Broadcom Inc. Announces First Quarter Fiscal Year 2023 Financial Results and Quarterly Dividend.

SAN JOSE, Calif: Broadcom Inc. (Nasdaq: AVGO), a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, today reported financial results for its first quarter of fiscal year 2023, ended January 29, 2023, provided guidance for the second quarter of its fiscal year 2023 and announced its quarterly dividend.

"Broadcom's first quarter performance reflects continued strength in infrastructure demand across all our end markets," said Hock Tan, President and CEO of Broadcom Inc. "Looking ahead, we are confident our growth will be driven by sustained leadership in next generation technologies across all of our core markets, and strong partnerships with our customers."

"Consolidated revenue grew 16% year-over-year to $8.9 billion and adjusted EBITDA margin increased year-over-year to 64%," said Kirsten Spears, CFO of Broadcom Inc. "We generated $3.9 billion in free cash flow, representing a 16% increase year-over-year, and expect even stronger free cash flow in the second quarter."

First Quarter Fiscal Year 2023 Financial Highlights

GAAP

Non-GAAP

(Dollars in millions, except per share data)

Q1 23

Q1 22

Change

Q1 23

Q1 22

Change

Net revenue

$

8,915

$

7,706

+16 %

$

8,915

$

7,706

+16 %

Net income

$

3,774

$

2,472

+$

1,302

$

4,483

$

3,741

+$

742

Earnings per common share - diluted

$

8.80

$

5.59

+$

3.21

$

10.33

$

8.39

+$

1.94

(Dollars in millions)

Q1 23

Q1 22

Change

Cash flow from operations

$

4,036

$

3,486

+$

550

Adjusted EBITDA

$

5,678

$

4,818

+$

860

Free cash flow

$

3,933

$

3,385

+$

548

Net revenue by segment

(Dollars in millions)

Q1 23

Q1 22

Change

Semiconductor solutions

$

7,107

80 %

$

5,873

76 %

+21 %

Infrastructure software

1,808

20

1,833

24

-1 %

Total net revenue

$

8,915

100 %

$

7,706

100 %

The Company's cash and cash equivalents at the end of the fiscal quarter were $12,647 million, compared to $12,416 million at the end of the prior quarter.

During the first fiscal quarter, the Company generated $4,036 million in cash from operations and spent $103 million on capital expenditures. The Company spent $1,521 million on share repurchases and eliminations, consisting of $1,188 million in repurchases of 2.1 million shares and $333 million of withholding tax payments related to net settled equity awards that vested in the quarter (representing approximately 0.6 million shares withheld).

On December 30, 2022, the Company paid a cash dividend of $4.60 per share, totaling $1,926 million.

The...