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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, 2019
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.) |
| | 1320 Ridder Park Drive | | |
| | San Jose, | CA | 95131-2313 | | |
| | (408) | 433-8000 | | |
| | (Address, including zip code, of principal executive offices and registrant’s telephone number, including area code) | | |
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. (Check one):
|
| | | | | | | | | |
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
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 |
As of August 30, 2019, there were 396,670,773 shares of our common stock, $0.001 par value per share, outstanding.
BROADCOM INC.
Quarterly Report on Form 10-Q
For the Quarterly Period Ended August 4, 2019
TABLE OF CONTENTS
PART I — FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements — Unaudited
BROADCOM INC.
INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — UNAUDITED
BROADCOM INC.
CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED
|
| | | | | | | | |
| | August 4, 2019 | | November 4, 2018 |
| | | | |
| | (In millions, except par value) |
ASSETS | | | | |
Current assets: | | | | |
Cash and cash equivalents | | $ | 5,462 |
| | $ | 4,292 |
|
Trade accounts receivable, net | | 3,539 |
| | 3,325 |
|
Inventory | | 1,091 |
|
| 1,124 |
|
Other current assets | | 806 |
|
| 366 |
|
Total current assets | | 10,898 |
| | 9,107 |
|
Long-term assets: | | | | |
Property, plant and equipment, net | | 2,611 |
| | 2,635 |
|
Goodwill | | 36,686 |
| | 26,913 |
|
Intangible assets, net | | 18,879 |
| | 10,762 |
|
Other long-term assets | | 693 |
|
| 707 |
|
Total assets | | $ | 69,767 |
| | $ | 50,124 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | |
Current liabilities: | | | | |
Accounts payable | | $ | 996 |
| | $ | 811 |
|
Employee compensation and benefits | | 575 |
| | 715 |
|
Current portion of long-term debt | | 3,537 |
| | — |
|
Other current liabilities | | 3,174 |
|
| 812 |
|
Total current liabilities | | 8,282 |
| | 2,338 |
|
Long-term liabilities: | | | | |
Long-term debt | | 34,028 |
| | 17,493 |
|
Other long-term liabilities | | 5,954 |
|
| 3,636 |
|
Total liabilities | | 48,264 |
| | 23,467 |
|
Commitments and contingencies (Note 11) | |
|
| |
|
|
Stockholders’ equity: | | | | |
Preferred stock, $0.001 par value; 100 shares authorized; no shares issued or outstanding as of August 4, 2019 or November 4, 2018 | | — |
| | — |
|
Common stock and additional paid-in capital, $0.001 par value; 2,900 shares authorized; 398 and 408 shares issued and outstanding as of August 4, 2019 and November 4, 2018, respectively | | 21,619 |
| | 23,285 |
|
Retained earnings | | — |
| | 3,487 |
|
Accumulated other comprehensive loss | | (116 | ) | | (115 | ) |
Total stockholders’ equity | | 21,503 |
| | 26,657 |
|
Total liabilities and stockholders’ equity | | $ | 69,767 |
| | $ | 50,124 |
|
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 | | Three Fiscal Quarters Ended |
| | August 4, 2019 | | August 5, 2018 | | August 4, 2019 | | August 5, 2018 |
| | | | | | | | |
| | (In millions, except per share data) |
Net revenue: | | | | | | |
| |
Products | | $ | 4,413 |
| | $ | 4,783 |
| | $ | 13,470 |
| | $ | 14,640 |
|
Subscriptions and services | | 1,102 |
| | 280 |
| | 3,351 |
| | 764 |
|
Total net revenue | | 5,515 |
| | 5,063 |
| | 16,821 |
| | 15,404 |
|
Cost of revenue: | | | | | | | | |
Cost of products sold | | 1,519 |
| | 1,656 |
| | 4,530 |
| | 5,204 |
|
Cost of subscriptions and services | | 132 |
| | 24 |
| | 405 |
| | 71 |
|
Purchase accounting effect on inventory | | — |
| | — |
| | — |
| | 70 |
|
Amortization of acquisition-related intangible assets | | 828 |
| | 762 |
| | 2,487 |
| | 2,242 |
|
Restructuring charges | | 2 |
| | 2 |
| | 68 |
| | 19 |
|
Total cost of revenue | | 2,481 |
| | 2,444 |
| | 7,490 |
| | 7,606 |
|
Gross margin | | 3,034 |
| | 2,619 |
| | 9,331 |
| | 7,798 |
|
Research and development | | 1,235 |
| | 959 |
| | 3,519 |
| | 2,820 |
|
Selling, general and administrative | | 410 |
| | 234 |
| | 1,300 |
| | 819 |
|
Amortization of acquisition-related intangible assets | | 475 |
| | 68 |
| | 1,424 |
| | 474 |
|
Restructuring, impairment and disposal charges | | 49 |
| | 19 |
| | 698 |
| | 202 |
|
Total operating expenses | | 2,169 |
| | 1,280 |
| | 6,941 |
| | 4,315 |
|
Operating income | | 865 |
| | 1,339 |
| | 2,390 |
| | 3,483 |
|
Interest expense | | (362 | ) | | (149 | ) | | (1,083 | ) | | (480 | ) |
Other income, net | | 41 |
| | 39 |
| | 172 |
| | 120 |
|
Income from continuing operations before income taxes | | 544 |
| | 1,229 |
| | 1,479 |
| | 3,123 |
|
Provision for (benefit from) income taxes | | (171 | ) | | 32 |
| | (410 | ) | | (8,391 | ) |
Income from continuing operations | | 715 |
| | 1,197 |
| | 1,889 |
| | 11,514 |
|
Loss from discontinued operations, net of income taxes | | — |
| | (1 | ) | | (12 | ) | | (19 | ) |
Net income | | 715 |
| | 1,196 |
| | 1,877 |
| | 11,495 |
|
Net income attributable to noncontrolling interest | | — |
| | — |
| | — |
| | 351 |
|
Net income attributable to common stock | | $ | 715 |
| | $ | 1,196 |
| | $ | 1,877 |
| | $ | 11,144 |
|
| | | | | | | | |
Basic income (loss) per share: | | | | | | | | |
Income per share from continuing operations | | $ | 1.80 |
| | $ | 2.78 |
| | $ | 4.73 |
| | $ | 26.58 |
|
Loss per share from discontinued operations | | — |
| | — |
| | (0.03 | ) | | (0.05 | ) |
Net income per share | | $ | 1.80 |
| | $ | 2.78 |
| | $ | 4.70 |
| | $ | 26.53 |
|
| | | | | | | | |
Diluted income (loss) per share: | | | | | | | | |
Income per share from continuing operations | | $ | 1.71 |
| | $ | 2.71 |
| | $ | 4.50 |
| | $ | 25.78 |
|
Loss per share from discontinued operations | | — |
| | — |
| | (0.03 | ) | | (0.04 | ) |
Net income per share | | $ | 1.71 |
| | $ | 2.71 |
| | $ | 4.47 |
| | $ | 25.74 |
|
| | | | | | | | |
Weighted-average shares: | | | | | | | | |
Basic | | 398 |
| | 430 |
| | 399 |
| | 420 |
|
Diluted | | 418 |
| | 441 |
| | 420 |
| | 433 |
|
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
BROADCOM INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME — UNAUDITED
|
| | | | | | | | | | | | | | | | |
| | Fiscal Quarter Ended | | Three Fiscal Quarters Ended |
| | August 4, 2019 | | August 5, 2018 | | August 4, 2019 | | August 5, 2018 |
| | | | | | | | |
| | (In millions) |
Net income | | $ | 715 |
| | $ | 1,196 |
| | $ | 1,877 |
| | $ | 11,495 |
|
Other comprehensive income, net of tax: | | | | | | | | |
Change in actuarial loss and prior service costs associated with defined benefit pension plans and post-retirement benefit plans | | — |
| | — |
| | — |
| | 1 |
|
Other comprehensive income | | — |
| | — |
| | — |
| | 1 |
|
Comprehensive income | | 715 |
| | 1,196 |
| | 1,877 |
| | 11,496 |
|
Comprehensive income attributable to noncontrolling interest | | — |
| | — |
| | — |
| | 351 |
|
Comprehensive income attributable to common stock | | $ | 715 |
| | $ | 1,196 |
| | $ | 1,877 |
| | $ | 11,145 |
|
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
BROADCOM INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED
|
| | | | | | | | |
| | Three Fiscal Quarters Ended |
| | August 4, 2019 | | August 5, 2018 |
| | | | |
| | (In millions) |
Cash flows from operating activities: | | | | |
Net income | | $ | 1,877 |
| | $ | 11,495 |
|
Adjustments to reconcile net income to net cash provided by operating activities: | | | | |
Amortization of intangible assets | | 3,930 |
| | 2,730 |
|
Depreciation | | 426 |
| | 383 |
|
Stock-based compensation | | 1,641 |
| | 910 |
|
Deferred taxes and other non-cash taxes | | (708 | ) | | (8,512 | ) |
Non-cash restructuring, impairment and disposal charges | | 113 |
| | 13 |
|
Non-cash interest expense | | 50 |
| | 18 |
|
Other | | (81 | ) | | 22 |
|
Changes in assets and liabilities, net of acquisitions and disposals: | | | | |
Trade accounts receivable, net | | 201 |
| | (340 | ) |
Inventory | | 33 |
| | 325 |
|
Accounts payable | | 105 |
| | (353 | ) |
Employee compensation and benefits | | (360 | ) | | (87 | ) |
Contributions to defined benefit pension plans | | — |
| | (130 | ) |
Other current assets and current liabilities | | 115 |
| | 206 |
|
Other long-term assets and long-term liabilities | | (124 | ) | | (435 | ) |
Net cash provided by operating activities | | 7,218 |
| | 6,245 |
|
Cash flows from investing activities: | | | | |
Acquisitions of businesses, net of cash acquired | | (16,033 | ) | | (4,793 | ) |
Proceeds from sales of businesses | | 957 |
| | 782 |
|
Purchases of property, plant and equipment | | (336 | ) | | (529 | ) |
Proceeds from disposals of property, plant and equipment | | 82 |
| | 238 |
|
Purchases of investments | | (5 | ) | | (249 | ) |
Proceeds from sales of investments | | 5 |
| | 54 |
|
Other | | (4 | ) | | (59 | ) |
Net cash used in investing activities | | (15,334 | ) | | (4,556 | ) |
Cash flows from financing activities: | | | | |
Proceeds from long-term borrowings | | 28,793 |
| | — |
|
Repayment of debt | | (12,000 | ) | | (856 | ) |
Payment of debt issuance costs | | (46 | ) | | — |
|
Other borrowings | | 1,345 |
| | — |
|
Dividend and distribution payments | | (3,181 | ) | | (2,275 | ) |
Repurchases of common stock - repurchase program | | (5,002 | ) | | (5,725 | ) |
Shares repurchased for tax withholdings on vesting of equity awards | | (818 | ) | | (35 | ) |
Issuance of common stock | | 194 |
| | 153 |
|
Other | | 1 |
| | (19 | ) |
Net cash provided by (used in) financing activities | | 9,286 |
| | (8,757 | ) |
Net change in cash and cash equivalents | | 1,170 |
| | (7,068 | ) |
Cash and cash equivalents at beginning of period | | 4,292 |
| | 11,204 |
|
Cash and cash equivalents at end of period | | $ | 5,462 |
| | $ | 4,136 |
|
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
BROADCOM INC. CONDENSED CONSOLIDATED STATEMENTS OF EQUITY — UNAUDITED Three Fiscal Quarters Ended August 4, 2019
|
| | | | | | | | | | | | | | | | | | | |
| | Common Stock and Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Loss | | Total Stockholders’ Equity |
| | Shares | | Amount | | | |
| | | | | | | | | | |
| (In millions) |
Balance as of November 4, 2018 | | 408 |
| | $ | 23,285 |
| | $ | 3,487 |
| | $ | (115 | ) | | $ | 26,657 |
|
Net income | | — |
| | — |
| | 471 |
| | — |
| | 471 |
|
Cumulative effect of accounting changes | | — |
| | — |
| | 8 |
| | (1 | ) | | 7 |
|
Fair value of partially vested equity awards assumed in connection with the acquisition of CA, Inc. | | — |
| | 67 |
| | — |
| | — |
| | 67 |
|
Cash dividends declared and paid to stockholders | | — |
| | — |
| | (1,067 | ) | | — |
| | (1,067 | ) |
Common stock issued | | 2 |
| | 62 |
| | — |
| | — |
| | 62 |
|
Stock-based compensation | | — |
| | 540 |
| | — |
| | — |
| | 540 |
|
Repurchases of common stock | | (14 | ) | | (796 | ) | | (2,640 | ) | | — |
| | (3,436 | ) |
Shares repurchased for tax withholdings on vesting of equity awards | | — |
| | (77 | ) | | — |
| | — |
| | (77 | ) |
Balance as of February 3, 2019 | | 396 |
| | 23,081 |
| | 259 |
| | (116 | ) | | 23,224 |
|
Net income | | — |
| | — |
| | 691 |
| | — |
| | 691 |
|
Cash dividends declared and paid to stockholders | | — |
| | (331 | ) | | (726 | ) | | — |
| | (1,057 | ) |
Common stock issued | | 8 |
| | 121 |
| | — |
| | — |
| | 121 |
|
Stock-based compensation | | — |
| | 544 |
| | — |
| | — |
| | 544 |
|
Repurchases of common stock | | (3 | ) | | (606 | ) | | (224 | ) | | — |
| | (830 | ) |
Shares repurchased for tax withholdings on vesting of equity awards | | (2 | ) | | (521 | ) | | — |
| | — |
| | (521 | ) |
Balance as of May 5, 2019 | | 399 |
| | 22,288 |
| | — |
| | (116 | ) | | 22,172 |
|
Net income | | — |
| | — |
| | 715 |
| | — |
| | 715 |
|
Cash dividends declared and paid to stockholders | | — |
| | (342 | ) | | (715 | ) | | — |
| | (1,057 | ) |
Common stock issued | | 2 |
| | 11 |
| | — |
| | — |
| | 11 |
|
Stock-based compensation | | — |
| | 632 |
| | — |
| | — |
| | 632 |
|
Repurchases of common stock | | (2 | ) | | (736 | ) | | — |
| | — |
| | (736 | ) |
Shares repurchased for tax withholdings on vesting of equity awards | | (1 | ) | | (234 | ) | | — |
| | — |
| | (234 | ) |
Balance as of August 4, 2019 | | 398 |
| | $ | 21,619 |
| | $ | — |
| | $ | (116 | ) | | $ | 21,503 |
|
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
BROADCOM INC. CONDENSED CONSOLIDATED STATEMENTS OF EQUITY — UNAUDITED Three Fiscal Quarters Ended August 5, 2018
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Preferred Stock | | Common Stock and Additional Paid-in Capital | | Retained Earnings/(Accumulated Deficit) | | Accumulated Other Comprehensive Loss | | Total Broadcom Inc. Stockholders’ Equity | | Noncontrolling Interest | | Total Equity |
| | Shares | | Amount | | Shares | | Amount | | | | | |
| | | | | | | | | | | | | | | | | | |
| | (In millions) |
Balance as of October 29, 2017 | | 22 |
| | $ | — |
| | 409 |
| | $ | 20,505 |
| | $ | (129 | ) | | $ | (91 | ) | | $ | 20,285 |
| | $ | 2,901 |
| | $ | 23,186 |
|
Net income | | — |
| | — |
| | — |
| | — |
| | 6,230 |
| | — |
| | 6,230 |
| | 336 |
| | 6,566 |
|
Other comprehensive income | | — |
| | — |
| | — |
| | — |
| | — |
| | 9 |
| | 9 |
| | — |
| | 9 |
|
Cumulative effect of accounting changes | | — |
| | — |
| | — |
| | — |
| | (252 | ) | | — |
| | (252 | ) | | (14 | ) | | (266 | ) |
Fair value of partially vested equity awards assumed in connection with the acquisition of Brocade Communications Systems, Inc. | | — |
| | — |
| | — |
| | 8 |
| | — |
| | — |
| | 8 |
| | — |
| | 8 |
|
Cash dividends declared and paid to stockholders | | — |
| | — |
| | — |
| | — |
| | (717 | ) | | — |
| | (717 | ) | | — |
| | (717 | ) |
Cash distribution declared and paid by Broadcom Cayman L.P. on exchangeable limited partnership units | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (38 | ) | | (38 | ) |
Exchange of exchangeable limited partnership units for common stock | | — |
| | — |
| | — |
| | 5 |
| | — |
| | — |
| | 5 |
| | (5 | ) | | — |
|
Common stock issued | | — |
| | — |
| | 1 |
| | 34 |
| | — |
| | — |
| | 34 |
| | — |
| | 34 |
|
Stock-based compensation | | — |
| | — |
| | — |
| | 299 |
| | — |
| | — |
| | 299 |
| | — |
| | 299 |
|
Balance as of February 4, 2018 | | 22 |
| | — |
| | 410 |
| | 20,851 |
| | 5,132 |
| | (82 | ) | | 25,901 |
| | 3,180 |
| | 29,081 |
|
Net income | | — |
| | — |
| | — |
| | — |
| | 3,718 |
| | — |
| | 3,718 |
| | 15 |
| | 3,733 |
|
Other comprehensive loss | | — |
| | — |
| | — |
| | — |
| | — |
| | (8 | ) | | (8 | ) | | — |
| | (8 | ) |
Cumulative effect of accounting changes | | — |
| | — |
| | — |
| | — |
| | 15 |
| | (16 | ) | | (1 | ) | | 1 |
| | — |
|
Cash dividends declared and paid to stockholders | | — |
| | — |
| | — |
| | — |
| | (727 | ) | | — |
| | (727 | ) | | — |
| | (727 | ) |
Cash distribution declared and paid by Broadcom Cayman L.P. on exchangeable limited partnership units | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (39 | ) | | (39 | ) |
Exchange of exchangeable limited partnership units for common stock and redemption of preferred stock due to the Redomiciliation Transaction | | (22 | ) | | — |
| | 22 |
| | 3,157 |
| | — |
| | — |
| | 3,157 |
| | (3,157 | ) | | — |
|
Common stock issued | | — |
| | — |
| | 6 |
| | 80 |
| | — |
| | — |
| | 80 |
| | — |
| | 80 |
|
Stock-based compensation | | — |
| | — |
| | — |
| | 296 |
| | — |
| | — |
| | 296 |
| | — |
| | 296 |
|
Repurchases of common stock | | — |
| | — |
| | (2 | ) | | (77 | ) | | (270 | ) | | — |
| | (347 | ) | | — |
| | (347 | ) |
Shares repurchased for tax withholdings on vesting of equity awards | | — |
| | — |
| | — |
| | (2 | ) | | — |
| | — |
| | (2 | ) | | — |
| | (2 | ) |
Balance as of May 6, 2018 | | — |
| | — |
| | 436 |
| | 24,305 |
| | 7,868 |
| | (106 | ) | | 32,067 |
| | — |
| | 32,067 |
|
| | | | | | | | | | | | | | | | | | |
BROADCOM INC. CONDENSED CONSOLIDATED STATEMENTS OF EQUITY — UNAUDITED — Continued |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Preferred Stock | | Common Stock and Additional Paid-in Capital | | Retained Earnings/(Accumulated Deficit) | | Accumulated Other Comprehensive Loss | | Total Broadcom Inc. Stockholders’ Equity | | Noncontrolling Interest | | Total Equity |
| | Shares | | Amount | | Shares | | Amount | | | | | |
| | | | | | | | | | | | | | | | | | |
| | (In millions) |
Net income | | — |
| | — |
| | — |
| | — |
| | 1,196 |
| | — |
| | 1,196 |
| | — |
| | 1,196 |
|
Cash dividends declared and paid to stockholders | | — |
| | — |
| | — |
| | — |
| | (754 | ) | | — |
| | (754 | ) | | — |
| | (754 | ) |
Common stock issued | | — |
| | — |
| | 1 |
| | 39 |
| | — |
| | — |
| | 39 |
| | — |
| |