Company Quick10K Filing
Broadcom
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 420 $121,934
10-Q 2019-09-13 Quarter: 2019-08-04
10-Q 2019-06-14 Quarter: 2019-05-05
10-Q 2019-03-15 Quarter: 2019-02-03
10-K 2018-12-21 Annual: 2018-11-04
10-Q 2018-09-13 Quarter: 2018-08-05
10-Q 2018-06-14 Quarter: 2018-05-06
8-K 2020-01-28
8-K 2020-01-23 Regulation FD
8-K 2020-01-10 Officers
8-K 2020-01-09 Other Events
8-K 2019-12-10 Earnings, Officers, Other Events, Exhibits
8-K 2019-11-04 Enter Agreement, M&A, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2019-09-24 Shareholder Rights, Amend Bylaw, Other Events, Exhibits
8-K 2019-09-13 Officers, Exhibits
8-K 2019-09-12 Earnings, Other Events, Exhibits
8-K 2019-08-08 Enter Agreement, Regulation FD, Other Events, Exhibits
8-K 2019-06-26 Regulation FD
8-K 2019-06-11 Earnings, Officers, Other Events, Exhibits
8-K 2019-06-10 Regulation FD
8-K 2019-05-07 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2019-04-05 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-03-29 Shareholder Vote, Other Events, Exhibits
8-K 2019-03-13 Earnings, Code of Ethics, Other Events, Exhibits
8-K 2019-01-25 Enter Agreement, Other Events, Exhibits
8-K 2019-01-11 Officers
8-K 2019-01-08 Officers
8-K 2018-12-06 Earnings, Officers, Other Events, Exhibits
8-K 2018-11-05 Enter Agreement, M&A, Off-BS Arrangement, Regulation FD, Other Events, Exhibits
8-K 2018-10-12 Other Events
8-K 2018-09-07 Regulation FD, Exhibits
8-K 2018-09-06 Earnings, Regulation FD, Other Events, Exhibits
8-K 2018-08-24 Other Events, Exhibits
8-K 2018-07-11 Enter Agreement, Officers, Regulation FD, Other Events, Exhibits
8-K 2018-06-07 Earnings, Other Events, Exhibits
8-K 2018-04-30 Regulation FD, Exhibits
8-K 2018-04-12 Other Events, Exhibits
8-K 2018-04-09 Enter Agreement, Exhibits
8-K 2018-03-26 Other Events
8-K 2018-03-23 Amend Bylaw, Exhibits
AVGO 2019-08-04
Part I - Financial Information
Item 1. Condensed Consolidated Financial Statements - Unaudited
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 ex31108042019.htm
EX-31.2 ex31208042019.htm
EX-32.1 ex32108042019.htm
EX-32.2 ex32208042019.htm

Broadcom Earnings 2019-08-04

AVGO 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
AVGO 121,934 69,767 48,264 22,265 12,266 2,992 10,354 154,331 55% 14.9 4%
NVDA 111,009 14,775 4,439 10,185 5,965 2,743 2,785 105,893 59% 38.0 19%
TXN 110,530 17,384 8,898 15,240 9,832 5,331 7,284 112,567 65% 15.5 31%
AMAT 48,374 18,805 10,689 14,868 6,532 2,884 4,058 50,760 44% 12.5 15%
ADI 43,001 21,567 9,776 6,144 4,165 1,518 2,699 42,389 68% 15.7 7%
MU 39,365 46,288 9,999 26,976 14,458 10,098 16,172 37,694 54% 2.3 22%
AUO 38,208 398,551 190,766 0 0 0 0 8,074 0%
AMD 32,449 5,102 3,201 5,875 2,340 191 450 32,512 40% 72.2 4%
NXPI 30,694 21,530 10,840 0 0 0 0 34,152 0%
XLNX 30,482 4,968 2,355 3,224 2,189 941 1,234 30,137 68% 24.4 19%

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(MARK ONE)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended August 4, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
 
 
Broadcom Inc.
 
 
 
 
(Exact name of registrant as specified in its charter)
 
 
 
 
 
 
 
Delaware
 
001-38449
 
35-2617337
(State or other jurisdiction of
incorporation or organization)
 
(Commission file Number)

 
(I.R.S. Employer
Identification No.)
 
 
1320 Ridder Park Drive
 
 
 
 
San Jose,
CA
95131-2313
 
 
 
 
(408) 
433-8000
 
 
 
 
(Address, including zip code, of
principal executive offices and registrant’s
telephone number, including area code)
 
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
þ
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No þ
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Each Exchange on Which Registered
Common Stock, $0.001 par value
AVGO
The Nasdaq Global Select Market

As of August 30, 2019, there were 396,670,773 shares of our common stock, $0.001 par value per share, outstanding.




BROADCOM INC.
Quarterly Report on Form 10-Q
For the Quarterly Period Ended August 4, 2019

TABLE OF CONTENTS
 
Page


Table of Contents

PART I — FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements — Unaudited
BROADCOM INC.
INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — UNAUDITED
 
Page

1

Table of Contents

BROADCOM INC.
CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED
 
 
August 4,
2019
 
November 4,
2018
 
 
 
 
 
 
 
(In millions, except par value)
ASSETS
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
5,462

 
$
4,292

Trade accounts receivable, net
 
3,539

 
3,325

Inventory
 
1,091


1,124

Other current assets
 
806


366

Total current assets
 
10,898

 
9,107

Long-term assets:
 
 
 
 
Property, plant and equipment, net
 
2,611

 
2,635

Goodwill
 
36,686

 
26,913

Intangible assets, net
 
18,879

 
10,762

Other long-term assets
 
693


707

Total assets
 
$
69,767

 
$
50,124

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
Current liabilities:
 
 
 
 
Accounts payable
 
$
996

 
$
811

Employee compensation and benefits
 
575

 
715

Current portion of long-term debt
 
3,537

 

Other current liabilities
 
3,174


812

Total current liabilities
 
8,282

 
2,338

Long-term liabilities:
 
 
 
 
Long-term debt
 
34,028

 
17,493

Other long-term liabilities
 
5,954


3,636

Total liabilities
 
48,264

 
23,467

Commitments and contingencies (Note 11)
 


 


Stockholders’ equity:
 
 
 
 
Preferred stock, $0.001 par value; 100 shares authorized; no shares issued or outstanding as of August 4, 2019 or November 4, 2018
 

 

Common stock and additional paid-in capital, $0.001 par value; 2,900 shares authorized; 398 and 408 shares issued and outstanding as of August 4, 2019 and November 4, 2018, respectively
 
21,619

 
23,285

Retained earnings
 

 
3,487

Accumulated other comprehensive loss
 
(116
)
 
(115
)
Total stockholders’ equity
 
21,503

 
26,657

Total liabilities and stockholders’ equity
 
$
69,767

 
$
50,124


The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.


2

Table of Contents

BROADCOM INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS — UNAUDITED
 
 
Fiscal Quarter Ended
 
Three Fiscal Quarters Ended
 
 
August 4,
2019
 
August 5,
2018
 
August 4,
2019
 
August 5,
2018
 
 
 
 
 
 
 
 
 
 
 
(In millions, except per share data)
Net revenue:
 
 
 
 
 
 

 
Products
 
$
4,413

 
$
4,783

 
$
13,470

 
$
14,640

Subscriptions and services
 
1,102

 
280

 
3,351

 
764

Total net revenue
 
5,515

 
5,063

 
16,821

 
15,404

Cost of revenue:
 
 
 
 
 
 
 
 
Cost of products sold
 
1,519

 
1,656

 
4,530

 
5,204

Cost of subscriptions and services
 
132

 
24

 
405

 
71

Purchase accounting effect on inventory
 

 

 

 
70

Amortization of acquisition-related intangible assets
 
828

 
762

 
2,487

 
2,242

Restructuring charges
 
2

 
2

 
68

 
19

Total cost of revenue
 
2,481

 
2,444

 
7,490

 
7,606

Gross margin
 
3,034

 
2,619

 
9,331

 
7,798

Research and development
 
1,235

 
959

 
3,519

 
2,820

Selling, general and administrative
 
410

 
234

 
1,300

 
819

Amortization of acquisition-related intangible assets
 
475

 
68

 
1,424

 
474

Restructuring, impairment and disposal charges
 
49

 
19

 
698

 
202

Total operating expenses
 
2,169

 
1,280

 
6,941

 
4,315

Operating income
 
865

 
1,339

 
2,390

 
3,483

Interest expense
 
(362
)
 
(149
)
 
(1,083
)
 
(480
)
Other income, net
 
41

 
39

 
172

 
120

Income from continuing operations before income taxes
 
544

 
1,229

 
1,479

 
3,123

Provision for (benefit from) income taxes
 
(171
)
 
32

 
(410
)
 
(8,391
)
Income from continuing operations
 
715

 
1,197

 
1,889

 
11,514

Loss from discontinued operations, net of income taxes
 

 
(1
)
 
(12
)
 
(19
)
Net income
 
715

 
1,196

 
1,877

 
11,495

Net income attributable to noncontrolling interest
 

 

 

 
351

Net income attributable to common stock
 
$
715

 
$
1,196

 
$
1,877

 
$
11,144

 
 
 
 
 
 
 
 
 
Basic income (loss) per share:
 
 
 
 
 
 
 
 
Income per share from continuing operations
 
$
1.80

 
$
2.78

 
$
4.73

 
$
26.58

Loss per share from discontinued operations
 

 

 
(0.03
)
 
(0.05
)
Net income per share
 
$
1.80

 
$
2.78

 
$
4.70

 
$
26.53

 
 
 
 
 
 
 
 
 
Diluted income (loss) per share:
 
 
 
 
 
 
 
 
Income per share from continuing operations
 
$
1.71

 
$
2.71

 
$
4.50

 
$
25.78

Loss per share from discontinued operations
 

 

 
(0.03
)
 
(0.04
)
Net income per share
 
$
1.71

 
$
2.71

 
$
4.47

 
$
25.74

 
 
 
 
 
 
 
 
 
Weighted-average shares:
 
 
 
 
 
 
 
 
Basic
 
398

 
430

 
399

 
420

Diluted
 
418

 
441

 
420

 
433

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

3

Table of Contents

BROADCOM INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME — UNAUDITED
 
 
Fiscal Quarter Ended
 
Three Fiscal Quarters Ended
 
 
August 4,
2019
 
August 5,
2018
 
August 4,
2019
 
August 5,
2018
 
 
 
 
 
 
 
 
 
 
 
(In millions)
Net income
 
$
715

 
$
1,196

 
$
1,877

 
$
11,495

Other comprehensive income, net of tax:
 
 
 
 
 
 
 
 
Change in actuarial loss and prior service costs associated with defined benefit pension plans and post-retirement benefit plans
 

 

 

 
1

Other comprehensive income
 

 

 

 
1

Comprehensive income
 
715

 
1,196

 
1,877

 
11,496

Comprehensive income attributable to noncontrolling interest
 

 

 

 
351

Comprehensive income attributable to common stock
 
$
715

 
$
1,196

 
$
1,877

 
$
11,145

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.


4

Table of Contents

BROADCOM INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED
 
 
Three Fiscal Quarters Ended
 
 
August 4,
2019
 
August 5,
2018
 
 
 
 
 
 
 
(In millions)
Cash flows from operating activities:
 
 
 
 
Net income
 
$
1,877

 
$
11,495

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
Amortization of intangible assets
 
3,930

 
2,730

Depreciation
 
426

 
383

Stock-based compensation
 
1,641

 
910

Deferred taxes and other non-cash taxes
 
(708
)
 
(8,512
)
Non-cash restructuring, impairment and disposal charges
 
113

 
13

Non-cash interest expense
 
50

 
18

Other
 
(81
)
 
22

Changes in assets and liabilities, net of acquisitions and disposals:
 
 
 
 
Trade accounts receivable, net
 
201

 
(340
)
Inventory
 
33

 
325

Accounts payable
 
105

 
(353
)
Employee compensation and benefits
 
(360
)
 
(87
)
Contributions to defined benefit pension plans
 

 
(130
)
Other current assets and current liabilities
 
115

 
206

Other long-term assets and long-term liabilities
 
(124
)
 
(435
)
Net cash provided by operating activities
 
7,218

 
6,245

Cash flows from investing activities:
 
 
 
 
Acquisitions of businesses, net of cash acquired
 
(16,033
)
 
(4,793
)
Proceeds from sales of businesses
 
957

 
782

Purchases of property, plant and equipment
 
(336
)
 
(529
)
Proceeds from disposals of property, plant and equipment
 
82

 
238

Purchases of investments
 
(5
)
 
(249
)
Proceeds from sales of investments
 
5

 
54

Other
 
(4
)
 
(59
)
Net cash used in investing activities
 
(15,334
)
 
(4,556
)
Cash flows from financing activities:
 
 
 
 
Proceeds from long-term borrowings
 
28,793

 

Repayment of debt
 
(12,000
)
 
(856
)
Payment of debt issuance costs
 
(46
)
 

Other borrowings
 
1,345

 

Dividend and distribution payments
 
(3,181
)
 
(2,275
)
Repurchases of common stock - repurchase program
 
(5,002
)
 
(5,725
)
Shares repurchased for tax withholdings on vesting of equity awards
 
(818
)
 
(35
)
Issuance of common stock
 
194

 
153

Other
 
1

 
(19
)
Net cash provided by (used in) financing activities
 
9,286

 
(8,757
)
Net change in cash and cash equivalents
 
1,170

 
(7,068
)
Cash and cash equivalents at beginning of period
 
4,292

 
11,204

Cash and cash equivalents at end of period
 
$
5,462

 
$
4,136

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

5

Table of Contents

BROADCOM INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY — UNAUDITED
Three Fiscal Quarters Ended August 4, 2019

 
 
Common Stock
and Additional
Paid-in Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Total Stockholders’
Equity
 
 
Shares
 
Amount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In millions)
Balance as of November 4, 2018
 
408

 
$
23,285

 
$
3,487

 
$
(115
)
 
$
26,657

Net income
 

 

 
471

 

 
471

Cumulative effect of accounting changes
 

 

 
8

 
(1
)
 
7

Fair value of partially vested equity awards assumed in connection with the acquisition of CA, Inc.
 

 
67

 

 

 
67

Cash dividends declared and paid to stockholders
 

 

 
(1,067
)
 

 
(1,067
)
Common stock issued
 
2

 
62

 

 

 
62

Stock-based compensation
 

 
540

 

 

 
540

Repurchases of common stock
 
(14
)
 
(796
)
 
(2,640
)
 

 
(3,436
)
Shares repurchased for tax withholdings on vesting of equity awards
 

 
(77
)
 

 

 
(77
)
Balance as of February 3, 2019
 
396

 
23,081

 
259

 
(116
)
 
23,224

Net income
 

 

 
691

 

 
691

Cash dividends declared and paid to stockholders
 

 
(331
)
 
(726
)
 

 
(1,057
)
Common stock issued
 
8

 
121

 

 

 
121

Stock-based compensation
 

 
544

 

 

 
544

Repurchases of common stock
 
(3
)
 
(606
)
 
(224
)
 

 
(830
)
Shares repurchased for tax withholdings on vesting of equity awards
 
(2
)
 
(521
)
 

 

 
(521
)
Balance as of May 5, 2019
 
399

 
22,288

 

 
(116
)
 
22,172

Net income
 

 

 
715

 

 
715

Cash dividends declared and paid to stockholders
 

 
(342
)
 
(715
)
 

 
(1,057
)
Common stock issued
 
2

 
11

 

 

 
11

Stock-based compensation
 

 
632

 

 

 
632

Repurchases of common stock
 
(2
)
 
(736
)
 

 

 
(736
)
Shares repurchased for tax withholdings on vesting of equity awards
 
(1
)
 
(234
)
 

 

 
(234
)
Balance as of August 4, 2019
 
398

 
$
21,619

 
$

 
$
(116
)
 
$
21,503

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

6

Table of Contents

BROADCOM INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY — UNAUDITED
Three Fiscal Quarters Ended August 5, 2018

 
 
Preferred Stock
 
Common Stock
and Additional
Paid-in Capital
 
Retained
Earnings/(Accumulated Deficit)
 
Accumulated
Other
Comprehensive
Loss
 
Total
Broadcom Inc.
Stockholders’
Equity
 
Noncontrolling Interest
 
Total
Equity
 
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In millions)
Balance as of October 29, 2017
 
22

 
$

 
409

 
$
20,505

 
$
(129
)
 
$
(91
)
 
$
20,285

 
$
2,901

 
$
23,186

Net income
 

 

 

 

 
6,230

 

 
6,230

 
336

 
6,566

Other comprehensive income
 

 

 

 

 

 
9

 
9

 

 
9

Cumulative effect of accounting changes
 

 

 

 

 
(252
)
 

 
(252
)
 
(14
)
 
(266
)
Fair value of partially vested equity awards assumed in connection with the acquisition of Brocade Communications Systems, Inc.
 

 

 

 
8

 

 

 
8

 

 
8

Cash dividends declared and paid to stockholders
 

 

 

 

 
(717
)
 

 
(717
)
 

 
(717
)
Cash distribution declared and paid by Broadcom Cayman L.P. on exchangeable limited partnership units
 

 

 

 

 

 

 

 
(38
)
 
(38
)
Exchange of exchangeable limited partnership units for common stock
 

 

 

 
5

 

 

 
5

 
(5
)
 

Common stock issued
 

 

 
1

 
34

 

 

 
34

 

 
34

Stock-based compensation
 

 

 

 
299

 

 

 
299

 

 
299

Balance as of February 4, 2018
 
22

 

 
410

 
20,851

 
5,132

 
(82
)
 
25,901

 
3,180

 
29,081

Net income
 

 

 

 

 
3,718

 

 
3,718

 
15

 
3,733

Other comprehensive loss
 

 

 

 

 

 
(8
)
 
(8
)
 

 
(8
)
Cumulative effect of accounting changes
 

 

 

 

 
15

 
(16
)
 
(1
)
 
1

 

Cash dividends declared and paid to stockholders
 

 

 

 

 
(727
)
 

 
(727
)
 

 
(727
)
Cash distribution declared and paid by Broadcom Cayman L.P. on exchangeable limited partnership units
 

 

 

 

 

 

 

 
(39
)
 
(39
)
Exchange of exchangeable limited partnership units for common stock and redemption of preferred stock due to the Redomiciliation Transaction
 
(22
)
 

 
22

 
3,157

 

 

 
3,157

 
(3,157
)
 

Common stock issued
 

 

 
6

 
80

 

 

 
80

 

 
80

Stock-based compensation
 

 

 

 
296

 

 

 
296

 

 
296

Repurchases of common stock
 

 

 
(2
)
 
(77
)
 
(270
)
 

 
(347
)
 

 
(347
)
Shares repurchased for tax withholdings on vesting of equity awards
 

 

 

 
(2
)
 

 

 
(