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)
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(1) The Company is not readily able to provide a reconciliation of the projected non-GAAP financial information presented to the relevant projected GAAP measure without unreasonable effort. |
BROADCOM INC. | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED | |||||||||||||||
(IN MILLIONS, EXCEPT PER SHARE DATA) | |||||||||||||||
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| Fiscal Quarter Ended |
| Fiscal Year Ended | |||||||||||
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| October 31, |
| August 1, |
| November 1, |
| October 31, |
| November 1, | |||||
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| 2021 |
| 2021 |
| 2020 |
| 2021 |
| 2020 | |||||
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Net revenue |
| $ | 7,407 |
| $ | 6,778 |
| $ | 6,467 |
| $ | 27,450 |
| $ | 23,888 |
Cost of revenue: |
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Cost of revenue |
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| 1,920 |
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| 1,729 |
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| 1,753 |
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| 7,162 |
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| 6,518 |
Amortization of acquisition-related intangible assets |
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| 849 |
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| 851 |
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| 962 |
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| 3,427 |
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| 3,819 |
Restructuring charges |
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| - |
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| 1 |
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| 5 |
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| 17 |
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| 35 |
| Total cost of revenue |
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| 2,769 |
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| 2,581 |
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| 2,720 |
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| 10,606 |
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| 10,372 |
| Gross margin |
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| 4,638 |
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| 4,197 |
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| 3,747 |
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| 16,844 |
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| 13,516 |
| Research and development |
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| 1,200 |
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| 1,205 |
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| 1,182 |
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| 4,854 |
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| 4,968 |
| Selling, general and administrative |
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| 337 |
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| 346 |
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| 405 |
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| 1,347 |
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| 1,935 |
| Amortization of acquisition-related intangible assets |
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| 494 |
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| 494 |
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| 599 |
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| 1,976 |
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| 2,401 |
| Restructuring, impairment and disposal charges |
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| 26 |
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| 26 |
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| 35 |
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| 148 |
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| 198 |
| Total operating expenses |
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| 2,057 |
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| 2,071 |
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| 2,221 |
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| 8,325 |
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| 9,502 |
| Operating income |
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| 2,581 |
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| 2,126 |
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| 1,526 |
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| 8,519 |
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| 4,014 |
| Interest expense |
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| (434) |
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| (415) |
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| (420) |
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| (1,885) |
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| (1,777) |
| Other income, net |
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| 22 |
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| 15 |
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| 31 |
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| 131 |
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| 206 |
| Income from continuing operations before income taxes |
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| 2,169 |
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| 1,726 |
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| 1,137 |
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| 6,765 |
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| 2,443 |
| Provision for (benefit from) income taxes |
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| 180 |
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| (150) |
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| (187) |
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| 29 |
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| (518) |
| Income from continuing operations |
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| 1,989 |
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| 1,876 |
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| 1,324 |
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| 6,736 |
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| 2,961 |
| Loss from discontinued operations, net of income taxes |
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| - |
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| - |
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| - |
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| - |
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| (1) |
| Net income |
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| 1,989 |
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| 1,876 |
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| 1,324 |
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| 6,736 |
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| 2,960 |
| Dividends on preferred stock |
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| (75) |
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| (74) |
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| (74) |
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| (299) |
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| (297) |
| Net income attributable to common stock |
| $ | 1,914 |
| $ | 1,802 |
| $ | 1,250 |
| $ | 6,437 |
| $ | 2,663 |
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| Basic income per share attributable to common stock: |
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| Income per share from continuing operations |
| $ | 4.65 |
| $ | 4.38 |
| $ | 3.09 |
| $ | 15.70 |
| $ | 6.62 |
| Loss per share from discontinued operations |
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| - |
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| - |
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| - |
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| - |
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| - |
| Net income per share |
| $ | 4.65 |
| $ | 4.38 |
| $ | 3.09 |
| $ | 15.70 |
| $ | 6.62 |
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| Diluted income per share attributable to common stock (1) : |
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| Income per share from continuing operations |
| $ | 4.45 |
| $ | 4.20 |
| $ | 2.93 |
| $ | 15.00 |
| $ | 6.33 |
| Loss per share from discontinued operations |
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| - |
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| - |
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| - |
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| - |
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| - |
| Net income per share |
| $ | 4.45 |
| $ | 4.20 |
| $ | 2.93 |
| $ | 15.00 |
| $ | 6.33 |
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| Weighted-average shares used in per share calculations: |
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| Basic |
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| 412 |
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| 411 |
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| 405 |
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| 410 |
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| 402 |
| Diluted |
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| 430 |
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| 429 |
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| 426 |
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| 429 |
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| 421 |
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| Stock-based compensation expense included in continuing operations: |
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| Cost of revenue |
| $ | 37 |
| $ | 36 |
| $ | 38 |
| $ | 143 |
| $ | 159 |
| Research and development |
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| 279 |
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| 285 |
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| 318 |
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| 1,199 |
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| 1,419 |
| Selling, general and administrative |
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| 98 |
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| 100 |
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| 93 |
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| 362 |
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| 398 |
| Total stock-based compensation expense |
| $ | 414 |
| $ | 421 |
| $ | 449 |
| $ | 1,704 |
| $ | 1,976 |
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| (1) Excludes the potentially dilutive effect of Mandatory Convertible Preferred Stock as the impact was antidilutive. | |||||||||||||||
