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Item 1. Business

2025-12-18 compared with 2024-12-20 · 160 added, 293 removed, 157 unchanged (74% of the section changed)

We are a global technology leader that designs, develops and supplies a broad range of semiconductor and infrastructure software solutions.

Our over 60-year history of innovation dates back to our diverse origins from AT&T/Bell Labs, Lucent and Hewlett-Packard Company, and evolved with LSI Corporation, Broadcom Corporation, Brocade Communications Systems LLC, CA, Inc., Symantec Enterprise Security, and VMware, Inc.

We are a global technology leader that designs, develops and supplies a broad range of semiconductor and semiconductor-based solutions and infrastructure software solutions.

Our more than 60-year history of innovation dates back to our diverse origins from AT&T/Bell Labs, Lucent and Hewlett-Packard Company, and has evolved through acquisitions, including LSI Corporation, Broadcom Corporation, Brocade Communications Systems, Inc., CA, Inc., Symantec Enterprise Security, and VMware, Inc.

Over the years, we have assembled a large team of semiconductor and software design engineers around the world.

We maintain design, product and software development engineering resources at locations in the U.S., Asia, Europe and Israel, providing us with engineering expertise worldwide.

We combine global scale, engineering depth, broad product portfolio diversity, superior execution and operational focus to deliver category-leading semiconductor and infrastructure software solutions.

We develop semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor (“CMOS”) based devices and analog III-V based products.

We offer thousands of products that are used in end products such as enterprise and data center networking, including artificial intelligence (“AI”) networking and connectivity, home connectivity, set-top boxes (“STB”), broadband access, telecommunication equipment, smartphones and base stations, data center servers and storage systems, factory automation, power generation and alternative energy systems, and electronic displays.

We differentiate ourselves through our high-performance design and integration capabilities and focus on developing semiconductor products for target markets where we believe we can earn attractive margins.

Our infrastructure software solutions help enterprises simplify their information technology (“IT”) environments so they can increase business velocity and flexibility, and enable customers to plan, develop, deliver, automate, manage, and secure applications across mainframe, distributed, edge, mobile, and private and hybrid cloud platforms.

Many of the largest companies in the world, including most of the Fortune 500, and many government agencies rely on our software solutions to help manage and secure their on-premises and hybrid cloud environments, private cloud infrastructure and AI data centers.

Our portfolio of industry-leading infrastructure and security software is designed to modernize, optimize, and secure the most complex private and hybrid cloud environments, enabling scalability, agility, automation, insights, resiliency and security, making it easy for customers to run their mission-critical workloads.

We also offer mission-critical fibre channel storage area networking (“FC SAN”) products and related software in the form of modules, switches and subsystems incorporating multiple semiconductor products.

On November 22, 2023, we acquired VMware in a cash-and-stock transaction (the “VMware Merger”), in which VMware stockholders received, in aggregate, approximately $30.8 billion in cash and 544 million shares of Broadcom common stock (on a split adjusted basis) with a fair value of $53.4 billion.

We funded the cash portion of the VMware Merger consideration with net proceeds from the issuance of $30.4 billion in term loans under a credit agreement that we entered into on August 15, 2023, as well as cash on hand.

Following the VMware Merger, we sold VMware’s end-user computing business to KKR & Co.

for cash consideration of $3.5 billion , after working capital adjustments.

With the VMware Merger, we have bolstered our infrastructure software solutions and are able to offer our customers a greater capacity to address complex IT infrastructure issues.

We maintain design, product and software development engineering expertise and resources at locations primarily in the U.S., Asia, and Europe.

We combine global scale, engineering depth, broad product portfolio, superior execution and operational focus to deliver category-leading semiconductor and infrastructure software solutions.

Business Strategy

Our strategy is focused on technology leadership and category-leading semiconductor and infrastructure software solutions delivering a comprehensive suite of innovative infrastructure technology products to the world’s leading business and government customers.

We seek to achieve this through strategic acquisitions of businesses and technologies, as well as extensive internal research and development, to ensure our products retain their technology market leadership.

Our strategy is focused on sustained technology leadership and developing category-leading solutions to deliver a comprehensive suite of innovative infrastructure technology products to the world’s leading business and government customers.

We seek to achieve this through extensive internal research and development, as well as strategic acquisitions of businesses and technologies, to ensure our products retain their technology market leadership.

This strategy results in a robust business model designed to drive diversified and sustainable operating and financial results.

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Semiconductor Solutions

Semiconductors are made by imprinting a network of electronic components onto a semiconductor wafer.

These devices are designed to perform various functions such as processing, amplifying and selectively filtering electronic signals, controlling electronic system functions and processing, and transmitting and storing data.

Our digital and mixed signal products are based on silicon wafers with CMOS transistors offering fast switching speeds and low power consumption, which are both critical design factors for the markets we serve.

We also offer analog products, which are based on III-V semiconductor materials that have higher electrical conductivity than silicon, and thus tend to have better performance characteristics in radio frequency (“RF”), and optoelectronic applications.

III-V refers to elements from the 3rd and 5th groups in the periodic table of chemical elements.

Examples of these materials used in our products are gallium arsenide (“GaAs”) and indium phosphide (“InP”).

Our product portfolio ranges from discrete devices to complex sub-systems that include multiple device types and may also incorporate firmware for interfacing between analog and digital systems.

In some cases, our products include mechanical hardware that interfaces with optoelectronic or capacitive sensors.

We focus on markets that require high quality, leading technology and integrated performance characteristics of our products.

The table below presents our key semiconductor product families and their major end markets and applications.

Major End Markets Major Applications Key Product Offerings

Networking • Data Center, Service Provider, and Enterprise Networking • Ethernet switching and routing silicon

Our semiconductor and semiconductor-based solutions include a broad portfolio of complex digital and mixed signal devices based on silicon wafers with complementary metal oxide semiconductor (“CMOS”) transistors, III-V based devices, network interface cards (“NICs”) and other modules, switches, subsystems and, in some cases, racks.

Our solutions are used in a wide array of environments, end products and applications, such as enterprise and artificial intelligence (“AI”) data centers, servers and networking and connectivity equipment, as well as storage systems, home connectivity devices, set-top boxes (“STB”), broadband access, telecommunication equipment, wireless devices and base stations, factory automation, power generation and alternative energy systems, and electronic displays.

We differentiate ourselves through our high-performance design and integration capabilities, and focus on developing semiconductor products for markets that require our high quality, leading technology and integrated performance semiconductor and semiconductor-based solutions.

Our semiconductor and semiconductor-based solutions also enable our customers to build and deploy AI data center infrastructure for their training and inference workloads and manage the movement of data across their AI network infrastructure based on open, flexible, standards-based Ethernet.

In addition, our solutions enable accelerated compute and networking connectivity at scale, within and across AI server racks and across AI data center sites.

Customers of these solutions are hyperscalers and companies with AI frontier models, as well as original equipment manufacturers (“OEMs”) and system integrators that develop servers, switches and racks deployed in large-scale AI data centers to run training and inference workloads.

Our AI semiconductor solutions include custom accelerators or XPUs, Ethernet switching and routing silicon, Ethernet NICs, physical layer devices (“PHYs”) and optical components, as well as racks and systems based on our XPUs.

We offer our semiconductor and semiconductor-based solutions in five major end markets:

Networking Connectivity, Wireless Device Connectivity, Servers and Storage Systems, Broadband and Industrial.

Below is a description of our key solutions by end market and application.

Networking Connectivity.

Our solutions manage the movement of data in data center, service provider and enterprise networking applications.

We develop semiconductor products that enable accelerated compute and networking connectivity deployed in enterprise and AI data centers and service providers for their workloads.

Our products offer an open, flexible, standards-based Ethernet NIC and switching solution to resolve connectivity bottlenecks in data centers, particularly in AI data centers where compute bandwidth and cluster sizes grow rapidly.

The following products can be used for both AI and non-AI workloads and applications.

• Custom Silicon Solutions :

• Optical and copper PHYs

• Fiber optic transmitter and receiver components

Wireless • Mobile Device Connectivity • RF front end modules and filters

• Wi-Fi, Bluetooth, GPS/GNSS SoCs

• Custom touch controllers

• Inductive charging ASICs

Storage • Servers and Storage Systems • SAS and RAID controllers and adapters

• PCIe switches

• Fibre channel host bus adapters

• Ethernet NIC

• HDD and SSD • Read channel based SoCs;

Custom flash controllers

• Preamplifiers

Broadband • STB and Broadband Access • STB SoCs

• DSL/PON gateways

• DOCSIS cable modem and networking infrastructure

• DSLAM/PON optical line termination

• Wi-Fi access point SoCs

Industrial • Factory Automation, Renewable Energy and Automotive Electronics • Optocouplers

• Industrial fiber optics

• Industrial and medical sensors

• Motion control encoders and subsystems

• Light emitting diodes

• Ethernet PHYs, switch ICs and camera microcontrollers

Data Center, Service Provider, and Enterprise Networking Solutions.

We provide semiconductor solutions for managing the movement of data in data center, service provider, and enterprise networking applications.

Our products offer an enhanced, open, standards-based Ethernet network interface card (“NIC”) and switching solution to resolve connectivity bottlenecks in data centers, particularly in AI data centers where compute bandwidth and cluster sizes grow rapidly.

We provide advanced technology and intellectual property (“IP”) platforms for customers to design and develop application specific integrated circuits (“ASICs”) for AI and high-performance computing, networking and storage applications.

Our custom silicon solutions provide the platform to integrate embedded logic, high-bandwidth memory, serializer/deserializer technology, IP cores and processor cores using advanced packaging technologies.

ASICs are custom products built to our individual customers’ specifications, such as our custom accelerators or XPUs, for hyperscalers, companies with AI frontier models and system integrators, and in some cases used in racks or systems.

• Ethernet Switching & Routing :

Ethernet is a ubiquitous interconnection technology that enables high-performance and cost-effective networking infrastructure.

We offer a broad set of Ethernet switching and routing products that are optimized for AI data center, service provider and enterprise networks.

In the data center market, our high capacity, low latency, switching silicon supports advanced protocols around virtualization and multi-pathing.

We offer a broad set of Ethernet switching and routing products that are optimized for enterprise and AI data center, service provider and enterprise networks.

For our hyperscaler and other customers with AI frontier models, our high capacity, low-latency, switching silicon supports advanced protocols around virtualization and multi-pathing for data centers.

Our Ethernet switching fabric technologies provide the ability to build highly scalable flat networks supporting tens of thousands of servers.

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For enterprise networks, we offer product families with secure, encrypted switching capabilities and support lower power modes that comply with industry standards around energy efficient Ethernet.

• Custom Silicon Solutions:

We provide advanced technology and intellectual property (“IP”) platforms for customers to design and develop application specific integrated circuits (“ASICs”) targeting AI and high-performance computing, networking and storage applications.

Our custom silicon provides the platform to integrate embedded logic, memory, serializer/deserializer (“SerDes”) technology, IP cores and processor cores.

ASICs are custom products built to individual customers specifications.

• Ethernet NIC Controllers :

Our Ethernet NIC controllers are designed for high-performance virtualization, intelligent flow processing, secure data center connectivity and machine learning.

• Physical Layer Devices :

These devices, also referred to as PHYs, are transceivers that enable the reception and transmission of Ethernet data packets over a physical medium such as copper wire or optical fibers.

performance Ethernet transceivers are built upon a proprietary digital signal processing communication architecture optimized for high-speed network connections and support the latest standards and advanced features, such as energy efficient Ethernet, data encryption and time synchronization.

We also offer a range of automotive Ethernet products, including PHYs, switches and camera microcontrollers, to meet growing consumer demand for in-vehicle connectivity and smart vision.

These devices are transceivers that enable the reception and transmission of Ethernet data packets over a physical medium such as copper wire or optical fibers.

Our high-performance Ethernet transceivers are built upon a proprietary digital signal processing (DSP) communication architecture optimized for high-speed network connections and support the latest standards and advanced features, such as energy efficient Ethernet, data encryption and time synchronization.

We also offer a range of automotive Ethernet products, including PHYs, switches and camera microcontrollers for in-vehicle connectivity and smart vision.

• Fiber Optic Components :

We supply a wide array of optical components to the Ethernet networking, storage, and access, metro- and long-haul telecommunication markets.

We supply a wide array of optical components for the Ethernet networking, storage, and access, metro- and long-haul telecommunication markets.

Our optical components enable the high-speed reception and transmission of data through optical fibers.

Mobile Device Connectivity Solutions.

We provide a broad variety of RF semiconductor devices, wireless connectivity solutions, custom touch controllers and inductive charging solutions for the wireless market.

Wireless Device Connectivity Solutions.

We provide leading edge connectivity solutions for the wireless device market.

Our products include radio frequency (“RF”) front-end modules and filters, Wi-Fi/Bluetooth combination chips, custom touch controllers and inductive charging devices.

• RF Semiconductor Devices :

Our RF semiconductor devices selectively filter, as well as amplify and route, RF signals.

Our devices selectively filter, as well as amplify and route, RF signals.

Filters enable modern wireless communication systems to support a large number of subscribers simultaneously by ensuring that the multiple transmissions and receptions of voice and data streams do not interfere with each other.

We were among the first to deliver commercial film bulk acoustic resonator (“FBAR”) filters that offer technological advantages over competing filter technologies, to allow mobile handsets to function more efficiently in today's congested RF spectrum.

FBAR technology has a significant market share within the cellular handset market.

Our RF products include multi-chip module front-end modules that integrate transmit/receive switching and filtering functions for multiple frequency bands, filter modules and discrete filters, all using our proprietary FBAR technology.

Our RF devices include multi-chip front-end modules that integrate transmit/receive switching and filtering functions for multiple frequency bands, filter modules and discrete filters, all using our proprietary commercial film bulk acoustic resonator (“FBAR”) filter technology.

Our expertise in FBAR technology, amplifier design, and module integration enables us to offer industry-leading performance in cellular RF transceiver applications.

• Connectivity Solutions :

Our connectivity solutions include discrete and integrated Wi-Fi and Bluetooth solutions, and global positioning system/global navigation satellite system (“GPS/GNSS”) receivers, designed for use in mobile devices including smartphones, tablets and wearable products.

Wi-Fi allows devices on a local area network to communicate wirelessly, adding the convenience of mobility to the utility of high-speed data networks.

We offer a family of high performance, low power Wi-Fi chipsets.

Bluetooth is a low power technology that enables direct connectivity between devices.

We offer Bluetooth silicon and software solutions that enable manufacturers to easily and cost-effectively add Bluetooth functionality.

Our solutions are designed for use in wireless devices including smartphones, tablets and wearable products.

We offer a family of high performance, low power Wi-Fi chipsets, as well as Bluetooth silicon and software products.

These solutions include combination chips that offer integrated Wi-Fi and Bluetooth functionality, which provides significant performance advantages over discrete solutions.

We also offer a family of GPS, assisted-GPS and GNSS semiconductor products, software and data services.

These products are part of a broader location platform that leverages a broad range of communications technologies, including Wi-Fi, Bluetooth and GPS, to provide more accurate location and navigation capabilities.

• Custom Touch Controllers :

Our touch controllers process signals from touch screens in mobile handsets and tablets.

Our touch controllers process signals from touch screens in wireless devices.

• Inductive Charging ASICs :

Our custom inductive charging ASIC devices offer high efficiency and are highly integrated solutions for mobile and wearable devices.

These products offer high efficiency and are highly integrated solutions for wireless and wearable devices.

Servers and Storage System Solutions.

We provide semiconductor solutions for enabling secure movement of digital data to and from host machines, such as servers, personal computers and storage systems, to the underlying storage devices, such as hard disk drives (“HDD”) and solid-state drives (“SSD”).

• SAS, RAID & PCIe Products:

We provide serial attached small computer system interface (SAS) and redundant array of independent disks (RAID) controller and adapter solutions to server and storage system original equipment manufacturers (“OEMs”).

These solutions enable secure and high-speed data transmission between a host computer, such as a server, and storage peripheral devices, such as HDD, SSD and optical disk drives and disk and tape-based storage systems.

Some of these solutions are delivered as stand-alone semiconductors, typically as a controller.

Other solutions are delivered as circuit boards, known as adapter products, which incorporate our semiconductors onto a circuit board with other features.

Our solutions enable secure movement of digital data to and from host machines, such as servers, personal computers and storage systems, to the underlying storage devices, such as hard disk drives (“HDD”) and solid-state drives (“SSD”).

• PCIe Switches :

Our interconnect semiconductors support the peripheral component interconnect express (“PCIe”) communication standards in both AI and non-AI applications.

PCIe is the primary interconnection mechanism inside modern computing systems.

• SAS & RAID Products :

Our serial attached small computer system interface (“SAS”) and redundant array of independent disks (“RAID”) controller and adapter products enable secure and high-speed data transmission between a host computer, such as a server, and storage peripheral devices, such as HDD and SSD.

RAID technology is a critical part of our server storage connectivity solutions as it provides protection against the loss of critical data resulting from HDD failures.

We also provide interconnect semiconductors that support the peripheral component interconnect express (“PCIe”) communication standards.

PCIe is the primary interconnection mechanism inside computing systems today.

• Fibre Channel Products :

We provide fibre channel host bus adapters, which connect host computers such as servers to FC SANs.

• Ethernet NIC Controllers:

Our Ethernet NIC controllers are designed for high-performance virtualization, intelligent flow processing, secure data center connectivity, and machine learning.

We provide fibre channel host bus adapters that connect host computers such as servers to fibre channel storage area networking (“FC SAN”) products.

• HDD & SSD Solutions :

We provide read channel-based system-on-chip (“SoC”) and preamplifiers to HDD OEMs.

These are the critical chips required to read, write and protect data.

An HDD SoC is an integrated circuit (“IC”) that combines the functionality of a read channel, serial interface, memory and a hard disk controller in a small, high-performance, low-power and cost-effective package.

We provide read channel-based system-on-chip (“SoC”) and preamplifiers that are the critical chips required to read, write and protect data.

An HDD SoC is an integrated circuit (“IC”) that combines the functionality

of a read channel, serial interface, memory and a hard disk controller in a small, high-performance, low-power and cost-effective package.

Read channels convert analog signals that are generated by reading the stored data on the physical media into digital signals.

In addition, we sell preamplifiers, which are complex, high speed, mixed signal devices that enable writing and reading data to and from the HDD heads.

The preamplifier interfaces with the SoC to provide the electronics data path in a HDD.

We also provide custom flash controllers to SSD OEMs.

An SSD stores data in flash memory instead of on a hard disk, providing high speed access to the data.

Flash controllers manage the underlying flash memory in SSDs, performing critical functions such as reading and writing data to and from the flash memory and performing error correction, wear leveling and bad block management.

Our preamplifiers, which are complex, high-speed, mixed signal devices that enable writing and reading data to and from the HDD heads, interface with the SoC to provide the electronics data path in a HDD.

We also provide custom flash controllers that manage the underlying flash memory in SSDs, performing critical functions such as reading and writing data to and from the flash memory and performing error correction, wear leveling and bad block management.

Broadband Solutions.

We provide semiconductor solutions for enabling STBs and broadband access applications.

We provide solutions for enabling STBs and broadband access applications.

• Set-Top Box :

We offer complete SoC platform solutions for cable, satellite, Internet Protocol television, over-the-top and terrestrial STBs.

Our products enable global service providers to introduce new and enhanced technologies and services in STBs, including transcoding, digital video recording functionality, higher definition video processing, increased networking capabilities, and more tuners to enable faster channel change and more simultaneous recordings.

We are also enabling service providers in deploying High Efficiency Video Coding (“HEVC”), a video compression format that is a successor to the H.264/MPEG-4 format.

HEVC enables ultra-high definition (“Ultra HD”) services by effectively doubling the capacity of existing networks to deploy new or existing content.

Our families of STB solutions support the complete range of resolutions, from standard definition to high definition to Ultra HD.

Our solutions enable global service providers to introduce new and enhanced technologies and services in STBs, including transcoding, digital video recording functionality, high definition video processing, increased networking capabilities, and added tuners to enable fast channel change and multiple simultaneous recordings.

• Broadband Access :

We offer complete SoC platform solutions for digital subscriber line (“DSL”), cable, passive optical networking (“PON”) and wireless local area network for both consumer premise equipment (“CPE”) and central office (“CO”) deployments.

We offer complete SoC platform solutions for digital subscriber line, cable, passive optical networking (“PON”) and wireless local area network for both consumer premise equipment (“CPE”) and central office deployments.

Our CPE devices are used in broadband modems, residential gateways and Wi-Fi access points and routers.

Our CO devices, including DSL Access Multiplexer (“DSLAM”), cable modem termination systems and PON optical line termination medium access controllers, are empowering modern operator broadband infrastructure.

Our products enable global service providers to continue deploying next generation broadband access technologies across multiple standards, including G.fast, Data Over Cable Service Interface Specifications (“DOCSIS”), PON and Wi-Fi to provide more bandwidth and faster speeds to consumers.

Factory Automation, Renewable Energy and Automotive Electronic Solutions.

We provide a broad variety of products for the general industrial and automotive markets, including optocouplers, industrial fiber optics, industrial and medical sensors, motion encoders, light emitting diode devices, and Ethernet ICs.

Our solutions enable global service providers to continue deploying next generation broadband access technologies across multiple standards, including G.fast, Data Over Cable Service Interface Specifications, PON and Wi-Fi to provide more bandwidth and faster speeds to consumers.

We provide a broad variety of factory automation, renewable energy and automotive electronic solutions, including optocouplers, industrial fiber optics, industrial and medical sensors, motion encoders, light emitting diode devices, and Ethernet ICs.

Our industrial products are used in a diverse set of applications, spanning industrial automation, power generation and distribution systems, medical systems and equipment, defense and aerospace, and vehicle subsystems including those used in electric vehicle powertrain, infotainment and advanced driver assistance systems.

Infrastructure Software

Our infrastructure software solutions offer customers greater choice and flexibility to build, run, manage, connect and protect applications and data at scale across data center and private and hybrid cloud environments.

The table below presents our software portfolios and their key offerings.

Software Portfolio Portfolio Description Key Portfolio Offerings

Private Cloud • Cloud infrastructure that is ubiquitous, flexible, and integrated across on-premises, edge, public and partner clouds

• VMware Cloud Foundation

• VMware Cloud Foundation Edge

• VMware vSphere Foundation

• Live Recovery

• Telco Cloud Platform

Tanzu • Comprehensive solutions for application development operations and optimization

• Tanzu Platform

• Tanzu Data Solutions

• Tanzu CloudHealth

VeloCloud • Comprehensive software-defined network solutions that enable enterprise edge connectivity and performance over Internet, fixed wireless access and satellite while simplifying deployments and reducing costs

• SD-WAN and SASE

• Fixed Wireless Access

Application Networking and Security • Comprehensive software-defined solutions featuring lateral security that protects VCF application traffic from malware and ransomware, and application load balancing with the only plug-and-play app delivery and security solution for VCF private cloud

• Lateral Security Firewall

• Advanced Threat Protection

• Advanced Load Balancing

Mainframe Software • DevOps, AIOps, Security, Workload Automation, Data Management, Foundational Software Solutions, and Beyond Code programs

• Operational Analytics & Management

• Workload Automation

• Database & Data Management

• Application Development & Testing

• Identity & Access Management

• Compliance & Data Protection

• Security Insights

• Beyond Code programs

Distributed Software • Solutions that optimize the planning, development and delivery of business critical services • ValueOps

Enterprise Security • Comprehensive cybersecurity and compliance solutions that secure against threats and compliance risks by protecting users and data on any app, device, or network • Endpoint Security

• Network Security

• Information Security

• Application Security

• Identity Security

FC SAN Management • Solutions that transform current storage networks with autonomous SAN capabilities

• Fibre Channel Switch

Payment Security • Arcot payment authentication network powered by 3-D Secure • Payment Security Suite

Our infrastructure software solutions help enterprises simplify their information technology (“IT”) environments.

Many of the largest companies in the world, including most of the Fortune 500, and many government agencies rely on our infrastructure and security software solutions to modernize, optimize, and secure the most complex private cloud, hybrid cloud and edge environments.

This enables scalability, agility, automation, insights, resiliency and security, making it easy for customers to run their mission-critical workloads.

We also offer mission-critical FC SAN products and related software in the form of modules, switches and subsystems incorporating multiple semiconductor products.

We offer five major infrastructure software portfolios:

Private Cloud, Mainframe Software, Cybersecurity, Enterprise Software and FC SAN Management.

Below is a description of our key portfolio offerings.

Private Cloud Software Portfolio.

Our private cloud infrastructure software delivers public cloud scale and agility with private cloud security, resilience and performance, and low overall total cost of ownership.

Our VMware software supports customers’ digital innovation with faster infrastructure modernization, a unified cloud experience and better platform security and cyber resiliency.

The full portfolio is available directly from Broadcom, resellers and distributors, hyperscale cloud providers, value-added OEMs and VMware cloud service provider partners.

VMware Cloud Foundation (“VCF”) provides license portability, which enables customers to purchase subscriptions of VCF software and move their VCF environments between on-premises data centers and supported cloud endpoints.

Advanced services for Private AI provide customers with the benefits of AI without having to compromise control of data, privacy, and compliance by bringing the AI model to customers’ data.

VCF delivers integrated, enterprise-class compute, networking, storage, management, and security across any environment.

Our portfolio delivers public cloud scale and agility with private cloud security, resilience and performance, and lower total cost of ownership as compared to native public cloud, providing customers with infrastructure, application and security modernization, private AI as a service and enhanced cyber resilient data.

• VMware Cloud Foundation (“VCF”) :

VCF delivers integrated, enterprise-class compute, networking, storage, management and security across any supported environment.

VCF includes native Kubernetes to support both virtual machines and containerized workloads on a single platform, enables advanced AI and machine learning workloads at enterprise scale and offers integrated data services capabilities.

Our solutions enhance our customers’ ability to continuously optimize performance and costs, protect the

business from threats and enable the business to focus on outcomes instead of operations through advanced observability and insights.

Our solutions enhance our customers’ ability to continuously optimize performance and costs, protect the business from threats and enable the business to focus on outcomes instead of operations through advanced observability and insights.

Our customers may select additional advanced services, such as VMware vDefend, VMware Avi Load Balancer, VMware Tanzu Platform, VMware Private AI and VMware Live Recovery, as well as business process workload automation and network observability solutions.

• VMware Cloud Foundation Edge :

The edge compute stack designed to deliver frictionless management of edge apps and infrastructure across many sites with limited resources.

It efficiently manages infrastructure and applications at dispersed sites.

• vSphere Foundation IT Infrastructure Optimization:

vSphere Foundation supports modern IT requirements by boosting operational efficiency, elevating security and supercharging workload performance, all in support of accelerating innovation.

• Private AI:

This solution enables organizations to use generative AI technologies while addressing privacy and compliance needs of the organization.

• Live Recovery:

This solution helps organizations combat the evolving threat landscape through solutions and technologies that enable organizational resilience through rapid recovery of applications, data and critical business services.

This solution is designed to deliver frictionless management of edge apps and infrastructure across many sites with limited resources.

• VMware vSphere Foundation :

This software-defined solution provides compute, storage, networking and intelligent operations to help customers run modern applications on their existing infrastructure without added complexity.

• Telco Cloud Platform :

This solution supports network operations for telecom operators and communications service providers to modernize their infrastructure and allows them to create monetizable services.

The modernization of the telecom infrastructure is critical to enabling operational agility, onboarding and delivering services much faster across domains and simplifying operations with automation.

Tanzu Software Portfolio.

Our application development, operations and optimization solutions help leading enterprises deliver highly performant applications and best-in-class user experiences.

• Tanzu Platform:

This cloud native application platform accelerates software delivery, providing platform engineering teams with enhanced governance and operational efficiency while reducing toil and complexity for development teams.

Tanzu Platform includes access to content including enterprise-ready curated distributions of open source software technologies used for storing and processing data.

It also includes Tanzu AI Solutions, a set of capabilities that help application teams deliver generative AI-powered, intelligent applications quickly, safely, and at scale.

Tanzu Platform also offers teams full-stack visibility from applications to infrastructure and efficient modern application lifecycle management across public and private clouds with Cloud Foundry and/or with any conformant Kubernetes.

• Tanzu Data:

A suite of data services that provides advanced analytical data warehouse capabilities and real-time transactions and processing at massive scale with an in-memory data grid with vector database capabilities for AI use cases.

• Tanzu CloudHealth:

This solution simplifies financial management, streamlines operations, and improves organizational collaboration across the multi-cloud environment.

• Tanzu Labs:

This service provides hands-on cloud native consulting services to help customers move software to production while strengthening platform engineering skills.

VeloCloud Portfolio.

VeloCloud provides networking solutions to connect, secure and optimize workloads across distributed locations.

By combining our VeloRAIN (Robust AI Networking) architecture with seamless connectivity and outcome-based quality of service, VeloCloud provides users and devices with compute and connectivity to optimize performance, security and reliability across fixed or mobile environments, while simplifying operations.

• SD-WAN and SASE :

Our SD-WAN (software-defined wide area network) solution, whether a part of our SASE (secure access service edge) architecture offering or standalone, provides a platform for enterprises to distribute modern applications and advanced AI systems while delivering security and ubiquity of access for distributed applications.

Our SD-WAN or SASE solutions bring software-defined networking, security and AIOps together to support ubiquitous access across fiber, cellular and satellite for optimal performance and availability for modern applications.

Our architecture uses AI or machine learning to improve the performance and security of distributed workloads.

• Fixed Wireless Access :

This solution provides enterprises with reliable 5G connectivity to businesses and enterprise branches at the edge while optimizing the network through intelligence and network programmability.

Application Networking and Security Software Portfolio.

Our application networking and security software delivers zero-trust lateral security and load balancing solutions enabling global digital organizations to combat malware and ransomware.

These software-defined solutions provide distributed and scale-out architectures, deep visibility, plug-and-play operations and self-service consumption.

Customers can deploy our solutions at speed and operate them at scale across all their private cloud applications, which can reduce the total cost of ownership.

• Lateral Security Firewall:

This solution enables access control for applications, protects against lateral movement of threats and provides security policy recommendations based on the workloads, and enables isolation of sensitive applications for enhanced regulatory compliance.

• Advanced Threat Prevention:

This solution integrates multiple threat detection and prevention technologies to deliver comprehensive protection from malware and ransomware attacks, including utilizing behavior-based techniques and advanced correlations to identify lateral threat movement and ransomware threat campaigns.

• Advanced Load Balancing:

This solution simplifies and accelerates application deployments and enhances application availability and resiliency to deliver load balancing at the speed of applications, allowing customers to leverage built-in automation to deploy load balancing as code as part of DevOps workflows for rapid infrastructure roll out.

This solution, built on VCF, supports network operations for telecom operators and communications service providers to modernize their infrastructure and allows them to create monetizable 5G and cloud services among others.

This modernization is critical to enabling operational agility, onboarding and delivering services faster across domains while simplifying operations with automation.

• VMware Private AI :

This capability, when added to VCF, enables the use of generative AI technologies while addressing data privacy and compliance needs of our customers.

• VMware Live Recovery :

Our disaster and ransomware recovery advanced service helps VCF customers to combat the evolving threat landscape through solutions and technologies that enable organizational resilience through rapid recovery of applications, data and critical business services.

• Application Networking and Security Portfolio :

Our portfolio delivers zero-trust lateral security and modern load balancing solutions enabling global digital organizations to combat malware and ransomware as well as ensure resilient application delivery.

These software-defined solutions provide distributed and scale-out architectures, deep application-level visibility, plug-and-play operations and self-service consumption.

Customers can deploy our solutions at speed and operate them at scale across all their private cloud applications.

Both VMware vDefend and VMware Avi Load Balancer solutions are available as advanced services for VCF.

• Application Development and Data Services Portfolio :

Our Tanzu solutions provide an AI application development platform with built-in best practices, configurations and optimizations that allow developers to focus on building and deploying applications.

Our solutions further enable application and AI teams to gain access to low-latency, real-time data whether on-premises or in the cloud to build AI applications that drive business value.

VMware Tanzu Platform is also available as an advanced service for VCF.

Mainframe Software Portfolio.

Our mainframe software provides market-leading DevOps, AIOps, Cybersecurity, Workload Automation, Data Management, and Foundational Software solutions which enable customers to embrace open tools and technologies, innovate with their mainframe as part of their hybrid environment, and extend the value of their mainframe investments.

Our commitment to partnering with our customers goes beyond products and technology.

Through our unique Beyond Code programs we address challenges such as skills development, staffing, change management and cost-saving initiatives that drive greater overall business success with the platform.

• Operational Analytics & Management :

These solutions combine big data, machine learning and AI with mainframe expertise to deliver meaningful and actionable insights to augment and automate day-to-day operations and deliver exceptional customer experiences.

• Workload Automation:

These solutions reduce manual effort by enabling customers to proactively optimize resources and orchestrate automation across enterprise applications and systems.

Our portfolio includes AIOps & Automation, Database & Data Management, DevX & DevOps, Cybersecurity & Compliance and Foundational & Open Mainframe solutions that enable customers to innovate with their mainframe as part of their hybrid environment, and amplify the value of their mainframe investments through open tools and technologies.

• AIOps & Automation :

These solutions combine an integrated platform for unifying tools, workflows and data across diverse sources to deliver end-to-end visibility into enterprise applications, enabling enhanced issue detection and streamlined remediation.

Machine learning capabilities reduce complexity and deliver meaningful and actionable insights to augment and automate day-to-day operations.

• Databases & Data Management :

These high-performance databases and management tools store, organize, and manage mainframe data to ensure optimal performance, efficient administration, and reliability of critical systems.

Customers can also manage their mainframe data storage using modern mainframe solutions that securely store data on any device that customers choose, including the cloud.

These high-performance tools store, organize and manage mainframe data enabling optimal performance, efficient administration, and reliability of critical systems.

Customers can also manage their mainframe data storage using solutions that securely store data on any device, including the cloud.

These software-only solutions are designed to save on costs and maintain confidence in data security.

• Application Development & Testing :

These solutions enable customers to accelerate software delivery while increasing code quality through the use of our agile processes and tools, and DevOps solutions.

Our open-first strategy helps customers modernize their mainframe environment through the use of open source and open application programming technologies across people, process, tooling and applications, resulting in greater synergy and alignment with their corporate IT environment.

• Identity & Access Management :

These solutions manage mainframe access and elevate it with modern practices such as multi-factor authentication and privileged user management, and support all external security managers.

• Compliance & Data Protection :

These solutions protect crucial mainframe data to ensure compliance, identify risk, proactively respond to potential threats, and reduce those risks to lighten the load on security management with automated identification and authorization cleanup.

• Security Insights Platform :

This solution helps ensure a trusted environment for customers and their employees by quickly interpreting and assessing mainframe security posture, identifying risks and developing remediation steps on an ongoing and ad hoc basis.

This data is available for use with in-house tools for security information and event management.

• DevX & DevOps :

These solutions enable customers to accelerate software delivery while increasing code quality using our agile processes and tools.

Our open-first strategy helps customers modernize their mainframe environment using open source and open application programming technologies across people, process, tooling and applications, resulting in greater synergy and alignment with their corporate IT environment.

• Cybersecurity & Compliance Management :

Our security solutions are designed to align the customer’s mainframe platform with its enterprise security control mandates by managing mainframe access and using enhanced security practices such as multi-factor authentication and privileged user management, and supporting external security managers.

Our solutions further protect crucial mainframe data to enable compliance, identify risk, proactively respond to potential threats and reduce those risks to lighten the load on security management with automated identification and authorization cleanup.

• Beyond Code Programs :

These value-added offerings help ensure our customers get the most out of their mainframe investments.

These offerings unlock additional value for organizations in areas such as educating and upskilling the workforce, providing expert guidance and support for change events, and uncovering opportunities to improve efficiency and save costs.

Distributed Software Portfolio.

Our distributed software solutions enable global enterprises to optimize the planning, development and delivery of software, powering their business-critical digital services.

Our solutions are designed to enable customers to innovate, improve customer experience, and drive profitability by aligning business, development, and operational teams.

Our products, organized in the domains of ValueOps, DevOps, and AIOps, deliver end-to-end visibility across all stages of the digital lifecycle and help our customers realize better business outcomes and better experiences for their customers.

This solution delivers value stream management capabilities that enable customers to schedule, track, and manage work throughout its lifecycle from investment planning to execution.

It aligns business and development teams across the enterprise, increasing transparency, reducing inefficiencies, and improving time to value.

This solution offers capabilities that empower users of our agile processes and tools to track development progress and deploy releases confidently with assurance of feature completeness, high-quality and reduced risk.

Key stakeholders have a single view of key insights into release progress, health, quality, defect trends, and metrics that drive focus, gauge readiness, and help to ensure successful, quality releases.

This solution combines application, infrastructure and network monitoring and correlation with intelligent remediation capabilities to help customers create more resilient production environments and improve customer experience.

Enterprise Security Portfolio.

Our Enterprise Security solutions help organizations and governments secure against threats and compliance risks by protecting their users and data on any app, device, or network.

Our integrated cyber defense approach simplifies cybersecurity with comprehensive solutions designed to secure critical business assets across on-premises and cloud infrastructures.

Enterprise Security solutions utilize rich threat intelligence from a global network of security engineers, threat analyst and researchers, as well as advanced AI and machine learning engines, enabling customers to protect data, connect authorized users with trusted applications, and detect and respond to the most advanced targeted attacks.

These programs help our customers get the most out of their mainframe investments through educating and upskilling their workforce, providing expert guidance and support for change events, and uncovering opportunities to improve efficiency and save costs.

• Foundational & Open Mainframe Solutions :

Our foundational mainframe solutions deliver mission-critical core capabilities including security, automation, operations and resilience that enterprises rely on to ensure mainframes run at peak performance.

Our open mainframe solutions extend these strengths by providing modern, API-driven, cloud-integrated tools that open the mainframe to hybrid IT environments and contemporary developer practices.

Cybersecurity Portfolio.

Our solutions utilize threat intelligence from a global network of security engineers, threat analyst and researchers, as well as advanced AI and machine learning engines, enabling customers to protect data, connect authorized users with trusted applications, protect data on any app, device or network across on-premises and cloud infrastructures, and detect and respond to advanced targeted attacks.

• Endpoint Security :

Endpoints are the critical last line of defense against cyber attackers.

Our Symantec and Carbon Black endpoint security solutions prevent, detect and respond to emerging threats across all devices and operating systems including laptops, desktops, tablets, mobile phones, servers and cloud workloads through an AI driven security console and single agent.

Our Symantec and Carbon Black endpoint security solutions are designed to prevent, detect and respond to emerging threats across all devices and operating systems including laptops, desktops, wireless devices, servers and cloud workloads through an AI-driven security console and single agent solutions.

• Network Security :

Email and web access are the lifeblood and essential communication means for every modern organization.

We have a full array of network security solutions, as well as a shared set of advanced threat protection technologies to stop inbound and outbound threats targeting end users, information and key infrastructure.

Our array of network security solutions, as well as advanced threat protection technologies, are designed to stop inbound and outbound threats targeting end users, information and key infrastructure.

• Information Security :

Information protection and compliance is critical to managing risk.

We offer integrated information security solutions, based on an efficient, single-policy that can be applied across the entire environment, to help organizations identify and protect risky users, applications and their most sensitive data everywhere across endpoints, on-premises networks, cloud services and private applications.

Our integrated information security solutions, based on an efficient, single-policy framework that can be applied across the entire environment, are designed to aid customers in identifying risky users and applications, and protecting their most sensitive data everywhere across endpoints, on-premises networks, cloud services and private applications.

• Application Security :

Applications are increasingly targeted by cyber attackers.

Our solutions secure critical systems, prevent unwanted changes, and ensure continuous compliance with regulatory mandates.

Carbon Black solutions employ a positive security model that secures often overlooked use cases such as end-of-life operating systems, critical systems, fixed function devices, and air-gapped systems.

• Identity Security:

User identities are under attack by cyber criminals hoping to exploit their access and privileges and do harm.

Our solution mitigates these attacks by positively identifying legitimate users, enforcing granular access control policies, and streamlining access governance to prevent unauthorized access to sensitive resources and data.

Our solutions are designed to secure critical systems, prevent unwanted changes and provide continuous compliance with regulatory mandates.

Our Carbon Black solutions employ a positive security model that secures often overlooked use cases such as end-of-life operating systems, critical systems, fixed function devices and air-gapped systems.

• Identity & Access Management :

Our solution mitigates the risk of cyber criminals gaining unauthorized access to sensitive resources and data through exploitation of user access and privileges by positively identifying legitimate users, enforcing granular access control policies, and streamlining access governance.

Enterprise Software Portfolio.

Our solutions enable global enterprises to optimize the planning, development and delivery of software, powering their business-critical digital services by aligning business, development, and operational teams.

Our portfolio, organized in the domains of AIOps, Automation and Network Observability, DevOps, and Value Stream Management, delivers end-to-end visibility across all stages of the digital lifecycle.

FC SAN Management.

We also offer mission-critical FC SAN products designed to help customers reduce the cost and complexity of managing business information within a shared data storage environment, enabling high levels of availability of mission-critical applications in the form of modules, switches and subsystems incorporating multiple semiconductor products.

Our mission-critical FC SAN products are designed to help customers reduce the cost and complexity of managing business information within a shared data storage environment, enabling high levels of availability of mission-critical applications in the form of modules, switches and subsystems incorporating multiple semiconductor products.

We deliver reliable and simplified management of these FC SAN products through our software-based management tools designed to maximize uptime, dramatically simplify storage area networking deployment and management, and provide high levels of visibility and insight into the storage network.

Our Brocade Fibre Channel switch products provide interconnection, bandwidth and high-speed switching between servers and storage devices which are in a FC SAN.

Payment Security Portfolio.

Our payment security suite is a software as a service (“SaaS”)-based payment authentication service to help banks and merchants protect against fraud and ensure a hassle-free online shopping experience for their customers.

Research and Development

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However, we opportunistically seek to enhance our capabilities through the acquisition of engineers with complementary research and development skills and complementary technologies and businesses.

We focus our research and development efforts on the development of mission-critical, innovative, sustainable and higher value product platforms and those that improve the quality and stability in our broadly deployed products.

We focus our research and development efforts on the development of mission-critical, innovative, retentive and higher value product platforms and those that improve the quality and stability in our broadly-deployed products.

We leverage our design capabilities in markets where we believe our innovation and reputation will allow us to earn attractive margins by developing high value-add products.

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We also invest in process development and improvements to product features and functions, as well as fabrication capabilities to optimize processes for devices that are manufactured internally.

Our field application engineers, design engineers, and product and software development engineers are located in many places around the world, and in many cases, near our top customers.

Our field application engineers, design engineers, and product and software development engineers are located around the world, and in many cases, near our top customers.

This enhances our customer reach and our visibility into new product opportunities and, in the case of our semiconductor customers, enables us to support our customers in each stage of their product development cycle, from the early stages of production design to volume manufacturing and future growth.

By collaborating with our customers, we have opportunities to develop high value-added, customized products for them that leverage our existing technologies.

We anticipate that we will continue to make significant research and development investments in order to maintain our competitive position, and to ensure a continuous flow of innovative and sustainable product platforms.

By collaborating with our customers, we have opportunities to develop high value-added, customized products and solutions for them that leverage our existing technologies.

Customers, Sales and Distribution

We sell our products through our direct sales force and a select network of distributors and channel partners globally.

Distributors and OEMs, or their contract manufacturers, typically account for the substantial majority of our semiconductor sales.

We sell our products and solutions through our direct sales force and a select network of distributors and channel partners globally.

Distributors and OEMs, or their contract manufacturers (“CMs”), typically account for the substantial majority of our semiconductor sales.

A relatively small number of customers account for a significant portion of our net revenue.

Sales to distributors accounted for 48% and 57% of our net revenue for fiscal years 2024 and 2023, respectively.

We believe aggregate sales to our top five end customers, through all channels, accounted for approximately 40% and 35% of our net revenue for fiscal years 2024 and 2023, respectively.

Sales to distributors accounted for 48% of our net revenue for each of the fiscal years 2025 and 2024.

We believe aggregate sales to our top five end customers, through all channels, accounted for approximately 40% of our net revenue for each of the fiscal years 2025 and 2024.

We expect to continue to experience significant customer concentration in future periods.

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Many of our semiconductor customers design products in North America or Europe that are then manufactured in Asia.

To serve customers around the world, we have strategically developed relationships with large global electronic component distributors, complemented by a number of regional distributors with customer relationships based on their respective product ranges.

We also sell our products to a wide variety of OEMs or their contract manufacturers.

To serve customers around the world, we have strategically developed relationships with large global electronic component

distributors, complemented by a number of regional distributors with customer relationships based on their respective product ranges.

We also sell our products to a wide variety of OEMs or their CMs.

We have established strong relationships with leading OEM customers across multiple target markets.

Our direct sales force focuses on supporting our large OEM customers, and has specialized product and service knowledge that enables us to sell specific offerings at key levels throughout a customer’s organization.

Certain customers require us to contract with them directly and with specified intermediaries, such as contract manufacturers.

Certain customers require us to contract with them directly and with specified intermediaries, such as CMs.

Many of our major customer relationships have been in place for many years and are often the result of years of collaborative product development.

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This collaboration has provided us with key insights into our customers' businesses and has enabled us to be more efficient and productive and to better serve our target markets and customers.

Many of our customers and their contract manufacturers often require time critical delivery of our products to multiple locations around the world.

Many of our customers and their CMs often require time-critical delivery of our products to multiple locations around the world.

With sales offices located in various countries, our primary warehouse in Malaysia, and dedicated regional customer support call centers, where we address customer issues and handle logistics and other order fulfillment requirements, we believe we are well-positioned to support our customers throughout the design, technology transfer and manufacturing stages across all geographies.

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The majority of our front-end wafer manufacturing operations is outsourced to external foundries, including Taiwan Semiconductor Manufacturing Company Limited (“TSMC”).

We use third-party contract manufacturers for a significant majority of our assembly and test operations, including TSMC, Advanced Semiconductor Engineering, Inc., Foxconn Technology Group, Amkor Technology, Inc.

We use third-party CMs for a significant majority of our assembly and test operations, including TSMC, Advanced Semiconductor Engineering, Inc., Foxconn Technology Group, Amkor Technology, Inc.

and Siliconware Precision Industries Co., Ltd.

We use our internal fabrication facilities for products utilizing our innovative and proprietary processes, such as our FBAR filters for wireless communications and our vertical-cavity surface emitting laser and side emitting lasers based on GaAs and InP lasers for fiber optic communications, while outsourcing commodity processes such as standard CMOS.

We use our internal fabrication facilities for products utilizing our innovative and proprietary processes, such as our FBAR filters for wireless communications and our vertical-cavity surface emitting laser and side emitting lasers based on gallium arsenide (“GaAs”) and indium phosphide (“InP”) lasers for fiber optic communications, while outsourcing commodity processes such as standard CMOS.

By doing so, we can protect our IP and accelerate time to market for our products.

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Our competitors range from large international companies offering a wide range of products to smaller companies specializing in narrow markets.

The competitive landscape is changing as a result of a trend toward consolidation within many industries, as some of our competitors have merged with or been acquired by other competitors, while others have begun collaborating with each other.

We expect this consolidation trend to continue.

We expect competition in the markets in which we participate to continue to increase as existing competitors improve or expand their product offerings and as new companies enter the market.

We expect the trend toward consolidation within many industries to continue, as some of our competitors have merged with or been acquired by other competitors, while others have begun collaborating with each other.

We also expect competition in these markets to continue to increase as existing competitors improve or expand their product offerings and as new companies, including some of our customers, enter the markets.

Additionally, our ability to compete effectively depends on a number of factors, including:

quality, technical performance, price, product features, product system compatibility, system-level design capability, engineering expertise, responsiveness to customers, new product innovation, product availability, delivery timing and reliability, and customer sales and technical support.

In semiconductor solutions, we compete with integrated device manufacturers, fabless semiconductor companies and the internal resources of large integrated OEMs, such as Advanced Micro Devices, Inc., Amlogic Inc., Analog Devices, Inc., Cisco Systems, Inc., Coherent Corp., Hamamatsu Photonics K.K., Heidenhain Corporation, iC-Haus GmbH, Intel Corporation, Lumentum Holdings Inc., MACOM Technology Solutions Holdings, Inc., Marvell Technology, Inc., MaxLinear, Inc., MediaTek Inc., Microchip Technology Incorporated, Mitsubishi Electric Corporation, Murata Manufacturing Co., Ltd., NVIDIA Corporation, NXP Semiconductors N.V., ON Semiconductor Corporation, OSRAM Licht AG, Qorvo, Inc., Qualcomm Inc., Realtek Semiconductor Corp., Renesas Electronics Corporation, Skyworks Solutions, Inc., STMicroelectronics N.V., Sumitomo Corporation, Synaptics Incorporated, Texas Instruments, Inc., TDK-EPC Corporation, Toshiba Corporation, and Wolfspeed, Inc.

(f/k/a Cree, Inc.).

In infrastructure software, we compete with large enterprise software vendors who continue to expand their product and service offerings and consolidate offerings into broad product lines, and smaller, niche players focused on specific markets, such as Atlassian Corporation, Plc, BeyondTrust Corporation, BMC Software Inc., Cisco Systems, Inc., CrowdStrike Holdings, Inc., CyberArk Software, Ltd., Dino-Software Corporation, Fortinet, Inc., Hewlett Packard Enterprise Company, International Business Machines Corporation, Microsoft Corporation, New Relic, Inc., OpenText Corporation, Oracle Corporation, Palo Alto Networks, Inc., Proofpoint, Inc., Rocket Software, Inc., SailPoint Technologies Holdings, Inc., Salesforce.com, Inc., ServiceNow, Inc., SolarWinds Corporation, Versa Networks, Inc., and Zscaler, Inc.

quality, technical performance, price, product features, product system compatibility, system-level design capability,

engineering expertise, responsiveness to customers, new product innovation, product availability, delivery timing and reliability, and customer sales and technical support.

Competitors in semiconductor solutions include integrated device manufacturers, fabless semiconductor companies and the internal resources of large integrated OEMs.

In infrastructure software, we compete with large enterprise software vendors that provide cloud, security, mainframe, enterprise and other software solutions, many of whom continue to expand their product and service offerings and consolidate offerings into broad product lines, and others who are smaller, niche players focused on specific markets.

Intellectual Property

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We believe our current product expertise, key engineering talent and IP portfolio provide us with a strong platform from which to develop application specific products in key target markets.

As of November 3, 2024, we had 20,870 U.S.

As of November 2, 2025, we had approximately 19,000 U.S.

and other patents and 2,170 U.S.

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With respect to any IP rights claims against us or our customers or distributors, we may be required to defend ourselves or our customers or distributors in litigation, cease manufacturing the infringing products, pay damages, expend resources to develop non-infringing technology, seek a license which may not be available on commercially reasonable terms or at all, or relinquish patents or other IP rights.

In addition, the proprietary portions of our source code for our infrastructure software products are protected both as a trade secret and as copyrighted works.

Except with respect to software components that are subject to open source licenses, our customers do not generally have access to the source code for our products.

Rather, on-premises customers typically access only the executable code for our products, and SaaS customers access only the functionality of our SaaS offerings.

In addition, the proprietary portions of our source code for our infrastructure software are protected both as a trade secret and as copyrighted works.

Except with respect to software components that are subject to open source licenses, our customers do not generally have access to the source code for our software.

Rather, on-premises customers typically access only the executable code for our software, and SaaS customers access only the functionality of our SaaS offerings.

Under certain contingent circumstances, some of our customers are beneficiaries of a source code escrow arrangement that would enable them to obtain a limited right to access and use our source code if specific conditions are met.

Our continued success depends on our ability to attract, motivate and retain our workforce in a highly competitive labor market.

Specifically, as the source of our technological and product innovations, our engineering and technical personnel are a critical asset.

As the source of our technological and product innovations, our engineering and technical personnel are a critical asset.

We measure our employees’ engagement by our voluntary attrition rate and employee feedback.

Our global voluntary attrition rates in fiscal year 2024 were approximately 2.9% (excluding employees who joined Broadcom as a result of the VMware Merger) and approximately 6.2% (including employees who joined Broadcom as a result of the VMware Merger), which are both below the technology industry benchmark (AON, 2024 Salary Increase and Turnover Study — Second Edition, September 2024).

Our global voluntary attrition rate in fiscal year 2025 was approximately 4.1%, which is below the technology industry benchmark (AON, 2025 Salary Increase and Turnover Study — First Edition, May 2025).

We also track the portion of our workforce in research and development roles.

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We are subject to regulation by the U.S.

Occupational Safety and Health Administration and similar health and safety laws in other jurisdictions.

Occupational Safety and Health Administration and similar environmental, health and safety laws in other jurisdictions.

We believe that our properties and operations at our facilities comply in all material respects with applicable environmental laws and worker health and safety laws.

However, the risk of environmental liabilities cannot be completely eliminated and there can be no assurance that the application of environmental, health and safety laws to our business will not require us to incur significant expenditures.

In addition, our business is subject to various import/export regulations, such as the U.S.

Export Administration Regulations, and applicable executive orders, and rules of industrial standards bodies, like the International Organization for Standardization, as well as regulation by other agencies, such as the U.S.

Federal Trade Commission (“FTC”).

regulations and orders are complex, may change frequently and with limited notice, have generally and may continue to become more stringent over time.

We may incur significant expenditures in future periods as a result.

Our semiconductor manufacturing operations and research and development involve the use of hazardous substances and are regulated under international, federal, state and local laws governing health, safety and the environment.

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We are also regulated under a number of international, federal, state and local laws regarding recycling, product packaging and product content requirements, including legislation enacted in the U.S., European Union and China, among a growing number of jurisdictions, which have placed greater restrictions on the use of lead, among other restricted substances, in electronic products, which affects materials composition and semiconductor packaging.

Historically, our net revenue has typically been higher in the second half of the fiscal year than in the first half, primarily due to seasonality in our wireless communications products.

These products have historically experienced seasonality due to launches of new mobile devices manufactured by our OEM customers.

However, from time to time, typical seasonality and industry cyclicality are overshadowed by other factors such as wider macroeconomic effects, the timing of customer deployments, significant product transitions and launches by large OEMs, particularly with our AI and wireless communications products.

We have a diversified business portfolio and we believe that our overall revenue is less susceptible to seasonal variations as a result of this diversification.

In addition, our business is subject to various import/export regulations, such as the U.S.

Federal Trade Commission.

These laws, regulations and orders are complex, may change frequently and with limited notice, have generally and may continue to become more stringent over time.

We may incur significant expenditures in future periods as a result.

For additional information about governmental regulations applicable to our business, see Item 1A.

Risk Factors in this Annual Report on Form 10-K.

Available Information

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Tan has served as our President and Chief Executive Officer since March 2006.

He was President and Chief Executive Officer at Integrated Circuit Systems, Inc.

(“ICS”), a publicly traded timing solutions IC company, from 1999 until its acquisition by Integrated Device Technology, Inc.

He also served in a number of executive positions at ICS, including Chief Operating Officer from 1996 to 1999 and Senior Vice President and Chief Financial Officer from 1995 to 1999.

He was President and Chief Executive Officer at Integrated Circuit Systems, Inc., a publicly traded timing solutions IC company, from 1999 until its acquisition by Integrated Device Technology, Inc.

He also served in various executive roles at ICS, including as Chief Operating Officer from 1996 to 1999 and Senior Vice President and Chief Financial Officer from 1995 to 1999.

He was Vice President of Finance at Commodore International, Ltd.

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and General Motors Corporation.

He was also managing director of Pacven Investment, Ltd., a venture capital fund in Singapore, from 1988 to 1992, and was managing director of Hume Industries Ltd.

He was managing director of Pacven Investment, Ltd., a venture capital fund in Singapore, from 1988 to 1992, and was managing director of Hume Industries Ltd.

in Malaysia from 1983 to 1988.

He also has served as a Member of the President’s National Security and Telecommunications Advisory Committee since 2020.

Spears has served as our Chief Financial Officer and Chief Accounting Officer since December 2020.

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She held several management positions in accounting and reporting at LSI from 1997 to 2007.

She also worked for PriceWaterhouseCoopers prior to joining LSI.

She also worked for PricewaterhouseCoopers LLP prior to joining LSI.

Brazeal has served as our Chief Legal and Corporate Affairs Officer since December 2021.

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He held several senior legal positions at Broadcom Corporation from 2000 to 2014, including Senior Vice President and Senior Deputy General Counsel in charge of all commercial, operational, IP licensing and litigation matters.

He was also an attorney in the transactional and IP groups at the law firms of Wilson Sonsini Goodrich & Rosati, Yuasa & Hara and Howrey & Simon prior to joining Broadcom Corporation.

Kawwas has served as our President, Semiconductor Solutions Group since July 2022.

He was also an attorney in the transactional and IP groups at the law firms of Wilson Sonsini Goodrich & Rosati PC, Yuasa & Hara and Howrey & Simon LLP prior to joining Broadcom Corporation.

Kawwas, Ph.D.

has served as our President, Semiconductor Solutions Group since July 2022.

He served as our Chief Operating Officer from December 2020 to July 2022, Senior Vice President and Chief Sales Officer from June 2015 to December 2020 and Senior Vice President, Worldwide Sales from May 2014 to June 2015.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business