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 3, 2019
November 4, 2018
October 29, 2017
October 30, 2016
November 1, 2015
(In millions, except per share data)
Statement of Operations Data:(2)
Total net revenue (3)
$
22,597
$
20,848
$
17,636
$
13,240
$
6,824
Gross margin (4) (5)
$
12,483
$
10,733
$
8,509
$
5,940
$
3,550
Operating expenses (4) (5) (6)
$
9,039
$
5,598
$
6,138
$
6,356
$
1,935
Income (loss) from continuing operations before income taxes
$
2,226
$
4,545
$
1,825
$
(1,107
)
$
1,467
Provision for (benefit from) income taxes (7)
$
(510
)
$
(8,084
)
$
35
$
642
$
76
Income (loss) from continuing operations
$
2,736
$
12,629
$
1,790
$
(1,749
)
$
1,391
Net income (loss)
$
2,724
$
12,610
$
1,784
$
(1,861
)
$
1,364
Net income (loss) attributable to common stock
$
2,695
$
12,259
$
1,692
$
(1,739
)
$
1,364
Diluted income (loss) per share**:**
Income (loss) per share from continuing operations
$
6.46
$
28.48
$
4.03
$
(4.57
)
$
4.95
Loss per share from discontinued operations
(0.03
)
(0.04
)
(0.01
)
(0.29
)
(0.10
)
Net income (loss) per share
$
6.43
$
28.44
$
4.02
$
(4.86
)
$
4.85
Cash dividends declared and paid per share
$
10.60
$
7.00
$
4.08
$
1.94
$
1.55
November 3, 2019
November 4, 2018
October 29, 2017
October 30, 2016
November 1, 2015
(In millions)
Balance Sheet Data:(2)
Cash and cash equivalents
$
5,055
$
4,292
$
11,204
$
3,097
$
1,822
Total assets
$
67,493
$
50,124
$
54,418
$
49,966
$
10,515
Debt and capital lease obligations
$
32,798
$
17,493
$
17,569
$
13,642
$
3,872
Total equity
$
24,970
$
26,657
$
23,186
$
21,876
$
4,714
(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 5, 2018, we acquired CA for total consideration of approximately $18.8 billion. 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. 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)
During fiscal year 2019, we adopted Topic 606. Periods prior to fiscal year 2019 are presented in accordance with Accounting Standards Codification 605, Revenue Recognition. Refer to Note 3. “Revenue from Contracts with Customers” included in Part II, Item 8. for additional information on our adoption of Topic 606.
(4)
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.
(5)
During fiscal year 2019, we adopted Accounting Standards Update 2017-07 Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost using a permitted practical expedient that uses the amounts disclosed in the pension and other post-retirement benefit plans note for the prior comparative periods as the estimation basis for applying the retrospective presentation requirements. As a result of the adoption of this standard, gross margin and operating expenses have been restated for prior fiscal years presented, as applicable.
(6)
In connection with our acquisition of CA in fiscal year 2019, amortization of acquisition-related intangible assets increased $1,357 million contributing to 39% of the overall increase in operating expenses for fiscal year 2019. 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% of the overall increase in operating expenses for fiscal year 2016.
(7)
Our benefit from income taxes for fiscal year 2019 was primarily due to the recognition of gross uncertain tax benefits as a result of audit settlements in various jurisdictions and excess tax benefits from stock-based awards that vested or were exercised during the year. Our benefit from income taxes for fiscal year 2018 was primarily a result of the enactment of the 2017 Tax Reform Act and the Redomiciliation Transaction. For fiscal years 2017, 2016, and 2015, our provision for income taxes fluctuated mainly due to changes in the jurisdictional mix of income.
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