The following table sets forth the selected consolidated financial data for Broadcom and should be read in conjunction with our annual consolidated financial statements and related notes and information included under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included elsewhere in this Annual Report on Form 10-K.
Summary of Five Year Selected Financial Data
Fiscal Year Ended (1)
November 4, 2018
October 29, 2017
October 30, 2016
November 1, 2015
November 2, 2014
(In millions, except per share data)
Statement of Operations Data: (2)
Net revenue
$
20,848
$
17,636
$
13,240
$
6,824
$
4,269
Gross margin (3)
$
10,733
$
8,509
$
5,940
$
3,553
$
1,877
Operating expenses (3) (4)
$
5,598
$
6,126
$
6,349
$
1,921
$
1,439
Income (loss) from continuing operations before income taxes
$
4,545
$
1,825
$
(1,107
)
$
1,467
$
342
Provision for (benefit from) income taxes (5)
$
(8,084
)
$
35
$
642
$
76
$
33
Income (loss) from continuing operations
$
12,629
$
1,790
$
(1,749
)
$
1,391
$
309
Net income (loss)
$
12,610
$
1,784
$
(1,861
)
$
1,364
$
263
Net income (loss) attributable to common stock
$
12,259
$
1,692
$
(1,739
)
$
1,364
$
263
Diluted income (loss) per share:
Income (loss) per share from continuing operations
$
28.48
$
4.03
$
(4.57
)
$
4.95
$
1.16
Loss per share from discontinued operations
(0.04
)
(0.01
)
(0.29
)
(0.10
)
(0.17
)
Net income (loss) per share
$
28.44
$
4.02
$
(4.86
)
$
4.85
$
0.99
Cash dividends declared and paid per share
$
7.00
$
4.08
$
1.94
$
1.55
$
1.13
November 4, 2018
October 29, 2017
October 30, 2016
November 1, 2015
November 2, 2014
(In millions)
Balance Sheet Data: (2)
Cash and cash equivalents
$
4,292
$
11,204
$
3,097
$
1,822
$
1,604
Total assets
$
50,124
$
54,418
$
49,966
$
10,515
$
10,376
Debt and capital lease obligations
$
17,493
$
17,569
$
13,642
$
3,872
$
5,395
Total equity
$
26,657
$
23,186
$
21,876
$
4,714
$
3,243
(1)
Our fiscal year ends on the Sunday closest to October 31 in a 52-week year and on the first Sunday in November in a 53-week year. Our fiscal year ended November 4, 2018 was a 53-week fiscal year. All other fiscal years presented included 52 weeks.
(2)
On November 17, 2017, we acquired Brocade for total consideration of approximately $6.0 billion. On February 1, 2016, we acquired BRCM for total consideration of approximately $35.7 billion. On May 5, 2015, we acquired Emulex Corporation for total consideration of approximately $587 million. On August 12, 2014, we acquired PLX Technology, Inc. for total consideration of approximately $308 million. On May 6, 2014, we acquired LSI for total consideration of approximately $6.5 billion. Our financial statements included the results of operations of the acquired companies and estimated fair value of assets acquired and liabilities assumed commencing as of their respective acquisition dates.
(3)
We incurred acquisition-related costs and restructuring charges which were presented as part of both cost of products sold and operating expenses. Restructuring charges primarily reflect actions taken to implement planned cost reduction and restructuring activities in connection with each acquisition.
(4)
In connection with our acquisition of BRCM in fiscal year 2016, amortization of acquisition-related intangible assets increased $1,624 million contributing to over 30 percent of the overall increase in operating expenses for fiscal year 2016.
(5)
Our benefit from income taxes for fiscal year 2018 was primarily a result of the enactment of the 2017 Tax Reform Act, the Redomiciliation Transaction and income from continuing operations. For fiscal years 2017, 2016, 2015 and 2014, our provision for income taxes fluctuated mainly due to changes in the jurisdictional mix of income.
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