Exhibit 99.1

Broadcom Inc. Announces Fourth Quarter and Fiscal Year 2019 Financial Results and Quarterly Dividends

 

   

Revenue of $5,776 million for the fourth quarter, up 6 percent from the prior year period

 

   

Revenue of $22,597 million for the fiscal year, up 8 percent from the prior year

 

   

GAAP net income of $847 million for the fourth quarter; Adjusted EBITDA of $3,165 million for the fourth quarter

 

   

GAAP net income of $2,724 million for the fiscal year; Adjusted EBITDA of $12,579 million for the fiscal year

 

   

Quarterly common stock dividend increased by 23 percent to $3.25 per share from the prior quarter

 

   

Fiscal year 2020 revenue guidance of $25 billion plus or minus $500 million, up 11 percent from fiscal year 2019 at the midpoint of guidance

 

   

Fiscal year 2020 Adjusted EBITDA guidance of $13.75 billion plus or minus $250 million, or 55% of revenue at the midpoint of guidance 1

SAN JOSE, Calif. – December 12, 2019Broadcom Inc. (Nasdaq: AVGO), a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, today reported financial results for its fourth fiscal quarter and fiscal year ended November 3, 2019, provided guidance for its fiscal year 2020 and announced quarterly dividends. The Company completed its acquisition of the Symantec Enterprise Security business on November 4, 2019. The financial results provided below do not include any contribution from the Symantec Enterprise Security business.

“Fiscal year 2019 concluded as expected. Our semiconductor solutions segment continued to work its way through a cyclical correction. This was more than offset by our infrastructure software segment, which delivered healthy results benefitting from the integration and performance of our CA business,” said Hock Tan, President and CEO of Broadcom Inc. “Looking to fiscal 2020, we remain well-positioned across our technology franchises. We continue to believe that our core semiconductor business is bottoming and will return to year over year growth in the second half of our fiscal year. In addition, we expect to benefit from the integration of the Symantec Enterprise Security business into what is otherwise expected to be a stable infrastructure software segment in fiscal 2020.”

“We achieved record profitability in fiscal 2019, including free cash flow of over $9 billion, despite a challenging market backdrop for our semiconductor solutions segment. As a result, we are raising our target dividend by 23 percent to $3.25 per share per quarter for fiscal year 2020,” said Tom Krause, CFO of Broadcom Inc. “Looking ahead to next year, we expect our adjusted EBITDA to expand by more than $1 billion, while we focus our capital returns on cash dividends, with excess cash going towards debt pay down.”

 

1 

The Company is not readily able to provide a reconciliation of the projected non-GAAP financial information presented to the relevant projected GAAP measure without unreasonable effort.

 

1


The following information was filed by Broadcom Inc. (AVGO) on Thursday, December 12, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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