Broadcom Inc. Announces Fourth Quarter and Fiscal Year 2021 Financial Results and Quarterly Dividends

Our filings with the SEC, which you may obtain for free at the SEC's website at http://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
408-433-8000
investor.relations@broadcom.com

(AVGO-Q)


(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.

 

BROADCOM INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED

(IN MILLIONS, EXCEPT PER SHARE DATA)



































Fiscal Quarter Ended


Fiscal Year Ended



October 31,


August 1,


November 1,


October 31,


November 1,



2021


2021


2020


2021


2020

















Net revenue


$

7,407


$

6,778


$

6,467


$

27,450


$

23,888

Cost of revenue:
















Cost of revenue



1,920



1,729



1,753



7,162



6,518

Amortization of acquisition-related intangible assets



849



851



962



3,427



3,819

Restructuring charges



-



1



5



17



35

Total cost of revenue



2,769



2,581



2,720



10,606



10,372

Gross margin



4,638



4,197



3,747



16,844



13,516

Research and development



1,200



1,205



1,182



4,854



4,968

Selling, general and administrative



337



346



405



1,347



1,935

Amortization of acquisition-related intangible assets



494



494



599



1,976



2,401

Restructuring, impairment and disposal charges



26



26



35



148



198

Total operating expenses



2,057



2,071



2,221



8,325



9,502

Operating income



2,581



2,126



1,526



8,519



4,014

Interest expense



(434)



(415)



(420)



(1,885)



(1,777)

Other income, net



22



15



31



131



206

Income from continuing operations before income taxes



2,169



1,726



1,137



6,765



2,443

Provision for (benefit from) income taxes



180



(150)



(187)



29



(518)

Income from continuing operations



1,989



1,876



1,324



6,736



2,961

Loss from discontinued operations, net of income taxes



-



-



-



-



(1)

Net income



1,989



1,876



1,324



6,736



2,960

Dividends on preferred stock



(75)



(74)



(74)



(299)



(297)

Net income attributable to common stock


$

1,914


$

1,802


$

1,250


$

6,437


$

2,663

















Basic income per share attributable to common stock:
















Income per share from continuing operations


$

4.65


$

4.38


$

3.09


$

15.70


$

6.62

Loss per share from discontinued operations



-



-



-



-



-

Net income per share


$

4.65


$

4.38


$

3.09


$

15.70


$

6.62

















Diluted income per share attributable to common stock (1) :
















Income per share from continuing operations


$

4.45


$

4.20


$

2.93


$

15.00


$

6.33

Loss per share from discontinued operations



-



-



-



-



-

Net income per share


$

4.45


$

4.20


$

2.93


$

15.00


$

6.33

















Weighted-average shares used in per share calculations:
















Basic



412



411



405



410



402

Diluted



430



429



426



429



421

















Stock-based compensation expense included in continuing operations:
















Cost of revenue


$

37


$

36


$

38


$

143


$

159

Research and development



279



285



318



1,199



1,419

Selling, general and administrative



98



100



93



362



398

Total stock-based compensation expense


$

414


$

421


$

449


$

1,704


$

1,976


(1) Excludes the potentially dilutive effect of Mandatory Convertible Preferred Stock as the impact was antidilutive.


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