Broadcom (AVGO) 10-K risk factor changes: FY2024 vs FY2023

The following is a summary of the [removed: principal] [added: material] risks that could adversely affect our business, operations and financial results.

- [removed: The failure] [added: Failure] to realize the [removed: expected] benefits [added: expected] from the VMware Merger [removed: may] [added: could] adversely affect our business and the value of our common stock.

- We [added: have pursued, and] may [added: in the future] pursue [added: mergers,] acquisitions, investments, joint ventures and dispositions, which could adversely affect our results of operations.

- We are subject to risks associated with our distributors and other channel [removed: partners, including product inventory levels and product sell-through.][added: partners.]

- [removed: An] [added: Cyber security threats or other security breaches, or any other] impairment of the confidentiality, [removed: integrity,] [added: integrity] or availability of our IT systems, or those of one or more of our corporate infrastructure vendors, could have a material adverse effect on our business.

- [removed: The majority of our sales come from a small number of customers and a] [added: A significant] reduction in demand or loss of one or more of our significant customers may adversely affect our business.

- A prolonged disruption of our [added: or our suppliers’] manufacturing facilities, research and development facilities, warehouses or other significant [removed: operations, or those of our suppliers,] [added: operations] could have a material adverse effect on us.

- We may be involved in legal [removed: proceedings, including IP, securities litigation, and employee-related claims] [added: proceedings] that could [added: materially] adversely affect our business.

- Incompatibility of our software products with operating environments, platforms, or third-party [removed: products,] [added: products may adversely affect] demand for our products and [removed: services could decrease.][added: services.]

- Our sales to government customers subject us to uncertainties and [added: additional] governmental [removed: regulations, which could have a material adverse effect on our business.][added: regulations.]

[removed: - We] [added: We] make [removed: substantial] investments in research and development and [added: the slow or] unsuccessful [added: return of our] investments could materially adversely affect our business, financial condition and results of [removed: operations.][added: operations.]

- We [removed: collect, use, store, or otherwise process personal information, which subjects us] [added: are subject] to privacy and data security laws and contractual commitments, and our actual or perceived failure to comply with such laws and commitments could harm our business.

Risks Relating to [added: Our] Taxes

- Our income taxes and overall cash tax costs are affected by a number of factors that could [removed: materially, adversely affect] [added: have a material, adverse effect on our] financial results.

A general slowdown in the global [removed: economy, including a recession,] [added: economy] or in a particular region or industry, [added: other unfavorable changes in economic conditions, such as inflation, higher interest rates, tightening of the credit markets, recession or slowing growth, or] an increase in trade tensions with U.S. trading [removed: partners, inflation or a tightening of the credit markets] [added: partners] could negatively impact our business, financial condition and liquidity.

Macroeconomic weakness and uncertainty also make it more difficult for us to accurately forecast [removed: revenue, gross margin and expenses,] [added: operating results,] and may make it more difficult to raise or refinance debt.

Sustained uncertainty about, or worsening of, current global economic conditions and further escalation of trade tensions between the U.S. and its trading partners, especially China, and [removed: possible] [added: the] decoupling of the U.S. and China economies, could result in a global economic slowdown and long-term changes to global trade.

[removed: Our business is subject to various governmental regulations, and compliance] [added: Compliance] with these regulations may cause us to incur significant [removed: expense.][added: expense and failure to maintain compliance with applicable regulations could adversely affect our business.]

Our business is subject to various domestic and international laws and other legal requirements, including anti-competition and import/export regulations, such as the U.S. Export Administration Regulations, and applicable executive [removed: orders.]

These laws, regulations and orders are complex, may change frequently and with limited notice, and [removed: have] generally [removed: and may continue to] become more stringent over time.

The U.S. government may [removed: also] [added: continue to] add companies to its restricted entity list and/or technologies to its list of prohibited exports to specific countries, which have had and may [removed: continue to] [added: in the future] have an adverse effect on our [added: revenue and our] ability to sell our [removed: products and our revenue.][added: products.]

These restrictive governmental actions and any similar measures that may be imposed on U.S. companies by other governments, especially in light of ongoing trade tensions with China, will likely limit or prevent us from doing business with certain of our customers or suppliers and harm our ability to compete effectively or otherwise negatively affect our ability to sell our [removed: products, and adversely affect our business and results of operations.][added: products.]

Furthermore, government authorities may take retaliatory actions, impose conditions for the supply of products or require the license or other transfer of [removed: intellectual property,] [added: IP,] which could have a material adverse effect on our business.

Our products and operations are also subject to regulation by U.S. and non-U.S. regulatory agencies, such as the [removed: FTC.][added: U.S. Federal Trade Commission.]

[removed: From time to time, we] [added: We have previously been, and] may [removed: also be] [added: in the future be,] involved or required to participate in regulatory investigations or inquiries, such as the ongoing investigation by the Korean Fair Trade Commission into certain of our contracting and business practices, which [added: have previously and] may [added: in the future] evolve into legal or other administrative proceedings.

Growing public concern over concentration of economic power in corporations is [removed: likely] [added: leading] to [removed: result in] increased anti-competition legislation, regulation, administrative rule [removed: making,] [added: making] and enforcement activity.

Involvement in regulatory investigations or [removed: inquiries,] [added: inquiries] can be costly, lengthy, complex and time consuming, diverting the attention and energies of our management and technical personnel.

[removed: For example, if a country in which] [added: This could increase the complexity and costs of] our [removed: products are manufactured or sold sets technical standards that are not widely shared, it may] [added: product design and procurement operations,] require us to stop distributing our products commercially until they comply with such new standards, lead [removed: certain of] our customers to suspend imports of their products into that country, require [removed: manufacturers in that country] [added: us] to [removed: manufacture] [added: re-engineer our] products [removed: with different technical standards] and disrupt cross-border [added: manufacturing relationships.]

[removed: manufacturing relationships, any of which] [added: Any such event] could have a material adverse effect on our business, financial condition and results of operations.

[removed: In addition, as of October 29, 2023, nearly 49% of our employees were located outside the U.S.] Multiple factors relating to our international operations and to particular countries in which we operate could have a material adverse effect on our business, financial condition and results of operations.

- changes in political, regulatory, legal or economic [removed: conditions or] [added: conditions,] geopolitical turmoil (including China-Taiwan relations), including terrorism, war or political or military coups, state-sponsored or politically motivated cyber-attacks, or civil disturbances or political instability (foreign and domestic);

- restrictive governmental actions, such as restrictions on the transfer or repatriation of funds and foreign investments, data privacy regulations, [removed: imposition of] climate change [removed: regulations,] [added: regulations] and trade protection measures, including increasing protectionism, import/export restrictions (including with regards to advanced technologies), import/export duties and quotas, trade sanctions and customs duties and tariffs, all of which have increased [removed: in recent years;][added: and may further increase;]

- difficulty in enforcing contracts, collecting accounts receivables and maintaining appropriate financial [removed: control;][added: controls;]

- public health or safety concerns, medical epidemics or pandemics, [removed: such as COVID-19,] and other natural- or man-made disasters; [added: and]

- nationalization of businesses and expropriation of [removed: assets; and][added: assets.]

As part of our integration of the VMware business, we [removed: plan to focus] [added: are focusing] on VMware’s core business of creating private [removed: and hybrid] cloud environments [added: on-premises] among large enterprises globally and divesting non-core assets.

If VMware customers do not accept [removed: this plan,] [added: our business strategy, including our transition from a perpetual to a subscription licensing model and our simplified product portfolio,] the investments we have made or may make to implement [removed: this plan] [added: our strategy] may be of no or limited value, we may lose [added: significant] customers, our financial results may be adversely affected and our stock price may suffer.

Achieving these benefits will depend, in part, on our ability to integrate VMware's business successfully and [removed: efficiently.][added: efficiently and VMware customers accepting our business strategy, including our transition from a perpetual to a subscription licensing model and our simplified product portfolio.]

[removed: If] [added: Although] we [added: expect significant benefits to result from the VMware Merger, if we] do not successfully manage [removed: these issues and] the [removed: other] challenges inherent in integrating an acquired business, [removed: then] we may not [removed: achieve the anticipated benefits of the VMware Merger within our anticipated timeframe or at all] [added: realize these benefits,] and our revenue, expenses, operating results, financial condition and stock price could be materially adversely affected.

The successful integration of the VMware business [added: has required, and] will [removed: require] [added: continue to require,] significant management [removed: attention both before and after the completion of the VMware Merger,] [added: attention,] and may divert the attention of management from [removed: our] [added: other] business and operational issues.

Additional risks, trends and uncertainties not presently known to us or that we currently believe are immaterial may also harm our business, financial condition, results of operations, cash flows, our reputation or the trading price of our common stock.

- If we are unable to protect the significant amount of IP we utilize in our business, our business could be adversely affected.

- We must comply with a variety of technical standards, domestic and international laws and regulations in the manufacture and distribution of our semiconductors.

- Our stock price may be volatile and your investment could lose value.

Our business is subject to various governmental regulations.

orders.

- changes in global tax regulations;

- U.S. and non-U.S. regulatory approval may take longer than anticipated, not be forthcoming or contain burdensome conditions;

Such events could have a material adverse impact on our business and operations.

From time to time, we enlist our distributors and channel partners to lead go-to-market and customer relationships for certain products, such as our Accelerate Program and Catalyst Initiative for certain infrastructure software products, with certain sole distribution relationships by region.

To the extent these distributors and channel partners fail to maintain good relationships with our customers or we are unable to continue enlisting our distributors and channel partners to lead go-to-market and customer relationships, our business, operating results and cash flow may be adversely impacted.

The emergence and maturation of AI capabilities may also lead to new and/or more sophisticated methods of attack, including fraud that relies upon “deep fake” impersonation technology or other forms of generative automation that may scale up the efficiency or effectiveness of cyber threat activity.

See also “*Failure of our software products to manage and security IT infrastructures and environments could have a material adverse effect on our business.”*

Some customers may even reduce the amount of products or decline to purchase due to their internal development of the products.

The market for AI-related products has resulted in a significant upturn in certain segments of the industry resulting in record revenue, which may not be sustainable.

In addition, to compete successfully in the semiconductor industry, we must continue to develop and respond to technological advancements and requirements, such as low-power consumption, higher bandwidth and increase in the number of clusters.

Failure to successfully develop increasingly advanced technologies, including ASICs such as custom AI accelerators or XPUs and other AI-related products, could impair our competitive position.

These risks are exacerbated by the fact that many of our products, such as our AI-related products, are dependent on our continued success in the development and quality of our products and product engineering.

Qualifying and establishing reliable production at acceptable yields with a new CM, if at all, is a lengthy and often expensive process.

From time to time, our CMs may also cease to, or become unable to, manufacture a component for us.

A prolonged disruption at or shut-down of one or more of our manufacturing facilities or warehouses or those of our CMs or suppliers, due to natural- or man-made disasters or other events outside of our control, such as climate change, water shortages, political unrest, military conflicts, geopolitical turmoil, trade tensions, government orders, labor shortages, medical epidemics, economic instability, equipment failure or for any other reason, would limit our capacity to meet customer demands and delay new product development until a replacement facility and equipment, if necessary, were found.

To date, such events have not had a material adverse effect on our business.

instances, could significantly curtail our research and development efforts in a particular product area or target market, any of which could materially and adversely affect our business.

Many factors could impact our estimates of customers’ demands, including changes in product development cycles, competing technologies and product releases, new or unexpected end-user products, such as demand for AI-related products, and changes in business and economic conditions.

Enabling businesses to modernize applications and efficiently implement their hybrid-cloud services presents new and difficult technological, operational and compliance challenges.

This could result in higher research and development costs for the enhancement and modification of our existing products or development of

new products.

- the timing of new software contracts and renewals, including the timing of software contracts that do not have termination for convenience clauses;

- the timing of contracts with distributors and channel partners to lead go-to-market and customer relationships for certain products;

Even with significant expenditures, we may not be able to protect the IP rights that are valuable to our business or have sufficient IP rights to protect our products or our business.

In addition, from time to time, we obtain or renew IP licenses.

Our inability to obtain or renew these licenses on acceptable terms, or at all, could have a material adverse effect on our business and results of operations.

In addition, an increasing number of OEMs are seeking to source products that do not contain conflict minerals.

We must comply with technical standards and a variety of domestic and international laws and regulations in the manufacture and distribution of our semiconductors, the costs of which could have a material adverse effect on our business, financial condition and results of operations.

In addition, we may be required to modify our manufacturing process or equipment, or be restricted in our ability to expand our facilities.

As a result of U.S. tax reforms, our global income is subject to tax in the U.S. and we expect an increase in our effective tax rate and our cash tax costs.

Many countries have implemented or are in the process of implementing a global minimum tax, which may materially increase our effective tax rate and cash tax costs.

For example, Singapore recently adopted the global minimum tax, which will be effective for our fiscal year 2026.

In addition, we are subject to, and are under, tax audits in various jurisdictions.

If our tax incentives or tax holiday arrangements change or cease to be in effect or applicable, our corporate income taxes could significantly increase.

Compliance with these regulations may cause us to incur significant expense and, if we fail to maintain compliance, we may be forced to cease manufacture and distribution of certain products or subjected to administrative proceedings and civil or criminal penalties.

- If demand for our data center virtualization products is less than anticipated, our business could be adversely affected.

- Licensed third party software used in our products may not be available to us in the future, which may delay product development and production or cause us to incur additional expense.

- Our ability to protect the significant amount of IP in our business.

- We are subject to environmental, health and safety laws, which could increase our costs, restrict our operations and require expenditures.

- The average selling prices of semiconductor products in our markets have often decreased rapidly and may do so in the future.

- Fluctuations in foreign exchange rates could result in losses.

- Changes in tax legislation or policies could materially impact our financial position and results of operations.

- Our corporate income taxes could significantly increase if we are unable to maintain our tax concessions or if our assumptions and interpretations regarding tax laws and concessions prove to be incorrect.

- The instruments governing our indebtedness impose certain restrictions on our business.

- Servicing our debt requires a significant amount of cash, and we may not have sufficient cash flows from our business to pay our substantial debt.

- Volatility of our stock price could result in substantial losses for our investors as well as class action litigation against us and our management.

- The amount and frequency of our stock repurchases may fluctuate.

- A substantial amount of our stock is held by a small number of large investors.

If we fail to maintain compliance with applicable regulations, we may be forced to cease the manufacture and distribution of certain products, and we could be subject to administrative proceedings and civil or criminal penalties.

For example, Huawei Technologies Co., Ltd., one of our customers, is subject to certain U.S. export restrictions, which has required us to suspend sales to Huawei until we obtain licenses from the U.S. Department of Commerce.

We may be unable to obtain or maintain the necessary licenses to allow us to export products to them.

We may be obligated to indemnify our current or former directors or employees, or former directors or employees of companies that we have acquired, in connection with regulatory investigations.

These liabilities could be substantial and may include, among other things, the cost of government, law enforcement or regulatory investigations and civil or criminal fines and penalties.

In addition, the manufacture and distribution of our semiconductors must comply with various laws and adapt to changes in regulatory requirements as they occur.

If we fail to comply with these requirements, we could also be required to pay civil penalties or face criminal prosecution.

- changes in U.S. and foreign tax laws.

In addition, the laws in various countries are constantly evolving and may, in some cases, conflict with each other or with agreements we have made in one or more jurisdictions.

Although we expect significant benefits to result from the VMware Merger, there can be no assurance that we will actually realize these benefits.

The challenges involved in this integration, which are complex and time consuming, include the following:

- preserving customer and other important relationships of VMware and attracting new business and operational relationships;

- integrating financial forecasting and controls, procedures and reporting cycles;

- consolidating and integrating corporate, information technology, finance and administrative infrastructures;

- coordinating sales and marketing efforts to effectively position our capabilities;

- coordinating and integrating operations in countries in which we have not previously operated;

- reorienting the VMware sales and marketing force to align with the change in strategy and effectively position the business; and

- integrating the VMware workforce, including managing employee transitions and attrition, maintaining employee morale and retaining key employees.

- additional acquisition-related debt, which could increase our leverage and potentially negatively affect our credit ratings resulting in more restrictive borrowing terms or increased borrowing costs thereby limiting our ability to borrow;

- dilution of stock ownership of existing stockholders;

In addition, current and future changes to the U.S. and foreign regulatory approval process and requirements related to acquisitions may cause approvals to take longer than anticipated, not be forthcoming or contain burdensome conditions, which may prevent the transaction or jeopardize, delay or reduce the anticipated benefits of the transaction, and impede the execution of our business strategy.

- our lack of control over the timing of delivery of our products to end customers; and

- our distributors and other channel partners may market and distribute competing products and may place greater emphasis on the sale of these products.

In such event, failure of even a small number of parts could result in significant liabilities to us, damage our reputation and harm our business and results of operations.

We expect this trend to continue, which may adversely affect our gross margin on certain products and, should we fail to perform under these arrangements, we could also be liable for significant monetary damages.

As lead times to identify, qualify and establish reliable production at acceptable yields with a new CM is typically lengthy, there is often no readily available alternative source and there may be other constraints on our ability to change CMs.

The following section generally discusses our financial condition and results of operations for our fiscal year ended [removed: October 29, 2023] [added: November 3, 2024] (“fiscal year [removed: 2023”)] [added: 2024”)] compared to our fiscal year ended October [removed: 30, 2022] [added: 29, 2023] (“fiscal year [removed: 2022”).][added: 2023”).]

A discussion regarding our financial condition and results of operations for fiscal year [removed: 2022] [added: 2023] compared to our fiscal year ended October [removed: 31, 2021 (“fiscal year 2021”)] [added: 30, 2022] can be found in Part II, Item 7 of our Annual Report on Form 10-K for fiscal year [removed: 2022,] [added: 2023,] filed with the Securities and Exchange Commission (the “SEC”) on December [removed: 16, 2022.][added: 14, 2023.]

We [removed: have a history of innovation in the semiconductor industry and] offer thousands of products that are used in end products such as enterprise and data center networking, [added: including artificial intelligence (“AI”) networking and connectivity,] home connectivity, set-top boxes, broadband access, telecommunication equipment, smartphones and base stations, data center servers and storage systems, factory automation, power generation and alternative energy systems, and electronic displays.

[removed: Our infrastructure] [added: Net revenue is also generated from the sale of] software solutions [added: that] enable [added: our] customers to plan, develop, [added: deliver,] automate, [removed: manage] [added: manage,] and secure applications across mainframe, distributed, [removed: mobile] [added: edge, mobile,] and [added: private and hybrid] cloud platforms.

Our portfolio of infrastructure and security software is designed to modernize, optimize, and secure the most complex [added: private and] hybrid [added: cloud] environments, enabling scalability, agility, automation, insights, resiliency and [removed: security.][added: security making it easy for customers to run their mission-critical workloads.]

We also offer [removed: mission critical] [added: mission-critical] fibre channel storage area networking (“FC SAN”) products and related software in the form of modules, switches and subsystems incorporating multiple semiconductor products.

Our infrastructure software segment includes our [added: private and hybrid cloud, application development and delivery, software-defined edge, application networking and security,] mainframe, distributed and [removed: cyber security] [added: cybersecurity] solutions, and our FC SAN business.

Our strategy is [removed: to combine best-of-breed] [added: focused on] technology leadership [removed: in] [added: and category-leading] semiconductor and infrastructure software [removed: solutions, with unmatched scale, on a common sales and administrative platform to deliver] [added: solutions delivering] a comprehensive suite of [added: innovative] infrastructure technology products to the world’s leading business and government customers.

We seek to achieve this through [removed: responsibly financed] [added: strategic] acquisitions of [removed: category-leading] businesses and technologies, as well as [removed: investing extensively in] [added: extensive internal] research and development, to ensure our products retain their technology [added: market] leadership.

- the rate at which our present and future customers and end-users adopt our products and technologies in our target markets, [added: including our AI related products,] and the rate at which our customers' products that include our technology are accepted in their markets;

Highlights during fiscal year [removed: 2023] [added: 2024] include the following:

- We generated [removed: $18,085] [added: $19,962] million of cash from operations.

- We paid [removed: $7,645] [added: $9,814] million in cash dividends.

- We repurchased [removed: $5,824] [added: $7,176] million of common stock.

On November 22, 2023, we [removed: completed the acquisition of] [added: acquired] VMware in a cash-and-stock transaction (the “VMware Merger”).

[removed: Based on the VMware stockholders’ elections, the] [added: The] VMware stockholders received approximately [removed: $30.8 billion] [added: $30,788 million] in cash and [removed: 54.4] [added: 544] million shares of Broadcom common stock [removed: in aggregate.][added: with a fair value of $53,398 million.]

[removed: We] [added: In addition, we] assumed all outstanding VMware restricted stock unit (“RSU”) awards and performance stock unit awards held by continuing employees.

The assumed awards were converted into [removed: approximately 5 million Broadcom] RSU [removed: awards.][added: awards for shares of Broadcom common stock.]

All outstanding [removed: in-the-money VMware stock options and] RSU awards held by non-employee directors [added: and in-the-money VMware stock options] were accelerated and converted into the right to receive cash and shares of Broadcom common stock, in equal parts.

We funded the cash portion of the [removed: VMware Merger] [added: consideration] with net proceeds from the issuance of [removed: $30.4 billion] [added: $30,390 million] in term loans [removed: under a credit agreement that we entered into on August 15, 2023] (the “2023 [removed: Credit Agreement”),] [added: Term Loans”),] as well as cash on hand.

[removed: “Subsequent Events”] [added: “Borrowings”] included in Part II, Item 8 of this Annual Report on Form [removed: 10-K for additional information.][added: 10-K, as well as cash on hand.]

[removed: Net revenue is also generated from the sale of] [added: Our infrastructure] software solutions [removed: that] [added: help enterprises simplify their information technology environments so they can increase business velocity and flexibility, and] enable [removed: our] customers to plan, develop, [added: deliver,] automate, [removed: manage,] [added: manage] and secure applications across mainframe, distributed, [added: edge,] mobile, and [added: private and hybrid] cloud platforms.

Such costs include personnel and overhead related to our manufacturing operations, which include stock-based compensation expense, related occupancy, computer services, equipment costs, manufacturing quality, order fulfillment, warranty adjustments, [added: and] inventory adjustments [added: including write-downs for inventory obsolescence.]

General and administrative expense consists primarily of compensation and associated costs for executive management, finance, human resources and other administrative personnel, including stock-based compensation expense, outside professional fees, allocated facilities costs, acquisition-related [added: costs, which include direct transaction] costs and [added: integration costs, and] other corporate expenses.

*Amortization of acquisition-related intangible assets.* In connection with our acquisitions, we recognize intangible assets that are [removed: being] amortized over their estimated useful lives.

We also recognize goodwill, which is not amortized, and in-process research and development (“IPR&D”), which is initially capitalized as an indefinite-lived intangible asset, in connection with [removed: the] [added: our] acquisitions.

*Restructuring and other charges.* Restructuring and other charges consist primarily of non-recurring charges related to [removed: IP litigation,] compensation costs associated with employee exit programs, [added: IP litigation,] alignment of our global manufacturing operations, [removed: rationalizing] [added: rationalization of] product development program costs, facility and lease abandonments, fixed asset impairment, IPR&D impairment, and other exit costs, including curtailment of service or supply agreements.

*Other income (expense), net.* Other income (expense), net includes interest income, gains [removed: or] [added: and] losses on investments, foreign currency remeasurement, and other miscellaneous items.

*Provision for income taxes.* We [removed: have structured our operations to maximize the] benefit from [added: the] tax incentives extended to us in various jurisdictions to encourage investment or employment.

These Singapore tax incentives are [removed: presently expected to expire in November 2025.][added: scheduled]

Each tax incentive and tax holiday is [removed: also] subject to our compliance with various operating and other conditions.

Before taking into consideration the effects of the U.S. Tax Cuts and Jobs Act and other indirect tax impacts, the effect of these tax incentives and tax holiday decreased the provision for income taxes by approximately [removed: $2,104] [added: $2,261] million and [removed: $1,821] [added: $2,104] million for fiscal years [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively.

Our interpretations and conclusions regarding the tax incentives are not binding on any taxing authority, and if our assumptions about tax and other laws are [removed: incorrect or if these] [added: incorrect, the benefits of the] tax incentives [removed: are substantially modified or rescinded, we could suffer material adverse tax and other financial consequences, which would increase our expenses, reduce our profitability and][added: may be adversely affected.]

The preparation of financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting [removed: periods.][added: period.]

Those policies include revenue recognition, [added: business combinations,] valuation of goodwill and long-lived assets, and income taxes.

[added: “Summary] of [added: Significant Accounting Policies” included in Part II, Item 8 of] this Annual Report on Form 10-K for further information on our critical accounting policies and estimates.

[added: A reporting unit's] carrying value represents the assignment of various assets and liabilities, excluding certain corporate assets and liabilities, such as cash and debt.

We operate on a 52- or 53-week fiscal year ending on the Sunday closest to October [removed: 31 in a 52-week year and the first Sunday in November in a 53-week year.][added: 31.]

[removed: Our fiscal] [added: Fiscal] years [removed: 2023, 2022] [added: 2023] and [removed: 2021] [added: 2022] each consisted of 52 weeks.

[added: The financial statements included in Part II, Item 8] of this Annual Report on Form 10-K are presented in accordance with GAAP and expressed in U.S. dollars.

Our fiscal year 2024 was a 53-week fiscal year compared to our fiscal year 2023, which was a 52-week fiscal year.

The additional week in the first quarter of fiscal year 2024 resulted in higher net revenue, gross margin dollars, research and development expense, and selling general and administrative expense for fiscal year 2024, compared to the corresponding prior year fiscal period.

- anticipated or actual demand for AI-related products;

- On November 22, 2023, we completed the acquisition of VMware, Inc. (“VMware”), for approximately $30.8 billion in cash and 544 million shares of Broadcom common stock (on a split adjusted basis) with a fair value of $53.4 billion.

*•*We completed a ten-for-one forward stock split of our common stock.

All share, equity award and per share amounts have been retroactively adjusted to reflect the stock split.

Acquisitions and Divestitures

Acquisition of VMware and Divestiture of EUC

We assumed $8,250 million of VMware’s outstanding senior unsecured notes.

On July 1, 2024, we sold VMware’s end-user computing (“EUC”) business to KKR & Co. Inc. for cash consideration of $3.5 billion, after working capital adjustments.

Acquisition of Seagate’s SoC Operations

On April 23, 2024, we acquired certain assets related to the design, development, and manufacture of System-on-Chip (“SoC”) operations of Seagate Technology Holdings plc for $600 million.

Our private cloud infrastructure suite of solutions are available directly from Broadcom, resellers and distributors, hyperscale cloud providers, value-added OEMs and VMware cloud service provider partners.

VMware Cloud Foundation (“VCF”) provides license portability, which enables customers to purchase subscriptions of VCF software and move their VCF environments between on-premises data centers and supported cloud endpoints.

We remain focused on strengthening relationships and increasing penetration within our existing core, mainframe, VMware, and Symantec endpoint customers and expanding the adoption of our enterprise software offerings with these customers.

to expire in November 2030.

*Business combinations.* Accounting for business combinations requires our management to make significant estimates and assumptions, especially at the acquisition date, for intangible assets, contractual obligations assumed, restructuring liabilities, pre-acquisition contingencies, and contingent consideration, where applicable.

Although we believe the assumptions and estimates we have made in the past have been reasonable and appropriate, they are based, in part, on historical experience and information obtained from the management of the acquired companies and are inherently uncertain.

Critical estimates in valuing certain acquired intangible assets include, the present value of projected cash flows regarding the projected revenues, projected expenses which include cost of revenue, research and development and selling, general and administrative expenses, technology obsolescence rate, contributory asset charges, discount rate and income tax rate for developed technology; the projected revenues, customer retention rate, customer ramp up period, discount rate and income tax rate for the customer contracts and related relationships; the projected revenues, technology obsolescence rate, expected costs to develop IPR&D into commercially viable products, discount rate and income tax rate for the IPR&D; and the projected revenues, brand asset phase-out pattern, brand asset royalty rate, discount rate and the income tax rate for the trade name.

Unanticipated events and circumstances may occur which could affect the accuracy or validity of such assumptions, estimates or actual results.

Our fiscal year 2024 was a 53-week fiscal year.

| Infrastructure software | | | | | | 21,478 | | | | | | 7,637 | | | | | | 13,841 | | | | | | 181 | | % |

The increase was primarily due to contributions from VMware, partially offset by higher amortization of acquisition-related intangible assets from the VMware Merger.

As a percentage of net revenue, gross margin was 63% and 69% of net revenue for the fiscal years 2024 and 2023, respectively.

The increase was primarily due to higher compensation, including higher stock-based compensation, as a result of an increase in headcount from the VMware Merger.

The increase was primarily due to higher compensation, including higher stock-based compensation, as a result of an increase in headcount from the VMware Merger.

Restructuring and other charges recognized in operating expenses were $1,533 million and $244 million in fiscal years 2024 and 2023, respectively.

The fiscal year 2024 charges primarily included employee termination costs from cost reduction activities related to the VMware Merger.

| 2025 | | | | | | $ | 4,429 | |

| 2026 | | | | | | 3,607 | | |

| 2027 | | | | | | 2,643 | | |

| 2028 | | | | | | 580 | | |

| | | | | | | | | |

| Total | | | | | | $ | 11,259 | |

| Infrastructure software | | | | | | 13,977 | | | | | | 5,639 | | | | | | 8,338 | | | | | | 148 | | % |

| Unallocated expenses | | | | | | (17,273) | | | | | | (5,918) | | | | | | (11,355) | | | | | | 192 | | % |

These increases were primarily due to the VMware Merger.

The increase in stock-based compensation expense was also due to annual employee equity awards granted at higher grant-date fair values.

The increase was primarily due to interest on debt incurred for the VMware Merger.

The decrease was primarily due to lower interest income as a result of a lower invested balance.

Acquisition of VMware, Inc.

Pursuant to the Agreement and Plan of Merger, each share of VMware common stock issued and outstanding immediately prior to the effective time of the VMware Merger was indirectly converted into the right to receive, at the election of the holder of such share of VMware common stock, either $142.50 in cash, without interest, or 0.2520 shares of Broadcom common stock.

The stockholder election was prorated, such that the total number of shares of VMware common stock entitled to receive cash and the total number of shares of VMware common stock entitled to receive Broadcom common stock, in each case, was equal to 50% of the aggregate number of shares of VMware common stock issued and outstanding.

VMware was a leading provider of multi-cloud services for all applications, enabling digital innovation with enterprise control.

We acquired VMware to enhance our infrastructure software capabilities.

The preliminary purchase consideration for the VMware Merger was approximately $86.3 billion.

See Note 15.

The discussions below related to our business and financial results for fiscal year 2023 and prior periods do not include any impact from or information relating to the VMware Merger.

including write-downs for inventory obsolescence, and acquisition costs, which include direct transaction costs and acquisition-related costs.

adversely affect our cash flows.

In addition, taxable income in any jurisdiction is dependent upon acceptance of our operational practices and intercompany transfer pricing by local tax authorities as being on an arm’s length basis.

Due to inconsistencies in application of the arm’s length standard among taxing authorities, as well as lack of adequate treaty-based protection, transfer pricing challenges by tax authorities could, if successful, substantially increase our income tax expense.

“Summary of Significant Accounting Policies” included in Part II, Item 8.

A reporting unit's

The financial statements included in Part II, Item 8.

Direct sales to WT Microelectronics Co., Ltd., a distributor, accounted for 21% and 20% of our net revenue for fiscal years 2023 and 2022, respectively.

We believe aggregate sales to Apple Inc., through all channels, accounted for approximately 20% of our net revenue for each of fiscal years 2023 and 2022.

| Infrastructure software | | | | | | 21 | | | | | | 22 | | |

We expect to incur additional amortization of acquisition-related intangible assets in future periods as a result of the VMware Merger and any further acquisitions we may make.

We expect to incur additional research and development expense in future periods as a result of the VMware Merger and any further acquisitions we may make.

We expect to incur additional restructuring and other charges in future periods as a result of the VMware Merger and any further acquisitions we may make.

We expect to incur additional stock-based compensation expense in future periods as a result of the VMware Merger and any further acquisitions we may make.

| 2024 | | | | | | $ | 2,279 | |

| 2025 | | | | | | 1,845 | | |

| 2026 | | | | | | 1,407 | | |

| 2027 | | | | | | 715 | | |

| 2028 | | | | | | 129 | | |

| Total | | | | | | $ | 6,375 | |

| Infrastructure software | | | | | | 5,639 | | | | | | 5,219 | | | | | | 420 | | | | | | 8 | | % |

| Unallocated expenses | | | | | | (5,918) | | | | | | (6,069) | | | | | | 151 | | | | | | (2) | | % |

The decrease was due to losses on extinguishment of debt related to debt transactions incurred in fiscal year 2022.

We expect to incur additional interest expense in future periods as a result of indebtedness associated with the VMware Merger.

The change was primarily due to higher interest income as a result of higher interest rates and changes in investment gains or losses.

The increase was primarily due to higher income before income taxes, partially offset by an increase in the recognition of uncertain tax benefits as a result of lapses of statutes of limitations.

Working capital increased to $13,442 million at October 29, 2023 from $11,452 million at October 30, 2022.

The increase was attributable to the following:

- Cash and cash equivalents increased to $14,189 million at October 29, 2023 from $12,416 million at October 30, 2022, primarily due to $18,085 million in net cash provided by operating activities, partially offset by $7,645 million of dividend payments, $5,824 million of common stock repurchases, and $1,861 million of employee withholding tax payments related to net settled equity awards.

- Other current liabilities decreased to $3,652 million at October 29, 2023 from $4,412 million at October 30, 2022, primarily due to decreases in contract liabilities and income taxes payable.

- Other current assets increased to $1,606 million at October 29, 2023 from $1,205 million at October 30, 2022, primarily due to an increase in contract assets, offset in part by a decrease in prepaid income taxes.

- Employee compensation and benefits decreased to $935 million at October 29, 2023 from $1,202 million at October 30, 2022, primarily due to lower variable compensation.

Changes in interest rates affect the fair value of our outstanding [removed: debt.][added: fixed rate senior notes.]

As of [removed: October 29, 2023] [added: November 3, 2024] and October [removed: 30, 2022,] [added: 29, 2023,] we had [removed: $40.8] [added: $56.3] billion and [removed: $41.2] [added: $40.8] billion in principal amount of [removed: debt] [added: fixed rate senior notes] outstanding, and the estimated aggregate fair value of [removed: debt] [added: these senior notes] was [removed: $33.2] [added: $51.4] billion and [removed: $33.0] [added: $33.2] billion, respectively.

As of [removed: October 29, 2023] [added: November 3, 2024] and October [removed: 30, 2022,] [added: 29, 2023,] a hypothetical 50 basis [removed: points] [added: point] increase or decrease in market interest rates would change the fair value of [removed: debt] [added: our fixed rate senior notes] by [removed: a decrease or increase of] approximately [removed: $1.4] [added: $1.7] billion and [removed: $1.6] [added: $1.4] billion, respectively.

However, this hypothetical change in interest rates would not impact the interest expense on our [removed: debt as we only had] fixed rate senior notes outstanding.

A hypothetical 10% change in currency exchange rates would not have a material impact on our consolidated financial statements.

As of November 3, 2024, we had $13.6 billion of outstanding 2023 Term Loans, which are subject to floating interest rates.

A hypothetical 100 basis point change in the interest rate would increase or decrease the interest expense on the 2023 Term Loans for the next 12 months by approximately $137 million.

The carrying value of the 2023 Term Loans approximates their fair value as the underlying interest rates are tied to the Secured Overnight Financing Rate.

We had no floating rate debt outstanding as of October 29, 2023.

Neither gains and losses from foreign currency transactions nor foreign exchange forward contracts were significant for any period presented in the consolidated financial statements included in this Form 10-K.

We did not have any outstanding foreign exchange forward contracts as of October 29, 2023 or October 30, 2022.

Our over [removed: 50-year] [added: 60-year] history of innovation dates back to our diverse origins from [added: AT&T/Bell Labs, Lucent and] Hewlett-Packard Company, [removed: AT&T,] [added: and evolved with] LSI Corporation, Broadcom Corporation, Brocade Communications Systems LLC, CA, Inc., Symantec Enterprise Security, and VMware, Inc. (“VMware”).

We [removed: have a history of innovation in the semiconductor industry and] offer thousands of products that are used in end products such as enterprise and data center networking, [added: including artificial intelligence (“AI”) networking and connectivity,] home connectivity, set-top boxes (“STB”), broadband access, telecommunication equipment, smartphones and base stations, data center servers and storage systems, factory automation, power generation and alternative energy systems, and electronic displays.

We differentiate ourselves through our [removed: high performance] [added: high-performance] design and integration capabilities and focus on developing [added: semiconductor] products for target markets where we believe we can earn attractive margins.

Our infrastructure software solutions [added: help enterprises simplify their information technology (“IT”) environments so they can increase business velocity and flexibility, and] enable customers to plan, develop, [added: deliver,] automate, manage, and secure applications across mainframe, distributed, [added: edge,] mobile, and [added: private and hybrid] cloud platforms.

Many of the largest companies in the world, including most of the Fortune 500, and many government agencies rely on our software solutions to help manage and secure their [removed: on-premise] [added: on-premises] and hybrid cloud [removed: environments.][added: environments, private cloud infrastructure and AI data centers.]

Our portfolio of industry-leading infrastructure and security software is designed to modernize, optimize, and secure the most complex [added: private and] hybrid [added: cloud] environments, enabling scalability, agility, automation, insights, resiliency and [removed: security.][added: security, making it easy for customers to run their mission-critical workloads.]

We also offer [removed: mission critical] [added: mission-critical] fibre channel storage area networking (“FC SAN”) products and related software in the form of modules, switches and subsystems incorporating multiple semiconductor products.

Our strategy is [removed: to combine best-of-breed] [added: focused on] technology leadership [removed: in] [added: and category-leading] semiconductor and infrastructure software [removed: solutions, with unmatched scale, on a common sales and administrative platform to deliver] [added: solutions delivering] a comprehensive suite of [added: innovative] infrastructure technology products to the world’s leading business and government customers.

We seek to achieve this through [removed: responsibly financed] [added: strategic] acquisitions of [removed: category-leading] businesses and technologies, as well as [removed: investing extensively in] [added: extensive internal] research and development, to ensure our products retain their technology [added: market] leadership.

On November 22, 2023, we acquired VMware in a cash-and-stock transaction (the “VMware Merger”), in which VMware stockholders received, in aggregate, approximately $30.8 billion in cash and [removed: 54.4] [added: 544] million shares of Broadcom common stock [removed: in exchange for all shares] [added: (on a split adjusted basis) with a fair value] of [removed: VMware common stock issued and outstanding immediately prior to the closing.][added: $53.4 billion.]

[added: Data Center, Service Provider, and Enterprise Networking Solutions.] We provide semiconductor solutions for managing the movement of data in data center, service provider, and enterprise networking applications.

[added: Mobile Device Connectivity Solutions.] We provide a broad variety of RF semiconductor devices, wireless connectivity solutions, custom touch controllers and inductive charging solutions for the wireless market.

[added: Servers and Storage System Solutions.] We [removed: also] provide semiconductor solutions for enabling [removed: the STB and broadband access applications and for enabling] secure movement of digital data to and from host machines, such as servers, personal computers and storage systems, to the underlying storage devices, such as hard disk drives (“HDD”) and solid-state drives (“SSD”).

We focus on markets that require high [removed: quality and the] [added: quality, leading] technology [removed: leadership] and integrated performance [removed: characteristic] [added: characteristics] of our products.

The table below presents our [removed: material] [added: key] semiconductor product families and their major end markets and [removed: applications during fiscal year 2023.][added: applications.]

| | | | Major End Markets | | | Major Applications | | | [removed: Material] [added: Key] Product [removed: Families] [added: Offerings] | | |

| | | | | | | | | | • Light emitting [removed: diode] [added: diodes] | | |

[removed: Set-Top Box Solutions:] [added: - Set-Top Box:] We offer complete SoC platform solutions for cable, satellite, Internet Protocol television, over-the-top and terrestrial STBs.

HEVC enables ultra-high definition (“Ultra [removed: HD”),] [added: HD”)] services by effectively doubling the capacity of [added: existing networks to deploy new or existing content.]

Our families of STB solutions support the complete range of resolutions, from standard [removed: definition,] [added: definition] to high [removed: definition, and] [added: definition to] Ultra HD.

[removed: Broadband Access Solutions:] [added: - Broadband Access:] We offer complete SoC platform solutions for digital subscriber line (“DSL”), cable, passive optical networking (“PON”) and wireless local area network for both consumer premise equipment (“CPE”) and central office (“CO”) deployments.

Our CO devices, including DSL Access Multiplexer (“DSLAM”), cable modem termination systems and PON optical line termination medium access [removed: controller,] [added: controllers,] are empowering modern operator broadband infrastructure.

Our products enable global service providers to continue [removed: to deploy] [added: deploying] next generation broadband access technologies across multiple standards, including G.fast, Data Over Cable Service Interface Specifications (“DOCSIS”), PON and Wi-Fi to provide more bandwidth and faster speeds to consumers.

[removed: Ethernet] [added: - Ethernet] Switching & Routing: Ethernet is a ubiquitous interconnection technology that enables [removed: high performance] [added: high-performance] and [removed: cost effective] [added: cost-effective] networking infrastructure.

We offer a broad set of Ethernet switching and routing products that are optimized for [added: AI] data center, service provider and enterprise networks.

[removed: Custom] [added: - Custom] Silicon Solutions: We provide advanced technology and [removed: IP] [added: intellectual property (“IP”)] platforms for customers to design and develop application specific integrated circuits [removed: (“ASICs”),] [added: (“ASICs”)] targeting [removed: data center compute offload, legacy] [added: AI] and [removed: new 5G radio infrastructure,] [added: high-performance computing, networking] and [removed: wired communication networks.][added: storage applications.]

[removed: The] ASICs are custom products built to individual customers specifications.

[removed: Physical] [added: - Physical] Layer Devices: These devices, also referred to as PHYs, are transceivers that enable the reception and transmission of Ethernet data packets over a physical medium such as copper wire or optical fibers.

[removed: Our high] performance Ethernet transceivers are built upon a proprietary digital signal processing communication architecture optimized for high-speed network connections and support the latest standards and advanced features, such as energy efficient Ethernet, data encryption and time synchronization.

[removed: Fiber] [added: - Fiber] Optic Components: We supply a wide array of optical components to the Ethernet networking, storage, and access, metro- and long-haul telecommunication markets.

[removed: RF] [added: - RF] Semiconductor Devices: Our RF semiconductor devices selectively filter, as well as amplify and route, RF signals.

[removed: Connectivity] [added: - Connectivity] Solutions: Our connectivity solutions include discrete and integrated Wi-Fi and Bluetooth solutions, and global positioning system/global navigation satellite system (“GPS/GNSS”) receivers, designed for use in mobile devices including smartphones, tablets and wearable products.

We offer [removed: a complete family of] Bluetooth silicon and software solutions that enable manufacturers to easily and cost-effectively add Bluetooth [removed: functionality to virtually any device.][added: functionality.]

[removed: Custom] [added: - Custom] Touch Controllers: Our touch controllers process signals from touch screens in mobile handsets and tablets.

[removed: Inductive] [added: - Inductive] Charging ASICs: Our custom inductive charging ASIC devices offer high efficiency and are highly integrated solutions for mobile and wearable devices.

[removed: SAS,] [added: - SAS,] RAID & PCIe Products: We provide serial attached small computer system interface [removed: (“SAS”)] [added: (SAS)] and redundant array of independent disks [removed: (“RAID”)] [added: (RAID)] controller and adapter solutions to server and storage system original equipment manufacturers (“OEMs”).

These solutions enable secure and [removed: high speed] [added: high-speed] data transmission between a host computer, such as a server, and storage peripheral devices, such as HDD, SSD and optical disk drives and disk and tape-based storage systems.

[removed: Fibre] [added: - Fibre] Channel Products: We provide fibre channel host bus adapters, which connect host computers such as servers to FC SANs.

[removed: Ethernet] [added: - Ethernet] NIC Controllers: Our Ethernet [removed: network interface card (“NIC”)] [added: NIC] controllers are designed for high-performance virtualization, intelligent flow processing, secure data center connectivity, and machine learning.

[removed: HDD] [added: - HDD] & SSD [removed: Products:] [added: Solutions:] We provide read channel-based [removed: SoCs] [added: system-on-chip (“SoC”)] and preamplifiers to HDD OEMs.

We combine global scale, engineering depth, broad product portfolio diversity, superior execution and operational focus to deliver category-leading semiconductor and infrastructure software solutions.

Following the VMware Merger, we sold VMware’s end-user computing business to KKR & Co. Inc. for cash consideration of $3.5 billion, after working capital adjustments.

With the VMware Merger, we have bolstered our infrastructure software solutions and are able to offer our customers a greater capacity to address complex IT infrastructure issues.

Our products offer an enhanced, open, standards-based Ethernet network interface card (“NIC”) and switching solution to resolve connectivity bottlenecks in data centers, particularly in AI data centers where compute bandwidth and cluster sizes grow rapidly.

Our high

Broadband Solutions. We provide semiconductor solutions for enabling STBs and broadband access applications.

| | | | Private Cloud | | | •Cloud infrastructure that is ubiquitous, flexible, and integrated across on-premises, edge, public and partner clouds | | | • VMware Cloud Foundation | | |

| | | | | | | • VMware Cloud Foundation Edge | | | | | |

| | | | | | | • VMware vSphere Foundation | | | | | |

| | | | | | | • Private AI | | | | | |

| | | | | | | • Live Recovery | | | | | |

| | | | | | | • Telco Cloud Platform | | | | | |

| | | | Tanzu | | | •Comprehensive solutions for application development operations and optimization | | | • Tanzu Platform | | |

| | | | | | | • Tanzu Data Solutions | | | | | |

| | | | | | | • Tanzu CloudHealth | | | | | |

| | | | | | | • Tanzu Labs | | | | | |

| | | | VeloCloud | | | •Comprehensive software-defined network solutions that enable enterprise edge connectivity and performance over Internet, fixed wireless access and satellite while simplifying deployments and reducing costs | | | • SD-WAN and SASE | | |

| | | | | | | • VeloRAIN | | | | | |

| | | | | | | • Fixed Wireless Access | | | | | |

| | | | Application Networking and Security | | | •Comprehensive software-defined solutions featuring lateral security that protects VCF application traffic from malware and ransomware, and application load balancing with the only plug-and-play app delivery and security solution for VCF private cloud | | | • Lateral Security Firewall | | |

| | | | | | | • Advanced Threat Protection | | | | | |

| | | | | | | • Advanced Load Balancing | | | | | |

| | | | | | | • Application Security | | | | | |

Private Cloud Software Portfolio. Our private cloud infrastructure software delivers public cloud scale and agility with private cloud security, resilience and performance, and low overall total cost of ownership.

Our VMware software supports customers’ digital innovation with faster infrastructure modernization, a unified cloud experience and better platform security and cyber resiliency.

The full portfolio is available directly from Broadcom, resellers and distributors, hyperscale cloud providers, value-added OEMs and VMware cloud service provider partners.

VMware Cloud Foundation (“VCF”) provides license portability, which enables customers to purchase subscriptions of VCF software and move their VCF environments between on-premises data centers and supported cloud endpoints.

Advanced services for Private AI provide customers with the benefits of AI without having to compromise control of data, privacy, and compliance by bringing the AI model to customers’ data.

- VCF: VCF delivers integrated, enterprise-class compute, networking, storage, management, and security across any environment.

VCF includes native Kubernetes to support both virtual machines and containerized workloads on a single platform, enables advanced AI and machine learning workloads at enterprise scale and offers integrated data services capabilities.

Our solutions enhance our customers’ ability to continuously optimize performance and costs, protect the

business from threats and enable the business to focus on outcomes instead of operations through advanced observability and insights.

- VMware Cloud Foundation Edge: The edge compute stack designed to deliver frictionless management of edge apps and infrastructure across many sites with limited resources.

It efficiently manages infrastructure and applications at dispersed sites.

- vSphere Foundation IT Infrastructure Optimization: vSphere Foundation supports modern IT requirements by boosting operational efficiency, elevating security and supercharging workload performance, all in support of accelerating innovation.

- Private AI: This solution enables organizations to use generative AI technologies while addressing privacy and compliance needs of the organization.

- Live Recovery: This solution helps organizations combat the evolving threat landscape through solutions and technologies that enable organizational resilience through rapid recovery of applications, data and critical business services.

- Telco Cloud Platform: This solution supports network operations for telecom operators and communications service providers to modernize their infrastructure and allows them to create monetizable services.

The modernization of the telecom infrastructure is critical to enabling operational agility, onboarding and delivering services much faster across domains and simplifying operations with automation.

Tanzu Software Portfolio. Our application development, operations and optimization solutions help leading enterprises deliver highly performant applications and best-in-class user experiences.

We strategically focus our research and development resources to address niche opportunities in our target markets and leverage our extensive portfolio of U.S. and other patents, and other intellectual property (“IP”) to integrate multiple technologies and create system-on-chip (“SoC”) component and software solutions that target growth opportunities.

We design products and software that deliver high-performance and provide mission critical functionality.

In addition, the hybrid-cloud portfolio we acquired with VMware helps enterprises simplify their information technology (“IT”) environments so they can increase business velocity and flexibility.

The VMware portfolio spans hybrid cloud, app-delivery acceleration, zero-trust security, and software-defined edge, making it easy for customers to run their mission-critical workloads across private, public and edge environments with security and resiliency.

Recent Development

Acquisition of VMware, Inc.

The preliminary total purchase consideration for the VMware Merger was approximately $86.3 billion.

We assumed all outstanding VMware restricted stock unit (“RSU”) awards and performance stock unit awards held by continuing employees.

The assumed awards were converted into approximately 5 million Broadcom RSU awards.

All outstanding in-the-money VMware stock options and RSU awards held by non-employee directors were accelerated and converted into the right to receive cash and shares of Broadcom common stock, in equal parts.

All discussions and information in this Annual Report on Form 10-K regarding our business and financial results relate solely to our operations prior to the VMware Merger, unless otherwise indicated.

| | | | | | | | | | | | |

existing networks to deploy new or existing content.

Our Symantec solutions utilize rich threat intelligence from a global network of security engineers,

| | | | | | | • Software Rationalization and Migration | | | | | |

| | | | | | | • Software Efficiency and Cost Optimization Tools | | | | | |

| | | | | | | • Change Management Support | | | | | |

| | | | | | | • Technology Proof of Concepts | | | | | |

FC SANs are networks dedicated to mission critical storage traffic, and enable simultaneous high speed and secure connections among multiple host computers and multiple storage arrays.

We believe aggregate sales to Apple Inc., through all channels, accounted for approximately 20% of our net revenue for each of fiscal years 2023 and 2022.

Our customers generally consist of large enterprises that have computing environments from multiple vendors and are highly complex.

Manufacturing Materials and Suppliers

Our manufacturing operations employ a wide variety of semiconductors, electromechanical components and assemblies and raw materials.

Some suppliers may, nonetheless, extend their lead times, limit supplies, increase prices or cease to produce necessary parts for our products.

If these are unique or highly specialized components, we may not be able to find a substitute quickly, or at all.

In the semiconductor market, we compete with integrated device manufacturers, fabless semiconductor companies, as well as the internal resources of large, integrated OEMs.

We compete based on the strength and expertise of our high speed proprietary design expertise, FBAR technology, amplifier design, module integration, proprietary materials processes, multiple storage protocols and mixed-signal design, our broad product portfolio, support of key industry standards, reputation for quality products, and our customer relationships.

In the infrastructure software market, we compete with large enterprise software vendors who continue to expand their product and service offerings and consolidate offerings into broad product lines, and smaller, niche players focused on specific markets.

which are expected to be material to our IP portfolio.

In addition, our business is subject

Other Information

You may access our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and other reports (and amendments thereto) filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) with the Securities and Exchange Commission (the “SEC”), as well as proxy statements filed by Broadcom, free of charge at the “Investor Center - SEC Filings” section of our website at www.broadcom.com, as soon as reasonably practicable after such material is electronically filed with, or furnished to, the SEC.

The reference to our website address does not constitute incorporation by reference of the information contained on or accessible through our website.

He was head of worldwide sales at

The information set forth under Note [removed: 13.][added: 14.]

“Commitments and Contingencies” included in Part II, Item [removed: 8.][added: 8 of this Annual Report on Form 10-K, is incorporated herein by reference.]

of this Annual Report on Form 10-K, is incorporated herein by reference.

For the fiscal year ended [removed: October 29, 2023][added: November 3, 2024]

The aggregate market value of voting and non-voting common equity held by non-affiliates as of [removed: April 28, 2023,] [added: May 3, 2024,] based upon the closing sale price of such shares on The Nasdaq Global Select Market on such date was approximately [removed: $253.7] [added: $583.1] billion.

As of November [removed: 24, 2023,] [added: 29, 2024,] there were [removed: 468,140,569] [added: 4,687,356,156] shares of our common stock outstanding.

Portions of the registrant’s definitive [removed: Proxy Statement] [added: proxy statement] for its [removed: 2024 Annual Meeting] [added: 2025 annual meeting] of [removed: Stockholders] [added: stockholders] are incorporated by reference into Part III of this Annual Report on Form [removed: 10-K.][added: 10-K where indicated.]

[removed: 2023] [added: 2024] ANNUAL REPORT ON FORM 10-K

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Material factors that could cause actual results to differ materially from our expectations [added: include, but] are [removed: summarized and] [added: not limited to, those] disclosed under “Risk Factors” in Part I, Item 1A of this Annual Report on Form 10-K.

[removed: Our] [added: We operate on a 52- or 53-week] fiscal year [removed: ends] [added: ending] on the Sunday closest to October [removed: 31 in a 52-week year and the first Sunday in November in a 53-week year.][added: 31.]

[removed: For example, the] [added: The] fiscal year ended [removed: October 29, 2023] [added: November 3, 2024] was a [removed: 52-week] [added: 53-week] year.

The registrant’s definitive proxy statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.

| [PART I.](#i4b69eb3cb07644329452c9ca9403fb16_10) | | | | | | | | |

| [ITEM 1C.](#i4b69eb3cb07644329452c9ca9403fb16_34) | | | [CYBERSECURITY](#i4b69eb3cb07644329452c9ca9403fb16_34) | | | [32](#i4b69eb3cb07644329452c9ca9403fb16_34) | | |

| [PART III.](#i4b69eb3cb07644329452c9ca9403fb16_172) | | | | | | | | |

| [PART IV.](#i4b69eb3cb07644329452c9ca9403fb16_190) | | | | | | | | |

| [SIGNATURES](#i4b69eb3cb07644329452c9ca9403fb16_202) | | | | | | [102](#i4b69eb3cb07644329452c9ca9403fb16_202) | | |

Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact.

These forward-looking statements may include our projected financial results or expectations regarding acquisitions, developments in technology, products and seasonality of our business.

We undertake no intent or obligation to publicly update or revise any forward-looking statements for any reason, except as required by law.

| [PART I.](#i4a92367b39c4482ea3f436a61c5b2dad_10) | | | | | | | | |

| [PART III.](#i4a92367b39c4482ea3f436a61c5b2dad_169) | | | | | | | | |

| [PART IV.](#i4a92367b39c4482ea3f436a61c5b2dad_187) | | | | | | | | |

| [SIGNATURES](#i4a92367b39c4482ea3f436a61c5b2dad_199) | | | | | | [99](#i4a92367b39c4482ea3f436a61c5b2dad_199) | | |

These forward-looking statements may include projections of financial information; statements about historical results that may suggest trends for our business; statements of the plans, strategies, and objectives of management for future operations; statements of expectation or belief regarding future events (including any acquisitions we may make), technology developments, our products, product sales, expenses, liquidity, cash flow and growth rates, or enforceability of our intellectual property rights; any backlog; and the effects of seasonality on our business.

Risk Management and Strategy

Our cybersecurity risk management program is intended to protect the confidentiality, integrity and availability of our critical systems and information.

Our program includes processes for identifying, assessing and managing material risks from cybersecurity threats that are guided by the National Institute of Standards & Technology’s Cyber Security Framework, the ISO 27001 international standard for information security and other applicable industry benchmarks.

Our cybersecurity risk management program is integrated into our overall enterprise risk management system and processes, and includes:

- a team of professionals within our Global Technology Organization team who are responsible for identifying and mitigating cybersecurity risks and managing our security controls and response activities;

- risk assessment processes designed to identify cybersecurity risks to our critical systems, information, products, services and our broader enterprise IT environment;

- an annual tabletop exercise to simulate a response to a cybersecurity incident; and

- mandatory training annually and upon hiring for all employees on data privacy and cybersecurity topics.

When appropriate, we utilize independent, external service providers to assess, test or otherwise assist with certain aspects of our cybersecurity risk management program and related processes, including for penetration testing, threat monitoring and incident response.

We also employ a vendor risk assessment process to mitigate risks presented by certain third-party service providers, and we require such providers to manage their cybersecurity risks in conformance to industry standards, notify us of relevant cybersecurity events and satisfy additional contractual requirements.

As of the date of this Annual Report on Form 10-K, we are not aware of any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition.

See Item 1A.

Risk Factors, “Cyber security threats or other security breaches, or any other impairment of the confidentiality, integrity or availability of our IT systems, or those of one or more of our corporate infrastructure vendors, could have a material adverse effect on our business” in this Annual Report on Form 10-K for additional information about our cybersecurity-related risks.

Cybersecurity Governance

Our Board of Directors is actively involved in overseeing our cybersecurity risk management and shares oversight responsibility and processes with the Audit Committee of the Board of Directors (the “Audit Committee”).

Our management, including our Chief Information Officer (“CIO”), in consultation with our Chief Information Security Officer (“CISO”), reviews with the Audit Committee at least quarterly our cybersecurity security policies, practices and protective measures, threat intelligence, cybersecurity incidents and related risks.

At least quarterly, our CIO also provides the Audit Committee with an update on our enterprise security program that includes procedures and policies for testing vulnerabilities, responding to cybersecurity threats, and training and evaluating our employees.

The Audit Committee and management also update our Board of Directors at least quarterly on our cybersecurity performance and risk profile and the effectiveness of our cybersecurity processes.

Our management, including our CIO and CISO, are responsible for assessing and managing material risks from cybersecurity threats.

Our CIO oversees our Global Technology Organization that has primary responsibility for our overall cybersecurity risk management program.

Our CIO, who reports to our Chief Executive Officer, has over 20 years of experience managing global IT operations, including strategy, applications, infrastructure, information security, support and execution.

Our CISO, who reports to the CIO, has approximately 30 years of cybersecurity experience assessing and managing cybersecurity programs.

Our management is informed about and monitors the prevention, detection, mitigation, and remediation of cybersecurity risks and incidents through various means, which may include, among other things, threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us, and alerts and reports produced by security tools deployed in our IT environment.

Not applicable.

As of [removed: October 29, 2023,] [added: November 3, 2024,] our owned and leased facilities in excess of 100,000 square feet consisted of:

| (a) Includes 318,000 square feet and 153,000 square feet of property owned in Malaysia subject to a 60-year land lease with the state authority expiring in May 2051 and March 2077, respectively, subject to renewal at our option. [added: Also includes 561,000 square feet of property in Palo Alto, California subject to a 40-year land lease with the Stanford University Board of Trustees expiring in May 2046 that does not have a renewal option.] | | | | | | | | | | | | | | | | | | | | |

| Owned facilities (a) | | | | | | 2,919,706 | | | | | | 928,888 | | | | | | 3,848,594 | | |

| Leased facilities (b) | | | | | | 849,322 | | | | | | 2,354,773 | | | | | | 3,204,095 | | |

| Total facilities | | | | | | 3,769,028 | | | | | | 3,283,661 | | | | | | 7,052,689 | | |

| Owned facilities (a) | | | | | | 2,586,368 | | | | | | 928,888 | | | | | | 3,515,256 | | |

| Leased facilities (b) | | | | | | 796,508 | | | | | | 1,309,667 | | | | | | 2,106,175 | | |

| Total facilities | | | | | | 3,382,876 | | | | | | 2,238,555 | | | | | | 5,621,431 | | |

As of November [removed: 24, 2023,] [added: 29, 2024,] there were [removed: 1,389] [added: 1,735] holders of record of our common stock.

In May 2022, our Board of Directors authorized another stock repurchase program to repurchase up to an additional $10 billion of our common stock from time to time through December 31, [removed: 2023 (“May 2022 Authorization”).][added: 2023.]

[removed: (a) We also] [added: During the fiscal quarter ended November 3, 2024, we] paid approximately [removed: $454] [added: $1,204] million in employee withholding taxes due upon the vesting of net settled equity awards.

We withheld approximately [removed: 1] [added: 8] million shares of common stock from employees in connection with such net share settlement at an average price of [removed: $852.93] [added: $160.31] per share.

These shares may be deemed to be “issuer purchases” of [removed: shares and are not included in this table.][added: shares.]

The following graph shows a comparison of cumulative total return for our common stock, the Standard & Poor’s 500 Stock Index (the “S&P 500 Index”) and the NASDAQ 100 Index for the five fiscal years ended [removed: October 29, 2023.][added: November 3, 2024.]

The total return graph and table assume that $100 was invested on November [removed: 2, 2018] [added: 1, 2019] (the last trading day of our fiscal year [removed: 2018)] [added: 2019)] in each of Broadcom Inc. common stock, the S&P 500 Index and the NASDAQ 100 Index and assume that all dividends are reinvested.

[removed: ][added: ]

| | | | | | | November [removed: 4, 2018 | | | | | | November] 3, 2019 | | | | | | November 1, 2020 | | | | | | October 31, 2021 | | | | | | October 30, 2022 | | | | | | October 29, 2023 | | | [added: | | | November 3, 2024 | | |]

All $20 billion of the authorized amount under these stock repurchase programs was utilized prior to expiration on December 31, 2023.

| Broadcom Inc. | | | | | | $ | 100.00 | | | | | $ | 123.53 | | | | | $ | 193.73 | | | | | $ | 177.51 | | | | | $ | 323.12 | | | | | $ | 661.00 | |

| S&P 500 Index | | | | | | $ | 100.00 | | | | | $ | 108.65 | | | | | $ | 155.28 | | | | | $ | 133.58 | | | | | $ | 143.35 | | | | | $ | 202.39 | |

| NASDAQ 100 Index | | | | | | $ | 100.00 | | | | | $ | 136.71 | | | | | $ | 197.45 | | | | | $ | 144.98 | | | | | $ | 179.61 | | | | | $ | 255.89 | |

We repurchased and retired approximately 9 million and 12 million shares of our common stock for $5,824 million and $7,000 million under these stock repurchase programs during fiscal years 2023 and 2022, respectively.

Repurchases under our stock repurchase programs may be effected through a variety of methods, including open market or privately negotiated purchases.

The timing and amount of shares repurchased will depend on the stock price, business and market conditions, corporate and regulatory requirements, alternative investment opportunities, acquisition opportunities, and other factors.

We are not obligated to repurchase any specific amount of shares of common stock, and the stock repurchase programs may be suspended or terminated at any time.

The following table presents details of our various repurchases during the fiscal quarter ended October 29, 2023, pursuant to the May 2022 Authorization.

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Period | | | | | | Total Number of Shares Purchased (a) | | | | | | Average Price per Share | | | | | | Total Number of Shares Purchased as Part of Publicly Announced Plan (a) | | | | | | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plan | | |

| | | | | | | (In millions, except per share data) | | | | | | | | | | | | | | | | | | | | |

| July 31, 2023 - August 27, 2023 | | | | | | 0.1 | | | | | | $ | 894.78 | | | | | 0.1 | | | | | | $ | 7,209 | |

| August 28, 2023 - September 24, 2023 | | | | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 7,209 | |

| September 25, 2023 - October 29, 2023 | | | | | | — | | | (b) | | | $ | 861.23 | | | | | — | | | (b) | | | $ | 7,176 | |

| Total | | | | | | 0.1 | | | | | | $ | 885.52 | | | | | 0.1 | | | | | | | | |

_________________________________

(b) Represents fewer than 0.1 million shares.

| Broadcom Inc. | | | | | | $ | 100.00 | | | | | $ | 139.62 | | | | | $ | 172.47 | | | | | $ | 270.48 | | | | | $ | 247.83 | | | | | $ | 451.15 | |

| S&P 500 Index | | | | | | $ | 100.00 | | | | | $ | 114.95 | | | | | $ | 124.89 | | | | | $ | 178.49 | | | | | $ | 153.55 | | | | | $ | 164.78 | |

| NASDAQ 100 Index | | | | | | $ | 100.00 | | | | | $ | 118.49 | | | | | $ | 161.99 | | | | | $ | 233.96 | | | | | $ | 171.79 | | | | | $ | 212.82 | |

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| [Consolidated Balance [removed: Sheets](#i4a92367b39c4482ea3f436a61c5b2dad_88)] [added: Sheets](#i4b69eb3cb07644329452c9ca9403fb16_88)] | | | [removed: [50](#i4a92367b39c4482ea3f436a61c5b2dad_88)] [added: [51](#i4b69eb3cb07644329452c9ca9403fb16_88)] | | |

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We have audited the accompanying consolidated balance sheets of Broadcom Inc. and its subsidiaries (the “Company”) as of [removed: October 29, 2023] [added: November 3, 2024] and October [removed: 30, 2022,] [added: 29, 2023,] and the related consolidated statements of operations, of comprehensive income, of stockholders’ equity and of cash flows for each of the three years in the period ended [removed: October 29, 2023,] [added: November 3, 2024,] including the related notes and financial statement schedule listed in the index appearing under Item 15(a)(2) (collectively referred to as the “consolidated financial statements”).

We also have audited the Company's internal control over financial reporting as of [removed: October 29, 2023,] [added: November 3, 2024,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of [removed: October 29, 2023] [added: November 3, 2024] and October [removed: 30, 2022,] [added: 29, 2023,] and the results of its operations and its cash flows for each of the three years in the period ended [removed: October 29, 2023] [added: November 3, 2024] in conformity with accounting principles generally accepted in the United States of America.

Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of [removed: October 29, 2023,] [added: November 3, 2024,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the COSO.

| | | | | | | [added: November 3, 2024 | | | | | |] October 29, 2023 | | | | | | October 30, 2022 | | |

| Cash and cash equivalents | | | | | | $ | [removed: 14,189] [added: 9,348] | | | | | $ | [removed: 12,416] [added: 14,189] | |

| Trade accounts receivable, net | | | | | | [removed: 3,154] [added: 4,416] | | | | | | [removed: 2,958] [added: 3,154] | | |

| Inventory | | | | | | [removed: 1,898] [added: 1,760] | | | | | | [removed: 1,925] [added: 1,898] | | |

| Other current assets | | | | | | [removed: 1,606] [added: 4,071] | | | | | | [removed: 1,205] [added: 1,606] | | |

| Total current assets | | | | | | [removed: 20,847] [added: 19,595] | | | | | | [removed: 18,504] [added: 20,847] | | |

| Property, plant and equipment, net | | | | | | [removed: 2,154] [added: 2,521] | | | | | | [removed: 2,223] [added: 2,154] | | |

| Goodwill | | | | | | [removed: 43,653] [added: 97,873] | | | | | | [removed: 43,614] [added: 43,653] | | |

| Intangible assets, net | | | | | | [removed: 3,867] [added: 40,583] | | | | | | [removed: 7,111] [added: 3,867] | | |

| Other long-term assets | | | | | | [removed: 2,340] [added: 5,073] | | | | | | [removed: 1,797] [added: 2,340] | | |

| Total assets | | | | | | $ | [removed: 72,861] [added: 165,645] | | | | | $ | [removed: 73,249] [added: 72,861] | |

| Accounts payable | | | | | | $ | [removed: 1,210] [added: 1,662] | | | | | $ | [removed: 998] [added: 1,210] | |

| Employee compensation and benefits | | | | | | [removed: 935] [added: 1,971] | | | | | | [removed: 1,202] [added: 935] | | |

| Current portion of long-term debt | | | | | | [removed: 1,608] [added: 1,271] | | | | | | [removed: 440] [added: 1,608] | | |

| Other current liabilities | | | | | | [removed: 3,652] [added: 11,793] | | | | | | [removed: 4,412] [added: 3,652] | | |

| Total current liabilities | | | | | | [removed: 7,405] [added: 16,697] | | | | | | [removed: 7,052] [added: 7,405] | | |

| Long-term debt | | | | | | [removed: 37,621] [added: 66,295] | | | | | | [removed: 39,075] [added: 37,621] | | |

| Other long-term liabilities | | | | | | [removed: 3,847] [added: 14,975] | | | | | | [removed: 4,413] [added: 3,847] | | |

| Total liabilities | | | | | | [removed: 48,873] [added: 97,967] | | | | | | [removed: 50,540] [added: 48,873] | | |

| Commitments and contingencies (Note [removed: 13)] [added: 14)] | | | | | | | | | | | | | | |

| Common stock, $0.001 par value; [removed: 2,900] [added: 29,000] shares authorized; [removed: 414] [added: 4,686] and [removed: 418] [added: 4,139] shares issued and outstanding as of [removed: October 29, 2023] [added: November 3, 2024] and October [removed: 30, 2022,] [added: 29, 2023,] respectively | | | | | | [removed: —] [added: 5] | | | | | | [removed: —] [added: 4] | | |

| Additional paid-in capital | | | | | | [removed: 21,099] [added: 67,466] | | | | | | [removed: 21,159] [added: 21,095] | | |

| Retained earnings | | | | | | [removed: 2,682] [added: —] | | | | | | [removed: 1,604] [added: 2,682] | | |

| Accumulated other comprehensive income [removed: (loss)] | | | | | | 207 | | | | | | [removed: (54)] [added: 207] | | |

| Total stockholders’ equity | | | | | | [removed: 23,988] [added: 67,678] | | | | | | [removed: 22,709] [added: 23,988] | | |

| Total liabilities and equity | | | | | | $ | [removed: 72,861] [added: 165,645] | | | | | $ | [removed: 73,249] [added: 72,861] | |

| | | | | | | [removed: October 29, 2023] [added: November 3, 2024] | | | | | | October [removed: 30, 2022] [added: 29, 2023] | | | | | | October [removed: 31, 2021] [added: 30, 2022] | | |

| Products | | | | | | $ | [removed: 27,891] [added: 30,359] | | | | | $ | [removed: 26,277] [added: 27,891] | | | | | $ | [removed: 20,886] [added: 26,277] | |

Acquisition of VMware — Valuation of VMware Cloud Foundation (“VCF”) Developed Technology, Certain Customer Contracts and Related Relationships, VCF In-process Research and Development, and VMware Trade Name Intangible Assets

As described in Notes 2 and 4 of the consolidated financial statements, on November 22, 2023, the Company completed the acquisition of VMware LLC for total consideration of $86,290 million.

The Company acquired $45,572 million of intangible assets in connection with the acquisition.

Of these acquired intangible assets, $24,156 million related to developed technology valued using the multi-period excess earnings method under the income approach, of which a significant portion related to VCF; $15,239 million related to customer contracts and related relationships valued using the with-and-without method under the income approach, of which a significant portion related to certain customer contracts and relationships; $4,730 million related to in-process research and development valued using the multi-period excess earnings method under the income approach, of which $4,705 million related to VCF; and $1,205 million related to trade names valued using the relief-from-royalty method, of which a significant portion related to the VMware trade name.

The present value of projected cash flows included significant judgment and assumptions regarding (a) the projected revenues, projected expenses, technology obsolescence rate, contributory asset charges, and the discount rate for the VCF developed technology, (b) the projected revenues, customer retention rate, customer ramp up period, and the discount rate for the certain customer contracts and related relationships, (c) the projected revenues, technology obsolescence rate and the discount rate for the VCF in-process research and development, and (d) the projected revenues, brand asset phase-out pattern, brand asset royalty rate, and the discount rate for the VMware trade name.

The principal considerations for our determination that performing procedures relating to the valuation of the VCF developed technology, certain customer contracts and related relationships, VCF in-process research and development, and the VMware trade name intangible assets acquired in the VMware acquisition is a critical audit matter are (i) the significant judgment by management when developing the fair value estimates; (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management’s significant assumptions related to (a) the projected revenues, projected expenses, technology obsolescence rate, contributory asset charges, and discount rate for the VCF developed technology, (b) certain projected revenues, customer retention rate, customer ramp up period, and discount rate for the certain customer contracts and related relationships, (c) the projected revenues, technology obsolescence rate and discount rate for the VCF in-process research and development, and (d) certain projected revenues, brand asset phase-out pattern, brand asset royalty rate, and discount rate for the VMware trade name (collectively referred to as “the aforementioned significant assumptions”); and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

These procedures included testing the effectiveness of controls relating to the acquisition accounting, including controls over management’s valuation of the acquired developed technology, customer contracts and related relationships, in-process research and development, and the trade names.

These procedures also included, among others, (i) reading the purchase agreement; (ii) testing management’s process for developing the fair value estimate of the acquired VCF developed technology, certain customer contracts and related relationships, VCF in-process research and development, and the VMware trade name; (iii) evaluating the appropriateness of the multi-period excess earnings, with-and-without, and relief-from-royalty methods used by management; (iv) testing the completeness and accuracy of underlying data used in the multi-period excess earnings, with-and-without, and relief-from-royalty methods; and (v) evaluating the reasonableness of the aforementioned significant assumptions used by management.

Evaluating management’s assumptions related to (a) the projected revenues and projected expenses for the VCF developed technology, (b) certain projected revenues, customer retention rate, and customer ramp up period for the certain customer contracts and related relationships, (c) projected revenues for the VCF in-process research and development, and (d) certain projected revenues for the VMware trade name involved considering (i) the current and past performance of VMware; (ii) the consistency with external market and industry data; and (iii) whether the assumptions were consistent with evidence obtained in other areas of the audit.

Professionals with specialized skill and knowledge were used to assist in (i) evaluating the appropriateness of multi-period excess earnings, with-and-without, and relief-from-royalty methods and (ii) the reasonableness of (a) the technology obsolescence rate, contributory asset charge, and discount rate for the VCF developed technology, (b) the discount rate for the certain customer contracts and related relationships, (c) the technology obsolescence rate and discount rate for the VCF in-process research and development, and (d) brand asset phase-out pattern, brand asset royalty rate, and discount rate for the VMware trade name.

| Income from continuing operations | | | | | | 6,168 | | | | | | 14,082 | | | | | | 11,495 | | |

| Loss from discontinued operations, net of income taxes | | | | | | (273) | | | | | | — | | | | | | — | | |

| Income per share from continuing operations | | | | | | $ | 1.33 | | | | | $ | 3.39 | | | | | $ | 2.74 | |

| Loss per share from discontinued operations | | | | | | (0.06) | | | | | | — | | | | | | — | | |

| Net income per share | | | | | | $ | 1.27 | | | | | $ | 3.39 | | | | | $ | 2.74 | |

| Income per share from continuing operations | | | | | | $ | 1.29 | | | | | $ | 3.30 | | | | | $ | 2.65 | |

| Loss per share from discontinued operations | | | | | | (0.06) | | | | | | — | | | | | | — | | |

| Net income per share | | | | | | $ | 1.23 | | | | | $ | 3.30 | | | | | $ | 2.65 | |

| Basic | | | | | | 4,624 | | | | | | 4,149 | | | | | | 4,089 | | |

| Diluted | | | | | | 4,778 | | | | | | 4,272 | | | | | | 4,232 | | |

| Net income | | | | | | $ | 5,895 | | | | | $ | 14,082 | | | | | $ | 11,495 | |

| Proceeds from sale of business | | | | | | 3,485 | | | | | | — | | | | | | — | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Issuance of common stock upon the acquisition of VMware, Inc. | | | | | | — | | | | | | — | | | | | | 544 | | | | | | 1 | | | | | | 53,420 | | | | | | — | | | | | | — | | | | | | 53,421 | | | | | | | | | | | | | | |

| Fair value of partially vested equity awards assumed in connection with the acquisition of VMware, Inc. | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 750 | | | | | | — | | | | | | — | | | | | | 750 | | | | | | | | | | | | | | |

| Dividends to common stockholders | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,809) | | | | | | (7,005) | | | | | | — | | | | | | (9,814) | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Repurchases of common stock | | | | | | — | | | | | | — | | | | | | (67) | | | | | | — | | | | | | (5,604) | | | | | | (1,572) | | | | | | — | | | | | | (7,176) | | | | | | | | | | | | | | |

| Balance as of November 3, 2024 | | | | | | — | | | | | | $ | — | | | | | 4,686 | | | | | | $ | 5 | | | | | $ | 67,466 | | | | | $ | — | | | | | $ | 207 | | | | | $ | 67,678 | | | | | | | | | | | | | |

See Note 13.

The VMware stockholders received approximately $30,788 million in cash and 544 million shares of Broadcom common stock (on a split adjusted basis) with a fair value of $53,398 million.

The accompanying consolidated financial statements include the results of operations of VMware commencing on November 22, 2023.

Our fiscal year ended November 3, 2024 (“fiscal year 2024”) was a 53-week fiscal year, with the first fiscal quarter containing 14 weeks.

On July 12, 2024, we completed a ten-for-one forward stock split of our common stock through the filing of an amendment (“Amendment”) to our Amended and Restated Certificate of Incorporation.

The Amendment proportionately increased the number of shares of our authorized common stock without changing the par value of $0.001 per share.

All share, equity award and per share amounts and related stockholders’ equity balances presented in the accompanying consolidated financial statements and notes thereto have been retroactively adjusted, where applicable, to reflect the stock split.

The cumulative gain was recorded net of tax of $44 million as a component of accumulated other comprehensive income as of October 29, 2023.

In fiscal year 2024, upon the issuance of our $1.75 billion 4.800% senior notes due October 2034 as discussed in Note 10.

Uncertain Tax Positions (UTPs)

As described in Notes 2 and 11 to the consolidated financial statements, the gross unrecognized tax benefits balance was $4,655 million as of October 29, 2023.

As management has disclosed, management evaluates the exposure associated with various tax filing positions and accrues an income tax liability when such positions do not meet the more-likely-than-not threshold for recognition.

A tax benefit from an UTP may be recognized when it is more-likely-than not that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits.

The principal considerations for our determination that performing procedures relating to the UTPs is a critical audit matter are (i) the significant judgment by management when evaluating the technical merits of these tax positions, (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating the technical merits of the tax positions, and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

These procedures included testing the effectiveness of controls relating to the identification and recognition of the income tax liability for UTPs, including controls addressing the completeness of the UTPs and the measurement of the income tax liability.

These procedures also included, among others, (i) testing management’s process for identifying potential new UTPs, (ii) for a selection of UTPs, evaluating possible outcomes, and (iii) for a selection of UTPs, testing the calculation of the income tax liability, including management’s assessment of the technical merits of tax positions and estimates of the amount of tax benefit expected to be sustained.

Professionals with specialized skill and knowledge were used to assist in (i) the evaluation of the completeness of management’s identification of the UTPs and (ii) for a selection of UTPs, the evaluation of the reasonableness of management’s assessment of whether the tax positions are more-likely-than-not of being sustained, the amount of potential benefit to be realized, and the application of relevant tax laws.

December 14, 2023

| Basic | | | | | | $ | 33.93 | | | | | $ | 27.44 | | | | | $ | 15.70 | |

| Diluted | | | | | | $ | 32.98 | | | | | $ | 26.53 | | | | | $ | 15.00 | |

| Basic | | | | | | 415 | | | | | | 409 | | | | | | 410 | | |

| Diluted | | | | | | 427 | | | | | | 423 | | | | | | 429 | | |

| Proceeds from sales of businesses | | | | | | — | | | | | | — | | | | | | 45 | | |

| Balance as of November 1, 2020 | | | | | | 4 | | | | | | $ | — | | | | | 407 | | | | | | $ | — | | | | | $ | 23,982 | | | | | $ | — | | | | | $ | (108) | | | | | $ | 23,874 | | | | | | | | | | | | | |

| Other comprehensive loss | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (8) | | | | | | (8) | | | | | | | | | | | | | | |

| Dividends to common stockholders | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (224) | | | | | | (5,689) | | | | | | — | | | | | | (5,913) | | | | | | | | | | | | | | |

The first quarter of our fiscal year 2023 ended on January 29, 2023, the second quarter ended on April 30, 2023 and the third quarter ended on July 30, 2023.

Our fiscal year ended October 30, 2022 (“fiscal year 2022”) and fiscal year ended October 31, 2021 (“fiscal year 2021”) were both 52-week fiscal years.

of these counterparties.

As of October 30, 2022, the total notional amount of these contracts was $1.3 billion, and the fair value of these contracts was $47 million, which was recorded as a derivative asset with the gains recorded net of tax as a component of accumulated other comprehensive loss on our consolidated balance sheet.

No derivative instruments that hedge interest rate risk were outstanding as of October 29, 2023.

or over the lease period, whichever is shorter, and machinery and equipment are generally depreciated over 3 to 10 years.

installments over the contract term, that provide customers with a right to use the software, access general support and maintenance, and utilize our professional services.

standalone selling price as adjusted for facts and circumstances applicable to that contract.

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Products | | | | | | $ | 1,809 | | | | | $ | 17,258 | | | | | $ | 1,819 | | | | | $ | 20,886 | |

| Subscriptions and services(a) | | | | | | 4,290 | | | | | | 720 | | | | | | 1,554 | | | | | | 6,564 | | |

| Total | | | | | | $ | 6,099 | | | | | $ | 17,978 | | | | | $ | 3,373 | | | | | $ | 27,450 | |

(a) Subscriptions and services predominantly includes software licenses with termination for convenience clauses.

The majority of our contract liabilities represents amounts billed or collected and advanced payments on contracts or arrangements which include termination for convenience provisions.

The majority of our customer software contracts include termination for convenience clauses without a substantive penalty and are not considered committed.

| Other | | | | | | 863 | | | | | | 341 | | |

| Other | | | | | | 756 | | | | | | 774 | | |

Other information related to leases was as follows:

| Thereafter | | | | | | 236 | | | | | | — | | |

As of October 29, 2023, the Company had $642 million of future payments under additional leases that will commence in fiscal year ending November 3, 2024 with a lease term of 15 years.

| Acquisitions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 8 | | | | | | 156 | | | | | | 164 | | |

| Order backlog | | | | | | 9 | | | | | | (8) | | | | | | 1 | | |

| Order backlog | | | | | | 484 | | | | | | (382) | | | | | | 102 | | |

Our management, with the participation of our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), evaluated the effectiveness of our disclosure controls and procedures as of [removed: October 29, 2023.][added: November 3, 2024.]

Based on the evaluation of our disclosure controls and procedures as of [removed: October 29, 2023,] [added: November 3, 2024,] our CEO and CFO concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.

Internal control over financial reporting is defined in Rules 13a-15(f) and 15d-15(f) promulgated under the Exchange Act as a process designed by, or under the supervision of, our principal executive and principal financial officers and effected by the [removed: Board,] [added: Board of Directors,] management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP and includes those policies and procedures that:

Our management assessed the effectiveness of our internal control over financial reporting as of [removed: October 29, 2023.][added: November 3, 2024.]

In making this assessment, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in *Internal Control-Integrated Framework* (2013)*.* Based on this assessment, our management concluded that, as of [removed: October 29, 2023,] [added: November 3, 2024,] our internal control over financial reporting is effective based on those criteria.

The effectiveness of our internal control over financial reporting as of [removed: October 29, 2023] [added: November 3, 2024] has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which is included in Part II, Item 8.

No change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the fourth quarter ended [removed: October 29, 2023] [added: November 3, 2024] that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Insider Trading Arrangements

On September 23, 2024, Diane M.

Bryant, a member of our Board of Directors, adopted a trading plan intended to satisfy Rule 10b5-1(c) under the Exchange Act (the “Trading Plan”).

The Trading Plan provides for the potential sale of up to 15,000 shares of Broadcom common stock so long as the market price of Broadcom common stock satisfies certain threshold prices specified in the Trading Plan.

The Trading Plan will expire on September 12, 2025, subject to early termination for certain specified events set forth in the Trading Plan.

None.

The [added: remaining] information required by Item 10 is incorporated herein by reference from sections entitled “Board of Directors,” “Corporate Governance” and “Proposal 1 — Election of Directors” in our definitive Proxy Statement for our [removed: 2024] [added: 2025] Annual Meeting of Stockholders.

Broadcom has adopted an insider trading compliance policy that governs the purchase, sale, and/or other transactions of our securities by our directors, officers and employees and Broadcom itself.

A copy of our insider trading compliance policy is filed as Exhibit 19.1 to this Annual Report on Form 10-K.

The information required by Item 11 is incorporated herein by reference from sections entitled “Board of Directors — Director Compensation,” “Board of Directors — Board Committees — Compensation Committee — Compensation Committee Interlocks and Insider Participation,” “Compensation Discussion and Analysis,” “Compensation Committee Report,” “Executive Compensation,” [added: and] “CEO Pay Ratio” [removed: and “Pay versus Performance”] in our definitive Proxy Statement for our [removed: 2024] [added: 2025] Annual Meeting of Stockholders.

The information required by Item 12 is incorporated herein by reference from sections entitled “Stockholder Information — Security Ownership of Certain Beneficial Owners, Directors and Executive Officers” and “Equity Compensation Plan Information” in our definitive Proxy Statement for our [removed: 2024] [added: 2025] Annual Meeting of Stockholders.

The information required by Item 13 is incorporated herein by reference from sections entitled “Board of Directors” and “Certain Relationships and Related Party Transactions” in our definitive Proxy Statement for our [removed: 2024] [added: 2025] Annual Meeting of Stockholders.

The information required by Item 14 is incorporated herein by reference from the section entitled “Proposal 2 — Ratification of Appointment of Independent Registered Public Accounting Firm” in our definitive Proxy Statement for our [removed: 2024] [added: 2025] Annual Meeting of Stockholders.

| [Reports of Independent Registered Public Accounting [removed: Firm](#i4a92367b39c4482ea3f436a61c5b2dad_85)] [added: Firm](#i4b69eb3cb07644329452c9ca9403fb16_85)] | | | [removed: [49](#i4a92367b39c4482ea3f436a61c5b2dad_85)] [added: [50](#i4b69eb3cb07644329452c9ca9403fb16_85)] | | |

| [Consolidated Balance [removed: Sheets](#i4a92367b39c4482ea3f436a61c5b2dad_88)] [added: Sheets](#i4b69eb3cb07644329452c9ca9403fb16_88)] | | | [removed: [50](#i4a92367b39c4482ea3f436a61c5b2dad_88)] [added: [51](#i4b69eb3cb07644329452c9ca9403fb16_88)] | | |

| [Consolidated Statements of [removed: Operations](#i4a92367b39c4482ea3f436a61c5b2dad_91)] [added: Operations](#i4b69eb3cb07644329452c9ca9403fb16_91)] | | | [removed: [51](#i4a92367b39c4482ea3f436a61c5b2dad_91)] [added: [52](#i4b69eb3cb07644329452c9ca9403fb16_91)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#i4a92367b39c4482ea3f436a61c5b2dad_94)] [added: Income](#i4b69eb3cb07644329452c9ca9403fb16_94)] | | | [removed: [52](#i4a92367b39c4482ea3f436a61c5b2dad_94)] [added: [53](#i4b69eb3cb07644329452c9ca9403fb16_94)] | | |

| [Consolidated Statements of Cash [removed: Flows](#i4a92367b39c4482ea3f436a61c5b2dad_97)] [added: Flows](#i4b69eb3cb07644329452c9ca9403fb16_97)] | | | [removed: [53](#i4a92367b39c4482ea3f436a61c5b2dad_97)] [added: [54](#i4b69eb3cb07644329452c9ca9403fb16_97)] | | |

| [Consolidated Statements of Stockholders’ [removed: Equity](#i4a92367b39c4482ea3f436a61c5b2dad_100)] [added: Equity](#i4b69eb3cb07644329452c9ca9403fb16_100)] | | | [removed: [54](#i4a92367b39c4482ea3f436a61c5b2dad_100)] [added: [55](#i4b69eb3cb07644329452c9ca9403fb16_100)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i4a92367b39c4482ea3f436a61c5b2dad_103)] [added: Statements](#i4b69eb3cb07644329452c9ca9403fb16_103)] | | | [removed: [55](#i4a92367b39c4482ea3f436a61c5b2dad_103)] [added: [56](#i4b69eb3cb07644329452c9ca9403fb16_103)] | | |

The financial statement schedule of the Registrant and its subsidiaries for fiscal years [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021] [added: 2022] required by Item 15(a) (Schedule II, Valuation and Qualifying Accounts) is included in Item 8 of this Annual Report on Form 10-K:

| [Schedule II - Valuation and Qualifying [removed: Accounts](#i4a92367b39c4482ea3f436a61c5b2dad_154)] [added: Accounts](#i4b69eb3cb07644329452c9ca9403fb16_157)] | | | [removed: [88](#i4a92367b39c4482ea3f436a61c5b2dad_154)] [added: [92](#i4b69eb3cb07644329452c9ca9403fb16_157)] | | |

| 2.1 | | | | | | | | | [Agreement and Plan of Merger, dated as of May 26, 2022, by and among Broadcom Inc., VMware, Inc., Verona Holdco, Inc., Verona Merger Sub, Inc., Barcelona Merger Sub 2, Inc. and Barcelona Merger Sub 3, [removed: LLC.](http://www.sec.gov/Archives/edgar/data/1730168/000119312522161016/d525235dex21.htm)] [added: LLC.](https://www.sec.gov/Archives/edgar/data/1730168/000119312522161016/d525235dex21.htm)] | | | | | | [removed: Broadcom Inc. Current Report on Form] 8-K | | | | | | 001-38449 | | | | | | 2.1 | | | | | | 05-26-2022 | | | | | | | | |

| [removed: 3.1] [added: 3.2] | | | | | | | | | [Amended and Restated [removed: Certificate of Incorporation.](http://www.sec.gov/Archives/edgar/data/1730168/000119312518107559/d562806dex31.htm)] [added: Bylaws.](https://www.sec.gov/Archives/edgar/data/1730168/000119312518107559/d562806dex32.htm)] | | | | | | [removed: Broadcom Inc. Current Report on Form] 8-K12B | | | | | | 001-38449 | | | | | | [removed: 3.1] [added: 3.2] | | | | | | 04-04-2018 | | | | | | | | |

| 4.1 | | | | | | | | | [Form of Common Stock [removed: Certificate.](http://www.sec.gov/Archives/edgar/data/1730168/000173016818000019/ex41formofstockcertificate.htm)] [added: Certificate.](https://www.sec.gov/Archives/edgar/data/1730168/000173016818000019/ex41formofstockcertificate.htm)] | | | | | | [removed: Broadcom Inc. Quarterly Report on Form] 10-Q | | | | | | 001-38449 | | | | | | 4.1 | | | | | | 06-14-2018 | | | | | | | | |

| 4.3 | | | | | | | | | [Indenture, dated as of January 19, 2017, by and among the Broadcom Corporation and Broadcom Cayman Finance Limited (the “Co-Issuers”), the guarantors and Wilmington Trust, National Association, as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1649338/000119312517013399/d332675dex41.htm)] [added: trustee.](https://www.sec.gov/Archives/edgar/data/1649338/000119312517013399/d332675dex41.htm)] | | | | | | [removed: Broadcom Limited Current Report on Form] 8-K | | | | | | 001-37690 | | | | | | 4.1 | | | | | | 01-20-2017 | | | | | | | | |

| 4.4 | | | | | | | | | [removed: [Supplement Indenture] [added: [First S](https://www.sec.gov/Archives/edgar/data/1730168/000119312518111706/d562929dex41.htm)[upplement](https://www.sec.gov/Archives/edgar/data/1730168/000119312518111706/d562929dex41.htm)[al](https://www.sec.gov/Archives/edgar/data/1730168/000119312518111706/d562929dex41.htm) [Indenture] to the January 2017 Indenture, dated as of April 9, [removed: 2018.](http://www.sec.gov/Archives/edgar/data/1730168/000119312518111706/d562929dex41.htm)] [added: 2018.](https://www.sec.gov/Archives/edgar/data/1730168/000119312518111706/d562929dex41.htm)] | | | | | | [removed: Broadcom Inc. Current Report on Form] 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | 04-09-2018 | | | | | | | | |

| 4.5 | | | | | | | | | [Second [removed: Supplement Indenture] [added: Supplement](https://www.sec.gov/Archives/edgar/data/1730168/000119312519017097/d684347dex41.htm)[al](https://www.sec.gov/Archives/edgar/data/1730168/000119312519017097/d684347dex41.htm) [Indenture] to the January 2017 Indenture, dated as of January 25, [removed: 2019.](http://www.sec.gov/Archives/edgar/data/1730168/000119312519017097/d684347dex41.htm)] [added: 2019.](https://www.sec.gov/Archives/edgar/data/1730168/000119312519017097/d684347dex41.htm)] | | | | | | [removed: Broadcom Inc. Current Report on Form] 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | 01-25-2019 | | | | | | | | |

| 4.6 | | | | | | | | | [Form of 3.625% Senior Notes due 2024 (included in Exhibit [removed: 4.5).](http://www.sec.gov/Archives/edgar/data/1649338/000119312517013399/d332675dex41.htm)] [added: 4.3).](https://www.sec.gov/Archives/edgar/data/1649338/000119312517013399/d332675dex41.htm)] | | | | | | [removed: Broadcom Limited Current Report on Form] 8-K | | | | | | 001-37690 | | | | | | 4.1 | | | | | | 01-20-2017 | | | | | | | | |

| 4.7 | | | | | | | | | [Form of 3.875% Senior Notes due 2027 (included in Exhibit [removed: 4.5).](http://www.sec.gov/Archives/edgar/data/1649338/000119312517013399/d332675dex41.htm)] [added: 4.3).](https://www.sec.gov/Archives/edgar/data/1649338/000119312517013399/d332675dex41.htm)] | | | | | | [removed: Broadcom Limited Current Report on Form] 8-K | | | | | | 001-37690 | | | | | | 4.1 | | | | | | 01-20-2017 | | | | | | | | |

| 4.8 | | | | | | | | | [Indenture, dated as of October 17, 2017, by and among the Co-Issuers, the guarantors and Wilmington Trust, National Association, as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1649338/000119312517311851/d472495dex41.htm)] [added: trustee.](https://www.sec.gov/Archives/edgar/data/1649338/000119312517311851/d472495dex41.htm)] | | | | | | [removed: Broadcom Limited Current Report on Form] 8-K | | | | | | 001-37690 | | | | | | 4.1 | | | | | | 10-17-2017 | | | | | | | | |

| 4.9 | | | | | | | | | [Supplemental Indenture [removed: to October] [added: to](https://www.sec.gov/Archives/edgar/data/1730168/000119312518111706/d562929dex42.htm) [the](https://www.sec.gov/Archives/edgar/data/1730168/000119312518111706/d562929dex42.htm) [October] 2017 Indenture, dated as of April 9, [removed: 2018.](http://www.sec.gov/Archives/edgar/data/1730168/000119312518111706/d562929dex42.htm)] [added: 2018.](https://www.sec.gov/Archives/edgar/data/1730168/000119312518111706/d562929dex42.htm)] | | | | | | [removed: Broadcom Inc. Current Report on Form] 8-K | | | | | | 001-38449 | | | | | | 4.2 | | | | | | 04-09-2018 | | | | | | | | |

| 4.10 | | | | | | | | | [Second Supplemental Indenture [removed: to October] [added: to](https://www.sec.gov/Archives/edgar/data/1730168/000119312519017097/d684347dex42.htm) [the](https://www.sec.gov/Archives/edgar/data/1730168/000119312519017097/d684347dex42.htm) [October] 2017 Indenture, [removed: dates as] [added: date](https://www.sec.gov/Archives/edgar/data/1730168/000119312519017097/d684347dex42.htm)[d](https://www.sec.gov/Archives/edgar/data/1730168/000119312519017097/d684347dex42.htm) [as] of January 25, [removed: 2019.](http://www.sec.gov/Archives/edgar/data/1730168/000119312519017097/d684347dex42.htm)] [added: 2019.](https://www.sec.gov/Archives/edgar/data/1730168/000119312519017097/d684347dex42.htm)] | | | | | | [removed: Broadcom Inc. Current Report on Form] 8-K | | | | | | 001-38449 | | | | | | 4.2 | | | | | | 01-25-2019 | | | | | | | | |

| 4.11 | | | | | | | | | [Form of 2.650% Senior Notes due 2023 (included in Exhibit [removed: 4.11).](http://www.sec.gov/Archives/edgar/data/1649338/000119312517311851/d472495dex41.htm)] [added: 4.8).](https://www.sec.gov/Archives/edgar/data/1649338/000119312517311851/d472495dex41.htm)] | | | | | | [removed: Broadcom Limited Current Report on Form] 8-K | | | | | | 001-37690 | | | | | | 4.1 | | | | | | 10-17-2017 | | | | | | | | |

| 4.12 | | | | | | | | | [Form of 3.125% Senior Notes due 2025 (included in Exhibit [removed: 4.11).](http://www.sec.gov/Archives/edgar/data/1649338/000119312517311851/d472495dex41.htm)] [added: 4.8).](https://www.sec.gov/Archives/edgar/data/1649338/000119312517311851/d472495dex41.htm)] | | | | | | [removed: Broadcom Limited Current Report on Form] 8-K | | | | | | 001-37690 | | | | | | 4.1 | | | | | | 10-17-2017 | | | | | | | | |

| 4.13 | | | | | | | | | [Form of 3.500% Senior Notes due 2028 (included in Exhibit [removed: 4.11).](http://www.sec.gov/Archives/edgar/data/1649338/000119312517311851/d472495dex41.htm)] [added: 4.8).](https://www.sec.gov/Archives/edgar/data/1649338/000119312517311851/d472495dex41.htm)] | | | | | | [removed: Broadcom Limited Current Report on Form] 8-K | | | | | | 001-37690 | | | | | | 4.1 | | | | | | 10-17-2017 | | | | | | | | |

| 4.14 | | | | | | | | | [Indenture, dated as of April 5, 2019, by and among the [removed: Company, as] [added: Company](https://www.sec.gov/Archives/edgar/data/1730168/000119312519099260/d719856dex41.htm) [as] Issuer, Broadcom Technologies Inc., Broadcom Corporation and Broadcom Cayman Finance [removed: Limited (the “2019 Guarantors”),] [added: Limited](https://www.sec.gov/Archives/edgar/data/1730168/000119312519099260/d719856dex41.htm)[,] and Wilmington Trust, National Association, as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1730168/000119312519099260/d719856dex41.htm)] [added: trustee.](https://www.sec.gov/Archives/edgar/data/1730168/000119312519099260/d719856dex41.htm)] | | | | | | [removed: Broadcom Inc. Current Report on Form] 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | 04-05-2019 | | | | | | | | |

| 4.15 | | | | | | | | | [Form of 3.625% Senior Notes due 2024 (included in Exhibit [removed: 4.17).](http://www.sec.gov/Archives/edgar/data/1730168/000119312519099260/d719856dex41.htm)] [added: 4.14).](https://www.sec.gov/Archives/edgar/data/1730168/000119312519099260/d719856dex41.htm)] | | | | | | [removed: Broadcom Inc. Current Report on Form] 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | 04-05-2019 | | | | | | | | |

| 4.16 | | | | | | | | | [Form of 4.750% Senior Notes due 2029 (included in Exhibit [removed: 4.17).](http://www.sec.gov/Archives/edgar/data/1730168/000119312519099260/d719856dex41.htm)] [added: 4.14).](https://www.sec.gov/Archives/edgar/data/1730168/000119312519099260/d719856dex41.htm)] | | | | | | [removed: Broadcom Inc. Current Report on Form] 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | 04-05-2019 | | | | | | | | |

| 4.17 | | | | | | | | | [Indenture, dated as of April 9, 2020, by and among the Company, as Issuer, Broadcom Technologies Inc. and Broadcom Corporation (the “2020 Guarantors”), and Wilmington Trust, National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/1730168/000119312520102580/d823740dex41.htm) | | | | | | [removed: Broadcom Inc. Current Report on Form] 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | 04-09-2020 | | | | | | | | |

| 4.18 | | | | | | | | | [Form of 5.000% Senior Notes due 2030 (included in Exhibit [removed: 4.21)](https://www.sec.gov/Archives/edgar/data/1730168/000119312520102580/d823740dex41.htm).] [added: 4.17).](https://www.sec.gov/Archives/edgar/data/1730168/000119312520102580/d823740dex41.htm)] | | | | | | [removed: Broadcom Inc. Current Report on Form] 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | 04-09-2020 | | | | | | | | |

| 4.19 | | | | | | | | | [Indenture, dated as of May 8, 2020, by and among the [removed: Company, as] [added: Company](https://www.sec.gov/Archives/edgar/data/1730168/000119312520137528/d921783dex41.htm) [as] Issuer, the 2020 Guarantors, and Wilmington Trust, National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/1730168/000119312520137528/d921783dex41.htm) | | | | | | [removed: Broadcom Inc. Current Report on Form] 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | 05-08-2020 | | | | | | | | |

| 4.20 | | | | | | | | | [Form of 2.250% Senior Notes due 2023 (included in Exhibit [removed: 4.24).](https://www.sec.gov/Archives/edgar/data/1730168/000119312520137528/d921783dex41.htm)] [added: 4.19).](https://www.sec.gov/Archives/edgar/data/1730168/000119312520137528/d921783dex41.htm)] | | | | | | [removed: Broadcom Inc. Current Report on Form] 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | 05-08-2020 | | | | | | | | |

| 4.21 | | | | | | | | | [Form of 3.150% Senior Notes due 2025 (included in Exhibit [removed: 4.24).](https://www.sec.gov/Archives/edgar/data/1730168/000119312520137528/d921783dex41.htm)] [added: 4.19).](https://www.sec.gov/Archives/edgar/data/1730168/000119312520137528/d921783dex41.htm)] | | | | | | [removed: Broadcom Inc. Current Report on Form] 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | 05-08-2020 | | | | | | | | |

| 4.22 | | | | | | | | | [Form of 4.150% Senior Notes due 2030 (included in Exhibit [removed: 4.24).](https://www.sec.gov/Archives/edgar/data/1730168/000119312520137528/d921783dex41.htm)] [added: 4.19).](https://www.sec.gov/Archives/edgar/data/1730168/000119312520137528/d921783dex41.htm)] | | | | | | [removed: Broadcom Inc. Current Report on Form] 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | 05-08-2020 | | | | | | | | |

| 4.23 | | | | | | | | | [Form of 4.300% Senior Notes due 2032 (included in Exhibit [removed: 4.24).](https://www.sec.gov/Archives/edgar/data/1730168/000119312520137528/d921783dex41.htm)] [added: 4.19).](https://www.sec.gov/Archives/edgar/data/1730168/000119312520137528/d921783dex41.htm)] | | | | | | [removed: Broadcom Inc. Current Report on Form] 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | 05-08-2020 | | | | | | | | |

| 4.24 | | | | | | | | | [Indenture, dated as of May 21, 2020, by and among the Company, the 2020 Guarantors and Wilmington Trust, National Association, as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1730168/000119312520148648/d933113dex41.htm)] [added: trustee.](https://www.sec.gov/Archives/edgar/data/1730168/000119312520148648/d933113dex41.htm)] | | | | | | [removed: Broadcom Inc. Current Report on Form] 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | 05-21-2020 | | | | | | | | |

| 4.25 | | | | | | | | | [Form of 3.459% Senior Notes due 2026 (included in Exhibit [removed: 4.29).](http://www.sec.gov/Archives/edgar/data/1730168/000119312520148648/d933113dex41.htm)] [added: 4.24).](https://www.sec.gov/Archives/edgar/data/1730168/000119312520148648/d933113dex41.htm)] | | | | | | [removed: Broadcom Inc. Current Report on Form] 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | 05-21-2020 | | | | | | | | |

| 4.26 | | | | | | | | | [Form of 4.110% Senior Notes due 2028 (included in Exhibit [removed: 4.29).](http://www.sec.gov/Archives/edgar/data/1730168/000119312520148648/d933113dex41.htm)] [added: 4.24).](https://www.sec.gov/Archives/edgar/data/1730168/000119312520148648/d933113dex41.htm)] | | | | | | [removed: Broadcom Inc. Current Report on Form] 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | 05-21-2020 | | | | | | | | |

| 4.27 | | | | | | | | | [Indenture, dated as of January 19, 2021, by and among the Company, the 2020 Guarantors and Wilmington Trust, National Association, as [removed: Trustee.](http://www.sec.gov/Archives/edgar/data/1730168/000119312521011422/d161188dex41.htm)] [added: Trustee.](https://www.sec.gov/Archives/edgar/data/1730168/000119312521011422/d161188dex41.htm)] | | | | | | [removed: Broadcom Inc. Current Report on Form] 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | 01-19-2021 | | | | | | | | |

| 4.28 | | | | | | | | | [Form of 1.950% Senior Notes due 2028 (included in Exhibit [removed: 4.32).](http://www.sec.gov/Archives/edgar/data/1730168/000119312521011422/d161188dex41.htm)] [added: 4.27).](https://www.sec.gov/Archives/edgar/data/1730168/000119312521011422/d161188dex41.htm)] | | | | | | [removed: Broadcom Inc. Current Report on Form] 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | 01-19-2021 | | | | | | | | |

| 4.29 | | | | | | | | | [Form of 2.450% Senior Notes due 2031 (included in Exhibit [removed: 4.32).](http://www.sec.gov/Archives/edgar/data/1730168/000119312521011422/d161188dex41.htm)] [added: 4.27).](https://www.sec.gov/Archives/edgar/data/1730168/000119312521011422/d161188dex41.htm)] | | | | | | [removed: Broadcom Inc. Current Report on Form] 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | 01-19-2021 | | | | | | | | |

| 4.30 | | | | | | | | | [Form of 2.600% Senior Notes due 2033 (included in Exhibit [removed: 4.32).](http://www.sec.gov/Archives/edgar/data/1730168/000119312521011422/d161188dex41.htm)] [added: 4.27).](https://www.sec.gov/Archives/edgar/data/1730168/000119312521011422/d161188dex41.htm)] | | | | | | [removed: Broadcom Inc. Current Report on Form] 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | 01-19-2021 | | | | | | | | |

| 3.1 | | | | | | | | | [Amended and Restated Certificate of Incorporation](https://www.sec.gov/Archives/edgar/data/1730168/000173016824000099/ex31arcertificateofincorpo.htm) [(including all amendments thereto)](https://www.sec.gov/Archives/edgar/data/1730168/000173016824000099/ex31arcertificateofincorpo.htm)[.](https://www.sec.gov/Archives/edgar/data/1730168/000173016824000099/ex31arcertificateofincorpo.htm) | | | | | | 10-Q | | | | | | 001-38449 | | | | | | 3.1 | | | | | | 09-11-2024 | | | | | | | | |

| 4.2 | | | | | | | | | [Description of Common Stock.](https://www.sec.gov/Archives/edgar/data/1730168/000173016824000139/ex42descriptionofcommonsto.htm) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 4.49 | | | | | | | | | [Indenture, dated July 12, 2024, between the Company and Wilmington Trust, National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/1730168/000114036124033072/ny20032136x6_ex4-1.htm) | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | 07-12-2024 | | | | | | | | |

| 4.50 | | | | | | | | | [Supplemental Indenture No. 1, dated July 12, 2024, between the Company and Wilmington Trust, National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/1730168/000114036124033072/ny20032136x6_ex4-2.htm) | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.2 | | | | | | 07-12-2024 | | | | | | | | |

| 4.51 | | | | | | | | | [Form of 5.050% Senior Notes due 2027 (included in Exhibit 4.50).](https://www.sec.gov/Archives/edgar/data/1730168/000114036124033072/ny20032136x6_ex4-2.htm) | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.2 | | | | | | 07-12-2024 | | | | | | | | |

| 4.52 | | | | | | | | | [Form of 5.050% Senior Notes due 2029 (included in Exhibit 4.50).](https://www.sec.gov/Archives/edgar/data/1730168/000114036124033072/ny20032136x6_ex4-2.htm) | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.2 | | | | | | 07-12-2024 | | | | | | | | |

| 4.53 | | | | | | | | | [Form of 5.150% Senior Notes due 2031 (included in Exhibit 4.50).](https://www.sec.gov/Archives/edgar/data/1730168/000114036124033072/ny20032136x6_ex4-2.htm) | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.2 | | | | | | 07-12-2024 | | | | | | | | |

| 4.54 | | | | | | | | | [Supplemental Indenture No. 2, dated October 2, 2024, between](https://www.sec.gov/Archives/edgar/data/0001730168/000119312524231159/d860121dex42.htm) [the Company](https://www.sec.gov/Archives/edgar/data/0001730168/000119312524231159/d860121dex42.htm) [and Wilmington Trust, National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/0001730168/000119312524231159/d860121dex42.htm) | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.2 | | | | | | 10-02-2024 | | | | | | | | |

| 4.55 | | | | | | | | | [Form of 4.150%](https://www.sec.gov/Archives/edgar/data/1730168/000119312524231159/d860121dex42.htm) [Senior](https://www.sec.gov/Archives/edgar/data/1730168/000119312524231159/d860121dex42.htm) [Note](https://www.sec.gov/Archives/edgar/data/1730168/000119312524231159/d860121dex42.htm)[s](https://www.sec.gov/Archives/edgar/data/1730168/000119312524231159/d860121dex42.htm) [due 2028 (included in Exhibit 4.54).](https://www.sec.gov/Archives/edgar/data/1730168/000119312524231159/d860121dex42.htm) | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.2 | | | | | | 10-02-2024 | | | | | | | | |

| 4.56 | | | | | | | | | [Form of 4.350%](https://www.sec.gov/Archives/edgar/data/1730168/000119312524231159/d860121dex42.htm) [Senior](https://www.sec.gov/Archives/edgar/data/1730168/000119312524231159/d860121dex42.htm) [Note](https://www.sec.gov/Archives/edgar/data/1730168/000119312524231159/d860121dex42.htm)[s](https://www.sec.gov/Archives/edgar/data/1730168/000119312524231159/d860121dex42.htm) [due 2030 (included in Exhibit 4.54).](https://www.sec.gov/Archives/edgar/data/1730168/000119312524231159/d860121dex42.htm) | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.2 | | | | | | 10-02-2024 | | | | | | | | |

| 4.57 | | | | | | | | | [Form of 4.550%](https://www.sec.gov/Archives/edgar/data/1730168/000119312524231159/d860121dex42.htm) [Senior](https://www.sec.gov/Archives/edgar/data/1730168/000119312524231159/d860121dex42.htm) [Note](https://www.sec.gov/Archives/edgar/data/1730168/000119312524231159/d860121dex42.htm)[s](https://www.sec.gov/Archives/edgar/data/1730168/000119312524231159/d860121dex42.htm) [due 2032 (included in Exhibit 4.54).](https://www.sec.gov/Archives/edgar/data/1730168/000119312524231159/d860121dex42.htm) | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.2 | | | | | | 10-02-2024 | | | | | | | | |

| 4.58 | | | | | | | | | [Form of 4.800%](https://www.sec.gov/Archives/edgar/data/1730168/000119312524231159/d860121dex42.htm) [Senior](https://www.sec.gov/Archives/edgar/data/1730168/000119312524231159/d860121dex42.htm) [Note](https://www.sec.gov/Archives/edgar/data/1730168/000119312524231159/d860121dex42.htm)[s](https://www.sec.gov/Archives/edgar/data/1730168/000119312524231159/d860121dex42.htm) [due 2034 (included in Exhibit 4.54).](https://www.sec.gov/Archives/edgar/data/1730168/000119312524231159/d860121dex42.htm) | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.2 | | | | | | 10-02-2024 | | | | | | | | |

| 10.15 | | | + | | | | | | [VMware, Inc. Amended and Restated 2007 Equity and Incentive Plan.](https://www.sec.gov/Archives/edgar/data/1730168/000114036123054369/ef20013594_ex99-1.htm) | | | | | | S-8 | | | | | | 333-275702 | | | | | | 99.1 | | | | | | 11-22-2023 | | | | | | | | |

| 10.27 | | | + | | | | | | [Broadcom Inc. 2023 Inducement Plan.](https://www.sec.gov/Archives/edgar/data/1730168/000114036123057675/ef20016629_ex99-1.htm) | | | | | | S-8 | | | | | | 333-276053 | | | | | | 99.1 | | | | | | 12-14-2023 | | | | | | | | |

| 10.28 | | | + | | | | | | [Form of Restricted Stock Unit Agreement under Broadcom Inc. 2023 Inducement Plan.](https://www.sec.gov/Archives/edgar/data/1730168/000114036123057675/ef20016629_ex99-2.htm) | | | | | | S-8 | | | | | | 333-276053 | | | | | | 99.2 | | | | | | 12-14-2023 | | | | | | | | |

| 10.29 | | | + | | | | | | [Form of Performance Stock Unit Agreement under Broadcom Inc. 2023 Inducement Plan.](https://www.sec.gov/Archives/edgar/data/1730168/000114036123057675/ef20016629_ex99-3.htm) | | | | | | S-8 | | | | | | 333-276053 | | | | | | 99.3 | | | | | | 12-14-2023 | | | | | | | | |

| 19.1 | | | | | | | | | [B](https://www.sec.gov/Archives/edgar/data/1730168/000173016824000139/ex191insidertradingcomplia.htm)[roadcom Inc. Insider Trading](https://www.sec.gov/Archives/edgar/data/1730168/000173016824000139/ex191insidertradingcomplia.htm) [Compliance](https://www.sec.gov/Archives/edgar/data/1730168/000173016824000139/ex191insidertradingcomplia.htm) [Policy](https://www.sec.gov/Archives/edgar/data/1730168/000173016824000139/ex191insidertradingcomplia.htm) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | | | | | | | Incorporated by Reference | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Exhibit Number | | | | | | | | | Description | | | | | | Form | | | | | | File No. | | | | | | Exhibit | | | | | | Filing Date | | | | | | Filed Herewith | | |

| 3.2 | | | | | | | | | [Certificate of Designation of the 8.00% Mandatory Convertible Preferred Stock, Series A.](http://www.sec.gov/Archives/edgar/data/1730168/000119312519258822/d779141dex31.htm) | | | | | | Broadcom Inc. Current Report on Form 8-K | | | | | | 001-38449 | | | | | | 3.1 | | | | | | 09-30-2019 | | | | | | | | |

| 3.3 | | | | | | | | | [Amended and Restated Bylaws.](http://www.sec.gov/Archives/edgar/data/1730168/000119312518107559/d562806dex32.htm) | | | | | | Broadcom Inc. Current Report on Form 8-K12B | | | | | | 001-38449 | | | | | | 3.2 | | | | | | 04-04-2018 | | | | | | | | |

| 4.2 | | | | | | | | | [Description of Common Stock.](http://www.sec.gov/Archives/edgar/data/1730168/000173016819000144/ex43descriptionofcommo.htm) | | | | | | Broadcom Inc. Annual Report on Form 10-K | | | | | | 001-38449 | | | | | | 4.3 | | | | | | 12-20-2019 | | | | | | | | |

| 10.6 | | | | | | | | | [Credit Agreement, dated as of August 15, 2023, among Broadcom, the lenders and other parties party thereto, and Bank of America, N.A., as Administrative Agent.](http://www.sec.gov/Archives/edgar/data/1730168/000114036123040084/brhc20057578_ex10-1.htm) | | | | | | Broadcom Inc. Current Report on Form 8-K | | | | | | 001-38449 | | | | | | 10.1 | | | | | | 08-16-2023 | | | | | | | | |

| 10.17 | | | + | | | | | | [Form of Option Agreement under Avago Technologies Limited 2009 Equity Incentive Plan.](http://www.sec.gov/Archives/edgar/data/1441634/000119312509155434/dex1061.htm) | | | | | | Avago Technologies Limited Amendment No. 5 to Registration Statement on Form S-1 | | | | | | 333-153127 | | | | | | 10.61 | | | | | | 07-27-2009 | | | | | | | | |

| 10.26 | | | + | | | | | | [Form of Performance Share Unit Agreement (Relative TSR) under Broadcom Corporation 2012 Stock Incentive Plan (effective March 15, 2018).](http://www.sec.gov/Archives/edgar/data/1649338/000164933818000027/ex105formofperformanceshar.htm) | | | | | | Broadcom Limited Quarterly Report on Form 10-Q | | | | | | 001-37690 | | | | | | 10.5 | | | | | | 03-15-2018 | | | | | | | | |

| 10.28 | | | + | | | | | | [Form of Performance Stock Unit Award Agreement (Price Contingency) under Broadcom Inc. 2012 Stock Incentive Plan.](http://www.sec.gov/Archives/edgar/data/1730168/000173016822000101/formofperformancestockunit.htm) | | | | | | Broadcom Inc. Current Report on Form 8-K | | | | | | 001-38449 | | | | | | 10.1 | | | | | | 11-02-2022 | | | | | | | | |

| # | | | | | | Schedules have been omitted pursuant to Item 601(b)(2) of Regulation S-K. Broadcom Inc. hereby undertakes to furnish supplementally copies of any omitted schedules upon request by the SEC. | | |

Date: December [removed: 14, 2023][added: 20, 2024]

| /s/ Hock E. Tan | | | | | | President, Chief Executive Officer and Director (Principal Executive Officer) | | | | | | December [removed: 14, 2023] [added: 20, 2024] | | |

| /s/ Kirsten M. Spears | | | | | | Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | | | | | | December [removed: 14, 2023] [added: 20, 2024] | | |

| /s/ Henry Samueli | | | | | | Chairman of the Board of Directors | | | | | | December [removed: 14, 2023] [added: 20, 2024] | | |

| /s/ Eddy W. Hartenstein | | | | | | Lead Independent Director | | | | | | December [removed: 14, 2023] [added: 20, 2024] | | |

| /s/ Diane M. Bryant | | | | | | Director | | | | | | December [removed: 14, 2023] [added: 20, 2024] | | |

| /s/ Gayla J. Delly | | | | | | Director | | | | | | December [removed: 14, 2023] [added: 20, 2024] | | |

| /s/ Check Kian Low | | | | | | Director | | | | | | December [removed: 14, 2023] [added: 20, 2024] | | |

| /s/ Justine F. Page | | | | | | Director | | | | | | December [removed: 14, 2023] [added: 20, 2024] | | |

| /s/ Harry L. You | | | | | | Director | | | | | | December [removed: 14, 2023] [added: 20, 2024] | | |

| /s/ Kenneth Y. Hao | | | | | | Director | | | | | | December 20, 2024 | | |

| Kenneth Y. Hao | | | | | | | | | | | | | | |

| /s/ Raul F. Fernandez | | | | | | Director | | | | | | December 14, 2023 | | |

| Raul F. Fernandez | | | | | | | | | | | | | | |