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

SAN JOSE, Calif., March 2, 2023 — (PRNewswire) — 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 %





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