,162
|
|
|
23
|
|
|
735
|
|
|
16
|
|
|
8%
|
|
70%
|
Industrial &
other (1)
|
|
225
|
|
|
5
|
|
|
263
|
|
|
5
|
|
|
238
|
|
|
5
|
|
|
-14%
|
|
-5%
|
Total Non-GAAP net
revenue
|
|
$
|
5,066
|
|
|
100%
|
|
|
$
|
5,017
|
|
|
100%
|
|
|
$
|
4,467
|
|
|
100%
|
|
|
|
|
|
|
(1) Non-GAAP data include the effect of
acquisition-related purchase accounting adjustments relating to
licensing revenue.
|
|
|
|
|
|
|
|
Key Statistics
(Dollars in millions)
|
|
Q3
18
|
|
Q2
18
|
|
Q3
17
|
Cash from
operations
|
|
$
|
2,247
|
|
|
$
|
2,313
|
|
|
$
|
1,656
|
|
Depreciation
|
|
$
|
129
|
|
|
$
|
128
|
|
|
$
|
112
|
|
Amortization of
acquisition-related intangible assets
|
|
$
|
830
|
|
|
$
|
832
|
|
|
$
|
1,096
|
|
Capital
expenditures
|
|
$
|
120
|
|
|
$
|
189
|
|
|
$
|
255
|
|
Days sales
outstanding ("DSO")
|
|
54
|
|
|
50
|
|
|
49
|
|
Inventory days on
hand ("DOH")
|
|
66
|
|
|
66
|
|
|
78
|
|
Non-GAAP
DSO
|
|
54
|
|
|
50
|
|
|
49
|
|
Non-GAAP Inventory
DOH
|
|
67
|
|
|
67
|
|
|
79
|
|
Fourth Quarter Fiscal Year 2018 Business Outlook
Based on current business trends and conditions, the outlook for
continuing operations for the fourth quarter of fiscal year 2018,
ending November 4, 2018, is expected
to be as follows:
|
|
GAAP
|
|
Reconciling
Items
|
|
Non-GAAP
|
Net
revenue
|
|
$
|
5,397M +/-
$75M
|
|
$
|
3M
|
|
$
|
5,400M +/-
$75M
|
Gross
margin
|
|
52.3% +/-
1%
|
|
$
|
793M
|
|
67.0% +/-
1%
|
Operating
expenses
|
|
$
|
1,259M
|
|
$
|
385M
|
|
$
|
874M
|
Interest expense and
other
|
|
$
|
125M
|
|
—
|
|
$
|
125M
|
Provision for income
taxes
|
|
4%
|
|
3%
|
|
7%
|
Diluted share
count
|
|
424M
|
|
12M
|
|
436M
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Non-GAAP net revenue includes $3
million of licensing revenue not included in GAAP revenue,
as a result of the effects of purchase accounting for
acquisitions;
- Non-GAAP gross margin includes the effects of $3 million of licensing revenue, and excludes the
effects of $763 million of
amortization of acquisition-related intangible assets, $25 million of stock-based compensation expense,
$1 million of restructuring charges
and $1 million of acquisition-related
costs;
- Non-GAAP operating expenses exclude $298
million of stock-based compensation expense, $67 million of amortization of
acquisition-related intangible assets, $15
million of acquisition-related costs, and $5 million of restructuring charges;
- Non-GAAP tax provision is 3% higher than GAAP due to the tax
effects of the projected reconciling items noted above;
- Non-GAAP diluted share count excludes the impact of stock-based
compensation expense expected to be incurred in future periods and
not yet recognized in the Company's financial statements, which
would otherwise be assumed to be used to repurchase shares under
the GAAP treasury stock method; and
- Diluted share count outlook does not include the impact from
any stock repurchases after August 5,
2018.
Capital expenditures for the fourth fiscal quarter are expected
to be approximately $110 million. For
the fourth fiscal quarter, depreciation is expected to be
$135 million and amortization is
expected to be approximately $835
million.
The guidance provided above is only an estimate of what the
Company believes is realizable as of the date of this release.
Among other things, this guidance is based on an initial estimate
of purchase accounting adjustments and allocations, all of which
are subject to revision. The guidance excludes any results from the
pending acquisition of CA Technologies. The guidance also excludes
the impact of any additional mergers, acquisitions, divestiture and
stock repurchase activity that may occur during the fourth quarter.
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.
Broadcom will be presenting to investors at the Deutsche Bank
Technology Conference in Las Vegas
on September 12, 2018.
Acquisition of CA Technologies
As announced on July 11, 2018,
Broadcom and CA Technologies have entered into a definitive
agreement under which Broadcom will acquire CA Technologies
(NASDAQ:CA), one of the world's leading providers of information
technology (IT) management software and solutions, in an all cash
transaction that represents an equity value of approximately
$18.9 billion, and an enterprise
value of approximately $18.4 billion.
As previously announced, the transaction has received approval
under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of
1976. The transaction remains subject to customary closing
conditions, including the approval of CA shareholders and antitrust
approvals in the EU and Japan. The
closing of the transaction is expected to occur in the fourth
calendar quarter of 2018.
Quarterly Dividend
The Company's Board of Directors has approved a quarterly cash
dividend of $1.75 per share.
The dividend is payable on September 28, 2018 to
stockholders of record at the close of business (5:00 p.m.) Eastern Time on September 19,
2018.
Financial Results Conference Call
Broadcom Inc. will host a conference call to review its
financial results for the third quarter of fiscal year 2018, ended
August 5, 2018, and to provide
guidance for the fourth quarter of fiscal year 2018, 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 4968519. 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: 4968519. 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
Broadcom Inc. is the successor to Broadcom Limited for financial
reporting purposes effective as of the close of trading on
April 4, 2018. Information provided
for fiscal periods beginning with the fiscal quarter ended
May 6, 2018, relates to Broadcom Inc.
and for prior fiscal periods relates to Broadcom Limited. Unless
the context otherwise requires, references in this press release to
"Broadcom," "the Company," "we," "our," "us" and similar terms are
to Broadcom Inc. from and after the effective time of the
redomiciliation and, prior to that time, are to our predecessor,
Broadcom Limited.
The Company's financial results include contributions from
Brocade Communication Systems' continuing operations starting in
the first fiscal quarter of 2018. 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 below, unless otherwise stated.
Due to the Company's 52/53 week reporting cycle, fiscal year
2018 includes an extra week in the first quarter, compared to
fiscal year 2017.
Non-GAAP Financial Measures
In addition to GAAP reporting, Broadcom provides
investors with net revenue, net income, operating income, gross
margin, operating expenses 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,
debt-related costs, gain (loss) on extinguishment of debt, gain
(loss) on acquisition-related assets, 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. Broadcom believes this non-GAAP financial
information provides additional insight into the Company's on-going
performance and has therefore chosen to provide 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 leading
designer, developer and global supplier of a broad range of digital
and analog semiconductor connectivity solutions. Broadcom Inc.'s
extensive product portfolio serves four primary end markets: wired
infrastructure, wireless communications, enterprise storage and
industrial & other. Applications for our products in these end
markets include: data center networking, home connectivity, set-top
box, broadband access, telecommunications equipment, smartphones
and base stations, data center servers and storage, factory
automation, power generation and alternative energy systems, and
electronic displays.
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 regarding the expected completion and timing of our
proposed acquisition of CA and 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 proposed acquisition of
CA, including (1) the acquisition may not be completed in a timely
manner or at all, (2) the effect of the announcement or pendency of
the proposed acquisition on our business relationships, operating
results and business generally, (3) potential difficulties in
employee retention, (4) risks related to diverting management's
attention from ongoing business operations, and (5) the outcome of
any legal proceedings related to the merger agreement or the
proposed acquisition; 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; any
other 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 companies with our existing businesses and our
ability to achieve the benefits, growth prospects and synergies
expected by such acquisitions; our ability to accurately estimate
customers' demand and adjust our manufacturing and supply chain
accordingly; our significant indebtedness, including the additional
significant indebtedness that we expect to incur in connection with
the proposed acquisition of CA and the need to generate sufficient
cash flows to service and repay such debt; dependence on a small
number of markets and the rate of growth in these markets;
dependence on and risks associated with distributors of our
products; dependence on senior management; quarterly and annual
fluctuations in operating results; global economic conditions and
concerns; the amount and frequency of our stock repurchases;
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; any expenses or reputational damage
associated with resolving customer product warranty and
indemnification claims; our ability to sell to new types of
customers and to keep pace with technological advances; market
acceptance of the end products into which our products are
designed; our 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:
Investor Relations
408-433-8000
investor.relations@broadcom.com
BROADCOM
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED
|
(IN MILLIONS,
EXCEPT PER SHARE DATA)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal
Quarter Ended
|
|
Three Fiscal
Quarters Ended
|
|
|
August
5,
|
|
May
6,
|
|
July
30,
|
|
August
5,
|
|
July
30,
|
|
|
2018
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenue
|
|
$
5,063
|
|
$
5,014
|
|
$
4,463
|
|
$
15,404
|
|
$
12,792
|
Cost of products
sold:
|
|
|
|
|
|
|
|
|
|
|
Cost of products
sold
|
|
1,680
|
|
1,696
|
|
1,658
|
|
5,275
|
|
4,795
|
Purchase accounting
effect on inventory
|
|
-
|
|
-
|
|
1
|
|
70
|
|
2
|
Amortization of
acquisition-related intangible assets
|
|
762
|
|
765
|
|
655
|
|
2,242
|
|
1,853
|
Restructuring
charges
|
|
2
|
|
2
|
|
-
|
|
19
|
|
16
|
|
|
|
|
|
|
|
|
|
|
|
Total cost of products sold
|
|
2,444
|
|
2,463
|
|
2,314
|
|
7,606
|
|
6,666
|
|
|
|
|
|
|
|
|
|
|
|
Gross
margin
|
|
2,619
|
|
2,551
|
|
2,149
|
|
7,798
|
|
6,126
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
959
|
|
936
|
|
827
|
|
2,820
|
|
2,464
|
Selling, general and
administrative
|
|
234
|
|
294
|
|
200
|
|
819
|
|
605
|
Amortization of
acquisition-related intangible assets
|
|
68
|
|
67
|
|
441
|
|
474
|
|
1,323
|
Restructuring,
impairment and disposal charges
|
|
19
|
|
53
|
|
33
|
|
202
|
|
106
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating expenses
|
|
1,280
|
|
1,350
|
|
1,501
|
|
4,315
|
|
4,498
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
1,339
|
|
1,201
|
|
648
|
|
3,483
|
|
1,628
|
Interest
expense
|
|
(149)
|
|
(148)
|
|
(112)
|
|
(480)
|
|
(335)
|
Loss on debt
extinguishment
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(159)
|
Other income,
net
|
|
39
|
|
46
|
|
12
|
|
120
|
|
46
|
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations before income taxes
|
|
1,229
|
|
1,099
|
|
548
|
|
3,123
|
|
1,180
|
Provision for
(benefit from) income taxes
|
|
32
|
|
(2,637)
|
|
39
|
|
(8,391)
|
|
(54)
|
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations
|
|
1,197
|
|
3,736
|
|
509
|
|
11,514
|
|
1,234
|
Loss from
discontinued operations, net of income taxes
|
|
(1)
|
|
(3)
|
|
(2)
|
|
(19)
|
|
(11)
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
1,196
|
|
3,733
|
|
507
|
|
11,495
|
|
1,223
|
Net income
attributable to noncontrolling interest (1)
|
|
-
|
|
15
|
|
26
|
|
351
|
|
63
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to common stock
|
|
$
1,196
|
|
$
3,718
|
|
$
481
|
|
$
11,144
|
|
$
1,160
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic income per
share:
|
|
|
|
|
|
|
|
|
|
|
Income per share from
continuing operations
|
|
$
2.78
|
|
$
8.84
|
|
$
1.19
|
|
$
26.58
|
|
$
2.91
|
Loss per share from
discontinued operations
|
|
-
|
|
(0.01)
|
|
(0.01)
|
|
(0.05)
|
|
(0.03)
|
Net income per
share
|
|
$
2.78
|
|
$
8.83
|
|
$
1.18
|
|
$
26.53
|
|
$
2.88
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income per
share(2):
|
|
|
|
|
|
|
|
|
|
|
Income per share from
continuing operations
|
|
$
2.71
|
|
$
8.34
|
|
$
1.14
|
|
$
25.78
|
|
$
2.79
|
Loss per share from
discontinued operations
|
|
-
|
|
(0.01)
|
|
-
|
|
(0.04)
|
|
(0.02)
|
Net income per
share
|
|
$
2.71
|
|
$
8.33
|
|
$
1.14
|
|
$
25.74
|
|
$
2.77
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in per
share calculations:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
430
|
|
421
|
|
407
|
|
420
|
|
403
|
Diluted
|
|
441
|
|
448
|
|
445
|
|
433
|
|
442
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense included in continuing operations:
|
|
|
|
|
|
|
|
|
|
|
Cost of products
sold
|
|
$
22
|
|
$
21
|
|
$
18
|
|
$
63
|
|
$
47
|
Research and
development
|
|
222
|
|
205
|
|
174
|
|
630
|
|
465
|
Selling, general and
administrative
|
|
71
|
|
70
|
|
59
|
|
217
|
|
156
|
|
|
|
|
|
|
|
|
|
|
|
Total stock-based
compensation expense
|
|
$
315
|
|
$
296
|
|
$
251
|
|
$
910
|
|
$
668
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) During the fiscal
quarter ended May 6, 2018, 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
dissolved. Net income attributable to NCI prior to the
Redomiciliation represents approximately 5% of net income
attributable to LP Units.
|
|
|
|
|
|
(2) Diluted income
per share includes the impact of NCI, which assumes 100% conversion
of LP Units to shares of Broadcom under the "if converted" method,
resulting in approximately 14 million, 22 million and 23 million LP
Units included in diluted shares for the fiscal quarter ended May
6, 2018, the fiscal quarter and three fiscal quarters ended July
30, 2017, respectively. For the fiscal quarter ended August 5,
2018, there were no LP Units due to the Redomiciliation. For the
three fiscal quarters ended August 5, 2018, diluted shares excluded
LP units as the impact was antidilutive.
|
|
|
BROADCOM
INC.
|
FINANCIAL
RECONCILIATION: GAAP TO NON-GAAP - UNAUDITED
|
(IN MILLIONS,
EXCEPT DAYS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal
Quarter Ended
|
|
Three Fiscal
Quarters Ended
|
|
|
August
5,
|
|
May
6,
|
|
July
30,
|
|
August
5,
|
|
July
30,
|
|
|
2018
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue on GAAP
basis
|
|
$
5,063
|
|
$
5,014
|
|
$
4,463
|
|
$
15,404
|
|
$
12,792
|
Acquisition-related
purchase accounting revenue adjustment (1)
|
|
3
|
|
3
|
|
4
|
|
10
|
|
25
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue on
non-GAAP basis
|
|
$
5,066
|
|
$
5,017
|
|
$
4,467
|
|
$
15,414
|
|
$
12,817
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin on GAAP
basis
|
|
$
2,619
|
|
$
2,551
|
|
$
2,149
|
|
$
7,798
|
|
$
6,126
|
Acquisition-related
purchase accounting revenue adjustment (1)
|
|
3
|
|
3
|
|
4
|
|
10
|
|
25
|
Purchase accounting
effect on inventory
|
|
-
|
|
-
|
|
1
|
|
70
|
|
2
|
Amortization of
acquisition-related intangible assets
|
|
762
|
|
765
|
|
655
|
|
2,242
|
|
1,853
|
Stock-based
compensation expense
|
|
22
|
|
21
|
|
18
|
|
63
|
|
47
|
Restructuring
charges
|
|
2
|
|
2
|
|
-
|
|
19
|
|
16
|
Acquisition-related
costs
|
|
2
|
|
-
|
|
-
|
|
4
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin on
non-GAAP basis
|
|
$
3,410
|
|
$
3,342
|
|
$
2,827
|
|
$
10,206
|
|
$
8,069
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development on GAAP basis
|
|
$
959
|
|
$
936
|
|
$
827
|
|
$
2,820
|
|
$
2,464
|
Stock-based
compensation expense
|
|
222
|
|
205
|
|
174
|
|
630
|
|
465
|
Acquisition-related
costs
|
|
-
|
|
-
|
|
1
|
|
3
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development on non-GAAP basis
|
|
$
737
|
|
$
731
|
|
$
652
|
|
$
2,187
|
|
$
1,993
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expense on GAAP basis
|
|
$
234
|
|
$
294
|
|
$
200
|
|
$
819
|
|
$
605
|
Stock-based
compensation expense
|
|
71
|
|
70
|
|
59
|
|
217
|
|
156
|
Acquisition-related
costs
|
|
26
|
|
68
|
|
25
|
|
145
|
|
91
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expense on non-GAAP basis
|
|
$
137
|
|
$
156
|
|
$
116
|
|
$
457
|
|
$
358
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses on GAAP basis
|
|
$
1,280
|
|
$
1,350
|
|
$
1,501
|
|
$
4,315
|
|
$
4,498
|
Amortization of
acquisition-related intangible assets
|
|
68
|
|
67
|
|
441
|
|
474
|
|
1,323
|
Stock-based
compensation expense
|
|
293
|
|
275
|
|
233
|
|
847
|
|
621
|
Restructuring,
impairment and disposal charges
|
|
19
|
|
53
|
|
33
|
|
202
|
|
106
|
Acquisition-related
costs
|
|
26
|
|
68
|
|
26
|
|
148
|
|
97
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses on non-GAAP basis
|
|
$
874
|
|
$
887
|
|
$
768
|
|
$
2,644
|
|
$
2,351
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income on
GAAP basis
|
|
$
1,339
|
|
$
1,201
|
|
$
648
|
|
$
3,483
|
|
$
1,628
|
Acquisition-related
purchase accounting revenue adjustment (1)
|
|
3
|
|
3
|
|
4
|
|
10
|
|
25
|
Purchase accounting
effect on inventory
|
|
-
|
|
-
|
|
1
|
|
70
|
|
2
|
Amortization of
acquisition-related intangible assets
|
|
830
|
|
832
|
|
1,096
|
|
2,716
|
|
3,176
|
Stock-based
compensation expense
|
|
315
|
|
296
|
|
251
|
|
910
|
|
668
|
Restructuring,
impairment and disposal charges
|
|
21
|
|
55
|
|
33
|
|
221
|
|
122
|
Acquisition-related
costs
|
|
28
|
|
68
|
|
26
|
|
152
|
|
97
|
|
|
|
|
|
|
|
|
|
|
|
Operating income on
non-GAAP basis
|
|
$
2,536
|
|
$
2,455
|
|
$
2,059
|
|
$
7,562
|
|
$
5,718
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense on
GAAP basis
|
|
$
(149)
|
|
$
(148)
|
|
$
(112)
|
|
$
(480)
|
|
$
(335)
|
Debt-related
costs
|
|
-
|
|
-
|
|
-
|
|
32
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense on
non-GAAP basis
|
|
$
(149)
|
|
$
(148)
|
|
$
(112)
|
|
$
(448)
|
|
$
(334)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income, net on
GAAP basis
|
|
$
39
|
|
$
46
|
|
$
12
|
|
$
120
|
|
$
46
|
(Gains) losses on
acquisition-related assets
|
|
1
|
|
(4)
|
|
-
|
|
(3)
|
|
(23)
|
|
|
|
|
|
|
|
|
|
|
|
Other income, net on
non-GAAP basis
|
|
$
40
|
|
$
42
|
|
$
12
|
|
$
117
|
|
$
23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations before income taxes on GAAP basis
|
|
$
1,229
|
|
$
1,099
|
|
$
548
|
|
$
3,123
|
|
$
1,180
|
Acquisition-related
purchase accounting revenue adjustment (1)
|
|
3
|
|
3
|
|
4
|
|
10
|
|
25
|
Purchase accounting
effect on inventory
|
|
-
|
|
-
|
|
1
|
|
70
|
|
2
|
Amortization of
acquisition-related intangible assets
|
|
830
|
|
832
|
|
1,096
|
|
2,716
|
|
3,176
|
Stock-based
compensation expense
|
|
315
|
|
296
|
|
251
|
|
910
|
|
668
|
Restructuring,
impairment and disposal charges
|
|
21
|
|
55
|
|
33
|
|
221
|
|
122
|
Acquisition-related
costs
|
|
28
|
|
68
|
|
26
|
|
152
|
|
97
|
Debt-related
costs
|
|
-
|
|
-
|
|
-
|
|
32
|
|
1
|
Loss on debt
extinguishment
|
|
-
|
|
-
|
|
-
|
|
-
|
|
159
|
(Gains) losses on
acquisition-related assets
|
|
1
|
|
(4)
|
|
-
|
|
(3)
|
|
(23)
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes on non-GAAP basis
|
|
$
2,427
|
|
$
2,349
|
|
$
1,959
|
|
$
7,231
|
|
$
5,407
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for
(benefit from) income taxes on GAAP basis
|
|
$
32
|
|
$
(2,637)
|
|
$
39
|
|
$
(8,391)
|
|
$
(54)
|
Non-GAAP tax
reconciling adjustments
|
|
138
|
|
2,743
|
|
49
|
|
8,777
|
|
297
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes on non-GAAP basis
|
|
$
170
|
|
$
106
|
|
$
88
|
|
$
386
|
|
$
243
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income on GAAP
basis
|
|
$
1,196
|
|
$
3,733
|
|
$
507
|
|
$
11,495
|
|
$
1,223
|
Acquisition-related
purchase accounting revenue adjustment (1)
|
|
3
|
|
3
|
|
4
|
|
10
|
|
25
|
Purchase accounting
effect on inventory
|
|
-
|
|
-
|
|
1
|
|
70
|
|
2
|
Amortization of
acquisition-related intangible assets
|
|
830
|
|
832
|
|
1,096
|
|
2,716
|
|
3,176
|
Stock-based
compensation expense
|
|
315
|
|
296
|
|
251
|
|
910
|
|
668
|
Restructuring,
impairment and disposal charges
|
|
21
|
|
55
|
|
33
|
|
221
|
|
122
|
Acquisition-related
costs
|
|
28
|
|
68
|
|
26
|
|
152
|
|
97
|
Debt-related
costs
|
|
-
|
|
-
|
|
-
|
|
32
|
|
1
|
Loss on debt
extinguishment
|
|
-
|
|
-
|
|
-
|
|
-
|
|
159
|
(Gains) losses on
acquisition-related assets
|
|
1
|
|
(4)
|
|
-
|
|
(3)
|
|
(23)
|
Non-GAAP tax
reconciling adjustments
|
|
(138)
|
|
(2,743)
|
|
(49)
|
|
(8,777)
|
|
(297)
|
Discontinued
operations, net of income taxes
|
|
1
|
|
3
|
|
2
|
|
19
|
|
11
|
|
|
|
|
|
|
|
|
|
|
|
Net income on
non-GAAP basis
|
|
$
2,257
|
|
$
2,243
|
|
$
1,871
|
|
$
6,845
|
|
$
5,164
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in per
share calculation - diluted on GAAP basis
|
|
441
|
|
448
|
|
445
|
|
433
|
|
442
|
Non-GAAP adjustment
(2)
|
|
12
|
|
12
|
|
11
|
|
24
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in per
share calculation - diluted on non-GAAP basis
|
|
453
|
|
460
|
|
456
|
|
457
|
|
452
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory days on
hand on GAAP basis
|
|
66
|
|
66
|
|
78
|
|
|
|
|
Non-GAAP
adjustment(3)
|
|
1
|
|
1
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory days on
hand on non-GAAP basis
|
|
67
|
|
67
|
|
79
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income on
non-GAAP basis
|
|
$
2,257
|
|
|
|
|
|
|
|
|
Interest expense on
non-GAAP basis
|
|
149
|
|
|
|
|
|
|
|
|
Provision for income
taxes on non-GAAP basis
|
|
170
|
|
|
|
|
|
|
|
|
Depreciation
|
|
129
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
2,705
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
$
2,247
|
|
$
2,313
|
|
$
1,656
|
|
|
|
|
Purchases of property,
plant and equipment
|
|
(120)
|
|
(189)
|
|
(255)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash
flow
|
|
$
2,127
|
|
$
2,124
|
|
$
1,401
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 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. Non-GAAP adjustment also includes the impact of
LP Units that are anti-dilutive on a GAAP basis for the three
fiscal quarters ended August 5, 2018.
|
|
|
|
(3) Non-GAAP
adjustment for inventory days on hand represents the impact of
purchase accounting on inventory, stock-based compensation expense,
and acquisition-related costs.
|
|
|
|
BROADCOM
INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS - UNAUDITED
|
(IN
MILLIONS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August
5,
|
|
October
29,
|
|
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
4,136
|
|
$
11,204
|
|
Trade accounts
receivable, net
|
|
3,010
|
|
2,448
|
|
Inventory
|
|
1,216
|
|
1,447
|
|
Other current
assets
|
|
333
|
|
724
|
|
|
|
|
|
|
|
Total current
assets
|
|
8,695
|
|
15,823
|
|
|
|
|
|
|
|
Long-term
assets:
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
2,695
|
|
2,599
|
|
Goodwill
|
|
26,920
|
|
24,706
|
|
Intangible assets,
net
|
|
11,598
|
|
10,832
|
|
Other long-term
assets
|
|
464
|
|
458
|
|
|
|
|
|
|
|
Total assets
|
|
$
50,372
|
|
$
54,418
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable
|
|
$
785
|
|
$
1,105
|
|
Employee compensation
and benefits
|
|
622
|
|
626
|
|
Current portion of
long-term debt
|
|
117
|
|
117
|
|
Other current
liabilities
|
|
663
|
|
681
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
2,187
|
|
2,529
|
|
|
|
|
|
|
|
Long-term
liabilities:
|
|
|
|
|
|
Long-term
debt
|
|
17,487
|
|
17,431
|
|
Other long-term
liabilities
|
|
3,246
|
|
11,272
|
|
|
|
|
|
|
|
Total
liabilities
|
|
22,920
|
|
31,232
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
Common stock and
additional paid-in capital
|
|
23,291
|
|
20,505
|
|
Retained earnings
(accumulated deficit)
|
|
4,267
|
|
(129)
|
|
Accumulated other
comprehensive loss
|
|
(106)
|
|
(91)
|
|
|
|
|
|
|
|
Total
Broadcom Inc. stockholders' equity
|
|
27,452
|
|
20,285
|
|
Noncontrolling interest
|
|
-
|
|
2,901
|
|
Total
stockholders' equity
|
|
27,452
|
|
23,186
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
$
50,372
|
|
$
54,418
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BROADCOM
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED
|
(IN
MILLIONS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal
Quarter Ended
|
|
Three Fiscal
Quarters Ended
|
|
|
August
5,
|
|
May
6,
|
|
July
30,
|
|
August
5,
|
|
July
30,
|
|
|
2018
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
1,196
|
|
$
3,733
|
|
$
507
|
|
$
11,495
|
|
$
1,223
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
Amortization of
intangible assets
|
|
836
|
|
836
|
|
1,099
|
|
2,730
|
|
3,184
|
Depreciation
|
|
129
|
|
128
|
|
112
|
|
383
|
|
334
|
Stock-based
compensation
|
|
315
|
|
296
|
|
251
|
|
910
|
|
669
|
Deferred taxes and
other non-cash taxes
|
|
22
|
|
(2,702)
|
|
12
|
|
(8,512)
|
|
(99)
|
Non-cash portion of
debt extinguishment loss
|
|
-
|
|
-
|
|
-
|
|
-
|
|
159
|
Non-cash restructuring,
impairment and disposal charges
|
|
3
|
|
5
|
|
14
|
|
13
|
|
54
|
Amortization of debt
issuance costs and accretion of debt discount
|
|
6
|
|
6
|
|
5
|
|
18
|
|
19
|
Other
|
|
5
|
|
14
|
|
13
|
|
22
|
|
(2)
|
Changes in assets and
liabilities, net of acquisitions and disposals:
|
|
|
|
|
|
|
|
|
|
|
Trade accounts
receivable, net
|
|
(262)
|
|
(277)
|
|
(344)
|
|
(340)
|
|
(236)
|
Inventory
|
|
19
|
|
56
|
|
(119)
|
|
325
|
|
(23)
|
Accounts
payable
|
|
(41)
|
|
91
|
|
217
|
|
(353)
|
|
(34)
|
Employee
compensation and benefits
|
|
205
|
|
84
|
|
82
|
|
(87)
|
|
29
|
Contributions to
defined benefit pension plans
|
|
(1)
|
|
-
|
|
(5)
|
|
(130)
|
|
(16)
|
Other current
assets and current liabilities
|
|
(148)
|
|
70
|
|
(179)
|
|
206
|
|
(570)
|
Other long-term
assets and long-term liabilities
|
|
(37)
|
|
(27)
|
|
(9)
|
|
(435)
|
|
(99)
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided
by operating activities
|
|
2,247
|
|
2,313
|
|
1,656
|
|
6,245
|
|
4,592
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
Acquisitions of
businesses, net of cash acquired
|
|
(7)
|
|
-
|
|
(3)
|
|
(4,793)
|
|
(40)
|
Proceeds from sales of
businesses
|
|
-
|
|
-
|
|
-
|
|
782
|
|
10
|
Purchases of property,
plant and equipment
|
|
(120)
|
|
(189)
|
|
(255)
|
|
(529)
|
|
(836)
|
Proceeds from disposals
of property, plant and equipment
|
|
-
|
|
1
|
|
1
|
|
238
|
|
1
|
Purchases of
investments
|
|
-
|
|
(5)
|
|
-
|
|
(249)
|
|
(200)
|
Proceeds from sale of
investment
|
|
-
|
|
54
|
|
-
|
|
54
|
|
-
|
Other
|
|
(47)
|
|
(16)
|
|
(1)
|
|
(59)
|
|
(5)
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
investing activities
|
|
(174)
|
|
(155)
|
|
(258)
|
|
(4,556)
|
|
(1,070)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance
of long-term debt
|
|
-
|
|
-
|
|
-
|
|
-
|
|
13,446
|
Repayment of
debt
|
|
-
|
|
-
|
|
-
|
|
(856)
|
|
(13,668)
|
Payment of debt
issuance costs
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(23)
|
Dividend and
distribution payments
|
|
(754)
|
|
(766)
|
|
(438)
|
|
(2,275)
|
|
(1,306)
|
Repurchases of common
stock
|
|
(5,378)
|
|
(347)
|
|
-
|
|
(5,725)
|
|
-
|
Issuance of common
stock, net of shares withheld for employee taxes
|
|
6
|
|
78
|
|
41
|
|
118
|
|
191
|
Payment of capital
lease obligations
|
|
-
|
|
(15)
|
|
(6)
|
|
(21)
|
|
(10)
|
Other
|
|
2
|
|
3
|
|
-
|
|
2
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
financing activities
|
|
(6,124)
|
|
(1,047)
|
|
(403)
|
|
(8,757)
|
|
(1,370)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash
and cash equivalents
|
|
(4,051)
|
|
1,111
|
|
995
|
|
(7,068)
|
|
2,152
|
Cash and cash
equivalents at the beginning of period
|
|
8,187
|
|
7,076
|
|
4,254
|
|
11,204
|
|
3,097
|
Cash and cash
equivalents at end of period
|
|
$
4,136
|
|
$
8,187
|
|
$
5,249
|
|
$
4,136
|
|
$
5,249
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of cash flow information:
|
|
|
|
|
|
|
|
|
|
|
Cash paid for
interest
|
|
$
312
|
|
$
1
|
|
$
206
|
|
$
545
|
|
$
309
|
Cash paid for income
taxes
|
|
$
127
|
|
$
87
|
|
$
35
|
|
$
323
|
|
$
253
|
View original
content:http://www.prnewswire.com/news-releases/broadcom-inc-announces-third-quarter-fiscal-year-2018-financial-results-and-quarterly-dividend-300708427.html
SOURCE Broadcom Inc.