Broadcom v40

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SOX constitutients
Hardcode
Linked from same sheet
Linked from different sheet
Odd formula / assumption
TBU
Font: Arial Narrow, font 9
Roadmap:
7/24/2018 Use CA's 6/30 rx
Finish rollforwax
Finish PF cap x
AVGOProjc setux
Set up CA projex
Consolidate twox
Finish FCF projx
Qualitative research to back up all projection numbers
DCF x
Misc.
Not sure how Brocade convertible debt works exactly; only $38mm not worth looking
7/11/2018 Investor Presentation
Purchase Price: $44.50 per share in cash; ~$18.9 billion equity value
Sources of Financing: $18.0 billion of fully committed term loans and cash on hand; anticipate pro forma net leverage at closing of < 2.1x
Voting considerations
Careal Property Group AG and affiliates, who collectively own approximately 25% of the outstanding shares of CA common stock, have entered into a voting
Regulatory considerations
Subject to customary closing conditions, including the approval of CA shareholders and antitrust approvals in the U.S., the EU and Japan; but not China
Rating impact
Bloomberg: expected to remain investment grade
Rating agencies: S&P affriemd BBB- on 7/13/2018; Moody's rating under review, currently Baa2, possibly downgrade to Baa3
Given that AVGO's existing notes are are not pre-payable prior to maturity without a punitive make-whole redemption payment, the acquisition will likely be fin
Debt assumptions
UBS 7/12/2018 assumes 4% on acquistiion debt
Cowen 7/12/2018 assumes 4% on acquistiion debt of $18bn
Synergy assumptions
Cowen 7/12/2018: $500mm, 90% in OpEx
Interest rate
PiperJaffray: sub-4%
AVGO minimum cash considerations?
stock, have entered into a voting agreement to vote in favor of the transaction
EU and Japan; but not China
ent, the acquisition will likely be financed with a significant portion of loan component so as to provide a path to deleveraging
Assumptions
Acquirer AVGO
Target CA
Market date 7/23/2018
Last updated 7/23/2018
Broadcom first projection date 8/5/2018 2018FQ3; AVGO will report its 3Q (8/5) financials on 9/6
CA first projection date 9/30/2018 2018CQ3; CA will report its 2Q (6/30) financials on 7/24
Transaction date 11/1/2018 2018FYE for AVGO
Operating case
1 Case 1: Street consensus
1 Case 1: Street consensus
2 Case 2: [ ]
3 Case 3: [ ]
Financing case Debt $mm Rate

1 Case 1: $18bn debt
1 Case 1: $18bn debt $18,000.0 4.0%
2 Case 2: [ ]
3 Case 3: [ ]
Toggles
Circ switch 1
1
0
Acquirer
Stock price $221.1 7/27/2018 closing
Common shares outstanding (mm) 431.7 As of 6/1/2018
Diluted shares outstandign (mm) 441.0
Options # (mm) Strike Dilution

Stock options 9.0 $50.1 7.0
RSUs 19.0 $194.0 2.3
Target
Stock price $44.0 7/24/2018 closing
Common shares outstanding (mm) 416.6 As of 5/2/2018
Diluted shares outstandign (mm) 419.8
Options # (mm) Strike Dilution

Stock options 4.3 $29.5 1.4
RSUs 1.3 $29.5 0.4
RSAs 4.6 $31.5 1.3
LIBOR 2018E 2019E 2020E 2021E
2.67% 2.97% 2.92% 2.85%
5) financials on 9/6
financials on 7/24
Sources Uses
Debt issuance $ 18,000 Equity purchase
Cash on B/S 1,827 Transaction fees
Rolled target debt 2,533 Rolled target debt
Total sources $ 22,360 Total uses
EV
M&A fee %
Debt fee %
Calenderization
AVGO FY 2017 2018 2018
AVGO FQ FQ4 FQ1 FQ2
Ending 10/29/2017 2/4/2018 5/6/2018
# Days in each FQ 98 91
# Days after previous CQE 35 36
# Days before next CQ 63 55 55
CA FQ FQ3 FQ4 FQ1
CA 9/30/2017 12/31/2017 3/31/2018 6/30/2018
# Days in each CQ 92 90 91
Ratio 109% 100%
Conversion weights (quarterly)

FQ1 68% 39%
FQ2 61% 40%
FQ3 60%
FQ4
FQ1
AVGO FQ
Conversion weights (annual) - conversion of CA to AVGO

AVGO FYE 2017 2018
10/29/2017 11/1/2018
2018 2019
CA FYE 3/31/2018 3/31/2019
# Days excess 153 150
Conversion weights (annual) 41% 59%
These weights, applied to FYX and FYX+1 of CA, would give you FYX of AVGO
2022E 2023E 2024E 2025E 2026E 2027E 2028E
2.82% 2.81% 2.85% 2.87% 2.91% 2.94% 2.97% Quite flat; keep acquisition debt cost constant
$ 18,900
927
2,533
$ 22,360
$18,289.0
3% Arbitrary
2% Arbitrary
2018 2018 2019

FQ3 FQ4 FQ1
8/5/2018 11/1/2018 2/3/2019
91 88 94
36 32 34
56 60 56
FQ2 FQ3 FQ4
9/30/2018 12/31/2018 3/31/2019
92 92 90
99% 96% 104%
Sum Ratio
107% 109%
101% 100%
39% 100% 99%
61% 35% 96% 96%
65% 38% 103% 104%
uite flat; keep acquisition debt cost constant
Grouped: AVGO and CA PF cap structure
PF Combined Capital structure as of 11/1/2018 Rate FY maturity Principal
Acquisition debt (prepayable unsecured bank debt) 4.000% Prepayable 18,000
2019 Notes 0.000% 2019 -
2020 Notes 3.054% 2020 750
2021 Notes 2.200% 2021 -
2022 Notes 3.075% 2022 -
2023 Notes 3.103% 2023 -
2024 Notes 3.625% 2024 -
2025 Notes 3.125% 2025 -
2026 Notes 0.000% 2026 -
2027 Notes 3.931% 2027 -
2028 Notes 3.500% 2028 22
Other debt 3.600% Various 10
Unamortized OID/issuance costs Amort (141)
x Total debt 38,014
Cash 10,673
PF net debt 27,341
PF interest 1,397
Assumed ratings: BBB-/Baa3

Assume that CA TLA is carried over, but that CA RCF is dissolved (none outstanding as of 3/31/2018)
Throughout this model, PF debt will be quoted on fiscal year basis
1 Total debt check
1 Interest check
x AVGO Actual
$mm FQ1 FQ2
FCF calc 2/4/2018 5/6/2018
Sales - PF 5,447 5,017
EBITDA - non-PF CapIQ -> 3,755 3,419

(D&A)
EBIT
CFO
(Capex)
(Dividend)
(Repurchase)
(Mandatory debt repayment)
(Gross debt paydown)/issuance
Cash build
Debt
Beginning
Ending 17,598
Cash
Beginning
Ending 8,187
Net debt 9,411

x Net debt sense check - consensus
Actual Projected
x CA FQ4 FQ1 FQ2
$mm 3/31/2018 6/30/2018 9/30/2018
Sales 1,083 1,045 1,052
EBITDA 460 483 486

(D&A) (94) (94) (91)
EBIT 366 389 395
CFO 548 274 76

(Capex) (14) (16) (14)
(Dividend) (107) (107)
(Repurchase) (75) (75)
(Mandatory debt repayment) - (250)
(Gross debt paydown)/issuance - -
Cash build 76 (371)
Debt
Beginning 2,783 2,783
Ending 2,783 2,783 2,533
Cash
Beginning 3,405 3,481
Ending 3,405 3,481 3,110
Net debt (622) (698) (577)

x Net debt sense check - consensus (622) (853) (642)
Projected
FQ3 FQ4
8/5/2018 11/1/2018
5,056 5,352
3,442 3,608 Few estimates for EBITDA; more for EBIT & D&A
(969) (969)
2,473 2,639
2,305 2,414
(125) (130)
(755) (755) Same as 2Q18 1.75 $/share
(1,155) (1,411) $1,155mm repurchased in 3Q18 in first month of 3Q18, per 2Q earnings; for 3Q18, assume as much repurchase to zero out cash build
- (117) Hardcode out of simplicity, BRCM Fixed rate 2.70% notes due November 2018
- - Assume none
269 -
17,598 17,598
17,598 17,481 Ignoring minimal debt-related amortization costs
8,187 8,456
8,456 8,456
9,142 9,025
9,442 10,709 Street seems to be assuming aggressive repurchase / higher dividends
Projected Calendarized stub

FQ3
12/31/2018 11/1/2018
34.8%
1,086 2,475
-
489 1,139
(89) (216)
400 923
-
294 451
(15) (35)
(107) (251) Same as 4Q18 0.255 $/share
(75) (176) 5/30 investor day 300 $mm/Year
- (250) Hardcode out of simplicity, CA 2.875% Senior Notes due August 2018
- -
97 (261)
2,533 2,783
2,533 2,533
3,110 3,405
3,207 3,144
(674) (611)
(863) Few datapoints for net debt consensus, but close enough
me as much repurchase to zero out cash build
Actual
x AVGO FYE 11/1, FY2015 FY2016 FY2017
Calendar year
Wireless infrastructure Revenues 1,479 6,582 8,549
% YoY growth 345.0% 29.9%
Wireless infrastructure segment profit 478 2664 3853
% segment profit margin 32.3% 40.5% 45.1%
Wireless communications Revenues 2,536 3,724 5,404
% YoY growth 46.8% 45.1%
Enterprise storage Revenues 2,180 2,291 2,799
% YoY growth 5.1% 22.2%
Industrial & other Revenues 629 643 884
% YoY growth 2.2% 37.5%
Total net revenues 6,824 13,240 17,636
PF BRCM+AVGO 15,296 15,281 17,636
% YoY growth -0.1% 15.4%
PF Brocade (excl. divested IP Networking products & divested SRA biz) 1,405 1,358 1,293
PF net revenues 16,701 16,639 18,929
% YoY growth -0.4% 13.8%
Segment profit buildup 2,845 5,268 7,982
Add back: Acquisition-related purchase accounting revenue adjustment 81 52 29
Less: Share-based compensation 664 920
Less: Cash replacement for SBC
Adj. EBIT (different from Company) 4,656 7,091
% margin 35.2% 40.2%
Add back: D&A (99% depreciation expense; rest misc.) 406 462
Adj. EBITDA 5,062 7,553
% EBITDA margin 0.0% 38.2% 42.8%
Unallcoated expenses
Amortization of acquisition-related intangible assets 2,636 4,275
Acquisition-related costs 139 110
Restructuring, impairment and disposal charges 1,053 180
Purchase accounting effect on inventory 1,185 4
Litigation settlements - 122
Total 5,013 4,691
GAAP EBIT (357) 2,400
x ETR
x CFS non-cash addbacks (excl. D&A)
x Capex 483 718 628

Normalized reinvestment through acquisition
x Trade accounts receivable, net 2,181 2,448

Inventory 1,400 1,447
Other current assets 447 724
Accounts payable (1,261) (1,105)
Employee compensation and benefits (517) (626)
Other current liabilities (454) (117)
NWC (B/S asset equivalent) 1,796 2,771
NWC investment (-ve means cash outflow) (975)
CFS comparable (986)
Total revenues % YoY growth override

Adj. EBIT override % 35.2% 40.2%
ETR 5.6% 4.5%
MTR 17.0% 17.0%
Capex as % of sales 5.4% 3.6%
D&A as % of capex 56.5% 73.6%
NWC as % of sales 13.6% 15.7%
SBC as % of sales 5.0% 5.2%
SBC cash replacement
x Total assets 49,966 54,418

(Cash) (3,097) (11,204)
(Working capital liabilities) (2,624) (2,412)
Invested capital 44,245 40,802
x Adj. EBIT 4,656 7,091

2 1 = ETR; 2 = MTR 17.0% 17.0%
NOPAT 3,864 5,886
ROIC 8.7% 14.4%
ROIIC
x
Rollfwd Projected
FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
2018 2019
8549 8549 8549 8549 8549 8549 8549 8549

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
3853 3853 3853 3853 3853 3853 3853 3853
45.1% 45.1% 45.1% 45.1% 45.1% 45.1% 45.1% 45.1%
5404 5404 5404 5404 5404 5404 5404 5404
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
2155 2155 2155 2155 2155 2155 2155 2155
39.9% 39.9% 39.9% 39.9% 39.9% 39.9% 39.9% 39.9%
2799 2799 2799 2799 2799 2799 2799 2799
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
1527 1527 1527 1527 1527 1527 1527 1527
54.6% 54.6% 54.6% 54.6% 54.6% 54.6% 54.6% 54.6%
884 884 884 884 884 884 884 884
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
447 447 447 447 447 447 447 447
50.6% 50.6% 50.6% 50.6% 50.6% 50.6% 50.6% 50.6%
20,744 21,382 22,676 23,810 25,001 26,251 27,301 28,393
20,744 21,382 22,676 23,810 25,001 26,251 27,301 28,393
17.6% 3.1% 6.1% 5.0% 5.0% 5.0% 4.0% 4.0%
20,744 21,382 22,676 23,810 25,001 26,251 27,301 28,393

9.6% 3.1% 6.1% 5.0% 5.0% 5.0% 4.0% 4.0%
7,982 7,982 7,982 7,982 7,982 7,982 7,982 7,982
519 535 567 595 625 656 683 710

564 581 616 647 679 713 742 771
9,065 9,455 9,998 10,498 11,023 11,574 12,037 12,519
43.7% 44.2% 44.1% 44.1% 44.1% 44.1% 44.1% 44.1%
583 496 711 792 831 873 908 944
9,648 9,951 10,710 11,290 11,855 12,447 12,945 13,463
46.5% 46.5% 47.2% 47.4% 47.4% 47.4% 47.4% 47.4%
2,971 2,207 1,835 1,446 1,031 630 - -

156 117 88 66 - - - -
232 174 131 98 - - - -
3,359 2,498 2,053 1,610 1,031 630 - -
5,706 6,957 7,945 8,889 9,992 10,944 12,037 12,519
7.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
3,490 2,742 2,402 2,041 1,656 1,286 683 710
739 588 794 833 875 919 956 994

1,500 1,500 1,500 1,500 1,500
3,259 3,360 3,563 3,741 3,928 4,125 4,290 4,461

(488) (100) (203) (178) (187) (196) (165) (172)
17.6% 3.1% 6.1% 5.0% 5.0% 5.0% 4.0% 4.0%

43.7% 44.2% 44.1% 44.1% 44.1% 44.1% 44.1% 44.1%
7.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
21.0% 21.0% 21.0% 21.0% 21.0% 21.0% 21.0% 21.0%
3.6% 2.8% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5%
78.9% 84.3% 89.6% 95.0% 95.0% 95.0% 95.0% 95.0%
15.7% 15.7% 15.7% 15.7% 15.7% 15.7% 15.7% 15.7%
2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5%
2.7% 2.7% 2.7% 2.7% 2.7% 2.7% 2.7% 2.7%
41,965 42,692 43,544 45,859 48,215 50,614 53,009 55,440
9,065 9,455 9,998 10,498 11,023 11,574 12,037 12,519

21.0% 21.0% 21.0% 21.0% 21.0% 21.0% 21.0% 21.0%
7,161 7,469 7,899 8,294 8,708 9,144 9,510 9,890
17.1% 17.5% 18.1% 18.1% 18.1% 18.1% 17.9% 17.8%
109.7% 42.4% 50.4% 17.1% 17.6% 18.2% 15.3% 15.6%
FY2026 FY2027 FY2028
8549 8549 8549

0.0% 0.0% 0.0%
3853 3853 3853
45.1% 45.1% 45.1%
5404 5404 5404
0.0% 0.0% 0.0%
2155 2155 2155
39.9% 39.9% 39.9%
2799 2799 2799
0.0% 0.0% 0.0%
1527 1527 1527
54.6% 54.6% 54.6%
884 884 884
0.0% 0.0% 0.0%
447 447 447
50.6% 50.6% 50.6%
29,245 30,122 31,026 OVERRI 1
29,245 30,122 31,026
3.0% 3.0% 3.0%
FY15 and FY16 assumes SRA sale 0.75 factor; FY17 assumes growth rate same as YTD3Q17
29,245 30,122 31,026
3.0% 3.0% 3.0%
7,982 7,982 7,982
731 753 776

794 818 843
12,895 13,281 13,680 OVERRI 1
44.1% 44.1% 44.1%
972 1,002 1,032
13,867 14,283 14,711
47.4% 47.4% 47.4%
- - - If assume ongoing acquisition, would it make sense to give additional tax shield from amortization? Probably
- - - Acquisition-related costs also include transaction costs and any costs directly related to the acquisition and in
- - - Mostly cash
- - -
12,895 13,281 13,680
10.0% 10.0% 10.0%
731 753 776
1,024 1,054 1,086 Currently neetting proceeds from disposal of PP&E

1,500 1,500 1,500 If we are to assume that growth will come from acquisitions
4,595 4,733 4,875

(134) (138) (142)
3.0% 3.0% 3.0%

44.1% 44.1% 44.1%
10.0% 10.0% 10.0% Company guidance
21.0% 21.0% 21.0% Link to Qualcom tax footnote; AVGO has little disclosure on taxes post redomicile
3.5% 3.5% 3.5%
95.0% 95.0% 95.0%
15.7% 15.7% 15.7%
2.5% 2.5% 2.5%
2.7% 2.7% 2.7%
57,856 60,300 62,772 Since we are

12,895 13,281 13,680
21.0% 21.0% 21.0%
10,187 10,492 10,807
17.6% 17.4% 17.2%
12.3% 12.5% 12.7%
same as YTD3Q17
ield from amortization? Probably insignificant

y related to the acquisition and integration of acquired businesses.
Actual
CA FYE 3/31, FY2014 FY2015 FY2016
Calendar year
Mainframe Solutions Revenues 2,478 2,392 2,215

% YoY growth -3.5% -7.4%
Mainframe Solutions segment profit 1,482 1,422 1,361
% EBIT margin 59.8% 59.4% 61.4%
Mainframe Solutions Depreciation (embedded already) 52 43 36
% Allocation 61.9% 60.6% 58.1%
Enterprise Solutions Revenues 1,555 1,519 1,484
% YoY growth -2.3% -2.3%
Enterprise Solutions segment profit 115 166 147
% EBIT margin 7.4% 10.9% 9.9%
Enterprise Solutions Depreciation (embedded already) 32 28 26
% Allocation 38.1% 39.4% 41.9%
Services Revenues 379 351 326
% YoY growth -7.4% -7.1%
Services segment profit 22 9 23
% EBIT margin 5.8% 2.6% 7.1%
Services Depreciation - - -
Total revenue 4,412 4,262 4,025

% YoY growth -3% -6%
Depreciation 84 71 62
Segment profit build-up 1,619 1,597 1,531

Less: Purchased software amortization 116 124 146
Less: Internally developed software products amortization 155 149 110
Less: Share-based compensation expense 81 87 97
Adj. EBIT 1,267 1,237 1,178
% EBIT margin 28.7% 29.0% 29.3%
Add: D&A 355 344 318
Adj. EBITDA 1,622 1,581 1,496
% EBITDA margin 36.8% 37.1% 37.2%
Unallcoated expenses
Amortization of intangible assets 60 58 44
Software development costs capitalized (33) - -
Other expenses 170 17 (1)
Total 197 75 43
GAAP EBIT 1,070 1,162 1,135
ETR 12.7% 27.4% 29.1%

MTR 35.0% 35.0% 35.0%
x CFS non-cash addbacks (excl. D&A)
Decrease in trade accounts receivable 42 79 54

Decrease in deferred revenue (103) (138) (105)
(Decrease) increase in accounts payable, accrued expenses and other 82 (9) (62)
Decrease in accrued salaries, wages and commissions (28) (40) (18)
Changes in other operating assets and liabilities (30) 3 20
NWC release / (investment) (37) (105) (111)
[NWC release / (investment)]/Change in rev 70.0% 46.8%
-1
Acquisitions of businesses, net of cash acquired, and purchased software 133 38 648
Purchases of property and equipment 65 53 48
Capex 198 91 696
Effect of exchange rate changes on cash 62 (532) 24
x Total assets 11,815 12,016 10,973

(Cash) (2,776) (3,252) (2,804)
(Working capital liabilities) (3,285) (3,333) (2,866)
Invested capital 5,754 5,431 5,303
x Clean EBIT 1,070 1,162 1,135

2 1 = ETR; 2 = MTR 35.0% 35.0% 35.0%
NOPAT 696 755 738
ROIC 12.1% 13.9% 13.9%
ROIIC
x
Calendarization
AVGO FYE 11/1, FY2014 FY2015 FY2016
Calendar year
Revenues 4,324 4,122 4,031
Adj. EBIT 1,249 1,202 1,164
Adj. EBITDA 1,598 1,531 1,472
Other expenses 125 56 29
ETR 21.3% 28.4% 28.3%
(Capex) 135 447 1,072
(NWC) (77) (109) (47)
CFS non-cash addbacks (excl. D&A) - - -
SBC 85 93 103
D&A 349 329 308
GAAP EBIT 1,070 1,162 1,135

Subscription and maintenance 3,683 3,560 3,317
Professional services 379 351 326
Software fees and other 350 351 382
Selling and marketing 1,104 1,060 1,006

Product development and enhancements 574 603 560
General and administrative 395 377 367
Cost of professional services 353 338 300
Costs of licensing and maintenance 296 297 283
Purchased software amortization 116 124 146
Internally developed software products amortization 155 149 110
Depreciation 84 71 62
Amortization of intangible assets 60 58 44
Other expenses, net 205 23 12
GAAP EBIT 1,070 1,162 1,135
Selling and marketing 25% 25% 25%

Product development and enhancements 13% 14% 14%
General and administrative 9% 9% 9%
Cost of professional services 8% 8% 7%
Costs of licensing and maintenance 7% 7% 7%
Actual Projected
FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026
2019
2,182 2,176 2,154 2,133 2,133 2,133 2,133 2,133 2,133 2,133
-1.5% -0.3% -1.0% -1.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
1,331 1,391 1,271 1,301 1,301 1,301 1,301 1,301 1,301 1,301
61.0% 63.9% 59.0% 61.0% 61.0% 61.0% 61.0% 61.0% 61.0% 61.0%
34 37 43 46 47 48 48 49 49 50
58.6% 56.1% 56.1% 56.1% 56.1% 56.1% 56.1% 56.1% 56.1% 56.1%
1,553 1,748 1,818 1,927 2,004 2,064 2,126 2,169 2,212 2,234
4.6% 12.6% 4.0% 6.0% 4.0% 3.0% 3.0% 2.0% 2.0% 1.0%
175 151 164 193 200 206 213 217 221 223
11.3% 8.6% 9.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
24 29 34 36 37 37 38 38 39 39
41.4% 43.9% 43.9% 43.9% 43.9% 43.9% 43.9% 43.9% 43.9% 43.9%
301 311 302 296 296 296 296 296 296 296
-7.7% 3.3% -3.0% -2.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
(1) 9 15 15 266 266 266 266 266 266
-0.3% 2.9% 5.0% 5.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0%
- -
4,036 4,235 4,274 4,355 4,432 4,493 4,554 4,597 4,640 4,662
0% 5% 1% 2% 2% 1% 1% 1% 1% 0%
58 66 77 83 84 85 86 87 88 88
1,505 1,551 1450 1,508 1,767 1,773 1,780 1,784 1,788 1,790
164 235 186 163 119 110 83
79 36 9 2
108 120 121 123 126 127 129 130 131 132
1,154 1,160 1,134 1,220 1,523 1,536 1,568 1,654 1,657 1,658
28.6% 27.4% 26.5% 28.0% 34.4% 34.2% 34.4% 36.0% 35.7% 35.6%
301 337 272 248 203 195 169 87 88 88
1,455 1,497 1,406 1,468 1,726 1,731 1,737 1,741 1,745 1,747
36.1% 35.3% 32.9% 33.7% 38.9% 38.5% 38.1% 37.9% 37.6% 37.5%
19 41 41 37 37 36 32 - - -
- -
- -
19 41 41 37 37 36 32 - - -
1,135 1,119 1,093 1,183 1,486 1,500 1,536 1,654 1,657 1,658
27.8% 53.4% 22.0% 22.0% 22.0% 22.0% 22.0% 22.0% 22.0% 22.0%
35.0% 35.0% 21.0% 21.0% 21.0% 21.0% 21.0% 21.0% 21.0% 21.0%
162 160 163 163 161 130 131 132
(85) (10)
24 11
(25) 15
32 (21)
51 55
(3) 50 14 29 28 22 22 15 16 8
-27.3% 25.1% 36.0% 36.0% 36.0% 36.0% 36.0% 36.0% 36.0% 36.0%
1,288 15 400 400 300 200 100 100 100 100
47 48 56 60 61 62 63 63 64 64
1,335 63 456 460 361 262 163 163 164 164
(103) 182 - - - - - - - -
11,204 12,610
(2,812) (2,771)
(2,831) (2,895)
5,561 6,944 7,507 8,061 8,520 8,888 9,157 9,435 9,715 10,004
1,135 1,119 1,093 1,183 1,486 1,500 1,536 1,654 1,657 1,658
35.0% 35.0% 21.0% 21.0% 21.0% 21.0% 21.0% 21.0% 21.0% 21.0%
738 727 863 935 1,174 1,185 1,213 1,306 1,309 1,310
13.3% 10.5% 11.5% 11.6% 13.8% 13.3% 13.2% 13.8% 13.5% 13.1%
-0.8% 24.1% 12.9% 52.1% 3.1% 10.4% 33.5% 0.9% 0.4%
FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026
2018
4,153 4,258 4,322 4,401 4,468 4,529 4,580 4,623 4,653 4,676
1,158 1,144 1,185 1,398 1,531 1,555 1,618 1,655 1,658 1,659
1,480 1,443 1,442 1,620 1,729 1,735 1,739 1,743 1,746 1,748
32 41 39 37 36 34 13 - - -
42.9% 34.9% 22.0% 22.0% 22.0% 22.0% 22.0% 22.0% 22.0% 22.0%
586 294 458 402 303 203 163 164 164 164
28 29 23 28 24 22 18 15 11 8
- 95 161 162 163 162 143 131 132 132
115 121 122 125 127 128 130 131 132 132
322 299 258 221 198 180 121 88 88 89
1,135 1,119 1,093 1,183 1,486 1,500 1,536 1,654 1,657 1,658
3,279 3,326 3,326 3,326 3,326 3,326 3,326 3,326 3,326 3,326
-1% 1% 0% 0% 0% 0% 0% 0% 0% 0%
301 311 302 296 296 296 296 296 296 296
-1% 1% 0% 0% 0% 0% 0% 0% 0% 0%
456 598 598 598 598 598 598 598 598 598
-8% 3% 0% 0% 0% 0% 0% 0% 0% 0%
1,028 1,061
586 642
375 406
300 298
273 302
164 235 186 163 119 110 83 - - -
79 36 9 2 - - - - - -
58 66 77 83 84 85 86 87 88 88
19 41 41 37 37 36 32 - - -
19 29 29 29 29 29 29 29 29 29
1,135 1,119 3,932 4,042 4,163 4,232 4,324 4,481 4,523 4,545
25% 25% 25% 25% 25% 25% 25% 25% 25% 25%
15% 15% 15% 15% 15% 15% 15% 15% 15% 15%
9% 10% 10% 10% 10% 10% 10% 10% 10% 10%
7% 7% 7% 7% 7% 7% 7% 7% 7% 7%
7% 7% 7% 7% 7% 7% 7% 7% 7% 7%
FY2027 FY2028 FY2029
2,133 2,133 2,133

0.0% 0.0% 0.0%
1,301 1,301 1,301
61.0% 61.0% 61.0%
50 50 50
56.1% 56.1% 56.1%
2,256 2,279 2,279
1.0% 1.0% 0.0%
226 228 228
10.0% 10.0% 10.0%
39 39 39
43.9% 43.9% 43.9%
296 296 296
0.0% 0.0% 0.0%
266 266 266
90.0% 90.0% 90.0%
4,685 4,707 4,707

0% 0% 0%
89 89 89
1,793 1,795 1,795
Since ongoing reinvestment/investment,
Should assume growing, As opposed to currently, frozen in time
133 133 133
1,660 1,662 1,662
35.4% 35.3% 35.3%
89 89 89
1,749 1,751 1,751
37.3% 37.2% 37.2%
- - -
- - -
1,660 1,662 1,662
22.0% 22.0% 22.0%

21.0% 21.0% 21.0%
133 133 133
8 8 -
36.0% 36.0% 36.0%
-1
100 100 100
65 65 65
165 165 165
- - -
10,293 10,583 10,881 IC_t-1 + capex + NWC investmnet + Share based comp
1,660 1,662 1,662

21.0% 21.0% 21.0%
1,311 1,313 1,313
12.7% 12.4% 12.1%
0.4% 0.4% 0.0%
FY2027 FY2028
4,698 4,707
1,661 1,662
1,750 1,751
- -
22.0% 22.0%
165 165
8 3
133 133
133 133
89 89
1,660 1,662 1,662

3,326 3,326 3,326
0% 0% 0%
296 296 296
0% 0% 0%
598 598 598
0% 0% 0%
- - -
- - -
89 89 89
- - -
29 29 29
4,567 4,589 4,589
25% 25% 25%

15% 15% 15%
10% 10% 10%
7% 7% 7%
7% 7% 7%
Sweep acquisition debt 1 1 = sweep, 0 = only mandatory amort
Bond maturity 0 1 = payoff upon maturity; 0 = refinance
FYE 11/1, FY2016 FY2017 FY2018 FY2019 FY2020 FY2021

$mm
AVGO revenues 13,240 17,636 20,744 21,382 22,676 23,810
CA revenues 4,031 4,153 4,258 4,322 4,401 4,468
Total revenues 17,271 21,789 25,001 25,703 27,077 28,278
% YoY growth 26.2% 14.7% 2.8% 5.3% 4.4%
AVGO Adj. EBITDA 5,062 7,553 9,648 9,951 10,710 11,290

CA Adj. EBITDA 1,472 1,480 1,443 1,442 1,620 1,729
Synergies 110 220 220
Adj. EBITDA (synergized) 6,534 9,033 11,091 11,503 12,550 13,239
% Margin 37.8% 41.5% 44.4% 44.8% 46.3% 46.8%
(D&A) (714) (784) (882) (753) (933) (990)
Adj. EBIT( synergized) 5,820 8,249 10,209 10,750 11,617 12,249
% Margin 33.7% 37.9% 40.8% 41.8% 42.9% 43.3%
Other expenses (individual build) 5,042 4,723 3,400 2,537 2,090 1,646
Cost to achieve synergies 110 220
Inventory / PPE step-up amort - - -
Earinings before interst and taxes 778 3,526 6,809 8,103 9,307 10,603
(Net interest expense) (1,261) (1,053) (837)
EBT 6,842 8,254 9,766
(Taxes) (788) (955) (1,132)
ETR - AVGO 10.0% 10.0% 10.0%

ETR - CA 22.0% 22.0% 22.0%
Weighted ETR 11.5% 11.6% 11.6%
Adj .EBITDA (synergized) 6,534 9,033 11,091 11,503 12,550 13,239

(Other expenses (individual build)) (2,537) (2,090) (1,646)
(Cost to achieve synergies) (110) (220) -
CFS non-cash addbacks (excl. D&A) 3,585 2,903 2,564 2,204
(Net interest expense) (1,261) (1,053) (837)
Debt amort 14 14 14
(Taxes) (788) (955) (1,132)
(Capex) (1,033) (1,046) (1,195) (2,636)
(NWC) (77) (175) (154)
(Dividends) (801) (822) (845)
(Share repurchase) (3,000) (3,000) (3,000)
Cash flow available for debt paydown 4,799 5,616 5,207
Beginning cash balance 10,673 10,673 10,673

Levered FCF for debt paydown 4,799 5,616 5,207
(Cash floor) (10,673) (10,673) (10,673)
Cash flow available for debt paydown 4,799 5,616 5,207
Mandatory payment (900) (900) (900)

Cash flow available for optional debt paydown 3,899 4,716 4,307
Cash summary
Cash build/(burn) - - -
Minimum cash 10,673 10,673 10,673
Ending cash 10,673 10,673 10,673 10,673
Interst income 0.5% 53 53 53
Interest expense
Interest expense 1,397 1,301 1,092 876
Interest income (53) (53) (53)
Debt amort 141 14.10 14.10 14.10
Net interest expense 1,261 1,053 837
Share base calcs

Share price 221 238.73 258 278
SBC expense 657 692 722
Share buyback 3,000 3,000 3,000
Dividend per share, quarterly 1.75 1.84 1.93 2.03
# shares beginning 441 431 421

SBC 3 3 3
Buyback (13.05) (12.08) (11.19)
# shares ending 441 431 421 413
Capital structure
Acquisition debt (prepayable unsecured bank debt) 18,000 13,201 7,585 2,378
2019 Notes - - - -
2020 Notes 3,938 3,938 3,938 3,938
2021 Notes 750 750 750 750
2022 Notes 4,000 4,000 4,000 4,000
2023 Notes 1,535 1,535 1,535 1,535
2024 Notes 2,500 2,500 2,500 2,500
2025 Notes 1,000 1,000 1,000 1,000
2026 Notes - - - -
2027 Notes 5,150 5,150 5,150 5,150
2028 Notes 1,272 1,272 1,272 1,272
Other debt 10 10 10 10
Unamortized OID/issuance costs (141) (127) (113) (99)
Total debt 38,014 33,229 27,627 22,434
Cash 10,673 10,673 10,673 10,673
Net debt 27,341 22,556 16,954 11,761
Credit metrics
Debt / EBITDA 3.4x 2.9x 2.2x 1.7x
EBITDA / Interest 7.9x 8.8x 11.5x 15.1x
Net debt / EBITDA 2.5x 2.0x 1.4x 0.9x
FCFF / beginning debt 36% 23% 25% 24%
FY2022 FY2023 FY2024 FY2025 FY2026 FY2027 FY2028
25,001 26,251 27,301 28,393 29,245 30,122 31,026

4,529 4,580 4,623 4,653 4,676 4,698 4,707
29,530 30,830 31,923 33,046 33,920 34,820 35,733
4.4% 4.4% 3.5% 3.5% 2.6% 2.7% 2.6%
11,855 12,447 12,945 13,463 13,867 14,283 14,711

1,735 1,739 1,743 1,746 1,748 1,750 1,751
220 220 220 220 220 220 220 5% Of target sales, 2-yr phase-in
13,809 14,406 14,908 15,429 15,835 16,253 16,682
46.8% 46.7% 46.7% 46.7% 46.7% 46.7% 46.7%
(1,011) (994) (995) (1,032) (1,061) (1,091) (1,121)
12,798 13,413 13,913 14,397 14,774 15,162 15,561
43.3% 43.5% 43.6% 43.6% 43.6% 43.5% 43.5%
1,065 643 - - - - -
100% 2-yr phase-in
- - - - - - - 0%
11,733 12,770 13,913 14,397 14,774 15,162 15,561
(669) (581) (532) (481) (429) (374) (318)
11,065 12,189 13,381 13,915 14,345 14,788 15,244
(1,276) (1,398) (1,529) (1,583) (1,627) (1,673) (1,719)
10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%

22.0% 22.0% 22.0% 22.0% 22.0% 22.0% 22.0%
11.5% 11.5% 11.4% 11.4% 11.3% 11.3% 11.3%
13,809 14,406 14,908 15,429 15,835 16,253 16,682

(1,065) (643) - - - - -
- - - - - - -
1,818 1,429 814 842 864 886 909
(669) (581) (532) (481) (429) (374) (318)
14 14 14 14 14 14 14
(1,276) (1,398) (1,529) (1,583) (1,627) (1,673) (1,719)
(2,579) (2,582) (2,619) (2,658) (2,688) (2,719) (2,751)
(165) (178) (150) (160) (126) (130) (139)
(881) (930) (983) (1,038) (1,095) (1,156) (1,219)
(87) - - - - - -
8,921 9,537 9,924 10,364 10,748 11,102 11,460
10,673 17,216 26,753 36,677 47,041 57,788 68,890

8,921 9,537 9,924 10,364 10,748 11,102 11,460
(10,673) (10,673) (10,673) (10,673) (10,673) (10,673) (10,673) Setting closing cash as cash floor, using only leve
8,921 16,080 26,004 36,368 47,115 58,217 69,677
(900) - - - - - -
8,021 16,080 26,004 36,368 47,115 58,217 69,677
6,543 16,080 26,004 36,368 47,115 58,217 69,677
10,673 10,673 10,673 10,673 10,673 10,673 10,673
17,216 26,753 36,677 47,041 57,788 68,890 80,350
70 110 159 209 262 317 373
724 677 677 677 677 677 677

(70) (110) (159) (209) (262) (317) (373)
14.10 14.10 14.10 14.10 14.10 14.10 14.10
669 581 532 481 429 374 318
301 325 351 379 409 442 477 8% Share price % YoY growth
753 786 814 842 864 886 909
87 - - - - - - 9,087 Authorized share buyback, $mm,
2.13 2.23 2.35 2.46 2.59 2.71 2.85 5% Dividend hike
413 415 418 420 423 425 427

3 3 2 2 2 2 2
(0.30) - - - - - -
415 418 420 423 425 427 429
- - - - - - -
- - - - - - -
3,938 3,938 3,938 3,938 3,938 3,938 3,938
750 750 750 750 750 750 750
4,000 4,000 4,000 4,000 4,000 4,000 4,000
1,535 1,535 1,535 1,535 1,535 1,535 1,535
2,500 2,500 2,500 2,500 2,500 2,500 2,500
1,000 1,000 1,000 1,000 1,000 1,000 1,000
- - - - - - -
5,150 5,150 5,150 5,150 5,150 5,150 5,150
1,272 1,272 1,272 1,272 1,272 1,272 1,272
10 10 10 10 10 10 10
(85) (71) (56) (42) (28) (14) -
20,070 20,085 20,099 20,113 20,127 20,141 20,155 1 2018 check
17,216 26,753 36,677 47,041 57,788 68,890 80,350
2,855 (6,669) (16,578) (26,928) (37,662) (48,750) (60,195)
1.5x 1.4x 1.3x 1.3x 1.3x 1.2x 1.2x

19.1x 21.3x 22.0x 22.8x 23.4x 24.0x 24.7x
0.2x -0.5x -1.1x -1.7x -2.4x -3.0x -3.6x
26% 28% 29% 30% 31% 32% 33%
Of target sales, 2-yr phase-in
cash as cash floor, using only levered FCF for paydown

Share price % YoY growth
Authorized share buyback, $mm, PF 11/1/2018

Dividend hike
FY2019 FY2020 FY2021 FY2022 FY2023 FY2024
Adj. EBITDA 11,503 12,550 13,239 13,809 14,406 14,908

(D&A) (753) (933) (990) (1,011) (994) (995)
Adj. EBIT (synergized) 10,750 11,617 12,249 12,798 13,413 13,913
(Other expenses (individual build)) (2,537) (2,090) (1,646) (1,065) (643) -
GAAP EBIT 8,213 9,527 10,603 11,733 12,770 13,913
(Taxes) (946) (1,103) (1,229) (1,353) (1,465) (1,589)
NOPAT 7,267 8,424 9,374 10,380 11,305 12,324
CFS non-cash addbacks (incl. D&A) 2,903 2,564 2,204 1,818 1,429 814
(Capex) (1,046) (1,195) (2,636) (2,579) (2,582) (2,619)
(NWC) (77) (175) (154) (165) (178) (150)
FCFF 9,046 9,617 8,788 9,455 9,974 10,368
Terminal value
Implied EBITDAx exit multiple
Terminal as % of total
Period 0.5 1.5 2.5 3.5 4.5 5.5

Discount factor 96% 88% 82% 75% 69% 64%
NPV 8,684 8,509 7,167 7,106 6,909 6,620

EV 154,073
Equity value 126,732
# Shares 441
Implied share price 287.4
Last 221.05
Upside 30.0%
WACC 8.5%
Perp 2.0%
Tax % 11.5% 11.6% 11.6% 11.5% 11.5% 11.4%
Quick WACC 70% 10.200% 8.2%

30% 3.600%
FY2025 FY2026 FY2027 FY2028
15,429 15,835 16,253 16,682

(1,032) (1,061) (1,091) (1,121)
14,397 14,774 15,162 15,561
- - - -
14,397 14,774 15,162 15,561
(1,638) (1,676) (1,715) (1,755)
12,759 13,098 13,447 13,807
842 864 886 909
(2,658) (2,688) (2,719) (2,751)
(160) (126) (130) (139)
10,782 11,148 11,485 11,826
185,581
11.1x
55.5%
6.5 7.5 8.5 9.5

59% 54% 50% 46%
6,345 6,046 5,741 90,946
11.4% 11.3% 11.3% 11.3%
Enterprise Value
Perp growth
### 1.5% 2.0% 2.5%
7.0%
7.5%
WACC
8.0%
8.5%
9.0%
9.5%
10.0%
prise Value Implied share price x
Perp growth Perp growth Perp g
3.0% 3.5% 1.5% 2.0% 2.5% 3.0% 3.5% 30.0%
7.0%
7.5%
8.0%
8.5%
9.0%
9.5%
10.0%
Implied upside / (downside)
Perp growth
1.5% 2.0% 2.5% 3.0% 3.5%
Most comprehensive comp set is probably JPM, 3mo. PDF pg.228
INTERESTING POTENTIAL ACQUISITION TARGET, UBS INTIIATING, PAGE 107
Comps
evercore initiating PG.42 UBS INITIATING PG.103

INTC ADI
MRVL INTC
QCOM MXIM
QRVO NXPI
SWKS QCOM
XLNX TXN
PIPER JAFFRAY INITIATING PG.52

ADI ADI 2
INTC INTC 3
MRVL MRVL 2
QCOM QCOM 3
QRVO QRVO 2
SWKS SWKS 2
TXN TXN 2
MXIM 1
NXPI 1
XLNX 1
AVGO mgmt guidance
For 3Q18 ending 8/5/2018 GAAP Reconcilin Non-GAAP
Revenues 5047 3 5050 Non-GAAP net revenue includes $3 million of licensin
GM 50.75% 795 66.50% Non-GAAP gross margin includes the effects of $3 mil
Operating exp 1272 390 882 Non-GAAP operating expenses exclude $280 million o
Interest exp and other 115 0 115
Provision for income taxes 39 126 165 Non-GAAP tax provision is $126 million higher than G
Diltued share count 444 13 457 • Diluted share count outlook does not in
Capex 125
Depreciation 135
Amortization 835
Source: PR for 2Q18 earnings
AVGO FY2017 FY2018 FY2019 FY2020 FY2021 FY2022

UBS 7/20/2018 PT: 330
Revenues 17636 20919 21544 23441 52197 26774
UBS defini Gross profit 8509 10738 11756 13580 15265 16788
UBS defini EBITDA 7120 9331 10340 11512 12608 13583
UBS defini EBIT 2383 5341 6997 8625 10109 11411
ETR 2% ? 16% 14% 13% 13%
NWC investment -1096 -147 349 -219 -174 -181
Capex 1069 646 431 469 504 535
Dividends 2959 3943 3868 4128 4287
Buyback 4235 8000 2000 8000 8000
RBC 7/17/2018 PT: 300

Revenues 17636 20761 21181
Company de
Gross profit 11137 13723 14401
Company de
R&D 2650 2904 2904
Company de
SG&A 476 624 549
ETR 5.80% 10%
Dividend per share 7 8.75
Piper Jaffray 7/16/2018 PT: 293

Revenues 17636 20776 21527 22930
Company de
Gross profit 11137 13704 14352 15314
Company de
R&D 2650 2897 2935 3030
Company de
SG&A 476 635 649 686
ETR 5.80% 10% 10%
Cowen 7/12/2018 PT: 245

Revenues 17665 20797 21581 23031
GP 11137 13691 14188 15143
R&D 2650 2907 2960 3034
SG&A 476 630 634 640
Restructuring and other 559 897 400 300
FCF 5482 7656 9050
Cash conversion cycle 68.71 68.71 68.71 68.71
CS 7/11/2018
Revenues 17665 20693 21310
Recurring profit 7597 9661.4 10132
EBITDA 8473 10650 11151
CFO 6561 8529 9143
Capex 1069 640 426
Barclays 6/8/2018 - detailed but only one year out
UPS 7/20/2018
nue includes $3 million of licensing revenue not included in GAAP revenue, as a result of the effects of purchase accounting for acquisitions
rgin includes the effects of $3 million of licensing revenue, and excludes the effects of $765 million of amortization of intangible assets, $2
g expenses exclude $280 million of share-based compensation expense, $90 million of acquisition-related costs, $70 million of amortization
sion is $126 million higher than GAAP due to the tax effects of the projected reconciling items noted above;
d share count outlook does not include the impact from any stock repurchases which may occur after June 1, 2018.\\
FY2023 FY2024 FY2025 FY2026 FY2027 FY2028
19%
14% 26% 32% 37%
18%
45% 49% 52%
18%
45% 49% 50% 51%
18%
45% 49% 49% 50%
17%
chase accounting for acquisitions;
rtization of intangible assets, $25 million of share-based compensation expense, $1 million of restructuring charges, and $1 million of acqu
costs, $70 million of amortization of intangible assets, and $45 million of restructuring charges;
1, 2018.\\
g charges, and $1 million of acquisition-related costs;
October 30, 2016
(In millions, except shar

ASSETS
Current assets:
Cash and cash equivalents $ 3,097
NWC Trade accounts receivable, net 2,181
NWC Inventory 1,400
NWC Other current assets 447
Total current assets 7,125
Long-term assets:
Property, plant and equipment, net 2,509
Goodwill 24,732
Intangible assets, net 15,068
Other long-term assets 532
Total assets $ 49,966
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
NWC Accounts payable $ 1,261
NWC Employee compensation and benefits 517
Current portion of long-term debt 454
NWC Other current liabilities 846
Total current liabilities 3,078
Long-term liabilities:
Long-term debt 13,188
Pension and post-retirement benefit obligations 531
Other long-term liabilities 11,293
Total liabilities 28,090
Commitments and contingencies (Note 14)
Shareholders’ equity:
Ordinary shares, no par value; 408,732,155 shares and 398,28 19,241
Non-economic voting preference shares, no par value; 22,145, -
Accumulated deficit (215)
Accumulated other comprehensive loss (134)
Total Broadcom Limited shareholders’ equity 18,892
Noncontrolling interest 2,984
Total shareholders’ equity 21,876
Total liabilities and shareholders’ equity $ 49,966
Source
(In millions, except per share data)

October 30, 2016
Wired infrastructure $ 6,582

Wireless communications 3,724
Enterprise storage 2,291
Industrial & other 643
Total net revenue $ 13,240
Cost of products sold 5,295
Purchase accounting effect on inventory 1,185
Amortization of acquisition-related intangible assets 763
Restructuring charges 57
Total cost of products sold 7,300
Gross margin 5,940
Research and development 2,674
Selling, general and administrative 806
Amortization of acquisition-related intangible assets 1,873
Restructuring, impairment and disposal charges 996
Litigation settlements -
Total operating expenses 6,349
Operating income (loss) (409)
Interest expense (585)
Loss on extinguishment of debt (123)
Other income, net 10
Income (loss) from continuing operations before income taxes (1,107)
Provision for income taxes 642
Income (loss) from continuing operations (1,749)
Loss from discontinued operations, net of income taxes (112)
Net income (loss) (1,861)
Net income (loss) attributable to noncontrolling interest (122)
Net income (loss) attributable to ordinary shares $ (1,739)
Basic income (loss) per share attributable to ordinary shares:

Income (loss) per share from continuing operations $ (4.46)
Loss per share from discontinued operations (0.29)
Net income (loss) per share $ (4.75)
Diluted income (loss) per share attributable to ordinary shares:

Income (loss) per share from continuing operations $ (4.57)
Loss per share from discontinued operations (0.29)
Net income (loss) per share $ (4.86)
Weighted-average shares:
Basic 366
Diluted 383
Cash dividends declared and paid per share $ 1.94
Source
October 30, 2016
Cash flows from operating activities:

Net income (loss) $ (1,861)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization 3,042
Share-based compensation 679
Excess tax benefits from share-based compensation (89)
Deferred taxes and other non-cash taxes 365
Non-cash portion of debt extinguishment loss, net 100
Non-cash restructuring, impairment and disposal charges 662
Amortization of debt issuance costs and accretion of debt disc 36
Other (6)
Changes in assets and liabilities, net of acquisitions and disposals:
Trade accounts receivable, net (491)
Inventory 996
Accounts payable 33
Employee compensation and benefits 163
Contributions to defined benefit pension plans (33)
Other current assets and current liabilities (98)
Other long-term assets and long-term liabilities (87)
Net cash provided by operating activities 3,411
Cash flows from investing activities:
Purchases of property, plant and equipment (723)
Proceeds from disposals of property, plant and equipment 5
Purchases of investments (58)
Proceeds from sales and maturities of investments 104
Acquisitions of businesses, net of cash acquired (10,055)
Proceeds from sales of businesses 898
Other (11)
Net cash used in investing activities (9,840)
Cash flows from financing activities:
Proceeds from issuance of long-term debt 19,510
Repayment of debt (9,842)
Payment of assumed debt (1,475)
Payment of debt issuance costs (123)
Dividend and distribution payments (750)
Issuance of ordinary shares 295
Excess tax benefits from share-based compensation 89
Payment of capital lease obligations -
Net cash provided by (used in) financing activities 7,704
Net change in cash and cash equivalents 1,275
Cash and cash equivalents at the beginning of period 1,822
Cash and cash equivalents at end of period $ 3,097
Supplemental disclosure of cash flow information:
Cash paid for interest $ 448
Cash paid for income taxes $ 242
Source
2016
Cost of products sold $ 48

Research and development 430
Selling, general and administrative 186
Total share-based compensation expense (a) $ 664
Source
2016
Operating income (loss):

Wired infrastructure $ 2,664
Wireless communications 1,282
Enterprise storage 995
Unallocated expenses (5,677)
Total operating income (loss) $ (409)
Source
October 30,
2016
Net revenue on GAAP basis $ 13,240
Acquisition-related purchase accounting revenue adjustmen 52
Net revenue on non-GAAP basis $ 13,292
Gross margin on GAAP basis $ 5,940
Amortization of acquisition-related intangible assets 763
Share-based compensation expense 48
Restructuring charges 57
Acquisition-related costs 1
Gross margin on non-GAAP basis $ 8,046
Research and development on GAAP basis $ 2,674

Research and development on non-GAAP basis $ 2,234
Selling, general and administrative expense on GAAP basis $ 806

Selling, general and administrative expense on non-GAAP bas $ 492
Total operating expenses on GAAP basis $ 6,349

I/S Amortization of acquisition-related intangible assets 1,873
I/S Restructuring, impairment and disposal charges 996
Total operating expenses on non-GAAP basis $ 2,726
Operating income (loss) on GAAP basis $ (409)

Restructuring, impairment and disposal charges 1,053
Operating income on non-GAAP basis $ 5,320
Interest expense on GAAP basis $ (585)
Debt-related costs 149
Interest expense on non-GAAP basis $ (436)
Other income, net on GAAP basis $ 10
Gain on disposition of assets -
Other income, net on non-GAAP basis $ 10
Income (loss) from continuing operations before income taxe $ (1,107)
Loss on debt extinguishment 123
Income before income taxes on non-GAAP basis $ 4,894
Provision for income taxes on GAAP basis $ 642
Income tax effects of non-GAAP reconciling adjustments (420)
Provision for income taxes on non-GAAP basis $ 222
Net income (loss) on GAAP basis $ (1,861)
Loss on debt extinguishment 123
Income tax effects of non-GAAP reconciling adjustments 420
Discontinued operations, net of income taxes 112
Net income on non-GAAP basis $ 4,672
Shares used in per share calculation - diluted on GAAP basis 383
Non-GAAP adjustment (2) 25
Shares used in per share calculation - diluted on non-GAAP ba 408
Inventory days on hand on GAAP basis
Non-GAAP adjustment(3)
Inventory days on hand on non-GAAP basis
Source
October 29, 2017
(In millions, except share amounts)
$ 11,204
2,448
1,447
724
15,823
2,599
24,706
10,832
458
$ 54,418
$ 1,105
626
117
681
2,529
17,431
112
11,160
31,232
20,505
-
(129)
(91)
20,285
2,901
23,186
$ 54,418
Fiscal Year Ended

October 29, 2017
$ 8,549
5,404
2,799
884
$ 17,636
6,593
4
2,511
19
9,127
8,509
3,292
787
1,764
161
122
6,126
2,383
(454)
(166)
62
1,825
35
1,790
(6)
1,784
92
$ 1,692
$ 4.19
(0.01)
$ 4.18
$ 4.03
(0.01)
$ 4.02
405
421
$ 4.08
Fiscal Year Ended
October 29, 2017
(In millions)
$ 1,784
4,737
921
-
(173)
166
71
24
7
(267)
(39)
(97)
109
(361)
(490)
159
6,551
(1,069)
441
(207)
200
(40)
10
(9)
(674)
17,426
(13,668)
-
(24)
(1,745)
257
-
(16)
2,230
8,107
3,097
$ 11,204
$ 310
$ 349
Fiscal Year
2017
(In millions)
$ 64
636
220
$ 920
Fiscal Year
2017
(In millions)
$ 3,853
2,155
1,527
447
(5,599)
$ 2,383
$ 10,522
Fiscal Year Ended Fiscal Quarter Ended

October 29, October 29, July 30, October 30,
2017 2017 2017 2016
$ 17,636 $ 4,844 $ 4,463 $ 4,136
29 4 4 10
$ 17,665 $ 4,848 $ 4,467 $ 4,146
$ 8,509 $ 2,383 $ 2,149 $ 2,171
29 4 4 10
4 2 1 86
2,511 658 655 224
64 17 18 14
19 3 - 16
1 1 - 1
$ 11,137 $ 3,068 $ 2,827 $ 2,522
$ 3,292 $ 828 $ 827 $ 806

636 171 174 136
6 - 1 4
$ 2,650 $ 657 $ 652 $ 666
$ 799 $ 194 $ 200 $ 224

220 64 59 58
103 12 25 29
$ 476 $ 118 $ 116 $ 137
$ 6,016 $ 1,518 $ 1,501 $ 1,790

1,764 441 441 356
856 235 233 194
161 55 33 404
109 12 26 33
$ 3,126 $ 775 $ 768 $ 803
$ 2,493 $ 865 $ 648 $ 381

29 4 4 10
4 2 1 86
4,275 1,099 1,096 580
920 252 251 208
180 58 33 420
110 13 26 34
$ 8,011 $ 2,293 $ 2,059 $ 1,719
$ (454) $ (119) $ (112) $ (106)
1 - - -
$ (453) $ (119) $ (112) $ (106)
$ 62 $ 16 $ 12 $ 9
(23) - - -
$ 39 $ 16 $ 12 $ 9
$ 1,935 $ 755 $ 548 $ 235
29 4 4 10
4 2 1 86
4,275 1,099 1,096 580
920 252 251 208
180 58 33 420
110 13 26 34
1 - - -
166 7 - 49
(23) - - -
$ 7,597 $ 2,190 $ 1,959 $ 1,622
$ 35 $ 89 $ 39 $ 841
307 10 49 (768)
$ 342 $ 99 $ 88 $ 73
$ 1,894 $ 671 $ 507 $ (668)
29 4 4 10
4 2 1 86
4,275 1,099 1,096 580
920 252 251 208
180 58 33 420
110 13 26 34
1 - - -
166 7 - 49
(23) - - -
(307) (10) (49) 768
6 (5) 2 62
$ 7,255 $ 2,091 $ 1,871 $ 1,549
421 424 445 421
32 32 11 26
453 456 456 447
73 78 74
1 1 4
74 79 78
Year-by-year sources Source Source
Source
Income from continuing operations before interest and income taxes $ 1,070 $ 1,162
Interest expense, net 54 47
Income from continuing operations before income taxes $ 1,016 $ 1,115

Income tax expense 129 305
Income from continuing operations $ 887 $ 810
Income from discontinued operations, net of income taxes 27 36
Net income $ 914 $ 846
Basic income per common share:
Income from continuing operations $ 1.97 $ 1.83
Income from discontinued operations 0.06 0.08
Net income $ 2.03 $ 1.91
Basic weighted average shares used in computation 446 439
Diluted income per common share:
Income from continuing operations $ 1.96 $ 1.82
Income from discontinued operations 0.06 0.08
Net income $ 2.02 $ 1.90
Diluted weighted average shares used in computation 448 441
(in millions, except share amounts) 2013 2014 2015

Assets
Current assets:
Cash and cash equivalents $ 2,593 $ 3,252 $ 2,804
Short-term investments 183
Trade accounts receivable, net of allowance for doubtful account 856 800 652
Deferred income taxes 346 315 318
Other current assets 148 192 212
Total current assets $ 4,126 $ 4,559 $ 3,986
Property and equipment, net of accumulated depreciation of $86$ 311 $ 295 $ 252
Goodwill 5,864 5,922 5,806
Capitalized software and other intangible assets, net 1,242 1,063 731
Other noncurrent assets, net 195 118 106
Total assets $ 11,815 $ 12,016 $ 10,973
Liabilities and stockholders' equity
Current portion of long-term debt $ 16 $ 514 $ 10
Accounts payable 93 129 105
Accrued salaries, wages and commissions 304 275 219
Accrued expenses and other current liabilities 423 510 428
Deferred revenue (billed or collected) 2,465 2,419 2,114
Taxes payable, other than income taxes payable 77 66 55
Federal, state and foreign income taxes payable 151 -
Total current liabilities $ 3,541 $ 3,922 $ 2,938
Long-term debt, net of current portion $ 1,274 $ 1,252 $ 1,247
Federal, state and foreign income taxes payable 338 182 150
Deferred revenue (billed or collected) 969 872 863
Other noncurrent liabilities 119 151 105
Total liabilities $ 6,365 $ 6,446 $ 5,348
Stockholders' equity:
Preferred stock, no par value, 10,000,000 shares authorized; No $ - $ - $ -
Common stock, $0.10 par value, 1,100,000,000 shares authorized 59 59 59
Additional paid-in capital 3,593 3,610 3,631
Retained earnings 5,357 5,818 6,221
Accumulated other comprehensive loss (155) (171) (418)
Treasury stock, at cost, 177,638,158 and 176,285,735 shares, res (3,404) (3,746) (3,868)
Total stockholders' equity $ 5,450 $ 5,570 $ 5,625
Total liabilities and stockholders' equity $ 11,815 $ 12,016 $ 10,973
Source
(in millions) 2014 2015

Operating activities from continuing operations:
Net income $ 914 $ 846
Income from discontinued operations (27) (36)
Income from continuing operations $ 887 $ 810
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:
Depreciation and amortization 415 402
Deferred income taxes (69) (72)
Provision for bad debts 7 3
Share-based compensation expense 81 87
Asset impairments and other non-cash items 10 5
Foreign currency transaction losses (gains) 10 (2)
Changes in other operating assets and liabilities, net of effect of acquisitions:
Decrease in trade accounts receivable 42 79
Decrease in deferred revenue (103) (138)
Increase (decrease) in taxes payable, net (331) (98)
(Decrease) increase in accounts payable, accrued expenses and other 82 (9)
Decrease in accrued salaries, wages and commissions (28) (40)
Changes in other operating assets and liabilities (30) 3
Net cash provided by operating activities - continuing operations $ 973 $ 1,030
Investing activities from continuing operations:
Acquisitions of businesses, net of cash acquired, and purchased software $ (133) $ (38)
Purchases of property and equipment (65) (53)
Proceeds from sale of assets 12 -
Capitalized software development costs (40) -
Purchases of investments (9) -
Maturities of investments 191 -
Proceeds from sale of short-term investments - -
Decrease in restricted cash 50 -
Other investing activities (1) -
Net cash (used in) provided by investing activities - continuing operations $ 5 $ (91)
Financing activities from continuing operations:
Dividends paid $ (453) $ (444)
Purchases of common stock (507) (215)
Notional pooling borrowings 3,702 5,371
Notional pooling repayments (3,734) (5,207)
Debt borrowings 498 -
Debt repayments (15) (508)
Debt issuance costs (5) -
Exercise of common stock options 93 26
Payments related to tax withholding for share-based compensation
Other financing activities - -
Net cash used in financing activities - continuing operations $ (421) $ (977)
Effect of exchange rate changes on cash $ 62 $ (532)
Net change in cash and cash equivalents - continuing operations $ 619 $ (570)
Cash (used in) provided by operating activities - discontinued operations $ 40 $ (48)
Cash provided by investing activities - discontinued operations - 170
Net effect of discontinued operations on cash and cash equivalents $ 40 $ 122
Increase (decrease) in cash and cash equivalents $ 659 $ (448)
Cash and cash equivalents at beginning of period $ 2,593 $ 3,252
Cash and cash equivalents at end of period $ 3,252 $ 2,804
Source
Source Source Source
Source
$ 1,135 $ 1,135 $ 1,119

51 62 98
$ 1,084 $ 1,073 $ 1,021

315 298 545
$ 769 $ 775 $ 476
14 - -
$ 783 $ 775 $ 476
$ 1.79 $ 1.85 $ 1.14

0.03 - -
$ 1.82 $ 1.85 $ 1.14
426 414 414
$ 1.78 $ 1.85 $ 1.13

0.03 - -
$ 1.81 $ 1.85 $ 1.13
427 415 415
2016 2017 2018
$ 2,812 $ 2,771 $ 3,405
625 764 793
124 198 210

$ 3,561 $ 3,733 $ 4,408
$ 242 237 237
6,086 6,857 6,804
795 1,307 1,111
407 327 346
113 149 154
$ 11,204 $ 12,610 $ 13,060
$ 6 $ 18 $ 269
77 91 85
205 256 242
352 326 340
2,197 2,222 2,289
55 63 55
2 30 41
$ 2,894 $ 3,006 $ 3,321

$ 1,947 2,773 2,514
148 131 311
3 119 111
737 794 820
97 98 88
$ 5,826 $ 6,921 $ 7,165
$ - $ - $ -
59 59 59
3,664 3,702 3,744
6,575 6,923 6,971
(416) (483) (290)
(4,504) (4,512) (4,589)
$ 5,378 $ 5,689 $ 5,895
$ 11,204 $ 12,610 $ 13,060
Year Ended March

Year
31,Ended March 31,
2016 2017 2018
$ 783 $ 775 $ 476

(14) - -
$ 769 $ 775 $ 476
operating activities:
362 320 378
(115) (21) 39
- 4 2
97 108 120
- 5 4
4 (4) 3
54 (85) (10)
(105) 24 11
28 (106) 126
(62) (25) 15
(18) 32 (21)
20 51 55
$ 1,034 $ 1,078 $ 1,198
$ (648) $ (1,288) $ (15)

(48) (47) (48)
-
-
-
-
48 - -
4
(1) (2) (2)
$ (645) $ (1,337) $ (65)
$ (429) $ (428) $ (428)

(707) (100) (163)
3,899 2,374 2,310
(3,877) (2,351) (2,354)
1,100 850 -
(409) (6) (19)
(4) (5) (3)
8 22 16
(35) (36)
(24) - (3)
$ (443) $ 321 $ (680)
$ 24 (103) 182
$ (30) $ (41) $ 635
$ (12) $ - $ -
50 - -
$ 38 $ - $ -
$ 8 $ (41) $ 635
$ 2,804 2,813 2,772
$ 2,812 $ 2,772 $ 3,407
Broadcom Inc. (NasdaqGS:AVGO) > Capital IQ Estimates > Consensus
Currency: Reported Currency Conversion: Today's Spot Rate

Units: Capital IQ (Default) Decimals: CapitalIQ (Default)
Consolidation: Consolidated Acctg. Standard: US GAAP
Current Fiscal Year End: Oct-31-2018 | FQ3 2018 Earnings Release Date: Sep-06-2018
NasdaqGS:AVGO (USD) Mean Median High/Low Std. Dev. No. of Estimates.

Target Price 294.59 300 370.00/220.00 37.74 32/32
LT Growth 13.74% 10.76% 20.00%/10.00% 4.27 7/7
Price Volatility Average (3.40)
Industry Recommendation Hold (3.00)
Market Summary NasdaqGS:AVGO NasdaqGS:AVGO (US GAAP|USD)

Currency US Dollar Current Quarter
Latest Price/Last Close Price 216.72/216.72 EPS Normalized 4.78
52 Wk. High/Low 285.68/197.46 Company Level (US GAAP|USD)
Potential Upside/Diff. from Target Price 40.06 %/84.26 Revenue 5,056.29
Guidance 4,975.00/-/5,125.00
EBITDA 4,602.2
Fiscal Years
NasdaqGS:AVGO (USD) 2009 2010 2011 2012 2013

EPS Normalized - - - - -
NasdaqGS:AVGO (USD) 2009 2010 2011 2012 2013

EPS Normalized 0.66 A 1.80 A 2.70 A 2.77 A 2.89 A
Company Level (USD) 2009 2010 2011 2012 2013

Revenue 1,484.00 A 2,093.00 A 2,336.00 A 2,364.00 A 2,520.00 A
Final Est. 1,475.33 E 2,093.28 E 2,333.08 E 2,361.52 E 2,513.71 E
Median 1,473.50 E 2,096.00 E 2,333.00 E 2,361.09 E 2,513.00 E
High 1,484.00 E 2,106.00 E 2,338.73 E 2,366.00 E 2,519.10 E
Low 1,473.00 E 2,069.00 E 2,327.70 E 2,348.67 E 2,509.80 E
Std. Dev. 3.93 10.92 4.17 3.87 1.92
No. of Estimates 6/6 11/12 12/12 16/16 17/18
Acctg. Standard US GAAP US GAAP US GAAP US GAAP US GAAP
EBITDA 319.00 A 629.00 A 783.00 A 797.00 A 842.00 A
Final Est. 347.50 E 656.84 E 831.91 E 814.96 E 869.98 E
Median 347.50 E 650.50 E 837.07 E 805.41 E 872.74 E
High 379.00 E 708.51 E 859.00 E 883.00 E 922.00 E
Low 316.00 E 598.80 E 778.00 E 737.33 E 815.50 E
Std. Dev. 31.5 40.31 28.84 41.6 44.02
No. of Estimates 2/2 6/7 6/9 10/11 8/10
EBIT 159.00 A 470.00 A 704.00 A 719.00 A 740.00 A
Final Est. 229.34 E 513.68 E 694.74 E 697.12 E 697.23 E
Median 227.10 E 526.25 E 698.00 E 710.50 E 731.00 E
High 241.80 E 580.00 E 703.00 E 713.00 E 733.79 E
Low 219.00 E 436.00 E 664.36 E 652.19 E 541.20 E
Std. Dev. 8.42 53.67 11.41 23.6 53.86
No. of Estimates 5/5 12/12 9/12 12/16 15/18
Interest Expense - ( 34.00 A) ( 4.00 A) ( 1.00 A) ( 2.00 A)
Final Est. - ( 36.00 E) ( 3.50 E) ( 1.00 E) ( 2.56 E)
Median - ( 36.00 E) ( 4.00 E) ( 1.00 E) ( 3.00 E)
High - ( 37.00 E) ( 4.00 E) ( 1.00 E) ( 3.00 E)
Low - ( 35.00 E) ( 2.00 E) ( 1.00 E) ( 2.00 E)
Std. Dev. - 1.0 0.71 - 0.5
No. of Estimates - 2/2 8/8 8/8 9/9
Acctg. Standard - US GAAP US GAAP US GAAP US GAAP
EBT (Excl. Excep) - 434.00 A 701.00 A 722.00 A 757.00 A
Final Est. - 497.47 E 691.20 E 713.14 E 708.02 E
Median - 513.06 E 694.43 E 713.40 E 738.00 E
High - 542.30 E 700.50 E 716.00 E 740.40 E
Low - 409.00 E 661.36 E 710.00 E 653.62 E
Std. Dev. - 46.61 11.95 1.77 37.45
No. of Estimates - 6/6 8/8 8/11 13/15
EBT (GAAP) - 406.00 A 561.00 A 585.00 A 568.00 A
Final Est. - 426.83 E 586.36 E 577.20 E 555.18 E
Median - 409.00 E 568.05 E 578.50 E 550.60 E
High - 512.22 E 661.36 E 583.30 E 579.39 E
Low - 379.80 E 554.00 E 570.20 E 546.70 E
Std. Dev. - 45.54 38.93 4.6 12.21
No. of Estimates - 5/6 6/6 5/5 5/5
EBT (Excl. Excep, GW) - 538.00 A 701.00 A - -
Final Est. - 516.65 E 670.96 E - -
Median - 523.80 E 692.95 E - -
High - 542.00 E 700.50 E - -
Low - 477.00 E 538.00 E - -
Std. Dev. - 25.45 52.1 - -
No. of Estimates - 4/4 8/8 - -
Acctg. Standard - US GAAP US GAAP - -
Net Income (Excl. Excep) 147.00 A 443.00 A 692.00 A 700.00 A 731.00 A
Final Est. 145.90 E 465.62 E 681.11 E 684.33 E 695.17 E
Median 145.00 E 491.90 E 687.00 E 690.00 E 713.25 E
High 159.00 E 519.00 E 692.00 E 693.60 E 716.50 E
Low 135.00 E 380.70 E 653.36 E 638.95 E 638.70 E
Std. Dev. 9.01 56.81 13.25 15.28 31.9
No. of Estimates 5/6 7/7 11/11 11/14 16/18
Net Income (GAAP) ( 44.00 A) 415.00 A 552.00 A 563.00 A 552.00 A
Final Est. ( 13.07 E) 387.19 E 559.83 E 552.87 E 534.77 E
Median 11.00 E 382.23 E 551.49 E 553.01 E 533.90 E
High 18.80 E 413.00 E 592.00 E 556.19 E 553.00 E
Low ( 69.00 E) 380.69 E 546.00 E 546.70 E 521.55 E
Std. Dev. 39.68 10.72 15.37 2.8 7.13
No. of Estimates 3/3 7/9 10/10 11/11 12/13
Net Income (Excl. Excep, GW) - 547.00 A 692.00 A - -
Final Est. - 496.50 E 671.14 E - -
Median - 501.65 E 687.90 E - -
High - 520.00 E 693.30 E - -
Low - 455.00 E 519.00 E - -
Std. Dev. - 22.29 50.83 - -
No. of Estimates - 6/7 10/10 - -
Acctg. Standard - US GAAP US GAAP - -
Net Debt - ( 325.00 A) ( 823.00 A) ( 1,081.00 A) ( 983.00 A)
Final Est. - ( 366.31 E) ( 817.51 E) ( 1,076.10 E) ( 967.30 E)
Median - ( 302.47 E) ( 832.78 E) ( 1,107.08 E) ( 959.55 E)
High - ( 283.57 E) ( 782.19 E) ( 965.57 E) ( 872.00 E)
Low - ( 512.88 E) ( 837.55 E) ( 1,124.68 E) ( 1,053.69 E)
Std. Dev. - 103.93 25.05 64.35 62.92
No. of Estimates - 3/4 3/3 4/4 8/8
Net Asset Value - - - - -
Final Est. - - - - -
Median - - - - -
High - - - - -
Low - - - - -
Std. Dev. - - - - -
No. of Estimates - - - - -
Acctg. Standard - - - - -
Depreciation & Amortization - - 157.00 A 155.00 A 187.00 A
Final Est. - - 158.00 E 156.78 E 180.80 E
Median - - 157.00 E 155.00 E 180.00 E
High - - 161.00 E 172.00 E 189.00 E
Low - - 157.00 E 150.60 E 175.00 E
Std. Dev. - - 1.55 5.91 4.53
No. of Estimates - - 5/5 10/10 5/5
Acctg. Standard - - US GAAP US GAAP US GAAP
Cash From Operations 139.00 A 510.00 A 726.00 A 693.00 A 722.00 A
Final Est. 125.97 E 496.04 E 702.46 E 676.60 E 742.90 E
Median 133.00 E 496.04 E 718.00 E 672.88 E 761.00 E
High 158.00 E 506.07 E 728.50 E 720.00 E 803.70 E
Low 86.90 E 486.00 E 659.00 E 636.00 E 656.40 E
Std. Dev. 29.45 10.04 28.58 29.04 49.32
No. of Estimates 3/3 2/3 6/6 8/8 5/5
Capital Expenditure ( 57.00 A) ( 79.00 A) ( 112.00 A) ( 241.00 A) ( 236.00 A)
Final Est. ( 57.00 E) ( 74.75 E) ( 108.08 E) ( 237.00 E) ( 234.83 E)
Median ( 57.00 E) ( 74.75 E) ( 112.25 E) ( 243.00 E) ( 246.00 E)
High ( 60.00 E) ( 76.50 E) ( 113.00 E) ( 243.00 E) ( 246.00 E)
Low ( 54.00 E) ( 73.00 E) ( 98.00 E) ( 205.00 E) ( 209.00 E)
Std. Dev. 3.0 1.75 6.46 12.53 15.92
No. of Estimates 2/2 2/3 6/6 8/9 6/6
Guidance Low - - ( 90.00 GL) - -
Guidance - - - ( 200.00 G) -
Guidance High - - ( 110.00 GH) - -
Free Cash Flow - - 614.00 A 452.00 A 486.00 A
Final Est. - - 608.63 E 513.00 E 524.53 E
Median - - 619.25 E 527.00 E 531.70 E
High - - 649.00 E 556.00 E 557.70 E
Low - - 547.00 E 471.00 E 477.00 E
Std. Dev. - - 37.65 33.3 30.89
No. of Estimates - - 4/4 5/5 4/4
Acctg. Standard - - US GAAP US GAAP US GAAP
Gross Margin % - 49.10 A 52.00 A 51.00 A 50.80 A
Final Est. - 48.98 E 50.87 E 50.73 E 50.11 E
Median - 49.00 E 51.60 E 51.00 E 50.70 E
High - 49.00 E 51.80 E 51.10 E 50.70 E
Low - 48.90 E 49.20 E 48.50 E 47.30 E
Std. Dev. - 0.04 1.16 0.75 1.16
No. of Estimates - 4/4 9/9 10/10 14/15
Effective Tax Rate % - 4.20 E 1.60 A 3.76 A 2.82 A
Final Est. - - 1.23 E 3.63 E 3.08 E
Median - 4.20 E 1.20 E 3.50 E 3.30 E
High - 4.30 E 1.70 E 4.10 E 3.80 E
Low - 4.10 E 1.00 E 3.00 E 1.90 E
Std. Dev. - 0.08 0.22 0.39 0.5
No. of Estimates - 3/3 9/9 12/12 13/13
ROE % 14.38 E 42.99 A 31.44 A 31.64 A 27.56 A
Final Est. - 33.31 E 33.97 E 26.44 E 23.92 E
Median 14.38 E 35.00 E 32.50 E 26.00 E 23.54 E
High 14.86 E 36.80 E 39.87 E 28.65 E 27.30 E
Low 13.90 E 28.70 E 29.90 E 25.07 E 22.00 E
Std. Dev. 0.48 3.24 3.44 1.2 1.64
No. of Estimates 2/2 5/5 6/6 5/5 8/8
ROA % 7.30 E 26.51 A 23.98 A 26.38 A 23.29 A
Final Est. - 21.38 E 24.49 E 20.91 E 20.23 E
Median 7.30 E 19.60 E 24.49 E 20.91 E 19.30 E
High 7.30 E 25.70 E 24.50 E 20.91 E 23.20 E
Low 7.30 E 18.84 E 24.47 E 20.91 E 19.10 E
Std. Dev. - 3.07 0.01 - 1.72
No. of Estimates 1/1 3/3 2/2 1/1 4/4
TEV - 6,145.80 E 6,816.58 E 7,669.38 E 9,420.78 E
Median - 6,145.80 E 6,816.58 E 7,669.38 E 9,420.78 E
High - 6,145.80 E 7,246.26 E 7,934.39 E 9,995.90 E
Low - 6,145.80 E 6,386.90 E 7,404.38 E 8,845.65 E
Std. Dev. - - 429.68 265.01 575.12
No. of Estimates - 1/1 2/2 2/2 2/2
Fiscal Quarters
NasdaqGS:AVGO (USD) FQ4 2009 - Oct 2009 FQ1 2010 - Jan 2010 FQ2 2010 - Apr 2010 FQ3 2010 - Jul 2010 FQ4 2010 - Oct 2010
EPS Normalized - - - - -
NasdaqGS:AVGO (USD) FQ4 2009 - Oct 2009 FQ1 2010 - Jan 2010 FQ2 2010 - Apr 2010 FQ3 2010 - Jul 2010 FQ4 2010 - Oct 2010
EPS Normalized 0.29 A 0.26 A 0.47 A 0.51 A 0.66 A
Company Level (USD) FQ1 2017 - Jan 2017 FQ2 2017 - Apr 2017 FQ3 2017 - Jul 2017 FQ4 2017 - Oct 2017 FQ1 2018 - Jan 2018
Revenue 4,149.00 A 4,201.00 A 4,467.00 A 4,848.00 A 5,331.00 A
Final Est. 4,084.10 E 4,107.90 E 4,456.30 E 4,836.04 E 5,320.57 E
Median 4,076.64 E 4,100.00 E 4,450.42 E 4,821.00 E 5,323.80 E
High 4,145.70 E 4,155.00 E 4,525.00 E 4,897.00 E 5,363.00 E
Low 4,064.88 E 4,090.00 E 4,440.00 E 4,780.00 E 5,300.00 E
Std. Dev. 17.1 16.09 15.69 35.7 15.06
No. of Estimates 22/26 24/26 26/29 23/27 25/26
Guidance Low 4,000.00 GL 4,025.00 GL 4,375.00 GL - 5,300.00 GL
Guidance - - - 4,875.00 G -
Guidance High 4,150.00 GH 4,175.00 GH 4,525.00 GH - 5,350.00 GH
EBITDA 2,920.00 A 3,046.00 A 3,270.00 A 3,512.00 A 3,755.00 A
Final Est. - 2,885.00 E 3,161.68 E 3,429.41 E 3,660.03 E
Median - 2,938.81 E 3,201.04 E 3,444.23 E 3,732.00 E
High - 2,956.00 E 3,273.00 E 3,572.00 E 3,751.00 E
Low - 2,760.20 E 3,011.00 E 3,257.20 E 3,497.10 E
Std. Dev. - 88.53 110.52 113.02 115.47
No. of Estimates - 3/7 3/8 4/6 3/8
EBIT 1,806.00 A 1,853.00 A 2,059.00 A 2,293.00 A 2,571.00 A
Final Est. 1,726.21 E 1,759.96 E 2,020.19 E 2,260.17 E 2,545.88 E
Median 1,722.15 E 1,752.96 E 2,017.00 E 2,254.46 E 2,565.20 E
High 1,762.80 E 1,789.70 E 2,061.00 E 2,305.90 E 2,602.72 E
Low 1,707.40 E 1,746.80 E 2,010.00 E 2,204.00 E 2,492.00 E
Std. Dev. 11.32 13.53 10.26 24.7 34.75
No. of Estimates 20/24 21/25 23/28 25/26 23/24
Interest Expense ( 111.00 A) ( 112.00 A) ( 112.00 A) ( 119.00 A) ( 183.00 A)
Final Est. ( 100.06 E) ( 107.56 E) ( 103.95 E) ( 105.78 E) ( 134.33 E)
Median ( 101.00 E) ( 106.00 E) ( 100.00 E) ( 102.90 E) ( 126.00 E)
High ( 110.00 E) ( 113.00 E) ( 113.00 E) ( 120.00 E) ( 171.00 E)
Low ( 61.00 E) ( 105.00 E) ( 100.00 E) ( 100.00 E) ( 110.00 E)
Std. Dev. 10.16 2.53 5.27 6.37 18.98
No. of Estimates 17/18 16/17 20/21 19/22 14/20
Guidance ( 101.00 G) ( 106.00 G) - - ( 126.00 G)
EBT (Excl. Excep) 1,704.00 A 1,744.00 A 1,959.00 A 2,190.00 A 2,455.00 A
Final Est. 1,627.13 E 1,656.28 E 1,919.90 E 2,162.45 E 2,417.36 E
Median 1,621.15 E 1,647.40 E 1,917.00 E 2,154.70 E 2,442.60 E
High 1,661.80 E 1,683.70 E 1,961.00 E 2,206.00 E 2,454.00 E
Low 1,609.00 E 1,642.00 E 1,911.00 E 2,104.00 E 2,361.21 E
Std. Dev. 12.75 14.76 10.43 23.26 36.5
No. of Estimates 16/19 18/19 21/24 21/23 21/21
EBT (GAAP) 267.00 A 365.00 A 548.00 A 755.00 A 795.00 A
Final Est. 343.00 E 279.07 E 530.75 E 742.40 E 657.37 E
Median 343.00 E 316.00 E 535.00 E 748.00 E 608.00 E
High 345.00 E 316.20 E 536.00 E 757.20 E 756.10 E
Low 341.00 E 205.00 E 517.00 E 722.00 E 608.00 E
Std. Dev. 2.0 52.37 7.98 14.91 69.82
No. of Estimates 2/3 3/3 4/4 3/3 3/3
EBT (Excl. Excep, GW) - - - - -
Median - - - - -
High - - - - -
Low - - - - -
Std. Dev. - - - - -
Net Income (Excl. Excep) 1,627.00 A 1,666.00 A 1,871.00 A 2,091.00 A 2,345.00 A
Final Est. 1,552.59 E 1,582.35 E 1,834.81 E 2,064.31 E 2,326.63 E
Median 1,547.57 E 1,574.35 E 1,831.00 E 2,057.00 E 2,336.80 E
High 1,588.80 E 1,609.70 E 1,875.00 E 2,107.00 E 2,343.00 E
Low 1,536.00 E 1,568.00 E 1,825.00 E 2,010.00 E 2,262.30 E
Std. Dev. 11.6 14.24 12.57 25.3 23.34
No. of Estimates 20/20 22/21 25/25 23/23 18/22
Net Income (GAAP) 252.00 A 464.00 A 507.00 A 671.00 A 6,566.00 A
Final Est. 261.56 E 241.60 E 517.55 E 688.94 E 815.95 E
Median 234.19 E 239.56 E 457.70 E 665.20 E 779.36 E
High 343.00 E 282.00 E 704.70 E 894.30 E 1,348.60 E
Low 228.00 E 201.00 E 432.00 E 568.90 E 446.00 E
Std. Dev. 43.97 24.33 97.12 82.36 257.64
No. of Estimates 6/11 9/12 13/15 9/14 8/14
Net Income (Excl. Excep, GW) - - - - -
Median - - - - -
High - - - - -
Low - - - - -
Std. Dev. - - - - -
Net Debt 10,026.00 A 9,313.00 A 8,123.00 A 6,344.00 A 10,516.00 A
Final Est. 9,101.82 E 8,864.42 E 7,936.87 E 7,763.34 E 6,668.26 E
Median 9,101.82 E 8,889.83 E 8,136.67 E 6,498.73 E 5,146.30 E
High 9,892.63 E 9,424.64 E 8,269.95 E 12,007.30 E 10,985.47 E
Low 8,311.00 E 8,253.40 E 7,404.00 E 6,048.60 E 3,873.00 E
Std. Dev. 790.82 451.75 380.71 2,462.64 3,096.67
No. of Estimates 2/2 4/4 3/3 4/4 3/3
Depreciation & Amortization 1,114.00 A 1,193.00 A 1,211.00 A 1,219.00 A 1,184.00 A
Final Est. 1,044.47 E 1,173.92 E 1,186.45 E 1,203.68 E 1,208.64 E
Median 1,114.50 E 1,190.00 E 1,180.00 E 1,220.00 E 1,200.00 E
High 1,118.00 E 1,218.00 E 1,220.00 E 1,224.00 E 1,405.30 E
Low 690.80 E 1,093.50 E 1,161.70 E 1,171.00 E 1,040.00 E
Std. Dev. 158.17 40.63 23.35 23.08 98.47
No. of Estimates 6/7 6/7 6/6 5/6 7/7
Guidance 1,115.00 G 1,190.00 G 1,212.00 G 1,223.00 G 1,200.00 G
Cash From Operations 1,353.00 A 1,583.00 A 1,656.00 A 1,959.00 A 1,685.00 A
Final Est. 1,366.61 E 1,569.91 E 1,796.45 E 2,120.63 E 2,110.66 E
Median 1,294.50 E 1,542.00 E 1,793.50 E 2,092.00 E 2,071.20 E
High 2,193.00 E 1,815.00 E 2,042.60 E 2,377.00 E 2,554.00 E
Low 862.00 E 1,399.00 E 1,489.00 E 1,714.00 E 1,831.00 E
Std. Dev. 347.21 110.19 157.92 208.16 210.66
No. of Estimates 10/10 8/8 8/8 9/9 9/9
Final Est. ( 329.79 E) ( 300.88 E) ( 249.75 E) ( 239.68 E) ( 202.40 E)
Median ( 330.00 E) ( 290.00 E) ( 240.15 E) ( 230.00 E) ( 210.00 E)
High ( 331.00 E) ( 350.00 E) ( 300.00 E) ( 288.30 E) ( 230.00 E)
Low ( 326.93 E) ( 290.00 E) ( 240.00 E) ( 230.00 E) ( 160.00 E)
Std. Dev. 1.0 18.8 18.94 17.48 21.98
No. of Estimates 10/10 9/9 10/10 10/10 10/10
Guidance Low - - - - -
Guidance ( 330.00 G) ( 290.00 G) ( 240.00 G) ( 230.00 G) ( 210.00 G)
Guidance High - - - - -
Free Cash Flow 1,028.00 A 1,327.00 A 1,401.00 A 1,726.00 A 1,465.00 A
Final Est. 1,040.42 E 1,248.80 E 1,624.04 E 1,949.82 E 1,860.84 E
Median 1,051.00 E 1,242.60 E 1,591.00 E 1,986.50 E 1,861.20 E
High 1,254.00 E 1,274.00 E 1,802.20 E 2,147.00 E 2,204.00 E
Low 862.10 E 1,236.00 E 1,517.00 E 1,695.20 E 1,621.00 E
Std. Dev. 153.66 14.84 98.88 171.78 166.67
No. of Estimates 5/5 4/4 5/5 6/6 7/7
Gross Margin % 62.40 A 63.10 A 63.30 A 63.30 A 64.80 A
Final Est. 60.79 E 62.05 E 63.04 E 63.02 E 64.44 E
Median 61.50 E 62.00 E 63.00 E 63.00 E 64.50 E
High 61.50 E 62.50 E 63.30 E 63.30 E 65.20 E
Low 47.20 E 61.71 E 62.97 E 62.90 E 64.00 E
Std. Dev. 3.04 0.17 0.09 0.07 0.41
No. of Estimates 21/23 20/22 24/25 25/25 22/22
Guidance Low 60.50 GL 61.00 GL 62.00 GL 62.00 GL -
Guidance - - - - -
Guidance High 62.50 GH 63.00 GH 64.00 GH 64.00 GH -
Effective Tax Rate % 3.75 A 4.47 A 4.49 A 4.52 A 4.48 A
Final Est. 4.57 E 4.45 E 4.35 E 4.55 E 4.43 E
Median 4.50 E 4.50 E 4.50 E 4.50 E 4.50 E
High 5.00 E 5.00 E 4.50 E 6.00 E 5.00 E
Low 4.40 E 2.80 E 3.30 E 4.00 E 3.70 E
Std. Dev. 0.19 0.44 0.31 0.35 0.24
No. of Estimates 19/21 17/19 19/21 21/22 21/22
ROE % 34.32 A 30.05 A 38.16 A 41.62 A 40.62 A
Final Est. 36.73 E 28.08 E 31.07 E 40.30 E 40.00 E
Median 36.73 E 28.08 E 30.00 E 40.30 E 40.00 E
High 45.45 E 28.16 E 33.21 E 40.30 E 40.00 E
Low 28.00 E 28.00 E 30.00 E 40.30 E 40.00 E
Std. Dev. 8.73 0.08 1.51 - -
No. of Estimates 2/2 2/2 3/3 1/1 1/1
ROA % 13.07 A 13.40 A 15.00 A 16.03 A 17.22 A
Final Est. 13.00 E 13.00 E 14.20 E 14.60 E 15.50 E
Median 13.00 E 13.00 E 14.20 E 14.60 E 15.50 E
High 13.00 E 13.00 E 14.40 E 14.60 E 15.50 E
Low 13.00 E 13.00 E 14.00 E 14.60 E 15.50 E
Std. Dev. - - 0.2 - -
No. of Estimates 1/1 1/1 2/2 1/1 1/1
NasdaqGS:AVGO - Recommendation: Outperform (1.60)
1 - Buy 23
2 - Outperform 3
3 - Hold 9
4 - Underperform 0
5 - Sell 0
0 - No Opinion 0
Current Year NTM

19.81 19.61
20,777.7 20727.28
- -
13,594.17 18720.06
2014 2015 2016 2017 2018 2019

- - - 15.83 E 19.81 E 20.44 E
2014 2015 2016 2017 2018 2019

4.90 A 8.98 A 11.45 A 16.02 A - -
2014 2015 2016 2017 2018 2019

4,269.00 A 6,905.00 A 13,292.00 A 17,665.00 A 20,777.70 E 21,416.97 E
4,244.00 E 6,897.24 E 13,269.15 E 17,656.00 E - -
4,247.00 E 6,902.00 E 13,276.00 E 17,664.00 E 20,751.00 E 21,407.00 E
4,267.00 E 6,917.00 E 13,317.50 E 17,714.00 E 21,437.00 E 22,642.00 E
4,199.00 E 6,857.00 E 13,245.86 E 17,596.80 E 20,598.00 E 20,935.00 E
15.27 15.61 21.87 35.61 142.33 325.41
22/22 19/26 23/31 22/30 29/33 29/33
US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP
2,146.00 A 3,155.00 A 8,362.00 A 12,748.00 A 13,594.17 E 12,288.30 E
1,797.54 E 3,127.05 E 8,434.01 E 12,166.20 E - -
1,860.72 E 3,127.05 E 8,691.00 E 12,224.10 E 13,594.17 E 11,132.67 E
2,077.00 E 3,127.10 E 8,712.00 E 12,549.46 E 14,651.50 E 15,366.40 E
1,456.50 E 3,127.00 E 7,753.07 E 11,667.15 E 12,536.83 E 10,365.82 E
221.02 0.05 372.69 319.92 1,057.33 2,198.95
9/11 2/15 5/16 4/9 2/11 3/11
1,521.00 A 2,926.00 A 5,320.00 A 8,011.00 A 10,147.76 E 10,572.54 E
1,402.46 E 2,897.35 E 5,261.26 E 7,971.31 E - -
1,446.85 E 2,898.20 E 5,289.90 E 7,970.85 E 10,149.60 E 10,572.60 E
1,454.00 E 2,908.00 E 5,319.00 E 8,024.00 E 10,308.00 E 11,178.00 E
1,081.50 E 2,871.00 E 4,659.20 E 7,823.46 E 10,007.00 E 9,853.82 E
102.52 7.57 123.87 41.26 62.14 283.23
16/20 18/25 25/31 26/29 24/32 27/32
( 110.00 A) ( 191.00 A) ( 479.00 A) ( 454.00 A) ( 558.15 E) ( 494.85 E)
( 110.14 E) ( 181.33 E) ( 473.57 E) ( 436.66 E) - -
( 110.50 E) ( 188.00 E) ( 434.00 E) ( 438.00 E) ( 559.30 E) ( 463.00 E)
( 113.00 E) ( 193.00 E) ( 622.00 E) ( 469.00 E) ( 732.00 E) ( 732.00 E)
( 107.00 E) ( 161.00 E) ( 433.00 E) ( 411.00 E) ( 438.00 E) ( 390.00 E)
1.41 12.16 71.1 14.71 60.68 77.41
14/14 15/17 17/22 21/23 22/24 22/24
1,425.00 A 2,769.00 A 4,894.00 A 7,597.00 A 9,697.28 E 10,121.62 E
1,325.09 E 2,732.59 E 4,855.32 E 7,568.59 E - -
1,337.00 E 2,734.65 E 4,857.00 E 7,561.70 E 9,696.30 E 10,131.00 E
1,343.00 E 2,744.00 E 4,886.00 E 7,613.00 E 9,861.00 E 10,730.00 E
1,183.50 E 2,711.00 E 4,838.00 E 7,511.00 E 9,598.00 E 9,463.82 E
41.02 9.09 15.37 24.98 58.41 279.59
13/17 16/21 21/25 23/26 22/27 25/27
342.00 A 1,467.00 A ( 1,107.00 A) 1,935.00 A 4,501.31 E 5,348.42 E
490.28 E 1,439.07 E ( 807.10 E) 1,920.05 E - -
263.70 E 1,439.10 E ( 806.97 E) 1,920.50 E 4,424.00 E 5,458.40 E
1,339.39 E 1,447.00 E ( 805.45 E) 1,937.20 E 5,206.00 E 6,026.00 E
244.00 E 1,430.10 E ( 809.00 E) 1,902.00 E 4,216.00 E 4,026.00 E
426.24 6.93 1.46 13.54 301.12 624.3
5/6 6/7 4/6 4/4 7/7 7/7
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
1,343.00 A 2,613.00 A 4,672.00 A 7,255.00 A 9,051.26 E 9,113.67 E
1,255.95 E 2,573.39 E 4,624.03 E 7,230.02 E - -
1,259.00 E 2,580.19 E 4,636.05 E 7,221.80 E 9,131.00 E 9,131.00 E
1,265.00 E 2,592.00 E 4,664.00 E 7,271.00 E 9,330.36 E 9,657.00 E
1,213.70 E 2,504.05 E 4,350.00 E 7,174.00 E 8,077.61 E 8,334.17 E
11.54 19.81 56.48 24.3 266.75 297.5
16/18 22/24 26/27 25/27 29/29 29/29
263.00 A 1,364.00 A ( 1,739.00 A) 1,894.00 A 12,198.90 E 5,082.88 E
350.11 E 1,343.90 E ( 441.33 E) 1,930.67 E - -
367.70 E 1,342.00 E ( 380.90 E) 1,888.20 E 12,492.70 E 4,932.20 E
523.00 E 1,401.50 E ( 279.00 E) 2,219.16 E 13,505.00 E 7,550.00 E
155.90 E 1,249.00 E ( 835.00 E) 1,801.00 E 9,103.00 E 4,485.00 E
92.41 35.07 167.99 121.15 1,046.53 715.43
11/12 15/16 7/16 11/15 18/20 18/20
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
3,905.00 A 2,127.00 A 10,545.00 A 6,344.00 A 10,398.22 E 9,915.12 E
4,036.14 E 2,110.09 E 10,343.63 E 6,454.77 E - -
3,955.90 E 2,076.20 E 10,348.00 E 6,521.10 E 10,050.67 E 10,778.50 E
4,414.62 E 2,504.01 E 10,625.00 E 6,731.47 E 13,339.00 E 14,420.10 E
3,836.00 E 1,957.60 E 9,990.00 E 6,048.60 E 8,087.00 E 4,590.00 E
193.86 151.44 184.24 236.25 1,396.57 3,166.55
9/9 9/9 9/9 6/8 9/10 9/9
- ( 237.00 A) ( 20,908.00 A) - - -
- ( 284.26 E) ( 14,945.29 E) - - -
- ( 284.26 E) ( 14,945.29 E) - - -
- ( 284.26 E) ( 14,945.29 E) - - -
- ( 284.26 E) ( 14,945.29 E) - - -
- - - - - -
- 1/1 1/1 - - -
- US GAAP US GAAP - - -
625.00 A 962.00 A 3,042.00 A 4,737.00 A 4,235.58 E 4,087.30 E
623.75 E 956.88 E 3,185.59 E 4,596.83 E - -
621.00 E 958.75 E 3,038.00 E 4,718.00 E 4,088.00 E 3,893.25 E
632.00 E 968.00 E 3,551.73 E 4,840.10 E 4,736.00 E 5,120.50 E
621.00 E 942.00 E 2,759.00 E 3,518.00 E 4,080.00 E 3,371.00 E
4.76 9.66 247.3 384.06 260.43 475.89
4/4 4/5 9/12 9/10 8/11 10/10
1,175.00 A 2,318.00 A 3,411.00 A 6,551.00 A 8,785.55 E 9,910.49 E
997.71 E 2,602.62 E 3,866.80 E 6,660.46 E - -
1,147.50 E 2,504.00 E 3,815.00 E 6,721.00 E 8,717.00 E 9,780.00 E
1,335.00 E 3,098.00 E 4,304.00 E 7,269.30 E 10,721.00 E 12,308.40 E
( 325.40 E) 2,376.80 E 3,116.84 E 5,652.00 E 7,966.00 E 8,567.00 E
512.67 238.24 392.42 386.45 706.55 920.85
8/8 9/9 13/15 13/13 13/14 14/14
( 409.00 A) ( 593.00 A) ( 723.00 A) ( 1,069.00 A) ( 702.70 E) ( 583.82 E)
( 410.67 E) ( 644.04 E) ( 847.00 E) ( 1,045.42 E) - -
( 440.00 E) ( 621.00 E) ( 855.00 E) ( 1,066.00 E) ( 666.50 E) ( 531.00 E)
( 440.00 E) ( 873.00 E) ( 885.00 E) ( 1,079.00 E) ( 894.86 E) ( 874.00 E)
( 296.00 E) ( 580.00 E) ( 770.00 E) ( 800.00 E) ( 640.00 E) ( 421.00 E)
55.17 77.93 27.57 74.09 76.1 144.69
9/9 10/10 16/17 12/15 14/17 17/17
- - - ( 723.00 GL) - -
- ( 600.00 G) - - - -
- - - - - -
766.00 A 1,725.00 A 2,688.00 A 5,482.00 A 8,133.64 E 8,967.95 E
881.12 E 1,948.10 E 3,002.25 E 5,864.80 E - -
878.50 E 1,935.00 E 3,063.50 E 5,864.00 E 8,049.50 E 8,900.00 E
1,150.00 E 2,261.90 E 3,446.27 E 6,574.00 E 8,938.00 E 10,138.90 E
633.50 E 1,655.00 E 2,261.84 E 5,276.70 E 7,271.00 E 7,245.00 E
183.12 185.95 415.88 332.68 529.91 664.78
6/7 9/9 8/12 9/13 8/14 13/13
56.00 A 61.00 A 60.50 A 63.00 A 65.98 E 66.27 E
55.49 E 58.99 E 60.43 E 63.00 E - -
55.30 E 60.20 E 60.40 E 63.00 E 66.00 E 66.20 E
58.50 E 60.60 E 61.00 E 63.10 E 66.30 E 68.00 E
54.90 E 51.30 E 60.00 E 62.90 E 65.60 E 64.50 E
0.77 3.05 0.17 0.05 0.15 0.63
17/17 21/21 24/27 24/26 24/28 26/28
5.75 A 5.63 A 4.54 A 4.50 A 6.00 E 9.82 E
5.73 E 5.88 E 4.58 E 4.46 E - -
5.80 E 5.70 E 4.50 E 4.50 E 5.80 E 10.00 E
6.60 E 7.20 E 5.20 E 4.60 E 7.40 E 11.00 E
2.30 E 5.60 E 4.40 E 4.00 E 5.00 E 5.60 E
0.91 0.37 0.21 0.15 0.53 0.93
16/17 19/20 20/20 22/22 23/23 24/25
43.82 A 65.68 A 39.58 A 36.94 A 36.22 E 26.51 E
37.23 E 56.58 E 28.36 E 32.35 E - -
39.79 E 62.88 E 31.30 E 31.67 E 34.67 E 27.85 E
49.70 E 64.84 E 33.24 E 36.99 E 48.36 E 34.55 E
15.23 E 36.60 E 17.00 E 27.00 E 28.00 E 18.60 E
9.44 9.97 5.72 2.89 6.72 6.28
10/10 8/9 9/12 7/10 10/10 8/8
3.78 A 24.79 A 15.45 A 13.90 A 18.93 E 13.84 E
10.22 E 21.11 E 13.54 E 14.28 E - -
11.50 E 23.79 E 14.20 E 14.90 E 16.67 E 13.39 E
12.10 E 26.14 E 16.22 E 15.34 E 23.82 E 19.90 E
7.06 E 13.40 E 10.20 E 12.60 E 16.30 E 8.70 E
2.25 5.54 2.5 1.2 3.46 4.6
3/5 3/3 3/5 3/5 3/3 4/3
25,252.79 E 36,599.19 E 78,368.84 E 131,259.64 E 112,749.55 E 114,658.81 E
25,089.69 E 35,055.55 E 79,932.32 E 132,243.18 E 112,610.60 E 110,420.03 E
28,461.49 E 40,879.62 E 94,071.49 E 138,504.39 E 126,443.70 E 128,481.08 E
22,370.30 E 34,245.20 E 59,539.22 E 123,031.34 E 99,333.30 E 105,075.31 E
2,452.1 2,483.98 12,462.58 6,355.02 9,797.85 10,014.42
4/4 5/5 4/4 3/3 4/4 3/3
FQ1 2011 - Jan 2011 FQ2 2011 - Apr 2011 FQ3 2011 - Jul 2011 FQ4 2011 - Oct 2011 FQ1 2012 - Jan 2012 FQ2 2012 - Apr 2012
- - - - - -
0.65 A 0.64 A 0.68 A 0.73 A 0.62 A 0.66 A
FQ2 2018 - Apr 2018 FQ3 2018 - Jul 2018 FQ4 2018 - Oct 2018 FQ1 2019 - Jan 2019 FQ2 2019 - Apr 2019 FQ3 2019 - Jul 2019
5,017.00 A 5,056.29 E 5,352.00 E 5,182.14 E 5,136.86 E 5,345.92 E
5,001.53 E - - - - -
5,000.00 E 5,050.03 E 5,353.00 E 5,170.70 E 5,152.50 E 5,343.00 E
5,030.00 E 5,080.00 E 5,517.00 E 5,650.79 E 5,250.40 E 5,524.40 E
4,989.00 E 5,048.00 E 5,200.00 E 4,940.00 E 4,995.00 E 5,209.00 E
7.23 9.91 64.45 127.11 69.08 80.75
28/31 27/30 27/30 26/29 26/29 24/27
4,975.00 GL 4,975.00 GL - - - -
- - - - - -
5,025.00 GH 5,125.00 GH - - - -
3,419.00 A 4,602.20 E 5,590.05 E 4,358.48 E 4,169.33 E 2,997.16 E
3,356.33 E - - - - -
3,587.00 E 4,602.20 E 5,590.05 E 3,690.30 E 3,736.00 E 2,612.00 E
3,607.00 E 5,529.00 E 7,378.00 E 6,639.00 E 6,355.00 E 3,895.90 E
2,875.00 E 3,675.40 E 3,802.10 E 2,746.14 E 2,416.99 E 2,483.57 E
340.45 926.8 1,787.95 1,658.0 1,636.63 637.67
3/9 2/8 2/8 3/8 3/8 3/7
2,455.00 A 2,472.78 E 2,639.15 E 2,531.33 E 2,509.23 E 2,643.41 E
2,411.65 E - - - - -
2,412.00 E 2,476.30 E 2,643.00 E 2,538.25 E 2,521.00 E 2,650.80 E
2,445.70 E 2,510.30 E 2,771.80 E 2,623.10 E 2,620.40 E 2,798.30 E
2,391.07 E 2,348.97 E 2,549.00 E 2,368.10 E 2,288.99 E 2,355.57 E
9.56 31.73 51.17 59.13 79.05 97.5
21/27 25/28 25/28 24/27 23/26 22/25
( 148.00 A) ( 128.23 E) ( 127.50 E) ( 123.15 E) ( 121.44 E) ( 120.92 E)
( 121.77 E) - - - - -
( 114.00 E) ( 125.00 E) ( 126.00 E) ( 115.00 E) ( 115.00 E) ( 115.00 E)
( 150.00 E) ( 155.00 E) ( 155.00 E) ( 155.00 E) ( 155.00 E) ( 155.00 E)
( 110.00 E) ( 110.00 E) ( 110.00 E) ( 100.00 E) ( 100.00 E) ( 95.00 E)
12.85 15.4 14.73 14.92 15.26 15.58
19/23 21/23 21/23 19/21 18/20 18/20
( 114.00 G) ( 115.00 G) - - - -
2,349.00 A 2,357.16 E 2,521.38 E 2,420.46 E 2,394.68 E 2,527.24 E
2,300.90 E - - - - -
2,298.00 E 2,362.20 E 2,522.90 E 2,434.50 E 2,415.00 E 2,536.00 E
2,332.00 E 2,395.00 E 2,662.00 E 2,513.14 E 2,494.00 E 2,643.00 E
2,267.07 E 2,233.97 E 2,434.00 E 2,253.10 E 2,188.99 E 2,260.58 E
13.04 34.66 52.77 63.94 77.6 90.29
20/22 23/24 23/24 22/23 21/22 21/22
1,099.00 A 1,181.63 E 1,256.03 E 1,177.08 E 1,182.00 E 1,245.50 E
1,069.75 E - - - - -
1,010.50 E 1,187.50 E 1,275.05 E 1,204.15 E 1,231.00 E 1,278.00 E
1,273.00 E 1,193.50 E 1,339.00 E 1,293.00 E 1,259.00 E 1,419.00 E
985.00 E 1,158.00 E 1,135.00 E 1,007.00 E 1,007.00 E 1,007.00 E
117.81 14.08 81.11 104.88 101.77 155.75
4/4 4/4 4/4 4/4 4/4 4/4
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
2,243.00 A 2,202.54 E 2,352.16 E 2,193.23 E 2,168.69 E 2,291.83 E
2,199.36 E - - - - -
2,195.00 E 2,197.87 E 2,351.51 E 2,196.00 E 2,174.00 E 2,286.50 E
2,229.71 E 2,228.00 E 2,507.79 E 2,465.23 E 2,312.00 E 2,378.00 E
2,171.70 E 2,188.00 E 2,249.00 E 2,027.70 E 2,000.00 E 2,134.00 E
12.84 10.73 63.84 84.0 62.93 64.7
24/24 24/25 24/25 23/23 22/22 21/21
3,733.00 A 1,098.04 E 1,229.43 E 1,173.79 E 1,175.65 E 1,301.21 E
936.28 E - - - - -
953.59 E 1,137.79 E 1,217.00 E 1,110.60 E 1,132.00 E 1,262.60 E
1,153.00 E 1,297.10 E 1,448.40 E 1,852.00 E 1,717.00 E 1,851.00 E
603.00 E 829.00 E 1,056.00 E 992.70 E 1,000.00 E 1,131.00 E
120.91 110.42 84.16 213.28 181.55 184.4
12/15 16/17 15/18 16/18 15/17 14/16
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
9,411.00 A 9,441.80 E 10,708.68 E 10,323.12 E 10,018.37 E 9,719.30 E
9,097.10 E - - - - -
9,097.10 E 9,602.30 E 10,077.87 E 10,363.24 E 9,953.97 E 9,987.27 E
9,125.70 E 11,000.00 E 13,339.00 E 11,436.00 E 11,227.55 E 11,792.64 E
9,068.50 E 6,826.00 E 9,340.00 E 9,130.00 E 8,938.00 E 7,110.00 E
28.6 1,283.53 1,565.13 832.84 932.73 1,878.68
2/2 6/6 4/5 4/4 4/4 4/4
964.00 A 969.44 E 968.92 E 959.38 E 957.63 E 957.53 E
1,040.43 E - - - - -
970.00 E 970.00 E 970.00 E 967.50 E 967.50 E 967.50 E
1,184.00 E 971.00 E 973.60 E 1,040.00 E 1,040.00 E 1,040.00 E
969.00 E 966.00 E 965.00 E 845.00 E 843.00 E 842.00 E
92.64 1.76 3.1 57.75 58.59 58.94
7/8 5/7 5/7 6/7 6/7 6/7
970.00 G 970.00 G - - - -
2,313.00 A 2,304.77 E 2,413.78 E 2,356.56 E 2,307.98 E 2,416.52 E
2,171.44 E - - - - -
2,215.00 E 2,217.00 E 2,434.50 E 2,357.40 E 2,265.65 E 2,413.00 E
2,521.00 E 2,824.00 E 2,617.00 E 2,838.00 E 2,665.00 E 2,697.00 E
1,700.00 E 2,068.00 E 2,114.00 E 1,712.00 E 2,064.00 E 2,151.00 E
227.12 235.26 138.03 306.84 173.81 156.84
10/10 9/10 8/10 10/10 10/10 10/10
( 189.00 A) ( 125.45 E) ( 130.32 E) ( 126.82 E) ( 129.70 E) ( 135.70 E)
( 196.80 E) - - - - -
( 190.00 E) ( 125.00 E) ( 128.00 E) ( 125.00 E) ( 127.50 E) ( 133.00 E)
( 250.00 E) ( 127.00 E) ( 175.00 E) ( 190.00 E) ( 190.00 E) ( 190.00 E)
( 180.00 E) ( 125.00 E) ( 105.90 E) ( 100.00 E) ( 100.00 E) ( 106.00 E)
18.55 0.73 21.42 28.12 28.98 28.41
10/11 10/12 10/12 11/12 12/12 12/12
- - - - - -
( 190.00 G) ( 125.00 G) - - - -
- - - - - -
2,124.00 A 2,092.78 E 2,165.06 E 2,161.50 E 2,116.27 E 2,218.96 E
1,969.18 E - - - - -
2,051.50 E 1,998.70 E 2,299.00 E 2,124.00 E 2,107.30 E 2,200.40 E
2,331.00 E 2,295.00 E 2,326.00 E 2,284.00 E 2,262.00 E 2,363.00 E
1,500.00 E 1,977.20 E 1,695.00 E 2,044.70 E 1,980.00 E 2,108.00 E
254.67 131.99 238.71 87.5 95.73 93.43
8/8 5/7 5/7 7/7 7/7 7/7
1,970.00 GL - - - - -
66.60 A 66.53 E 66.04 E 66.15 E 66.37 E 66.49 E
66.03 E - - - - -
66.00 E 66.50 E 66.05 E 66.20 E 66.50 E 66.50 E
66.30 E 66.80 E 67.00 E 67.80 E 68.20 E 68.00 E
65.90 E 66.50 E 64.80 E 65.00 E 64.00 E 64.50 E
0.08 0.07 0.47 0.59 0.71 0.66
24/26 23/26 24/27 24/26 23/25 23/25
65.00 GL 65.50 GL - - - -
- - - - - -
67.00 GH 67.50 GH - - - -
4.51 A 7.08 E 7.59 E 9.80 E 9.79 E 9.79 E
4.57 E - - - - -
4.50 E 7.00 E 7.00 E 10.00 E 10.00 E 10.00 E
5.70 E 10.40 E 10.10 E 11.00 E 11.00 E 11.00 E
4.00 E 5.30 E 5.60 E 5.60 E 5.50 E 5.60 E
0.35 0.81 1.31 0.97 1.01 0.99
21/23 22/24 23/24 22/23 21/22 21/22
7.74 A 33.29 E 37.73 E 31.23 E 29.35 E 33.55 E
7.50 E - - - - -
7.50 E 33.29 E 37.73 E 31.23 E 29.35 E 33.55 E
7.50 E 33.29 E 37.73 E 31.23 E 29.35 E 33.55 E
7.50 E 33.29 E 37.73 E 31.23 E 29.35 E 33.55 E
- - - - - -
1/2 1/2 1/2 1/2 1/2 1/2
4.10 A 4.06 E 4.30 E 4.16 E 4.11 E 4.37 E
4.00 E - - - - -
4.00 E 4.06 E 4.30 E 4.16 E 4.11 E 4.37 E
4.00 E 4.11 E 4.49 E 4.32 E 4.32 E 4.63 E
4.00 E 4.00 E 4.10 E 4.00 E 3.90 E 4.10 E
- 0.06 0.2 0.16 0.21 0.27
1/1 2/2 2/2 2/2 2/2 2/2
2020 2021 2022 2023 2024 2025
22.94 E - - - - -
2020 2021 2022 2023 2024 2025

- - - - - -
2020 2021 2022 2023 2024 2025

22,714.45 E - - - - -
- - - - - -
22,698.90 E - - - - -
23,153.00 E - - - - -
22,252.00 E - - - - -
353.91 - - - - -
10/11 - - - - -
US GAAP - - - - -
11,281.83 E - - - - -
- - - - - -
11,281.83 E - - - - -
11,836.23 E - - - - -
10,727.42 E - - - - -
554.41 - - - - -
2/5 - - - - -
US GAAP - - - - -
11,182.79 E - - - - -
- - - - - -
11,235.46 E - - - - -
11,622.80 E - - - - -
10,215.42 E - - - - -
424.99 - - - - -
8/10 - - - - -
US GAAP - - - - -
( 483.63 E) - - - - -
- - - - - -
( 482.00 E) - - - - -
( 523.40 E) - - - - -
( 441.00 E) - - - - -
31.72 - - - - -
6/6 - - - - -
US GAAP - - - - -
10,693.93 E - - - - -
- - - - - -
10,700.40 E - - - - -
11,150.00 E - - - - -
9,905.42 E - - - - -
391.43 - - - - -
7/9 - - - - -
US GAAP - - - - -
6,100.00 E 6,647.00 E 7,431.00 E 7,714.00 E 7,994.00 E 8,178.00 E
- - - - - -
6,100.00 E 6,647.00 E 7,431.00 E 7,714.00 E 7,994.00 E 8,178.00 E
6,100.00 E 6,647.00 E 7,431.00 E 7,714.00 E 7,994.00 E 8,178.00 E
6,100.00 E 6,647.00 E 7,431.00 E 7,714.00 E 7,994.00 E 8,178.00 E
- - - - - -
1/1 1/1 1/1 1/1 1/1 1/1
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
9,789.94 E - - - - -
- - - - - -
9,719.46 E - - - - -
10,625.53 E - - - - -
9,301.10 E - - - - -
370.51 - - - - -
9/9 - - - - -
US GAAP - - - - -
5,844.70 E 5,983.00 E 6,688.00 E 6,943.00 E 7,195.00 E 7,360.00 E
- - - - - -
5,894.44 E 5,983.00 E 6,688.00 E 6,943.00 E 7,195.00 E 7,360.00 E
6,099.90 E 5,983.00 E 6,688.00 E 6,943.00 E 7,195.00 E 7,360.00 E
5,490.00 E 5,983.00 E 6,688.00 E 6,943.00 E 7,195.00 E 7,360.00 E
221.3 - - - - -
4/5 1/1 1/1 1/1 1/1 1/1
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
7,966.67 E - - - - -
- - - - - -
6,705.48 E - - - - -
13,811.34 E - - - - -
4,644.37 E - - - - -
3,527.8 - - - - -
4/5 - - - - -
US GAAP - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
3,041.75 E 4,000.00 E 4,000.00 E 4,145.00 E 4,289.00 E 4,428.00 E
- - - - - -
3,269.00 E 4,000.00 E 4,000.00 E 4,145.00 E 4,289.00 E 4,428.00 E
4,000.00 E 4,000.00 E 4,000.00 E 4,145.00 E 4,289.00 E 4,428.00 E
1,629.00 E 4,000.00 E 4,000.00 E 4,145.00 E 4,289.00 E 4,428.00 E
907.29 - - - - -
4/4 1/1 1/1 1/1 1/1 1/1
10,591.63 E - - - - -
- - - - - -
10,682.90 E - - - - -
10,794.00 E - - - - -
10,298.00 E - - - - -
212.53 - - - - -
3/3 - - - - -
US GAAP - - - - -
( 557.47 E) ( 757.00 E) ( 802.00 E) ( 814.00 E) ( 825.00 E) ( 834.00 E)
- - - - - -
( 553.50 E) ( 757.00 E) ( 802.00 E) ( 814.00 E) ( 825.00 E) ( 834.00 E)
( 715.00 E) ( 757.00 E) ( 802.00 E) ( 814.00 E) ( 825.00 E) ( 834.00 E)
( 449.00 E) ( 757.00 E) ( 802.00 E) ( 814.00 E) ( 825.00 E) ( 834.00 E)
88.26 - - - - -
6/6 1/1 1/1 1/1 1/1 1/1
- - - - - -
- - - - - -
- - - - - -
9,817.30 E 10,388.00 E 11,180.00 E 11,453.00 E 11,867.00 E 12,195.00 E
- - - - - -
9,742.00 E 10,388.00 E 11,180.00 E 11,453.00 E 11,867.00 E 12,195.00 E
10,077.90 E 10,388.00 E 11,180.00 E 11,453.00 E 11,867.00 E 12,195.00 E
9,632.00 E 10,388.00 E 11,180.00 E 11,453.00 E 11,867.00 E 12,195.00 E
189.67 - - - - -
3/3 1/1 1/1 1/1 1/1 1/1
66.47 E - - - - -
- - - - - -
66.50 E - - - - -
66.80 E - - - - -
65.80 E - - - - -
0.3 - - - - -
7/8 - - - - -
US GAAP - - - - -
10.00 E - - - - -
- - - - - -
10.00 E - - - - -
10.00 E - - - - -
10.00 E - - - - -
- - - - - -
5/5 - - - - -
US GAAP - - - - -
31.96 E - - - - -
- - - - - -
29.00 E - - - - -
40.87 E - - - - -
24.92 E - - - - -
5.98 - - - - -
5/5 - - - - -
US GAAP - - - - -
17.16 E - - - - -
- - - - - -
17.16 E - - - - -
21.34 E - - - - -
12.98 E - - - - -
4.18 - - - - -
2/2 - - - - -
US GAAP - - - - -
110,224.14 E - - - - -
104,705.49 E - - - - -
126,891.61 E - - - - -
99,075.31 E - - - - -
12,007.73 - - - - -
3/3 - - - - -
US GAAP - - - - -
FQ3 2012 - Jul 2012 FQ4 2012 - Oct 2012 FQ1 2013 - Jan 2013 FQ2 2013 - Apr 2013 FQ3 2013 - Jul 2013 FQ4 2013 - Oct 2013
- - - - - -
0.72 A 0.77 A 0.65 A 0.61 A 0.74 A 0.89 A
FQ4 2019 - Oct 2019 FQ1 2020 - Jan 2020 FQ2 2020 - Apr 2020 FQ3 2020 - Jul 2020 FQ4 2020 - Oct 2020
5,694.56 E 5,527.96 E 5,349.13 E 5,591.71 E 5,911.97 E
- - - - -
5,693.75 E 5,587.00 E 5,349.13 E 5,591.71 E 5,911.97 E
5,894.00 E 5,686.34 E 5,353.93 E 5,680.23 E 5,937.83 E
5,554.00 E 5,320.00 E 5,344.34 E 5,503.19 E 5,886.12 E
97.85 131.23 4.8 88.52 25.86
24/27 7/9 2/3 2/3 2/3
- - - - -
- - - - -
- - - - -
US GAAP US GAAP US GAAP US GAAP US GAAP
3,227.41 E 2,733.66 E 2,533.30 E 2,610.09 E 2,850.37 E
- - - - -
2,919.00 E 2,733.66 E 2,533.30 E 2,610.09 E 2,850.37 E
4,044.10 E 2,733.66 E 2,533.30 E 2,610.09 E 2,850.37 E
2,719.12 E 2,733.66 E 2,533.30 E 2,610.09 E 2,850.37 E
583.22 - - - -
3/7 1/3 1/3 1/3 1/3
2,853.56 E 2,750.84 E 2,495.35 E 2,636.65 E 2,840.43 E
- - - - -
2,844.75 E 2,826.00 E 2,495.35 E 2,636.65 E 2,840.43 E
3,027.00 E 2,957.00 E 2,585.40 E 2,791.20 E 2,958.50 E
2,591.12 E 2,559.30 E 2,405.30 E 2,482.09 E 2,722.37 E
100.77 142.3 90.05 154.55 118.07
22/25 7/9 2/3 2/3 2/3
( 120.46 E) ( 116.83 E) ( 125.00 E) ( 125.00 E) ( 125.00 E)
- - - - -
( 115.00 E) ( 117.00 E) ( 125.00 E) ( 125.00 E) ( 125.00 E)
( 155.00 E) ( 148.30 E) ( 125.00 E) ( 125.00 E) ( 125.00 E)
( 90.00 E) ( 85.00 E) ( 125.00 E) ( 125.00 E) ( 125.00 E)
16.06 22.43 - - -
18/20 4/5 1/1 1/1 1/1
- - - - -
2,739.02 E 2,631.04 E 2,400.15 E 2,544.45 E 2,751.33 E
- - - - -
2,726.50 E 2,614.33 E 2,400.15 E 2,544.45 E 2,751.33 E
2,912.00 E 2,842.00 E 2,475.00 E 2,681.80 E 2,850.30 E
2,501.12 E 2,474.00 E 2,325.30 E 2,407.09 E 2,652.37 E
95.13 142.24 74.85 137.35 98.97
21/22 6/7 2/3 2/3 2/3
1,362.78 E 1,408.60 E - - -
- - - - -
1,438.50 E 1,408.60 E - - -
1,567.10 E 1,408.60 E - - -
1,007.00 E 1,408.60 E - - -
222.08 - - - -
4/4 1/1 - - -
US GAAP US GAAP - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
2,491.48 E 2,418.44 E 2,319.78 E 2,483.04 E 2,717.83 E
- - - - -
2,466.00 E 2,472.67 E 2,283.92 E 2,413.70 E 2,599.92 E
2,656.05 E 2,558.00 E 2,447.91 E 2,672.47 E 2,988.27 E
2,401.50 E 2,227.00 E 2,227.50 E 2,362.94 E 2,565.30 E
77.33 121.73 93.49 135.54 191.75
21/21 7/7 3/3 3/3 3/3
1,488.43 E 1,311.86 E 1,339.96 E 1,524.16 E 1,673.76 E
- - - - -
1,437.55 E 1,311.86 E 1,339.96 E 1,524.16 E 1,673.76 E
2,129.00 E 1,356.01 E 1,339.96 E 1,524.16 E 1,673.76 E
1,300.10 E 1,267.70 E 1,339.96 E 1,524.16 E 1,673.76 E
199.44 44.16 - - -
14/16 2/2 1/1 1/1 1/1
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
9,250.12 E 10,499.38 E 9,314.70 E 8,123.98 E 6,705.48 E
- - - - -
10,072.44 E 10,499.38 E 9,314.70 E 8,123.98 E 6,705.48 E
12,094.60 E 10,896.76 E 9,921.67 E 8,870.15 E 7,542.83 E
4,761.00 E 10,102.00 E 8,707.72 E 7,377.81 E 5,868.13 E
2,922.27 397.38 606.98 746.17 837.35
4/4 2/2 2/2 2/2 2/2
955.02 E 1,005.00 E - - -
- - - - -
967.50 E 1,005.00 E - - -
1,040.00 E 1,040.00 E - - -
841.00 E 970.00 E - - -
59.35 35.0 - - -
6/7 2/2 - - -
- - - - -
2,610.68 E 2,980.50 E - - -
- - - - -
2,591.35 E 2,980.50 E - - -
2,843.00 E 3,174.00 E - - -
2,414.00 E 2,787.00 E - - -
146.32 193.5 - - -
10/10 2/2 - - -
( 144.19 E) ( 206.55 E) ( 110.68 E) ( 117.50 E) ( 127.97 E)
- - - - -
( 142.00 E) ( 136.00 E) ( 110.68 E) ( 117.50 E) ( 127.97 E)
( 192.00 E) ( 371.00 E) ( 110.68 E) ( 117.50 E) ( 127.97 E)
( 112.00 E) ( 112.66 E) ( 110.68 E) ( 117.50 E) ( 127.97 E)
29.04 116.67 - - -
12/12 3/3 1/1 1/1 1/1
- - - - -
- - - - -
- - - - -
2,406.01 E 2,416.00 E - - -
- - - - -
2,370.00 E 2,416.00 E - - -
2,616.00 E 2,416.00 E - - -
2,291.00 E 2,416.00 E - - -
108.65 - - - -
7/7 1/1 - - -
- - - - -
66.25 E 66.86 E 66.30 E 66.40 E 66.60 E
- - - - -
66.20 E 66.50 E 66.30 E 66.40 E 66.60 E
68.00 E 68.70 E 66.30 E 66.40 E 66.60 E
64.50 E 65.80 E 66.30 E 66.40 E 66.60 E
0.72 0.89 - - -
23/25 7/8 1/2 1/2 1/2
- - - - -
- - - - -
- - - - -
9.80 E 10.00 E 10.00 E 10.00 E 10.00 E
- - - - -
10.00 E 10.00 E 10.00 E 10.00 E 10.00 E
11.00 E 10.00 E 10.00 E 10.00 E 10.00 E
5.80 E 10.00 E 10.00 E 10.00 E 10.00 E
0.95 - - - -
21/22 6/6 1/1 1/1 1/1
38.91 E 37.56 E 37.29 E 41.18 E 45.97 E
- - - - -
38.91 E 37.56 E 37.29 E 41.18 E 45.97 E
38.91 E 37.56 E 37.29 E 41.18 E 45.97 E
38.91 E 37.56 E 37.29 E 41.18 E 45.97 E
- - - - -
1/2 1/1 1/1 1/1 1/1
4.79 E - - - -
- - - - -
4.79 E - - - -
5.28 E - - - -
4.30 E - - - -
0.49 - - - -
2/2 - - - -
US GAAP - - - -
2026 2027
- -
2026 2027
- -
2026 2027
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
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8,437.00 E 8,244.00 E
- -
8,437.00 E 8,244.00 E
8,437.00 E 8,244.00 E
8,437.00 E 8,244.00 E
- -
1/1 1/1
US GAAP US GAAP
- -
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- -
- -
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7,593.00 E 7,419.00 E
- -
7,593.00 E 7,419.00 E
7,593.00 E 7,419.00 E
7,593.00 E 7,419.00 E
- -
1/1 1/1
US GAAP US GAAP
- -
- -
- -
- -
- -
- -
- -
- -
- -
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4,562.00 E 4,462.00 E
- -
4,562.00 E 4,462.00 E
4,562.00 E 4,462.00 E
4,562.00 E 4,462.00 E
- -
1/1 1/1
US GAAP US GAAP
- -
- -
- -
- -
- -
- -
- -
- -
( 842.00 E) ( 807.00 E)
- -
( 842.00 E) ( 807.00 E)
( 842.00 E) ( 807.00 E)
( 842.00 E) ( 807.00 E)
- -
1/1 1/1
- -
- -
- -
US GAAP US GAAP
12,589.00 E 12,386.00 E
- -
12,589.00 E 12,386.00 E
12,589.00 E 12,386.00 E
12,589.00 E 12,386.00 E
- -
1/1 1/1
US GAAP US GAAP
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
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0.84 A 0.85 A 1.26 A 1.99 A 2.09 A 2.13 A
- - - - - -
2.24 A 2.51 A 2.41 A 2.53 A 2.89 A 3.47 A
- - 4.04 E 4.42 E - 4.88 A
3.63 A 3.69 A 4.10 A 4.59 A 5.12 A -
4.78 E 5.15 E 4.85 E 4.84 E 5.13 E 5.59 E
- - - - - -
FQ1 2020 - Jan 2020 FQ2 2020 - Apr 2020 FQ3 2020 - Jul 2020 FQ4 2020 - Oct 2020
5.47 E 5.37 E 5.69 E 6.19 E
FQ1 2020 - Jan 2020 FQ2 2020 - Apr 2020 FQ3 2020 - Jul 2020 FQ4 2020 - Oct 2020
- - - -
May 6, 2018 October 29, 2017
(In millions, except par value)

ASSETS
Current assets:
Cash and cash equivalents $ 8,187 $ 11,204
Trade accounts receivable, net 2,749 2,448
Inventory 1,235 1,447
Other current assets 303 724
Total current assets 12,474 15,823
Long-term assets:
Property, plant and equipment, net 2,720 2,599
Goodwill 26,908 24,706
Intangible assets, net 12,346 10,832
Other long-term assets 488 458
Total assets $ 54,936 $ 54,418
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable $ 836 $ 1,105
Employee compensation and benefits 417 626
Current portion of long-term debt 117 117
Other current liabilities 754 681
Total current liabilities 2,124 2,529
Long-term liabilities:
Long-term debt 17,481 17,431
Other long-term liabilities 3,264 11,272
Total liabilities 22,869 31,232
Commitments and contingencies (Note 11)
Stockholders’ equity:
Preferred stock, $0.001 par value; 100 shares authorized; non - -
Common stock and additional paid-in capital, $0.001 par value 24,305 20,505
Retained earnings (accumulated deficit) 7,868 (129)
Accumulated other comprehensive loss (106) (91)
Total Broadcom Inc. stockholders’ equity 32,067 20,285
Noncontrolling interest - 2,901
Total stockholders’ equity 32,067 23,186
Total liabilities and stockholders’ equity $ 54,936 $ 54,418
Source
Fiscal Quarter Ended Two Fiscal Quarters Ende
May 6, 2018 April 30, 2017 y 6, 2018
Net revenue:
Wired infrastructure $ 2,295 $ 2,111 $ 4,170
Wireless communications 1,294 1,150 3,504
Enterprise storage 1,162 712 2,153
Industrial & other 263 217 514
Total net revenue $ 5,014 $ 4,190 $ 10,341
PF net revenue $ 5,017 $ 4,662 $ 10,464
Source
Operating income:
Wired infrastructure $ 1,058 $ 937 $ 1,845
Wireless communications 522 414 1,581
Enterprise storage 720 382 1,299
Industrial & other 152 109 294
Unallocated expenses (1,251) (1,368) (2,875)
Total operating income $ 1,201 $ 474 $ 2,144
Source
Net revenue $ 5,014 $ 4,190 $ 10,341

Cost of products sold:
Cost of products sold 1,696 1,564 3,595
Purchase accounting effect on inventory - 1 70
Amortization of acquisition-related intangible assets 765 639 1,480
Restructuring charges 2 10 17
Total cost of products sold 2,463 2,214 5,162
Gross margin 2,551 1,976 5,179
Research and development 936 829 1,861
Selling, general and administrative 294 204 585
Amortization of acquisition-related intangible assets 67 442 406
Restructuring, impairment and disposal charges 53 27 183
Total operating expenses 1,350 1,502 3,035
Operating income 1,201 474 2,144
Interest expense (148) (112) (331)
Loss on extinguishment of debt - - -
Other income, net 46 3 81
Income from continuing operations before income taxes 1,099 365 1,894
Benefit from income taxes (2,637) (103) (8,423)
Income from continuing operations 3,736 468 10,317
Loss from discontinued operations, net of income taxes (3) (4) (18)
Net income 3,733 464 10,299
Net income attributable to noncontrolling interest 15 24 351
Net income attributable to common stock $ 3,718 $ 440 $ 9,948
Basic income (loss) per share:

Income per share from continuing operations $ 8.84 $ 1.10 $ 24.01
Loss per share from discontinued operations (0.01) (0.01) (0.04)
Net income per share $ 8.83 $ 1.09 $ 23.97
Diluted income (loss) per share:

Income per share from continuing operations $ 8.34 $ 1.06 $ 23.03
Loss per share from discontinued operations (0.01) (0.01) (0.04)
Net income per share $ 8.33 $ 1.05 $ 22.99
Weighted-average shares:
Basic 421 403 415
Diluted 448 442 448
Cash dividends declared and paid per share $ 1.75 $ 1.02 $ 3.50
Source
Two Fiscal Quarters Ended

May 6, 2018 April 30, 2017
(In millions)
Cash flows from operating activities:
Net income $ 10,299 $ 716
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 2,148 2,307
Stock-based compensation 595 418
Deferred taxes and other non-cash taxes (8,534) (111)
Non-cash portion of debt extinguishment loss - 159
Non-cash restructuring, impairment and disposal charges 10 40
Amortization of debt issuance costs and accretion of debt disc 12 14
Other 17 (15)
Changes in assets and liabilities, net of acquisitions and disposals:
Trade accounts receivable, net (78) 108
Inventory 306 96
Accounts payable (312) (251)
Employee compensation and benefits (292) (53)
Contributions to defined benefit pension plans (129) (11)
Other current assets and current liabilities 354 (391)
Other long-term assets and long-term liabilities (398) (90)
Net cash provided by operating activities 3,998 2,936
Cash flows from investing activities:
Acquisitions of businesses, net of cash acquired (4,786) (37)
Proceeds from sales of businesses 782 10
Purchases of property, plant and equipment (409) (581)
Proceeds from disposals of property, plant and equipment 238 -
Purchases of investments (249) (200)
Proceeds from sale of investment 54 -
Other (12) (4)
Net cash used in investing activities (4,382) (812)
Cash flows from financing activities:
Proceeds from issuance of long-term debt - 13,446
Repayment of debt (856) (13,668)
Payment of debt issuance costs - (23)
Dividend and distribution payments (1,521) (868)
Repurchases of common stock (347) -
Issuance of common stock, net 112 150
Payment of capital lease obligations (21) (4)
Net cash used in financing activities (2,633) (967)
Net change in cash and cash equivalents (3,017) 1,157
Cash and cash equivalents at beginning of period 11,204 3,097
Cash and cash equivalents at end of period $ 8,187 $ 4,254
Source
Fiscal Year: ortization Expense

(In millions)
2018 (remainder) $ 1,669
2019 2,872
2020 2,424
2021 1,930
2022 1,425
Thereafter 1,726
Total $ 12,046
Source

May 6, 2018 April 30, 2017 y 6, 2018
Numerator - Basic: (In millions, except per share data)

Income from continuing operations $ 3,736 $ 468 $ 10,317
Less: Income from continuing operations attributable to noncon 15 24 352
Income from continuing operations attributable to common st 3,721 444 9,965
Less: Loss from discontinued operations, net of income taxes, a - - (1)
Loss from discontinued operations, net of income taxes, attri (3) (4) (17)
Net income attributable to common stock $ 3,718 $ 440 $ 9,948
Numerator - Diluted:
Income from continuing operations $ 3,736 $ 468 $ 10,317
Net income $ 3,733 $ 464 $ 10,299
Source

May 6, 2018 April 30, 2017 y 6, 2018

Cash dividends and distributions paid per share/unit $ 1.75 $ 1.02 $ 3.50
Cash dividends paid to stockholders $ 727 $ 414 $ 1,444
Cash distributions paid to limited partners $ 39 $ 23 $ 77
Source

May 6, 2018 April 30, 2017 y 6, 2018
(In millions)
Cost of products sold $ 21 $ 15 $ 41
Research and development 205 150 408
Selling, general and administrative 70 51 146
Total stock-based compensation expense $ 296 $ 216 $ 595
Source
Number of Options Outstanding rage Exercise Price Per Share
(In millions, except years and per share data)

Balance as of October 29, 2017 10 $ 49.54
Exercised (1) $ 45.76
Cancelled - * $ 74.66
Balance as of May 6, 2018 9 $ 50.08
Fully vested as of May 6, 2018 8 $ 48.96
Fully vested and expected to vest as of May 6, 2018 9 $ 50.08
Source
wo Fiscal Quarters Ended
l 30, 2017
are data)
$ 4,195
2,325
1,419
390
$ 8,329
$ 9,301 PF for two previous quarters
$ 1,870
841
757
170
(2,658)
$ 980
$ 8,329
3,137
1
1,198
16
4,352
3,977
1,637
405
882
73
2,997
980
(223)
(159)
34
632
(93)
725
(9)
716
37
$ 679
$ 1.72
(0.03)
$ 1.69
$ 1.65
(0.02)
$ 1.63
401
440
$ 2.04
l 30, 2017
are data)
$ 725
37
688
(9)
-
(9)
$ 679
$ 725
(9)
$ 716

l 30, 2017
are data)
$ 2.04
$ 822
$ 46

l 30, 2017
$ 29
291
97
$ 417
In years) nsic Value
nd per share data)
$ 318
2.41 $ 1,593
2.38 $ 1,543
2.41 $ 1,593
CA, Inc. (NasdaqGS:CA) > Capital IQ Estimates > Consensus
Currency: Reported Currency Conversion: Today's Spot Rate

Units: Capital IQ (Default) Decimals: CapitalIQ (Default)
Consolidation: Consolidated Acctg. Standard: US GAAP
Current Fiscal Year End: Mar-31-2019 | FQ1 2019 Earnings Release Date: Jul-31-2018
NasdaqGS:CA (USD) Mean Median High/Low Std. Dev. No. of Estimates.

Target Price 42.07 44.5 44.50/35.00 3.88 7/7
LT Growth 3.33% 4.00% 5.00%/1.00% 1.7 3/3
Price Volatility Above Average (4.00)
Industry Recommendation Buy (1.00)
Market Summary NasdaqGS:CA NasdaqGS:CA (US GAAP|USD)

Currency US Dollar Current Quarter
Latest Price/Last Close Price 43.98/43.98 EPS Normalized 0.68
52 Wk. High/Low 44.20/30.45 Guidance -
Potential Upside/Diff. from Target Price (4.30 %)/(1.89) Company Level (US GAAP|USD)
Revenue 1,045.44
Guidance -
EBITDA 405.0
Fiscal Years
NasdaqGS:CA (USD) 2017 2018 2019 2020 2021
Company Level (USD) 2017 2018 2019 2020 2021

Revenue 4,036.00 A 4,235.00 A 4,270.61 E 4,328.86 E -
Final Est. 4,020.88 E 4,233.66 E - - -
Median 4,020.94 E 4,235.00 E 4,269.90 E 4,330.00 E -
High 4,026.00 E 4,238.60 E 4,298.00 E 4,393.00 E -
Low 4,015.00 E 4,223.58 E 4,251.10 E 4,285.00 E -
Std. Dev. 3.72 4.26 10.78 30.5 -
No. of Estimates 14/14 12/12 10/10 9/9 -
Guidance Low 4,010.00 GL 4,220.00 GL 4,250.00 GL - -
Guidance - - - - -
Guidance High 4,030.00 GH 4,250.00 GH 4,290.00 GH - -
Acctg. Standard US GAAP US GAAP US GAAP US GAAP -
EBITDA 1,563.00 A 1,617.00 A 1,636.29 E 1,667.49 E -
Final Est. 1,547.60 E 1,626.31 E - - -
Median 1,547.60 E 1,626.31 E 1,636.29 E 1,667.49 E -
High 1,552.20 E 1,626.31 E 1,637.18 E 1,687.97 E -
Low 1,543.00 E 1,626.31 E 1,635.40 E 1,647.00 E -
Std. Dev. 4.6 - 0.89 20.49 -
No. of Estimates 2/4 1/3 2/2 2/2 -
EBIT 1,505.00 A 1,551.00 A 1,567.89 E 1,583.84 E -
Final Est. 1,488.28 E 1,539.78 E - - -
Median 1,488.95 E 1,538.10 E 1,567.04 E 1,580.00 E -
High 1,496.60 E 1,563.12 E 1,591.00 E 1,610.00 E -
Low 1,477.00 E 1,518.16 E 1,543.80 E 1,555.40 E -
Std. Dev. 6.2 11.25 13.67 17.04 -
No. of Estimates 12/14 10/12 7/9 7/9 -
Guidance Low 1,483.70 GL 1,519.20 GL 1,572.50 GL - -
Guidance - - - - -
Interest Expense ( 62.00 A) ( 98.00 A) ( 95.84 E) ( 91.36 E) ( 94.00 E)
Final Est. ( 61.65 E) ( 102.08 E) - - -
Median ( 61.00 E) ( 99.00 E) ( 95.00 E) ( 95.00 E) ( 94.00 E)
High ( 66.50 E) ( 115.80 E) ( 108.00 E) ( 108.00 E) ( 94.00 E)
Low ( 59.00 E) ( 97.00 E) ( 86.70 E) ( 69.90 E) ( 94.00 E)
Std. Dev. 2.25 6.29 6.37 11.69 -
No. of Estimates 13/13 10/10 8/8 8/8 1/1
EBT (Excl. Excep) 1,443.00 A 1,453.00 A 1,471.07 E 1,497.56 E -
Final Est. 1,427.02 E 1,438.84 E - - -
Median 1,429.00 E 1,438.00 E 1,473.02 E 1,493.20 E -
High 1,435.60 E 1,465.67 E 1,482.00 E 1,530.00 E -
Low 1,416.13 E 1,419.16 E 1,457.10 E 1,478.35 E -
Std. Dev. 6.1 13.1 8.52 17.85 -
No. of Estimates 11/11 9/9 6/6 6/6 -
EBT (GAAP) 1,073.00 A 1,021.00 A 966.03 E 1,136.17 E -
Final Est. 1,069.83 E 1,003.70 E - - -
Median 1,070.50 E 1,002.00 E 966.00 E 1,150.00 E -
High 1,079.00 E 1,012.10 E 971.00 E 1,177.50 E -
Low 1,060.00 E 997.00 E 961.10 E 1,081.00 E -
Std. Dev. 7.77 6.28 4.04 40.59 -
No. of Estimates 3/4 3/3 3/3 3/3 -
Median - - - - -
High - - - - -
Low - - - - -
Std. Dev. - - - - -
Net Income (Excl. Excep) 1,042.00 A 1,091.00 A 1,147.79 E 1,164.28 E -
Final Est. 1,017.66 E 1,077.75 E - - -
Median 1,019.10 E 1,078.00 E 1,149.21 E 1,163.35 E -
High 1,023.00 E 1,101.64 E 1,156.00 E 1,193.00 E -
Low 1,010.34 E 1,064.12 E 1,136.50 E 1,138.00 E -
Std. Dev. 3.83 9.49 5.99 15.53 -
No. of Estimates 13/13 11/11 8/8 8/8 -
Net Income (GAAP) 775.00 A 476.00 A 757.90 E 880.88 E -
Final Est. 762.12 E 439.92 E - - -
Median 762.35 E 439.00 E 755.50 E 880.50 E -
High 770.00 E 453.60 E 771.00 E 918.50 E -
Low 757.00 E 431.00 E 749.60 E 844.00 E -
Std. Dev. 4.22 7.65 8.01 28.81 -
No. of Estimates 6/6 5/5 4/4 4/4 -
Median - - - - -
High - - - - -
Low - - - - -
Std. Dev. - - - - -
Net Debt 20.00 A ( 622.00 A) ( 1,538.46 E) ( 2,079.53 E) -
Final Est. ( 910.71 E) ( 530.50 E) - - -
Median ( 1,085.14 E) ( 530.50 E) ( 1,308.00 E) ( 2,032.00 E) -
High ( 513.00 E) ( 517.00 E) ( 990.00 E) ( 1,475.00 E) -
Low ( 1,134.00 E) ( 544.00 E) ( 2,317.38 E) ( 2,731.58 E) -
Std. Dev. 281.93 13.5 565.87 514.1 -
No. of Estimates 3/3 2/3 3/2 3/2 -
Depreciation & Amortization 320.00 A 378.00 A 374.20 E 368.60 E -
Final Est. 314.54 E 375.23 E - - -
Median 320.75 E 379.50 E 376.00 E 390.00 E -
High 334.00 E 388.00 E 466.00 E 445.00 E -
Low 252.50 E 351.00 E 300.00 E 280.00 E -
Std. Dev. 22.37 11.77 56.54 57.93 -
No. of Estimates 10/12 8/9 5/7 5/7 -
Cash From Operations 1,039.00 A 1,198.00 A 1,144.26 E 1,223.06 E -
Final Est. 1,021.80 E 1,087.12 E - - -
Median 1,011.50 E 1,121.24 E 1,156.00 E 1,215.00 E -
High 1,175.00 E 1,133.00 E 1,179.00 E 1,377.00 E -
Low 993.00 E 928.00 E 1,060.09 E 1,066.00 E -
Std. Dev. 47.23 72.05 33.63 90.45 -
No. of Estimates 12/12 10/10 8/8 8/8 -
Guidance Low 990.00 GL 1,100.00 GL 1,140.00 GL - -
Guidance - - - - -
Capital Expenditure ( 47.00 A) ( 48.00 A) ( 58.88 E) ( 60.38 E) -
Final Est. ( 45.84 E) ( 50.85 E) - - -
Median ( 44.45 E) ( 49.50 E) ( 53.00 E) ( 55.00 E) -
High ( 56.00 E) ( 59.40 E) ( 88.00 E) ( 88.00 E) -
Low ( 40.00 E) ( 46.00 E) ( 43.00 E) ( 41.00 E) -
Std. Dev. 4.94 5.06 14.72 16.53 -
No. of Estimates 12/12 10/10 8/8 8/8 -
Free Cash Flow 992.00 A 1,150.00 A 997.51 E 1,038.33 E 1,115.90 E
Final Est. 970.06 E 1,053.57 E - - -
Median 961.78 E 1,075.00 E 1,091.90 E 1,033.30 E 1,115.90 E
High 1,023.00 E 1,148.00 E 1,116.00 E 1,189.00 E 1,115.90 E
Low 951.00 E 881.00 E 585.00 E 736.00 E 1,115.90 E
Std. Dev. 24.74 82.43 176.45 142.04 -
No. of Estimates 6/8 6/8 7/8 7/8 1/1
Gross Margin % 86.10 A 85.83 A 86.07 E 86.20 E -
Final Est. 85.83 E 85.95 E - - -
Median 86.00 E 85.95 E 86.00 E 86.05 E -
High 86.20 E 86.30 E 86.80 E 87.00 E -
Low 85.00 E 85.50 E 85.30 E 85.50 E -
Std. Dev. 0.39 0.21 0.45 0.6 -
No. of Estimates 8/11 8/10 6/8 6/8 -
Effective Tax Rate % 27.77 A 24.91 A 22.11 E 22.11 E 22.00 E
Final Est. 28.75 E 24.99 E - - -
Median 28.60 E 25.00 E 22.00 E 22.00 E 22.00 E
High 29.30 E 25.50 E 23.00 E 23.00 E 22.00 E
Low 28.40 E 24.30 E 22.00 E 22.00 E 22.00 E
Std. Dev. 0.25 0.36 0.31 0.31 -
No. of Estimates 13/13 9/11 9/9 9/9 1/1
Guidance Low 28.00 GL - - - -
Guidance - 25.00 G 22.00 G - -
Guidance High 29.00 GH - - - -
ROE % 14.01 A 18.84 A 15.30 E 14.45 E -
Final Est. 16.57 E 14.82 E - - -
Median 16.50 E 17.00 E 15.30 E 14.45 E -
High 18.49 E 19.77 E 18.00 E 15.41 E -
Low 14.80 E 7.70 E 12.60 E 13.50 E -
Std. Dev. 1.68 5.16 2.7 0.95 -
No. of Estimates 4/4 3/3 2/2 2/1 -
ROA % 6.51 A 8.50 A 7.30 E 7.86 E -
Final Est. 7.67 E 6.10 E - - -
Median 7.00 E 6.10 E 7.30 E 7.86 E -
High 9.02 E 8.69 E 8.79 E 9.11 E -
Low 7.00 E 3.50 E 5.80 E 6.60 E -
Std. Dev. 0.95 2.6 1.5 1.26 -
No. of Estimates 3/3 2/2 2/1 2/1 -
TEV 12,966.66 E 14,362.07 E - - -
Median 12,966.66 E 14,362.07 E - - -
High 12,966.66 E 14,362.07 E - - -
Low 12,966.66 E 14,362.07 E - - -
Std. Dev. - - - - -
No. of Estimates 1/1 1/1 - - -
Acctg. Standard US GAAP US GAAP - - -
Fiscal Quarters
NasdaqGS:CA (USD) FQ1 2017 - Jun 2016 FQ2 2017 - Sep 2016 FQ3 2017 - Dec 2016 FQ4 2017 - Mar 2017 FQ1 2018 - Jun 2017
Company Level (USD) FQ1 2017 - Jun 2016 FQ2 2017 - Sep 2016 FQ3 2017 - Dec 2016 FQ4 2017 - Mar 2017 FQ1 2018 - Jun 2017
Revenue 999.00 A 1,018.00 A 1,007.00 A 1,012.00 A 1,025.00 A
Final Est. 982.49 E 1,006.39 E 1,007.10 E 996.57 E 1,006.11 E
Median 982.00 E 1,008.00 E 1,010.00 E 996.90 E 1,007.00 E
High 993.00 E 1,023.00 E 1,029.00 E 1,002.00 E 1,020.80 E
Low 973.70 E 981.00 E 987.60 E 991.00 E 995.00 E
Std. Dev. 5.48 9.52 12.04 3.68 7.94
No. of Estimates 10/10 11/11 12/12 13/13 13/13
Guidance - - - - -
Guidance High - - - - -
EBITDA 407.00 A 424.00 A 398.00 A 334.00 A 399.00 A
Final Est. 385.63 E 389.90 E 383.70 E 320.25 E 357.35 E
Median 384.00 E 388.00 E 383.70 E 320.25 E 357.35 E
High 390.00 E 393.70 E 389.00 E 323.00 E 364.00 E
Low 382.90 E 388.00 E 378.40 E 317.50 E 350.70 E
Std. Dev. 3.12 2.69 5.3 2.75 6.65
No. of Estimates 3/3 3/3 2/2 2/2 2/2
EBIT 392.00 A 410.00 A 384.00 A 319.00 A 383.00 A
Final Est. 370.66 E 379.01 E 367.03 E 302.85 E 347.87 E
Median 370.41 E 376.00 E 366.45 E 302.95 E 340.20 E
High 374.50 E 392.40 E 375.70 E 311.00 E 376.00 E
Low 367.30 E 371.03 E 359.00 E 291.00 E 335.80 E
Std. Dev. 2.56 6.87 5.77 6.56 13.08
No. of Estimates 7/8 9/10 10/11 12/13 11/12
Interest Expense ( 15.00 A) ( 14.00 A) ( 16.00 A) ( 17.00 A) ( 25.00 A)
Final Est. ( 15.63 E) ( 16.16 E) ( 16.34 E) ( 16.88 E) ( 23.57 E)
Median ( 16.00 E) ( 16.50 E) ( 16.00 E) ( 16.00 E) ( 24.00 E)
High ( 19.00 E) ( 18.00 E) ( 18.10 E) ( 21.50 E) ( 25.10 E)
Low ( 9.00 E) ( 14.00 E) ( 14.00 E) ( 15.00 E) ( 20.00 E)
Std. Dev. 2.96 1.32 1.47 2.21 1.43
No. of Estimates 7/7 8/8 11/11 12/12 10/11
EBT (Excl. Excep) 377.00 A 396.00 A 368.00 A 302.00 A 358.00 A
Final Est. 353.30 E 363.32 E 351.17 E 286.57 E 321.06 E
Median 352.70 E 360.45 E 349.00 E 288.00 E 316.72 E
High 358.90 E 377.60 E 359.70 E 295.00 E 340.00 E
Low 350.00 E 354.03 E 342.05 E 275.13 E 312.00 E
Std. Dev. 2.82 7.87 6.45 6.59 9.75
No. of Estimates 6/6 8/8 9/9 11/11 10/10
EBT (GAAP) 277.00 A 306.00 A 292.00 A 198.00 A 238.00 A
Final Est. 260.00 E 266.00 E 279.57 E 199.75 E 246.90 E
Median 260.00 E 266.00 E 273.00 E 199.75 E 246.90 E
High 260.00 E 266.00 E 303.00 E 204.00 E 261.80 E
Low 260.00 E 266.00 E 262.70 E 195.50 E 232.00 E
Std. Dev. - - 17.1 4.25 14.9
No. of Estimates 1/1 1/2 3/3 2/3 2/3
Median - - - - -
High - - - - -
Low - - - - -
Std. Dev. - - - - -
Net Income (Excl. Excep) 269.00 A 283.00 A 263.00 A 227.00 A 256.00 A
Final Est. 253.09 E 258.60 E 250.16 E 204.17 E 230.33 E
Median 251.00 E 258.00 E 249.15 E 204.47 E 226.00 E
High 262.00 E 268.60 E 256.00 E 211.00 E 250.00 E
Low 249.40 E 251.36 E 242.86 E 195.34 E 222.60 E
Std. Dev. 4.24 5.19 4.22 4.29 8.8
No. of Estimates 7/7 9/9 10/10 12/12 11/11
Net Income (GAAP) 198.00 A 212.00 A 208.00 A 157.00 A 178.00 A
Final Est. 192.00 E 193.75 E 192.10 E 146.68 E 169.56 E
Median 192.00 E 194.50 E 192.50 E 144.35 E 171.00 E
High 199.00 E 200.00 E 202.00 E 158.00 E 185.80 E
Low 185.00 E 186.00 E 184.00 E 140.00 E 147.00 E
Std. Dev. 7.0 5.12 6.07 6.79 13.3
No. of Estimates 2/2 4/4 5/5 4/5 5/5
Median - - - - -
High - - - - -
Low - - - - -
Std. Dev. - - - - -
Net Debt ( 826.00 A) ( 635.00 A) ( 878.00 A) 20.00 A ( 183.00 A)
Final Est. ( 816.00 E) ( 744.15 E) ( 785.30 E) ( 823.50 E) 20.50 E
Median ( 816.00 E) ( 744.15 E) ( 785.30 E) ( 823.50 E) 20.50 E
High ( 807.00 E) ( 729.30 E) ( 785.30 E) ( 513.00 E) 36.00 E
Low ( 825.00 E) ( 759.00 E) ( 785.30 E) ( 1,134.00 E) 5.00 E
Std. Dev. 9.0 14.85 - 310.5 15.5
No. of Estimates 2/2 2/2 1/1 2/2 2/2
Depreciation & Amortization 86.00 A 77.00 A 75.00 A 82.00 A 96.00 A
Final Est. 88.61 E 87.78 E 83.66 E 82.12 E 109.41 E
Median 87.70 E 86.30 E 87.00 E 85.50 E 101.00 E
High 91.05 E 100.10 E 98.10 E 92.00 E 148.00 E
Low 86.00 E 79.00 E 69.00 E 68.00 E 87.00 E
Std. Dev. 2.05 8.06 9.8 8.85 22.16
No. of Estimates 5/7 5/7 7/9 7/10 5/8
Cash From Operations 161.00 A ( 58.00 A) 517.00 A 419.00 A 298.00 A
Final Est. 149.63 E 140.21 E 403.14 E 385.53 E 149.59 E
Median 137.00 E 106.21 E 363.26 E 389.00 E 144.30 E
High 192.90 E 314.40 E 624.00 E 395.80 E 222.00 E
Low 112.00 E 40.00 E 331.00 E 373.00 E 92.00 E
Std. Dev. 26.06 98.14 84.57 8.66 35.26
No. of Estimates 7/7 8/8 9/9 10/10 9/9
Final Est. ( 19.07 E) ( 15.04 E) ( 14.42 E) ( 15.38 E) ( 13.98 E)
Median ( 14.77 E) ( 15.17 E) ( 15.00 E) ( 14.45 E) ( 12.00 E)
High ( 44.00 E) ( 22.00 E) ( 22.00 E) ( 23.00 E) ( 22.00 E)
Low ( 11.70 E) ( 8.00 E) ( 8.00 E) ( 11.00 E) ( 8.00 E)
Std. Dev. 10.69 4.53 4.76 3.86 4.18
No. of Estimates 7/7 7/7 9/9 10/10 7/8
Free Cash Flow 153.00 A ( 66.00 A) 503.00 A 402.00 A 286.00 A
Final Est. 134.44 E 79.98 E 366.60 E 371.39 E 131.17 E
Median 125.00 E 90.10 E 374.20 E 371.78 E 132.00 E
High 158.33 E 90.85 E 395.00 E 381.30 E 139.00 E
Low 120.00 E 59.00 E 323.00 E 361.00 E 122.50 E
Std. Dev. 17.02 14.84 28.3 8.47 6.76
No. of Estimates 3/4 3/4 4/5 6/6 3/7
Gross Margin % 85.99 A 86.54 A 86.20 A 85.50 A 86.00 A
Final Est. 85.86 E 85.68 E 85.95 E 85.17 E 85.80 E
Median 86.10 E 85.60 E 86.00 E 85.20 E 85.85 E
High 86.30 E 86.20 E 86.50 E 86.20 E 86.40 E
Low 85.00 E 85.00 E 85.00 E 83.00 E 85.00 E
Std. Dev. 0.48 0.42 0.49 0.96 0.47
No. of Estimates 5/8 6/9 6/9 7/10 6/9
Effective Tax Rate % 28.52 A 28.50 A 28.80 A 20.71 A 28.50 A
Final Est. 28.88 E 28.93 E 28.73 E 28.71 E 28.85 E
Median 29.00 E 29.00 E 28.60 E 28.50 E 29.00 E
High 30.00 E 30.00 E 29.00 E 30.50 E 29.00 E
Low 28.30 E 28.50 E 28.40 E 27.50 E 28.50 E
Std. Dev. 0.46 0.42 0.25 0.69 0.22
No. of Estimates 10/10 11/11 11/11 12/12 11/11
ROE % 19.92 A 20.66 A 14.98 A 11.35 A 12.32 A
Final Est. 15.00 E 16.00 E 15.00 E 12.00 E 13.00 E
Median 15.00 E 16.00 E 15.00 E 12.00 E 13.00 E
High 15.00 E 16.00 E 15.00 E 12.00 E 13.00 E
Low 15.00 E 16.00 E 15.00 E 12.00 E 13.00 E
Std. Dev. - - - - -
No. of Estimates 1/1 1/1 1/1 1/1 1/1
ROA % 9.73 A 10.48 A 7.67 A 5.27 A 5.68 A
Final Est. 7.00 E 8.00 E 8.00 E 6.00 E 6.00 E
Median 7.00 E 8.00 E 8.00 E 6.00 E 6.00 E
High 7.00 E 8.00 E 8.00 E 6.00 E 6.00 E
Low 7.00 E 8.00 E 8.00 E 6.00 E 6.00 E
Std. Dev. - - - - -
No. of Estimates 1/1 1/1 1/1 1/1 1/1
Fiscal Halves
Company Level (USD) FH1 2008 - Sep 2007

Cash From Operations 54.40 E
Median 54.40 E
High 54.40 E
Low 54.40 E
Std. Dev. -
No. of Estimates 1/1
Acctg. Standard US GAAP
NasdaqGS:CA - Recommendation: Hold (3.10)
1 - Buy 0
2 - Outperform 0
3 - Hold 9
4 - Underperform 1
5 - Sell 0
0 - No Opinion 1
Current Year NTM

2.78 2.78
2.75/-/2.81 -
4,270.61 4270.61
4,250.00/-/4,290.00 -
1,636.29 1636.29
2022 2023 2024 2025 2026 2027
2022 2023 2024 2025 2026 2027

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1,199.60 E 1,283.60 E 1,367.00 E 1,449.00 E - -
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1,199.60 E 1,283.60 E 1,367.00 E 1,449.00 E - -
1,199.60 E 1,283.60 E 1,367.00 E 1,449.00 E - -
1,199.60 E 1,283.60 E 1,367.00 E 1,449.00 E - -
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1/1 1/1 1/1 1/1 - -
US GAAP US GAAP US GAAP US GAAP - -
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FQ2 2018 - Sep 2017 FQ3 2018 - Dec 2017 FQ4 2018 - Mar 2018 FQ1 2019 - Jun 2018 FQ2 2019 - Sep 2018 FQ3 2019 - Dec 2018
FQ2 2018 - Sep 2017 FQ3 2018 - Dec 2017 FQ4 2018 - Mar 2018 FQ1 2019 - Jun 2018 FQ2 2019 - Sep 2018 FQ3 2019 - Dec 2018
1,034.00 A 1,093.00 A 1,083.00 A 1,045.44 E 1,051.62 E 1,086.24 E
1,053.37 E 1,071.76 E 1,081.61 E - - -
1,054.00 E 1,070.00 E 1,083.00 E 1,041.50 E 1,049.00 E 1,090.00 E
1,061.00 E 1,092.00 E 1,087.00 E 1,065.00 E 1,066.00 E 1,100.73 E
1,039.00 E 1,055.00 E 1,071.58 E 1,033.20 E 1,040.10 E 1,049.80 E
5.61 11.1 4.49 11.1 8.7 13.65
11/11 11/11 11/11 9/9 9/9 9/9
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409.00 A 425.00 A 384.00 A 405.00 E 417.00 E 412.00 E
400.00 E 393.00 E 393.00 E - - -
400.00 E 393.00 E 393.00 E 405.00 E 417.00 E 412.00 E
400.00 E 393.00 E 393.00 E 405.00 E 417.00 E 412.00 E
400.00 E 393.00 E 393.00 E 405.00 E 417.00 E 412.00 E
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1/1 1/1 1/1 1 1 1
392.00 A 410.00 A 366.00 A 389.10 E 395.28 E 399.63 E
384.07 E 372.82 E 354.73 E - - -
382.35 E 375.30 E 352.90 E 389.00 E 393.00 E 404.00 E
420.00 E 381.00 E 378.00 E 406.00 E 404.00 E 420.00 E
359.01 E 354.48 E 333.16 E 377.00 E 386.80 E 371.20 E
14.82 7.87 11.24 8.28 6.66 14.83
10/11 9/10 10/11 7/8 7/8 7/8
( 24.00 A) ( 25.00 A) ( 24.00 A) ( 24.63 E) ( 24.20 E) ( 23.43 E)
( 25.90 E) ( 24.81 E) ( 25.13 E) - - -
( 25.10 E) ( 24.00 E) ( 24.50 E) ( 24.00 E) ( 24.00 E) ( 24.00 E)
( 30.00 E) ( 30.00 E) ( 30.00 E) ( 27.00 E) ( 27.00 E) ( 27.00 E)
( 20.00 E) ( 22.00 E) ( 23.00 E) ( 23.00 E) ( 23.00 E) ( 20.00 E)
3.41 2.24 2.2 1.34 1.31 2.19
9/9 9/9 8/9 7/7 7/7 7/7
368.00 A 385.00 A 342.00 A 365.22 E 370.26 E 375.07 E
355.23 E 345.83 E 324.43 E - - -
356.70 E 350.00 E 326.00 E 364.40 E 368.84 E 376.55 E
366.00 E 353.00 E 338.10 E 383.00 E 381.00 E 396.00 E
339.01 E 330.48 E 308.16 E 353.00 E 362.80 E 351.20 E
7.69 7.46 9.57 9.19 6.4 13.85
9/9 7/8 8/9 6/6 6/6 6/6
258.00 A 282.00 A 243.00 A 236.50 E 244.55 E 242.60 E
256.00 E 252.00 E 226.55 E - - -
256.00 E 252.00 E 226.55 E 236.50 E 244.55 E 242.60 E
256.00 E 256.00 E 234.10 E 239.00 E 249.00 E 258.00 E
256.00 E 248.00 E 219.00 E 234.00 E 240.10 E 227.20 E
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263.00 A 314.00 A 258.00 A 284.13 E 289.22 E 293.20 E
255.76 E 247.95 E 243.29 E - - -
255.00 E 250.00 E 245.00 E 283.20 E 288.00 E 297.00 E
277.00 E 257.00 E 249.00 E 299.00 E 297.00 E 309.00 E
240.70 E 234.64 E 231.12 E 275.00 E 283.00 E 274.00 E
8.94 6.0 5.64 6.98 4.67 10.13
10/10 9/9 9/10 7/7 7/7 7/7
184.00 A ( 93.00 A) 207.00 A 182.47 E 192.77 E 195.07 E
192.50 E 182.68 E 169.40 E - - -
194.50 E 182.35 E 168.00 E 183.00 E 194.00 E 202.00 E
200.00 E 189.00 E 179.60 E 186.40 E 197.00 E 206.00 E
181.00 E 177.00 E 162.00 E 178.00 E 187.30 E 177.20 E
8.02 4.26 6.53 3.45 4.05 12.74
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( 37.00 A) ( 184.00 A) ( 622.00 A) ( 853.05 E) ( 642.00 E) ( 863.00 E)
( 110.00 E) ( 245.40 E) ( 530.60 E) - - -
( 110.00 E) ( 245.40 E) ( 530.60 E) ( 853.05 E) ( 642.00 E) ( 863.00 E)
( 110.00 E) ( 223.80 E) ( 517.20 E) ( 687.00 E) ( 642.00 E) ( 863.00 E)
( 110.00 E) ( 267.00 E) ( 544.00 E) ( 1,019.10 E) ( 642.00 E) ( 863.00 E)
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94.00 A 94.00 A 94.00 A 93.93 E 90.80 E 89.06 E
99.43 E 94.06 E 96.76 E - - -
96.83 E 94.00 E 99.00 E 89.00 E 83.00 E 83.00 E
123.00 E 106.00 E 104.00 E 128.00 E 120.00 E 111.00 E
79.90 E 79.40 E 87.70 E 75.00 E 75.00 E 74.50 E
13.85 7.88 5.22 18.38 16.27 14.77
6/8 7/8 7/8 5/7 5/7 5/7
37.00 A 315.00 A 548.00 A 273.58 E 75.76 E 293.57 E
34.86 E 346.61 E 444.12 E - - -
1.23 E 325.50 E 469.48 E 286.05 E 75.00 E 313.12 E
246.00 E 475.00 E 483.00 E 522.00 E 125.73 E 414.00 E
( 66.00 E) 296.70 E 278.00 E 134.55 E 36.30 E 146.00 E
99.75 61.84 61.04 118.48 27.21 81.61
6/8 6/9 9/9 8/8 7/8 8/8
( 10.00 A) ( 12.00 A) ( 14.00 A) ( 15.56 E) ( 14.38 E) ( 14.81 E)
( 14.09 E) ( 13.74 E) ( 14.70 E) - - -
( 13.50 E) ( 14.50 E) ( 14.00 E) ( 13.25 E) ( 13.25 E) ( 13.50 E)
( 22.00 E) ( 15.89 E) ( 22.00 E) ( 26.00 E) ( 22.00 E) ( 22.00 E)
( 8.00 E) ( 10.00 E) ( 12.00 E) ( 10.00 E) ( 10.00 E) ( 11.00 E)
3.87 1.84 3.18 5.23 3.52 3.41
8/8 8/9 8/9 8/8 8/8 8/8
27.00 A 303.00 A 534.00 A 315.78 E 64.45 E 240.80 E
( 21.72 E) 300.58 E 457.10 E - - -
( 18.50 E) 314.50 E 459.00 E 291.05 E 65.50 E 250.60 E
30.70 E 344.00 E 471.00 E 511.00 E 86.00 E 328.00 E
( 83.00 E) 229.30 E 439.40 E 170.00 E 40.80 E 134.00 E
36.59 45.49 11.68 125.39 16.11 87.51
5/6 4/6 4/6 4/5 4/5 4/5
85.98 A 86.00 A 85.78 A 86.18 E 86.24 E 86.48 E
86.31 E 86.25 E 85.86 E - - -
86.30 E 86.15 E 85.90 E 86.10 E 86.20 E 86.30 E
87.00 E 86.90 E 87.00 E 86.50 E 86.60 E 87.30 E
85.70 E 85.90 E 85.00 E 86.00 E 86.00 E 85.90 E
0.4 0.33 0.61 0.17 0.23 0.57
7/9 6/8 7/9 5/7 5/7 5/7
28.50 A 18.40 A 24.56 A 22.11 E 22.11 E 22.11 E
28.50 E 28.42 E 25.69 E - - -
28.50 E 28.50 E 25.50 E 22.00 E 22.00 E 22.00 E
29.00 E 29.00 E 29.00 E 23.00 E 23.00 E 23.00 E
26.00 E 26.00 E 23.00 E 22.00 E 22.00 E 22.00 E
0.83 0.84 1.6 0.31 0.31 0.31
11/11 10/10 10/10 9/9 9/9 9/9
- - - - - -
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- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
FQ4 2019 - Mar 2019 FQ1 2020 - Jun 2019 FQ2 2020 - Sep 2019 FQ3 2020 - Dec 2019 FQ4 2020 - Mar 2020
FQ4 2019 - Mar 2019 FQ1 2020 - Jun 2019 FQ2 2020 - Sep 2019 FQ3 2020 - Dec 2019 FQ4 2020 - Mar 2020
1,087.06 E 1,070.54 E 1,061.88 E 1,104.67 E 1,093.25 E
- - - - -
1,088.80 E 1,062.06 E 1,062.45 E 1,102.95 E 1,091.00 E
1,094.40 E 1,129.10 E 1,079.00 E 1,119.64 E 1,121.00 E
1,076.00 E 1,047.00 E 1,049.00 E 1,087.50 E 1,066.90 E
5.99 28.3 9.74 11.64 18.26
9/9 6/6 6/6 6/6 6/6
- - - - -
- - - - -
- - - - -
402.00 E - - - -
- - - - -
402.00 E - - - -
402.00 E - - - -
402.00 E - - - -
- - - - -
1 - - - -
US GAAP - - - -
383.87 E 393.05 E 389.56 E 405.72 E 391.63 E
- - - - -
386.00 E 391.50 E 392.23 E 404.95 E 390.00 E
398.70 E 407.70 E 402.00 E 426.00 E 404.51 E
366.00 E 381.50 E 371.80 E 387.00 E 382.00 E
9.39 9.71 12.0 13.89 8.15
7/8 4/4 4/4 4/4 4/4
( 23.57 E) ( 22.75 E) ( 22.50 E) ( 22.50 E) ( 18.48 E)
- - - - -
( 24.00 E) ( 23.50 E) ( 23.00 E) ( 23.00 E) ( 20.00 E)
( 27.00 E) ( 24.00 E) ( 24.00 E) ( 24.00 E) ( 24.00 E)
( 20.00 E) ( 20.00 E) ( 20.00 E) ( 20.00 E) ( 9.90 E)
2.06 1.64 1.66 1.66 5.93
7/7 4/4 4/4 4/4 4/4
360.52 E 370.05 E 366.81 E 382.97 E 373.13 E
- - - - -
361.71 E 367.50 E 368.23 E 381.45 E 373.00 E
378.70 E 387.70 E 379.00 E 402.00 E 380.51 E
343.00 E 357.50 E 351.80 E 367.00 E 366.00 E
10.78 11.25 10.84 12.6 6.66
6/6 4/4 4/4 4/4 4/4
241.85 E 310.70 E 274.80 E 290.00 E 302.00 E
- - - - -
241.85 E 310.70 E 274.80 E 290.00 E 302.00 E
254.70 E 310.70 E 274.80 E 290.00 E 302.00 E
229.00 E 310.70 E 274.80 E 290.00 E 302.00 E
12.85 - - - -
2/2 1/1 1/1 1/1 1/1
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280.81 E 288.81 E 286.08 E 298.71 E 291.35 E
- - - - -
281.36 E 287.00 E 286.97 E 297.77 E 291.30 E
295.40 E 302.40 E 296.00 E 313.00 E 296.80 E
268.00 E 278.85 E 274.40 E 286.30 E 286.00 E
7.77 8.78 8.47 9.62 4.88
7/7 4/4 4/4 4/4 4/4
189.23 E 242.30 E 214.30 E 226.20 E 235.60 E
- - - - -
190.00 E 242.30 E 214.30 E 226.20 E 235.60 E
198.70 E 242.30 E 214.30 E 226.20 E 235.60 E
179.00 E 242.30 E 214.30 E 226.20 E 235.60 E
8.06 - - - -
3/3 1/1 1/1 1/1 1/1
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( 1,308.00 E) ( 1,380.00 E) ( 1,343.00 E) ( 1,584.00 E) ( 2,032.00 E)
- - - - -
( 1,308.00 E) ( 1,380.00 E) ( 1,343.00 E) ( 1,584.00 E) ( 2,032.00 E)
( 1,308.00 E) ( 1,380.00 E) ( 1,343.00 E) ( 1,584.00 E) ( 2,032.00 E)
( 1,308.00 E) ( 1,380.00 E) ( 1,343.00 E) ( 1,584.00 E) ( 2,032.00 E)
- - - - -
1/1 1/1 1/1 1/1 1/1
87.01 E 79.25 E 79.63 E 79.63 E 80.25 E
- - - - -
86.00 E 75.50 E 76.00 E 76.00 E 77.00 E
107.00 E 100.00 E 100.00 E 100.00 E 100.00 E
66.00 E 66.00 E 66.50 E 66.50 E 67.00 E
15.38 13.18 13.09 13.09 13.08
5/7 4/5 4/5 4/5 4/5
470.49 E 278.20 E 107.87 E 309.46 E 514.93 E
- - - - -
496.29 E 296.10 E 92.40 E 343.38 E 539.64 E
564.00 E 366.20 E 174.77 E 385.90 E 577.00 E
258.00 E 181.69 E 82.00 E 209.00 E 428.90 E
97.42 78.78 34.18 68.26 58.93
8/8 5/5 5/5 5/5 5/5
( 15.00 E) ( 13.10 E) ( 13.20 E) ( 13.30 E) ( 13.40 E)
- - - - -
( 13.50 E) ( 12.50 E) ( 12.50 E) ( 12.50 E) ( 12.50 E)
( 22.00 E) ( 16.00 E) ( 16.50 E) ( 17.00 E) ( 17.50 E)
( 11.00 E) ( 10.00 E) ( 10.00 E) ( 10.00 E) ( 10.00 E)
3.54 2.15 2.29 2.44 2.6
8/8 5/5 5/5 5/5 5/5
482.45 E 268.37 E 77.90 E 304.97 E 511.13 E
- - - - -
507.90 E 280.10 E 77.00 E 348.00 E 555.00 E
552.00 E 346.00 E 86.70 E 368.90 E 567.00 E
362.00 E 179.00 E 70.00 E 198.00 E 411.40 E
77.23 68.68 6.85 76.12 70.69
4/5 3/4 3/4 3/4 3/4
86.18 E 86.60 E 86.63 E 86.80 E 86.73 E
- - - - -
86.00 E 86.50 E 86.70 E 87.00 E 87.00 E
87.10 E 87.00 E 87.00 E 87.50 E 87.20 E
85.80 E 86.30 E 86.20 E 85.90 E 86.00 E
0.47 0.29 0.33 0.67 0.52
5/7 3/3 3/3 3/3 3/3
22.11 E 22.00 E 22.00 E 22.00 E 22.00 E
- - - - -
22.00 E 22.00 E 22.00 E 22.00 E 22.00 E
23.00 E 22.00 E 22.00 E 22.00 E 22.00 E
22.00 E 22.00 E 22.00 E 22.00 E 22.00 E
0.31 - - - -
9/9 5/5 5/5 5/5 5/5
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
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- - - - -
Broadcom bond price; would imply no change of control provisions will be triggered
AVGO standalone
(In millions, except for percentages) As of May 6, 2018:
Effective Interest Rateal Amount Year of ma
2017 Senior Notes
Fixed rate 2.375% notes due January 2020 2.615% $ 2,750 2020
Fixed rate 2.200% notes due January 2021 2.406% 750 2021
Fixed rate 3.000% notes due January 2022 3.214% 3,500 2022
17,550
Assumed BRCM Senior Notes
Fixed rate 2.70% notes due November 2018 2.700% 117 2018
Fixed rate 2.50% - 4.50% notes due August 2022 - August 2034 3.500% 22 2028
139
Assumed Brocade Convertible Notes
Fixed rate 1.375% convertible notes due January 2020 0.628% 38
Total principal amount outstanding 17,727
Less: Unaccreted discount and unamortized debt issuance costs (129)
Total carrying value of debt $ 17,598
Source
CA Standalone At March 31,

2018 2017
(in millions)
Revolving credit facility $ - $ -
2.875% Senior Notes due August 2018 250 250
5.375% Senior Notes due December 2019 750 750
4.700% Senior Notes due March 2027 350 350
Term Loan A due April 2023 285 300
Other indebtedness, primarily capital leases 10 8
Unamortized debt issuance costs (11) (14)
Unamortized discount for Senior Notes (1) (3)
Total debt outstanding $ 2,783 $ 2,791
Less the current portion (269) (18)
Total long-term debt portion $ 2,514 $ 2,773
Source
CA bond price; would imply no change of control provisions will be triggered
Registration rights doc for 10/17/2017
Covered onIndenture Subsequent amend Registration rights doc for 1/19/2017
x 19-Jan-17 9-Apr-18
x 17-Oct-17 9-Apr-18
x 19-Jan-17 9-Apr-18
x 17-Oct-17 9-Apr-18
x 19-Jan-17 9-Apr-18
x 17-Oct-17 9-Apr-18
x 19-Jan-17 9-Apr-18
x 17-Oct-17 9-Apr-18
ISIN
US111320AE77
US111621AP39
Indenture/CACoC
6/27/2017 Will trigger CoC ?Unclear if become lender to AVGO; AVGO does not currently have RCF; having a R/C w
6/1/2008 “Rating Decline” means the Securities cease to be rated Investment Grade by at least two of the three
6/1/2008 Rating trigger: “Rating Decline” means the Securities cease to be rated Investment Grade by at least tw
6/1/2008 CoC includes rating trigger: “Rating Decline” means the Securities cease to be rated Investement Grade
6/1/2008 CoC includes rating trigger: “Rating Decline” means the Securities cease to be rated Investement Grade
4/20/2018 Will trigger CoC but ?likely waived; Agent: BoA; bilateral facility of $300mm; annualized 5% amort until
ently have RCF; having a R/C would definitely be viewed positively by the rating agencies; main lenders are Citi, BoA, JPM, Mitsubishi
e by at least two of the three Rating Agencies on any date during the period from the date of the first public notice of an arrangement that
de by at least two of the three Rating Agencies on any date during the period from the date of the public notice of an arrangement that cou
vestment Grade by at least two of the three Rating Agencies on any date during the period from the date of the first public notice of an arr
o be rated Investement Grade by at least two of the three Rating Agencies on any date during the period from the date of the first public n
e by at least two of the three Rating Agencies on any date during the period from the date of the first public notice of an arrangement that
o be rated Investement Grade by at least two of the three Rating Agencies on any date during the period from the date of the first public n
m; annualized 5% amort until Apr 2021, 10% through Jan 2022; prepayable without penalty; general purposes;
Citi, BoA, JPM, Mitsubishi
c notice of an arrangement that could result in a Change of Control until 60 days following the consummation of such Change of Control (w
otice of an arrangement that could result in a Change of Control until 60 days following the consummation of such Change of Control (whic
f the first public notice of an arrangement that could result in a Change of Control until 60 days following the consummation of such Chang
om the date of the first public notice of an arrangement that could result in a Change of Control until 60 days following the consummation
c notice of an arrangement that could result in a Change of Control until 60 days following the consummation of such Change of Control (w
om the date of the first public notice of an arrangement that could result in a Change of Control until 60 days following the consummation
tion of such Change of Control (which period will be extended following the consummation of such Change of Control for so long as any of
of such Change of Control (which period will be extended following the consummation of such Change of Control for so long as any of the
he consummation of such Change of Control (which period will be extended following the consummation of such Change of Control for so
ays following the consummation of such Change of Control (which period will be extended following the consummation of such Change of
tion of such Change of Control (which period will be extended following the consummation of such Change of Control for so long as any of
ays following the consummation of such Change of Control (which period will be extended following the consummation of such Change of
of Control for so long as any of the Rating Agencies has publicly announced that it is considering a possible downgrade in its rating of the S
Control for so long as any of the Rating Agencies has publicly announced that it is considering a possible downgrade in its rating of the Sec
of such Change of Control for so long as any of the Rating Agencies has publicly announced that it is considering a possible downgrade in it
onsummation of such Change of Control for so long as any of the Rating Agencies has publicly announced that it is considering a possible do
of Control for so long as any of the Rating Agencies has publicly announced that it is considering a possible downgrade in its rating of the S
onsummation of such Change of Control for so long as any of the Rating Agencies has publicly announced that it is considering a possible do
e downgrade in its rating of the Securities).
owngrade in its rating of the Securities).
ering a possible downgrade in its rating of the Securities).
hat it is considering a possible downgrade in its rating of the Securities).
e downgrade in its rating of the Securities).
hat it is considering a possible downgrade in its rating of the Securities).
(In millions, except for percentages)
2017 Senior Notes

Fixed rate 2.375% notes due January 2020
Assumed BRCM Senior Notes

Fixed rate 2.70% notes due November 2018
Fixed rate 2.50% - 4.50% notes due August 2022 - August 2034
Assumed Brocade Convertible Notes

Fixed rate 1.375% convertible notes due January 2020
Total principal amount outstanding
Less: Unaccreted discount and unamortized debt issuance costs
Total carrying value of debt
Source
CA Standalone
Revolving credit facility

2.875% Senior Notes due August 2018
5.375% Senior Notes due December 2019
4.700% Senior Notes due March 2027
Term Loan A due April 2023
Other indebtedness, primarily capital leases
Unamortized debt issuance costs
Unamortized discount for Senior Notes
Total debt outstanding
Less the current portion
Total long-term debt portion
Source
As of May 6, 2018:
Effective Interest Rate Aggregate Principal Amount Year of maturity Indneture link
2.615% $ 2,750 2020

2.406% 750 2021
3.214% 3,500 2022
2.781% 1,000 2023
3.744% 2,500 2024
3.234% 1,000 2025
4.018% 4,800 2027
3.596% 1,250 2028
17,550
2.700% 117 2018

3.500% 22 2028
139
0.628% 38
17,727
(129)
$ 17,598
At March 31,
2018 2017
(in millions)
$ - $ -
250 250 2018
750 750 2019
400 400 2020
500 500 2022
250 250 2023
350 350 2027
285 300 2023
10 8
(11) (14)
(1) (3)
$ 2,783 $ 2,791
(269) (18)
$ 2,514 $ 2,773
Indneture link
Private placements
Silver Lake has done two PIPEs, in 2014 and 2017 and for $1bn and $5bn, respectively; $5bn PIPE: Broadcom Limited (NasdaqG
a round of funding from existing investor Silver Lake on November 6, 2017. The company will issue convertible debt in the tran
Qualcomm deal is dead
Share buyback
On 4/12/2018, announced $12bn repurchase program; plan will be valid up to 11/3/2019; under this program, Broadcom repu
common stock at a weighted average price of $230.50 in the fiscal quarter ended May 6, 2018. As of May 6, 2018, $11,653 mil
its stock repurchase program.
Dividends
On June 6, 2018, our Board of Directors declared a cash dividend of $1.75 per share, payable on June 29, 2018 to stockholders
Capital returns from 2Q18Q

Broadcom Inc. (NasdaqGS:AVGO) > Transaction Summary > M&A/Private PlacementsReport Criteria
Role Filter: All Roles

Transaction Filter: M&A Transactions
History Filter: All History
Include Transactions for:
Transaction Summary
Comment Transaction ID Announced Date Closed Date Role
IQTR573701767 Jul-11-2018 - Buyer
IQTR534008812 Aug-10-2017 Aug-10-2017 Seller
Sale-leaseback
IQTR339290952 May-16-2016 May-16-2016 Buyer
Tiny $50 deal
IQTR332249995 Apr-28-2016 Jul-05-2016 Seller
Cypress Semiconductor Corporation (NasdaqGS:CY) signed a definitive agreeme
IQTR319521097 Dec-15-2015 Dec-14-2015 Buyer
IQTR323663427 Sep-30-2015 Jan-26-2016 Seller
IQTR302431254 May-28-2015 Feb-01-2016 Buyer
IQTR237282531 Apr-19-2013 Apr-19-2013 Buyer
IQTR384085023 Jan-30-2013 - Buyer
IQTR48999285 Aug-31-2008 Aug-31-2008 Buyer
IQTR38557259 Oct-25-2007 Jan-10-2008 Seller
IQTR33537841 Apr-02-2007 Jun-29-2007 Buyer
IQTR30615056 Dec-06-2006 Dec-08-2006 Seller
IQTR26003389 Feb-17-2006 May-01-2006 Seller
IQTR24494813 Nov-02-2005 Dec-01-2005 Seller

IQTR32993936 Aug-15-2005 Dec-01-2005 Target
* denotes proprietary relationship information.

† This number reflects the estimated value of the total new money raised through private placement rounds.
Criteria
Target Buyer/Investors Sellers Size ($mm)

CA, Inc. (NasdaqGS:CA) Broadcom Inc. (NasdaqGS:AVGO) Careal Holding Ag 21,777.02
Broadcom Campus In Great Park Five Point Office Venture I, LLC; Irvine Office Member, L.L.C.; Broadcom Limited (nka:Broadcom Inc. 443.0
Neighborhoods (nka:Five Point Gateway) LNR BC, LLC (NasdaqGS:AVGO))
MagnaCom, Ltd. Broadcom Limited (nka:Broadcom Inc. Petah Tikva Municipality -
(NasdaqGS:AVGO))
Broadcom Limited, Wireless Internet of Things Cypress Semiconductor Corporation (NasdaqGS:CY) Broadcom Limited (nka:Broadcom Inc. 550.0
Business and Related Assets (NasdaqGS:AVGO))
DensBits Technologies Ltd. Avago Technologies Limited (nka:Broadcom Inc. Kreos Capital; Seagate Technology plc (NasdaqGS:STX); 20.0
(NasdaqGS:AVGO)) Sequoia Capital Israel Seller Funds: Kreos Capital III Limited
Broadcom Limited, Optical Module Business FIT Hon Teng Limited (SEHK:6088) Avago Technologies Limited (nka:Broadcom Inc. -
(NasdaqGS:AVGO))
Broadcom Corporation Avago Technologies Limited (nka:Broadcom Inc. Capital World Investors 38,452.51
(NasdaqGS:AVGO))
Javelin Semiconductor, Inc. Avago Technologies Limited (nka:Broadcom Inc. Sevin Rosen Funds; Silverton Partners 37.0
(NasdaqGS:AVGO))
BroadLogic Network Technologies, Inc. Avago Technologies Limited (nka:Broadcom Inc. Advance Communication Corp.; Cisco Investments; Intel -
(NasdaqGS:AVGO)) Capital; Presidio STX, LLC; Rho Capital Partners, Inc.;
Walden International
Infineon Technologies AG, Bulk Acoustic Wave Avago Technologies Limited (nka:Broadcom Inc. Infineon Technologies AG (XTRA:IFX) 32.0
Filter Business (NasdaqGS:AVGO))
Avago Technologies Limited, IrDA Business Lite-On Technology Corporation (TSEC:2301) Avago Technologies Limited (nka:Broadcom Inc. 21.0
(NasdaqGS:AVGO))
Infineon Technologies Fiber Optics GmbH, Avago Technologies Limited (nka:Broadcom Inc. Infineon Technologies Fiber Optics GmbH -
Infineon Technologies Polymer Optical Fiber (NasdaqGS:AVGO))
Business
Avago Technologies, Inc., Image Sensor Micron Technology, Inc. (NasdaqGS:MU) Avago Technologies Limited (nka:Broadcom Inc. 53.0
Business (NasdaqGS:AVGO))
Avago Technologies Inc., Printer Marvell Technology Group Ltd. (NasdaqGS:MRVL) Avago Technologies Limited (nka:Broadcom Inc. 275.0
Semiconductor Business (NasdaqGS:AVGO))
Avago Technologies, Storage Semiconductor PMC-Sierra Inc. (nka:Microsemi Storage Solutions, Inc.) Avago Technologies Limited (nka:Broadcom Inc. 425.0
Business (NasdaqGS:AVGO))
Avago Technologies Limited KKR & Co. L.P. (nka:KKR & Co. Inc. (NYSE:KKR)); Silver Agilent Technologies, Inc. (NYSE:A) 2,660.0
(nka:Broadcom Inc. (NasdaqGS:AVGO)) Lake Buyer Funds: Silver Lake Partners II, L.P.
Taken from Broadway Limited’s 10-K for FYE10/29/2017
Does not reflect Brocade's businesses, nor subsequent divestment of certain assets of Brocade
Segment Short Description
We provide semiconductor solutions for enabling the STB (Set-

up Box) and broadband access markets. We also provide a wide
variety of semiconductor solutions which manage the
Wired Infrastructure movement of data in data center, telecom, enterprise and
SMB/ROBO (Small and Medium sized Business/Remote Office
Branch Office) networking applications.
We support the wireless communications industry with a
broad variety of RF semiconductor devices, connectivity
Wireless Communications
solutions and custom touch controllers. Devices incorporating
our wireless solutions include mobile handsets and tablets.
Our enterprise storage products enable secure movement of
Enterprise Storage digital data to and from host machines such as servers,
personal computers and storage systems to the underlying
storage devices such as HDDs and SSDs.
We provide a broad variety of products for the general
Industrial & Other industrial and automotive markets. This segment also includes
IP licensing revenue.
Major Applications
• Set-top Box (STB) and Broadband Access
• Data center, Telecom, Enterprise and Small-and-Medium size

Business/Remote-Office-Branch-Office (SMB)/(ROBO) Networking
• mobile handsets
• Servers and storage systems
• Hard disk drives (HDD); Solid state drives (SSD)
• Power isolation, power conversion and renewable energy systems
• Factory automation, in-car infotainment and renewable energy systems
• Motor controls and factory automation
• Displays and lighting

Major Product Families
• STB SoCs
• Cable, digital subscriber line (DSL) and passive optical networking (PON) central office/consumer premise
equipment (CO/CPE) SoCs
• Ethernet switching and routing application specific standard product (ASSP)

• Embedded processors and controllers
• Serializer/Deserializer (SerDes), application specific integrated circuits (ASICs)
• Optical and copper, physical layer (PHYs)
• Fiber optic laser and receiver components

• RF front end modules (FEMs), filters, power amplifiers
• Wi-Fi, Bluetooth, global positioning system/global navigation satellite system (GPS/GNSS) SoCs
• Custom touch controllers
• Serial attached small computer system interface (SAS) and redundant array of independent disks (RAID) controllers
and adapters
• Peripheral component interconnect express (PCIe) switches
• Fibre channel host bus adapters (HBA)
• Fibre channel switches (starting fiscal year 2018)

• Read channel based SoCs; Custom flash controllers
• Preamplifiers
• Optocouplers
• Industrial fiber optics
• Motion control encoders and subsystems
• Light emitting diode (LEDs)

FY17 breakdown % of net rev
Wired infrastructure 48%
Wireless cmmunication 31%
Enterprise storage 16%
Industrial & other 5%
We offer complete SoC platform solutions for cable, satellite, Internet Protocol,
over-the-top and terrestrial STBs. Our products enable global service providers to
introduce new and enhanced technologies and services in STBs, including
transcoding, digital video recording functionality, higher definition, increased
networking capabilities, and more tuners to enable faster channel change and more
simultaneous recordings. We are also enabling service providers in deploying High
Efficiency Video Coding, or HEVC, a video compression format that is a successor to
the H.264/MPEG-4 format. HEVC enables ultra-high definition, or Ultra HD, services
by effectively doubling the capacity of existing networks to deploy new or existing
content. Our families of STB solutions support the complete range of resolutions,
from standard definition, to high definition, or HD, and Ultra HD.
We offer complete SoC platform solutions for DSL, cable and fiber for both central
office deployments and CPE. For CPE deployments, we support broadband
modems, wireless local area network, or WLAN, routers as well as residential
gateway solutions. For central office deployment, our solutions include cable
modem termination systems, for cable, optical line termination, for fiber, and DSL
Access Multiplexer for DSL. Our products enable global service providers to continue
to deploy next generation broadband access technologies across multiple standards,
including DSL, cable and fiber, to provide more bandwidth and faster speeds to
consumers. Over the coming years, we expect to see global service providers
moving toward new technologies, including data over cable service interface
specification, 3.1 for cable modem technologies, G.Fast for DSL, and deploying more
fiber-based solutions to increase speeds and bandwidth for customers.
Ethernet is a ubiquitous interconnection technology that enables high performance

and cost effective networking infrastructure. We offer a broad set of Ethernet
switching and routing products that are optimized for data center implementations,
service provider networks, enterprise, and SMB/ROBO. In the data center market,
our high capacity, low latency, switching silicon supports advanced protocols around
virtualization and multi-pathing. Our Ethernet switching fabric technologies provide
the ability to build highly scalable flat networks supporting tens of thousands of
servers. Our service provider switch portfolio enables carrier/service provider
networks to support a large number of services in the wireless backhaul, access,
aggregation and core of their networks. For enterprise and SMB/ROBO applications,
we offer product families that combine multi-layer switching capabilities and
support lower power modes that comply with industry standards around energy
efficient Ethernet.
Our embedded processors leverage our ARM central processing unit and Ethernet
switching technology to deliver SoCs for high performance embedded applications
in a wide range of communication products such as voice-over-internet-protocol,
telephony, point-of-sale devices and enterprise and retail access points and
gateways. We offer a range of knowledge-based processors to enable high-
performance decision-making for packet processing in a variety of advanced devices
in the enterprise, metro, access, edge and core networking spaces. We also offer a
range of Ethernet controllers for servers and workstations supporting multiple
generations of Ethernet technology.
For data center and enterprise networking, and high performance compute
applications, we supply high speed SerDes technology integrated into ASICs. These
ASICs are custom products built to individual customers specifications. Our ASICs
are designed on advanced CMOS process technologies, focused primarily on leading
edge geometries.
These devices, also referred to as PHYs, are transceivers which enable the reception
and transmission of Ethernet data packets over a physical medium such as copper
wire or optical fibers. Our high performance Ethernet transceivers are built upon a
proprietary digital signal processing communication architecture optimized for high-
speed network connections and support the latest standards and advanced
features, such as energy efficient Ethernet, data encryption and time
synchronization. We also offer a range of automotive Ethernet products to meet
growing consumer demand for in-vehicle connectivity.
We supply optical laser and receiver components to the Ethernet networking,

storage, and access, metro- and long-haul telecommunication markets. Our optical
components enable the high speed reception and transmission of data through
optical fibers.
Our RF semiconductor devices selectively filter, as well as
amplify, RF signals. Filters enable modern wireless
communication systems to support a large number of
subscribers simultaneously by ensuring that the multiple
transmissions and receptions of voice and data streams do
not interfere with each other. We were among the first to
deliver commercial film bulk acoustic resonator, or FBAR,
filters that offer technological advantages over competing
filter technologies, to allow mobile handsets to function
more efficiently in today's congested RF spectrum. FBAR
technology has a significant market share within the cellular
handset market. As cellular carriers continue to move to
4G/long-term evolution, or LTE, and LTE-advanced standards
worldwide, we believe these technological advantages will
continue to benefit our business. Our RF products include
FEMs that incorporate multiple die into multi-function RF
devices, duplexers and multiplexers, which are a
combination of two or more transmit and receive filters in a
single device, using our proprietary FBAR technology,
discrete filters and discrete power amplifiers.
Our expertise in FBAR technology, amplifier design, and
module integration enables us to offer industry-leading
performance in cellular RF transceiver applications. Our
proprietary GaAs wafer manufacturing processes are critical
to the production of power amplifier and low noise amplifier
products.
Our connectivity solutions include discrete and integrated
Wi-Fi and Bluetooth solutions, location (GPS/GNSS)
controllers and touch controllers.
Wi-Fi allows devices on a local area network to communicate
wirelessly, adding the convenience of mobility to the utility
of high-speed data networks. We offer a family of high
performance, low power Wi-Fi chipsets. Bluetooth is a low
power technology that enables direct connectivity between
devices. We offer a complete family of Bluetooth silicon and
software solutions that enable manufacturers to easily and
cost-effectively add Bluetooth functionality to virtually any
device.
We provide
TheseSASsolutions
and RAID include
controller
combination
and adapterchipssolutions
that offerto
integrated
server and Wi-Fi
storageandsystem
Bluetooth
OEMs. functionality,
These solutions
which enable
provides
significant
secure andperformance
high speed dataadvantages
transmission
over discrete
betweensolutions.
a host
We also offer
computer, such
a family
as a server,
of GPS, and
assisted-GPS
storage peripheral
(A-GPS)devices,
and
GNSSas
such semiconductor
HDD, SSD andproducts,
optical disksoftware
drives and disk
dataand
services.
tape-
These products
based storage systems.
are partSome
of a broader
of theselocation
solutionsplatform
are that
leverages as
delivered a broad
stand-alone
range of semiconductors,
communications typically
technologies,
as a
including Wi-Fi,
controller. OtherBluetooth
solutions andare delivered
GPS, to provide
as circuit
moreboards,
accurateaslocation
known adapterandproducts,
navigation
whichcapabilities.
incorporate our
semiconductors onto a circuit board with other features.
Our
RAIDtouch controllers
technology process
is a critical signals
part from
of our touch
server screens in
storage
mobile handsets
connectivity and tablets.
solutions as it provides protection against the
loss of critical data resulting from HDD failures.
We also provide interconnect semiconductors that support

the PCI and PCIe communication standards. PCIe is the
primary interconnection mechanism inside computing
systems today.
We provide Fibre Channel HBAs, which connect host
computers such as servers to FC SANs.
The Fibre Channel switch products we acquired in

connection with our acquisition of Brocade provide
interconnection, bandwidth, and high-speed switching
between servers and storage devices which are in a FC SAN.
FC SANs are networks dedicated to mission critical storage
traffic, and enable simultaneous high speed and secure
connections among multiple host computers and multiple
storage arrays.
We provide read channel-based SoCs and preamplifiers to
HDD OEMs. These are the critical chips required to read,
write and protect data. An HDD SoC is an integrated circuit,
or IC, that combines the functionality of a read channel,
serial interface, memory and a hard disk controller in a small,
high-performance, low-power and cost-effective package.
Read channels convert analog signals that are generated by
reading the stored data on the physical media into digital
signals.
We also provide custom flash controllers to SSD OEMs. An
SSD stores data in flash memory instead of on a hard disk,
providing high speed access to the data. Flash controllers
manage the underlying flash memory in SSDs, performing
critical functions such as reading and writing data to and
from the flash memory and performing error correction,
wear leveling and bad block management.
In addition, we sell preamplifiers, which are used to amplify

the initial signal to and from the drive disk heads so the
signal can be processed by the read channel.
We offer optical isolators, or optocouplers, which provide

electrical insulation and signal isolation for signaling systems
that are susceptible to electrical noise or interference.
Optocouplers are used in a diverse set of applications,
including industrial motors, automotive systems including
those used in hybrid engines, power generation and
distribution systems, switching power supplies, motion
sensors, telecommunications equipment, computers and
office equipment, plasma displays, and military electronics.
For industrial networking, we provide fast optical

transceivers using plastic optical fiber that enable quick and
interoperable networking and factory automation.
For industrial motors and robotic motion control, we supply

optical encoders, as well as ICs for the controller and
decoder functions.
For electronic signs and signals, we supply LED assemblies

that offer high brightness and stable light output over
thousands of hours, enabling us to support traffic signals,
large commercial signs and other displays.
Inorganic entity Consolidation / disposal date
Brocade Communication Systems 11/17/2017
Brocade's IP Networking business 12/1/2017
For the fiscal year ended October 30, 2016, or fiscal year 2016, net revenue included contributions from BRCM comm
infrastructure and wireless communications segments. For the fiscal year ended November 1, 2015, or fiscal year 20
Emulex, commencing on May 6, 2015, which are included in the enterprise storage segment.
On December 1, 2017, we sold Brocade’s IP Networking business to ARRIS International plc, or ARRIS, for cash consi
Presented as discontinued operations per 2Q18Q In connection with this sale, we indemnified ARRIS for $116 millio
short-term assistance to ARRIS in assuming the operations of the purchased business. We do not have any material
in discontinued operations.
FYE
We operate on a 52- or 53-week fiscal year ending on the Sunday closest to October 31 in a 52-week year and the fi
week year. Our fiscal year ending November 4, 2018, or fiscal year 2018, is a 53-week fiscal year, with our first fiscal
first quarter of our fiscal year 2018 ended on February 4, 2018, the second quarter ended on May 6, 2018 and the th
2018. Our fiscal year ended October 29, 2017, or fiscal year 2017, was a 52-week fiscal year.
Segment expense allocation

Operating results by segment also include shared expenses such as global operations, including manufacturing supp
addition to expenses associated with selling, general and administrative activities for the business, which are allocat
while facilities expenses are primarily allocated based on site-specific headcount.
Unallocated expenses include amortization of acquisition-related intangible assets, stock-based compensation expe
disposal charges, acquisition-related costs, charges related to inventory step-up to fair value, and other costs, which
results of, or in allocating resources to, our segments. Acquisition-related costs also include transaction costs and an
acquisition and integration of acquired businesses.
Depreciation expense directly attributable to each reportable segment is included in operating results for each seg
not evaluate depreciation expense by operating segment and, therefore, it is not separately presented. There was n
Segment Availability of standalone financials Financing / accounting details
Enterprise storage FQE7/29/2017
Enterprise storage N/A
net revenue included contributions from BRCM commencing on February 1, 2016, which are included in the wired
scal year ended November 1, 2015, or fiscal year 2015, net revenue included contributions from Emulex Corporation, or
enterprise storage segment.
s to ARRIS International plc, or ARRIS, for cash consideration of $800 million, adjusted for closing working capital balances.
with this sale, we indemnified ARRIS for $116 million of potential income tax liabilities. We provided transitional services as
e purchased business. We do not have any material continuing involvement with this business and have presented its results
ay closest to October 31 in a 52-week year and the first Sunday in November in a 53-
ar 2018, is a 53-week fiscal year, with our first fiscal quarter containing 14 weeks. The
he second quarter ended on May 6, 2018 and the third quarter ends on August 5,
7, was a 52-week fiscal year.
as global operations, including manufacturing support, logistics and quality control, in
strative activities for the business, which are allocated primarily based on revenue,
ecific headcount.
d intangible assets, stock-based compensation expense, restructuring, impairment and

ventory step-up to fair value, and other costs, which are not used in evaluating the
n-related costs also include transaction costs and any costs directly related to the
egment is included in operating results for each segment. However, the CODM does
herefore, it is not separately presented. There was no inter-segment revenue.
Basis of presentation PF PF PF
AVGO FY16PF FY16PF FQ1Q17
Legacy AVGO 100%, Broadcom partial
Legacy AVGO + BRCM
PF net revenues 15296 15281
With Brocade
Wired infrastructure 2084
Wireless communications 1175
Enterprise storage 1,207
PF net revenues 15296 15281 $ 4,639
Do not include Bro Do not include Brocade
PF PF PF PF PF
FQ2Q17 FQ3Q17 FQ4Q17 FY17PF FQ1Q18
$ 2,111 8549 $ 1,875

1,150 5404 2,210
1,184 2799 1,111
217 884 251
$ 4,662 17636 $ 5,447
PF
FQ2Q18
$ 2,295
1,294
1,165 Red: backed out enterprise storage as that's where Brocade went
263
$ 5,017 $ 10,464

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EU and Japan; but not China

Financing case Debt $mm Rate

Options # (mm) Strike Dilution

Options # (mm) Strike Dilution

Conversion weights (quarterly)

Conversion weights (annual) - conversion of CA to AVGO

2018 2018 2019

Assumed ratings: BBB-/Baa3

Sales - PF 5,447 5,017

EBITDA - non-PF CapIQ -> 3,755 3,419

Net debt 9,411

Sales 1,083 1,045 1,052

EBITDA 460 483 486

CFO 548 274 76

Net debt (622) (698) (577)

Projected Calendarized stub

GAAP EBIT (357) 2,400

x CFS non-cash addbacks (excl. D&A)

x Capex 483 718 628

x Trade accounts receivable, net 2,181 2,448

Total revenues % YoY growth override

x Total assets 49,966 54,418

x Adj. EBIT 4,656 7,091

8549 8549 8549 8549 8549 8549 8549 8549

20,744 21,382 22,676 23,810 25,001 26,251 27,301 28,393

519 535 567 595 625 656 683 710

2,971 2,207 1,835 1,446 1,031 630 - -

3,359 2,498 2,053 1,610 1,031 630 - -

5,706 6,957 7,945 8,889 9,992 10,944 12,037 12,519

7.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%

3,490 2,742 2,402 2,041 1,656 1,286 683 710

739 588 794 833 875 919 956 994

3,259 3,360 3,563 3,741 3,928 4,125 4,290 4,461

17.6% 3.1% 6.1% 5.0% 5.0% 5.0% 4.0% 4.0%

41,965 42,692 43,544 45,859 48,215 50,614 53,009 55,440

9,065 9,455 9,998 10,498 11,023 11,574 12,037 12,519

8549 8549 8549

731 753 776

12,895 13,281 13,680

10.0% 10.0% 10.0%

731 753 776

1,024 1,054 1,086 Currently neetting proceeds from disposal of PP&E

4,595 4,733 4,875

3.0% 3.0% 3.0%

57,856 60,300 62,772 Since we are

ield from amortization? Probably insignificant

Mainframe Solutions Revenues 2,478 2,392 2,215

Total revenue 4,412 4,262 4,025

Segment profit build-up 1,619 1,597 1,531

GAAP EBIT 1,070 1,162 1,135

ETR 12.7% 27.4% 29.1%

Decrease in trade accounts receivable 42 79 54

x Total assets 11,815 12,016 10,973

x Clean EBIT 1,070 1,162 1,135

GAAP EBIT 1,070 1,162 1,135

Selling and marketing 1,104 1,060 1,006

Selling and marketing 25% 25% 25%

2,133 2,133 2,133

4,685 4,707 4,707

1,660 1,662 1,662

22.0% 22.0% 22.0%