Broadcom Ltd (AVGO) [Rocket]

In millions, except per share items	Oct-29-17	Oct-30-16	Nov-01-15	Nov-02-14
	10-K	10-K	10-K	10-K
Revenues:
Wired infrastructure	8,549	6,582	1,479	1,151
Wireless communications	5,404	3,724	2,536	1,689
Enterprise storage	2,799	2,291	2,180	867
Industrial & other	884	643	629	562
Total revenues	17,636	13,240	6,824	4,269
Revenue growth [+]	33.2%	94.0%	59.9%
Wired infrastructure	29.9%	345.0%	28.5%
Wireless communications	45.1%	46.8%	50.1%
Enterprise storage	22.2%	5.1%	151.4%
Industrial & other	37.5%	2.2%	11.9%
Cost of goods sold [+]	9,127	7,300	3,271	2,392
Cost of product sales	6,593	5,295	2,750	1,911
Amortization of intangibles	2,511	763	484	249
Non-recurring costs	19	57	7	22
Gross profit	8,509	5,940	3,553	1,877
Gross margin	48.2%	44.9%	52.1%	44.0%
Selling, general and administrative	787	806	486	407
Research and development	3,292	2,674	1,049	695
Other operating expenses	1,745	1,816	242	175
EBITDA [+]	7,422	3,686	2,738	1,225
EBITDA growth	101.4%	34.6%	123.5%
EBITDA margin	42.1%	27.8%	40.1%	28.7%
Depreciation and amortization	2,973	1,169	713	428
EBITA	4,449	2,517	2,025	797
EBITA margin	25.2%	19.0%	29.7%	18.7%
Amortization of intangibles	1,764	1,873	249	197
EBIT [+]	2,685	644	1,776	600
EBIT growth	316.9%	-63.7%	196.0%
EBIT margin	15.2%	4.9%	26.0%	14.1%
Non-recurring items [+]	302	1,053	144	162
Asset impairment	161	996	137	140
Non-recurring expenses in COGS	19	57	7	22
Legal settlement	122
Interest expense, net [+]	410	575	183	104
Interest expense	454	585	191	110
Interest income	44	10	8	6
Other income (expense), net [+]	-148	-123	18	8
Gain (loss) on debt retirement	-166	-123	-10
Other	62	37	36	32
Pre-tax income	1,825	-1,107	1,467	342
Income taxes	35	642	76	33
Tax rate	1.9%		5.2%	9.6%
Minority interest	92	-122
Earnings from continuing ops	3,488	-1,627	2,782	618
Earnings from discontinued ops	-6	-112	-27	-46
Net income	3,482	-1,739	2,755	572
Net margin	19.7%	-13.1%	40.4%	13.4%

Basic EPS [+]	$8.61	($4.45)	$10.54	$2.46
Growth	-293.7%	-142.2%	328.0%
Diluted EPS [+]	$8.29	($4.25)	$9.90	$2.31
Growth	-295.0%	-142.9%	327.7%

Dividends per share [+]	$4.08	$1.94	$1.55	$1.13
Growth	110.3%	25.2%	37.2%

Shares outstanding (basic) [+]	405	366	264	251
Growth	10.7%	38.6%	5.2%
Shares outstanding (diluted) [+]	421	383	281	267
Growth	9.9%	36.3%	5.2%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.