Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Broadcom Inc. (NASDAQ:AVGO)

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Analysis of Goodwill and Intangible Assets

Advanced level

Goodwill and Intangible Asset Disclosure

Broadcom Inc., balance sheet: goodwill and intangible assets

US$ in millions

Microsoft Excel LibreOffice Calc
Nov 1, 2020 Nov 3, 2019 Nov 4, 2018 Oct 29, 2017 Oct 30, 2016 Nov 1, 2015
Purchased technology
Customer contracts and related relationships
Order backlog
Trade names
Other
Intangible assets subject to amortization, gross carrying amount
Accumulated amortization
Intangible assets subject to amortization, net book value
IPR&D
Intangible assets
Goodwill
Goodwill and intangible assets

Based on: 10-K (filing date: 2020-12-18), 10-K (filing date: 2019-12-20), 10-K (filing date: 2018-12-21), 10-K (filing date: 2017-12-21), 10-K (filing date: 2016-12-23), 10-K (filing date: 2015-12-17).

Item Description The company
Intangible assets Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Broadcom Inc.’s intangible assets increased from 2018 to 2019 but then slightly decreased from 2019 to 2020.
Goodwill Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Broadcom Inc.’s goodwill increased from 2018 to 2019 and from 2019 to 2020.
Goodwill and intangible assets Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Broadcom Inc.’s goodwill and intangible assets increased from 2018 to 2019 and from 2019 to 2020.

Adjustments to Financial Statements: Removal of Goodwill

Broadcom Inc., adjustments to financial statements

US$ in millions

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Nov 1, 2020 Nov 3, 2019 Nov 4, 2018 Oct 29, 2017 Oct 30, 2016 Nov 1, 2015
Adjustment to Total Assets
Total assets (as reported)
Less: Goodwill
Total assets (adjusted)
Adjustment to Total Broadcom Inc. Stockholders’ Equity
Total Broadcom Inc. stockholders’ equity (as reported)
Less: Goodwill
Total Broadcom Inc. stockholders’ equity (adjusted)

Based on: 10-K (filing date: 2020-12-18), 10-K (filing date: 2019-12-20), 10-K (filing date: 2018-12-21), 10-K (filing date: 2017-12-21), 10-K (filing date: 2016-12-23), 10-K (filing date: 2015-12-17).


Broadcom Inc., Financial Data: Reported vs. Adjusted


Adjusted Financial Ratios: Removal of Goodwill (Summary)

Broadcom Inc., adjusted financial ratios

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Nov 1, 2020 Nov 3, 2019 Nov 4, 2018 Oct 29, 2017 Oct 30, 2016 Nov 1, 2015
Total Asset Turnover
Reported total asset turnover
Adjusted total asset turnover
Financial Leverage
Reported financial leverage
Adjusted financial leverage
Return on Equity (ROE)
Reported ROE
Adjusted ROE
Return on Assets (ROA)
Reported ROA
Adjusted ROA

Based on: 10-K (filing date: 2020-12-18), 10-K (filing date: 2019-12-20), 10-K (filing date: 2018-12-21), 10-K (filing date: 2017-12-21), 10-K (filing date: 2016-12-23), 10-K (filing date: 2015-12-17).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Broadcom Inc.’s adjusted total asset turnover ratio deteriorated from 2018 to 2019 but then slightly improved from 2019 to 2020.
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Broadcom Inc.’s adjusted ROA deteriorated from 2018 to 2019 but then slightly improved from 2019 to 2020.

Broadcom Inc., Financial Ratios: Reported vs. Adjusted


Adjusted Total Asset Turnover

Microsoft Excel LibreOffice Calc
Nov 1, 2020 Nov 3, 2019 Nov 4, 2018 Oct 29, 2017 Oct 30, 2016 Nov 1, 2015
As Reported
Selected Financial Data (US$ in millions)
Net revenue
Total assets
Activity Ratio
Total asset turnover1
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net revenue
Adjusted total assets
Activity Ratio
Adjusted total asset turnover2

Based on: 10-K (filing date: 2020-12-18), 10-K (filing date: 2019-12-20), 10-K (filing date: 2018-12-21), 10-K (filing date: 2017-12-21), 10-K (filing date: 2016-12-23), 10-K (filing date: 2015-12-17).

2020 Calculations

1 Total asset turnover = Net revenue ÷ Total assets
= ÷ =

2 Adjusted total asset turnover = Net revenue ÷ Adjusted total assets
= ÷ =

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Broadcom Inc.’s adjusted total asset turnover ratio deteriorated from 2018 to 2019 but then slightly improved from 2019 to 2020.

Adjusted Financial Leverage

Microsoft Excel LibreOffice Calc
Nov 1, 2020 Nov 3, 2019 Nov 4, 2018 Oct 29, 2017 Oct 30, 2016 Nov 1, 2015
As Reported
Selected Financial Data (US$ in millions)
Total assets
Total Broadcom Inc. stockholders’ equity
Solvency Ratio
Financial leverage1
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets
Adjusted total Broadcom Inc. stockholders’ equity
Solvency Ratio
Adjusted financial leverage2

Based on: 10-K (filing date: 2020-12-18), 10-K (filing date: 2019-12-20), 10-K (filing date: 2018-12-21), 10-K (filing date: 2017-12-21), 10-K (filing date: 2016-12-23), 10-K (filing date: 2015-12-17).

2020 Calculations

1 Financial leverage = Total assets ÷ Total Broadcom Inc. stockholders’ equity
= ÷ =

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Broadcom Inc. stockholders’ equity
= ÷ =


Adjusted Return on Equity (ROE)

Microsoft Excel LibreOffice Calc
Nov 1, 2020 Nov 3, 2019 Nov 4, 2018 Oct 29, 2017 Oct 30, 2016 Nov 1, 2015
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Broadcom Inc. stockholders
Total Broadcom Inc. stockholders’ equity
Profitability Ratio
ROE1
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Broadcom Inc. stockholders
Adjusted total Broadcom Inc. stockholders’ equity
Profitability Ratio
Adjusted ROE2

Based on: 10-K (filing date: 2020-12-18), 10-K (filing date: 2019-12-20), 10-K (filing date: 2018-12-21), 10-K (filing date: 2017-12-21), 10-K (filing date: 2016-12-23), 10-K (filing date: 2015-12-17).

2020 Calculations

1 ROE = 100 × Net income (loss) attributable to Broadcom Inc. stockholders ÷ Total Broadcom Inc. stockholders’ equity
= 100 × ÷ =

2 Adjusted ROE = 100 × Net income (loss) attributable to Broadcom Inc. stockholders ÷ Adjusted total Broadcom Inc. stockholders’ equity
= 100 × ÷ =


Adjusted Return on Assets (ROA)

Microsoft Excel LibreOffice Calc
Nov 1, 2020 Nov 3, 2019 Nov 4, 2018 Oct 29, 2017 Oct 30, 2016 Nov 1, 2015
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Broadcom Inc. stockholders
Total assets
Profitability Ratio
ROA1
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Broadcom Inc. stockholders
Adjusted total assets
Profitability Ratio
Adjusted ROA2

Based on: 10-K (filing date: 2020-12-18), 10-K (filing date: 2019-12-20), 10-K (filing date: 2018-12-21), 10-K (filing date: 2017-12-21), 10-K (filing date: 2016-12-23), 10-K (filing date: 2015-12-17).

2020 Calculations

1 ROA = 100 × Net income (loss) attributable to Broadcom Inc. stockholders ÷ Total assets
= 100 × ÷ =

2 Adjusted ROA = 100 × Net income (loss) attributable to Broadcom Inc. stockholders ÷ Adjusted total assets
= 100 × ÷ =

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Broadcom Inc.’s adjusted ROA deteriorated from 2018 to 2019 but then slightly improved from 2019 to 2020.