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

PALO ALTO, Calif., Dec. 7, 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 fourth quarter and fiscal year ended October 29, 2023, provided guidance for its fiscal year 2024 and announced its quarterly dividend.

"Broadcom's fiscal year 2023 revenue grew 8% year-over-year to a record $35.8 billion, driven by investments in accelerators and network connectivity for AI by hyperscalers," said Hock Tan, President and CEO of Broadcom Inc. "The acquisition of VMware is transformational. In fiscal year 2024 we expect semiconductor to sustain its mid to high single digit revenue growth rate, with the contribution of VMware driving consolidated revenue to $50 billion, and adjusted EBITDA to $30 billion."

"In fiscal year 2023 we achieved record adjusted EBITDA margin of 65%, generating $17.6 billion in free cash flow or 49% of revenue, demonstrating our stable and diversified business model," said Kirsten Spears, CFO of Broadcom Inc. "With this transformational acquisition and expected increase in cash flows, we are increasing our quarterly common stock dividend by 14% to $5.25 per share for fiscal year 2024. The target fiscal 2024 annual common stock dividend of $21.00 per share is a record, and the thirteenth consecutive increase in annual dividends since we initiated dividends in fiscal 2011."

Fourth Quarter Fiscal Year 2023 Financial Highlights    



GAAP


Non-GAAP

(Dollars in millions, except per share data)


Q4 23


Q4 22


Change 



Q4 23


Q4 22


Change 

Net revenue


$

9,295


$

8,930


+

4

%

$

9,295


$

8,930


+

4

%

Net income


$

3,524


$

3,359


+$

165



$

4,810


$

4,544


+$

266


Earnings per common share - diluted


$

8.25


$

7.83


+$

0.42



$

11.06


$

10.45


+$

0.61



(Dollars in millions)



























































Q4 23


Q4 22


Change  

Cash flow from operations



























































$

4,828


$

4,583


+$

245

Adjusted EBITDA



























































$

6,048


$

5,722


+$

326

Free cash flow



























































$

4,723


$

4,461


+$

262


Net revenue by segment
































































(Dollars in millions)


















































Q4 23


Q4 22


Change   

Semiconductor solutions


















































$

7,326


79

%

$

7,092


79

%

+3

%

Infrastructure software



















































1,969


21




1,838


21



+7

%

Total net revenue


















































$

9,295


100

%


$

8,930


100

%






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