GAAP

Non-GAAP

(Dollars in millions, except per share data)

FY 24

FY 23

Change

FY 24

FY 23

Change

Net revenue

$

51,574

$

35,819

+44

%

$

51,574

$

35,819

+44

%

Net income

$

5,895

$

14,082

-$  8,187

$

23,733

$

18,378

+$   5,355

Earnings per common share – diluted ^*

$

1.23

$

3.30

-$    2.07

$

4.87

$

4.22

+$     0.65

(Dollars in millions)

FY 24

FY 23

Change

Cash flow from operations                                                                              

$

19,962

$

18,085

+$    1,877

Adjusted EBITDA

$

31,897

$

23,213

+$    8,684

Free cash flow

$

19,414

$

17,633

+$    1,781

Net revenue by segment

(Dollars in millions)

FY 24

FY 23

Change

Semiconductor solutions                                                                      

$

30,096

58

%

$

28,182

79

%

+7

%

Infrastructure software

21,478

42

7,637

21

+181

%

Total net revenue

$

51,574

100

%

$

35,819

100

%

* On July 12, 2024, the Company completed a ten-for-one forward stock split. All per share amounts presented reflect the stock split.

BROADCOM INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS – UNAUDITED

(IN MILLIONS, EXCEPT PER SHARE DATA)

Fiscal Quarter Ended

Fiscal Year Ended

November 3,

August 4,

October 29,

November 3,

October 29,

2024

2024

2023

2024

2023

Net revenue

$

14,054

$

13,072

$

9,295

$

51,574

$

35,819

Cost of revenue:

Cost of revenue

3,399

3,133

2,449

12,788

9,272

Amortization of acquisition-related intangible assets

1,602

1,525

438

6,023

1,853

Restructuring charges

51

58

1

254

4

Total cost of revenue

5,052

4,716

2,888

19,065

11,129

Gross margin

9,002

8,356

6,407

32,509

24,690

Research and development

2,234

2,353

1,388

9,310

5,253

Selling, general and administrative

1,010

1,100

418

4,959

1,592

Amortization of acquisition-related intangible assets

813

812

348

3,244

1,394

Restructuring and other charges

318

303

13

1,533

244

Total operating expenses

4,375

4,568

2,167

19,046

8,483

Operating income

4,627

3,788

4,240

13,463

16,207

Interest expense

(916)

(1,064)

(405)

(3,953)

(1,622)

Other income, net

52

82

132

406

512

Income from continuing operations before income taxes

3,763

2,806

3,967

9,916

15,097

Provision for (benefit from) income taxes

(442)

4,238

443

3,748

1,015

Income (loss) from continuing operations

4,205

(1,432)

3,524

6,168

14,082

Income (loss) from discontinued operations, net of income taxes

119

(443)

–

(273)

–

Net income (loss)

$

4,324

$

(1,875)

$

3,524

$

5,895

$

14,082

Basic income (loss) per share ⁽¹⁾:

…

Income (loss) per share from continuing operations

$

0.89

$

(0.31)

$

0.85

$

1.33

$

3.39

Income (loss) per share from discontinued operations

0.03

(0.09)

–

(0.06)

–

Net income (loss) per share

$

0.92

$

(0.40)

$

0.85

$

1.27

$

3.39

Diluted income (loss) per share ⁽¹⁾:

Income (loss) per share from continuing operations

$

0.87

$

(0.31)

$

0.83

$

1.29

$

3.30

Income (loss) per share from discontinued operations

0.03

(0.09)

–

(0.06)

–

Net income (loss) per share

$

0.90

$

(0.40)

$

0.83

$

1.23

$

3.30

Weighted-average shares used in per share calculations ⁽¹⁾:

Basic

4,679

4,663

4,133

4,624

4,149

Diluted

4,828

4,663

4,268

4,778

4,272

Stock-based compensation expense included in continuing operations:

Cost of revenue

$

159

$

174

$

62

$

664

$

210

Research and development

839

877

448

3,460

1,513

Selling, general and administrative

316

330

128

1,546

448

Total stock-based compensation expense

$

1,314

$

1,381

$

638

$

5,670

$

2,171

(1) Reflects a ten-for-one forward stock split on July 12, 2024.

BROADCOM INC.

FINANCIAL RECONCILIATION: GAAP TO NON-GAAP – UNAUDITED

(IN MILLIONS)

Fiscal Quarter Ended

Fiscal Year Ended

November 3,

August 4,

October 29,

November 3,

October 29,

2024

2024

2023

2024

2023

Gross margin on GAAP basis

$

9,002

$

8,356

$

6,407

$

32,509

$

24,690

Amortization of acquisition-related intangible assets

1,602

1,525

438

6,023

1,853

Stock-based compensation expense

159

174

62

664

210

Restructuring charges

51

58

1

254

4

Acquisition-related costs

–

–

–

9

–

Gross margin on non-GAAP basis

$

10,814

$

10,113

$

6,908

$

39,459

$

26,757

Research and development on GAAP basis

$

2,234

$

2,353

$

1,388

$

9,310

$

5,253

Stock-based compensation expense

839

877

448

3,460

1,513

Acquisition-related costs

–

2

–

3

–

Research and development on non-GAAP basis

$

1,395

$

1,474

$

940

$

5,847

$

3,740

Selling, general and administrative expense on GAAP basis

$

1,010

$

1,100

$

418

$

4,959

$

1,592

Stock-based compensation expense

316

330

128

1,546

448

Acquisition-related costs

86

79

69

537

252

Selling, general and administrative expense on non-GAAP basis

$

608

$

691

$

221

$

2,876

$

892

Total operating expenses on GAAP basis

$

4,375

$

4,568

$

2,167

$

19,046

$

8,483

Amortization of acquisition-related intangible assets

813

812

348

3,244

1,394

Stock-based compensation expense

1,155

1,207

576

5,006

1,961

Restructuring and other charges

318

303

13

1,533

244

Acquisition-related costs

86

81

69

540

252

Total operating expenses on non-GAAP basis

$

2,003

$

2,165

$

1,161

$

8,723

$

4,632

Operating income on GAAP basis

$

4,627

$

3,788

$

4,240

$

13,463

$

16,207

Amortization of acquisition-related intangible assets

2,415

2,337

786

9,267

3,247

Stock-based compensation expense

1,314

1,381

638

5,670

2,171

Restructuring and other charges

369

361

14

1,787

248

Acquisition-related costs

86

81

69

549

252

Operating income on non-GAAP basis

$

8,811

$

7,948

$

5,747

$

30,736

$

22,125

Interest expense on GAAP basis

$

(916)

$

(1,064)

$

(405)

$

(3,953)

$

(1,622)

Loss on debt extinguishment

52

83

–

157

–

Interest expense on non-GAAP basis

$

(864)

$

(981)

$

(405)

$

(3,796)

$

(1,622)

Other income, net on GAAP basis

$

52

$

82

$

132

$

406

$

512

(Gains) losses on investments

30

6

24

12

(11)

Other

–

–

(1)

–

(1)

Other income, net on non-GAAP basis

$

82

$

88

$

155

$

418

$

500

Provision for (benefit from) income taxes on GAAP basis

$

(442)

$

4,238

$

443

$

3,748

$

1,015

Non-GAAP tax reconciling adjustments ⁽¹⁾

1,506

(3,303)

244

(123)

1,610

Provision for income taxes on non-GAAP basis

$

1,064

$

935

$

687

$

3,625

$

2,625

Net income (loss) on GAAP basis

$

4,324

$

(1,875)

$

3,524

$

5,895

$

14,082

Amortization of acquisition-related intangible assets

2,415

2,337

786

9,267

3,247

Stock-based compensation expense

1,314

1,381

638

5,670

2,171

Restructuring and other charges

369

361

14

1,787

248

Acquisition-related costs

86

81

69

549

252

Loss on debt extinguishment

52

83

–

157

–

(Gains) losses on investments

30

6

24

12

(11)

Other

–

–

(1)

–

(1)

Non-GAAP tax reconciling adjustments ⁽¹⁾

(1,506)

3,303

(244)

123

(1,610)

(Income) loss from discontinued operations, net of income taxes

(119)

443

–

273

–

Net income on non-GAAP basis

$

6,965

$

6,120

$

4,810

$

23,733

$

18,378

Net income (loss) on GAAP basis

$

4,324

$

(1,875)

$

3,524

$

5,895

$

14,082

Non-GAAP Adjustments:

Amortization of acquisition-related intangible assets

2,415

2,337

786

9,267

3,247

Stock-based compensation expense

1,314

1,381

638

5,670

2,171

Restructuring and other charges

369

361

14

1,787

248

Acquisition-related costs

86

81

69

549

252

Loss on debt extinguishment

52

83

–

157

–

(Gains) losses on investments

30

6

24

12

(11)

Other

–

–

(1)

–

(1)

Non-GAAP tax reconciling adjustments ⁽¹⁾

(1,506)

3,303

(244)

123

(1,610)

(Income) loss from discontinued operations, net of income taxes

(119)

443

–

273

–

Other Adjustments:

Interest expense

864

981

405

3,796

1,622

Provision for income taxes on non-GAAP basis

1,064

935

687

3,625

2,625

Depreciation

156

149

124

593

502

Amortization of purchased intangibles and right-of-use assets

40

38

22

150

86

Adjusted EBITDA

$

9,089

$

8,223

$

6,048

$

31,897

$

23,213

Weighted-average shares used in per share calculations – diluted on GAAP basis ⁽²⁾

4,828

4,663

4,268

4,778

4,272

Non-GAAP adjustment ⁽³⁾

77

254

82

99

81

Weighted-average shares used in per share calculations – diluted on non-GAAP basis

4,905

4,917

4,350

4,877

4,353

Net cash provided by operating activities

$

5,604

$

4,963

$

4,828

$

19,962

$

18,085

Purchases of property, plant and equipment

(122)

(172)

(105)

(548)

(452)

Free cash flow

$

5,482

$

4,791

$

4,723

$

19,414

$

17,633

 Fiscal
Quarter
Ending

February 2,

Expected average diluted share count:

2025

Weighted-average shares used in per share calculation – diluted on GAAP basis ⁽²⁾

4,828

Non-GAAP adjustment ⁽³⁾

68

Weighted-average shares used in per share calculation – diluted on non-GAAP basis

4,896

(1) Non-GAAP tax reconciling adjustments included a one-time discrete non-cash tax provision of $4.5 billion from the impact of an intra-group transfer of certain IP rights to the United States as a result of supply chain realignment for the fiscal quarter ended August 4, 2024 and the fiscal year ended November 3, 2024.

(2) Reflects a ten-for-one forward stock split on July 12, 2024.

(3) Non-GAAP adjustment for the number of shares used in the diluted per share calculations excludes the impact of stock-based compensation expense expected to be incurred in future periods and not yet recognized in the financial statements, which would otherwise be assumed to be used to repurchase shares under the GAAP treasury stock method. For the fiscal quarter ended August 4, 2024, non-GAAP adjustment included the dilutive effect of the equity awards that were antidilutive on a GAAP basis.

BROADCOM INC.

CONDENSED CONSOLIDATED BALANCE SHEETS – UNAUDITED

(IN MILLIONS)

November 3,

October 29,

2024

2023

ASSETS

Current assets:

Cash and cash equivalents

$

9,348

$

14,189

Trade accounts receivable, net

4,416

3,154

Inventory

1,760

1,898

Other current assets

4,071

1,606

Total current assets

19,595

20,847

Long-term assets:

Property, plant and equipment, net

2,521

2,154

Goodwill

97,873

43,653

Intangible assets, net

40,583

3,867

Other long-term assets

5,073

2,340

Total assets

$

165,645

$

72,861

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

$

1,662

$

1,210

Employee compensation and benefits

1,971

935

Current portion of long-term debt

1,271

1,608

Other current liabilities

11,793

3,652

Total current liabilities

16,697

7,405

Long-term liabilities:

Long-term debt

66,295

37,621

Other long-term liabilities

14,975

3,847

Total liabilities

97,967

48,873

Stockholders’ equity:

Preferred stock

–

–

Common stock

5

4

Additional paid-in capital

67,466

21,095

Retained earnings

–

2,682

Accumulated other comprehensive income

207

207

Total stockholders’ equity

67,678

23,988

  Total liabilities and equity

$

165,645

$

72,861

BROADCOM INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – UNAUDITED

(IN MILLIONS)

Fiscal Quarter Ended

Fiscal Year Ended

November 3,

August 4,

October 29,

November 3,

October 29,

2024

2024

2023

2024

2023

Cash flows from operating activities:

Net income (loss)

$

4,324

$

(1,875)

$

3,524

$

5,895

$

14,082

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Amortization of intangible and right-of-use assets

2,455

2,375

808

9,417

3,333

Depreciation

156

149

124

593

502

Stock-based compensation

1,314

1,388

638

5,741

2,171

Deferred taxes and other non-cash taxes

(868)

3,638

639

1,965

(501)

Loss on debt extinguishment

52

83

–

157

–

Non-cash interest expense

91

115

34

427

132

Other

138

158

27

404

9

Changes in assets and liabilities, net of acquisitions and disposals:

  Trade accounts receivable, net

249

835

(231)

2,327

(187)

  Inventory

134

(52)

(56)

150

27

  Accounts payable

(85)

373

215

121

209

  Employee compensation and benefits

196

291

103

78

(279)

  Other current assets and current liabilities

(1,410)

(1,345)

(694)

(5,323)

(628)

  Other long-term assets and long-term liabilities

(1,142)

(1,170)

(303)

(1,990)

(785)

Net cash provided by operating activities

5,604

4,963

4,828

19,962

18,085

Cash flows from investing activities:

Acquisitions of businesses, net of cash acquired

–

(2)

(36)

(25,978)

(53)

Proceeds from sale of business

–

3,485

–

3,485

–

Purchases of property, plant and equipment

(122)

(172)

(105)

(548)

(452)

Purchases of investments

(30)

(73)

(58)

(175)

(346)

Sales of investments

20

5

154

156

228

Other

–

2

(79)

(10)

(66)

Net cash provided by (used in) investing activities

(132)

3,245

(124)

(23,070)

(689)

Cash flows from financing activities:

Proceeds from long-term borrowings

4,969

4,975

–

39,954

–

Payments on debt obligations

(7,472)

(9,202)

(143)

(19,608)

(403)

Payments of dividends

(2,484)

(2,452)

(1,904)

(9,814)

(7,645)

Repurchases of common stock – repurchase program

–

–

(123)

(7,176)

(5,824)

Shares repurchased for tax withholdings on vesting of equity awards

(1,204)

(1,350)

(454)

(5,216)

(1,861)

Issuance of common stock

126

–

59

190

122

Other

(11)

(36)

(5)

(63)

(12)

Net cash used in financing activities

(6,076)

(8,065)

(2,570)

(1,733)

(15,623)

Net change in cash and cash equivalents

(604)

143

2,134

(4,841)

1,773

Cash and cash equivalents at beginning of period

9,952

9,809

12,055

14,189

12,416

Cash and cash equivalents at end of period

$

9,348

$

9,952

$

14,189

$

9,348

$

14,189

Supplemental disclosure of cash flow information:

Cash paid for interest

$

738

$

816

$

397

$

3,250

$

1,503

Cash paid for income taxes

$

832

$

585

$

191

$

3,155

$

1,782