Broadcom Inc. Q4 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Broadcom Q4 and Fiscal Year 2022 Earnings Summary

Overall Performance
  • Fiscal 2022 revenue reached a record 33.2 billion dollars, up 21 percent year-over-year.
  • Operating profit grew 28 percent year-over-year, and free cash flow per share increased 25 percent year-over-year.
  • Q4 revenue was 8.9 billion dollars, up 21 percent year-over-year.
Semiconductor Solutions (Q4)
  • Revenue was 7.1 billion dollars, up 26 percent year-over-year.
  • Networking revenue was 2.5 billion dollars, up 30 percent year-over-year. Growth driven by Tomahawk 4 data center switching and Jericho routing upgrades.
  • Storage connectivity revenue reached 1.2 billion dollars, up 50 percent year-over-year, driven by new-generation MegaRAID and adapters.
  • Broadband revenue grew 20 percent year-over-year to 1 billion dollars on strong PON and DOCSIS deployments.
  • Wireless revenue was 2.1 billion dollars, up 13 percent year-over-year due to higher content in devices.
  • Industrial revenue was 234 million dollars, up 1 percent year-over-year, with China weakness offsetting U.S./Europe automotive strength.
  • Semiconductor revenue expected to grow about 20 percent year-over-year in Q1.
Infrastructure Software (Q4)
  • Revenue was 1.8 billion dollars, up 4 percent year-over-year.

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Operator: Welcome to Broadcom Inc. Fourth Quarter and Fiscal Year 2022 Financial Results Conference Call. At this time, for opening remarks and introductions, I would like to turn the call over to Ji Yoo, Head of Investor Relations of Broadcom Inc. Ji Yoo: Thank you, Sherri, and good afternoon, everyone. Joining me on today’s call are Hock Tan, President and CEO; Kirsten Spears, Chief Financial Officer; and Charlie Kawwas, President, Semiconductor Solutions Group. Broadcom distributed a press release and financial tables after the market closed, describing our financial performance for the fourth quarter and fiscal year 2022. 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 an audio replay of the call can be accessed for one year through the Investors section of Broadcom’s website. During the prepared comments, Hock and Kirsten will be providing details of our fourth quarter and fiscal year 2022 results, guidance for our first quarter as well as 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. GAAP reporting, Broadcom reports certain financial me

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