Broadcom Inc. AVGO reported first-quarter fiscal 2021 non-GAAP earnings of $6.61 per share, which beat the Zacks Consensus Estimate by 0.92%. Moreover, the bottom line improved 25.9% from the year-ago quarter and 4.1% sequentially.

博通公司AVGO公布的2021财年第一季度非gaap收益为每股6.61美元，比Zacks Consensus的预期高出0.92%。此外，净利润较上年同期增长25.9%，环比增长4.1%。

Net revenues were $6.655 billion, up 14% from the prior-year quarter. Moreover, the top line surpassed the Zacks Consensus Estimate by 0.7%. On a quarter-over-quarter basis, revenues improved 2.9%.Segmental Revenues

净收入为66.55亿美元，较上年同期增长14%。此外，收入超过了Zacks共识估计的0.7%。季度环比，营收增长2.9%。节段性收入

Beginning first-quarter fiscal 2020, the company clubbed reporting of revenues from Intellectual property licensing with Semiconductor solutions segment. The company now reports in two segments — Semiconductor solutions and Infrastructure software. Management noted that integration of Symantec’s enterprise security business is complete.

从2020年第一季度开始，该公司与半导体解决方案部门的知识产权许可收入报告相匹配。该公司现在的报告分为两个部分:半导体解决方案和基础设施软件。管理层指出，赛门铁克企业安全业务的整合已经完成。

Semiconductor solutions’ revenues (74% of total net revenues) totaled $4.908 billion, up 17% from the year-ago quarter. The upside can be attributed to higher demand for wireless solutions and continued momentum in networking and broadband solutions.

半导体解决方案的收入(占总净收入的74%)为49.08亿美元，比去年同期增长17%。上行可以归因于对无线解决方案的更高需求以及网络和宽带解决方案的持续势头。

The company witnessed strength in networking end market with revenues up 15% year over year and contributed 29% to Semiconductor Solution revenues. The improvement in networking revenues came on the back of increased spending by telecommunication companies in modernizing infrastructure and enhancing Edge and core networks, and higher cloud spending by data centers. Bookings surged 80% on a year-on-year basis and 62%, sequentially.Broadcom Inc. Price, Consensus and EPS Surprise

该公司在网络终端市场表现强劲，营收同比增长15%，为半导体解决方案营收贡献29%。网络收入的改善得益于电信公司在基础设施现代化、增强边缘和核心网络方面的支出增加，以及数据中心在云计算方面的支出增加。预订量同比增长80%，环比增长62%。博通公司价格、共识和每股收益都让人大吃一惊

Broadcom Inc. Price, Consensus and EPS Surprise

博通公司价格、共识和每股收益出人意料

Broadcom Inc. price-consensus-eps-surprise-chart | Broadcom Inc. Quote

Broadcom Inc.价格共识-eps-惊喜图表报价

In broadband end-market, revenues were up 8% year over year and contributed 15% to Semiconductor Solution revenues, courtesy of robust adoption of Wi-Fi 6 in next-generation access gateway with solid demand from telcos and other service providers for PON and cable DOCSIS products. Telecom and consumer end-markets from retail home routers, continue to benefit from favorable work-from-home trends. However, softness in enterprise domain limited growth.

在宽带终端市场，营收同比增长8%，对半导体解决方案营收的贡献为15%，原因是电信公司和其他服务提供商对PON和有线DOCSIS产品的需求强劲，在下一代接入网门网中强劲采用了Wi-Fi 6。来自零售家用路由器的电信和消费者终端市场，继续受益于有利的在家办公趋势。然而，企业领域的疲软限制了增长。

Revenues from wireless vertical surged 52% year over year and contributed 40% to Semiconductor Solution revenues, driven primarily by increasing RF content and higher volume Wi-Fi 6 and Wi-Fi 6E, the next generation of Wi-Fi 6.

无线垂直的营收同比增长52%，对半导体解决方案营收的贡献为40%，主要是由于增加了射频内容和更高的容量Wi-Fi 6和下一代Wi-Fi 6 Wi-Fi 6E。

In server storage connectivity domain, revenues were down 22% year over year, on soft demand from enterprise customers. The end-market contributed 12% to Semiconductor Solution revenues.

在服务器存储连接领域，由于企业客户的软需求，收入同比下降了22%。终端市场为半导体解决方案收入贡献了12%。

Meanwhile, industrial and resales revenues were both up 13% and contributed 4% to Semiconductor Solution revenues, on recovery of multiple economic sectors in China.

与此同时，由于中国多个经济领域的复苏，工业和转售收入均增长13%，对半导体解决方案收入的贡献为4%。

Infrastructure software revenues (26%) surged 5% year over year to $1.747 billion. The company is well-poised to gain from synergies from acquisitions of CA and Symantec’s enterprise security business.

基础设施软件收入(26%)同比增长5%，达到17.47亿美元。该公司将从收购CA和赛门铁克企业安全业务的协同效应中获益。

Management noted that in dollar terms, bookings averaged 122% over expiring contracts, while core accounts averaged 137%. Moreover, over 90% of the bookings correspond to recurring subscription and maintenance.Operating Details

管理层指出，以美元计算，预订量比到期合同平均高出122%，而核心客户平均高出137%。此外，超过90%的预订对应于经常性的订阅和维护。操作细节

Non-GAAP gross margin expanded 30 basis points (bps) on a year-over-year basis to 73.3%. The improvement can attributed to higher revenue base.

非公认会计准则毛利率同比增长30个基点，达到73.3%。这种改善可以归因于更高的收入基础。

Total operating expenses on a non-GAAP basis decreased 8.1% year over year to $1.096 billion, reflecting the synergies from the completion of integration of Symantec. As a percentage of net revenues, the figure contracted 390 bps to 16.5%.

按非公认会计准则计算，总运营费用同比下降8.1%，至10.96亿美元，反映了赛门铁克整合完成带来的协同效应。该数据占净收入的比例下降390个基点，至16.5%。

Non-GAAP operating margin expanded 420 bps from the year-ago quarter’s figure to 56.8%, which can be attributed to expansion in gross margin.

非公认会计准则营业利润率较上年同期增长420个基点至56.8%，这可以归因于毛利率的扩张。

Adjusted EBITDA (excluding $139 million of depreciation) was $3.941 billion, accounting for 59.2% of net revenues in the fiscal first quarter.Balance Sheet & Cash Flow

调整后的EBITDA(不包括1.39亿美元折旧)为39.41亿美元，占第一财季净收入的59.2%。资产负债表和现金流

As of Jan 31, 2021, cash & cash equivalents were $9.552 billion compared with $7.618 billion reported as of Nov 1, 2020.

截至2021年1月31日，现金及现金等价物为95.52亿美元，而截至2020年11月1日报告的现金及现金等价物为76.18亿美元。

Broadcom stated that liability management endeavors undertaken in first-quarter fiscal 2021 in terms of refinancing and redeeming of existing debt by issuing new notes, helped the company to extend its weighted average debt maturity to nearly nine years, compared with six years earlier. The weighted average interest rate now stands at 3.8%, compared with prior-quarter’s figure of 3.5%.

Broadcom表示，在2021财年第一季度通过发行新票据进行再融资和赎回现有债务方面进行的负债管理努力，帮助公司将加权平均债务到期时间延长至近9年，与六年前相比。加权平均利率目前为3.8%，而上季度为3.5%。

As of Jan 31, 2021, long-term debt (including current portion of $843 million) was $41.932 billion compared with $41.062 billion as of Nov 1, 2020.

截至2021年1月31日，长期债务(包括8.43亿美元的当期部分)为419.32亿美元，而2020年11月1日为410.62亿美元。

Broadcom generated cash flow from operations of $3.113 billion compared with $3.348 billion in the previous quarter. Capital expenditure totaled $114 million compared with the last reported quarter’s figure of $102 million. Free cash flow during the quarter was $2.999 billion compared with $3.246 billion in the prior quarter.

博通从运营中产生的现金流为31.13亿美元，高于上一季度的33.48亿美元。资本支出总额为1.14亿美元，高于上一季度的1.02亿美元。本季度的自由现金流为29.99亿美元，前一季度为32.46亿美元。

During the reported quarter, Broadcom returned $1.5 billion in form of dividends to shareholders during the fiscal first quarter. The company paid an additional $225 million for elimination of 521,000 of company’s shares.

在本季度，博通在第一财季以股息形式向股东返还了15亿美元。该公司又支付了2.25亿美元，注销了52.1万股公司股票。

On Mar 4, 2021, the company approved a quarterly cash dividend of $3.60 per share on its common stock, payable on Mar 31, 2021 to shareholders as on Mar 22, 2021.Guidance

2021年3月4日，公司批准普通股季度现金股息为每股3.60美元，于2021年3月31日向股东支付，截止日期为2021年3月22日

For second-quarter fiscal 2021, the company anticipates revenues of $6.5 billion. The Zacks Consensus Estimate is currently pegged at $6.32 billion. Adjusted EBITDA is expected to be approximately 59% of projected revenues in the fiscal second quarter.

该公司预计2021年第二季度的营收为65亿美元。Zacks共识估计目前为63.2亿美元。调整后的息税折旧摊销前利润预计约占第二财季预期收入的59%。

Management expects wireless revenues to decline 30-40% on a year-over-year basis, due to seasonality.

管理层预计，由于季节性因素，无线业务收入将同比下降30-40%。

In broadband end-market, management projects double-digit year-over-year growth in revenues backed by gains from the roll out of new Wi-Fi6 enabled platforms in fiscal second quarter, with higher value content across North American and European telcos.

在宽带终端市场，管理层预计在第二财季推出新型Wi-Fi6平台的支持下，营收将实现两位数同比增长，北美和欧洲的电信公司将获得更高的价值内容。

In networking domain, the company expects revenues to increase sequentially and on a year-over-year basis, driven by continued strength in demand for switch and routing platforms across cloud customers and telcos despite moderating enterprise campus spending.

在网络领域，尽管企业园区支出有所放缓，但受云客户和电信公司对交换机和路由平台需求持续强劲的推动，该公司预计营收将连续增长。

Nevertheless, sluggishness in enterprise demand is likely to result in double-digit decline in server storage revenues compared with the year-ago quarter. Notably, the company is optimistic regarding the recovery witnessed in Japan and Europe and expects revenues from resales to register year-over-year growth similar to that of first-quarter fiscal 2021.

然而，企业需求低迷可能导致服务器存储收入较上年同期下降两位数。值得注意的是，该公司对日本和欧洲的复苏持乐观态度，并预计转售收入将录得类似于2021财年第一季度的同比增长。

Management projects Semiconductor Solutions business to register a similar year-over-year growth as the fiscal first quarter, sustained by strong demand seen across networking and broadband verticals despite seasonal decline in wireless business.

管理层预计，半导体解决方案业务将录得与第一财季类似的同比增长，尽管无线业务季节性下滑，但网络和宽带垂直领域的强劲需求维持了这一增长。

For fiscal second quarter, revenues from Infrastructure software segment is expected to be up in mid-single digits on a year-over-year basis in second-quarter fiscal 2021.Zacks Rank & Stocks to Consider

在第二财季，基础设施软件部门的收入预计将在2021财季同比增长中位数。扎克把股票分类考虑

Currently, Broadcom carries a Zacks Rank #3 (Hold).

目前，Broadcom的Zacks等级是#3(持有)。

Some better-ranked stocks in the broader technology sector are Shopify SHOP, Skyworks SWKS and MaxLinear MXL. All the stocks sport a Zacks Rank #1 (Strong Buy), at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

在更广泛的科技板块中，一些排名较好的股票是Shopify SHOP、Skyworks SWKS和MaxLinear MXL。目前，所有股票的Zacks排名都是1号(强买入)。你可以在这里看到今天Zacks排名第一的股票的完整列表。

Long-term earnings growth rate for Shopify, MaxLinear and Skyworks is currently pegged at 32.5%, 20%, and 18.98%, respectively.Time to Invest in Legal Marijuana

Shopify、MaxLinear和Skyworks的长期收益增长率目前分别为32.5%、20%和18.98%。是时候投资合法大麻了

If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027.

如果你想要大赚一笔，没有比这更好的时机进入一个年轻的行业，这个行业的市值将从2019年的177亿美元飙升至2027年的736亿美元。

After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%.

在5个州的6次投票中大获全胜后，大麻现在在36个州和华盛顿特区都是合法的。预计联邦政府很快就会将大麻合法化，这对投资者来说可能是一个更大的财富。甚至在最近一波大麻合法化浪潮之前，Zacks Investment Research就推荐了涨幅高达285.9%的大麻股。

You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.

我们邀请你去看看Zacks的《大麻摇钱树:投资者指南》(Marijuana Moneymakers: An Investor’s Guide)。它提供了一份具有非凡增长潜力的pot股票和etf的及时观察名单。

Today, Download Marijuana Moneymakers FREE >>

今天，免费下载大麻摇钱树>>

Skyworks Solutions, Inc. (SWKS) : Free Stock Analysis Report

Skyworks Solutions, Inc. (SWKS):免费股票分析报告

Shopify Inc. (SHOP) : Free Stock Analysis Report

Shopify Inc. (SHOP):免费股票分析报告