Broadcom — Dec 12, 2024 release

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS — UNAUDITED (IN MILLIONS, EXCEPT PER SHARE DATA) Fiscal Quarter Ended Fiscal Year Ended November 3, 2024 August 4, 2024 October 29, 2023 November 3, 2024 October 29, 2023 Net revenue $ 14,054  $ 13,072  $ 9,295  $ 51,574  $ 35,819  Cost of revenue: Cost of revenue 3,399  3,133  2,449  12,788  9,272  Amortization of acquisition-related intangible assets 1,602  1,525  438  6,023  1,853  Restructuring charges 51  58  1  254  4  Total cost of revenue 5,052  4,716  2,888  19,065  11,129  Gross margin 9,002  8,356  6,407  32,509  24,690  Research and development 2,234  2,353  1,388  9,310  5,253  Selling, general and administrative 1,010  1,100  418  4,959  1,592  Amortization of acquisition-related intangible assets 813  812  348  3,244  1,394  Restructuring and other charges 318  303  13  1,533  244  Total operating expenses 4,375  4,568  2,167  19,046  8,483  Operating income 4,627  3,788  4,240  13,463  16,207  Interest expense (916) (1,064) (405) (3,953) (1,622) Other income, net 52  82  132  406  512  Income from continuing operations before income taxes 3,763  2,806  3,967  9,916  15,097  Provision for (benefit from) income taxes (442) 4,238  443  3,748  1,015  Income (loss) from continuing operations 4,205  (1,432) 3,524  6,168  14,082  Income (loss) from discontinued operations, net of income taxes 119  (443) —  (273) —  Net income (loss) $ 4,324  $ (1,875) $ 3,524  $ 5,895  $ 14,082  Basic income (loss) per share (1) : Income (loss) per share from continuing operations $ 0.89  $ (0.31) $ 0.85  $ 1.33  $ 3.39  Income (loss) per share from discontinued operations 0.03  (0.09) —  (0.06) —  Net income (loss) per share $ 0.92  $ (0.40) $ 0.85  $ 1.27  $ 3.39  Diluted income (loss) per share (1) : Income (loss) per share from continuing operations $ 0.87  $ (0.31) $ 0.83  $ 1.29  $ 3.30  Income (loss) per share from discontinued operations 0.03  (0.09) —  (0.06) —  Net income (loss) per share $ 0.90  $ (0.40) $ 0.83  $ 1.23  $ 3.30  Weighted-average shares used in per share calculations (1) : Basic 4,679  4,663  4,133  4,624  4,149  Diluted 4,828  4,663  4,268  4,778  4,272  Stock-based compensation expense included in continuing operations: Cost of revenue $ 159  $ 174  $ 62  $ 664  $ 210  Research and development 839  877  448  3,460  1,513  Selling, general and administrative 316  330  128  1,546  448  Total stock-based compensation expense $ 1,314  $ 1,381  $ 638  $ 5,670  $ 2,171  (1) Reflects a ten-for-one forward stock split on July 12, 2024. BROADCOM INC. FINANCIAL RECONCILIATION: GAAP TO NON-GAAP — UNAUDITED (IN MILLIONS) Fiscal Quarter Ended Fiscal Year Ended November 3, 2024 August 4, 2024 October 29, 2023 November 3, 2024 October 29, 2023 Gross margin on GAAP basis $ 9,002  $ 8,356  $ 6,407  $ 32,509  $ 24,690  Amortization of acquisition-related intangible assets 1,602  1,525  438  6,023  1,853  Stock-based compensation expense 159  174  62  664  210  Restructuring charges 51  58  1  254  4  Acquisition-related costs —  —  —  9  —  Gross margin on non-GAAP basis $ 10,814  $ 10,113  $ 6,908  $ 39,459  $ 26,757  Research and development on GAAP basis $ 2,234  $ 2,353  $ 1,388  $ 9,310  $ 5,253  Stock-based compensation expense 839  877  448  3,460  1,513  Acquisition-related costs —  2  —  3  —  Research and dev