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Broadcom(AVGO) - 2025 Q1 - Quarterly Results
AVGOBroadcom(AVGO)2025-03-06 21:19

Financial Performance - First quarter revenue reached 14,916million,a2514,916 million, a 25% increase year-over-year[4] - Adjusted EBITDA for the first quarter was 10,083 million, representing 68% of revenue[4] - GAAP net income for the first quarter was 5,503million,comparedto5,503 million, compared to 1,325 million in the prior year[5] - Non-GAAP net income for the first quarter was 7,823million,anincreaseof7,823 million, an increase of 2,569 million year-over-year[5] - Operating income for the quarter was 6,260million,up35.36,260 million, up 35.3% from 4,627 million in the previous quarter and significantly higher than 2,083millioninthesamequarterlastyear[22]−Netincomeforthequarterwas2,083 million in the same quarter last year[22] - Net income for the quarter was 5,503 million, representing a 27.2% increase from 4,324millioninthepreviousquarterandasubstantialincreasefrom4,324 million in the previous quarter and a substantial increase from 1,325 million in the same quarter last year[25] - Basic income per share from continuing operations was 1.17,upfrom1.17, up from 0.89 in the previous quarter and 0.28inthesamequarterlastyear[22]RevenueGrowth−AIsemiconductorrevenuegrew770.28 in the same quarter last year[22] Revenue Growth - AI semiconductor revenue grew 77% year-over-year to 4.1 billion, while infrastructure software revenue increased 47% year-over-year to 6.7billion[3]−Thecompanyexpectssecondquarterrevenueofapproximately6.7 billion[3] - The company expects second quarter revenue of approximately 14.9 billion, a 19% increase from the prior year[4] - Net revenue for the fiscal quarter ended February 2, 2025, was 14,916million,a6.114,916 million, a 6.1% increase from 14,054 million in the previous quarter and a 24.9% increase from 11,961millioninthesamequarterlastyear[22]CashFlowandLiquidity−Freecashflowforthefirstquarterwas11,961 million in the same quarter last year[22] Cash Flow and Liquidity - Free cash flow for the first quarter was 6,013 million, up 28% year-over-year[4] - Free cash flow for the quarter was 6,013million,comparedto6,013 million, compared to 5,482 million in the previous quarter, indicating strong cash generation capabilities[25] - Net cash provided by operating activities reached 6,113million,upfrom6,113 million, up from 5,604 million in the prior quarter, reflecting a 9.1% increase[30] - Cash and cash equivalents at the end of the fiscal quarter were 9,307million,slightlydownfrom9,307 million, slightly down from 9,348 million in the prior quarter[5] Expenses and Investments - Research and development expenses for the quarter were 2,253million,slightlyupfrom2,253 million, slightly up from 2,234 million in the previous quarter, reflecting continued investment in innovation[22] - Cash paid for interest decreased to 671millionfrom671 million from 738 million in the previous quarter, indicating a reduction of 9.1%[30] - Cash paid for income taxes significantly decreased to 404millionfrom404 million from 832 million, a reduction of 51.5%[30] Shareholder Returns - The company declared a quarterly dividend of 0.59pershare,payableonMarch31,2025[9]−Thecompanyexpectsanaveragedilutedsharecountofapproximately4,840millionfortheupcomingquarter,indicatingaslightincreaseinsharesoutstanding[26]−Thecompanyrepurchasedsharesfortaxwithholdingsonvestingofequityawardstotaling0.59 per share, payable on March 31, 2025[9] - The company expects an average diluted share count of approximately 4,840 million for the upcoming quarter, indicating a slight increase in shares outstanding[26] - The company repurchased shares for tax withholdings on vesting of equity awards totaling 2,036 million, compared to 1,204millioninthepriorquarter[30]BalanceSheet−Totalcurrentassetsincreasedto1,204 million in the prior quarter[30] Balance Sheet - Total current assets increased to 20,990 million from 19,595millioninthepreviousquarter,drivenbyhighertradeaccountsreceivableandinventory[28]−Totalliabilitiesdecreasedto19,595 million in the previous quarter, driven by higher trade accounts receivable and inventory[28] - Total liabilities decreased to 95,569 million from $97,967 million in the previous quarter, primarily due to a reduction in long-term debt[28] Guidance and Expectations - The second quarter adjusted EBITDA guidance is approximately 66% of projected revenue[8]