Broadcom 10-Q 2024-08-04

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 August 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 August 30, 2024, there were 4,670,576,083 shares of our common stock outstanding.

BROADCOM INC.

Quarterly Report on Form 10-Q

For the Quarterly Period Ended August 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			27
Item 3. Quantitative and Qualitative Disclosures About Market Risk			35
Item 4. Controls and Procedures			35
PART II — OTHER INFORMATION			35
Item 1. Legal Proceedings			35
Item 1A. Risk Factors			35
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			57
Item 3. Defaults Upon Senior Securities			57
Item 4. Mine Safety Disclosures			57
Item 5. Other Information			57
Item 6. Exhibits			58
SIGNATURES			59

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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 (Loss) — 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

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BROADCOM INC.

CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED

						August 4, 2024						October 29, 2023
						(In millions, except par value)
ASSETS
Current assets:
Cash and cash equivalents						$	9,952					$	14,189
Trade accounts receivable, net						4,665						3,154
Inventory						1,894						1,898
Other current assets						3,436						1,606
Total current assets						19,947						20,847
Long-term assets:
Property, plant and equipment, net						2,602						2,154
Goodwill						97,873						43,653
Intangible assets, net						43,034						3,867
Other long-term assets						4,510						2,340
Total assets						$	167,966					$	72,861
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable						$	1,757					$	1,210
Employee compensation and benefits						1,725						935
Current portion of long-term debt						3,161						1,608
Other current liabilities						12,578						3,652
Total current liabilities						19,221						7,405
Long-term liabilities:
Long-term debt						66,798						37,621
Other long-term liabilities						16,296						3,847
Total liabilities						102,315						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; 29,000 shares authorized; 4,671 and 4,139 shares issued and outstanding as of August 4, 2024 and October 29, 2023, respectively						5						4
Additional paid-in capital						67,313						21,095
Retained earnings (accumulated deficit)						(1,875)						2,682
Accumulated other comprehensive income						208						207
Total stockholders’ equity						65,651						23,988
Total liabilities and equity						$	167,966					$	72,861

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

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BROADCOM INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS — UNAUDITED

						Fiscal Quarter Ended												Three Fiscal Quarters Ended
						August 4, 2024						July 30, 2023						August 4, 2024						July 30, 2023
						(In millions, except per share data)
Net revenue:
Products						$	7,439					$	6,917					$	22,043					$	20,740
Subscriptions and services						5,633						1,959						15,477						5,784
Total net revenue						13,072						8,876						37,520						26,524
Cost of revenue:
Cost of products sold						2,434						2,107						7,023						6,351
Cost of subscriptions and services						699						165						2,366						472
Amortization of acquisition-related intangible assets						1,525						439						4,421						1,415
Restructuring charges						58						1						203						3
Total cost of revenue						4,716						2,712						14,013						8,241
Gross margin						8,356						6,164						23,507						18,283
Research and development						2,353						1,358						7,076						3,865
Selling, general and administrative						1,100						388						3,949						1,174
Amortization of acquisition-related intangible assets						812						350						2,431						1,046
Restructuring and other charges						303						212						1,215						231
Total operating expenses						4,568						2,308						14,671						6,316
Operating income						3,788						3,856						8,836						11,967
Interest expense

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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, emerging markets, 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 private and hybrid cloud platforms. Our portfolio of industry-leading infrastructure and security software is designed to modernize, optimize, and secure the most complex private and hybrid cloud 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, private and hybrid cloud and cyber security solutions, and our FC SAN business.

Our fiscal year ending November 3, 2024 (“fiscal year 2024”), is a 53-week fiscal year, with our first fiscal quarter ended February 4, 2024 containing 14 weeks compared to 13 weeks in the prior year fiscal period. The additional week resulted in higher net revenue, gross margin dollars, research and development expense, and selling general and administrative expense in the first fiscal quarter and first three fiscal quarters of fiscal year 2024, compared to the corresponding prior year fiscal periods.

Quarterly Highlights

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

• We generated $4,963 million of cash from operations.

• We paid $2,452 million in cash dividends.

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*•*We sold the end-user computing (“EUC”) business to KKR & Co. Inc. for $3.5 billion.

• We issued $5.0 billion of senior unsecured notes (the “July 2024 Senior Notes”) and used the net proceeds, as well as the net proceeds from the sale of the EUC business and cash on hand, to repay the outstanding balance of $9,195 million of our unsecured term A-2 facility.

*•*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

On November 22, 2023, we acquired VMware, Inc. (“VMware”) in a cash-and-stock transaction (the “VMware Merger”). The VMware stockholders received approximately $30,788 million in cash and 544 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.

On July 1, 2024, we sold the 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. We acquired these assets to strengthen our portfolio of SoC products.

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 three fiscal quarters ended August 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 and Three Fiscal Quarters Ended August 4, 2024 Compared to Fiscal Quarter and Three Fiscal Quarters Ended July 30, 2023

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

						Fiscal Quarter Ended
						August 4, 2024						July 30, 2023						August 4, 2024						July 30, 2023
						(In millions)												(As a percentage of net revenue)
Statements of Operations Data:
Net revenue:
Products						$	7,439					$	6,917					57		%				78		%
Subscriptions and services						5,633						1,959						43						22
Total net revenue						13,072						8,876						100						100
Cost of revenue:
Cost of products sold						2,434						2,107						19						24
Cost of subscriptions and services						699						165						5						2
Amortization of acquisition-related intangible assets						1,525						439						12						5
Restructuring charges						58						1						—						—
Total cost of revenue						4,716						2,712						36						31
Gross margin						8,356						6,164						64						69
Research and development						2,353						1,358						18						16
Selling, general and administrative						1,100						388						9						4
Amortization of acquisition-related intangible assets						812						350						6						4
Restructuring and other charges						303						212						2						2
Total operating expenses						4,568						2,308						35						26
Operating income						$	3,788					$	3,856					29		%				43		%

						Three Fiscal Quarters Ended
						August 4, 2024						July 30, 2023						August 4, 2024						July 30, 2023
						(In millions)												(As a percentage of net revenue)
Statements of Operations Data:
Net revenue:
Products						$	22,043					$	20,740					59		%				78		%
Subscriptions and services						15,477						5,784						41						22
Total net revenue						37,520						26,524						100						100
Cost of revenue:
Cost of products sold						7,023						6,351						19						24
Cost of subscriptions and services						2,366						472						6						2
Amortization of acquisition-related intangible assets						4,421						1,415						12						5
Restructuring charges						203						3						—						—
Total cost of revenue						14,013						8,241						37						31
Gross margin						23,507						18,283						63						69
Research and development						7,076						3,865						19						15
Selling, general and administrative						3,949						1,174						11						4
Amortization of acquisition-related intangible assets						2,431						1,046						6						4
Restructuring and other charges						1,215						231						3						1
Total operating expenses						14,671						6,316						39						24
Operating income						$	8,836					$	11,967					24		%				45		%

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Net Revenue

A relatively small number of customers account for a significant portion of our net revenue. Direct sales to one customer, which is a distributor, accounted for 26% and 27% of our net revenue for the fiscal quarter and three fiscal quarters ended August 4, 2024, respectively, and 21% and 20% of our net revenue for the fiscal quarter and three fiscal quarters ended July 30, 2023, respectively.

We believe aggregate sales to our top five end customers, through all channels, accounted for approximately 35% and 40% of our net revenue for the fiscal quarter and three fiscal quarters ended August 4, 2024, respectively, and approximately 35% for each of the fiscal quarter and three fiscal quarters ended July 30, 2023. 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 AI and wireless products as fluctuations may be magnified by the timing of customer deployments and product launches, and seasonal variations in sales. 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																								Three Fiscal Quarters Ended
Net Revenue by Segment						August 4, 2024						July 30, 2023						$ Change						% Change						August 4, 2024						July 30, 2023						$ Change						% Change
						(Dollars in millions)
Semiconductor solutions						$	7,274					$	6,941					$	333					5		%				$	21,866					$	20,856					$	1,010					5		%
Infrastructure software						5,798						1,935						3,863						200		%				15,654						5,668						9,986						176		%
Total net revenue						$	13,072					$	8,876					$	4,196					47		%				$	37,520					$	26,524					$	10,996					41		%

						Fiscal Quarter Ended												Three Fiscal Quarters Ended
Net Revenue by Segment						August 4, 2024						July 30, 2023						August 4, 2024						July 30, 2023
						(As a percentage of net revenue)
Semiconductor solutions						56		%				78		%				58		%				79		%
Infrastructure software						44						22						42						21
Total net revenue						100		%				100		%				100		%				100		%

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

Gross Margin

Gross margin was $8,356 million for the fiscal quarter ended August 4, 2024 compared to $6,164 million for the fiscal quarter ended July 30, 2023, and $23,507 million for the three fiscal quarters ended August 4, 2024 compared to $18,283 million for the three fiscal quarters ended July 30, 2023. The increases were 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 64% and 63% of net revenue for the fiscal quarter and three fiscal quarters ended August 4, 2024, respectively, and 69% for each of the fiscal quarter and three fiscal quarters ended July 30, 2023. The decreases were primarily due to higher amortization of acquisition-related intangible assets from the VMware Merger. In addition, gross margin contributions from our infrastructure software segment were partially offset by less favorable margin within the semiconductor solutions segment driven by product mix.

Research and Development Expense

Research and development expense increased $995 million, or 73%, and $3,211 million, or 83%, for the fiscal quarter and three fiscal quarters ended August 4, 2024, respectively, compared to the prior year fiscal periods. The increases were

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primarily due to higher compensation, including higher stock-based compensation, as a result of an increase in headcount from the VMware Merger. The increases in stock-based compensation expense were also due to annual employee equity awards granted at higher grant-date fair values.

Selling, General and Administrative Expense

Selling, general and administrative expense increased $712 million, or 184%, and $2,775 million, or 236%, for the fiscal quarter and three fiscal quarters ended August 4, 2024, respectively, compared to the prior year fiscal periods. The increases were primarily due to higher compensation, including higher stock-based compensation, as a result of an increase in headcount from the VMware Merger. The increases in stock-based compensation expense were also due to annual employee equity awards granted at higher grant-date fair values.

Amortization of Acquisition-Related Intangible Assets

Amortization of acquisition-related intangible assets recognized in operating expenses increased $462 million, or 132%, and $1,385 million, or 132%, for the fiscal quarter and three fiscal quarters ended August 4, 2024, respectively, compared to the prior year fiscal periods 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 were $303 million and $1,215 million for the fiscal quarter and three fiscal quarters ended August 4, 2024, respectively, 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. Restructuring and other charges recognized in operating expenses were $212 million and $231 million for the fiscal quarter and three fiscal quarters ended July 30, 2023, respectively, primarily due to non-recurring charges related to IP litigation.

Stock-Based Compensation Expense

Total stock-based compensation expense was $1,381 million and $4,356 million for the fiscal quarter and three fiscal quarters ended August 4, 2024, respectively, and $629 million and $1,533 million for the fiscal quarter and three fiscal quarters ended July 30, 2023, respectively. The increases were primarily due to equity awards assumed and granted in connection with the VMware Merger and annual employee equity awards granted at higher grant-date fair values.

The following table sets forth the total unrecognized compensation cost related to unvested stock-based awards outstanding and expected to vest as of August 4, 2024. The remaining weighted-average service period was 3.2 years.

Fiscal Year:						Unrecognized Compensation Cost, Net of Expected Forfeitures
						(In millions)
2024 (remainder)						$	1,335
2025						4,574
2026						3,709
2027						2,719
2028						563
Total						$	12,900

Segment Operating Results

						Fiscal Quarter Ended																								Three Fiscal Quarters Ended
Operating Income by Segment						August 4, 2024						July 30, 2023						$ Change						% Change						August 4, 2024						July 30, 2023						$ Change						% Change
						(Dollars in millions)
Semiconductor solutions						$	4,042					$	4,092					$	(50)					(1)		%				$	12,136					$	12,215					$	(79)					(1)		%
Infrastructure software						3,906						1,444						2,462						170		%				9,789						4,163						5,626						135		%
Unallocated expenses						(4,160)						(1,680)						(2,480)						148		%				(13,089)						(4,411)						(8,678)						197		%
Total operating income						$	3,788					$	3,856					$	(68)					(2)		%				$	8,836					$	11,967					$	(3,131)					(26)		%

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Operating income from our semiconductor solutions segment decreased for the fiscal quarter and three fiscal quarters ended August 4, 2024 compared to the prior year fiscal periods primarily due to higher variable compensation expenses and lower gross margins driven by product mix, partially offset by higher revenue from networking products, primarily AI networking products. Higher operating income from our infrastructure software segment in the fiscal quarter and three fiscal quarters ended August 4, 2024 compared to the prior year fiscal periods 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 148% and 197% for the fiscal quarter and three fiscal quarters ended August 4, 2024, respectively, compared to the prior year fiscal periods 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 at higher grant-date fair values.

Non-Operating Income and Expenses

Interest expense. Interest expense was $1,064 million and $3,037 million for the fiscal quarter and three fiscal quarters ended August 4, 2024, respectively, and $406 million and $1,217 million for the fiscal quarter and three fiscal quarters ended July 30, 2023, respectively. The increases were 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 $82 million and $124 million for the fiscal quarters ended August 4, 2024 and July 30, 2023, respectively. The decrease was primarily due to lower interest income as a result of a lower invested balance. Other income, net, was $354 million and $380 million for the three fiscal quarters ended August 4, 2024 and July 30, 2023, respectively. The decrease was primarily due to lower gains on investments.

Provision for income taxes. The provision for income taxes was $4,238 million and $4,190 million for the fiscal quarter and three fiscal quarters ended August 4, 2024, respectively, and $271 million and $572 million for the fiscal quarter and three fiscal quarters ended July 30, 2023, respectively. The increases were primarily due to the impact of the intra-group transfer of certain IP rights to the United States as a result of supply chain realignment and the resulting shift in the jurisdictional mix of income.

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 August 4, 2024 consisted of: (i) $9,952 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.

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 $72,319 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. Our debt and liquidity needs increased in fiscal year 2024 as a result of completing the VMware Merger. We funded the cash portion of the consideration with net proceeds from the issuance of $30,390 million in term loans (the “2023 Term Loans”), as well as cash on hand. We also assumed $8,250 million of VMware’s outstanding senior unsecured notes. During the fiscal quarter ended August 4, 2024, we repaid the remaining outstanding balance of the term A-2 facility. We also expect capital expenditures to be higher in fiscal year 2024 as compared to fiscal year 2023.

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

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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. We may also make additional prepayments of the 2023 Term Loans. 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 three fiscal quarters ended August 4, 2024.

						Balances at October 29, 2023						Balances Acquired and Assumed from VMware						Balances at August 4, 2024						Non-VMware Acquisition Increase (Decrease)
						(In millions)
Cash and cash equivalents						$	14,189					$	6,642					$	9,952					$	(10,879)
Trade accounts receivable, net						$	3,154					$	3,571					$	4,665					$	(2,060)
Other current assets						$	1,606					$	5,963					$	3,436					$	(4,133)
Accounts payable						$	1,210					$	359					$	1,757					$	188
Employee compensation and benefits						$	935					$	848					$	1,725					$	(58)
Current portion of long-term debt						$	1,608					$	1,264					$	3,161					$	289
Other current liabilities						$	3,652					$	12,942					$	12,578					$	(4,016)

• Cash and cash equivalents decreased primarily due to $32,058 million paid for the VMware Merger, $7,330 million of dividend payments, $7,176 million of common stock repurchases and $4,012 million of employee withholding tax payments related to net settled equity awards, offset in part by $22,849 million in net proceeds from borrowings, $14,358 million in net cash provided by operating activities, and $3,485 million proceeds from the sale of the EUC business.

• Trade accounts receivable, net decreased primarily due to strong collections and additional receivables sold through factoring arrangements.

• Other current assets decreased primarily due to the sale of the EUC business, offset in part by an increase in contract assets.

• Accounts payable increased primarily due to the timing of payments and an increase in purchases.

• Current portion of long-term debt increased due to $1,245 million becoming due within the next twelve months, offset in part by $941 million of repayments.

• Other current liabilities decreased due to the sale of the EUC business as well as a decrease in contract liabilities as software revenue was recognized.

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Capital Returns

						Three Fiscal Quarters Ended
Cash Dividends Declared and Paid						August 4, 2024						July 30, 2023
						(In millions, except per share data)
Dividends per share to common stockholders						$	1.575					$	1.380
Dividends to common stockholders						$	7,330					$	5,741

During the three fiscal quarters ended August 4, 2024 and July 30, 2023, we repurchased and retired approximately 67 million and 90 million shares of our common stock for $7,176 million and $5,701 million, respectively. All $20 billion under our previously authorized stock repurchase programs was utilized prior to expiration on December 31, 2023.

During the three fiscal quarters ended August 4, 2024 and July 30, 2023, we paid approximately $4,012 million and $1,407 million, respectively, in employee withholding taxes due upon the vesting of net settled equity awards. We withheld approximately 30 million and 21 million shares of common stock from employees in connection with such net share settlements during the three fiscal quarters ended August 4, 2024 and July 30, 2023, respectively.

Cash Flows

						Three Fiscal Quarters Ended
						August 4, 2024						July 30, 2023
						(In millions)
Net cash provided by operating activities						$	14,358					$	13,257
Net cash used in investing activities						(22,938)						(565)
Net cash provided by (used in) financing activities						4,343						(13,053)
Net change in cash and cash equivalents						$	(4,237)					$	(361)

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 $1,101 million increase in cash provided by operations during the three fiscal quarters ended August 4, 2024 compared to the prior year fiscal period was primarily due to contributions from VMware. The $8,987 million decrease in net income was largely driven by $11,990 million of higher non-cash adjustments including amortization of intangible assets, deferred taxes and other non-cash taxes, and stock-based compensation related to the VMware Merger.

Investing Activities

Cash flows from investing activities primarily consisted of cash used for acquisitions, proceeds from the sale of a business, capital expenditures and proceeds and payments related to investments. The $22,373 million increase in cash used in investing activities during the three fiscal quarters ended August 4, 2024 compared to the prior year fiscal period was primarily due to a $25,961 million increase in cash used for acquisitions due to the VMware Merger and the acquisition of Seagate’s SoC operations, net of cash acquired, offset in part by $3,485 million proceeds from the sale of the EUC business.

Financing Activities

Cash flows from financing activities primarily consisted of proceeds and payments related to our long-term borrowings, dividend payments, stock repurchases and employee withholding tax payments related to net settled equity awards. The $17,396 million increase in cash flows from financing activities during the three fiscal quarters ended August 4, 2024 compared to the prior year fiscal period was primarily due to $34,985 million of net proceeds from the 2023 Term Loans and the July 2024 Senior Notes, partially offset by an $11,876 million increase in payments of debt obligations, a $2,605 million increase in employee withholding tax payments related to net settled equity awards, a $1,589 million increase in dividend payments, and a $1,475 million increase in stock repurchases.

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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 August 4, 2024 and October 29, 2023, we had $53.1 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 $49.2 billion and $33.2 billion, respectively. As of August 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 August 4, 2024, we had $19.2 billion of outstanding 2023 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 $194 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 August 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 August 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 material risks that could adversely affect our business, operations and financial results.

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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.

• 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 have pursued, and may in the future 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.

• 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.

• Cyber security threats or other security breaches, or any other impairment of the confidentiality, integrity or availability of our information technology (“IT”) 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.

• 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 or our suppliers’ manufacturing facilities, research and development facilities, warehouses or other significant operations 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 that could adversely affect our business.

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

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

• 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 may adversely affect demand for our products and services.

• 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.

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

• Our sales to government customers subject us to uncertainties and governmental regulations.

• 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.

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

• 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.

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• Unsuccessful investments in research and development could materially adversely affect our business, financial condition and results of operations.

• We 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.

• 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 have a material, adverse effect on our 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.

• We may not have sufficient cash flows from our business to pay our substantial debt.

Risks Relating to Owning Our Common Stock

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

• 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.

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 or in a particular region or industry, 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 partners could negatively impact our business, financial condition and liquidity. Adverse global economic conditions have from time to time caused or exacerbated significant slowdowns in the industries and markets in which we operate, which have adversely affected our business and results of operations. Macroeconomic weakness and uncertainty also make it more difficult for us to accurately forecast operating results, and may make it more diffi

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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 (including all amendments thereto).																														X
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
4.48						Indenture, dated July 12, 2024, between the Company and Wilmington Trust, National Association, as trustee.						Broadcom Inc. Current Report on Form 8-K						001-38449						4.1						07-12-2024
4.49						Supplemental Indenture No. 1, dated July 12, 2024, between the Company and Wilmington Trust, National Association, as trustee.						Broadcom Inc. Current Report on Form 8-K						001-38449						4.2						07-12-2024
4.50						Form of 5.050% Senior Notes due 2027 (included in Exhibit 4.49).						Broadcom Inc. Current Report on Form 8-K						001-38449						4.2						07-12-2024
4.51						Form of 5.050% Senior Notes due 2029 (included in Exhibit 4.49).						Broadcom Inc. Current Report on Form 8-K						001-38449						4.2						07-12-2024
4.52						Form of 5.150% Senior Notes due 2031 (included in Exhibit 4.49).						Broadcom Inc. Current Report on Form 8-K						001-38449						4.2						07-12-2024
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						Inline 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						Inline XBRL Schema Document																														X
101.CAL						Inline XBRL Calculation Linkbase Document																														X
101.DEF						Inline XBRL Definition Linkbase Document																														X
101.LAB						Inline XBRL Labels Linkbase Document																														X
101.PRE						Inline 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

Table of Contents

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: September 11, 2024