MANAGEMENT’S DISCUSSION AND ANALYSIS OF BROADCOM INC. AND ANALYSIS OF THE FINANCIAL POSITION AND OPERATING RESULTS (Form 10-K)


This Management's Discussion and Analysis of Financial Condition and Results of
Operations should be read in conjunction with our consolidated financial
statements and notes thereto, which appear elsewhere in this Annual Report on
Form 10-K. This discussion may contain forward-looking statements based upon
current expectations that involve risks and uncertainties. Our actual results
may differ materially from those anticipated in these forward-looking statements
as a result of various factors, including those set forth under the caption
"Risk Factors" or in other parts of this Annual Report on Form 10-K.
The following section generally discusses our financial condition and results of
operations for our fiscal year ended October 31, 2021 ("fiscal year 2021")
compared to our fiscal year ended November 1, 2020 ("fiscal year 2020"). A
discussion regarding our financial condition and results of operations for
fiscal year 2020 compared to our fiscal year ended November 3, 2019 ("fiscal
year 2019") can be found in Part II, Item 7 of our Annual Report on Form 10-K
for fiscal year 2020, filed with the Securities and Exchange Commission (the
"SEC") on December 18, 2020.
Overview
We are a global technology leader that designs, develops and supplies a broad
range of semiconductor and infrastructure software solutions. We develop
semiconductor devices with a focus on complex digital and mixed signal
complementary metal oxide semiconductor based devices and analog III-V based
products. We have a history of innovation in the semiconductor industry and
offer thousands of products that are used in end products such as enterprise and
data center networking, home connectivity, set-top boxes, broadband access,
telecommunication equipment, smartphones and base stations, data center servers
and storage systems, factory automation, power generation and alternative energy
systems, and electronic displays. Our infrastructure software solutions enable
customers to plan, develop, automate, manage and secure applications across
mainframe, distributed, mobile and cloud platforms. Our portfolio of
industry-leading infrastructure and security software is designed to modernize,
optimize, and secure the most complex hybrid environments, enabling scalability,
agility, automation, insights, resiliency and security. We also offer mission
critical fibre channel storage area networking ("FC SAN") products and related
software in the form of modules, switches and subsystems incorporating multiple
semiconductor products.
We have two reportable segments: semiconductor solutions and infrastructure
software, as a result of a change in our organizational structure during fiscal
year 2020. Our semiconductor solutions segment includes all of our product lines
and intellectual property ("IP") licensing. Our infrastructure software segment
includes our mainframe, distributed and cyber security solutions, and our FC SAN
business. During fiscal year 2020, we refined our allocation methodology for
certain selling, general and administrative expenses to more closely align these
costs with the segment benefiting from the shared expenses.
Our strategy is to combine best-of-breed technology leadership in semiconductor
and infrastructure software solutions, with unmatched scale, on a common sales
and administrative platform to deliver a comprehensive suite of infrastructure
technology products to the world's leading business and government customers. We
seek to achieve this through responsibly financed acquisitions of
category-leading businesses and technologies, as well as investing extensively
in research and development, to ensure our products retain their technology
leadership. This strategy results in a robust business model designed to drive
diversified and sustainable operating and financial results.
The demand for our products has been affected in the past, and is likely to
continue to be affected in the future, by various factors, including the
following:
•gain or loss of significant customers;
•general economic and market conditions in the industries and markets in which
we compete;
•our distributors' product inventory and end customer demand;
•the rate at which our present and future customers and end-users adopt our
products and technologies in our target markets, and the rate at which our
customers' products that include our technology are accepted in their markets;
•the shift to cloud-based information technology solutions and services, such as
hyperscale computing, which may adversely affect the timing and volume of sales
of our products for use in traditional enterprise data centers; and
•the timing, rescheduling or cancellation of expected customer orders.
COVID-19 Update
In response to the ongoing COVID-19 pandemic and the various resulting
government directives, we have taken extensive measures to protect the health
and safety of our employees and contractors at our facilities. We modified our
workplace practices globally, which resulted in some of our employees working
remotely for an extended period of time and some of whom are still working
remotely. While we have implemented personal safety measures at all of our
facilities where
35
--------------------------------------------------------------------------------
  Table of Contents
our employees are working on site, we may need to modify our business practices
and policies. We continue to monitor the implications of the COVID-19 pandemic
on our business, as well as our customers' and suppliers' businesses.
The demand environment for our semiconductor products was consistent with our
expectations for the fourth quarter of fiscal year 2021, with continued demand
for products and infrastructure as customers invest in technologies to support
remote or hybrid tele-work and learning arising from COVID-19, as well as the
transition to office re-openings. While we continue to see robust demand in this
area and record profitability driven by the supply imbalance, the macroeconomic
environment remains uncertain and it may not be sustainable over the longer
term. We continue to experience various constraints in our supply chain due to
the pandemic, including with respect to wafers and substrates. While supply lead
times have stabilized, we continue to have difficulties in obtaining some
necessary components and inputs in a timely manner to meet increased demand. To
date, the impact of COVID-19 on the demand environment for our software products
has been limited.
We have also taken various actions to de-risk our business in light of the
ongoing uncertainty and strengthen our balance sheet, including closely managing
working capital and our debt instruments.
Overall, in light of the changing nature and continuing uncertainty around the
COVID-19 pandemic, our ability to predict the impact of COVID-19 on our business
in future periods remains limited. The effects of the pandemic on our business
are unlikely to be fully realized, or reflected in our financial results, until
future periods.
Fiscal Year Highlights
Highlights during fiscal year 2021 include the following:
•We generated $13,764 million of cash from operations.
•We paid $6,212 million in cash dividends.
Acquisitions and Divestitures
The discussion and analysis in this section and the accompanying consolidated
financial statements include the results of operations of acquired companies
commencing on their respective acquisition dates.
Acquisition of Symantec Corporation Enterprise Security Business
On November 4, 2019, we purchased and assumed certain assets and certain
liabilities, respectively, of the Symantec Corporation Enterprise Security
business (the "Symantec Business") for $10.7 billion in cash. We financed this
acquisition with the net proceeds from the borrowings under the November 2019
Term Loans, as defined in Note 10. "Borrowings" included in Part II, Item 8 of
this Annual Report on Form 10-K.
Acquisition of CA, Inc.
On November 5, 2018, we acquired CA, Inc. ("CA") for $18.8 billion in aggregate
cash purchase consideration and assumed $2.25 billion of outstanding unsecured
bonds. We financed the acquisition of CA with $18 billion of term loans, as well
as cash on hand of the combined companies. We also assumed all eligible unvested
CA equity awards in the transaction. On December 31, 2018, we sold Veracode,
Inc., a subsidiary of CA and provider of application security testing solutions,
to Thoma Bravo, LLC for cash consideration of $950 million, before working
capital adjustments.
Net Revenue
A majority of our net revenue is derived from sales of a broad range of
semiconductor devices that are incorporated into electronic products, as well as
from modules, switches and subsystems. Net revenue is also generated from the
sale of software solutions that enable our customers to plan, develop, automate,
manage, and secure applications across mainframe, distributed, mobile, and cloud
platforms.
Our overall net revenue, as well as the percentage of total net revenue
generated by sales in our semiconductor solutions and infrastructure software
segments, have varied from quarter to quarter, due largely to fluctuations in
end-market demand, including the effects of seasonality, which are discussed in
detail in Part I, Item 1. Business under "Seasonality" of this Annual Report on
Form 10-K.
Original equipment manufacturers ("OEMs"), or their contract manufacturers, and
distributors, typically account for the substantial majority of our
semiconductor sales. To serve customers around the world, we have strategically
developed relationships with large global electronic component distributors,
complemented by a number of regional distributors with customer relationships
based on their respective product ranges. We have established strong
relationships with leading OEM customers across multiple target markets. Our
direct sales force focuses on supporting our large OEM customers and has
specialized product and service knowledge that enables us to sell specific
offerings at key levels throughout a customer's organization. Certain customers
require us to contract with them directly and with specified intermediaries,
such as contract
36
--------------------------------------------------------------------------------
  Table of Contents
manufacturers. Many of our major customer relationships have been in place for
many years and are often the result of years of collaborative product
development. This has enabled us to build our extensive IP portfolio and develop
critical expertise regarding our customers' requirements, including substantial
system-level knowledge. This collaboration has provided us with key insights
into our customers' businesses and has enabled us to be more efficient and
productive and to better serve our target markets and customers. We recognize
revenue upon the delivery of our products to the distributors, which can cause
our quarterly net revenue to fluctuate significantly. Such revenue is reduced
for estimated returns and distributor allowances.
Our software customers generally consist of large enterprises that have
computing environments from multiple vendors and are highly complex. We believe
our enterprise-wide license model will continue to offer our customers reduced
complexity, more flexibility and an easier renewal process that will help drive
revenue growth.
Costs and Expenses
Cost of products sold. Cost of products sold consists primarily of the costs for
semiconductor wafers and other materials, as well as the costs of assembling and
testing those products and materials. Such costs include personnel and overhead
related to our manufacturing operations, which include stock-based compensation
expense; related occupancy; computer services; equipment costs; manufacturing
quality; order fulfillment; warranty adjustments; inventory adjustments,
including write-downs for inventory obsolescence; and acquisition costs, which
include direct transaction costs and acquisition-related costs.
Although we outsource a significant portion of our manufacturing activities, we
do have some proprietary semiconductor fabrication facilities. If we are unable
to utilize our owned fabrication facilities at a desired level, the fixed costs
associated with these facilities will not be fully absorbed, resulting in higher
average unit costs and lower gross margins.
Cost of subscriptions and services. Cost of subscriptions and services consists
of personnel, project costs associated with professional services or support of
our subscriptions and services revenue, and allocated facilities costs and other
corporate expenses. Personnel costs include stock-based compensation expense.
Total cost of revenue also includes amortization of acquisition-related
intangible assets and restructuring charges.
Research and development. Research and development expense consists primarily of
personnel costs for our engineers engaged in the design and development of our
products and technologies, including stock-based compensation expense. These
expenses also include project material costs, third-party fees paid to
consultants, prototype development expense, allocated facilities costs and other
corporate expenses and computer services costs related to supporting computer
tools used in the engineering and design process.
Selling, general and administrative. Selling expense consists primarily of
compensation and associated costs for sales and marketing personnel, including
stock-based compensation expense, sales commissions paid to our independent
sales representatives, advertising costs, trade shows, corporate marketing,
promotion, travel related to our sales and marketing operations, related
occupancy and equipment costs, and other marketing costs. General and
administrative expense consists primarily of compensation and associated costs
for executive management, finance, human resources and other administrative
personnel, including stock-based compensation expense, outside professional
fees, allocated facilities costs, acquisition-related costs and other corporate
expenses.
Amortization of acquisition-related intangible assets. In connection with our
acquisitions, we recognize intangible assets that are being amortized over their
estimated useful lives. We also recognize goodwill, which is not amortized, and
in-process research and development ("IPR&D"), which is initially capitalized as
an indefinite-lived intangible asset, in connection with the acquisitions. Upon
completion of each underlying project, IPR&D assets are reclassified as
amortizable purchased intangible assets and amortized over their estimated
useful lives.
Restructuring, impairment and disposal charges. Restructuring, impairment and
disposal charges consist primarily of compensation costs associated with
employee exit programs, alignment of our global manufacturing operations,
rationalizing product development program costs, facility and lease
abandonments, fixed asset impairment, IPR&D impairment, and other exit costs,
including curtailment of service or supply agreements.
Interest expense.  Interest expense includes coupon interest, commitment fees,
accretion of original issue discount, amortization of debt premiums and debt
issuance costs, and expenses related to debt modifications or extinguishments.
Other income, net. Other income, net includes interest income, gains or losses
on investments, foreign currency remeasurement, and other miscellaneous items.
Provision for (benefit from) income taxes. We have structured our operations to
maximize the benefit from tax incentives extended to us in various jurisdictions
to encourage investment or employment. Our tax incentives from the Singapore
Economic Development Board provide that any qualifying income earned in
Singapore is subject to tax incentives or reduced rates of Singapore income tax.
Subject to our compliance with the conditions specified in these incentives and
37
--------------------------------------------------------------------------------
  Table of Contents
legislative developments, these Singapore tax incentives are presently expected
to expire in November 2025. The corporate income tax rate in Singapore that
would otherwise apply to us would be 17%. We also have a tax holiday on our
qualifying income in Malaysia, which is scheduled to expire in fiscal year 2028.
Each tax incentive and tax holiday is also subject to our compliance with
various operating and other conditions. If we cannot, or elect not to, comply
with any such operating conditions specified, we could, in some instances, be
required to refund previously realized material tax benefits, or if such tax
incentive or tax holiday is terminated prior to its expiration absent a new
incentive applying, we will lose the related tax benefits earlier than
scheduled. We may elect to modify our operational structure and tax strategy,
which may not be as beneficial to us as the benefits provided under the present
tax concession arrangements. Before taking into consideration the effects of the
U.S. Tax Cuts and Jobs Act and other indirect tax impacts, the effect of these
tax incentives and tax holiday was to decrease the provision for income taxes by
approximately $1,156 million for fiscal year 2021 and increase the benefit from
income taxes by approximately $833 million for fiscal year 2020.
Our interpretations and conclusions regarding the tax incentives are not binding
on any taxing authority, and if our assumptions about tax and other laws are
incorrect or if these tax incentives are substantially modified or rescinded, we
could suffer material adverse tax and other financial consequences, which would
increase our expenses, reduce our profitability and adversely affect our cash
flows. In addition, taxable income in any jurisdiction is dependent upon
acceptance of our operational practices and intercompany transfer pricing by
local tax authorities as being on an arm's length basis. Due to inconsistencies
in application of the arm's length standard among taxing authorities, as well as
lack of adequate treaty-based protection, transfer pricing challenges by tax
authorities could, if successful, substantially increase our income tax expense.
Critical Accounting Estimates
The preparation of financial statements in accordance with generally accepted
accounting principles in the United States ("GAAP") requires us to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenue and expenses during
the reporting period. We base our estimates and assumptions on current facts,
historical experience and various other factors that we believe to be reasonable
under the circumstances, the results of which form the basis for making
judgments about the carrying values of assets and liabilities and the accrual of
costs and expenses that are not readily apparent from other sources. Our actual
financial results may differ materially and adversely from our estimates. Our
critical accounting policies are those that affect our historical financial
statements materially and involve difficult, subjective or complex judgments by
management. Those policies include revenue recognition, business combinations,
valuation of goodwill and long-lived assets, inventory valuation, income taxes,
retirement and post-retirement benefit plan assumptions, stock-based
compensation and employee bonus programs. See Note 2. "Summary of Significant
Accounting Policies" included in Part II, Item 8. of this Annual Report on Form
10-K for further information on our critical accounting policies and estimates.
Revenue recognition.  We account for a contract with a customer when both
parties have approved the contract and are committed to perform their respective
obligations, each party's rights can be identified, payment terms can be
identified, the contract has commercial substance, and it is probable we will
collect substantially all of the consideration we are entitled to. Revenue is
recognized when, or as, performance obligations are satisfied by transferring
control of a promised product or service to a customer. Our products and
services can be broadly categorized as sales of products and subscriptions and
services.
We recognize products revenue from sales to direct customers and distributors
when control transfers to the customer. An allowance for distributor credits
covering price adjustments is made based on our estimate of historical
experience rates as well as considering economic conditions and contractual
terms. To date, actual distributor claims activity has been materially
consistent with the provisions we have made based on our historical estimates.
However, because of the inherent nature of estimates, there is always a risk
that there could be significant differences between actual amounts and our
estimates. Different judgments or estimates could result in variances that might
be significant to reported operating results. We also record reductions of
revenue for rebates in the same period that the related revenue is recorded. We
accrue 100% of potential rebates at the time of sale. We reverse the accrual of
unclaimed rebate amounts as specific rebate programs contractually end and when
we believe unclaimed rebates are no longer subject to payment and will not be
paid. Thus, the reversal of unclaimed rebates may have a positive impact on our
net revenue and net income in subsequent periods.
Our contracts may contain more than one of our products and services, each of
which is separately accounted for as a distinct performance obligation. When
available, we use directly observable transactions to determine the standalone
selling prices for performance obligations. Our estimates of standalone selling
price for each performance obligation require judgment that considers multiple
factors, including, but not limited to, historical discounting trends for
products and services and pricing practices through different sales channels,
gross margin objectives, internal costs, competitor pricing strategies,
technology lifecycles and market conditions.
38
--------------------------------------------------------------------------------
  Table of Contents
We also estimate the standalone selling price of our material rights. Our
estimate of the value of the customer's option to purchase or receive additional
products or services at a discounted price includes estimating the incremental
discount the customer would obtain when exercising the option and the likelihood
that the option would be exercised.
Certain contracts contain a right of return that allows the customer to cancel
all or a portion of the product or service and receive a credit. We estimate
returns based on historical returns data which is constrained to an amount for
which a material revenue reversal is not probable. We do not recognize revenue
for products or services that are expected to be returned.
Business combinations. Accounting for business combinations requires management
to make significant estimates and assumptions, especially at the acquisition
date, for intangible assets, contractual obligations assumed, restructuring
liabilities, pre-acquisition contingencies, and contingent consideration, where
applicable. Although we believe the assumptions and estimates we have made in
the past have been reasonable and appropriate, they are based, in part, on
historical experience and information obtained from management of the acquired
companies and are inherently uncertain. Critical estimates in valuing certain of
the intangible assets we have acquired include, but are not limited to, future
expected cash flows from product sales, customer contracts and acquired
technologies, revenue growth rate, customer ramp-up period, technology
obsolescence rates, expected costs to develop IPR&D into commercially viable
products, estimated cash flows from the projects when completed, and discount
rates. The discount rates used to discount expected future cash flows to present
value are typically derived from a weighted-average cost of capital analysis and
adjusted to reflect inherent risks. Unanticipated events and circumstances may
occur that could affect either the accuracy or validity of such assumptions,
estimates or actual results.
Valuation of goodwill and long-lived assets.  We perform an annual impairment
review of our goodwill during the fourth fiscal quarter of each year, and more
frequently if we believe indicators of impairment exist. The process of
evaluating the potential impairment of goodwill is highly subjective and
requires significant judgment. To review for impairment, we first assess
qualitative factors to determine whether events or circumstances lead to a
determination that it is more likely than not that the fair value of any of our
reporting units is less than its carrying amount. Our qualitative assessment of
the recoverability of goodwill, whether performed annually or based on specific
events or circumstances, considers various macroeconomic, industry-specific and
company-specific factors. These factors include: (i) severe adverse industry or
economic trends; (ii) significant company-specific actions, including exiting an
activity in conjunction with restructuring of operations; (iii) current,
historical or projected deterioration of our financial performance; or (iv) a
sustained decrease in our market capitalization below our net book value. After
assessing the totality of events and circumstances, if we determine that it is
not more likely than not that the fair value of any of our reporting units is
less than its carrying amount, no further assessment is performed. If we
determine that it is more likely than not that the fair value of any of our
reporting units is less than its carrying amount, we calculate the fair value of
that reporting unit and compare the fair value to the reporting unit's net book
value.
Determining the fair value of a reporting unit involves the use of significant
estimates and assumptions. Our goodwill impairment test uses both the income
approach and the market approach to estimate a reporting unit's fair value. The
income approach is based on the discounted cash flow method that uses the
reporting unit estimates for forecasted future financial performance including
revenues, operating expenses, and taxes, as well as working capital and capital
asset requirements. These estimates are developed as part of our long-term
planning process based on assumed market segment growth rates and our assumed
market segment share, estimated costs based on historical data and various
internal estimates. Projected cash flows are then discounted to a present value
employing a discount rate that properly accounts for the estimated market
weighted-average cost of capital, as well as any risk unique to the subject cash
flows. The market approach is based on weighting financial multiples of
comparable companies and applies a control premium. A reporting unit's carrying
value represents the assignment of various assets and liabilities, excluding
certain corporate assets and liabilities, such as cash and debt.
We assess the impairment of long-lived assets including purchased IPR&D,
property, plant and equipment, and intangible assets, whenever events or changes
in circumstances indicate that the carrying value of such assets may not be
recoverable. Factors we consider important which could trigger an impairment
review include (i) significant under-performance relative to historical or
projected future operating results, (ii) significant changes in the manner of
our use of the acquired assets or the strategy for our overall business, or
(iii) significant negative industry or economic trends. The process of
evaluating the potential impairment of long-lived assets under the accounting
guidance on property, plant and equipment and other intangible assets is also
highly subjective and requires significant judgment. In order to estimate the
fair value of long-lived assets, we typically make various assumptions about the
future prospects of our business or the part of our business that the long-lived
asset relates to. We also consider market factors specific to the business and
estimate future cash flows to be generated by the business, which requires
significant judgment as it is based on assumptions about market demand for our
products over a number of future years. Based on these assumptions and
estimates, we determine whether we need to take an impairment charge to reduce
the value of the long-lived asset stated on our consolidated balance sheets
39
--------------------------------------------------------------------------------
  Table of Contents
to reflect its estimated fair value. Assumptions and estimates about future
values and remaining useful lives are complex and often subjective. They can be
affected by a variety of factors, including external factors, such as the real
estate market, industry and economic trends, and internal factors, such as
changes in our business strategy and our internal forecasts. Although we believe
the assumptions and estimates we have made in the past have been reasonable and
appropriate, changes in assumptions and estimates could materially impact our
reported financial results.
Inventory valuation. We regularly review inventory quantities on hand and record
a provision for excess and obsolete inventory based primarily on our forecast of
product demand and production requirements. Demand for our products can
fluctuate significantly from period to period. A significant decrease in demand
could result in an increase in the amount of excess inventory quantities on
hand. In addition, our industry is characterized by rapid technological change,
frequent new product development and rapid product obsolescence that could
result in an increase in the amount of obsolete inventory quantities on hand.
Additionally, our estimates of future product demand may prove to be inaccurate,
which may cause us to understate or overstate both the provision required for
excess and obsolete inventory and cost of products sold. Therefore, although we
make every effort to ensure the accuracy of our forecasts of future product
demand, any significant unanticipated changes in demand or technological
developments could have a significant impact on the value of our inventory and
our results of operations.
Income taxes. Significant management judgment is required in developing our
provision for or benefit from income taxes, including the determination of
deferred tax assets and liabilities and any valuation allowances that might be
required against the deferred tax assets. We have considered projected future
taxable income and ongoing prudent and feasible tax planning strategies in
assessing the need for valuation allowances. An adjustment to the valuation
allowance will either increase or decrease our provision for or benefit from
income taxes in the period such determination is made. In evaluating the
exposure associated with various tax filing positions, we accrue an income tax
liability when such positions do not meet the more likely than not threshold for
recognition.
The calculation of our tax liabilities involves dealing with uncertainties in
the application of complex tax law and regulations in a multitude of
jurisdictions. We recognize potential liabilities for anticipated tax audit
issues in the U.S. and other tax jurisdictions based on our estimate of whether,
and the extent to which, additional taxes, interest, and penalties will be due.
If our estimate of income tax liabilities proves to be less than the actual
amount ultimately assessed, a further charge to tax expense would be required.
If the payment of these amounts ultimately proves to be unnecessary, the
reversal of the accrued liabilities would result in tax benefits being
recognized in the period when we determine the liabilities no longer exist.
Retirement and post-retirement benefit plan assumptions. Retirement and
post-retirement benefit plan obligations represent liabilities that will
ultimately be settled sometime in the future and therefore, are subject to
estimation. Pension accounting is intended to reflect the recognition of future
retirement and post-retirement benefit plan costs over the employees' average
expected future service to us, based on the terms of the plans and investment
and funding decisions. To estimate the impact of these future payments and our
decisions concerning funding of these obligations, we are required to make
assumptions using actuarial concepts within the framework of GAAP. One
assumption is the discount rate used to calculate the estimated plan
obligations. Other assumptions include the expected long-term return on plan
assets, expected future salary increases, the health care cost trend rate,
expected future increases to benefit payments, expected retirement dates,
employee turnover, retiree mortality rates, and portfolio composition. We
evaluate these assumptions at least annually.
For our U.S. and non-U.S. plans, we use October 31, the month end closest to our
fiscal year end, as the annual discount rate measurement date to determine the
present value of future benefit payments. The U.S. discount rates are based on
the results of matching expected plan benefit payments with cash flows from a
hypothetical yield curve constructed with high-quality corporate bond yields.
The discount rate for non-U.S. plans was based either on published rates for
government bonds or use of a hypothetical yield curve constructed with
high-quality corporate bond yields, depending on the availability of sufficient
quantities of quality corporate bonds. Lower discount rates increase present
values of the pension liabilities and subsequent year pension expense; higher
discount rates decrease present values of the pension liabilities and subsequent
year pension expense.
The U.S. expected rate of return on plan assets is set equal to the discount
rate due to the implementation of our fully-matched, liability-driven investment
strategy.
Actuarial assumptions are based on our best estimates and judgment. Material
changes may occur in retirement benefit costs in the future if these assumptions
differ from actual events or experiences. We performed a sensitivity analysis on
the discount rate, which is the key assumption in calculating the U.S. pension
and post-retirement benefit obligations. Each change of 25 basis points in the
discount rate assumption would have had an estimated $36 million impact on the
benefit obligations as of the fiscal year 2021 measurement date. Each change of
25 basis points in the discount rate assumption or expected rate of return
assumption would not have a material impact on annual net retirement benefit
costs for the fiscal year ending October 30, 2022 ("fiscal year 2022").
40
--------------------------------------------------------------------------------
  Table of Contents
Stock-based compensation expense. Stock-based compensation expense consists of
expense for restricted stock units ("RSUs") and stock options granted to
employees and non-employees or assumed from acquisitions as well as expense
associated with Broadcom employee stock purchase plan ("ESPP"). We recognize
compensation expense for time-based stock options and ESPP rights based on the
estimated grant-date fair value method required under the authoritative guidance
using the Black-Scholes valuation model.
Certain equity awards include both time-based and market-based conditions and
are accounted for as market-based awards. The fair value of these market-based
awards is estimated on the date of grant using a Monte Carlo simulation model.
Employee Bonus Programs. Our employee bonus programs, which are overseen by our
Compensation Committee, or our Board, in the case of our Chief Executive
Officer, provide for variable compensation based on the attainment of overall
corporate annual targets and functional performance metrics. At the end of each
fiscal quarter, we monitor and accrue for an estimated, variable, proportional
compensation expense based on our actual progress toward the achievement of the
annual targets and metrics. The actual achievement of target and metrics at the
end of the fiscal year, which is subject to approval by our Compensation
Committee, may result in the actual variable compensation amounts being
significantly higher or lower than the relevant estimated amounts accrued in
earlier quarters, which would result in a corresponding adjustment in the fourth
fiscal quarter.
Fiscal Year Presentation
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 first Sunday in November in a 53-week year.
Our fiscal years 2021, 2020 and 2019 consisted of 52 weeks.
The financial statements included in Part II, Item 8. of this Annual Report on
Form 10-K are presented in accordance with GAAP and expressed in U.S. dollars.
41
--------------------------------------------------------------------------------
  Table of Contents
Results of Operations
Fiscal Year 2021 Compared to Fiscal Year 2020
The following table sets forth our results of operations for the periods
presented:
                                                                                                   Fiscal Year Ended
                                                                 October 31,           November 1,             October 31,               November 1,
                                                                    2021                  2020                    2021                       2020

                                                                           (In millions)                          (As a percentage of net revenue)
Statements of Operations Data:
Net revenue:
Products                                                       $     20,886          $     17,435                        76  %                      73  %
Subscriptions and services                                            6,564                 6,453                        24                         27
Total net revenue                                                    27,450                23,888                       100                        100
Cost of revenue:
Cost of products sold                                                 6,555                 5,892                        24                         25
Cost of subscriptions and services                                      607                   626                         2                          2

Amortization of acquisition-related intangible assets                 3,427                 3,819                        13                         16
Restructuring charges                                                    17                    35                         -                          -
Total cost of revenue                                                10,606                10,372                        39                         43
Gross margin                                                         16,844                13,516                        61                         57
Research and development                                              4,854                 4,968                        18                         21
Selling, general and administrative                                   1,347                 1,935                         5                          8
Amortization of acquisition-related intangible assets                 1,976                 2,401                         7                         10
Restructuring, impairment and disposal charges                          148                   198                         -                          1

Total operating expenses                                              8,325                 9,502                        30                         40
Operating income                                               $      8,519          $      4,014                        31  %                      17  %


Net Revenue
A relatively small number of customers account for a significant portion of our
net revenue. Sales of products to distributors accounted for 53% and 42% of our
net revenue for fiscal years 2021 and 2020, respectively. Direct sales to WT
Microelectronics Co., Ltd., a distributor, accounted for 18% and 13% of our net
revenue for fiscal years 2021 and 2020, respectively. We believe aggregate sales
to our top five end customers, through all channels, accounted for more than 35%
and 30% of our net revenue for fiscal years 2021 and 2020, respectively. We
believe aggregate sales to Apple Inc., through all channels, accounted for
approximately 20% and 15% of our net revenue for fiscal years 2021 and 2020,
respectively. We expect to continue to experience significant customer
concentration in future periods. The loss of, or significant decrease in demand
from, any of our top five end customers could have a material adverse effect on
our business, results of operations and financial condition.
From time to time, some of our key semiconductor customers place large orders or
delay orders, causing our quarterly net revenue to fluctuate significantly. This
is particularly true of our wireless products as fluctuations may be magnified
by the timing of launches, and seasonal variations in sales, of mobile handsets.
The ongoing COVID-19 pandemic and related uncertainties and supply imbalance
have caused and may continue to cause our net revenue to fluctuate significantly
and impact our results of operations, as discussed above. Additionally, export
restrictions on one of our larger customers have had, and may continue to have,
an adverse impact on our revenue.
Although we recognize revenue for the majority of our products when title and
control transfer in Penang, Malaysia, we disclose net revenue by country based
primarily on the geographic shipment or delivery location specified by our
distributors, OEMs, contract manufacturers, channel partners, or software
customers. In each of fiscal years 2021 and 2020, approximately 35% of our net
revenue came from shipments or deliveries to China (including Hong Kong).
However, the end customers for either our products or for the end products into
which our products are incorporated, are frequently located in countries other
than China (including Hong Kong). As a result, we believe that a substantially
smaller percentage of our net revenue is ultimately dependent on sales of either
our product or our customers' product incorporating our product, to end
customers located in China (including Hong Kong).
42
--------------------------------------------------------------------------------
  Table of Contents
The following tables set forth net revenue by segment for the periods presented:
                                     Fiscal Year Ended
                               October 31,       November 1,
Net Revenue by Segment             2021              2020          $ Change      % Change

                                         (In millions, except for percentages)
Semiconductor solutions       $     20,383      $     17,267      $  3,116           18  %
Infrastructure software              7,067             6,621           446            7  %
Total net revenue             $     27,450      $     23,888      $  3,562           15  %


                                         Fiscal Year Ended
Net Revenue by Segment         October 31, 2021      November 1, 2020

                                  (As a percentage of net revenue)
Semiconductor solutions                    74  %                 72  %
Infrastructure software                    26                    28
Total net revenue                         100  %                100  %


Net revenue from our semiconductor solutions segment increased primarily due to
higher demand for our wireless products, as well as the delayed production ramp
of a new mobile handset by a major customer in the prior fiscal year, which
resulted in lower shipments in fiscal year 2020. Net revenue from our
semiconductor solutions segment also increased due to higher demand for our
networking and wireless connectivity products. Net revenue from our
infrastructure software segment increased primarily due to higher demand for our
FC SAN products, mainframe and cyber security solutions.
Gross Margin
Gross margin was $16,844 million, or 61% of net revenue, for fiscal year 2021,
compared to $13,516 million, or 57% of net revenue, for fiscal year 2020. The
increase was primarily due to lower amortization of acquisition-related
intangible assets and favorable margin within our semiconductor solutions
segment due to increased demand.
Research and Development Expense
Research and development expense decreased $114 million, or 2%, in fiscal year
2021, compared to the prior fiscal year. The decrease was primarily due to lower
stock-based compensation expense reflecting the full vesting of certain equity
awards and the effects of forfeitures, partially offset by higher variable
employee compensation expense.
Selling, General and Administrative Expense
Selling, general and administrative expense decreased $588 million, or 30%, in
fiscal year 2021, compared to the prior fiscal year. The decrease was primarily
due to higher acquisition-related costs incurred in the prior fiscal year as a
result of our acquisition of the Symantec Business. The decrease was also due to
lower compensation expense reflecting the full benefit of the completed Symantec
Business integration as well as our strategic workforce alignment. In addition,
fiscal year 2020 included non-recurring litigation settlements.
Amortization of Acquisition-Related Intangible Assets
Amortization of acquisition-related intangible assets recognized in operating
expenses decreased $425 million, or 18%, in fiscal year 2021, compared to the
prior fiscal year. The decrease was primarily due to lower amortization of
certain intangible assets from our acquisition of CA.
Restructuring, Impairment and Disposal Charges
Restructuring, impairment and disposal charges recognized in operating expenses
decreased $50 million, or 25%, in fiscal year 2021, compared to the prior fiscal
year. The decrease was primarily due to higher employee termination costs in the
prior fiscal year from cost reduction activities related to our acquisition of
the Symantec Business.
Stock-Based Compensation Expense
Total stock-based compensation expense was $1,704 million and $1,976 million for
fiscal years 2021 and 2020, respectively. The decrease primarily reflects the
full vesting of certain equity awards and the effect of forfeitures.
The following table sets forth the total unrecognized compensation cost related
to unvested stock-based awards outstanding and expected to vest as of
October 31, 2021, which we expect to recognize over the remaining
weighted-average service period of 2.9 years.
43
--------------------------------------------------------------------------------
  Table of Contents
Fiscal Year:       Unrecognized Compensation Cost, Net of Expected Forfeitures
                                          (In millions)
2022              $                                                      1,289
2023                                                                       907
2024                                                                       535
2025                                                                       210
2026                                                                        26
Total             $                                                      2,967


During the first quarter of fiscal year 2019, our Compensation Committee
approved a broad-based program of multi-year equity grants of time- and
market-based RSUs (the "Multi-Year Equity Awards") in lieu of our annual
employee equity awards historically granted on March 15 of each year. Each
Multi-Year Equity Award vests on the same basis as four annual grants made March
15 of each year, beginning in fiscal year 2019, with successive four-year
vesting periods. We recognize stock-based compensation expense related to the
Multi-Year Equity Awards from the grant date through their respective vesting
date, ranging from 4 years to 7 years.
Segment Operating Results
                                             Fiscal Year Ended
Operating Income by Segment       October 31, 2021       November 1, 2020       $ Change      % Change

                                                 (In millions, except for percentages)
Semiconductor solutions          $          10,976      $           8,576      $  2,400           28  %
Infrastructure software                      4,936                  4,363           573           13  %
Unallocated expenses                        (7,393)                (8,925)        1,532          (17) %
Total operating income           $           8,519      $           4,014      $  4,505          112  %


Operating income from our semiconductor solutions segment increased primarily
due to higher demand for our wireless products, as well as the delayed
production ramp of a new mobile handset by a major customer in the prior fiscal
year, which resulted in lower shipments in fiscal year 2020. Operating income
from our semiconductor solutions segment also increased due to higher demand for
our networking and wireless connectivity products, as well as higher gross
margin. Operating income from our infrastructure software segment increased
primarily due to higher demand for our FC SAN products and mainframe solutions.
Unallocated expenses include amortization of acquisition-related intangible
assets; stock-based compensation expense; restructuring, impairment and disposal
charges; acquisition-related costs; and other costs that are not used in
evaluating the results of, or in allocating resources to, our segments.
Unallocated expenses decreased 17% in fiscal year 2021, compared to the prior
fiscal year, primarily due to lower amortization of acquisition-related
intangible assets, acquisition-related costs and stock-based compensation
expense.
Non-Operating Income and Expenses
Interest expense. Interest expense was $1,885 million and $1,777 million for
fiscal years 2021 and 2020, respectively. The increase was primarily due to
higher losses on extinguishment of debt as a result of our fiscal year 2021 debt
transactions.
Other income, net. Other income, net, which includes interest income, gains or
losses on investments, foreign currency remeasurement and other miscellaneous
items, was $131 million and $206 million for fiscal years 2021 and 2020,
respectively. The decrease was primarily due to a $116 million non-recurring
gain from the lapse of a tax indemnification arrangement included in the prior
fiscal year, offset in part by an increase in gains on investments in fiscal
year 2021.
Provision for (benefit from) income taxes. The provision for income taxes of $29
million in fiscal year 2021 was primarily due to income from continuing
operations, offset in part by excess tax benefits from stock-based awards, a
benefit from foreign derived intangible income, and the recognition of gross
unrecognized tax benefits as a result of lapses of statutes of limitations and
audit settlements.
44
--------------------------------------------------------------------------------
  Table of Contents
The benefit from income taxes of $518 million in fiscal year 2020 was primarily
due to the jurisdictional mix of income and expense, the recognition of gross
uncertain tax benefits as a result of lapses of statutes of limitations, the
remeasurement of certain foreign deferred tax assets and liabilities, and excess
tax benefit from stock-based awards.
Liquidity and Capital Resources
The following section discusses our principal liquidity and capital resources as
well as our primary liquidity requirements and uses of cash. Our cash and cash
equivalents are maintained in highly liquid investments with remaining
maturities of 90 days or less at the time of purchase. We believe our cash
equivalents are liquid and accessible.
Our primary sources of liquidity as of October 31, 2021 consisted of: (i)
$12,163 million in cash and cash equivalents, (ii) cash we expect to generate
from operations and (iii) available capacity under our $7.5 billion unsecured
revolving credit facility (the "Revolving Facility"). In addition, we may also
generate cash from the sale of assets and debt or equity financing from time to
time.
Our short-term and long-term liquidity requirements primarily arise from:
(i) business acquisitions and investments we may make from time to time, (ii)
working capital requirements, (iii) research and development and capital
expenditure needs, (iv) cash dividend payments (if and when declared by our
Board of Directors), (v) interest and principal payments related to our
outstanding indebtedness, (vi) share repurchases, and (vii) payment of income
taxes. Our ability to fund these requirements will depend, in part, on our
future cash flows, which are determined by our future operating performance and,
therefore, subject to prevailing global macroeconomic conditions and financial,
business and other factors, some of which are beyond our control.
We believe that our cash and cash equivalents on hand, cash flows from
operations, and the Revolving Facility will provide sufficient liquidity to
operate our business and fund our current and assumed obligations for at least
the next 12 months. We expect a slight increase in capital expenditures in
fiscal year 2022 as compared to fiscal year 2021. For additional information
regarding our cash requirement from contractual obligations, indebtedness and
lease obligations, see Note 14. "Commitments and Contingencies", Note 10.
"Borrowings" and Note 6. "Leases" in Part II, Item 8 of this Annual Report on
Form 10-K.
From time to time, we engage in discussions with third parties regarding
potential acquisitions of, or investments in, businesses, technologies and
product lines. Any such transaction, or evaluation of potential transactions,
could require significant use of our cash and cash equivalents, or require us to
increase our borrowings to fund such transactions. If we do not have sufficient
cash to fund our operations or finance growth opportunities, including
acquisitions, or unanticipated capital expenditures, our business and financial
condition could suffer. In such circumstances, we may seek to obtain new debt or
equity financing. However, we cannot assure you that such additional financing
will be available on terms acceptable to us or at all. Our ability to service
our senior unsecured notes and any other indebtedness we may incur will depend
on our ability to generate cash in the future. We may also elect to sell
additional debt or equity securities for reasons other than those specified
above.
In addition, we may, at any time and from time to time, seek to retire or
purchase our outstanding debt through cash tenders and/or exchanges for equity
or debt, in open-market purchases, privately negotiated transactions or
otherwise. Such tenders, exchanges or purchases, if any, will be upon such terms
and at such prices as we may determine, and will depend on prevailing market
conditions, our liquidity requirements, contractual restrictions and other
factors. The amounts involved may be material.
Working Capital
Working capital increased to $10,305 million at October 31, 2021 from $5,524
million at November 1, 2020. The increase was attributable to the following:
•Cash and cash equivalents increased to $12,163 million at October 31, 2021 from
$7,618 million at November 1, 2020, primarily due to $13,764 million in net cash
provided by operating activities and $9,904 million in proceeds from long-term
borrowings, partially offset by $11,495 million of payments on debt obligations,
$6,212 million of dividend payments and $1,299 million in payments of employee
withholding taxes related to net share settled equity awards. See the "Cash
Flows" section below for further details.
•Current portion of long-term debt decreased to $290 million at October 31, 2021
from $827 million at November 1, 2020, primarily as a result of our fiscal year
2021 debt transactions.
•Inventory increased to $1,297 million at October 31, 2021 from $1,003 million
at November 1, 2020, primarily due to the timing of customer product ramps.
45
--------------------------------------------------------------------------------
  Table of Contents
These increases in working capital were offset in part by the following:
•Accounts payable increased to $1,086 million at October 31, 2021 from $836
million at November 1, 2020, primarily due to the timing of vendor payments.
•Accounts receivable decreased to $2,071 million at October 31, 2021 from $2,297
million at November 1, 2020, primarily due to revenue linearity and additional
receivables sold through factoring arrangements.
•Employee compensation and benefits increased to $1,066 million at October 31,
2021 from $877 million at November 1, 2020, primarily due to higher variable
compensation based on current fiscal year performance.
Capital Returns
                                                                            

Year ended

                                                                             October 31,          November 1,
Cash Dividends Declared and Paid                                                2021                  2020

                                                                           (In millions, except per share data)
Dividends per share to common stockholders                                 $      14.40          $     13.00
Dividends to common stockholders                                           $      5,913          $     5,235
Dividends per share to preferred stockholders                              $      80.00          $     80.00
Dividends to preferred stockholders                                        

$ 299 $ 299



During fiscal years 2021 and 2020, we paid approximately $1,299 million and $765
million, respectively, in employee withholding taxes due upon the vesting of net
settled equity awards. We withheld approximately 3 million shares of common
stock from employees in connection with such net share settlements during each
of fiscal years 2021 and 2020.
In December 2021, our Board of Directors authorized a stock repurchase program
to repurchase up to $10 billion of our common stock from time to time on or
prior to December 31, 2022. Repurchases under our stock repurchase program may
be effected through a variety of methods, including open market or privately
negotiated purchases. The timing and amount of shares repurchased will depend on
the stock price, business and market conditions, corporate and regulatory
requirements, alternative investment opportunities, acquisition opportunities,
and other factors. We are not obligated to repurchase any specific amount of
shares of common stock, and the stock repurchase program may be suspended or
terminated at any time.
Cash Flows
                                                                                   Fiscal Year Ended
                                                                            October 31,         November 1,
                                                                                2021                2020

                                                                                     (In millions)
Net cash provided by operating activities                                  $    13,764          $  12,061
Net cash used in investing activities                                             (245)           (11,109)
Net cash provided by (used in) financing activities                             (8,974)             1,611
Net change in cash and cash equivalents                                    

$ 4,545 $ 2,563



Operating Activities
Cash provided by operating activities consisted of net income adjusted for
certain non-cash and other items and changes in assets and liabilities. The
$1,703 million increase in cash provided by operations during fiscal year 2021
compared to fiscal year 2020 was due to $3,776 million higher net income, offset
by a $1,220 million decrease resulting from changes in operating assets and
liabilities, as well as a $853 million decrease in amortization of intangible
assets, stock-based compensation, and other adjustments.
Investing Activities
Cash flows from investing activities primarily consisted of cash used for
acquisitions, capital expenditures and investments, and proceeds from sales of
businesses and assets. The $10,864 million decrease in cash used in investing
activities for fiscal year 2021 compared to fiscal year 2020 was primarily
related to a $10,864 million decrease in cash paid for acquisitions, partially
offset by $173 million less in proceeds received from sales of businesses.
46
--------------------------------------------------------------------------------
  Table of Contents
Financing Activities
Cash flows from financing activities primarily consisted of net proceeds and
payments related to our long-term borrowings, dividend and distribution
payments, stock repurchases and the issuances of stock. The $10,585 million
decrease in cash related to financing activities for fiscal year 2021 compared
to fiscal year 2020 was primarily due to a $9,294 million decrease in net
proceeds from borrowings as a result of debt repayments, and a $678 million
increase in dividend payments.
Summarized Obligor Group Financial Information
Pursuant to indentures dated January 19, 2017 and October 17, 2017
(collectively, the "2017 Indentures"), Broadcom Cayman Finance Limited
(subsequently merged into Broadcom Technologies Inc. ("BTI") during fiscal year
2019 with BTI remaining as the surviving entity) and Broadcom Corporation
("BRCM") (BRCM and BTI collectively, the "2017 Senior Notes Co-Issuers") issued
$13,550 million and $4,000 million aggregate principal amount of notes,
respectively (collectively, the "2017 Senior Notes"). Substantially all of the
2017 Senior Notes have been registered with the SEC.
We may redeem all or a portion of our 2017 Senior Notes at any time prior to
their maturity, subject to a specified make-whole premium as set forth in the
2017 Indentures. In the event of a change of control triggering event, holders
of our 2017 Senior Notes will have the right to require us to purchase for cash,
all or a portion of their 2017 Senior Notes at a redemption price of 101% of the
aggregate principal amount plus accrued and unpaid interest. The 2017 Indentures
also contain covenants that restrict, among other things, the ability of
Broadcom and its subsidiaries to incur certain secured debt and to consummate
certain sale and leaseback transactions and restrict the ability of Broadcom,
BRCM and BTI (collectively,
the "Obligor Group") to merge, consolidate or sell all or substantially all of
their assets.
Broadcom and BTI fully and unconditionally guarantee, jointly and severally, on
an unsecured, unsubordinated basis, the 2017 Senior Notes. Because the
guarantees are not secured, they are effectively subordinated to any existing
and future secured indebtedness of the guarantors to the extent of the value of
the collateral securing that indebtedness. The guarantee by Broadcom and BTI
will be automatically and unconditionally released upon the sale, exchange,
disposition or other transfer of all or substantially all of the assets of such
guarantor if any of these events occurs, subject to the terms of the 2017
Indentures. The guarantee by Broadcom (1) will also be automatically and
unconditionally released at such time as: (A) the 2017 Senior Notes Co-Issuers,
in their sole discretion, determine that such guarantee is no longer required by
Rule 3-10(a), as applicable, of Regulation S-X to except the 2017 Senior Notes
Co-Issuers' financial statements from being required to be filed pursuant to
Rule 3-10(a) of Regulation S-X or otherwise facilitate a reduction in its
financial reporting obligations or (B) either of the 2017 Senior Notes
Co-Issuers becomes subject to Section 13 or 15(d) of the Securities Exchange Act
of 1934 ("Exchange Act") and (2) may, at the election of the 2017 Senior Notes
Co-Issuers, be unconditionally released at such time as Broadcom is eligible to
suspend its reporting obligation under the Exchange Act.
In March 2021, we completed the settlement of our private offers to exchange
$5.5 billion of certain of our outstanding notes maturing between 2024 and 2027
(the "Exchange Offer") for $2,250 million of 3.419% new senior unsecured notes
due April 2033 and $3,250 million of 3.469% new senior unsecured notes due April
2034. In connection with the Exchange Offer, BRCM and BTI were automatically and
unconditionally released from their guarantees in accordance with the respective
indentures governing the January 2021 Senior Notes, the June 2020 Senior Notes,
the May 2020 Senior Notes, the April 2020 Senior Notes, and the April 2019
Senior Notes, as defined in Note 10. "Borrowings" included in Part II, Item 8 of
this Annual Report on Form 10-K.
The following tables set forth the summarized financial information of the
Obligor Group on a combined basis. This summarized financial information
excludes any subsidiaries that are not issuers or guarantors (the "Non-Obligor
Group"). Intercompany balances and transactions between members of the Obligor
Group have been eliminated.
47
--------------------------------------------------------------------------------

Contents

                                                     October 31,
Summarized Balance Sheet Information                    2021

                                                    (In millions)

ASSETS

Current assets:
Amount due from Non-Obligor Group                  $         792
Other current assets                                       7,418
Total current assets                               $       8,210
Long-term assets:
Amount due from Non-Obligor Group, long-term       $       4,620
Goodwill                                                   1,380
Other long-term assets                                     1,376
Total long-term assets                             $       7,376
LIABILITIES
Current liabilities:
Amount due to Non-Obligor Group                    $       7,412
Current portion of long-term debt                            264
Other current liabilities                                    666
Total current liabilities                          $       8,342
Long-term liabilities:
Amount due to Non-Obligor Group, long-term         $           7
Long-term debt                                            38,998
Other long-term liabilities                                2,787
Total long-term liabilities                        $      41,792


                                                       Fiscal Year Ended
                                                          October 31,
Summarized Statement of Operations Information                2021

                                                         (In millions)
Intercompany revenue with Non-Obligor Group           $            1,760
Intercompany gross margin                             $            1,596

Net loss (a)                                          $           (1,262)

_________________________________

(a) In addition to intercompany gross margin, there were $962 million of
intercompany transactions included in net loss.
Accounting Changes and Recent Accounting Standards
For a description of accounting changes and recent accounting standards,
including the expected dates of adoption and estimated effects, if any, in our
consolidated financial statements, see Note 2. "Summary of Significant
Accounting Policies" included in Part II, Item 8. of this Annual Report on
Form 10-K.

© Edgar online, source Previews


Comments are closed.