Broadcom Inc. Q2 FY2024 results: revenue $12.5 billion, up 43.0% on the year

Broadcom Inc. (AVGO) reported revenue of $12.5 billion for Q2 FY2024, the quarter ended 5 May 2024, up 43.0% on the same quarter a year earlier. Net income was $2.1 billion, down 39.1% on the year, and diluted earnings per share $4.42. The figures are the company's own, from the 10-Q it filed with the SEC on 13 June 2024.

Revenue$12.5 billionup 43.0%

Net income$2.1 billiondown 39.1%

Diluted EPS$4.42

QuarterQ2 FY2024ended 5 May 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	12,487	11,961	n/a	n/a
Cost of revenue	4,711	4,586	n/a	n/a
Gross profit	7,776	7,375	n/a	n/a
Gross margin	62.3%	61.7%	n/a
Research and development	2,415	2,308	n/a	n/a
Selling, general and administrative	1,277	1,572	n/a	n/a
Operating income	2,965	2,083	n/a	n/a
Operating margin	23.7%	17.4%	n/a
Interest expense	1,047	926	n/a	n/a
Pre-tax income	2,005	1,342	n/a	n/a
Income tax	-116	68.0	n/a	n/a
Effective tax rate	-5.8%	5.1%	n/a
Net income	2,121	1,325	n/a	n/a
Net margin	17.0%	11.1%	n/a
Diluted EPS	$4.42	$2.84	n/a	n/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	4,580	4,815	n/a	n/a
Capital expenditure	132	122	n/a	n/a
Free cash flow	4,448	4,693	n/a	n/a
Free cash flow margin	35.6%	39.2%	n/a
Share-based compensation	1,403	1,582	n/a	n/a
Buybacks	0.0	7,176	n/a	n/a
Dividends paid	2,443	2,435	n/a	n/a
Dividend per share	$5.25	$5.25	n/a	n/a
Diluted shares, weighted	480m	467m	n/a	n/a
Shares outstanding at period end	465m	463m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Total assets	175,211	177,870	n/a	n/a
Cash and equivalents	9,809	11,864	n/a	n/a
Receivables	5,500	4,969	n/a	n/a
Inventory	1,842	1,920	n/a	n/a
Goodwill	97,873	97,586	n/a	n/a
Long-term debt including finance leases	71,590	73,468	n/a	n/a
Borrowings, as the company tags them	76,521	78,521	n/a	n/a
Finance lease liabilities	21.0	39.0	n/a	n/a
Shareholders' equity	69,961	70,284	n/a	n/a

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	9,295	11,961	12,487	13,072	14,054	14,916	15,004	15,952	18,015	19,311	22,187	29,591
Cost of revenue	2,888	4,586	4,711	4,716	5,052	4,771	4,807	5,249	5,766	6,154	6,772	9,135
Gross profit	6,407	7,375	7,776	8,356	9,002	10,145	10,197	10,703	12,249	13,157	15,415	20,456
Gross margin	69%	62%	62%	64%	64%	68%	68%	67%	68%	68%	69%	69%
R&D	1,388	2,308	2,415	2,353	2,234	2,253	2,693	3,050	2,981	2,965	2,995	2,895
SG&A	418	1,572	1,277	1,100	1,010	949	1,083	1,072	1,107	1,019	1,055	996
Operating income	4,240	2,083	2,965	3,788	4,627	6,260	5,829	5,887	7,508	8,563	10,788	15,955
Operating margin	46%	17%	24%	29%	33%	42%	39%	37%	42%	44%	49%	54%
Interest expense	405	926	1,047	1,064	916	873	769	807	761	801	776	778
Pre-tax income	3,967	1,342	2,005	2,806	3,763	5,490	5,085	5,285	6,869	8,195	10,130	15,275
Tax rate	11%	5%	-6%	151%	-12%	-0%	2%	22%	-24%	10%	8%	14%
Net income	3,524	1,325	2,121	-1,875	4,324	5,503	4,965	4,140	8,518	7,349	9,310	13,088
Net margin	38%	11%	17%	-14%	31%	37%	33%	26%	47%	38%	42%	44%
Diluted EPS	$8.29	$2.84	$4.42	-$0.40	-$5.63	$1.14	$1.03	$0.85	$1.75	$1.50	$1.91	$2.68
Operating cash flow	4,828	4,815	4,580	4,963	5,604	6,113	6,555	7,166	7,703	8,260	10,493	14,197
Capital expenditure	105	122	132	172	122	100	144	142	237	250	231	532
Free cash flow	4,723	4,693	4,448	4,791	5,482	6,013	6,411	7,024	7,466	8,010	10,262	13,665
Buybacks	123	7,176	0.0	0.0	0.0	0.0	2,450	0.0	0.0	7,850	600	0.0
Dividends paid	1,904	2,435	2,443	2,452	2,484	2,774	2,785	2,786	2,797	3,086	3,092	3,103
Shares outstanding	414m	463m	465m	4,671m	4,686m	4,702m	4,703m	4,722m	4,741m	4,736m	4,758m	4,774m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 5 May 2024, filed 13 June 2024, accession 0001730168-24-000080: the filing on EDGAR. All of Broadcom Inc.'s filings: EDGAR company page.

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