Broadcom Inc. Files 10-Q for Period Ending February 4, 2024

TL;DR

<b>Broadcom Inc. filed its Q1 2024 10-Q report, detailing financial performance and the impact of the VMware acquisition.</b>

AI Summary

Broadcom Inc. (AVGO) filed a Quarterly Report (10-Q) with the SEC on March 14, 2024. Broadcom Inc. filed its 10-Q report for the period ending February 4, 2024. The filing covers financial data for the fiscal quarter ending November 3, 2024. Key dates include the period from October 30, 2023, to February 4, 2024. The company's fiscal year ends on November 3rd. The filing references the VMware acquisition, which occurred on November 22, 2023.

Why It Matters

For investors and stakeholders tracking Broadcom Inc., this filing contains several important signals. This 10-Q provides investors with the latest financial snapshot of Broadcom Inc., including revenue, net income, and other key financial metrics for the recent quarter. The inclusion of the VMware acquisition date is significant as it signals the integration of a major new business segment, which will likely impact future financial reporting and company strategy.

Risk Assessment

Risk Level: medium — Broadcom Inc. shows moderate risk based on this filing. The filing is a standard 10-Q, which is a routine report. However, the complexity of integrating a large acquisition like VMware introduces operational and financial risks that are not fully quantifiable in this initial filing.

Analyst Insight

Monitor future filings for detailed financial performance of the integrated VMware business and any associated integration costs or synergies.

Key Numbers

• 2024-02-04 — End of Fiscal Quarter (Reporting period end date)
• 2023-11-03 — Fiscal Year End (Broadcom's fiscal year end date)
• 2023-11-22 — VMware Acquisition Date (Date Broadcom acquired VMware)

Key Players & Entities

• Broadcom Inc. (company) — Filer of the 10-Q report
• VMware (company) — Acquired company, mentioned in relation to acquisition date
• 2024-02-04 (date) — End of the reporting period for the 10-Q
• 2023-11-22 (date) — Date of the VMware acquisition
• 3421 Hillview Avenue (address) — Business and mailing address of Broadcom Inc.
• Palo Alto, CA (location) — City and State of Broadcom Inc.'s address

FAQ

Industry Context

Broadcom operates in the semiconductor and infrastructure software industries, with this filing reflecting its performance post-VMware acquisition.

Regulatory Implications

As a publicly traded company, Broadcom is subject to SEC regulations and reporting requirements, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze the full 10-Q document for detailed financial statements and segment reporting.
2. Track future earnings calls and reports for updates on VMware integration and performance.
3. Research analyst reports and news related to Broadcom's semiconductor and software businesses.

Key Dates

• 2024-02-04: End of Fiscal Quarter — The period covered by the 10-Q filing.
• 2023-11-22: VMware Acquisition — Significant event impacting the company's structure and future financials.

Year-Over-Year Comparison

This is the first 10-Q filing after the significant acquisition of VMware, making it a key document for understanding the immediate post-acquisition financial position.

Key Financial Figures

• $0.001 — ange on Which Registered Common Stock, $0.001 par value AVGO The NASDAQ Global Select

Filing Documents

• avgo-20240204.htm (10-Q) — 1544KB
• firstamendmenttocreditagre.htm (EX-10.5) — 93KB
• ex31102042024.htm (EX-31.1) — 10KB
• ex31202042024.htm (EX-31.2) — 10KB
• ex32102042024.htm (EX-32.1) — 5KB
• ex32202042024.htm (EX-32.2) — 5KB
• 0001730168-24-000023.txt (&nbsp;) — 8503KB
• avgo-20240204.xsd (EX-101.SCH) — 61KB
• avgo-20240204_cal.xml (EX-101.CAL) — 78KB
• avgo-20240204_def.xml (EX-101.DEF) — 286KB
• avgo-20240204_lab.xml (EX-101.LAB) — 750KB
• avgo-20240204_pre.xml (EX-101.PRE) — 517KB
• avgo-20240204_htm.xml (XML) — 1258KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION 1

Condensed Consolidated Financial Statements — Unaudited

Item 1. Condensed Consolidated Financial Statements — Unaudited 1

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 26

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 33

Controls and Procedures

Item 4. Controls and Procedures 34

— OTHER INFORMATION

PART II — OTHER INFORMATION 34

Legal Proceedings

Item 1. Legal Proceedings 34

Risk Factors

Item 1A. Risk Factors 34

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 55

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 55

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 55

Other Information

Item 5. Other Information 55

Exhibits

Item 6. Exhibits 56

SIGNATURES

SIGNATURES 57 Table of Contents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Condensed Consolidated Financial Statements — Unaudited

Item 1. Condensed Consolidated Financial Statements — Unaudited BROADCOM INC. INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — UNAUDITED Page Condensed Consolidated Balance Sheets — Unaudited 2 Condensed Consolidated Statements of Operations - Unaudited 3 Condensed Consolidated Statements of Comprehensive Income — Unaudited 4 Condensed Consolidated Statements of Cash Flows — Unaudited 5 Condensed Consolidated Statements of Stockholders' Equity — Unaudited 6 Notes to Unaudited Condensed Consolidated Financial Statements 8 1 Table of Contents BROADCOM INC. CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED February 4, 2024 October 29, 2023 (In millions, except par value) ASSETS Current assets: Cash and cash equivalents $ 11,864 $ 14,189 Trade accounts receivable, net 4,969 3,154 Inventory 1,920 1,898 Other current assets 8,439 1,606 Total current assets 27,192 20,847 Long-term assets: Property, plant and equipment, net 2,662 2,154 Goodwill 97,586 43,653 Intangible assets, net 47,185 3,867 Other long-term assets 3,245 2,340 Total assets $ 177,870 $ 72,861 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 1,496 $ 1,210 Employee compensation and benefits 1,128 935 Current portion of long-term debt 2,433 1,608 Other current liabilities 15,312 3,652 Total current liabilities 20,369 7,405 Long-term liabilities: Long-term debt 73,468 37,621 Other long-term liabilities 13,749 3,847 Total liabilities 107,586 48,873 Commitments and contingencies (Note 11) Stockholders' equity: Preferred stock, $ 0.001 par value; 100 shares authorized; none issued and outstanding — — Common stock, $ 0.001 par value; 2,900 shares authorized; 463 and 414 shares issued and outstanding as of February 4, 2024 and October 29, 2023, respectively — — Additional paid-in capital 70,077 21,099 Retained earnings — 2,682 Accumulated other comprehensive income 207 207 Total stockholders' equity 70,284 23,988 Total liabil

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View this 10-Q filing on SEC EDGAR