"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
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| 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 | ||
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| (Dollars in millions) |
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| Q1 23 |
| Q1 22 |
| Change | |||||||||||||
| Cash flow from operations |
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| $ | 4,036 |
| $ | 3,486 |
| +$ | 550 | ||||||||||
| Adjusted EBITDA |
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| $ | 5,678 |
| $ | 4,818 |
| +$ | 860 | ||||||||||
| Free cash flow |
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| $ | 3,933 |
| $ | 3,385 |
| +$ | 548 | ||||||||||
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| Net revenue by segment |
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| (Dollars in millions) |
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| Q1 23 |
| Q1 22 |
| Change |
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| Semiconductor solutions |
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| $ | 7,107 |
| 80 % |
| $ | 5,873 |
| 76 % |
| +21 % | ||||||
| Infrastructure software |
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| 1,808 |
| 20 |
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| 1,833 |
| 24 |
| -1 % | ||||||
| Total net revenue |
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| $ | 8,915 |
| 100 % |
| $ | 7,706 |
| 100 % |
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