- Revenue of $7,706 million for the first quarter, up 16 percent from the prior year period
SAN JOSE, Calif., March 3, 2022 — (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 2022, ended January 30, 2022, provided guidance for the second quarter of its fiscal year 2022 and announced its quarterly dividends."Broadcom's record first quarter results were driven by strong enterprise demand, and continued investments in next generation technology by hyperscale and service providers," said Hock Tan, President and CEO of Broadcom Inc. "Our second quarter outlook projects year-over-year growth to accelerate."
"Consolidated revenue grew 16% year-over-year to a record $7.7 billion and operating profit increased 23%," said Kirsten Spears, CFO of Broadcom Inc. "We generated $3.4 billion in free cash flow and are expecting free cash flow to remain strong in the second quarter. Consistent with our commitment to return excess cash to shareholders, we returned $4.5 billion to shareholders in the quarter including $1.8 billion of cash dividends and $2.7 billion of share repurchases."
First Quarter Fiscal Year 2022 Financial Highlights
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| GAAP |
| Non-GAAP | ||||||||||||||
(Dollars in millions, except per share data) |
| Q1 22 |
| Q1 21 |
| Change |
| Q1 22 |
| Q1 21 |
| Change | ||||||
Net revenue |
| $ | 7,706 |
| $ | 6,655 |
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| +16% |
| $ | 7,706 |
| $ | 6,655 |
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| +16% |
Net income |
| $ | 2,472 |
| $ | 1,378 |
| +$ | 1,094 |
| $ | 3,741 |
| $ | 2,973 |
| +$ | 768 |
Earnings per common share - diluted |
| $ | 5.59 |
| $ | 3.05 |
| +$ | 2.54 |
| $ | 8.39 |
| $ | 6.61 |
| +$ | 1.78 |
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(Dollars in millions) |
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| Q1 22 |
| Q1 21 |
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| Cash flow from operations |
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| $ | 3,486 |
| $ | 3,113 |
| +$ | 373 |
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| Adjusted EBITDA |
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| $ | 4,818 |
| $ | 3,941 |
| +$ | 877 |
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| Free cash flow |
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| $ | 3,385 |
| $ | 2,999 |
| +$ | 386 |
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| Net revenue by segment |
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| (Dollars in millions) |
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| Q1 22 |
| Q1 21 |
| Change |
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| Semiconductor solutions |
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| $ | 5,873 |
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| 76% |
| $ | 4,908 |
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| 74% |
| +20% |
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| Infrastructure software |
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| 1,833 |
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| 24 |
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| 1,747 |
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| 26 |
| +5% |
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| Total net revenue |
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| $ | 7,706 |
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| 100% |
| $ | 6,655 |
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| 100% |
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