Broadcom said it paid VMware stockholders about $30,788 million in cash and 544 million shares of Broadcom common stock with a fair value of $53,398 million on November 22, 2023. On July 1, 2024, it sold the EUC business to KKR & Co. Inc. for cash of $3.5 billion.

10-KAnnual reportFiled Dec 20, 2024Period of report Nov 3, 2024Summary published (UTC) Oct 23, 2026

Key points

AI summary

Broadcom said it paid VMware stockholders about $30,788 million in cash and 544 million shares of Broadcom common stock with a fair value of $53,398 million on November 22, 2023. On July 1, 2024, it sold the EUC business to KKR & Co. Inc. for cash of $3.5 billion.
The company said interest expense rose to $3,953 million from $1,622 million a year earlier, mainly due to interest on debt it raised to fund the VMware acquisition. Provision for income taxes was $3,748 million, compared with $1,015 million a year earlier, and the company cited a one-time intra-group transfer of IP rights as a factor.
The company said net cash provided by operating activities for the fiscal year increased $1,877 million from the prior year, mainly due to contributions from VMware. Net income decreased $8,187 million, and the company said higher non-cash adjustments of $13,058 million had a significant impact.
The company funded the cash portion of the VMware acquisition with net proceeds of about $30,390 million from the 2023 Term Loans and cash on hand. During the fiscal year, it repaid $16,795 million of the 2023 Term Loans, and said $69,847 million of debt remained outstanding.

Key figures

Fiscal year ended November 3, 2024

Revenue: $51.6B
Operating income: $13.5B
Net income: $5.9B
EPS: $1.23
Gross profit: $32.5B
Operating cash flow: $20.0B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

VMware Acquisition Consideration and EUC Divestiture

Broadcom said it paid VMware stockholders about $30,788 million in cash and 544 million shares of Broadcom common stock with a fair value of $53,398 million on November 22, 2023. On July 1, 2024, it sold the EUC business to KKR & Co. Inc. for cash of $3.5 billion.

Source · Based on the MD&A text of the filing

Higher Interest and Income Tax Expense

The company said interest expense rose to $3,953 million from $1,622 million a year earlier, mainly due to interest on debt it raised to fund the VMware acquisition. Provision for income taxes was $3,748 million, compared with $1,015 million a year earlier, and the company cited a one-time intra-group transfer of IP rights as a factor.

Source · Based on the MD&A text of the filing

Higher Operating Cash Flow and Non-Cash Adjustments

The company said net cash provided by operating activities for the fiscal year increased $1,877 million from the prior year, mainly due to contributions from VMware. Net income decreased $8,187 million, and the company said higher non-cash adjustments of $13,058 million had a significant impact.

Source · Based on the MD&A text of the filing

Debt Balance and 2023 Term Loan Repayments

The company funded the cash portion of the VMware acquisition with net proceeds of about $30,390 million from the 2023 Term Loans and cash on hand. During the fiscal year, it repaid $16,795 million of the 2023 Term Loans, and said $69,847 million of debt remained outstanding.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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