Broadcom Inc. Announces Fourth Quarter and Fiscal Year 2024 Financial Results and Quarterly Dividend
Broadcom (AVGO) reported strong Q4 2024 financial results with revenue reaching $14.054 billion, up 51% year-over-year. The company's fiscal year 2024 revenue grew 44% to $51.6 billion, driven by infrastructure software revenue of $21.5 billion and semiconductor revenue of $30.1 billion.
Notable highlights include AI revenue growth of 220% year-on-year to $12.2 billion, and adjusted EBITDA of $9.089 billion (65% of revenue) for Q4. The company increased its quarterly dividend by 11% to $0.59 per share and provided Q1 FY2025 guidance projecting revenue of approximately $14.6 billion, a 22% increase from the prior year.
Broadcom (AVGO) ha riportato risultati finanziari solidi per il quarto trimestre del 2024, con un fatturato che ha raggiunto $14,054 miliardi, in aumento del 51% rispetto all'anno precedente. Il fatturato dell'anno fiscale 2024 dell'azienda è cresciuto del 44%, raggiungendo $51,6 miliardi, trainato dai ricavi software per infrastrutture di $21,5 miliardi e dai ricavi dei semiconduttori di $30,1 miliardi.
Tra i punti salienti, si segnala una crescita dei ricavi dall'IA del 220% anno su anno, arrivando a $12,2 miliardi, e un EBITDA rettificato di $9,089 miliardi (65% del fatturato) per il quarto trimestre. L'azienda ha aumentato il suo dividendo trimestrale dell'11% a $0,59 per azione e ha fornito previsioni per il primo trimestre dell'anno fiscale 2025, proiettando ricavi di circa $14,6 miliardi, un aumento del 22% rispetto all'anno precedente.
Broadcom (AVGO) reportó sólidos resultados financieros para el cuarto trimestre de 2024, con ingresos alcanzando $14,054 mil millones, un aumento del 51% en comparación al año anterior. Los ingresos del año fiscal 2024 de la compañía crecieron un 44%, alcanzando $51.6 mil millones, impulsados por ingresos por software de infraestructura de $21.5 mil millones e ingresos por semiconductores de $30.1 mil millones.
Los aspectos destacados incluyen un crecimiento de los ingresos por IA del 220% año con año a $12.2 mil millones, y un EBITDA ajustado de $9.089 mil millones (65% de los ingresos) para el cuarto trimestre. La compañía aumentó su dividendo trimestral en un 11% a $0.59 por acción y proporcionó una guía para el primer trimestre del año fiscal 2025, proyectando ingresos de aproximadamente $14.6 mil millones, un aumento del 22% en comparación con el año anterior.
브로드컴 (AVGO)은 2024년 4분기 재무 결과에서 강력한 실적을 발표했으며, 수익은 140억 5400만 달러에 도달하여 전년 대비 51% 증가했습니다. 회사의 2024 회계연도 수익은 516억 달러로 44% 증가했으며, 이는 $215억의 인프라 소프트웨어 수익과 $301억의 반도체 수익에 의해 주도되었습니다.
주요 하이라이트로는 AI 수익이 전년 대비 220% 증가하여 $122억에 이르고, 4분기 동안 조정된 EBITDA가 $90억 8900만 (수익의 65%)에 달했습니다. 회사는 분기 배당금을 11% 인상하여 주당 $0.59로 조정했고, 2025 회계연도 1분기 가이던스를 제공하여 약 146억 달러의 수익을 예상했습니다. 이는 전년 대비 22% 증가한 수치입니다.
Broadcom (AVGO) a annoncé de solides résultats financiers pour le quatrième trimestre de 2024, avec des revenus atteignant 14,054 milliards de dollars, en hausse de 51% par rapport à l'année précédente. Les revenus de l'exercice fiscal 2024 de l'entreprise ont augmenté de 44% pour atteindre 51,6 milliards de dollars, tirés par des revenus de logiciels d'infrastructure de 21,5 milliards de dollars et des revenus de semi-conducteurs de 30,1 milliards de dollars.
Les faits saillants notables comprennent une croissance des revenus de l'IA de 220% d'une année sur l'autre, atteignant 12,2 milliards de dollars, et un EBITDA ajusté de 9,089 milliards de dollars (65% des revenus) pour le quatrième trimestre. L'entreprise a augmenté son dividende trimestriel de 11% pour atteindre 0,59 $ par action et a fourni des prévisions pour le premier trimestre de l'exercice 2025, projetant des revenus d'environ 14,6 milliards de dollars, soit une augmentation de 22% par rapport à l'année précédente.
Broadcom (AVGO) hat für das vierte Quartal 2024 starke finanzielle Ergebnisse gemeldet, mit Einnahmen von 14,054 Milliarden US-Dollar, was einem Anstieg von 51% im Vergleich zum Vorjahr entspricht. Der Umsatz des Unternehmens für das Geschäftsjahr 2024 stieg um 44% auf 51,6 Milliarden US-Dollar, angetrieben durch Softwareumsätze für Infrastruktur in Höhe von 21,5 Milliarden US-Dollar und Halbleiterumsätze in Höhe von 30,1 Milliarden US-Dollar.
Zu den bemerkenswerten Höhepunkten gehört ein Umsatzwachstum im KI-Bereich von 220% im Jahresvergleich auf 12,2 Milliarden US-Dollar sowie ein bereinigtes EBITDA von 9,089 Milliarden US-Dollar (65% des Umsatzes) im vierten Quartal. Das Unternehmen erhöhte die vierteljährliche Dividende um 11% auf 0,59 US-Dollar pro Aktie und gab eine Prognose für das erste Quartal des Geschäftsjahres 2025 ab, die einen Umsatz von etwa 14,6 Milliarden US-Dollar voraussagt, was einem Anstieg von 22% im Vergleich zum Vorjahr entspricht.
- Revenue increased 51% YoY to $14.054B in Q4 2024
- AI revenue grew 220% YoY to $12.2B
- Adjusted EBITDA rose to $9.089B (65% of revenue) in Q4
- Free cash flow increased to $5.482B (39% of revenue)
- Quarterly dividend increased 11% to $0.59 per share
- Strong Q1 FY2025 guidance with 22% YoY revenue growth projection
- GAAP net income for FY2024 declined by $8.187B compared to FY2023
- GAAP diluted EPS decreased from $3.30 to $1.23 in FY2024
- Cash and cash equivalents decreased from $9.952B to $9.348B QoQ
Insights
Broadcom delivered exceptional Q4 results with revenue surging
The company's profitability metrics remain robust, with adjusted EBITDA margin at
The standout performance in AI acceleration and networking solutions demonstrates Broadcom's strategic positioning in high-growth markets. The successful VMware integration has significantly expanded the company's software capabilities, creating a more diversified revenue stream. The
Looking ahead, the
- Revenue of
$14,054 million - GAAP net income of
$4,324 million $6,965 million - Adjusted EBITDA of
$9,089 million - GAAP diluted EPS of
$0.90 $1.42 - Cash from operations of
$5,604 million $122 million $5,482 million - Quarterly common stock dividend increased by 11 percent from the prior quarter to
$0.59 - First quarter fiscal year 2025 revenue guidance of approximately
$14.6 billion - First quarter fiscal year 2025 Adjusted EBITDA guidance of approximately 66 percent of projected revenue (1)
"Broadcom's fiscal year 2024 revenue grew
"In fiscal year 2024 adjusted EBITDA increased
(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. |
Fourth Quarter Fiscal Year 2024 Financial Highlights
GAAP | Non-GAAP | |||||||||||||||||
(Dollars in millions, except per share data) | Q4 24 | Q4 23 | Change | Q4 24 | Q4 23 | Change | ||||||||||||
Net revenue | $ | 14,054 | $ | 9,295 | +51 | % | $ | 14,054 | $ | 9,295 | +51 | % | ||||||
Net income | $ | 4,324 | $ | 3,524 | +$ 800 | $ | 6,965 | $ | 4,810 | +$ 2,155 | ||||||||
Earnings per common share - diluted * | $ | 0.90 | $ | 0.83 | +$ 0.07 | $ | 1.42 | $ | 1.11 | +$ 0.31 | ||||||||
(Dollars in millions) | Q4 24 | Q4 23 | Change | |||||
Cash flow from operations | $ | 5,604 | $ | 4,828 | +$ 776 | |||
Adjusted EBITDA | $ | 9,089 | $ | 6,048 | +$ 3,041 | |||
Free cash flow | $ | 5,482 | $ | 4,723 | +$ 759 | |||
Net revenue by segment | |||||||||||||||
(Dollars in millions) | Q4 24 | Q4 23 | Change | ||||||||||||
Semiconductor solutions | $ | 8,230 | 59 | % | $ | 7,326 | 79 | % | +12 | % | |||||
Infrastructure software | 5,824 | 41 | 1,969 | 21 | +196 | % | |||||||||
Total net revenue | $ | 14,054 | 100 | % | $ | 9,295 | 100 | % | |||||||
* On July 12, 2024, the Company completed a ten-for-one forward stock split. All per share amounts presented reflect the stock split. | |||||||||||||||
The Company's cash and cash equivalents at the end of the fiscal quarter were
During the fourth fiscal quarter, the Company generated
On September 30, 2024, the Company paid a cash dividend on a split adjusted basis of
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 2024 Financial Highlights
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. | |||||||||||||||
First Quarter Fiscal Year 2025 Business Outlook
Based on current business trends and conditions, the outlook for the first quarter of fiscal year 2025, ending February 2, 2025, is expected to be as follows:
- First quarter revenue guidance of approximately
$14.6 billion - First quarter Adjusted EBITDA guidance of approximately 66 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 of
Financial Results Conference Call
Broadcom Inc. will host a conference call to review its financial results for the fourth quarter and fiscal year 2024 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/.
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 and other charges, acquisition-related costs, including integration costs, 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
Broadcom Inc. (NASDAQ: AVGO) is a global technology leader that designs, develops, and supplies a broad range of semiconductor, enterprise software and security solutions. Broadcom's category-leading product portfolio serves critical markets including cloud, data center, networking, broadband, wireless, storage, industrial, and enterprise software. Our solutions include service provider and enterprise networking and storage, mobile device and broadband connectivity, mainframe, cybersecurity, and private and hybrid cloud infrastructure. Broadcom is a
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, 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 Broadcom's management, current information available to Broadcom's management, and current market trends and market conditions and involve risks and uncertainties that may cause actual results to differ materially from those contained in forward-looking statements. Accordingly, undue reliance should not be placed on such statements.
Particular uncertainties that could materially affect future results include risks associated with: global economic conditions and concerns; government regulations and administrative proceedings, trade restrictions and trade tensions; global political and economic conditions; our acquisition of VMware, Inc., including our ability to realize the expected benefits; any acquisitions or dispositions 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 businesses with our existing businesses and our ability to achieve the benefits, growth prospects and synergies expected by such acquisitions; 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; our ability to protect against cyber security threats and a breach of security systems; any loss of our significant customers and fluctuations in the timing and volume of significant customer demand; cyclicality in the semiconductor industry or in our target markets; our dependence on contract manufacturing and outsourced supply chain; our dependency on a limited number of suppliers; prolonged disruptions of our or our contract manufacturers' manufacturing facilities, warehouses or other significant operations; our ability to accurately estimate customers' demand and adjust our manufacturing and supply chain accordingly; our ability to continue achieving design wins with our customers, as well as the timing of any design wins; our ability to improve our manufacturing efficiency and quality; involvement in legal proceedings; ability of our software products to manage and secure IT infrastructures and environments; demand for our data center virtualization products and market acceptance of our products and services; 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 software in our products; sales to government customers; our ability to manage products and services lifecycles; quarterly and annual fluctuations in operating results; our competitive performance; 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, or other undetected defects or bugs; our ability to sell to new types of customers and to keep pace with technological advances; our compliance with privacy and data security laws; our provision for income taxes and overall cash tax costs; our ability to maintain tax concessions in certain jurisdictions; potential tax liabilities as a result of acquiring VMware; our significant indebtedness and the need to generate sufficient cash flows to service and repay such debt; and other events and trends on a national, regional, industry-specific and global scale, including those of a political, economic, business, competitive and regulatory nature.
Our filings with the SEC, which are available without charge at the SEC's website at https://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
650-427-6000
investor.relations@broadcom.com
(AVGO-Q)
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 | ||||||||||||||||
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 | ||||||||||||||||
(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 | |||||
View original content:https://www.prnewswire.com/news-releases/broadcom-inc-announces-fourth-quarter-and-fiscal-year-2024-financial-results-and-quarterly-dividend-302330736.html
SOURCE Broadcom Inc.
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