Broadcom(AVGO) - 2024 Q3 - Quarterly Results

Financial Performance - Revenue for Q3 2024 was $13,072 million, representing a 47% increase year-over-year[1] - Non-GAAP net income for Q3 2024 was $6,120 million, while GAAP net loss was $1,875 million due to a one-time tax provision[2] - Adjusted EBITDA for Q3 2024 was $8,223 million, or 63% of revenue, up 42% year-over-year[2] - Free cash flow for Q3 2024 was $4,791 million, accounting for 37% of revenue, and up 14% year-over-year[2] - Fourth quarter revenue guidance is approximately $14.0 billion, a 51% increase from the prior year period[1] - Net revenue for the quarter ended May 5, 2024, was $13,072 million, an increase from $12,487 million in the previous quarter, representing a growth of 4.7%[20] - Operating income rose to $3,788 million, up from $2,965 million in the previous quarter, reflecting a significant increase of 27.8%[20] - The company reported a net loss of $1,875 million for the quarter, compared to a net income of $2,121 million in the previous quarter[20] - Basic loss per share from continuing operations was $(0.31), compared to earnings of $0.46 in the prior quarter[20] - Diluted loss per share from continuing operations was $(0.31), down from earnings of $0.44 in the previous quarter[20] - Non-GAAP net income for the same quarter was $6,120 million, up from $5,394 million in the prior quarter, reflecting a 13.5% increase[22] - Adjusted EBITDA for the quarter was $8,223 million, compared to $7,429 million in the previous quarter, indicating an increase of 10.7%[22] Expenses and Costs - Research and development expenses were $2,353 million, slightly down from $2,415 million in the prior quarter, showing a decrease of 2.6%[20] - Total operating expenses decreased to $4,568 million from $4,811 million, a reduction of 5.0%[20] - Stock-based compensation expense included in continuing operations totaled $1,381 million, slightly down from $1,403 million in the prior quarter[20] - Research and development expenses on GAAP basis totaled $2,353 million, slightly down from $2,415 million in the prior quarter[21] - Total operating expenses on GAAP basis were $4,568 million, a decrease from $4,811 million in the previous quarter[21] - Stock-based compensation expense on GAAP basis was $1,207 million, compared to $1,233 million in the previous quarter[21] - Acquisition-related costs amounted to $81 million, slightly down from $90 million in the previous quarter[21] Cash Flow and Liquidity - Cash and cash equivalents at the end of Q3 2024 were $9,952 million, compared to $9,809 million at the end of the prior quarter[3] - Cash paid for interest amounted to $816 million, down from $946 million in the previous quarter[26] - The company had a net cash used in financing activities of $8,065 million, compared to $5,929 million in the previous quarter[26] - The company reported a free cash flow of $4,791 million for the quarter, compared to $4,448 million in the previous quarter[22] - The company’s cash flows from investing activities provided $3,245 million, compared to a cash outflow of $(706) million in the previous quarter[26] Assets and Liabilities - Cash and cash equivalents dropped to $9,952 million from $14,189 million, a decline of 29.3%[24] - Long-term debt increased to $66,798 million from $37,621 million, representing a 77.6% rise[24] - Total liabilities rose to $102,315 million from $48,873 million, marking an increase of 109%[24] - Total current assets decreased to $19,947 million from $20,847 million as of October 29, 2023[24] - Goodwill increased significantly to $97,873 million from $43,653 million, reflecting a substantial rise due to acquisitions[24] Dividend and Shareholder Returns - The company declared a quarterly dividend of $0.53 per share, payable on September 30, 2024[6] - The expected average diluted share count for the fiscal quarter ending November 3, 2024, is projected to be 4,824 million[23]