Broadcom Inc. has released its unaudited pro forma condensed combined financial information, presenting the effects of its acquisition of VMware, Inc. The acquisition was completed on November 22, 2023, and involved a series of mergers and conversions that resulted in Broadcom becoming the accounting acquirer.
The Transaction was funded through a combination of cash on hand and borrowings under a credit agreement. Broadcom entered into an aggregate of $30.4 billion of term facilities to fund the cash portion of the Transaction.
For the two fiscal quarters ended May 5, 2024, the pro forma combined net revenue was $25.03 billion, with products contributing $14.6 billion and subscriptions and services contributing $10.43 billion.
The pro forma combined gross margin for the same period was $15.34 billion, with operating income reaching $5.72 billion. Net income from continuing operations attributable to common stock was $3.86 billion.
Looking back at the year ended October 29, 2023, the pro forma combined net revenue was $48.08 billion, with products contributing $27.89 billion and subscriptions and services contributing $20.19 billion.
The pro forma combined gross margin for the same period was $30.25 billion. The operating income for the year ended October 29, 2023, was $5.72 billion.
These figures provide a comprehensive view of the financial performance of Broadcom Inc. following its acquisition of VMware, Inc., showcasing the significant changes in various financial metrics since the acquisition. The market has reacted to these announcements by moving the company's shares 1.7% to a price of $1731.99. For more information, read the company's full 8-K submission here.
