SAN JOSE, Calif., Nov. 9, 2021 /PRNewswire/ -- Broadcom Inc. (Nasdaq: AVGO), a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, today held a Broadcom Software Investor Day, providing an in-depth overview of its infrastructure software and security software solutions.
"Broadcom is continuing to build one of the world's leading enterprise software businesses committed to customer success," said Tom Krause, President, Broadcom Software Group. "We continue to invest in our targeted model of partnering with the largest multinational customers to provide a comprehensive portfolio of industry-leading solutions and generate sustainable revenue. With an addressable market today of more than $100 billion, Broadcom Software has significant opportunities to capitalize on a clear customer need for scalability, agility and security to power their most complex hybrid IT environments and accelerate our long-term growth."
At today's event, Broadcom Software highlighted its:
- Business model highly focused on strategic customers leveraging multiple solutions to drive revenue sustainability and growth: Complimentary product portfolio across infrastructure and security software serving 80% of the Fortune 500 and maximizing partnerships with strategic customers, who represent more than 70%1 of annual recurring revenue and approximately 80%2 of whom are licensed to five or more software solutions.
- Strong recurring revenue base: Broadcom Software generates approximately $5.2 billion3 in annual recurring revenue, of which more than half4 is subscription and has increased more than 25% over the last three quarters. To drive improved visibility, Broadcom Software has grown both average deal duration by increasing multiyear bookings as well as the number of deals that represent more than $1 million of annualized booking value5.
- Successful history of integrating acquired companies and businesses with mission-critical products: Broadcom Software has a successful history of integrating acquired companies and businesses with mission-critical products toward Broadcom's goal of building one of the world's leading enterprise software businesses.
To access a replay of today's Broadcom Software Investor Day and presentation materials, visit Broadcom's Investor Relations website at https://investors.broadcom.com/ under Events & Presentations.
About Broadcom Inc.
Broadcom Inc. (NASDAQ: AVGO) is a global technology leader that designs, develops and supplies a broad range of semiconductor and infrastructure software solutions. Broadcom's category-leading product portfolio serves critical markets including data center, networking, enterprise software, broadband, wireless, storage and industrial. Our solutions include data center networking and storage, enterprise, mainframe and cyber security software focused on automation, monitoring and security, smartphone components, telecoms and factory automation. For more information, go to https://www.broadcom.com.
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements, including statements as to our priorities and goals, business strategy, performance and market opportunities, industry trends, and products and technology development, that are based on our current expectations and beliefs, assumptions made by and information currently available to our management, current market trends and market conditions and that involve risks and uncertainties, many of which are outside our control and may cause actual results to differ materially from those statements. Many of these risks and uncertainties are and will be exacerbated by the COVID-19 pandemic and any worsening of the global business environment as a result. Accordingly, you should not place undue reliance on such statements.
Our recent filings with the Securities and Exchange Commission, including Broadcom's most recent reports on Forms 10-K and 10-Q, include these and other factors that may affect our business, results of operations and financial condition. We undertake no intent or obligation to publicly update or revise any of the estimates and other forward-looking statements made in this announcement, whether as a result of new information, future events or otherwise, except as required by law.
1 ARR (annual recurring revenue) calculations exclude perpetual licenses, hardware, and professional services. Data as of 8/3/2021.
2 Concentration based on ARR (annual recurring revenue), which excludes perpetual licenses, hardware, and professional services. Data as of 8/3/2021. Represents >$25k in each solution to qualify.
3 Calculations based on Q3'FY2021 last 12 months.
4 Calculations based on ARR (annual recurring revenue). Calculations exclude perpetual licenses, hardware, and professional services. Data as of 8/3/2021.
5 Bookings figures exclude professional services and overages. Data for Strategic customers only.
SOURCE Broadcom Inc.