Broadcom Inc. Announces First Quarter Fiscal Year 2023 Financial Results and Quarterly Dividend

Our filings with the SEC, which you may obtain for free at the SEC's website at http://www.sec.gov, discuss some of the important risk factors that may affect our business, results of operations and financial condition. Actual results may vary from the estimates provided. We undertake no intent or obligation to publicly update or revise any of the estimates and other forward-looking statements made in this announcement, whether as a result of new information, future events or otherwise, except as required by law.

Contact:
Ji Yoo
Broadcom Inc.
Investor Relations
408-433-8000
Email Contact

(AVGO-Q)

 

(1) The Company is not readily able to provide a reconciliation of the projected non-GAAP financial information presented to the relevant

projected GAAP measure without unreasonable effort.



BROADCOM INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED

(IN MILLIONS, EXCEPT PER SHARE DATA)























Fiscal Quarter Ended



January 29,


October 30,


January 30,



2023


2022


2022











Net revenue


$

8,915


$

8,930


$

7,706

Cost of revenue:










Cost of revenue



2,374



2,298



1,925

Amortization of acquisition-related intangible assets



535



705



730

Restructuring charges



2



1



2

Total cost of revenue



2,911



3,004



2,657

Gross margin



6,004



5,926



5,049

Research and development



1,195



1,197



1,206

Selling, general and administrative



348



370



321

Amortization of acquisition-related intangible assets



348



358



397

Restructuring, impairment and disposal charges



10



15



17

Total operating expenses



1,901



1,940



1,941

Operating income



4,103



3,986



3,108

Interest expense



(406)



(406)



(407)

Other income (expense), net



143



40



(14)

Income before income taxes



3,840



3,620



2,687

Provision for income taxes



66



261



215

Net income



3,774



3,359



2,472

Dividends on preferred stock



-



(48)



(74)

Net income attributable to common stock


$

3,774


$

3,311


$

2,398











Net income per share attributable to common stock:










Basic


$

9.03


$

8.06


$

5.82

Diluted (1)


$

8.80


$

7.83


$

5.59











Weighted-average shares used in per share calculations:










Basic



418



411



412

Diluted (1)



429



429



429











Stock-based compensation expense:










Cost of revenue


$

37


$

38


$

36

Research and development



267



260



268

Selling, general and administrative



87



89



83

Total stock-based compensation expense


$

391


$

387


$

387












(1) Excludes the potentially dilutive effect of Mandatory Convertible Preferred Stock for the fiscal quarter ended January 30, 2022 as the
impact was antidilutive. All outstanding shares of Mandatory Convertible Preferred Stock were converted into our common stock during the
fiscal quarter ended October 30, 2022.


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