Broadcom 10-Q 2024-02-04

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(MARK ONE)

☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended February 4, 2024

OR

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

						Broadcom Inc.
						(Exact name of registrant as specified in its charter)
Delaware						001-38449															35-2617337
(State or other jurisdiction of incorporation or organization)						(Commission file Number)															(I.R.S. Employer Identification No.)
						3421 Hillview Ave
						Palo Alto,			CA						94304
						(650)			427-6000
						(Address, including zip code, of principal executive offices and registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class			Trading Symbol(s)			Name of Each Exchange on Which Registered
Common Stock, $0.001 par value			AVGO			The NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer			þ			Accelerated filer			☐			Non-accelerated filer			☐			Smaller reporting company			☐			Emerging growth company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No þ

As of March 1, 2024, there were 463,421,237 shares of our common stock outstanding.

BROADCOM INC.

Quarterly Report on Form 10-Q

For the Quarterly Period Ended February 4, 2024

TABLE OF CONTENTS

			Page
PART I — FINANCIAL INFORMATION			1
Item 1. Condensed Consolidated Financial Statements — Unaudited			1
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			26
Item 3. Quantitative and Qualitative Disclosures About Market Risk			33
Item 4. Controls and Procedures			34
PART II — OTHER INFORMATION			34
Item 1. Legal Proceedings			34
Item 1A. Risk Factors			34
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			55
Item 3. Defaults Upon Senior Securities			55
Item 4. Mine Safety Disclosures			55
Item 5. Other Information			55
Item 6. Exhibits			56
SIGNATURES			57

PART I — FINANCIAL INFORMATION

BROADCOM INC.

INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — UNAUDITED

			Page
Condensed Consolidated Balance Sheets — Unaudited			2
Condensed Consolidated Statements of Operations - Unaudited			3
Condensed Consolidated Statements of Comprehensive Income — Unaudited			4
Condensed Consolidated Statements of Cash Flows — Unaudited			5
Condensed Consolidated Statements of Stockholders’ Equity — Unaudited			6
Notes to Unaudited Condensed Consolidated Financial Statements			8

BROADCOM INC.

CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED

						February 4, 2024						October 29, 2023
						(In millions, except par value)
ASSETS
Current assets:
Cash and cash equivalents						$	11,864					$	14,189
Trade accounts receivable, net						4,969						3,154
Inventory						1,920						1,898
Other current assets						8,439						1,606
Total current assets						27,192						20,847
Long-term assets:
Property, plant and equipment, net						2,662						2,154
Goodwill						97,586						43,653
Intangible assets, net						47,185						3,867
Other long-term assets						3,245						2,340
Total assets						$	177,870					$	72,861
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable						$	1,496					$	1,210
Employee compensation and benefits						1,128						935
Current portion of long-term debt						2,433						1,608
Other current liabilities						15,312						3,652
Total current liabilities						20,369						7,405
Long-term liabilities:
Long-term debt						73,468						37,621
Other long-term liabilities						13,749						3,847
Total liabilities						107,586						48,873
Commitments and contingencies (Note 11)
Stockholders’ equity:
Preferred stock, $0.001 par value; 100 shares authorized; none issued and outstanding						—						—
Common stock, $0.001 par value; 2,900 shares authorized; 463 and 414 shares issued and outstanding as of February 4, 2024 and October 29, 2023, respectively						—						—
Additional paid-in capital						70,077						21,099
Retained earnings						—						2,682
Accumulated other comprehensive income						207						207
Total stockholders’ equity						70,284						23,988
Total liabilities and equity						$	177,870					$	72,861

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

BROADCOM INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS — UNAUDITED

						Fiscal Quarter Ended
						February 4, 2024						January 29, 2023
						(In millions, except per share data)
Net revenue:
Products						$	7,412					$	7,082
Subscriptions and services						4,549						1,833
Total net revenue						11,961						8,915
Cost of revenue:
Cost of products sold						2,160						2,225
Cost of subscriptions and services						954						149
Amortization of acquisition-related intangible assets						1,380						535
Restructuring charges						92						2
Total cost of revenue						4,586						2,911
Gross margin						7,375						6,004
Research and development						2,308						1,195
Selling, general and administrative						1,572						348
Amortization of acquisition-related intangible assets						792						348
Restructuring and other charges						620						10
Total operating expenses						5,292						1,901
Operating income						2,083						4,103
Interest expense						(926)						(406)
Other income, net						185						143
Income from continuing operations before income taxes						1,342						3,840
Provision for income t

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The following discussion and analysis of the financial condition and results of operations should be read in conjunction with the unaudited condensed consolidated financial statements and the related notes thereto included elsewhere in this Quarterly Report on Form 10-Q (“Form 10-Q”) and the audited consolidated financial statements and notes thereto and management’s discussion and analysis of financial condition and results of operations for the fiscal year ended October 29, 2023 (“fiscal year 2023”) included in our Annual Report on Form 10-K for fiscal year 2023 (“2023 Annual Report on Form 10-K”). References to “Broadcom,” “we,” “our,” and “us” are to Broadcom Inc. and its consolidated subsidiaries, unless otherwise specified or the context otherwise requires. This Form 10-Q may contain predictions, estimates and other forward-looking statements that involve a number of risks and uncertainties, which are made under the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 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; and 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, customer concentration and relationships, or enforceability of our intellectual property (“IP”) rights. Such statements are based on current expectations, estimates, forecasts and projections of our industry performance and macroeconomic conditions, based on management’s judgment, beliefs, current trends and market conditions, and involve risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. We derive most of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results. Accordingly, undue reliance should not be placed on these statements. Important factors that could cause actual results to differ materially from our expectations are disclosed under “Risk Factors” in Part II, Item 1A of this Form 10-Q, and in other documents we file from time to time with the Securities and Exchange Commission (the “SEC”). All of the forward-looking statements in this Form 10-Q are qualified in their entirety by reference to the factors listed above and those discussed under the heading “Risk Factors” below. We undertake no intent or obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as otherwise required by law.

Overview

We are a global technology leader that designs, develops and supplies a broad range of semiconductor and infrastructure software solutions. We develop semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products. We 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, 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. Our infrastructure software solutions enable customers to plan, develop, deliver, automate, manage and secure applications across mainframe, distributed, edge, mobile and hybrid cloud platforms. Our portfolio of industry-leading infrastructure and security software is designed to modernize, optimize, and secure the most complex hybrid environments, enabling scalability, agility, automation, insights, resiliency and security. We also offer 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.

We have two reportable segments: semiconductor solutions and infrastructure software. Our semiconductor solutions segment includes all of our product lines and IP licensing. Our infrastructure software segment includes our application development and delivery, application networking and security, mainframe, distributed, software-defined edge, hybrid cloud and cyber security solutions, and our FC SAN business.

Our fiscal quarter ended February 4, 2024 contained 14 weeks compared to 13 weeks in the fiscal quarter ended January 29, 2023. The additional week resulted in higher net revenue, gross margin dollars, research and development expense, and selling general and administrative expense for the fiscal quarter ended February 4, 2024, compared to the corresponding prior year fiscal period.

Quarterly Highlights

Highlights during the fiscal quarter ended February 4, 2024 include the following:

• On November 22, 2023, we completed the acquisition of VMware, Inc. (“VMware”), for approximately $30.8 billion in cash and 54.4 million shares of Broadcom common stock with a fair value of $53.4 billion.

• We entered an $11,195 million unsecured term A-2 facility, an $11,195 million unsecured term A-3 facility and an $8,000 million unsecured term A-5 facility, collectively referred to as the “2023 Term Loans”. See Note 7. “Borrowings” in Part I, Item 1 of this Form 10-Q for more details.

• We generated $4,815 million of cash from operations.

• We paid $2,435 million in cash dividends.

• We repurchased $7,176 million of common stock.

Acquisition of VMware

On November 22, 2023, we acquired VMware in a cash-and-stock transaction (the “VMware Merger”). The VMware stockholders received approximately $30,788 million in cash and 54.4 million shares of Broadcom common stock with a fair value of $53,398 million. 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 RSU awards for shares of Broadcom common stock. All outstanding RSU awards held by non-employee directors 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.

Critical Accounting Estimates

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 period. We base our estimates and assumptions on current facts, historical experience and various other factors that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. Our actual financial results may differ materially and adversely from our estimates. Our critical accounting estimates are those that affect our historical financial statements materially and involve difficult, subjective or complex judgments by management. Those estimates include revenue recognition, valuation of goodwill and long-lived assets, and income taxes.

There were no significant changes in our critical accounting estimates during the fiscal quarter ended February 4, 2024 compared to those previously disclosed in “Critical Accounting Estimates” in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the 2023 Annual Report on Form 10-K.

Results of Operations

Fiscal Quarter Ended February 4, 2024 Compared to Fiscal Quarter Ended January 29, 2023

The following table sets forth our results of operations for the periods presented:

						Fiscal Quarter Ended
						February 4, 2024						January 29, 2023						February 4, 2024						January 29, 2023
						(In millions)												(As a percentage of net revenue)
Statements of Operations Data:
Net revenue:
Products						$	7,412					$	7,082					62		%				79		%
Subscriptions and services						4,549						1,833						38						21
Total net revenue						11,961						8,915						100						100
Cost of revenue:
Cost of products sold						2,160						2,225						18						25
Cost of subscriptions and services						954						149						8						2
Amortization of acquisition-related intangible assets						1,380						535						11						6
Restructuring charges						92						2						1						—
Total cost of revenue						4,586						2,911						38						33
Gross margin						7,375						6,004						62						67
Research and development						2,308						1,195						19						13
Selling, general and administrative						1,572						348						13						4
Amortization of acquisition-related intangible assets						792						348						7						4
Restructuring and other charges						620						10						5						—
Total operating expenses						5,292						1,901						44						21
Operating income						$	2,083					$	4,103					18		%				46		%

Net Revenue

A relatively small number of customers account for a significant portion of our net revenue. Direct sales to WT Microelectronics Co., Ltd., a distributor, accounted for 27% and 22% of our net revenue for the fiscal quarters ended February 4, 2024 and January 29, 2023, respectively.

We believe aggregate sales to our top five end customers, through all channels, accounted for approximately 40% and 35% of our net revenue for the fiscal quarters ended February 4, 2024 and January 29, 2023, respectively. We believe aggregate sales to Apple Inc., through all channels, accounted for approximately 17% and 20% of our net revenue for the fiscal quarters ended February 4, 2024 and January 29, 2023, respectively. We expect to continue to experience significant customer concentration in future periods. The loss of, or significant decrease in demand from, any of our top five end customers could have a material adverse effect on our business, results of operations and financial condition.

From time to time, some of our key semiconductor customers place large orders or delay orders, causing our quarterly net revenue to fluctuate significantly. This is particularly true of our wireless products as fluctuations may be magnified by the timing of launches, and seasonal variations in sales, of mobile devices. In addition, the macroeconomic environment remains uncertain and may cause our net revenue to fluctuate significantly and impact our results of operations.

The following tables set forth net revenue by segment for the periods presented:

						Fiscal Quarter Ended
Net Revenue by Segment						February 4, 2024						January 29, 2023						$ Change						% Change
						(Dollars in millions)
Semiconductor solutions						$	7,390					$	7,107					$	283					4		%
Infrastructure software						4,571						1,808						2,763						153		%
Total net revenue						$	11,961					$	8,915					$	3,046					34		%

						Fiscal Quarter Ended
Net Revenue by Segment						February 4, 2024						January 29, 2023
						(As a percentage of net revenue)
Semiconductor solutions						62		%				80		%
Infrastructure software						38						20
Total net revenue						100		%				100		%

Net revenue from our semiconductor solutions segment increased in the fiscal quarter ended February 4, 2024 compared to the prior year fiscal period due to strong product demand for networking products, partially offset by lower demand for our server storage and broadband products. Net revenue from our infrastructure software segment increased in the fiscal quarter ended February 4, 2024 compared to the prior year fiscal period primarily due to contributions from VMware.

Gross Margin

Gross margin was $7,375 million for the fiscal quarter ended February 4, 2024 compared to $6,004 million for the fiscal quarter ended January 29, 2023. The $1,371 million 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 62% and 67% of net revenue for the fiscal quarters ended February 4, 2024 and January 29, 2023, respectively. The 5% decrease was primarily due to higher amortization of acquisition-related intangible assets from the VMware Merger.

Research and Development Expense

Research and development expense increased $1,113 million, or 93%, for the fiscal quarter ended February 4, 2024, compared to the prior year fiscal period. The increase was primarily due to higher stock-based compensation expense as a result of RSUs assumed in connection with the VMware Merger and annual employee equity awards granted in March 2023 at higher grant-date fair values, as well as higher compensation due to an increase in headcount from the VMware Merger.

Selling, General and Administrative Expense

Selling, general and administrative expense increased $1,224 million, or 352% for the fiscal quarter ended February 4, 2024, compared to the prior year fiscal period. The increase was primarily due to higher stock-based compensation expense as a result of RSUs assumed in connection with the VMware Merger, higher acquisition-related costs, as well as higher compensation due to an increase in headcount from the VMware Merger.

Amortization of Acquisition-Related Intangible Assets

Amortization of acquisition-related intangible assets recognized in operating expenses increased $444 million, or 128%, for the fiscal quarter ended February 4, 2024 compared to the prior year fiscal period primarily due to higher amortization of customer-related intangible assets from the VMware Merger.

Restructuring and Other Charges

Restructuring and other charges recognized in operating expenses was $620 million for the fiscal quarter ended February 4, 2024 primarily due to employee termination costs associated with the VMware Merger. We expect to incur additional restructuring and other charges in future periods as a result of the VMware Merger.

Stock-Based Compensation Expense

Total stock-based compensation expense was $1,572 million and $391 million for the fiscal quarters ended February 4, 2024 and January 29, 2023, respectively. The increase was primarily due to equity awards assumed in connection with the VMware Merger and annual employee equity awards granted in March 2023 at higher grant-date fair values. Stock-based compensation expense for the fiscal quarter ended February 4, 2024 also included a one-time impact from aligning the vesting dates of certain assumed awards with our RSU vesting dates, as well as accelerated vesting of certain assumed equity awards held by employees terminated in connection with the VMware Merger.

The following table sets forth the total unrecognized compensation cost related to unvested stock-based awards outstanding and expected to vest as of February 4, 2024. The remaining weighted-average service period was 3.3 years.

Fiscal Year:						Unrecognized Compensation Cost, Net of Expected Forfeitures
						(In millions)
2024 (remainder)						$	3,467
2025						3,682
2026						2,857
2027						1,900
2028						226
Total						$	12,132

Segment Operating Results

						Fiscal Quarter Ended
Operating Income by Segment						February 4, 2024						January 29, 2023						$ Change						% Change
						(Dollars in millions)
Semiconductor solutions						$	4,116					$	4,123					$	(7)					—		%
Infrastructure software						2,715						1,307						1,408						108		%
Unallocated expenses						(4,748)						(1,327)						(3,421)						258		%
Total operating income						$	2,083					$	4,103					$	(2,020)					(49)		%

Operating income from our semiconductor solutions segment was relatively flat for the quarter ended February 4, 2024 compared to the prior year fiscal period. Higher compensation expense as a result of an additional week in the current year fiscal quarter and lower gross margins driven by product mix were offset by higher revenue from networking products. Higher operating income from our infrastructure software segment in the fiscal quarter ended February 4, 2024 compared to the prior year fiscal period was primarily due to contributions from VMware.

Unallocated expenses include amortization of acquisition-related intangible assets; stock-based compensation expense; restructuring and other charges; acquisition-related costs; and other costs that are not used in evaluating the results of, or in allocating resources to, our segments. Unallocated expenses increased 258% for the fiscal quarter ended February 4, 2024 compared to the prior year fiscal period primarily due to higher amortization of acquisition-related intangible assets, stock-based compensation expense, and restructuring and other charges. 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 in March 2023 at higher grant-date fair values.

Non-Operating Income and Expenses

Interest expense. Interest expense was $926 million and $406 million for the fiscal quarters ended February 4, 2024 and January 29, 2023, respectively. The increase was primarily due to interest on debt incurred for the VMware Merger.

Other income, net. Other income, net includes interest income, gains or losses on investments, foreign currency remeasurement and other miscellaneous items. Other income, net, was $185 million and $143 million for the fiscal quarters ended February 4, 2024 and January 29, 2023, respectively. The increase was primarily due to higher interest income as a result of higher interest rates on a higher invested balance.

Provision for income taxes. The provision for income taxes was $68 million and $66 million for the fiscal quarters ended February 4, 2024 and January 29, 2023, respectively. In the fiscal quarter ended February 4, 2024, lower uncertain tax benefits recognized were offset by lower income from continuing operations before income taxes and higher excess tax benefits from stock-based awards compared to the fiscal quarter ended January 29, 2023, and a valuation allowance release.

Liquidity and Capital Resources

The following section discusses our principal liquidity and capital resources as well as our principal liquidity requirements and uses of cash. Our cash and cash equivalents are maintained in highly liquid investments with remaining maturities of 90 days or less at the time of purchase. We believe our cash equivalents are liquid and accessible.

Our primary sources of liquidity as of February 4, 2024 consisted of: (i) $11,864 million in cash and cash equivalents, (ii) cash we expect to generate from operations and (iii) available capacity under our $7.5 billion unsecured revolving credit facility. In addition, we may also generate cash from the sale of assets and debt or equity financings from time to time. In February 2024, we signed a definitive agreement to sell VMware’s end-user computing business for approximately $3.8 billion, before working capital adjustments and estimated selling costs. The sale is expected to close in calendar year 2024, subject to customary closing conditions, including regulatory approvals.

Our short-term and long-term liquidity requirements primarily arise from: (i) business acquisitions and investments we may make from time to time, (ii) working capital requirements, (iii) research and development and capital expenditure needs, (iv) cash dividend payments (if and when declared by our Board of Directors), (v) interest and principal payments related to our $78,521 million of outstanding indebtedness and (vi) payment of income taxes. Our ability to fund these requirements will depend, in part, on our future cash flows, which are determined by our future operating performance and, therefore, subject to prevailing global macroeconomic conditions and financial, business and other factors, some of which are beyond our control. We expect capital expenditures to be higher in fiscal year 2024 as compared to fiscal year 2023. Our debt and liquidity needs increased as a result of completing the VMware Merger. We funded the cash portion of the consideration with net proceeds from the $30,390 million 2023 Term Loans, as well as cash on hand. We also assumed $8,250 million of VMware’s outstanding senior unsecured notes. On March 5, 2024, we made a partial repayment of $2.0 billion on our 2023 Term Loans.

We believe that our cash and cash equivalents on hand, cash flows from operations and our revolving credit facility will provide sufficient liquidity to operate our business and fund our current and assumed obligations for at least the next 12 months. For additional information regarding our cash requirement from contractual obligations and indebtedness, see Note 11. “Commitments and Contingencies” and Note 7. “Borrowings” in Part I, Item 1 of this Form 10-Q.

From time to time, we engage in discussions with third parties regarding potential acquisitions of, or investments in, businesses, technologies and product lines. Any such transaction, or evaluation of potential transactions, could require significant use of our cash and cash equivalents, or require us to increase our borrowings to fund such transactions. If we do not have sufficient cash to fund our operations or finance growth opportunities, including acquisitions, or unanticipated capital expenditures, our business and financial condition could suffer. In such circumstances, we may seek to obtain new debt or equity financing. However, we cannot assure you that such additional financing will be available on terms acceptable to us or at all. Our ability to service our senior unsecured notes, the 2023 Term Loans and any other indebtedness we may incur will depend on our ability to generate cash in the future. We may also elect to sell additional debt or equity securities for reasons other than those specified above.

In addition, we may, at any time and from time to time, seek to retire or purchase our outstanding debt through cash tenders and/or exchanges for equity or debt, in open-market purchases, privately negotiated transactions or otherwise. Such tenders, exchanges or purchases, if any, will be upon such terms and at such prices as we may determine, and will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material.

Working Capital

On November 22, 2023, we completed the VMware Merger. The following table presents the changes in selected balance sheet captions other than assets acquired and liabilities assumed from the VMware Merger during the fiscal quarter ended February 4, 2024.

						Balances at October 29, 2023						Balances acquired and assumed from VMware on November 22, 2023						Balances at February 4, 2024						Non-VMware acquisition increase (decrease)
						(In millions)
Cash and cash equivalents						$	14,189					$	6,642					$	11,864					$	(8,967)
Trade accounts receivable, net						$	3,154					$	3,571					$	4,969					$	(1,756)
Assets held-for-sale						$	—					$	5,959					$	5,934					$	(25)
Other current assets						$	1,606					$	540					$	2,505					$	359
Employee compensation and benefits						$	935					$	848					$	1,128					$	(655)
Current portion of long-term debt						$	1,608					$	1,264					$	2,433					$	(439)
Liabilities held-for-sale						$	—					$	2,581					$	2,436					$	(145)
Other current liabilities						$	3,652					$	10,732					$	12,876					$	(1,508)

• Cash and cash equivalents decreased primarily due to $32,058 million paid for the VMware Merger, $7,176 million of common stock repurchases, $2,435 million of dividend payments and $1,114 million of employee withholding tax payments related to net settled equity awards, offset in part by $29,076 million in net proceeds from borrowings and $4,815 million in net cash provided by operating activities.

• Trade accounts receivable, net decreased primarily due to strong collections.

• Other current assets increased primarily due to higher prepaid income taxes.

• Employee compensation and benefits decreased primarily due to the timing of annual employee bonus plan payments.

• Current portion of long-term debt decreased due to $934 million of repayments, offset in part by $495 million becoming due within the next twelve months.

• Liabilities held-for-sale decreased due to software revenue recognized in discontinued operations.

• Other current liabilities decreased as software revenue recognized resulted in lower contract liabilities, offset in part by an increase in liabilities related to restructuring activities associated with the VMware Merger.

Capital Returns

						Fiscal Quarter Ended
Cash Dividends Declared and Paid						February 4, 2024						January 29, 2023
						(In millions, except per share data)
Dividends per share to common stockholders						$	5.25					$	4.60
Dividends to common stockholders						$	2,435					$	1,926

During the fiscal quarters ended February 4, 2024 and January 29, 2023, we repurchased and retired approximately 7 million and 2 million shares of our common stock for $7,176 million and $1,188 million, respectively. All $20 billion of the authorized amount under our stock repurchase programs was utilized prior to expiration on December 31, 2023.

During the fiscal quarters ended February 4, 2024 and January 29, 2023, we paid approximately $1,114 million and $333 million, respectively, in employee withholding taxes due upon the vesting of net settled equity awards. We withheld approximately 1 million shares of common stock from employees in connection with such net share settlements during each of the fiscal quarters ended February 4, 2024 and January 29, 2023.

Cash Flows

						Fiscal Quarter Ended
						February 4, 2024						January 29, 2023
						(In millions)
Net cash provided by operating activities						$	4,815					$	4,036
Net cash used in investing activities						(25,477)						(103)
Net cash provided by (used in) financing activities						18,337						(3,702)
Net change in cash and cash equivalents						$	(2,325)					$	231

Operating Activities

Cash flows from operating activities consisted of net income adjusted for certain non-cash and other items and changes in assets and liabilities. The $779 million increase in cash provided by operations during the fiscal quarter ended February 4, 2024 compared to the prior year fiscal period was primarily due to contributions from VMware. The $2,449 million decrease in net income was largely driven by $2,930 million of higher non-cash adjustments including amortization of intangible assets and stock-based compensation.

Investing Activities

Cash flows from investing activities primarily consisted of cash used for acquisitions, capital expenditures and proceeds and payments related to investments. The $25,374 million increase in cash used in investing activities during the fiscal quarter ended February 4, 2024 compared to the prior year fiscal period was primarily due to $25,416 million cash paid in connection with the VMware Merger, net of cash acquired.

Financing Activities

Cash flows from financing activities primarily consisted of proceeds and payments related to our long-term borrowings, stock repurchases, dividend payments and employee withholding tax payments related to net settled equity awards. The $22,039 million increase in cash flows from financing activities during the fiscal quarter ended February 4, 2024 compared to the prior year fiscal period was primarily due to $30,010 million of net proceeds from the 2023 Term Loans, offset in part by a $5,988 million increase in stock repurchases, a $781 million increase in employee withholding tax payments related to net settled equity awards, a $674 million increase in payments of debt obligations and a $509 million increase in dividend payments.

There have been no material changes in market risks from the information presented in Part II, Item 7A. “Quantitative and Qualitative Disclosures About Market Risk,” in the 2023 Annual Report on Form 10-K, except as disclosed below.

Interest Rate Risk

Changes in interest rates affect the fair value of our outstanding fixed rate senior notes. As of February 4, 2024 and October 29, 2023, we had $48.1 billion and $40.8 billion in principal amount of fixed rate senior notes outstanding, and the estimated aggregate fair value of these senior notes was $43.2 billion and $33.2 billion, respectively. As of February 4, 2024 and October 29, 2023, a hypothetical 50 basis point increase or decrease in market interest rates would change the fair value of our fixed rate senior notes, by a decrease or increase of approximately $1.6 billion and $1.4 billion, respectively. However, this hypothetical change in interest rates would not impact the interest expense on our fixed rate senior notes outstanding.

As of February 4, 2024, we had $30.4 billion of outstanding term loans, which are subject to floating interest rates. A hypothetical 1% change in the interest rate would increase or decrease the interest expense on the 2023 Term Loans for the next 12 months by approximately $307 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.

(a) Evaluation of Disclosure Controls and Procedures. 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 February 4, 2024. We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our Exchange Act filings is properly and timely recorded, processed, summarized and reported. These disclosure controls and procedures are also intended to ensure that information is accumulated and communicated to our management, including our CEO and CFO, as appropriate, to allow timely decisions regarding required disclosures. Based on this evaluation, our CEO and CFO concluded that, as of February 4, 2024, our disclosure controls and procedures were effective at the reasonable assurance level.

In designing and evaluating our disclosure controls and procedures, our management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

(b) Changes in Internal Control over Financial Reporting. There was no change in our internal control over financial reporting identified in connection with the evaluation required by Rules 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. We are currently in the process of integrating the VMware operations, control processes and information systems into our systems and control environment. We believe that we have taken the necessary steps to monitor and maintain appropriate internal controls over financial reporting during this integration.

PART II — OTHER INFORMATION

Item 1. Legal Proceedings

The information set forth under Note 11. “Commitments and Contingencies” included in Part I, Item 1 of this Form 10-Q, is incorporated herein by reference. For additional discussion of certain risks associated with legal proceedings, see “Risk Factors” immediately below.

Our business, operations and financial results are subject to various risks and uncertainties, including those described below, that could adversely affect our business, financial condition, results of operations, cash flows, and the trading price of our common stock. The following material factors, among others, could cause our actual results to differ materially from historical results and those expressed in forward-looking statements made by us or on our behalf in filings with the SEC, press releases, communications with investors and oral statements.

Risk Factors Summary

The following is a summary of the principal risks that could adversely affect our business, operations and financial results.

Risks Related to Our Business

• Adverse global economic conditions could have a negative effect on us.

• Our business is subject to various governmental regulations and trade restrictions. 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.

• Global political and economic conditions and other factors related to our international operations could adversely affect us.

• The failure to realize the expected benefits from the VMware Merger may adversely affect our business and the value of our common stock.

• We may pursue 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 partners, including product inventory levels and product sell-through.

• We are dependent on senior management and if we are unable to attract and retain qualified personnel, we may not be able to execute our business strategy effectively.

• An impairment of the confidentiality, integrity, or availability of our information technology systems, or those of one or more of our corporate infrastructure vendors, could have a material adverse effect on our business.

• We operate in the highly cyclical semiconductor industry.

• The majority of our sales come from a small number of customers and a reduction in demand or loss of one or more of our significant customers may adversely affect our business.

• Dependence on contract manufacturing and suppliers of critical components within our supply chain may adversely affect our ability to bring products to market.

• We purchase a significant amount of the materials used in our products from a limited number of suppliers.

• Failure to adjust our manufacturing and supply chain to accurately meet customer demand could adversely affect our results of operations.

• Winning business in the semiconductor solutions industry is subject to a lengthy process that often requires us to incur significant expense, from which we may ultimately generate no revenue.

• A prolonged disruption of our manufacturing facilities, research and development facilities, warehouses or other significant operations, or those of our suppliers, could have a material adverse effect on us.

• We may be unable to maintain appropriate manufacturing capacity or product yields at our own manufacturing facilities.

• We may be involved in legal proceedings, including IP, securities litigation, and employee-related claims that could adversely affect our business.

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

• The growth of our software business depends on customer acceptance of our newer products and services.

• Incompatibility of our software products with operating environments, platforms, or third-party products, demand for our products and services could decrease.

• Failure to enter into software license agreements on a satisfactory basis could adversely affect us.

• 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 use of open source software in certain products and services could materially adversely affect our business, financial condition and results of operations.

• Failure of our software products to manage and secure IT infrastructures and environments could have a material adverse effect on our business.

• Our sales to government customers subject us to uncertainties and governmental regulations, which could have a material adverse effect on our business.

• Failure to effectively manage our products and services lifecycles could harm our business.

• Our operating results are subject to substantial quarterly and annual fluctuations.

• Competition in our industries could prevent us from growing our revenue.

• Our ability to maintain or improve gross margin.

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

• We are subject to warranty claims, product recalls and product liability.

• The complexity of our products could result in unforeseen delays or expense or undetected defects or bugs.

• We make substantial investments in research and development and unsuccessful investments could materially adversely affect our business, financial condition and results of operations.

• We collect, use, store, or otherwise process personal information, which subjects us 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.

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

• Environmental, social and governance matters may adversely affect our relationships with customers and investors.

• 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.

Risks Relating to Taxes

• 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.

• Our income taxes and overall cash tax costs are affected by a number of factors that could materially, adversely affect financial results.

• We have potential tax liabilities as a result of VMware’s former controlling ownership by Dell, which could have an adverse effect on our financial condition and operating results.

Risks Relating to Our Indebtedness

• Our substantial indebtedness could adversely affect our financial health and our ability to execute our business strategy.

• 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.

Risks Relating to Owning Our Common Stock

• 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.

• There can be no assurance that we will continue to declare cash dividends.

For a more complete discussion of the material risks facing our business, see below.

Risks Related to Our Business

Adverse global economic conditions could have a negative effect on our business, results of operations and financial condition and liquidity.

A general slowdown in the global economy, including a recession, or in a particular region or industry, an increase in trade tensions with U.S. tr

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Insider Trading Arrangements

Henry Samueli, Ph.D., our Chairman of the Board, has voting and dispositive power over the shares held by D95GT, LLC. Dr. Samueli disclaims beneficial ownership of the shares held by D95GT, LLC, except to the extent of his pecuniary interest. Dr. Samueli does not have a pecuniary interest in the shares held by the Samueli Foundation, but the Samueli Foundation may be deemed an affiliate of Dr. Samueli. On January 10, 2024, D95GT, LLC and the Samueli Foundation, adopted a trading plan intended to satisfy Rule 10b5-1(c) under the Exchange Act (the “Trading Plan”). Pursuant to the Trading Plan, (i) D95GT, LLC will gift up to $105,976,000 in shares of Broadcom common stock (the “Donated Shares”) to the Samueli Foundation between April 15, 2024 and December 30, 2024 and (ii) the Samueli Foundation will subsequently sell the Donated Shares between April 16, 2024 and December 31, 2024, subject to the volume and price limitations set forth in the Trading Plan. The Trading Plan will expire on December 31, 2024, subject to early termination for certain specified events set forth in the Trading Plan.

EXHIBIT INDEX

												Incorporated by Reference
Exhibit Number						Description						Form						File No.						Exhibit						Filing Date						Filed Herewith
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, LLC.						Broadcom Inc. Current Report on Form 8-K						001-38449						2.1						05-26-2022
3.1						Amended and Restated Certificate of Incorporation.						Broadcom Inc. Current Report on Form 8-K12B						001-38449						3.1						04-04-2018
3.2						Amended and Restated Bylaws.						Broadcom Inc. Current Report on Form 8-K12B						001-38449						3.2						04-04-2018
4.1						Form of Common Stock Certificate.						Broadcom Inc. Quarterly Report on Form 10-Q						001-38449						4.1						06-14-2018
4.2						Description of Common Stock.						Broadcom Inc. Annual Report on Form 10-K						001-38449						4.3						12-20-2019
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 trustee.						Broadcom Limited Current Report on Form 8-K						001-37690						4.1						01-20-2017
4.4						Supplement Indenture to the January 2017 Indenture, dated as of April 9, 2018.						Broadcom Inc. Current Report on Form 8-K						001-38449						4.1						04-09-2018
4.5						Second Supplement Indenture to the January 2017 Indenture, dated as of January 25, 2019.						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 4.3).						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 4.3).						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 trustee.						Broadcom Limited Current Report on Form 8-K						001-37690						4.1						10-17-2017
4.9						Supplemental Indenture to October 2017 Indenture, dated as of April 9, 2018.						Broadcom Inc. Current Report on Form 8-K						001-38449						4.2						04-09-2018
4.10						Second Supplemental Indenture to October 2017 Indenture, dated as of January 25, 2019.						Broadcom Inc. Current Report on Form 8-K						001-38449						4.2						01-25-2019
4.11						Form of 3.125% Senior Notes due 2025 (included in Exhibit 4.8).						Broadcom Limited Current Report on Form 8-K						001-37690						4.1						10-17-2017
4.12						Form of 3.500% Senior Notes due 2028 (included in Exhibit 4.8).						Broadcom Limited Current Report on Form 8-K						001-37690						4.1						10-17-2017
4.13						Indenture, dated as of April 5, 2019, by and among the Company, as Issuer, Broadcom Technologies Inc., Broadcom Corporation and Broadcom Cayman Finance Limited, and Wilmington Trust, National Association, as trustee.						Broadcom Inc. Current Report on Form 8-K						001-38449						4.1						04-05-2019
4.14						Form of 3.625% Senior Notes due 2024 (included in Exhibit 4.13).						Broadcom Inc. Current Report on Form 8-K						001-38449						4.1						04-05-2019
4.15						Form of 4.750% Senior Notes due 2029 (included in Exhibit 4.13).						Broadcom Inc. Current Report on Form 8-K						001-38449						4.1						04-05-2019
4.16						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.						Broadcom Inc. Current Report on Form 8-K						001-38449						4.1						04-09-2020
4.17						Form of 5.000% Senior Notes due 2030 (included in Exhibit 4.16).						Broadcom Inc. Current Report on Form 8-K						001-38449						4.1						04-09-2020
4.18						Indenture, dated as of May 8, 2020, by and among the Company, as Issuer, the 2020 Guarantors, and Wilmington Trust, National Association, as trustee.						Broadcom Inc. Current Report on Form 8-K						001-38449						4.1						05-08-2020
4.19						Form of 2.250% Senior Notes due 2023 (included in Exhibit 4.18).						Broadcom Inc. Current Report on Form 8-K						001-38449						4.1						05-08-2020
4.20						Form of 3.150% Senior Notes due 2025 (included in Exhibit 4.18).						Broadcom Inc. Current Report on Form 8-K						001-38449						4.1						05-08-2020
4.21						Form of 4.150% Senior Notes due 2030 (included in Exhibit 4.18).						Broadcom Inc. Current Report on Form 8-K						001-38449						4.1						05-08-2020
4.22						Form of 4.300% Senior Notes due 2032 (included in Exhibit 4.18).						Broadcom Inc. Current Report on Form 8-K						001-38449						4.1						05-08-2020
4.23						Indenture, dated as of May 21, 2020, by and among the Company, the 2020 Guarantors and Wilmington Trust, National Association, as trustee.						Broadcom Inc. Current Report on Form 8-K						001-38449						4.1						05-21-2020
4.24						Form of 3.459% Senior Notes due 2026 (included in Exhibit 4.23).						Broadcom Inc. Current Report on Form 8-K						001-38449						4.1						05-21-2020
4.25						Form of 4.110% Senior Notes due 2028 (included in Exhibit 4.23).						Broadcom Inc. Current Report on Form 8-K						001-38449						4.1						05-21-2020
4.26						Indenture, dated as of January 19, 2021, by and among the Company, the 2020 Guarantors and Wilmington Trust, National Association, as Trustee.						Broadcom Inc. Current Report on Form 8-K						001-38449						4.1						01-19-2021
4.27						Form of 1.950% Senior Notes due 2028 (included in Exhibit 4.26).						Broadcom Inc. Current Report on Form 8-K						001-38449						4.1						01-19-2021
4.28						Form of 2.450% Senior Notes due 2031 (included in Exhibit 4.26).						Broadcom Inc. Current Report on Form 8-K						001-38449						4.1						01-19-2021
4.29						Form of 2.600% Senior Notes due 2033 (included in Exhibit 4.26).						Broadcom Inc. Current Report on Form 8-K						001-38449						4.1						01-19-2021
4.30						Form of 3.500% Senior Notes due 2041 (included in Exhibit 4.26).						Broadcom Inc. Current Report on Form 8-K						001-38449						4.1						01-19-2021
4.31						Form of 3.750% Senior Notes due 2051 (included in Exhibit 4.26).						Broadcom Inc. Current Report on Form 8-K						001-38449						4.1						01-19-2021
4.32						Registration Rights Agreement, dated as of January 19, 2021, by and among the Company, the 2020 Guarantors and Morgan Stanley & Co. LLC, BNP Paribas Securities Corp., RBC Capital Markets, LLC, SMBC Nikko Securities America, Inc., and Truist Securities, Inc., as representatives of the several initial purchasers of the January 2021 senior notes.						Broadcom Inc. Current Report on Form 8-K						001-38449						4.7						01-19-2021
4.33						Indenture, dated as of March 31, 2021, by and between the Company and Wilmington Trust, National Association, as Trustee.						Broadcom Inc. Current Report on Form 8-K						001-38449						4.1						03-31-2021
4.34						Form of 3.419% Senior Notes due 2033 (included in Exhibit 4.33).						Broadcom Inc. Current Report on Form 8-K						001-38449						4.1						03-31-2021
4.35						Form of 3.469% Senior Notes due 2034 (included in Exhibit 4.33).						Broadcom Inc. Current Report on Form 8-K						001-38449						4.1						03-31-2021
4.36						Registration Rights Agreement, dated as of March 31, 2021, by and among the Company and BofA Securities, Inc. and HSBC Securities (USA) Inc., as dealer-managers in connection with the March 2021 exchange offer.						Broadcom Inc. Current Report on Form 8-K						001-38449						4.4						03-31-2021
4.37						Indenture, dated as of September 30, 2021, by and between the Company and Wilmington Trust, National Association, as Trustee.						Broadcom Inc. Current Report on Form 8-K						001-38449						4.1						09-30-2021
4.38						Form of 3.137% Senior Notes due 2035 (included in Exhibit 4.37).						Broadcom Inc. Current Report on Form 8-K						001-38449						4.1						09-30-2021
4.39						Form of 3.187% Senior Notes due 2036 (included in Exhibit 4.37).						Broadcom Inc. Current Report on Form 8-K						001-38449						4.1						09-30-2021
4.40						Registration Rights Agreement, dated as of September 30, 2021, by and among the Company and BNP Paribas Securities Corp., J.P. Morgan Securities LLC and TD Securities (USA) LLC, as dealer-mangers in connection with the September 2021 exchange offer.						Broadcom Inc. Current Report on Form 8-K						001-38449						4.4						09-30-2021
4.41						Indenture, dated April 14, 2022, between the Company and Wilmington Trust, National Association, as trustee.						Broadcom Inc. Current Report on Form 8-K						001-38449						4.1						04-15-2022
4.42						Form of 4.00% Senior Notes due 2029 (included in Exhibit 4.41).						Broadcom Inc. Current Report on Form 8-K						001-38449						4.1						04-15-2022
4.43						Form of 4.15% Senior Notes due 2032 (included in Exhibit 4.41).						Broadcom Inc. Current Report on Form 8-K						001-38449						4.1						04-15-2022
4.44						Registration Rights Agreement, dated as of April 14, 2022, between the Company and BofA Securities, Inc., HSBC Securities (USA) Inc., and RBC Capital Markets, LLC, as representatives of the several initial purchasers of the April 2022 senior notes.						Broadcom Inc. Current Report on Form 8-K						001-38449						4.4						04-15-2022
4.45						Indenture, dated April 18, 2022, between the Company and Wilmington Trust, National Association, as trustee.						Broadcom Inc. Current Report on Form 8-K						001-38449						4.1						04-18-2022
4.46						Form of 4.926% Senior Notes due 2037 (included in Exhibit 4.45).						Broadcom Inc. Current Report on Form 8-K						001-38449						4.1						04-18-2022
4.47						Registration Rights Agreement, dated April 18, 2022, between the Company and Barclays Capital Inc., BBVA Securities Inc., BNP Paribas Securities Corp. and J.P. Morgan Securities LLC, as dealer-managers in connection with the April 2022 exchange offer.						Broadcom Inc. Current Report on Form 8-K						001-38449						4.3						04-18-2022
10.1+						VMware, Inc. Amended and Restated 2007 Equity and Incentive Plan.						Broadcom Inc. Registration Statement on Form S-8						333-275702						99.1						11-22-2023
10.2+						Broadcom Inc. 2023 Inducement Plan.						Broadcom Inc. Registration Statement on Form S-8						333-276053						99.1						12-14-2023
10.3+						Form of Restricted Stock Unit Agreement under Broadcom Inc. 2023 Inducement Plan.						Broadcom Inc. Registration Statement on Form S-8						333-276053						99.2						12-14-2023
10.4+						Form of Performance Stock Unit Agreement under Broadcom Inc. 2023 Inducement Plan.						Broadcom Inc. Registration Statement on Form S-8						333-276053						99.3						12-14-2023
10.5						First Amendment to Credit Agreement, dated as of December 1, 2023, amending the Credit Agreement, dated as of August 15, 2023, among Broadcom, the lenders and other parties thereto, and Bank of America, N.A., as Administrative Agent.																														X
31.1						Certification of Principal Executive Officer of Broadcom Inc. Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.																														X
31.2						Certification of Principal Financial Officer of Broadcom Inc. Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.																														X
32.1						Certification of Principal Executive Officer of Broadcom Inc. Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.																														X
32.2						Certification of Principal Financial Officer of Broadcom Inc. Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.																														X
101.INS						XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.																														X
101.SCH						XBRL Schema Document																														X
101.CAL						XBRL Calculation Linkbase Document																														X
101.DEF						XBRL Definition Linkbase Document																														X
101.LAB						XBRL Labels Linkbase Document																														X
101.PRE						XBRL Presentation Linkbase Document																														X
104						Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.																														X

+			Indicates a management contract or compensatory plan or arrangement.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			BROADCOM INC.
			By:			/s/ Kirsten M. Spears
						Kirsten M. Spears
						Chief Financial Officer

Date: March 14, 2024