Broadcom Inc. Files 2024 Annual Report

TL;DR

Broadcom's 2024 10-K is in: check financials for semiconductor giant.

AI Summary

Broadcom Inc. filed its 10-K for the fiscal year ending November 3, 2024, reporting on its financial performance and business operations. The company, headquartered in Palo Alto, CA, operates in the Semiconductors & Related Devices sector. Key financial data and operational details are presented in this comprehensive annual filing.

Why It Matters

This filing provides investors and analysts with a detailed overview of Broadcom's financial health, strategic initiatives, and risk factors for the past fiscal year, influencing investment decisions.

Risk Assessment

Risk Level: medium — As a large, publicly traded company in the volatile semiconductor industry, Broadcom faces inherent market, technological, and competitive risks.

Key Numbers

• 2024 — Fiscal Year End (The report covers the fiscal year ending November 3, 2024.)
• 2023 — Previous Fiscal Year (Comparative data from the previous fiscal year ending October 30, 2023, is included.)

Key Players & Entities

• Broadcom Inc. (company) — Filer of the 10-K
• Palo Alto, CA (location) — Company headquarters
• November 3, 2024 (date) — Fiscal year end
• 3674 (industry_code) — Standard Industrial Classification for Semiconductors & Related Devices

FAQ

Key Financial Figures

• $0.001 — ange on Which Registered Common Stock, $0.001 par value AVGO The NASDAQ Global Select
• $30.8 billion — s received, in aggregate, approximately $30.8 billion in cash and 544 million shares of Broad
• $53.4 billion — it adjusted basis) with a fair value of $53.4 billion. We funded the cash portion of the VMwa
• $30.4 billion — with net proceeds from the issuance of $30.4 billion in term loans under a credit agreement
• $3.5 billion — KR & Co. Inc. for cash consideration of $3.5 billion , after working capital adjustments. Wi

Filing Documents

• avgo-20241103.htm (10-K) — 2687KB
• ex42descriptionofcommonsto.htm (EX-4.2) — 29KB
• ex191insidertradingcomplia.htm (EX-19.1) — 63KB
• ex211listofsubsidiaries.htm (EX-21.1) — 8KB
• ex231pwcconsent.htm (EX-23.1) — 2KB
• ex31111032024.htm (EX-31.1) — 10KB
• ex31211032024.htm (EX-31.2) — 10KB
• ex32111032024.htm (EX-32.1) — 5KB
• ex32211032024.htm (EX-32.2) — 5KB
• avgo-20241103_g1.jpg (GRAPHIC) — 89KB
• image_0.jpg (GRAPHIC) — 17KB
• 0001730168-24-000139.txt ( ) — 14938KB
• avgo-20241103.xsd (EX-101.SCH) — 86KB
• avgo-20241103_cal.xml (EX-101.CAL) — 127KB
• avgo-20241103_def.xml (EX-101.DEF) — 498KB
• avgo-20241103_lab.xml (EX-101.LAB) — 1161KB
• avgo-20241103_pre.xml (EX-101.PRE) — 825KB
• avgo-20241103_htm.xml (XML) — 2556KB

BUSINESS

BUSINESS 3 ITEM 1A.

RISK FACTORS

RISK FACTORS 16 ITEM 1B. UNRESOLVED STAFF COMMENTS 31 ITEM 1C. CYBERSECURITY 32 ITEM 2.

PROPERTIES

PROPERTIES 32 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 33 ITEM 4. MINE SAFETY DISCLOSURES 33 PART II. ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 34 ITEM 6. [RESERVED] 35 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 36 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 47 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 49 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 92 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 92 ITEM 9B. OTHER INFORMATION 93 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 93 PART III. ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 94 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 94 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 94 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 94 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 94 PART IV. ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 95 ITEM 16. FORM 10-K SUMMARY 101

SIGNATURES

SIGNATURES 102 1 Table of Contents PART I The following discussion should be read in conjunction with the consolidated financial statements and notes thereto included elsewhere in this Annual Report on Form 10-K. This Annual Report on Form 10-K contains forward-looking statements within the meaning of the federal securities laws and particularly in Item 1: "Business," Item 1A: "Risk Factors," Item 3: "Legal Proceedings" and Item 7: "Management's Discussion and Analysis of Financial Condition and Results of Operations" of this Annual Report on Form 10-K. These statements are indicated by words or phrases such as "anticipate," "expect," "estimate," "seek," "plan," "believe," "could," "intend," "will," and similar words or phrases. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. These forward-looking statements may include our projected financial results or expectations regarding acquisitions, developments in technology, products and seasonality of our business. Such statements are based on current expectations, estimates, forecasts and projections of our industry performance and macroeconomic conditions, based on management's judgment, beliefs, current trends and market conditions, and involve risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. We derive most of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results. Accordingly, we caution you not to place undue reliance on these statements. Material factors that could cause actual results to differ materia

BUSINESS

ITEM 1. BUSINESS Overview We are a global technology leader that designs, develops and supplies a broad range of semiconductor and infrastructure software solutions. Our over 60-year history of innovation dates back to our diverse origins from AT&T/Bell Labs, Lucent and Hewlett-Packard Company, and evolved with LSI Corporation, Broadcom Corporation, Brocade Communications Systems LLC, CA, Inc., Symantec Enterprise Security, and VMware, Inc. ("VMware"). Over the years, we have assembled a large team of semiconductor and software design engineers around the world. We maintain design, product and software development engineering resources at locations in the U.S., Asia, Europe and Israel, providing us with engineering expertise worldwide. We combine global scale, engineering depth, broad product portfolio diversity, superior execution and operational focus to deliver category-leading semiconductor and infrastructure software solutions. We develop semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor ("CMOS") based devices and analog III-V based products. We offer thousands of products that are used in end products such as enterprise and data center networking, including artificial intelligence ("AI") networking and connectivity, home connectivity, set-top boxes ("STB"), broadband access, telecommunication equipment, smartphones and base stations, data center servers and storage systems, factory automation, power generation and alternative energy systems, and electronic displays. We differentiate ourselves through our high-performance design and integration capabilities and focus on developing semiconductor products for target markets where we believe we can earn attractive margins. Our infrastructure software solutions help enterprises simplify their information technology ("IT") environments so they can increase business velocity and flexibility, and enable customers to plan, develop, deliver, automate, mana

View Full Filing

View this 10-K filing on SEC EDGAR