Broadcom (AVGO) FY2019 results: revenue $22.6 billion, up 8.4% on the year
Broadcom Inc. (AVGO) reported revenue of $22.6 billion for fiscal 2019, the year ended 3 November 2019, up 8.4% on the year before. Net income was $2.7 billion, down 78.0%, and diluted earnings per share $0.64. The figures are the company's own, from the 10-K it filed with the SEC on 20 December 2019.
Revenue
$22.6 billion
+8.4% on the year
FY2016FY2019
Operating margin
15.2%
24.6% a year earlier
FY2016FY2019
Net income
$2.7 billion
-78.0% on the year
FY2016FY2019
Diluted EPS
$0.64
-77.4% on the year
FY2016FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
22,597
20,848
17,636
+8.4%
Cost of revenue
10,114
10,115
9,127
-0.0%
Gross profit
12,483
10,733
8,509
+16.3%
Gross margin
55.2%
51.5%
48.2%
Research and development
4,696
3,768
3,302
+24.6%
Selling, general and administrative
1,709
1,056
789
+61.8%
Operating income
3,444
5,135
2,371
-32.9%
Operating margin
15.2%
24.6%
13.4%
Interest expense
1,444
628
454
+129.9%
Pre-tax income
2,226
4,545
1,825
-51.0%
Income tax
-510
-8,084
35.0
Effective tax rate
-22.9%
-177.9%
1.9%
Net income
2,695
12,259
1,692
-78.0%
Net margin
11.9%
58.8%
9.6%
Diluted EPS
$0.64
$2.84
$0.40
-77.4%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
9,697
8,880
6,551
+9.2%
Capital expenditure
432
635
1,069
-32.0%
Free cash flow
9,265
8,245
5,482
+12.4%
Free cash flow margin
41.0%
39.5%
31.1%
Cash from investing
-15,422
-4,674
-674
Cash from financing
6,488
-11,118
2,230
Depreciation and amortisation
5,808
4,081
4,737
+42.3%
Share-based compensation
2,185
1,227
921
+78.1%
Buybacks
5,435
7,258
0.0
-25.1%
Dividends paid
4,235
2,921
1,653
+45.0%
Dividend per share
$1.06
$0.70
$0.41
+51.4%
Diluted shares, weighted
4,190m
4,310m
4,210m
-2.8%
Shares outstanding at period end
3,976m
4,076m
4,087m
-2.5%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
24,941
26,657
20,285
-6.4%
Non-controlling interest
n/a
0.0
2,901
Debt
33,059
17,609
17,548
+87.7%
Other liabilities
9,493
5,858
13,684
+62.1%
Total liabilities and equity
67,493
50,124
54,418
+34.7%
Fixed assets
2,565
2,635
2,599
-2.7%
Goodwill
36,714
26,913
24,706
+36.4%
Intangible assets
17,554
10,762
10,832
+63.1%
Cash and equivalents
5,055
4,292
11,204
+17.8%
Receivables
3,259
3,325
2,448
-2.0%
Inventory
874
1,124
1,447
-22.2%
Other assets
1,472
1,073
1,182
+37.2%
Total assets
67,493
50,124
54,418
+34.7%
10-K for the year ended 3 November 2019, filed 20 December 2019: the filing.