"We are pleased to have two strong drivers of revenue growth for Broadcom in the first quarter and fiscal year 2024. First, our acquisition of VMware is accelerating revenue growth in our infrastructure software segment, as customers deploy VMware Cloud Foundation. Second, strong demand for our networking products in AI data centers, as well as custom AI accelerators from hyperscalers, are driving growth in our semiconductor segment," said Hock Tan, President and CEO of Broadcom Inc. "We reiterate our fiscal year 2024 guidance for consolidated revenue of $50 billion and adjusted EBITDA of $30 billion."
"Consolidated revenue grew 34% year-over-year to $12.0 billion, including the contribution from VMware, and was up 11% year-over-year, excluding VMware. Adjusted EBITDA increased 26% year-over-year to $7.2 billion," said Kirsten Spears, CFO of Broadcom Inc. "Free cash flow, excluding restructuring in the quarter, continued to be strong at $5.4 billion. We have started to pay down debt, beginning with $3 billion to date in 2024, and expect to continue to pay down debt in fiscal year 2024."
First Quarter Fiscal Year 2024 Financial Highlights
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| GAAP |
| Non-GAAP | ||||||||||||||||
(Dollars in millions, except per share data) |
| Q1 24 |
| Q1 23 |
| Change |
| Q1 24 |
| Q1 23 |
| Change | ||||||||
Net revenue |
| $ | 11,961 |
| $ | 8,915 |
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| +34 | % | $ | 11,961 |
| $ | 8,915 |
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| +34 | % | |
Net income |
| $ | 1,325 |
| $ | 3,774 |
| -$ | 2,449 |
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| $ | 5,254 |
| $ | 4,483 |
| +$ | 771 |
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Earnings per common share - diluted |
| $ | 2.84 |
| $ | 8.80 |
| -$ | 5.96 |
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| $ | 10.99 |
| $ | 10.33 |
| +$ | 0.66 |
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| Q1 24 |
| Q1 23 |
| Change | |||
| Cash flow from operations |
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| $ | 4,815 |
| $ | 4,036 |
| +$ | 779 |
| Adjusted EBITDA |
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| $ | 7,156 |
| $ | 5,678 |
| +$ | 1,478 |
| Free cash flow |
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| $ | 4,693 |
| $ | 3,933 |
| +$ | 760 |
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| Net revenue by segment |
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| (Dollars in millions) |
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| Q1 23 |
| Change | |||||||||
| Semiconductor solutions |
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| $ | 7,390 |
| 62 | % | $ | 7,107 |
| 80 | % | +4 | % | ||
| Infrastructure software |
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| 4,571 |
| 38 |
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| 1,808 |
| 20 |
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| +153 | % |
| Total net revenue |
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| $ | 11,961 |
| 100 | % |
| $ | 8,915 |
| 100 | % |
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