博通（纪要）：当前重心在 AI 和 VMware，暂不考虑并购

Core Viewpoint - Broadcom reported strong financial performance for Q1 FY25, driven by significant growth in AI-related semiconductor revenue and robust infrastructure software sales, indicating a positive outlook for the company's future growth prospects [1][2][4]. Financial Performance Summary - Total revenue for Q1 FY25 reached $14.916 billion, a 25% year-over-year increase, exceeding consensus estimates by 2.06% [1][2]. - Adjusted EBITDA for the quarter was $10.083 billion, marking a 41% year-over-year growth and setting a new record [2]. - Semiconductor solutions revenue was $8.212 billion, with AI revenue specifically contributing $4.1 billion, a 77% increase year-over-year [2][6]. - Infrastructure software revenue was $6.704 billion, reflecting a 47% year-over-year increase and a 15% quarter-over-quarter growth [2][4]. Profitability Metrics - Gross margin for Q1 FY25 was 68.0%, an improvement of 1.4 percentage points compared to the previous quarter [1]. - Operating profit was $6.260 billion, with a year-over-year increase of 200.5% [1][2]. - Net income for the quarter was $5.503 billion, a 315.3% increase year-over-year [1][2]. Cash Flow and Capital Expenditure - Free cash flow for Q1 FY25 was $6 billion, representing 40% of total revenue [3]. - Capital expenditures were $1 billion, with a focus on supporting future revenue growth [3]. - The company reduced its debt by $1.1 billion during the quarter, while also returning $2.8 billion to shareholders through dividends [3]. Q2 FY25 Guidance - Broadcom expects Q2 total revenue to be approximately $14.9 billion, a 19% year-over-year increase [4]. - Semiconductor revenue is projected to be around $8.4 billion, with AI revenue expected to reach $4.4 billion, a 44% year-over-year growth [4]. - Infrastructure software revenue is anticipated to be about $6.5 billion, reflecting a 23% year-over-year increase [4]. Strategic Initiatives - The company is increasing R&D investments to develop next-generation AI accelerators and expand its capabilities in high-performance computing [6][7]. - Broadcom is collaborating with major partners to create customized AI accelerators, targeting a significant addressable market by FY27 [7][9]. - The transition from perpetual licenses to subscription models in the software segment is driving growth, with 70% of the top 10,000 customers adopting the new model [9][10].