BROADCOM 2024 Q4
Earnings Overview & AI Insights

Earnings Performance

Hock E. Tan -- President, Chief Executive Officer, and Director -- thank you for joining today. Broadcom's fiscal year 2024 consolidated revenue grew 44% year over year to a record $51.6 billion. The integration of the acquisition of VMware is largely complete, Hock said. We expect Q1 revenue to grow to $6.5 billion, up 11% sequentially and 41% up year on year. Networking Q4 revenue of $4.5billion grew 45% in Q4. AI networking revenue, which represented 76% of the company's network, grew 158% in the quarter. Broadband reached bottom at $465 million, down 51% year on year. Broadband reached bottom at $465 million, but now expect recovery in Q1. Industrial, which only represents 1% of the total revenues, declined 27% in Q4. We expect a recovery from this level at the industry's historical growth rate of mid-single digits. Semiconductor revenue of $8.2 billion grew 12% year on year and 13% sequentially. Non-AI semiconductor semiconductor revenue declined by 23% in Q4, but still a 10% recovery from the bottom of six months ago. Semiconductor solutions segment was $8.2 billion and represented 59% of total revenue in the quarter. This was up 12% year on year. semiconductor margins for semiconductor were approximately 67%, down 220 basis points. Free cash flow in the fourth quarter was $5.5 billion, 39% of revenues. We ended with $9.3 billion of cash and $69.8 billion of principal debt. Revenue hit a record $51.6 billion, growing 44% year on year, and 9% organically, excluding VMware. Free cash flow grew 10% year-on-year to $19.4 billion and up 22% in Q1 fiscal '25, excluding restructuring and integration costs. We expect Q1 adjusted EBITDA to be a record 66% and Q1 non-GAAP diluted share count to be approximately 4.9 billion shares. Q1 revenue for Q1 is $14.6 billion, semiconductors revenue of $8.1 billion, infrastructure software revenue $6.5 billion, up 41% year on year.