AVGO
$517.91
Broadcom
$3.76
.73%
Earnings Details
3rd Quarter July 2021
Thursday, September 2, 2021 4:15:00 PM
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Summary

Broadcom Beats

Broadcom (AVGO) reported 3rd Quarter July 2021 earnings of $7.16 per share on revenue of $6.8 billion. The consensus earnings estimate was $6.85 per share on revenue of $6.8 billion. The Earnings Whisper number was $7.13 per share. Revenue grew 16.4% on a year-over-year basis.

The company said it expects fourth quarter revenue of approximately $7.35 billion. The current consensus revenue estimate is $7.23 billion for the quarter ending October 31, 2021.

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
$7.16
Earnings Whisper
$7.13
Consensus Estimate
$6.85
Reported Revenue
$6.78 Bil
Revenue Estimate
$6.76 Bil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Broadcom Inc. Announces Third Quarter Fiscal Year 2021 Financial Results and Quarterly Dividends

SAN JOSE, Calif., Sept. 2, 2021 /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 third quarter of fiscal year 2021, ended August 1, 2021, provided guidance for the fourth quarter of its fiscal year 2021 and announced its quarterly dividends.

"Broadcom delivered record revenues in the third quarter reflecting our product and technology leadership across multiple secular growth markets in cloud, 5G infrastructure, broadband, and wireless," said Hock Tan, President and CEO of Broadcom Inc. "We are projecting the momentum to continue in the fourth quarter."

"Our business model continues to perform. Consolidated revenue grew 16% year-over-year to $6.8 billion and operating profit increased 24% with adjusted EBITDA margin a record 61%," said Kirsten Spears, CFO of Broadcom Inc. "We generated $3.4 billion in free cash flow or 51% of revenue in the quarter, and we expect free cash flow to remain strong in the fourth quarter."

 

Third Quarter Fiscal Year 2021 Financial Highlights



GAAP


Non-GAAP

(Dollars in millions, except per share data)


Q3 21


Q3 20


Change


Q3 21


Q3 20


Change

Net revenue


$

6,778


$

5,821



+16%


$

6,778


$

5,821



+16%

Net income


$

1,876


$

688


+$

1,188


$

3,124


$

2,435


+$

689

Earnings per common share - diluted


$

4.20


$

1.45


+$

2.75


$

6.96


$

5.40


+$

1.56


(Dollars in millions)












Q3 21


Q3 20


Change

Cash flow from operations












$

3,541


$

3,178


+$

363

Adjusted EBITDA












$

4,123


$

3,342


+$

781

Free cash flow












$

3,426


$

3,073


+$

353


Net revenue by segment



























(Dollars in millions)













Q3 21


Q3 20


Change

Semiconductor solutions













$

5,021


74%


$

4,219


72%


+19%

Infrastructure software














1,757


26



1,602


28


+10%

   Total net revenue













$

6,778


100%


$

5,821


100%




 

The Company's cash and cash equivalents at the end of the fiscal quarter were $11,105 million, compared to $9,518 million at the end of the prior quarter.

During the third fiscal quarter, the Company generated $3,541 million in cash from operations and spent $115 million on capital expenditures.

On June 30, 2021, the Company paid a cash dividend of $3.60 per share of common stock, totaling $1,482 million and a cash dividend of $20.00 per share of mandatory convertible preferred stock, totaling $74 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.

Fourth Quarter Fiscal Year 2021 Business Outlook

Based on current business trends and conditions, the outlook for the fourth quarter of fiscal year 2021, ending October 31, 2021, is expected to be as follows: 

  • Fourth quarter revenue guidance of approximately $7.35 billion; and
  • Fourth quarter Adjusted EBITDA guidance of approximately 61 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 $3.60 per share. The common stock dividend is payable on September 30, 2021 to common stockholders of record at the close of business (5:00 p.m. Eastern Time) on September 22, 2021.

The Company's Board of Directors has also approved a quarterly cash dividend on its 8.00% Mandatory Convertible Preferred Stock, Series A, of $20.00 per share. This dividend is payable on September 30, 2021 to preferred stockholders of record at the close of business (5:00 p.m. Eastern Time) on September 15, 2021.

Financial Results Conference Call

Broadcom Inc. will host a conference call to review its financial results for the third quarter fiscal year 2021 and to discuss the business outlook, today at 2:00 p.m. Pacific Time. Those wishing to access the call should dial (866) 310-8712; International +1 (720) 634-2946. The passcode is 1962853. A replay of the call will be accessible for one week after the call. To access the replay dial (855) 859-2056; International +1 (404) 537-3406; and reference the passcode: 1962853. A webcast of the conference call will also be available in the "Investors" section of Broadcom's website at https://www.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 revenue, 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 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: the COVID-19 pandemic, which has disrupted, and will likely continue to disrupt, normal business activity, and which may have an adverse effect on our results of operations; 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 economic conditions and concerns; global political and economic conditions; our significant indebtedness and the need to generate sufficient cash flows to service and repay such debt; 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; any acquisitions we may make, 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; cyclicality in the semiconductor industry or in our target markets; 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 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; our ability to protect against a breach of security systems; 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 will be, exacerbated by the COVID-19 pandemic and any worsening of the global business and economic environment as a result. 

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


Three Fiscal Quarters Ended



August 1,


May 2,


August 2,


August 1,


August 2,



2021


2021


2020


2021


2020

















Net revenue


$

6,778


$

6,610


$

5,821


$

20,043


$

17,421

Cost of revenue:
















Cost of revenue



1,729



1,699



1,537



5,242



4,765

Amortization of acquisition-related intangible assets



851



853



953



2,578



2,857

Restructuring charges



1



1



15



17



30

Total cost of revenue



2,581



2,553



2,505



7,837



7,652

Gross margin



4,197



4,057



3,316



12,206



9,769

Research and development



1,205



1,238



1,228



3,654



3,786

Selling, general and administrative



346



325



428



1,010



1,530

Amortization of acquisition-related intangible assets



494



494



600



1,482



1,802

Restructuring, impairment and disposal charges



26



25



52



122



163

Total operating expenses



2,071



2,082



2,308



6,268



7,281

Operating income



2,126



1,975



1,008



5,938



2,488

Interest expense



(415)



(466)



(464)



(1,451)



(1,357)

Other income (expense), net



15



(23)



49



109



175

Income from continuing operations before income taxes



1,726



1,486



593



4,596



1,306

Benefit from income taxes



(150)



(7)



(96)



(151)



(331)

Income from continuing operations



1,876



1,493



689



4,747



1,637

Loss from discontinued operations, net of income taxes



-



-



(1)



-



(1)

Net income



1,876



1,493



688



4,747



1,636

Dividends on preferred stock



(74)



(76)



(74)



(224)



(223)

Net income attributable to common stock


$

1,802


$

1,417


$

614


$

4,523


$

1,413

















Basic income per share attributable to common stock:
















Income per share from continuing operations


$

4.38


$

3.46


$

1.53


$

11.06


$

3.53

Loss per share from discontinued operations



-



-



(0.01)



-



(0.01)

Net income per share


$

4.38


$

3.46


$

1.52


$

11.06


$

3.52

















Diluted income per share attributable to common stock(1):
















Income per share from continuing operations


$

4.20


$

3.30


$

1.46


$

10.54


$

3.37

Loss per share from discontinued operations



-



-



(0.01)



-



(0.01)

Net income per share


$

4.20


$

3.30


$

1.45


$

10.54


$

3.36

















Weighted-average shares used in per share calculations:
















Basic



411



409



403



409



401

Diluted



429



429



422



429



420

















Stock-based compensation expense included in continuing operations:
















Cost of revenue


$

36


$

38


$

37


$

106


$

121

Research and development



285



307



337



920



1,101

Selling, general and administrative



100



80



91



264



305

Total stock-based compensation expense


$

421


$

425


$

465


$

1,290


$

1,527


















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


 

BROADCOM INC.

FINANCIAL RECONCILIATION: GAAP TO NON-GAAP - UNAUDITED

(IN MILLIONS)



































Fiscal Quarter Ended


Three Fiscal Quarters Ended



August 1,


May 2,


August 2,


August 1,


August 2,



2021


2021


2020


2021


2020

















Gross margin on GAAP basis


$

4,197


$

4,057


$

3,316


$

12,206


$

9,769

Purchase accounting effect on inventory



-



-



-



-



11

Amortization of acquisition-related intangible assets



851



853



953



2,578



2,857

Stock-based compensation expense



36



38



37



106



121

Restructuring charges



1



1



15



17



30

Acquisition-related costs



3



3



-



9



6

Gross margin on non-GAAP basis


$

5,088


$

4,952


$

4,321


$

14,916


$

12,794

















Research and development on GAAP basis


$

1,205


$

1,238


$

1,228


$

3,654


$

3,786

Stock-based compensation expense



285



307



337



920



1,101

Acquisition-related costs



1



1



1



3



13

Research and development on non-GAAP basis


$

919


$

930


$

890


$

2,731


$

2,672

















Selling, general and administrative expense on GAAP basis


$

346


$

325


$

428


$

1,010


$

1,530

Stock-based compensation expense



100



80



91



264



305

Acquisition-related costs



22



25



66



88



336

Litigation settlements



1



-



21



1



63

Selling, general and administrative expense on non-GAAP basis


$

223


$

220


$

250


$

657


$

826

















Total operating expenses on GAAP basis


$

2,071


$

2,082


$

2,308


$

6,268


$

7,281

Amortization of acquisition-related intangible assets



494



494



600



1,482



1,802

Stock-based compensation expense



385



387



428



1,184



1,406

Restructuring, impairment and disposal charges



26



25



52



122



163

Litigation settlements



1



-



21



1



63

Acquisition-related costs



23



26



67



91



349

Total operating expenses on non-GAAP basis


$

1,142


$

1,150


$

1,140


$

3,388


$

3,498

















Operating income on GAAP basis


$

2,126


$

1,975


$

1,008


$

5,938


$

2,488

Purchase accounting effect on inventory



-



-



-



-



11

Amortization of acquisition-related intangible assets



1,345



1,347



1,553



4,060



4,659

Stock-based compensation expense



421



425



465



1,290



1,527

Restructuring, impairment and disposal charges



27



26



67



139



193

Litigation settlements



1



-



21



1



63

Acquisition-related costs



26



29



67



100



355

Operating income on non-GAAP basis


$

3,946


$

3,802


$

3,181


$

11,528


$

9,296

















Interest expense on GAAP basis


$

(415)


$

(466)


$

(464)


$

(1,451)


$

(1,357)

Loss on debt extinguishment



-



50



55



222



153

Interest expense on non-GAAP basis


$

(415)


$

(416)


$

(409)


$

(1,229)


$

(1,204)

















Other income (expense), net on GAAP basis


$

15


$

(23)


$

49


$

109


$

175

Gain from lapse of indemnification



-



-



-



-



(116)

(Gains) losses on investments



4



25



(31)



(90)



(21)

Gain from sale of business



-



-



(23)



-



(23)

Acquisition-related gain



-



(1)



-



(3)



(7)

Other income (expense), net on non-GAAP basis


$

19


$

1


$

(5)


$

16


$

8

















Benefit from income taxes on GAAP basis


$

(150)


$

(7)


$

(96)


$

(151)


$

(331)

Non-GAAP tax reconciling adjustments



576



414



428



1,389



1,303

Provision for income taxes on non-GAAP basis


$

426


$

407


$

332


$

1,238


$

972

















Net income on GAAP basis


$

1,876


$

1,493


$

688


$

4,747


$

1,636

Purchase accounting effect on inventory



-



-



-



-



11

Amortization of acquisition-related intangible assets



1,345



1,347



1,553



4,060



4,659

Stock-based compensation expense



421



425



465



1,290



1,527

Restructuring, impairment and disposal charges



27



26



67



139



193

Litigation settlements



1



-



21



1



63

Acquisition-related costs



26



28



67



97



348

Loss on debt extinguishment



-



50



55



222



153

Gain from lapse of indemnification



-



-



-



-



(116)

(Gains) losses on investments



4



25



(31)



(90)



(21)

Gain from sale of business



-



-



(23)



-



(23)

Non-GAAP tax reconciling adjustments



(576)



(414)



(428)



(1,389)



(1,303)

Loss from discontinued operations, net of income taxes



-



-



1



-



1

Net income on non-GAAP basis


$

3,124


$

2,980


$

2,435


$

9,077


$

7,128

































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



429



429



422



429



420

Non-GAAP adjustment (1)



20



21



29



20



32

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


449



450



451



449



452

































Net income on non-GAAP basis


$

3,124


$

2,980


$

2,435


$

9,077


$

7,128

Interest expense on non-GAAP basis



415



416



409



1,229



1,204

Provision for income taxes on non-GAAP basis



426



407



332



1,238



972

Depreciation



134



133



138



405



431

Amortization of purchased intangibles and right-of-use assets



24



24



28



75



81

Adjusted EBITDA


$

4,123


$

3,960


$

3,342


$

12,024


$

9,816

















Net cash provided by operating activities


$

3,541


$

3,569


$

3,178


$

10,223


$

8,713

Purchases of property, plant and equipment



(115)



(126)



(105)



(355)



(361)

Free cash flow


$

3,426


$

3,443


$

3,073


$

9,868


$

8,352



































 Fiscal Quarter
Ending 















October 31,













Expected average diluted share count:


2021





























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


429













Non-GAAP adjustment (1)


19













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

448





























(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 ending October 31, 2021, the non-GAAP adjustment includes the impact of Mandatory Convertible Preferred Stock that is expected to be antidilutive on a GAAP basis.

 

BROADCOM INC.

CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED

(IN MILLIONS)



















August 1,


November 1,




2021


2020










ASSETS
















Current assets:








Cash and cash equivalents


$

11,105


$

7,618


Trade accounts receivable, net



2,234



2,297


Inventory



1,160



1,003


Other current assets



1,137



977


Total current assets



15,636



11,895










Long-term assets:








Property, plant and equipment, net



2,370



2,509


Goodwill



43,457



43,447


Intangible assets, net



12,719



16,782


Other long-term assets



1,698



1,300


Total assets


$

75,880


$

75,933


















LIABILITIES AND EQUITY
















Current liabilities:








Accounts payable


$

968


$

836


Employee compensation and benefits



893



877


Current portion of long-term debt



279



827


Other current liabilities



4,361



3,831


Total current liabilities



6,501



6,371










Long-term liabilities:








Long-term debt



40,178



40,235


Other long-term liabilities



4,834



5,426


Total liabilities



51,513



52,032










Preferred stock dividend obligation



27



27










Stockholders' equity:








Preferred stock



-



-


Common stock



-



-


Additional paid-in capital



24,126



23,982


Retained earnings



320



-


Accumulated other comprehensive loss



(106)



(108)


Total stockholders' equity



24,340



23,874


  Total liabilities and equity


$

75,880


$

75,933


 

BROADCOM INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED

(IN MILLIONS)



















Fiscal Quarter Ended


Three Fiscal Quarters Ended



August 1,


May 2,


August 2,


August 1,


August 2,



2021


2021


2020


2021


2020

Cash flows from operating activities:
















Net income


$

1,876


$

1,493


$

688


$

4,747


$

1,636

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
















Amortization of intangible and right-of-use assets



1,369



1,371



1,581



4,135



4,746

Depreciation



134



133



138



405



431

Stock-based compensation



421



425



465



1,290



1,527

Deferred taxes and other non-cash taxes



(436)



(177)



(436)



(762)



(683)

Loss on debt extinguishment



-



26



55



198



153

(Gains) losses on investments



4



25



-



(90)



-

Non-cash restructuring, impairment and disposal charges



8



12



15



35



32

Non-cash interest expense



24



21



22



67



83

Other



-



(3)



(54)



(8)



(43)

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
















  Trade accounts receivable, net



191



106



542



50



590

  Inventory



(156)



(52)



(128)



(157)



(98)

  Accounts payable



156



(58)



(123)



142



227

  Employee compensation and benefits



254



135



231



14



75

  Other current assets and current liabilities



(227)



182



(2)



363



462

  Other long-term assets and long-term liabilities



(77)



(70)



184



(206)



(425)

Net cash provided by operating activities



3,541



3,569



3,178



10,223



8,713

















Cash flows from investing activities:
















Acquisitions of businesses, net of cash acquired



-



-



(2)



(8)



(10,872)

Proceeds from sales of businesses



-



-



50



-



218

Purchases of property, plant and equipment



(115)



(126)



(105)



(355)



(361)

Proceeds from disposals of property, plant and equipment



1



3



10



4



10

Proceeds from sale of investment



67



-



-



67



-

Other



-



(3)



1



(3)



(4)

Net cash used in investing activities



(47)



(126)



(46)



(295)



(11,009)

















Cash flows from financing activities:
















Proceeds from long-term borrowings



-



-



7,953



9,904



27,802

Payments on debt obligations



-



(1,533)



(6,825)



(10,733)



(15,814)

Other borrowings, net



-



-



(3,028)



-



(1,285)

Payments of dividends



(1,556)



(1,552)



(1,386)



(4,651)



(4,139)

Shares repurchased for tax withholdings on vesting of equity awards



(347)



(461)



(192)



(1,033)



(580)

Issuance of common stock



7



71



46



113



174

Other



(11)



(2)



(50)



(41)



(60)

Net cash provided by (used in) financing activities



(1,907)



(3,477)



(3,482)



(6,441)



6,098

















Net change in cash and cash equivalents



1,587



(34)



(350)



3,487



3,802

Cash and cash equivalents at beginning of period



9,518



9,552



9,207



7,618



5,055

Cash and cash equivalents at end of period


$

11,105


$

9,518


$

8,857


$

11,105


$

8,857

















Supplemental disclosure of cash flow information:
















Cash paid for interest


$

253


$

369


$

269


$

994


$

1,025

Cash paid for income taxes


$

167


$

293


$

44


$

607


$

299

 

Cision View original content:https://www.prnewswire.com/news-releases/broadcom-inc-announces-third-quarter-fiscal-year-2021-financial-results-and-quarterly-dividends-301368766.html

SOURCE Broadcom Inc.