þ
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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State or Other Jurisdiction of Incorporation or Organization
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Exact Name of Registrant as Specified in Its Charter Address of Principal Executive Offices Registrant’s telephone number, including area code
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Commission File Number
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IRS Employer Identification No.
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Singapore
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Broadcom Limited
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001-37690
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98-1254807
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1 Yishun Avenue 7
Singapore 768923
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(65) 6755-7888
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Cayman Islands
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Broadcom Cayman L.P.
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333-2025938
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98-1254815
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c/o Broadcom Limited
1 Yishun Avenue 7
Singapore 768923
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(65) 6755-7888
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Broadcom Limited:
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Large accelerated filer
þ
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Accelerated filer
¨
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Non-accelerated filer
¨
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Smaller reporting company
¨
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Broadcom Cayman L.P.:
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Large accelerated filer
¨
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Accelerated filer
¨
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Non-accelerated filer
þ
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Smaller reporting company
¨
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(Do not check if a smaller reporting company)
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Page
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Page
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Financial Statements of Broadcom Limited:
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Financial Statements of Broadcom Cayman L.P.:
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January 29,
2017 |
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October 30,
2016 |
||||
ASSETS
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|
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||||
Current assets:
|
|
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||||
Cash and cash equivalents
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$
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3,536
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$
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3,097
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Trade accounts receivable, net
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1,947
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2,181
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Inventory
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1,336
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1,400
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Other current assets
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531
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447
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Total current assets
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7,350
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7,125
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Long-term assets:
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Property, plant and equipment, net
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2,646
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2,509
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Goodwill
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24,700
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24,732
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Intangible assets, net
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14,067
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15,068
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Other long-term assets
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854
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532
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Total assets
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$
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49,617
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$
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49,966
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LIABILITIES AND SHAREHOLDERS’ EQUITY
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||||
Current liabilities:
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||||
Accounts payable
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$
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1,047
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$
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1,261
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Employee compensation and benefits
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336
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517
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Current portion of long-term debt
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—
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454
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|
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Other current liabilities
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739
|
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846
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|
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Total current liabilities
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2,122
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3,078
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|
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Long-term liabilities:
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Long-term debt
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13,562
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13,188
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|
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Pension and post-retirement benefit obligations
|
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518
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531
|
|
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Other long-term liabilities
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11,405
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11,293
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Total liabilities
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27,607
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28,090
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Commitments and contingencies (Note 12)
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Shareholders’ equity:
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Ordinary shares, no par value; 400,292,144 shares and 398,281,461 shares issued and outstanding on January 29, 2017 and October 30, 2016, respectively
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19,504
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19,241
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Non-economic voting preference shares, no par value; 22,804,591 shares issued and outstanding on January 29, 2017 and October 30, 2016
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—
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—
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Accumulated deficit
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(337
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)
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(215
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)
|
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Accumulated other comprehensive loss
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(134
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)
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(134
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)
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Total Broadcom Limited shareholders’ equity
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19,033
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18,892
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Noncontrolling interest
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2,977
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2,984
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Total shareholders’ equity
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22,010
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21,876
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Total liabilities and shareholders’ equity
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$
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49,617
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$
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49,966
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Fiscal Quarter Ended
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||||||
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January 29,
2017 |
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January 31,
2016 |
||||
Net revenue
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$
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4,139
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$
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1,771
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Cost of products sold:
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Cost of products sold
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1,573
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699
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Amortization of acquisition-related intangible assets
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559
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130
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Restructuring charges
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6
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1
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Total cost of products sold
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2,138
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830
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Gross margin
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2,001
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941
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Research and development
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808
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267
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Selling, general and administrative
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201
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114
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Amortization of acquisition-related intangible assets
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440
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54
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Restructuring, impairment and disposal charges
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46
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31
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Total operating expenses
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1,495
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466
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Operating income
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506
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475
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|
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Interest expense
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(111
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)
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(84
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)
|
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Loss on extinguishment of debt
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(159
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)
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—
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Other income, net
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31
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3
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Income from continuing operations before income taxes
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267
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394
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Provision for income taxes
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10
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17
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Income from continuing operations
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257
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377
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Loss from discontinued operations, net of income taxes
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(5
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)
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—
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Net income
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252
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|
|
377
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|
||
Net income attributable to noncontrolling interest
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13
|
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—
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Net income attributable to ordinary shares
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$
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239
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$
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377
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Basic income per share attributable to ordinary shares:
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Income per share from continuing operations
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$
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0.61
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$
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1.36
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Loss per share from discontinued operations
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(0.01
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)
|
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—
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Net income per share
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$
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0.60
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$
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1.36
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Diluted income per share attributable to ordinary shares:
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Income per share from continuing operations
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$
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0.58
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$
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1.30
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Loss per share from discontinued operations
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(0.01
|
)
|
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—
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Net income per share
|
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$
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0.57
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|
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$
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1.30
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Weighted-average shares:
|
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|
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|
||||
Basic
|
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399
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|
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277
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Diluted
|
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439
|
|
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289
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Cash dividends declared and paid per share
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$
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1.02
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$
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0.44
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Fiscal Quarter Ended
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||||||
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January 29,
2017 |
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January 31,
2016 |
||||
Net income
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$
|
252
|
|
|
$
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377
|
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Other comprehensive income, net of tax:
|
|
|
|
|
||||
Other comprehensive income
|
|
—
|
|
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—
|
|
||
Comprehensive income
|
|
252
|
|
|
377
|
|
||
Comprehensive income attributable to noncontrolling interest
|
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13
|
|
|
—
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|
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Comprehensive income attributable to ordinary shares
|
|
$
|
239
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|
|
$
|
377
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Fiscal Quarter Ended
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||||||
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January 29,
2017 |
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January 31,
2016 |
||||
Cash flows from operating activities:
|
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Net income
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$
|
252
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|
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$
|
377
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Adjustments to reconcile net income to net cash provided by operating activities:
|
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|
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Depreciation and amortization
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1,114
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244
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|
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Share-based compensation
|
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202
|
|
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57
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|
||
Excess tax benefits from share-based compensation
|
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—
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(23
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)
|
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Non-cash portion of debt extinguishment loss
|
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159
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|
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—
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|
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Deferred taxes and other non-cash tax expense
|
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(25
|
)
|
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(8
|
)
|
||
Gain on disposition of assets
|
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(23
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)
|
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—
|
|
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Non-cash restructuring, impairment and disposal charges
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17
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|
|
22
|
|
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Amortization of debt issuance costs and accretion of debt discount
|
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8
|
|
|
4
|
|
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Other
|
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5
|
|
|
4
|
|
||
Changes in assets and liabilities, net of acquisitions and disposals:
|
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|
|
|
||||
Trade accounts receivable, net
|
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234
|
|
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(41
|
)
|
||
Inventory
|
|
65
|
|
|
34
|
|
||
Accounts payable
|
|
(137
|
)
|
|
(68
|
)
|
||
Employee compensation and benefits
|
|
(181
|
)
|
|
(149
|
)
|
||
Other current assets and current liabilities
|
|
(237
|
)
|
|
16
|
|
||
Other long-term assets and long-term liabilities
|
|
(100
|
)
|
|
5
|
|
||
Net cash provided by operating activities
|
|
1,353
|
|
|
474
|
|
||
Cash flows from investing activities:
|
|
|
|
|
||||
Purchases of property, plant and equipment
|
|
(325
|
)
|
|
(140
|
)
|
||
Proceeds from sales of businesses
|
|
10
|
|
|
68
|
|
||
Other
|
|
(4
|
)
|
|
(13
|
)
|
||
Net cash used in investing activities
|
|
(319
|
)
|
|
(85
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
||||
Proceeds from issuance of long-term debt
|
|
13,550
|
|
|
—
|
|
||
Debt repayments
|
|
(13,668
|
)
|
|
(11
|
)
|
||
Debt issuance costs
|
|
(107
|
)
|
|
(4
|
)
|
||
Dividend and distribution payments
|
|
(431
|
)
|
|
(122
|
)
|
||
Issuance of ordinary shares
|
|
61
|
|
|
72
|
|
||
Excess tax benefits from share-based compensation
|
|
—
|
|
|
23
|
|
||
Net cash used in financing activities
|
|
(595
|
)
|
|
(42
|
)
|
||
Net change in cash and cash equivalents
|
|
439
|
|
|
347
|
|
||
Cash and cash equivalents at the beginning of period
|
|
3,097
|
|
|
1,822
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
3,536
|
|
|
$
|
2,169
|
|
|
|
January 29,
2017 |
|
October 30,
2016 |
||||
ASSETS
|
|
|
|
|
||||
Current assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
3,393
|
|
|
$
|
3,044
|
|
Trade accounts receivable, net
|
|
1,947
|
|
|
2,181
|
|
||
Inventory
|
|
1,336
|
|
|
1,400
|
|
||
Other current assets
|
|
674
|
|
|
500
|
|
||
Total current assets
|
|
7,350
|
|
|
7,125
|
|
||
Long-term assets:
|
|
|
|
|
||||
Property, plant and equipment, net
|
|
2,646
|
|
|
2,509
|
|
||
Goodwill
|
|
24,700
|
|
|
24,732
|
|
||
Intangible assets, net
|
|
14,067
|
|
|
15,068
|
|
||
Other long-term assets
|
|
854
|
|
|
532
|
|
||
Total assets
|
|
$
|
49,617
|
|
|
$
|
49,966
|
|
LIABILITIES AND PARTNERS’ CAPITAL
|
|
|
|
|
||||
Current liabilities:
|
|
|
|
|
||||
Accounts payable
|
|
$
|
1,047
|
|
|
$
|
1,261
|
|
Employee compensation and benefits
|
|
336
|
|
|
517
|
|
||
Current portion of long-term debt
|
|
—
|
|
|
454
|
|
||
Other current liabilities
|
|
739
|
|
|
846
|
|
||
Total current liabilities
|
|
2,122
|
|
|
3,078
|
|
||
Long-term liabilities:
|
|
|
|
|
||||
Long-term debt
|
|
13,562
|
|
|
13,188
|
|
||
Pension and post-retirement benefit obligations
|
|
518
|
|
|
531
|
|
||
Other long-term liabilities
|
|
11,405
|
|
|
11,293
|
|
||
Total liabilities
|
|
27,607
|
|
|
28,090
|
|
||
Commitments and contingencies (Note 12)
|
|
|
|
|
||||
Partners’ capital:
|
|
|
|
|
|
|||
Common partnership units;
390,237,855 units issued and outstanding on January 29, 2017 and October 30, 2016 |
|
19,167
|
|
|
19,026
|
|
||
Restricted exchangeable units;
22,804,591 units issued and outstanding on January 29, 2017 and October 30, 2016 |
|
2,977
|
|
|
2,984
|
|
||
Accumulated other comprehensive loss
|
|
(134
|
)
|
|
(134
|
)
|
||
Total partners’ capital
|
|
22,010
|
|
|
21,876
|
|
||
Total liabilities and partners’ capital
|
|
$
|
49,617
|
|
|
$
|
49,966
|
|
|
|
Fiscal Quarter Ended
|
||||||
|
|
January 29,
2017 |
|
January 31,
2016 |
||||
Net revenue
|
|
$
|
4,139
|
|
|
$
|
1,771
|
|
Cost of products sold:
|
|
|
|
|
||||
Cost of products sold
|
|
1,573
|
|
|
699
|
|
||
Amortization of acquisition-related intangible assets
|
|
559
|
|
|
130
|
|
||
Restructuring charges
|
|
6
|
|
|
1
|
|
||
Total cost of products sold
|
|
2,138
|
|
|
830
|
|
||
Gross margin
|
|
2,001
|
|
|
941
|
|
||
Research and development
|
|
808
|
|
|
267
|
|
||
Selling, general and administrative
|
|
201
|
|
|
114
|
|
||
Amortization of acquisition-related intangible assets
|
|
440
|
|
|
54
|
|
||
Restructuring, impairment and disposal charges
|
|
46
|
|
|
31
|
|
||
Total operating expenses
|
|
1,495
|
|
|
466
|
|
||
Operating income
|
|
506
|
|
|
475
|
|
||
Interest expense
|
|
(111
|
)
|
|
(84
|
)
|
||
Loss on extinguishment of debt
|
|
(159
|
)
|
|
—
|
|
||
Other income, net
|
|
31
|
|
|
3
|
|
||
Income from continuing operations before income taxes
|
|
267
|
|
|
394
|
|
||
Provision for income taxes
|
|
10
|
|
|
17
|
|
||
Income from continuing operations
|
|
257
|
|
|
377
|
|
||
Loss from discontinued operations, net of income taxes
|
|
(5
|
)
|
|
—
|
|
||
Net income
|
|
$
|
252
|
|
|
$
|
377
|
|
|
|
|
|
|
||||
General Partner's interest in net income
|
|
$
|
239
|
|
|
$
|
—
|
|
Limited Partners' interest in net income
|
|
$
|
13
|
|
|
$
|
—
|
|
Net income attributable to ordinary shareholders
|
|
$
|
—
|
|
|
$
|
377
|
|
|
|
|
|
|
||||
Cash distribution paid per restricted exchangeable partnership unit
|
|
$
|
1.02
|
|
|
$
|
—
|
|
Cash distribution paid to General Partner
|
|
$
|
408
|
|
|
$
|
—
|
|
Cash dividends paid per ordinary share
|
|
$
|
—
|
|
|
$
|
0.44
|
|
|
|
Fiscal Quarter Ended
|
||||||
|
|
January 29,
2017 |
|
January 31,
2016 |
||||
Net income
|
|
$
|
252
|
|
|
$
|
377
|
|
Other comprehensive income, net of tax:
|
|
|
|
|
||||
Other comprehensive income
|
|
—
|
|
|
—
|
|
||
Comprehensive income
|
|
$
|
252
|
|
|
$
|
377
|
|
|
|
Fiscal Quarter Ended
|
||||||
|
|
January 29,
2017 |
|
January 31,
2016 |
||||
Cash flows from operating activities:
|
|
|
|
|
||||
Net income
|
|
$
|
252
|
|
|
$
|
377
|
|
Adjustments to reconcile income to net cash provided by operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
1,114
|
|
|
244
|
|
||
Share-based compensation
|
|
202
|
|
|
57
|
|
||
Excess tax benefits from share-based compensation
|
|
—
|
|
|
(23
|
)
|
||
Non-cash portion of debt extinguishment loss
|
|
159
|
|
|
—
|
|
||
Deferred taxes and other non-cash tax expense
|
|
(25
|
)
|
|
(8
|
)
|
||
Gain on disposition of assets
|
|
(23
|
)
|
|
—
|
|
||
Non-cash restructuring, impairment and disposal charges
|
|
17
|
|
|
22
|
|
||
Amortization of debt discount issuance costs and accretion of debt discount
|
|
8
|
|
|
4
|
|
||
Other
|
|
5
|
|
|
4
|
|
||
Changes in assets and liabilities, net of acquisitions and disposals:
|
|
|
|
|
||||
Trade accounts receivable, net
|
|
234
|
|
|
(41
|
)
|
||
Inventory
|
|
65
|
|
|
34
|
|
||
Accounts payable
|
|
(137
|
)
|
|
(68
|
)
|
||
Employee compensation and benefits
|
|
(181
|
)
|
|
(149
|
)
|
||
Other current assets and current liabilities
|
|
(237
|
)
|
|
16
|
|
||
Other long-term assets and long-term liabilities
|
|
(100
|
)
|
|
5
|
|
||
Net cash provided by operating activities
|
|
1,353
|
|
|
474
|
|
||
Cash flows from investing activities:
|
|
|
|
|
||||
Purchases of property, plant and equipment
|
|
(325
|
)
|
|
(140
|
)
|
||
Proceeds from sales of businesses
|
|
10
|
|
|
68
|
|
||
Other
|
|
(4
|
)
|
|
(13
|
)
|
||
Net cash used in investing activities
|
|
(319
|
)
|
|
(85
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
||||
Proceeds from issuance of long-term debt
|
|
13,550
|
|
|
—
|
|
||
Debt repayments
|
|
(13,668
|
)
|
|
(11
|
)
|
||
Debt issuance costs
|
|
(107
|
)
|
|
(4
|
)
|
||
Dividend payments to ordinary shareholders
|
|
—
|
|
|
(122
|
)
|
||
Distributions paid to unit holders
|
|
(431
|
)
|
|
—
|
|
||
Issuance of ordinary shares by General Partner
|
|
—
|
|
|
72
|
|
||
Capital transactions with General Partner
|
|
(29
|
)
|
|
—
|
|
||
Excess tax benefits from share-based compensation
|
|
—
|
|
|
23
|
|
||
Net cash used in financing activities
|
|
(685
|
)
|
|
(42
|
)
|
||
Net change in cash and cash equivalents
|
|
349
|
|
|
347
|
|
||
Cash and cash equivalents at the beginning of period
|
|
3,044
|
|
|
1,822
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
3,393
|
|
|
$
|
2,169
|
|
|
|
Fiscal Quarter Ended
|
||
|
|
January 31,
2016 |
||
Pro forma net revenue
|
|
$
|
3,821
|
|
Pro forma net income from continuing operations
|
|
$
|
148
|
|
Pro forma net income
|
|
$
|
148
|
|
Pro forma net income attributable to ordinary shares
|
|
$
|
140
|
|
Pro forma income per share attributable to ordinary shares - basic
|
|
$
|
0.36
|
|
Pro forma income per share attributable to ordinary shares - diluted
|
|
$
|
0.35
|
|
|
|
January 29,
2017 |
|
October 30,
2016 |
||||
Finished goods
|
|
$
|
478
|
|
|
$
|
431
|
|
Work-in-process
|
|
612
|
|
|
596
|
|
||
Raw materials
|
|
246
|
|
|
373
|
|
||
Total inventory
|
|
$
|
1,336
|
|
|
$
|
1,400
|
|
|
|
Accrued Rebate Liabilities
|
||
Balance as of October 30, 2016
|
|
$
|
317
|
|
Charged as a reduction of revenue
|
|
64
|
|
|
Reversal of unclaimed rebates
|
|
(19
|
)
|
|
Payments
|
|
(126
|
)
|
|
Balance as of January 29, 2017
|
|
$
|
236
|
|
|
|
January 29,
2017 |
|
October 30,
2016 |
||||
Deferred tax liabilities
|
|
$
|
10,274
|
|
|
$
|
10,287
|
|
Unrecognized tax benefits
(a)
|
|
1,060
|
|
|
893
|
|
||
Other
|
|
71
|
|
|
113
|
|
||
Total other long-term liabilities
|
|
$
|
11,405
|
|
|
$
|
11,293
|
|
|
|
Fiscal Quarter Ended
|
||||||
|
|
January 29, 2017
|
|
January 31, 2016
|
||||
Cash paid for interest
|
|
$
|
102
|
|
|
$
|
80
|
|
Net cash paid (refunds received) for income taxes
|
|
$
|
97
|
|
|
$
|
(7
|
)
|
|
|
Wired Infrastructure
|
|
Wireless Communications
|
|
Enterprise Storage
|
|
Industrial & Other
|
|
Total
|
||||||||||
Balance as of October 30, 2016
|
|
$
|
17,641
|
|
|
$
|
5,952
|
|
|
$
|
995
|
|
|
$
|
144
|
|
|
$
|
24,732
|
|
Broadcom Merger adjustments
|
|
(25
|
)
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
(32
|
)
|
|||||
Balance as of January 29, 2017
|
|
$
|
17,616
|
|
|
$
|
5,945
|
|
|
$
|
995
|
|
|
$
|
144
|
|
|
$
|
24,700
|
|
|
|
Gross Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net Book
Value
|
||||||
As of January 29, 2017:
|
|
|
|
|
|
|
||||||
Purchased technology
|
|
$
|
12,382
|
|
|
$
|
(2,412
|
)
|
|
$
|
9,970
|
|
Customer contracts and related relationships
|
|
4,231
|
|
|
(1,807
|
)
|
|
2,424
|
|
|||
Trade names
|
|
528
|
|
|
(87
|
)
|
|
441
|
|
|||
Other
|
|
115
|
|
|
(11
|
)
|
|
104
|
|
|||
Intangible assets subject to amortization
|
|
17,256
|
|
|
(4,317
|
)
|
|
12,939
|
|
|||
In-process research and development
|
|
1,128
|
|
|
—
|
|
|
1,128
|
|
|||
Total
|
|
$
|
18,384
|
|
|
$
|
(4,317
|
)
|
|
$
|
14,067
|
|
|
|
|
|
|
|
|
||||||
As of October 30, 2016:
|
|
|
|
|
|
|
||||||
Purchased technology
|
|
$
|
12,182
|
|
|
$
|
(1,855
|
)
|
|
$
|
10,327
|
|
Customer contracts and related relationships
|
|
4,231
|
|
|
(1,377
|
)
|
|
2,854
|
|
|||
Trade names
|
|
528
|
|
|
(77
|
)
|
|
451
|
|
|||
Other
|
|
107
|
|
|
(7
|
)
|
|
100
|
|
|||
Intangible assets subject to amortization
|
|
17,048
|
|
|
(3,316
|
)
|
|
13,732
|
|
|||
In-process research and development
|
|
1,336
|
|
|
—
|
|
|
1,336
|
|
|||
Total
|
|
$
|
18,384
|
|
|
$
|
(3,316
|
)
|
|
$
|
15,068
|
|
Fiscal Year:
|
|
|
||
2017 (remainder)
|
|
$
|
3,224
|
|
2018
|
|
2,855
|
|
|
2019
|
|
2,101
|
|
|
2020
|
|
1,735
|
|
|
2021
|
|
1,389
|
|
|
2022
|
|
1,008
|
|
|
Thereafter
|
|
627
|
|
|
Total
|
|
$
|
12,939
|
|
Amortizable intangible assets:
|
|
|
Purchased technology
|
|
6
|
Customer contracts and related relationships
|
|
3
|
Trade name
|
|
13
|
Other
|
|
12
|
|
|
Fiscal Quarter Ended
|
||||||
|
|
January 29,
2017 |
|
January 31,
2016 |
||||
Numerator - Basic:
|
|
|
|
|
||||
Income from continuing operations
|
|
$
|
257
|
|
|
$
|
377
|
|
Less: Income from continuing operations attributable to noncontrolling interest
|
|
13
|
|
|
—
|
|
||
Income from continuing operations attributable to ordinary shares
|
|
$
|
244
|
|
|
$
|
377
|
|
|
|
|
|
|
||||
Loss from discontinued operations, net of income taxes
|
|
$
|
(5
|
)
|
|
$
|
—
|
|
Less: Loss from discontinued operations, net of income taxes, attributable to noncontrolling interest
|
|
—
|
|
|
—
|
|
||
Loss from discontinued operations, net of income taxes, attributable to ordinary shares
|
|
$
|
(5
|
)
|
|
$
|
—
|
|
|
|
|
|
|
||||
Net income attributable to ordinary shares
|
|
$
|
239
|
|
|
$
|
377
|
|
|
|
|
|
|
||||
Numerator - Diluted:
|
|
|
|
|
||||
Income from continuing operations
|
|
$
|
257
|
|
|
$
|
377
|
|
Loss from discontinued operations, net of income taxes
|
|
(5
|
)
|
|
—
|
|
||
Net income
|
|
$
|
252
|
|
|
$
|
377
|
|
Denominator:
|
|
|
|
|
||||
Weighted-average ordinary shares outstanding - basic
|
|
399
|
|
|
277
|
|
||
Dilutive effect of equity awards
|
|
17
|
|
|
12
|
|
||
Exchange of noncontrolling interest for ordinary shares
|
|
23
|
|
|
—
|
|
||
Weighted-average ordinary shares outstanding - diluted
|
|
439
|
|
|
289
|
|
||
|
|
|
|
|
||||
Basic income per share attributable to ordinary shares:
|
|
|
|
|
||||
Income per share from continuing operations
|
|
$
|
0.61
|
|
|
$
|
1.36
|
|
Loss per share from discontinued operations, net of income taxes
|
|
(0.01
|
)
|
|
—
|
|
||
Net income per share
|
|
$
|
0.60
|
|
|
$
|
1.36
|
|
|
|
|
|
|
||||
Diluted income per share attributable to ordinary shares:
|
|
|
|
|
||||
Income per share from continuing operations
|
|
$
|
0.58
|
|
|
$
|
1.30
|
|
Loss per share from discontinued operations, net of income taxes
|
|
(0.01
|
)
|
|
—
|
|
||
Net income per share
|
|
$
|
0.57
|
|
|
$
|
1.30
|
|
Fiscal Year
|
|
|
||
2017 (remainder)
|
|
$
|
—
|
|
2018
|
|
117
|
|
|
2019
|
|
—
|
|
|
2020
|
|
2,750
|
|
|
2021
|
|
—
|
|
|
2022
|
|
3,509
|
|
|
Thereafter
|
|
7,313
|
|
|
Total
|
|
$
|
13,689
|
|
|
|
Fiscal Quarter Ended
|
||||||
|
|
January 29,
2017 |
|
January 31,
2016 |
||||
Cost of products sold
|
|
$
|
14
|
|
|
$
|
6
|
|
Research and development
|
|
141
|
|
|
28
|
|
||
Selling, general and administrative
|
|
46
|
|
|
23
|
|
||
Total share-based compensation expense
|
|
$
|
201
|
|
|
$
|
57
|
|
|
|
Number of RSUs
Outstanding
|
|
Weighted-
Average
Grant Date
Fair Value
Per Share
|
|
Weighted-
Average
Remaining
Contractual
Life (In years)
|
|
Aggregate Grant Date Fair Value
|
|||||
Balance as of October 30, 2016
|
|
17
|
|
|
$
|
130.71
|
|
|
|
|
|
||
Granted
|
|
—
|
|
*
|
$
|
159.37
|
|
|
|
|
|
||
Vested
|
|
(1
|
)
|
|
$
|
122.76
|
|
|
|
|
$
|
81
|
|
Forfeited
|
|
(1
|
)
|
|
$
|
135.98
|
|
|
|
|
|
||
Balance as of January 29, 2017
|
|
15
|
|
|
$
|
131.32
|
|
|
1.40
|
|
|
|
|
Number of Options
Outstanding
|
|
Weighted-
Average
Exercise Price
Per Share
|
|
Weighted-
Average
Remaining
Contractual
Life (In years)
|
|
Aggregate
Intrinsic
Value
|
|||||
Balance as of October 30, 2016
|
|
15
|
|
|
$
|
48.77
|
|
|
|
|
|
||
Exercised
|
|
(2
|
)
|
|
$
|
45.78
|
|
|
|
|
$
|
189
|
|
Cancelled
|
|
—
|
|
*
|
$
|
62.85
|
|
|
|
|
|
||
Balance as of January 29, 2017
|
|
13
|
|
|
$
|
48.97
|
|
|
3.49
|
|
$
|
2,067
|
|
Fully vested as of January 29, 2017
|
|
9
|
|
|
$
|
43.35
|
|
|
3.22
|
|
$
|
1,482
|
|
Fully vested and expected to vest as of January 29, 2017
|
|
13
|
|
|
$
|
48.97
|
|
|
3.49
|
|
$
|
2,067
|
|
|
|
Fiscal Quarter Ended
|
||||||
|
|
January 29,
2017 |
|
January 31,
2016 |
||||
Net revenue:
|
|
|
|
|
||||
Wired infrastructure
|
|
$
|
2,084
|
|
|
$
|
386
|
|
Wireless communications
|
|
1,175
|
|
|
578
|
|
||
Enterprise storage
|
|
707
|
|
|
678
|
|
||
Industrial & other
|
|
173
|
|
|
129
|
|
||
Total net revenue
|
|
$
|
4,139
|
|
|
$
|
1,771
|
|
|
|
|
|
|
||||
Operating income:
|
|
|
|
|
||||
Wired infrastructure
|
|
$
|
933
|
|
|
$
|
135
|
|
Wireless communications
|
|
427
|
|
|
265
|
|
||
Enterprise storage
|
|
375
|
|
|
309
|
|
||
Industrial & other
|
|
61
|
|
|
63
|
|
||
Unallocated expenses
|
|
(1,290
|
)
|
|
(297
|
)
|
||
Total operating income
|
|
$
|
506
|
|
|
$
|
475
|
|
|
|
Fiscal Quarter Ended
|
||||||
|
|
January 29,
2017 |
|
January 31,
2016 |
||||
Total net revenue
|
|
$
|
77
|
|
|
$
|
39
|
|
Total costs and expenses, including inventory purchases
|
|
$
|
19
|
|
|
$
|
13
|
|
|
|
January 29,
2017 |
|
October 30,
2016 |
||||
Total receivables
|
|
$
|
23
|
|
|
$
|
15
|
|
Total payables
|
|
$
|
11
|
|
|
$
|
7
|
|
|
|
|
|
Fiscal Year
|
|
|
||||||||||||||||||||||||||
|
|
Total
|
|
2017 (remainder)
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
||||||||||||||||
Debt principal, interest and fees
|
|
$
|
16,919
|
|
|
$
|
222
|
|
|
$
|
569
|
|
|
$
|
450
|
|
|
$
|
3,166
|
|
|
$
|
383
|
|
|
$
|
3,839
|
|
|
$
|
8,290
|
|
Purchase commitments
|
|
$
|
1,029
|
|
|
$
|
960
|
|
|
$
|
54
|
|
|
$
|
14
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
Employee Termination Costs
|
|
Leases and Other Exit Costs
|
|
Total
|
||||||
Balance as of October 30, 2016
|
|
$
|
116
|
|
|
$
|
35
|
|
|
$
|
151
|
|
Restructuring charges
(a)
|
|
36
|
|
|
10
|
|
|
46
|
|
|||
Utilization
|
|
(65
|
)
|
|
(15
|
)
|
|
(80
|
)
|
|||
Balance as of January 29, 2017
(b)
|
|
$
|
87
|
|
|
$
|
30
|
|
|
$
|
117
|
|
•
|
Our cash and cash equivalents were
$3,536 million
at
January 29, 2017
, compared with
$3,097 million
at
October 30, 2016
.
|
•
|
We generated
$1,353 million
of cash from operations during the
fiscal quarter
ended
January 29, 2017
.
|
•
|
Broadcom paid aggregate cash dividends on its ordinary shares of
$408 million
, and the Partnership made aggregate distributions of
$23 million
on its restricted exchangeable limited partnership units, or Partnership REUs, during the
fiscal quarter
ended
January 29, 2017
.
|
•
|
On January 19, 2017, two Broadcom subsidiaries completed the issuance and sale of senior unsecured notes, or the Senior Notes, in an aggregate principal amount of $13,550 million. The net proceeds, together with cash on hand,
|
|
|
Fiscal Quarter Ended
|
||||||||||||
|
|
January 29,
2017 |
|
January 31,
2016 |
|
January 29,
2017 |
|
January 31,
2016 |
||||||
|
|
(In millions)
|
|
(As a percentage of net revenue)
|
||||||||||
Statements of Operations Data:
|
|
|
|
|
|
|
|
|
||||||
Net revenue
|
|
$
|
4,139
|
|
|
$
|
1,771
|
|
|
100
|
%
|
|
100
|
%
|
Cost of products sold:
|
|
|
|
|
|
|
|
|
||||||
Cost of products sold
|
|
1,573
|
|
|
699
|
|
|
38
|
|
|
40
|
|
||
Amortization of acquisition-related intangible assets
|
|
559
|
|
|
130
|
|
|
14
|
|
|
7
|
|
||
Restructuring charges
|
|
6
|
|
|
1
|
|
|
—
|
|
|
—
|
|
||
Total cost of products sold
|
|
2,138
|
|
|
830
|
|
|
52
|
|
|
47
|
|
||
Gross margin
|
|
2,001
|
|
|
941
|
|
|
48
|
|
|
53
|
|
||
Research and development
|
|
808
|
|
|
267
|
|
|
19
|
|
|
15
|
|
||
Selling, general and administrative
|
|
201
|
|
|
114
|
|
|
5
|
|
|
6
|
|
||
Amortization of acquisition-related intangible assets
|
|
440
|
|
|
54
|
|
|
11
|
|
|
3
|
|
||
Restructuring, impairment and disposal charges
|
|
46
|
|
|
31
|
|
|
1
|
|
|
2
|
|
||
Total operating expenses
|
|
1,495
|
|
|
466
|
|
|
36
|
|
|
26
|
|
||
Operating income
|
|
$
|
506
|
|
|
$
|
475
|
|
|
12
|
%
|
|
27
|
%
|
|
|
Fiscal Quarter Ended
|
|||||||||||||
Net Revenue
|
|
January 29, 2017
|
|
January 31, 2016
|
|
$ Change
|
|
% Change
|
|||||||
|
|
(In millions, except for percentages)
|
|||||||||||||
Wired infrastructure
|
|
$
|
2,084
|
|
|
$
|
386
|
|
|
$
|
1,698
|
|
|
440
|
%
|
Wireless communications
|
|
1,175
|
|
|
578
|
|
|
597
|
|
|
103
|
%
|
|||
Enterprise storage
|
|
707
|
|
|
678
|
|
|
29
|
|
|
4
|
%
|
|||
Industrial & other
|
|
173
|
|
|
129
|
|
|
44
|
|
|
34
|
%
|
|||
Total net revenue
|
|
$
|
4,139
|
|
|
$
|
1,771
|
|
|
$
|
2,368
|
|
|
134
|
%
|
|
|
Fiscal Quarter Ended
|
||
% of Net Revenue
|
|
January 29,
2017 |
|
January 31,
2016 |
Wired infrastructure
|
|
50%
|
|
22%
|
Wireless communications
|
|
29
|
|
33
|
Enterprise storage
|
|
17
|
|
38
|
Industrial & other
|
|
4
|
|
7
|
Total net revenue
|
|
100%
|
|
100%
|
|
|
Fiscal Quarter Ended
|
|||||||||||||
Operating Income
|
|
January 29, 2017
|
|
January 31, 2016
|
|
$ Change
|
|
% Change
|
|||||||
|
|
(In millions, except for percentages)
|
|||||||||||||
Wired infrastructure
|
|
$
|
933
|
|
|
$
|
135
|
|
|
$
|
798
|
|
|
591
|
%
|
Wireless communications
|
|
427
|
|
|
265
|
|
|
162
|
|
|
61
|
%
|
|||
Enterprise storage
|
|
375
|
|
|
309
|
|
|
66
|
|
|
21
|
%
|
|||
Industrial & other
|
|
61
|
|
|
63
|
|
|
(2
|
)
|
|
(3
|
)%
|
|||
Unallocated expenses
|
|
(1,290
|
)
|
|
(297
|
)
|
|
(993
|
)
|
|
334
|
%
|
|||
Total operating income
|
|
$
|
506
|
|
|
$
|
475
|
|
|
$
|
31
|
|
|
7
|
%
|
|
|
Fiscal Quarter Ended
|
||||||
|
|
January 29,
2017 |
|
January 31,
2016 |
||||
|
|
(In millions)
|
||||||
Net cash provided by operating activities
|
|
$
|
1,353
|
|
|
$
|
474
|
|
Net cash used in investing activities
|
|
(319
|
)
|
|
(85
|
)
|
||
Net cash used in financing activities
|
|
(595
|
)
|
|
(42
|
)
|
||
Net change in cash and cash equivalents
|
|
$
|
439
|
|
|
$
|
347
|
|
•
|
customer concentration and the gain or loss of significant customers;
|
•
|
the timing of launches by our customers of new products, such as mobile handsets, in which our products are included and changes in end-user demand for the products manufactured and sold by our customers;
|
•
|
changes in our product mix or customer mix and their effect on our gross margin;
|
•
|
the timing of receipt, reduction or cancellation of significant orders by customers;
|
•
|
fluctuations in the levels of component inventories held by our customers;
|
•
|
utilization of our internal manufacturing facilities and fluctuations in manufacturing yields;
|
•
|
our ability to successfully and timely integrate, and realize the benefits of acquisitions we may make and the timing of acquisitions or dispositions of, or making and exiting investments in, other entities, businesses or technologies;
|
•
|
our ability to develop, introduce and market new products and technologies on a timely basis;
|
•
|
the timing and extent of our non-product revenue, such as product development revenue and royalty and other payments from IP sales and licensing arrangements;
|
•
|
new product announcements and introductions by us or our competitors;
|
•
|
seasonality or other fluctuations in our markets;
|
•
|
fluctuations in currency exchange rates;
|
•
|
timing and amount of research and development and related new product expenditures, and the timing of receipt of any research and development grant monies;
|
•
|
significant warranty claims, including those not covered by our suppliers or our insurers;
|
•
|
availability and cost of raw materials from our suppliers;
|
•
|
IP disputes and associated litigation expense;
|
•
|
loss of key personnel or the shortage of available skilled workers;
|
•
|
the effects of competitive pricing pressures, including decreases in average selling prices of our products; and
|
•
|
changes in our tax incentive arrangements or structure, which may adversely affect our net tax expense and our cash flow in any quarter in which such an event occurs.
|
•
|
reorganization or restructuring of our businesses, tangible and intangible assets, outstanding indebtedness and corporate structure;
|
•
|
jurisdictional mix of our income and assets, and the resulting tax effects of differing tax rates in different countries;
|
•
|
changes in the allocation of income and expenses, including adjustments related to changes in our corporate structure, acquisitions or tax law;
|
•
|
changes in transfer pricing rules or methods of applying these rules;
|
•
|
changes in tax laws, including in Singapore, changes to the taxation of earnings of foreign subsidiaries, the deductibility of expenses attributable to income and foreign tax credit rules;
|
•
|
tax effects of increases in non-deductible employee compensation;
|
•
|
changes in tax accounting rules or principles and in the valuation of deferred tax assets and liabilities;
|
•
|
outcomes of income tax audits; and
|
•
|
expiration, lapses or termination of tax credits or incentives.
|
•
|
cease the manufacture, use or sale of the infringing products, processes or technology and/or make changes to our processes or products;
|
•
|
pay substantial damages for past, present and future use of the infringing technology;
|
•
|
expend significant resources to develop non-infringing technology;
|
•
|
license technology from the third-party claiming infringement, which license may not be available on commercially reasonable terms, or at all;
|
•
|
enter into cross-licenses with our competitors, which could weaken our overall IP portfolio and our ability to compete in particular product categories;
|
•
|
indemnify our customers or distributors;
|
•
|
pay substantial damages to our direct or end customers to discontinue use or replace infringing technology with non-infringing technology; or
|
•
|
relinquish IP rights associated with one or more of our patent claims, if such claims are held invalid or otherwise unenforceable.
|
•
|
IP rights that we presently employ in our business will not lapse or be invalidated, circumvented, challenged, or, in the case of third-party IP rights licensed to us, be licensed to others;
|
•
|
our IP rights will provide competitive advantages to us;
|
•
|
rights previously granted by third parties to IP rights licensed or assigned to us, including portfolio cross-licenses, will not hamper our ability to assert our IP rights against potential competitors or hinder the settlement of currently pending or future disputes;
|
•
|
any of our pending or future patent, trademark or copyright applications will be issued or have the coverage originally sought;
|
•
|
our IP rights will be enforced in certain jurisdictions where competition may be intense or where legal protection may be weak; or
|
•
|
we have sufficient IP rights to protect our products or our business.
|
•
|
changes in political, regulatory, legal or economic conditions or geopolitical turmoil, including terrorism, war or political or military coups, or civil disturbances or political instability;
|
•
|
restrictive governmental actions, such as restrictions on the transfer or repatriation of funds and foreign investments and trade protection measures, including export restrictions, export duties and quotas, and customs duties and tariffs;
|
•
|
disruptions of capital and trading markets and currency fluctuations, which may result in our products becoming too expensive for foreign customers or foreign-sourced materials and services becoming more expensive for us;
|
•
|
difficulty in obtaining product distribution and support, and transportation delays;
|
•
|
public health or safety concerns;
|
•
|
nationalization of businesses and expropriation of assets; and
|
•
|
changes in tax laws.
|
•
|
increasing our vulnerability to adverse general economic and industry conditions;
|
•
|
requiring us to dedicate a substantial portion of our cash flow from operations to payments on our indebtedness, thereby reducing the availability of our cash flow to fund working capital, capital expenditures, research and development efforts, execution of our business strategy, acquisitions and other general corporate purposes;
|
•
|
limiting our flexibility in planning for, or reacting to, changes in the economy and the semiconductor industry;
|
•
|
placing us at a competitive disadvantage compared to our competitors with less indebtedness; and
|
•
|
making it more difficult to borrow additional funds in the future to fund growth, acquisitions, working capital, capital expenditures and other purposes; and
|
•
|
exposing us to interest rate risk to the extent we incur any variable rate indebtedness, and we do not typically hedge against changes in interest rates.
|
•
|
incur additional indebtedness and issue preferred or redeemable shares;
|
•
|
incur or create liens;
|
•
|
consolidate, merge or transfer all or substantially all of their assets;
|
•
|
make investments, acquisitions, loans or advances or guarantee indebtedness;
|
•
|
transfer or sell certain assets;
|
•
|
pay dividends or make other distributions on, redeem or repurchase shares or make other restricted payments;
|
•
|
engage in transactions with affiliates; and
|
•
|
prepay certain other indebtedness.
|
•
|
actual or anticipated fluctuations in our financial condition and operating results;
|
•
|
issuance of new or updated research or reports by securities analysts;
|
•
|
fluctuations in the valuation and results of operations of our significant customers as well as companies perceived by investors to be comparable to us;
|
•
|
announcements of proposed acquisitions by us or our competitors;
|
•
|
announcements of, or expectations of additional debt or equity financing efforts;
|
•
|
share price and volume fluctuations attributable to inconsistent trading volume levels of our shares;
|
•
|
issuance of ordinary shares upon exchange of Partnership REUs; and
|
•
|
changes in our dividend or share repurchase policies.
|
|
BROADCOM LIMITED
|
||
|
By:
|
/s/ Thomas H. Krause, Jr.
|
|
|
|
Thomas H. Krause, Jr.
|
|
|
|
Vice President and Chief Financial Officer
|
|
BROADCOM CAYMAN L.P.
by Broadcom Limited, its General Partner |
||
|
By:
|
/s/ Thomas H. Krause, Jr.
|
|
|
|
Thomas H. Krause, Jr.
|
|
|
|
Vice President and Chief Financial Officer
|
|
|
|
|
Incorporated by Reference Herein
|
|
|
|||
Exhibit Number
|
|
Description
|
|
Form
|
|
Filing Date
|
|
Filed Herewith
|
|
2.1#
|
|
|
Agreement and Plan of Merger, dated as of April 10, 2013, by and among CyOptics, Avago Technologies Wireless (U.S.A.) Manufacturing Inc., Celsus Acquisition Corp., Avago Technologies Limited, Avago Technologies Finance Pte. Ltd. and Shareholder Representative Services LLC.
|
|
Avago Technologies Limited Current Report on Form 8-K (Commission File No. 001-34428)
|
|
April 11, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
2.2#
|
|
|
Agreement and Plan of Merger, dated December 15, 2013, by and among LSI Corporation, Avago Technologies Limited, Avago Technologies Wireless (U.S.A.) Manufacturing, Inc. and Leopold Merger Sub, Inc.
|
|
Avago Technologies Limited Current Report on Form 8-K/A (Commission File No. 001-34428)
|
|
December 16, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
2.3#
|
|
|
Agreement and Plan of Merger, dated May 28, 2015, by and among Pavonia Limited, Avago Technologies Limited, Safari Cayman L.P., Avago Technologies Cayman Holdings Ltd., Avago Technologies Cayman Finance Limited, Buffalo CS Merger Sub, Inc., Buffalo UT Merger Sub, Inc. and Broadcom Corporation.
|
|
Avago Technologies Limited Current Report on Form 8-K (Commission File No. 001-34428)
|
|
May 29, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
2.4
|
|
|
Amendment No. 1 to Agreement and Plan of Merger, dated July 29, 2015, by and between Avago Technologies Limited and Broadcom Corporation.
|
|
Avago Technologies Limited Current Report on Form 8-K (Commission File No. 001-34428)
|
|
July 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
2.5#
|
|
|
Agreement and Plan of Merger, dated November 2, 2016, by and among Brocade Communications Systems, Inc., Broadcom Limited, Broadcom Corporation and Bobcat Merger Sub, Inc.
|
|
Broadcom Limited Current Report on Form 8-K/A (Commission File No. 001-37690)
|
|
November 2, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
3.1
|
|
|
Constitution of Broadcom Limited
|
|
Broadcom Limited Current Report on Form 8-K12B (Commission File No. 001-37690)
|
|
February 2, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
3.2
|
|
|
Amended and Restated Exempted Limited Partnership Agreement of Broadcom Cayman L.P. (f/k/a Safari Cayman L.P.), dated February 1, 2016
|
|
Broadcom Limited Current Report on Form 8-K12B (Commission File No. 001-37690)
|
|
February 2, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
3.3
|
|
|
Voting Trust Agreement, dated as of February 1, 2016, by and among Broadcom Limited, Broadcom Cayman L.P. and Computershare Trust Company, N.A., as Trustee
|
|
Broadcom Limited Current Report on Form 8-K12B (Commission File No. 001-37690)
|
|
February 2, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
4.1
|
|
|
Form of Specimen Share Certificate for Registrant’s Ordinary Shares.
|
|
Broadcom Limited Registration Statement on Form S-3 (Commission File No. 333-209923)
|
|
March 4, 2016
|
|
|
|
|
|
|
Incorporated by Reference Herein
|
|
|
|||
Exhibit Number
|
|
Description
|
|
Form
|
|
Filing Date
|
|
Filed Herewith
|
|
|
|
|
|
|
|
|
|
|
|
4.2
|
|
|
Indenture, dated as of January 19, 2017, by and among the Broadcom Corporation and Broadcom Cayman Finance Limited
(“Co-Issuers”), the Company, Broadcom Cayman L.P., and BC Luxembourg S.à r.l.
(the “Guarantors”) and Wilmington Trust, National Association, as trustee.
|
|
Broadcom Limited Current Report on Form 8-K (Commission File No. 001-37690)
|
|
January 20, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
4.3
|
|
|
Form of 2.375% Senior Note due 2020 (included in Exhibit 4.2).
|
|
Broadcom Limited Current Report on Form 8-K (Commission File No. 001-37690)
|
|
January 20, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
4.4
|
|
|
Form of 3.000% Senior Note due 2022 (included in Exhibit 4.2).
|
|
Broadcom Limited Current Report on Form 8-K (Commission File No. 001-37690)
|
|
January 20, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
4.5
|
|
|
Form of 3.625% Senior Note due 2024 (included in Exhibit 4.2).
|
|
Broadcom Limited Current Report on Form 8-K (Commission File No. 001-37690)
|
|
January 20, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
4.6
|
|
|
Form of 3.875% Senior Note due 2027 (included in Exhibit 4.2).
|
|
Broadcom Limited Current Report on Form 8-K (Commission File No. 001-37690)
|
|
January 20, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
4.7
|
|
|
Registration Rights Agreement, dated as of January 19, 2017, by and among the Co-Issuers, the Guarantors and Merrill Lynch, Pierce, Fenner & Smith Incorporated and Barclays Capital Inc., as representatives of the several initial purchasers of the Senior Notes.
|
|
Broadcom Limited Current Report on Form 8-K (Commission File No. 001-37690)
|
|
January 20, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
10.1
|
|
|
Third Amendment, dated as of January 19, 2017, to the Credit Agreement among Avago Technologies Cayman Holdings Ltd., Broadcom Cayman Finance Limited, BC Luxembourg S.à r.l., Bank of America, N.A., as administrative agent, and the lenders party thereto.
|
|
Broadcom Limited Current Report on Form 8-K (Commission File No. 001-37690)
|
|
January 20, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
10.2+
|
|
|
Form of Performance Share Unit Agreement (Relative TSR) under Avago Technologies Limited 2009 Equity Incentive Plan.
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
10.3+
|
|
|
Form of Performance Share Unit Agreement (Relative TSR) under Broadcom Corporation 2012 Stock Incentive Plan.
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Incorporated by Reference Herein
|
|
|
|||
Exhibit Number
|
|
Description
|
|
Form
|
|
Filing Date
|
|
Filed Herewith
|
|
31.1
|
|
|
Certification of Principal Executive Officer of Broadcom Limited Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
31.2
|
|
|
Certification of Principal Financial Officer of Broadcom Limited Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
31.3
|
|
|
Certification of Principal Executive Officer for Broadcom Cayman L.P. Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
31.4
|
|
|
Certification of Principal Financial Officer for Broadcom Cayman L.P. Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
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32.1
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Certification of Principal Executive Officer of Broadcom Limited Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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X
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32.2
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Certification of Principal Financial Officer of Broadcom Limited Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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X
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32.3
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Certification of Principal Executive Officer for Broadcom Cayman L.P. Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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X
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32.4
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Certification of Principal Financial Officer for Broadcom Cayman L.P. Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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X
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101.INS
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XBRL Instance Document
|
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X
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101.SCH
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XBRL Schema Document
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X
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101.CAL
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XBRL Calculation Linkbase Document
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X
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101.DEF
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XBRL Definition Linkbase Document
|
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X
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Incorporated by Reference Herein
|
|
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|||
Exhibit Number
|
|
Description
|
|
Form
|
|
Filing Date
|
|
Filed Herewith
|
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101.LAB
|
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XBRL Labels Linkbase Document
|
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X
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101.PRE
|
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XBRL Presentation Linkbase Document
|
|
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|
X
|
#
|
Schedules have been omitted pursuant to Item 601(b)(2) of Regulation S-K. Broadcom Limited hereby undertakes to furnish supplementally copies of any omitted schedules upon request by the SEC.
|
+
|
Indicates a management contract or compensatory plan or arrangement.
|
*
|
Certain information omitted pursuant to a request for confidential treatment filed with the SEC.
|
|
|
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Notice of Grant of Performance Share Unit Award
|
|
BROADCOM LIMITED
|
Under the Avago Technologies Limited
|
|
1 Yishun Avenue 7
|
2009 Equity Incentive Award Plan
|
|
Singapore 768923
|
|
|
|
|
GRANTEE NAME
:
|
|
Grant Date:
|
|
GRANTEE ID:
Participant ID
GRANT NUMBER: Client Grant ID
|
|
Number of Performance Share Units:
|
|
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Notice of Grant of Performance Share Unit Award
|
|
BROADCOM LIMITED
|
Under the Broadcom Corporation 2012 Stock Incentive Plan
|
|
1 Yishun Avenue 7
Singapore 768923 |
|
|
|
|
GRANTEE NAME
:
|
|
Grant Date:
|
|
GRANTEE ID:
Participant ID
GRANT NUMBER: Client Grant ID
|
|
Number of Performance Share Units:
|
|
(a)(i)
|
Ordinary Shares cannot be delivered upon vesting of PSUs prior to the first anniversary of the Grant Date. Any Ordinary Shares delivered to you upon vesting of the PSUs on or following the first anniversary of the Grant Date but prior to the second anniversary of the Grant Date
cannot
be transferred prior to either (x) the first anniversary of the date the Ordinary Shares are delivered to you or (y) such earlier date as determined by the Plan Administrator, in its sole discretion, that will not result in negative tax or legal consequences to either the Company or you (such period of time during which transfer is prohibited, the
“Holding Period”
). For the avoidance of doubt, there is no Holding Period for any Ordinary Shares delivered to you on or following the second anniversary of the Grant Date. In the event that you do not comply with
|
(ii)
|
At the expiration of the Holding Period (if applicable), if the Ordinary Shares are listed on any established stock exchange or a national market system, Ordinary Shares cannot be sold (i) during the ten trading sessions preceding and following the date on which the consolidated accounts or annual accounts of the Company are first released to the public, and (ii) during a period (x)
|
Moderselskabet har vedtaget et Performance Share Unit program, der omfatter medarbejdere i Moderselskabet og dettes datterselskaber, herunder Selskabets medarbejdere. Vilkårene for Performance Share Unit-programmet, der også omfatter de Performance Share Units, der tildeles i medfør af Tildelingsaftalen, er fastsat i "Broadcom Corporation 2012 Stock Incentive Plan" (benævnt "
Aktieincitamentsprogrammet
").
|
The Parent Company has adopted a Performance Share Unit program covering the Service Providers of the Parent Company and its subsidiaries, including the employees of the Company. The terms of the Performance Share Unit program, which also include the Performance Share Units granted under the Agreement, appear from the "Broadcom Corporation 2012 Stock Incentive Plan" (the "
Equity Incentive Program
").
|
Vilkårene i Aktieincitamentsprogrammet finder anvendelse på Medarbejderens Performance Share Units, medmindre Tildelingsaftalen fastsætter vilkår, der fraviger vilkårene i Aktieincitamentsprogrammet. I sådanne tilfælde har Tildelingsaftalen vilkår forrang.
|
The terms of the Equity Incentive Program apply to the Service Provider's Performance Share Units, unless the Agreement stipulates terms that deviate from the terms of the Equity Incentive Program. In such situations, the terms of the Agreement shall prevail.
|
Definitioner anvendt i Tildelingsaftalen skal have samme betydning som i Aktieincitamentsprogrammet, medmindre andet følger af Tildelingsaftalen.
|
The definitions of the Agreement shall have the same meaning as the definitions of the Equity Incentive Program, unless otherwise provided by Agreement.
|
1.
PERFORMANCE SHARE UNITS OG VEDERLAG
|
1.
PERFORMANCE SHARE UNITS AND CONSIDERATION
|
1.1
Medarbejderen tildeles løbende Performance share units, der giver Medarbejderen ret til aktier ("
Aktier
") i Moderselskabet og/eller kontantbetaling. De pågældende Performance Share Units tildeles vederlagsfrit.
|
1.1
The Service Provider is granted Performance Share Units on a current basis entitling the Service Provider to shares ("
Ordinary Shares
") in the Parent Company and/or cash payment. The Performance Share Units are granted free of charge.
|
1.2
Værdien pr. aktie, som Performance Share Units’erne repræsenterer vil blive som nærmere fastsat i Tildelingsaftalen.
|
1.2
The value per share that the Performance Share Units represent shall be as specified in the Agreement.
|
2.
ØVRIGE VILKÅR OG BETINGELSER
|
2.
OTHER TERMS AND CONDITIONS
|
2.1
Performance Share Units’erne tildeles ioverensstemmelse med
Aktieincitamentsprogrammet.
|
2.1
The Performance Share Units are granted under the Equity Incentive
Program.
|
2.2
Performance Share Units’erne tildeles efter Administrator af Ordningens skøn og når Administrator af Ordningen måtte beslutte det.
|
2.2
The Performance Share Units are granted at the discretion of the Plan Administrator and at the timing of its discretion.
|
2.3
Performance Share Units’erne optjenes i overensstemmelse med Tildelingsaftalen.
|
2.3
The Performance Share Units shall vest as set forth in the Agreement.
|
2.4
Optjeningen af Performance Share Units er betinget af, at Medarbejderen er ansat i Selskabet i optjeningsperioden, og der hverken tildeles eller optjenes Performance Share Units efter ansættelsesforholdets ophør, uanset årsag hertil,
jf
. dog nedenfor. Optjeningen af Performance Share Units påvirkes ikke af lovreguleret orlov.
|
2.4
The earning of Performance Share Units is conditional on the Service Provider being employed with the Company for the duration of the vesting period and no Performance Share Units are granted or earned after the termination of the employment, regardless of the reason for such termination,
cf
. however below. The earning of Performance Share Units is not influenced by statutory leave.
|
3.
UDNYTTELSE
|
3.
EXERCISE
|
3.1
Efter optjeningsperioden kan Optjente Performance Share Units udnyttes forudsat, at de ikke er bortfaldet efter vilkårene i Tildelingsaftalen og indtil det tidspunkt, hvor sådanne Performance Share Units ophører, bortfalder og/eller fortabes i overensstemmelse med vilkårene i Tildelingsaftalen.
|
3.1
Following vesting, earned Performance Share Units will be exercisable as long as they remain validly outstanding pursuant to the Agreement, until the date such Performance Share Units are terminated, cancelled and/or forfeited pursuant to the terms of the Agreement.
|
3.2
Såfremt (i) Selskabet opsiger Medarbejderens ansættelsesforhold, uden at Medarbejderen har misligholdt ansættelsesforholdet, eller (ii) Medarbejderen opsiger ansættelsesforholdet som følge af Selskabets grove misligholdelse, har Medarbejderen uanset opsigelsen ret til betaling af ikke-optjente og ikke- udbetalte Performance Share Units ioverensstemmelse med Aktieincitamentsprogrammet og Tildelingsaftalen.
|
3.2
In the event that (i) the Company terminates the Service Provider's employment for reasons other than the Service Provider's breach of the employment, or (ii) the Service Provider terminates the employment due to material breach on the part of the Company, the Service Provider is, irrespective of the termination, entitled to settlement of any unvested Performance Share Units remaining unsettled in accordance with the Equity Incentive Program and the Agreement.
|
4.3
Administrator af Ordningens adgang til at regulere Performance Share Units i de i § 4 omhandlede situationer er reguleret af vilkårene i Aktieincitamentsprogrammet. Med hensyn til Administrator af Ordningens generelle adgang til at ændre eller opsige Aktieincitamentsprogrammet, henvises der til artikel fem, punkt IV og punkt 3.7 i Aktieincitamentsprogrammet.
|
4.3
The Plan Administrator’s access to regulation of the Performance Share Units in the situations comprised by this section 4 shall be regulated by the terms and conditions of the Equity Incentive Program. As regards the Plan Administrator’s, general access to amend or terminate the Equity Incentive Program reference is made to the Equity Incentive Program Article Five, Section IV and Section 3.7 of the Agreement.
|
5.
ØKONOMISKE ASPEKTER VED DELTAGELSE I ORDNINGEN
|
5.
THE FINANCIAL ASPECTS OF PARTICIPATING IN THE SCHEME
|
5.1
Performance Share Units’erne er risikobetonede værdipapirer, der er afhængige af aktiemarkedet og Moderselskabets resultater. Som følge heraf er der ingen garanti for, at Performance Share Units’erne udløser en fortjeneste. Performance Share Units’erne skal ikke medregnes ved opgørelsen af feriepenge, fratrædelsesgodtgørelse, godtgørelse eller kompensation fastsat ved lov, pension og lignende.
|
5.1
The Performance Share Units are risky securities the potential value of which is influenced by the market for Ordinary Shares and the Parent Company's results. Consequently, there is no guarantee that the vesting of the Performance Share Units will trigger a profit. The Performance Share Units are not to be included in the calculation of holiday allowance, severance pay, statutory allowance and compensation, pension and similar payments.
|
6.
SKATTEMÆSSIGE FORHOLD
|
6.
TAX MATTERS
|
6.1
De skattemæssige konsekvenser for Medarbejderen som følge af tildelingen af Performance Share Units og den efterfølgende udnyttelse heraf er i sidste ende Medarbejderens ansvar. Selskabet opfordrer Medarbejderen til selvstændigt at indhente rådgivning om den skattemæssige behandling af tildeling og udnyttelse af Performance Share Units.
|
6.1
Any tax consequences for the Service Provider arising out of the Performance Share Units and the exercise thereof are ultimately the responsibility of the Service Provider. The Company encourages the Service Provider to obtain individual tax advice in relation to the effect of grant and vesting of the Performance Share Units.
|
7.
OVERDRAGELSE OG PANTSÆTNING AF OPTIONER MV.
|
7.
TRANSFER AND PLEDGING OF OPTIONS, ETC.
|
7.1
Performance Share Units er personlige.
Ingen rettigheder om betaling for Performance Share Units eller tildeling af Aktier i henhold til Aktieincitamentsprogrammet kan overdrages, overføres, pantsættes eller på anden vis disponeres over af Medarbejderen, frivilligt eller ved udlæg.
|
7.1
The Performance Share Units are personal instruments.
No rights with regard to settlement of Performance Share Units or to receive Ordinary Shares under the Equity Incentive Program may assigned, transferred, pledged or otherwise disposed of in any way by the Service Provider whether voluntarily or by execution.
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Broadcom Limited;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/s/ Hock E. Tan
|
|
Hock E. Tan
|
|
Chief Executive Officer
|
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Broadcom Limited;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/s/ Thomas H. Krause, Jr.
|
|
Thomas H. Krause, Jr.
|
|
Chief Financial Officer and Principal Financial Officer
|
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Broadcom Cayman L.P.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/s/ Hock E. Tan
|
|
Hock E. Tan
|
|
Chief Executive Officer of Broadcom Limited, the Registrant’s sole general partner
|
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Broadcom Cayman L.P.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/s/ Thomas H. Krause, Jr.
|
|
Thomas H. Krause, Jr.
|
|
Chief Financial Officer and Principal Financial Officer of Broadcom Limited, the Registrant’s sole general partner
|
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date:
|
March 9, 2017
|
/s/ Hock E. Tan
|
|
|
|
Hock E. Tan
|
|
|
|
Chief Executive Officer
|
|
|
|
|
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date:
|
March 9, 2017
|
/s/ Thomas H. Krause, Jr.
|
|
|
Thomas H. Krause, Jr.
|
|
|
Chief Financial Officer and Principal Financial Officer
|
|
|
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.
|
Date:
|
March 9, 2017
|
/s/ Hock E. Tan
|
|
|
|
Hock E. Tan
|
|
|
|
Chief Executive Officer of Broadcom Limited, the Registrant’s sole general partner
|
|
|
|
|
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.
|
Date:
|
March 9, 2017
|
/s/ Thomas H. Krause, Jr.
|
|
|
Thomas H. Krause, Jr.
|
|
|
Chief Financial Officer and Principal Financial Officer of Broadcom Limited, the Registrant’s sole general partner
|
|
|
|