AVGO
$585.01
Broadcom
$3.56
.61%
Earnings Details
Quarter October 2022
Thursday, December 8, 2022 4:15:00 PM
Tweet Share Watch
Summary

Broadcom Beats

Broadcom (AVGO) reported Quarter October 2022 earnings of $10.53 per share on revenue of $8.9 billion. The consensus earnings estimate was $10.28 per share on revenue of $8.9 billion. The Earnings Whisper number was $10.36 per share. Revenue grew 20.6% on a year-over-year basis.

The company said it expects first quarter revenue of approximately $8.90 billion. The current consensus revenue estimate is $8.82 billion for the quarter ending January 31, 2023.

Avago Technologies Ltd is engaged in manufacturing semiconductor products such as optoelectronics, radio-frequency and microwave components, and application-specific integrated circuits.

Results
Reported Earnings
$10.53
Earnings Whisper
$10.36
Consensus Estimate
$10.28
Reported Revenue
$8.93 Bil
Revenue Estimate
$8.90 Bil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Broadcom Inc. Announces Fourth Quarter and Fiscal Year 2022 Financial Results and Quarterly Dividend

  • Cash from operations of $4,583 million for the fourth quarter, less capital expenditures of $122 million, resulted in $4,461 million of free cash flow, or 50 percent of revenue
  • Quarterly common stock dividend increased by 12 percent to $4.60 from the prior quarter
  • Revenue of $8,930 million for the fourth quarter, up 21 percent from the prior year period
  • GAAP net income of $3,359 million for the fourth quarter; Adjusted EBITDA of $5,722 million for the fourth quarter
  • GAAP diluted EPS of $7.83 for the fourth quarter; Non-GAAP diluted EPS of $10.45 for the fourth quarter
  • First quarter revenue guidance of approximately $8.9 billion, an increase of 16 percent from the prior year period
  • First quarter Adjusted EBITDA guidance of approximately 63 percent of projected revenue (1)

SAN JOSE, Calif., Dec. 8, 2022 /PRNewswire/ -- Broadcom Inc. (Nasdaq: AVGO), a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, today reported financial results for its fourth quarter and fiscal year ended October 30, 2022, provided guidance for the first quarter of its fiscal year 2023 and announced its quarterly dividend.

"Broadcom's fiscal year 2022 revenue grew 21% year-over-year to a record $33.2 billion, as a result of strong demand from hyperscale, service providers, and enterprise," said Hock Tan, President and CEO of Broadcom Inc. "This growth was driven by our strong partnerships with customers and accelerated adoption of our next generation technologies. As we look into fiscal 2023, our increased R&D investments during the preceding years position us to extend our leadership in next generation products within the end markets we address."

"In fiscal 2022 we achieved record adjusted EBITDA margin of 63%, generating $16.3 billion in free cash flow or 49% of revenue, demonstrating our stable and focused business model," said Kirsten Spears, CFO of Broadcom Inc. "Consistent with our commitment to return cash to shareholders, we will resume our authorized share repurchase programs for the remaining $13 billion, and we are increasing our quarterly common stock dividend by 12 percent to $4.60 per share for fiscal year 2023. The target fiscal 2023 annual common stock dividend of $18.40 per share is a record, and the twelfth consecutive increase in annual dividends since we initiated dividends in fiscal 2011."

Fourth Quarter Fiscal Year 2022 Financial Highlights     






GAAP


Non-GAAP

(Dollars in millions, except per share data)





Q4 22


Q4 21


Change


Q4 22


Q4 21


Change

Net revenue





$

8,930


$

7,407



+21

%


$

8,930


$

7,407



+21

%

Net income





$

3,359


$

1,989


+$

1,370



$

4,544


$

3,501


+$

1,043


Earnings per common share - diluted





$

7.83


$

4.45


+$

3.38



$

10.45


$

7.81


+$

2.64


























(Dollars in millions)

























































Q4 22


Q4 21


Change

Cash flow from operations

























































$

4,583


$

3,541


+$

1,042

Adjusted EBITDA

























































$

5,722


$

4,547


+$

1,175

Free cash flow

























































$

4,461


$

3,453


+$

1,008


































































Net revenue by segment








































































(Dollars in millions)























































Q4 22


Q4 21


Change


Semiconductor solutions























































$

7,092


79

%


$

5,634


76

%



+26

%



Infrastructure software
























































1,838


21




1,773


24




+4

%



Total net revenue























































$

8,930


100

%


$

7,407


100

%

















































































The Company's cash and cash equivalents at the end of the fiscal quarter were $12,416 million, compared to $9,977 million at the end of the prior quarter.

During the fourth fiscal quarter, the Company generated $4,583 million in cash from operations and spent $122 million on capital expenditures.

On September 30, 2022, the Company paid a cash dividend of $4.10 per share of common stock, totaling $1,707 million and a cash dividend of $20.00 per share of mandatory convertible preferred stock, totaling $75 million.

The differences between the Company's GAAP and non-GAAP results are described generally under "Non-GAAP Financial Measures" below, and presented in detail in the financial reconciliation tables attached to this release.

Fiscal Year 2022 Financial Highlights  






GAAP


Non-GAAP

(Dollars in millions, except per share data)





FY 22


FY 21


Change


FY 22


FY 21


Change

Net revenue





$

33,203


$

27,450



+21

%


$

33,203


$

27,450



+21

%

Net income





$

11,495


$

6,736


+$

4,759



$

16,526


$

12,578


+$

3,948


Earnings per common share - diluted





$

26.53


$

15.00


+$

11.53



$

37.64


$

28.01


+$

9.63


























(Dollars in millions)




































































FY 22



FY 21


Change

Cash flow from operations



































































$

16,736


$

13,764


+$

2,972

Adjusted EBITDA



































































$

21,029


$

16,571


+$

4,458

Free cash flow



































































$

16,312


$

13,321


+$

2,991












































































Net revenue by segment









































































(Dollars in millions)

























































FY 22


FY 21


Change


Semiconductor solutions

























































$

25,818


78

%


$

20,383


74

%



+27

%


Infrastructure software


























































7,385


22




7,067


26




+4

%


Total net revenue

























































$

33,203


100

%


$

27,450


100

%







































First Quarter Fiscal Year 2023 Business Outlook

Based on current business trends and conditions, the outlook for the first quarter of fiscal year 2023, ending January 29, 2023, is expected to be as follows: 

  • First quarter revenue guidance of approximately $8.9 billion; and
  • First quarter Adjusted EBITDA guidance of approximately 63 percent of projected revenue.

The guidance provided above is only an estimate of what the Company believes is realizable as of the date of this release. The Company is not readily able to provide a reconciliation of projected Adjusted EBITDA to projected net income without unreasonable effort. Actual results will vary from the guidance and the variations may be material. The Company undertakes no intent or obligation to publicly update or revise any of these projections, whether as a result of new information, future events or otherwise, except as required by law.

Quarterly Dividends

The Company's Board of Directors has approved a quarterly cash dividend on its common stock of $4.60 per share. The common stock dividend is payable on December 30, 2022 to common stockholders of record at the close of business (5:00 p.m. Eastern Time) on December 20, 2022.

Financial Results Conference Call

Broadcom Inc. will host a conference call to review its financial results for the fourth quarter and fiscal year 2022 and to discuss the business outlook, today at 2:00 p.m. Pacific Time.

To Listen via Internet: The conference call can be accessed live online in the Investors section of the Broadcom website at https://investors.broadcom.com/.

To Listen via Telephone: Preregistration is required by the conference call operator. Please preregister at https://register.vevent.com/register/BI3bd5e222a5a94efa94293a14af6ff35a. Upon registering, you will be emailed a link to the dial-in number and unique PIN.

Replay: An audio replay of the conference call can be accessed for one year through the Investors section of Broadcom's website at https://investors.broadcom.com/.

Non-GAAP Financial Measures

The non-GAAP measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. A reconciliation between GAAP and non-GAAP financial data is included in the supplemental financial data attached to this press release. Broadcom believes non-GAAP financial information provides additional insight into the Company's on-going performance. Therefore, Broadcom provides this information to investors for a more consistent basis of comparison and to help them evaluate the results of the Company's on-going operations and enable more meaningful period to period comparisons. 

In addition to GAAP reporting, Broadcom provides investors with net income, operating income, gross margin, operating expenses, cash flow and other data on a non-GAAP basis. This non-GAAP information excludes amortization of acquisition-related intangible assets, stock-based compensation expense, restructuring, impairment and disposal charges, acquisition-related costs, including integration costs, purchase accounting effect on inventory, litigation settlements, loss on debt extinguishment, gains (losses) on investments, income (loss) from discontinued operations, non-GAAP tax reconciling adjustments, and other adjustments. Management does not believe that these items are reflective of the Company's underlying performance. Internally, these non-GAAP measures are significant measures used by management for purposes of evaluating the core operating performance of the Company, establishing internal budgets, calculating return on investment for development programs and growth initiatives, comparing performance with internal forecasts and targeted business models, strategic planning, evaluating and valuing potential acquisition candidates and how their operations compare to the Company's operations, and benchmarking performance externally against the Company's competitors. The exclusion of these and other similar items from Broadcom's non-GAAP financial results should not be interpreted as implying that these items are non-recurring, infrequent or unusual.

Free cash flow measures have limitations as they omit certain components of the overall cash flow statement and do not represent the residual cash flow available for discretionary expenditures. Investors should not consider presentation of free cash flow measures as implying that stockholders have any right to such cash. Broadcom's free cash flow may not be calculated in a manner comparable to similarly named measures used by other companies.

About Broadcom Inc.

Broadcom Inc. (NASDAQ: AVGO), a Delaware corporation headquartered in San Jose, CA, is a global technology leader that designs, develops and supplies a broad range of semiconductor and infrastructure software solutions. Broadcom's category-leading product portfolio serves critical markets including data center, networking, enterprise software, broadband, wireless, storage and industrial. Our solutions include data center networking and storage, enterprise, mainframe and cyber security software focused on automation, monitoring and security, smartphone components, telecoms and factory automation. For more information, go to https://www.broadcom.com.

Cautionary Note Regarding Forward-Looking Statements

This announcement contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning Broadcom. These statements include, but are not limited to, statements that address our expected future business and financial performance, our plans and expectations with regard to our share repurchases, and other statements identified by words such as "will," "expect," "believe," "anticipate," "estimate," "should," "intend," "plan," "potential," "predict," "project," "aim," and similar words, phrases or expressions. These forward-looking statements are based on current expectations and beliefs of the management of Broadcom, as well as assumptions made by, and information currently available to, such management, current market trends and market conditions and involve risks and uncertainties, many of which are outside the Company's and management's control, and which may cause actual results to differ materially from those contained in forward-looking statements. Accordingly, you should not place undue reliance on such statements.

Particular uncertainties that could materially affect future results include risks associated with: global economic conditions and concerns; cyclicality in the semiconductor industry or in our target markets; any loss of our significant customers and fluctuations in the timing and volume of significant customer demand; our dependence on contract manufacturing and outsourced supply chain; our dependency on a limited number of suppliers; government regulations and administrative proceedings, trade restrictions and trade tensions; global political and economic conditions; our significant indebtedness and the need to generate sufficient cash flows to service and repay such debt; the amount and frequency of our share repurchase programs; the COVID-19 pandemic; dependence on and risks associated with distributors and resellers of our products; dependence on senior management and our ability to attract and retain qualified personnel; failing to complete or realize the expected benefits of our acquisition of VMware, Inc.; any acquisitions we may make, including our acquisition of VMware, such as delays, challenges and expenses associated with receiving governmental and regulatory approvals and satisfying other closing conditions, and with integrating acquired businesses with our existing businesses and our ability to achieve the benefits, growth prospects and synergies expected by such acquisitions; involvement in legal proceedings; quarterly and annual fluctuations in operating results; our ability to accurately estimate customers' demand and adjust our manufacturing and supply chain accordingly; our competitive performance and ability to continue achieving design wins with our customers, as well as the timing of any design wins; prolonged disruptions of our or our contract manufacturers' manufacturing facilities, warehouses or other significant operations; our ability to improve our manufacturing efficiency and quality; our dependence on outsourced service providers for certain key business services and their ability to execute to our requirements; our ability to protect against cyber security threats and a breach of security systems; our ability to maintain or improve gross margin; our ability to protect our intellectual property and the unpredictability of any associated litigation expenses; compatibility of our software products with operating environments, platforms or third-party products; our ability to enter into satisfactory software license agreements; availability of third party software used in our products; use of open source code sources in our products; any expenses or reputational damage associated with resolving customer product warranty and indemnification claims; market acceptance of the end products into which our products are designed; our ability to sell to new types of customers and to keep pace with technological advances; our compliance with privacy and data security laws; fluctuations in foreign exchange rates; our provision for income taxes and overall cash tax costs, legislation that may impact our overall cash tax costs and our ability to maintain tax concessions in certain jurisdictions; and other events and trends on a national, regional and global scale, including those of a political, economic, business, competitive and regulatory nature. Many of the foregoing risks and uncertainties are, and may continue to be, exacerbated by the COVID-19 pandemic. We are not obligated to repurchase any specific amount of shares of common stock, and the stock repurchase programs may be suspended or terminated at any time.

Our filings with the SEC, which you may obtain for free at the SEC's website at http://www.sec.gov, discuss some of the important risk factors that may affect our business, results of operations and financial condition. Actual results may vary from the estimates provided. We undertake no intent or obligation to publicly update or revise any of the estimates and other forward-looking statements made in this announcement, whether as a result of new information, future events or otherwise, except as required by law.

Contact:
Ji Yoo
Broadcom Inc.
Investor Relations
408-433-8000
investor.relations@broadcom.com

(AVGO-Q)


(1) The Company is not readily able to provide a reconciliation of the projected non-GAAP financial information presented to the relevant

projected GAAP measure without unreasonable effort.




























 

BROADCOM INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED

(IN MILLIONS, EXCEPT PER SHARE DATA)















































Fiscal Quarter Ended


Fiscal Year Ended







October 30,


July 31,


October 31,


October 30,


October 31,







2022


2022


2021


2022


2021





















Net revenue






$

8,930


$

8,464


$

7,407


$

33,203


$

27,450

Cost of revenue:




















Cost of revenue







2,298



2,077



1,920



8,256



7,162

Amortization of acquisition-related intangible assets







705



705



849



2,847



3,427

Restructuring charges







1



1



-



5



17

Total cost of revenue







3,004



2,783



2,769



11,108



10,606

Gross margin







5,926



5,681



4,638



22,095



16,844

Research and development







1,197



1,255



1,200



4,919



4,854

Selling, general and administrative







370



323



337



1,382



1,347

Amortization of acquisition-related intangible assets







358



359



494



1,512



1,976

Restructuring, impairment and disposal charges







15



7



26



57



148

Total operating expenses







1,940



1,944



2,057



7,870



8,325

Operating income







3,986



3,737



2,581



14,225



8,519

Interest expense







(406)



(406)



(434)



(1,737)



(1,885)

Other income (expense), net







40



6



22



(54)



131

Income before income taxes







3,620



3,337



2,169



12,434



6,765

Provision for income taxes







261



263



180



939



29

Net income







3,359



3,074



1,989



11,495



6,736

Dividends on preferred stock







(48)



(75)



(75)



(272)



(299)

Net income attributable to common stock






$

3,311


$

2,999


$

1,914


$

11,223


$

6,437





















Net income per share attributable to common stock:




















Basic






$

8.06


$

7.40


$

4.65


$

27.44


$

15.70

Diluted (1)






$

7.83


$

7.15


$

4.45


$

26.53


$

15.00





















Weighted-average shares used in per share calculations:




















Basic







411



405



412



409



410

Diluted (1)







429



430



430



423



429





















Stock-based compensation expense:




















Cost of revenue






$

38


$

37


$

37


$

147


$

143

Research and development







260



259



279



1,048



1,199

Selling, general and administrative







89



77



98



338



362

Total stock-based compensation expense






$

387


$

373


$

414


$

1,533


$

1,704


(1) Excludes the potentially dilutive effect of Mandatory Convertible Preferred Stock as the impact was antidilutive for the fiscal quarter

ended October 31, 2021, and for the fiscal years ended October 30, 2022 and October 31, 2021.

 

BROADCOM INC.

FINANCIAL RECONCILIATION: GAAP TO NON-GAAP - UNAUDITED

(IN MILLIONS)



































Fiscal Quarter Ended


Fiscal Year Ended



October 30,


July 31,


October 31,


October 30,


October 31,



2022


2022


2021


2022


2021

















Gross margin on GAAP basis


$

5,926


$

5,681


$

4,638


$

22,095


$

16,844

Amortization of acquisition-related intangible assets



705



705



849



2,847



3,427

Stock-based compensation expense



38



37



37



147



143

Restructuring charges



1



1



-



5



17

Acquisition-related costs



3



3



3



13



12

Gross margin on non-GAAP basis


$

6,673


$

6,427


$

5,527


$

25,107


$

20,443

















Research and development on GAAP basis


$

1,197


$

1,255


$

1,200


$

4,919


$

4,854

Stock-based compensation expense



260



259



279



1,048



1,199

Acquisition-related costs



-



-



-



-



3

Research and development on non-GAAP basis


$

937


$

996


$

921


$

3,871


$

3,652

















Selling, general and administrative expense on GAAP basis


$

370


$

323


$

337


$

1,382


$

1,347

Stock-based compensation expense



89



77



98



338



362

Acquisition-related costs



45



14



17



102



105

Litigation settlements



-



-



-



-



1

Selling, general and administrative expense on non-GAAP basis


$

236


$

232


$

222


$

942


$

879

















Total operating expenses on GAAP basis


$

1,940


$

1,944


$

2,057


$

7,870


$

8,325

Amortization of acquisition-related intangible assets



358



359



494



1,512



1,976

Stock-based compensation expense



349



336



377



1,386



1,561

Restructuring, impairment and disposal charges



15



7



26



57



148

Litigation settlements



-



-



-



-



1

Acquisition-related costs



45



14



17



102



108

Total operating expenses on non-GAAP basis


$

1,173


$

1,228


$

1,143


$

4,813


$

4,531

















Operating income on GAAP basis


$

3,986


$

3,737


$

2,581


$

14,225


$

8,519

Amortization of acquisition-related intangible assets



1,063



1,064



1,343



4,359



5,403

Stock-based compensation expense



387



373



414



1,533



1,704

Restructuring, impairment and disposal charges



16



8



26



62



165

Litigation settlements



-



-



-



-



1

Acquisition-related costs



48



17



20



115



120

Operating income on non-GAAP basis


$

5,500


$

5,199


$

4,384


$

20,294


$

15,912

















Interest expense on GAAP basis


$

(406)


$

(406)


$

(434)


$

(1,737)


$

(1,885)

Loss on debt extinguishment



-



-



23



112



245

Interest expense on non-GAAP basis


$

(406)


$

(406)


$

(411)


$

(1,625)


$

(1,640)

















Other income (expense), net on GAAP basis


$

40


$

6


$

22


$

(54)


$

131

(Gains) losses on investments



29



25



(9)



169



(99)

Other



-



(5)



(8)



(5)



(11)

Other income, net on non-GAAP basis


$

69


$

26


$

5


$

110


$

21

















Provision for income taxes on GAAP basis


$

261


$

263


$

180


$

939


$

29

Non-GAAP tax reconciling adjustments



358



315



297



1,314



1,686

Provision for income taxes on non-GAAP basis


$

619


$

578


$

477


$

2,253


$

1,715

















Net income on GAAP basis


$

3,359


$

3,074


$

1,989


$

11,495


$

6,736

Amortization of acquisition-related intangible assets



1,063



1,064



1,343



4,359



5,403

Stock-based compensation expense



387



373



414



1,533



1,704

Restructuring, impairment and disposal charges



16



8



26



62



165

Litigation settlements



-



-



-



-



1

Acquisition-related costs



48



17



20



115



120

Loss on debt extinguishment



-



-



23



112



245

(Gains) losses on investments



29



25



(9)



169



(99)

Other



-



(5)



(8)



(5)



(11)

Non-GAAP tax reconciling adjustments



(358)



(315)



(297)



(1,314)



(1,686)

Net income on non-GAAP basis


$

4,544


$

4,241


$

3,501


$

16,526


$

12,578

































Weighted-average shares used in per share calculations - diluted on GAAP basis



429



430



430



423



429

Non-GAAP adjustment (1)



6



6



18



16



20

Weighted-average shares used in per share calculations - diluted on non-GAAP basis



435



436



448



439



449

































Net income on non-GAAP basis


$

4,544


$

4,241


$

3,501


$

16,526


$

12,578

Interest expense on non-GAAP basis



406



406



411



1,625



1,640

Provision for income taxes on non-GAAP basis



619



578



477



2,253



1,715

Depreciation



129



129



134



529



539

Amortization of purchased intangibles and right-of-use assets



24



24



24



96



99

Adjusted EBITDA


$

5,722


$

5,378


$

4,547


$

21,029


$

16,571

















Net cash provided by operating activities


$

4,583


$

4,424


$

3,541


$

16,736


$

13,764

Purchases of property, plant and equipment



(122)



(116)



(88)



(424)



(443)

Free cash flow


$

4,461


$

4,308


$

3,453


$

16,312


$

13,321



















 Fiscal
Quarter
Ending 















January 29,













Expected average diluted share count (2)


2023





























Weighted-average shares used in per share calculation - diluted on GAAP basis


429













Non-GAAP adjustment (1)


6













Weighted-average shares used in per share calculation - diluted on non-GAAP basis


435














(1) Non-GAAP adjustment for the number of shares used in the diluted per share calculations excludes the impact of stock-based

compensation expense expected to be incurred in future periods and not yet recognized in the financial statements, which would otherwise

be assumed to be used to repurchase shares under the GAAP treasury stock method. In addition, the non-GAAP adjustment includes the

impact of Mandatory Convertible Preferred Stock that is antidilutive on a GAAP basis for the fiscal quarter ended October 31, 2021 and

the fiscal years ended October 30, 2022 and October 31, 2021.    

(2) Excludes the effects of potential share repurchases.

 

BROADCOM INC.

CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED

(IN MILLIONS)



















October 30,


October 31,




2022


2021










ASSETS
















Current assets:








Cash and cash equivalents


$

12,416


$

12,163


Trade accounts receivable, net



2,958



2,071


Inventory



1,925



1,297


Other current assets



1,205



1,055


Total current assets



18,504



16,586










Long-term assets:








Property, plant and equipment, net



2,223



2,348


Goodwill



43,614



43,450


Intangible assets, net



7,111



11,374


Other long-term assets



1,797



1,812


Total assets


$

73,249


$

75,570


















LIABILITIES AND EQUITY
















Current liabilities:








Accounts payable


$

998


$

1,086


Employee compensation and benefits



1,202



1,066


Current portion of long-term debt



440



290


Other current liabilities



4,412



3,839


Total current liabilities



7,052



6,281










Long-term liabilities:








Long-term debt



39,075



39,440


Other long-term liabilities



4,413



4,860


Total liabilities



50,540



50,581










Preferred stock dividend obligation



-



27










Stockholders' equity:








Preferred stock



-



-


Common stock



-



-


Additional paid-in capital



21,159



24,330


Retained earnings



1,604



748


Accumulated other comprehensive loss



(54)



(116)


Total stockholders' equity



22,709



24,962


  Total liabilities and equity


$

73,249


$

75,570


 

BROADCOM INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED

(IN MILLIONS)



















Fiscal Quarter Ended


Fiscal Year Ended



October 30,


July 31,


October 31,


October 30,


October 31,



2022


2022


2021


2022


2021

Cash flows from operating activities:
















Net income


$

3,359


$

3,074


$

1,989


$

11,495


$

6,736

Adjustments to reconcile net income to net cash provided by operating activities:















Amortization of intangible and right-of-use assets



1,087



1,088



1,367



4,455



5,502

Depreciation



129



129



134



529



539

Stock-based compensation



387



373



414



1,533



1,704

Deferred taxes and other non-cash taxes



(89)



(15)



(47)



(34)



(809)

Loss on debt extinguishment



-



-



-



100



198

Non-cash restructuring, impairment and disposal charges



2



2



3



13



38

Non-cash interest expense



32



32



29



129



96

Other



29



25



(15)



170



(113)

Changes in assets and liabilities, net of acquisitions and disposals:
















  Trade accounts receivable, net



(241)



375



160



(870)



210

  Inventory



(87)



(170)



(137)



(627)



(294)

  Accounts payable



304



(352)



101



(79)



243

  Employee compensation and benefits



128



321



172



136



186

  Other current assets and current liabilities



(388)



(198)



(540)



222



(177)

  Other long-term assets and long-term liabilities



(69)



(260)



(89)



(436)



(295)

Net cash provided by operating activities



4,583



4,424



3,541



16,736



13,764

















Cash flows from investing activities:
















Acquisitions of businesses, net of cash acquired



(7)



(5)



-



(246)



(8)

Proceeds from sales of businesses



-



-



45



-



45

Purchases of property, plant and equipment



(122)



(116)



(88)



(424)



(443)

Purchases of investments



-



-



-



(200)



-

Sales of investments



-



200



102



200



169

Other



1



1



(9)



3



(8)

Net cash provided by (used in) investing activities



(128)



80



50



(667)



(245)

















Cash flows from financing activities:
















Proceeds from long-term borrowings



-



-



-



1,935



9,904

Payments on debt obligations



(9)



-



(762)



(2,361)



(11,495)

Payments of dividends



(1,782)



(1,736)



(1,561)



(7,032)



(6,212)

Repurchases of common stock - repurchase program



-



(1,500)



-



(7,000)



-

Shares repurchased for tax withholdings on vesting of equity awards



(274)



(292)



(266)



(1,455)



(1,299)

Issuance of common stock



54



-



57



114



170

Other



(5)



(4)



(1)



(17)



(42)

Net cash used in financing activities



(2,016)



(3,532)



(2,533)



(15,816)



(8,974)

















Net change in cash and cash equivalents



2,439



972



1,058



253



4,545

Cash and cash equivalents at beginning of period



9,977



9,005



11,105



12,163



7,618

Cash and cash equivalents at end of period


$

12,416


$

9,977


$

12,163


$

12,416


$

12,163

















Supplemental disclosure of cash flow information:
















Cash paid for interest


$

397


$

290


$

571


$

1,386


$

1,565

Cash paid for income taxes


$

251


$

231


$

168


$

908


$

775

 

Cision View original content:https://www.prnewswire.com/news-releases/broadcom-inc-announces-fourth-quarter-and-fiscal-year-2022-financial-results-and-quarterly-dividend-301698763.html

SOURCE Broadcom Inc.