Broadcom(AVGO) - 2025 Q1 - Quarterly Results

Financial Performance - First quarter revenue reached $14,916 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 $5,503 million, compared to $1,325 million in the prior year[5] - Non-GAAP net income for the first quarter was $7,823 million, an increase of $2,569 million year-over-year[5] - Operating income for the quarter was $6,260 million, up 35.3% from $4,627 million in the previous quarter and significantly higher than $2,083 million in the same quarter last year[22] - Net income for the quarter was $5,503 million, representing a 27.2% increase from $4,324 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, up from $0.89 in the previous quarter and $0.28 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 $6.7 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 $14,916 million, a 6.1% increase from $14,054 million in the previous quarter and a 24.9% increase from $11,961 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 $6,013 million, compared to $5,482 million in the previous quarter, indicating strong cash generation capabilities[25] - Net cash provided by operating activities reached $6,113 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 $9,307 million, slightly down from $9,348 million in the prior quarter[5] Expenses and Investments - Research and development expenses for the quarter were $2,253 million, slightly up from $2,234 million in the previous quarter, reflecting continued investment in innovation[22] - Cash paid for interest decreased to $671 million from $738 million in the previous quarter, indicating a reduction of 9.1%[30] - Cash paid for income taxes significantly decreased to $404 million from $832 million, a reduction of 51.5%[30] Shareholder Returns - The company declared a quarterly dividend of $0.59 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 $1,204 million in the prior quarter[30] Balance Sheet - Total current assets increased to $20,990 million from $19,595 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]