Broadcom Inc. Announces First Quarter Fiscal Year 2020 Financial Results, Quarterly Dividend and Updated Guidance

-- Revenue of $5,858 million; GAAP net income of $385 million; Adjusted EBITDA of $3,265 million

SAN JOSE, Calif., March 12, 2020 — (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 2020, ended February 2, 2020, announced its quarterly dividend and updated guidance.

"Our first fiscal quarter results were in line with our expectations, with our networking, storage and broadband businesses together growing nicely year over year," said Hock Tan, President and CEO of Broadcom Inc. "The fundamental semiconductor backdrop has been improving, and we did not see any material impact on our businesses due to COVID-19 in our first quarter. However, visibility in our global markets is lacking and demand uncertainty is intensifying. As a result, we believe it prudent to withdraw our annual guidance until visibility returns to pre COVID-19 levels."

"We generated over $2.2 billion in free cash flow in the quarter, which represented 9% growth on a year on year basis," said Tom Krause, CFO of Broadcom Inc. "We ended the first quarter with over $6.4 billion of cash on hand and our cash flow outlook remains healthy. As a result, we are well positioned to continue to support our dividends to stockholders despite the challenging market backdrop."

First Quarter Fiscal Year 2020 Financial Highlights





 GAAP 







Non-GAAP


(Dollars in millions, except per share data)


Q1 20


Q1 19


Change


Q1 20


Q1 19


Change

Net revenue


$  5,858


$  5,789


+1%



$  5,858


$  5,789


+1%


Net income


$     385


$     471


-$       86



$  2,370


$  2,446


-$       76


Earnings per common share - diluted


$    0.74


$    1.12


-$    0.38



$    5.25


$    5.55


-$    0.30

















(Dollars in millions)


Q1 20


Q1 19


Change








Cash flow from operations


$  2,322


$  2,132


+$     190









Adjusted EBITDA


$  3,265


$  3,236


+$       29









Free cash flow


$  2,214


$  2,033


+$     181










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