Broadcom Inc. (NASDAQ:AVGO) Q4 2023 Results Conference Call December 7, 2023 5:00 PM ET

Company Participants

Ji Yoo - Head, IR

Hock Tan - President and CEO

Kirsten Spears - CFO

Charlie Kawwas - President, Semiconductor Solutions Group

Conference Call Participants

Vivek Arya - Bank of America

Ross Seymore - Deutsche Bank

Harlan Sur - JPMorgan

Stacy Rasgon - Bernstein

Timothy Arcuri - UBS

Christopher Rolland - Susquehanna

Toshiya Hari - Goldman Sachs

Karl Ackerman - BNP Paribas

Matt Ramsay - TD Cowen

William Stein - Truist

Harsh Kumar - Piper Sandler

Operator

Welcome to Broadcom Inc.’s Fourth Quarter and Fiscal Year 2023 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. The floor is yours.

Ji Yoo

Thank you, operator, 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 fiscal year 2023. 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 2023 results, guidance for our fiscal year 2024, 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 measures on a non-GAAP basis. A reconciliation between GAAP and non-GAAP measures is included in the tables attached to today’s press release. Comments made during today’s call will primarily refer to our non-GAAP financial results.

I’ll now turn the call over to Hock.

Hock Tan

Thank you, Ji, and thank you, everyone, for joining us today.

In our fiscal Q4 2023, consolidated net revenue was $9.3 billion, up 4% year-on-year and very much as we had guided at the last conference call. Semiconductor solutions revenue increased 3% year-on-year to $7.3 billion, and infrastructure software revenue grew 7% year-on-year to $2 billion. Overall, while infrastructure software remains very stable, semiconductor is continuing the cyclical slowdown at enterprises and telcos that we have been seeing over the past six months. However, hyperscalers remain strong.