BROADCOM INC. (AVGO) FY 2021 Financial Statements

10-K.Info (Beta Test)

Courtesy of Short Sands, LLC

Income Statement

Comp. Income

10-K.Info (Beta Test) Courtesy of Short Sands, LLC
BROADCOM INC.
Ticker: AVGO Fiscal Year: 2021
Consolidated Statements of Operations
Period Ending Oct 31, 2021 10-K (Filed: Dec 17, 2021)
(In Millions)
	12 Months Ended	12 Months Ended	12 Months Ended
	Oct 31, 2021	Nov 1, 2020	Nov 3, 2019
Total net revenue	$ 27,450	23,888	22,597
Cost of revenue:
Cost of products sold	6,555	5,892	6,208
Cost of subscriptions and services	607	626	515
Amortization of acquisition-related intangible assets	3,427	3,819	3,314
Restructuring charges	17	35	77
Total cost of revenue	10,606	10,372	10,114

Gross margin	16,844	13,516	12,483

Research and development	4,854	4,968	4,696
Selling, general and administrative	1,347	1,935	1,709
Amortization of acquisition-related intangible assets	1,976	2,401	1,898
Restructuring, impairment and disposal charges	148	198	736
Total operating expenses	8,325	9,502	9,039

Operating income	8,519	4,014	3,444

Interest expense	(1,885)	(1,777)	(1,444)
Other income, net	131	206	226
Income (loss) from continuing operations before income taxes	6,765	2,443	2,226

Provision for (benefit from) income taxes	29	(518)	(510)
Income from continuing operations	6,736	2,961	2,736

Loss from discontinued operations, net of income taxes	0	(1)	(12)
Net income	6,736	2,960	2,724

Dividends on preferred stock	(299)	(297)	(29)
Net income attributable to common stock	6,437	2,663	2,695

Net income per share:
Basic income per share:
Income per share from continuing operations (in dollars per share)	15.70	6.62	6.80
Loss per share from discontinued operations (in dollars per share)	0.00	0.00	(0.03)
Net income per share (in dollars per share)	15.70	6.62	6.77

Diluted income per share:
Income per share from continuing operations (in dollars per share)	15.00	6.33	6.46
Loss per share from discontinued operations (in dollars per share)	0.00	0.00	(0.03)
Net income per share (in dollars per share)	15.00	6.33	6.43

Weighted-average shares:
Basic	410	402	398
Diluted	429	421	419
Product and Service
Products
Total net revenue	20,886	17,435	18,117
Subscriptions and services
Total net revenue	6,564	6,453	4,480

10-K.Info (Beta Test) Courtesy of Short Sands, LLC
BROADCOM INC.
Ticker: AVGO Fiscal Year: 2021
Consolidated Statements of Comprehensive Income
Period Ending Oct 31, 2021 10-K (Filed: Dec 17, 2021)
(In Millions, except shares in actual)
	12 Months Ended	12 Months Ended	12 Months Ended
	Oct 31, 2021	Nov 1, 2020	Nov 3, 2019
Net income	$ 6,736	2,960	2,724
Other comprehensive income (loss), net of tax:
Change in actuarial loss and prior service costs associated with defined benefit pension plans and post-retirement benefit plans	(8)	24	(24)
Other comprehensive income (loss), net of tax	(8)	24	(24)

Comprehensive income	6,728	2,984	2,700

10-K.Info (Beta Test) Courtesy of Short Sands, LLC
BROADCOM INC.
Ticker: AVGO Fiscal Year: 2021
Consolidated Statements of Cash Flows
Period Ending Oct 31, 2021 10-K (Filed: Dec 17, 2021)
(In Millions, except shares in actual)
	12 Months Ended	12 Months Ended	12 Months Ended
	Oct 31, 2021	Nov 1, 2020	Nov 3, 2019
Cash flows from operating activities:
Net income	$ 6,736	2,960	2,724
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible and right-of-use assets	5,502	6,335	5,239
Depreciation	539	570	569
Stock-based compensation	1,704	1,976	2,185
Deferred taxes and other non-cash taxes	(809)	(1,142)	(934)
Loss on extinguishment of debt	198	169	28
Non-cash restructuring, impairment and disposal charges	38	44	133
Non-cash interest expense	96	108	69
Other	(113)	(52)	(132)
Changes in assets and liabilities, net of acquisitions and disposals:
Trade accounts receivable, net	210	981	486
Inventory	(294)	(31)	250
Accounts payable	243	(3)	(42)
Employee compensation and benefits	186	217	(294)
Other current assets and current liabilities	(177)	331	(283)
Other long-term assets and long-term liabilities	(295)	(402)	(301)
Net cash provided by operating activities	13,764	12,061	9,697

Cash flows from investing activities:
Acquisitions of businesses, net of cash acquired	(8)	(10,872)	(16,033)
Proceeds from sales of businesses	45	218	957
Purchases of property, plant and equipment	(443)	(463)	(432)
Proceeds from disposals of property, plant and equipment	4	12	88
Proceeds from sales of investments	169	0	0
Other	(12)	(4)	(2)
Net cash used in investing activities	(245)	(11,109)	(15,422)

Cash flows from financing activities:
Proceeds from long-term borrowings	9,904	27,802	28,793
Payments on debt obligations	(11,495)	(18,814)	(16,800)
Other borrowings, net	0	(1,285)	1,241
Payment of dividends	(6,212)	(5,534)	(4,235)
Repurchases of common stock - repurchase program	0	0	(5,435)
Shares repurchased for tax withholdings on vesting of equity awards	(1,299)	(765)	(972)
Issuance of preferred stock, net	0	0	3,679
Issuance of common stock	170	276	253
Other	(42)	(69)	(36)
Net cash provided by (used in) financing activities	(8,974)	1,611	6,488

Net change in cash and cash equivalents	4,545	2,563	763

Cash and cash equivalents at beginning of period	7,618	5,055
Cash and cash equivalents at end of period	12,163	7,618	5,055

Supplemental disclosure of cash flow information:
Cash paid for interest	1,565	1,408	1,287
Cash paid for income taxes	775	501	741

10-K.Info (Beta Test) Courtesy of Short Sands, LLC
BROADCOM INC.
Ticker: AVGO Fiscal Year: 2021
Consolidated Balance Sheets
Period Ending Oct 31, 2021 10-K (Filed: Dec 17, 2021)
(In Millions, except shares in actual)
	As of	As of
	Oct 31, 2021	Nov 1, 2020
ASSETS
Current assets:
Cash and cash equivalents	$ 12,163	7,618
Trade accounts receivable, net	2,071	2,297
Inventory	1,297	1,003
Other current assets	1,055	977
Total current assets	16,586	11,895

Long-term assets:
Property, plant and equipment, net	2,348	2,509
Goodwill	43,450	43,447
Intangible assets, net	11,374	16,782
Other long-term assets	1,812	1,300
Total assets	75,570	75,933

LIABILITIES AND STOCKHOLDERS EQUITY
Current liabilities:
Accounts payable	1,086	836
Employee compensation and benefits	1,066	877
Current portion of long-term debt	290	827
Other current liabilities	3,839	3,831
Total current liabilities	6,281	6,371

Long-term liabilities:
Long-term debt	39,440	40,235
Other long-term liabilities	4,860	5,426
Total liabilities	50,581	52,032

Commitments and contingencies (Note 14)
Preferred stock dividend obligation	27	27
Stockholders equity:
Preferred stock, $0.001 par value; 100 shares authorized; 8.00% Mandatory Convertible Preferred Stock, Series A, 4 shares issued and outstanding; aggregate liquidation value of $3,737 and $3,738 as of October 31, 2021 and November 1, 2020, respectively	0	0
Common stock, $0.001 par value; 2,900 shares authorized; 413 and 407 shares issued and outstanding as of October 31, 2021 and November 1, 2020, respectively	0	0
Additional paid-in capital	24,330	23,982
Retained earnings	748	0
Accumulated other comprehensive loss	(116)	(108)
Total stockholders equity	24,962	23,874

Total liabilities and stockholders equity	75,570	75,933

External Links
BROADCOM INC. (AVGO) Fiscal Year 2021
Statements of 10-K in Excel	https://www.sec.gov/.../Financial.xlxs
Complete 10-K in HTML	https://www.sec.gov/.../10-K.html
Complete 10-K in XBRL	https://www.sec.gov/.../10-K-xbrl.zip

BROADCOM INC.

Ticker: AVGO Fiscal Year: 2021

Consolidated Statements of Operations

Period Ending Oct 31, 2021 10-K (Filed: Dec 17, 2021)

BROADCOM INC.

Ticker: AVGO Fiscal Year: 2021

Consolidated Statements of Comprehensive Income

Period Ending Oct 31, 2021 10-K (Filed: Dec 17, 2021)

BROADCOM INC.

Ticker: AVGO Fiscal Year: 2021

Consolidated Statements of Cash Flows

Period Ending Oct 31, 2021 10-K (Filed: Dec 17, 2021)

BROADCOM INC.

Ticker: AVGO Fiscal Year: 2021

Consolidated Balance Sheets

Period Ending Oct 31, 2021 10-K (Filed: Dec 17, 2021)