-- Revenue of $5,742 million; GAAP net income of $563 million; Adjusted EBITDA of $3,209 million
SAN JOSE, Calif., June 4, 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 second quarter of fiscal year 2020, ended May 3, 2020, provided guidance for the third quarter of its fiscal year 2020 and announced its quarterly dividends."Second quarter results were in-line with our expectations, and saw limited impact from the effects of COVID-19," said Hock Tan, President and CEO of Broadcom Inc. "Looking ahead, our third quarter guidance for semiconductors reflects a surge in demand from cloud, telecom and enterprise customers, offset by supply chain constraints and an expected substantial reset in wireless. We remain focused on investing in our diverse set of mission critical semiconductor and software franchises, while carefully managing our expenses in this uncertain environment."
"We generated record quarterly free cash flow of over $3 billion and reinforced our balance sheet, ending the quarter with over $9 billion of cash," said Tom Krause, CFO of Broadcom Inc. "Given our strong free cash flow generation, healthy balance sheet and enhanced liquidity position, we remain committed to maintaining our dividend while we navigate these unprecedented times."
Second Quarter Fiscal Year 2020 Financial Highlights
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| GAAP |
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| Non-GAAP |
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(Dollars in millions, except per share data) |
| Q2 20 |
| Q2 19 |
| Change |
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| Q2 20 |
| Q2 19 |
| Change |
Net revenue |
| $ 5,742 |
| $ 5,517 |
| +4% |
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| $ 5,742 |
| $ 5,517 |
| +4% |
Net income |
| $ 563 |
| $ 691 |
| -$ 128 |
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| $ 2,323 |
| $ 2,334 |
| -$ 11 |
Earnings per common share - diluted |
| $ 1.17 |
| $ 1.64 |
| -$ 0.47 |
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| $ 5.14 |
| $ 5.21 |
| -$ 0.07 |
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(Dollars in millions) |
| Q2 20 |
| Q2 19 |
| Change |
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Cash flow from operations |
| $ 3,213 |
| $ 2,667 |
| +$ 546 |
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| Adjusted EBITDA |
| $ 3,209 |
| $ 3,114 |
| +$ 95 |
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| Free cash flow |
| $ 3,065 |
| $ 2,542 |
| +$ 523 |
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