Broadcom Inc. Q1 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Q1 FY20 revenue was 5.9 billion dollars, up 1 percent year-over-year.
  • Semiconductor Solutions revenue was 4.2 billion dollars, down 4 percent year-over-year and down 8 percent sequentially.
  • Infrastructure Software revenue was 1.7 billion dollars, up 19 percent year-over-year and up 39 percent sequentially.
  • CA achieved a record quarter at approximately 880 million dollars, up 5 percent year-over-year.
  • Symantec Enterprise Security contributed about 400 million dollars in its first quarter under Broadcom, with expected improvement through the year.
  • Brocade continued stabilizing after its 2019 bottom.

Profitability and Cash Flow

  • Operating income was 3.08 billion dollars, or 52.6 percent of revenue.
  • Adjusted EBITDA was 3.27 billion dollars, or 55.7 percent of revenue.
  • Free cash flow was 2.21 billion dollars, representing 37.8 percent of revenue.
  • Broadcom returned 1.5 billion dollars to shareholders, including 1.3 billion dollars in dividends.
  • Quarter-end cash was 6.4 billion dollars with total debt at 44.7 billion dollars.

Guidance and Outlook

  • Broadcom withdrew its full-year FY20 guidance due to uncertainty caused by COVID‑19.

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Operator: Welcome to Broadcom Inc.'s First Quarter Fiscal Year 2020 Financial Results Conference call. At this time, for opening remarks and introductions, I would like to turn the call over to Beatrice Russotto, Director of Investor Relations of Broadcom Inc. Please go ahead, ma'am. Beatrice Russotto: Thank you, operator, and thanks everyone for dialing in today. Joining me on today’s call are Hock Tan, President and CEO; and Tom Krause, Chief Financial Officer of Broadcom. After the market closed, Broadcom distributed a press release and financial tables describing our financial performance for the first quarter of fiscal year 2020. If you did not receive a copy, you may obtain the information from the Investors section of Broadcom's website at broadcom.com. This conference call is being webcast live and a recording will be available via telephone playback for one week. It will also be archived in the Investors section of our website at broadcom.com. During the prepared comments, Hock and Tom will be providing details of our first quarter fiscal year 2020 results, guidance for our second quarter fiscal year 2020 and commentary regarding the business environment. We'll take questions after the end of our prepared comments. Please refer to our press release today and our recent filings with the SEC for information on the specific risk factors that could cause our actual results to differ materially from the forward-looking statements made on this call. In addition to U.S. GAA

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