BROADCOM INC. | ||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED | ||||||||||
(IN MILLIONS) | ||||||||||
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| Fiscal Quarter Ended |
| Two Fiscal Quarters Ended | ||||||
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| May 3, |
| February 2, |
| May 5, |
| May 3, |
| May 5, |
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| 2020 |
| 2020 |
| 2019 |
| 2020 |
| 2019 |
Cash flows from operating activities: |
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Net income |
| $ 563 |
| $ 385 |
| $ 691 |
| $ 948 |
| $ 1,162 |
Adjustments to reconcile net income to net cash provided by
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Amortization of intangible and right-of-use assets |
| 1,583 |
| 1,582 |
| 1,305 |
| 3,165 |
| 2,621 |
Depreciation |
| 147 |
| 146 |
| 142 |
| 293 |
| 285 |
Stock-based compensation |
| 517 |
| 545 |
| 544 |
| 1,062 |
| 1,009 |
Deferred taxes and other non-cash taxes |
| (175) |
| (72) |
| (94) |
| (247) |
| (473) |
Loss on debt extinguishment |
| 93 |
| 5 |
| - |
| 98 |
| - |
Non-cash restructuring, impairment and disposal charges |
| 6 |
| 11 |
| 6 |
| 17 |
| 98 |
Non-cash interest expense |
| 31 |
| 30 |
| 14 |
| 61 |
| 27 |
Other |
| (8) |
| 19 |
| (39) |
| 11 |
| (60) |
Changes in assets and liabilities, net of acquisitions
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Trade accounts receivable, net |
| 440 |
| (392) |
| 193 |
| 48 |
| 261 |
Inventory |
| (10) |
| 40 |
| 40 |
| 30 |
| 90 |
Accounts payable |
| 233 |
| 117 |
| 30 |
| 350 |
| (139) |
Employee compensation and benefits |
| 61 |
| (217) |
| (6) |
| (156) |
| (464) |
Other current assets and current liabilities |
| 118 |
| 346 |
| (37) |
| 464 |
| 469 |
Other long-term assets and long-term liabilities |
| (386) |
| (223) |
| (122) |
| (609) |
| (87) |
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Net cash provided by operating activities |
| 3,213 |
| 2,322 |
| 2,667 |
| 5,535 |
| 4,799 |
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Cash flows from investing activities: |
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Acquisitions of businesses, net of cash acquired |
| - |
| (10,870) |
| - |
| (10,870) |
| (16,027) |
Proceeds from sales of businesses |
| 168 |
| - |
| - |
| 168 |
| 957 |
Purchases of property, plant and equipment |
| (148) |
| (108) |
| (125) |
| (256) |
| (224) |
Other |
| 4 |
| (9) |
| 19 |
| (5) |
| (5) |
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Net cash provided by (used in) investing activities |
| 24 |
| (10,987) |
| (106) |
| (10,963) |
| (15,299) |
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Cash flows from financing activities: |
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Proceeds from long-term borrowings |
| 4,468 |
| 15,381 |
| 10,897 |
| 19,849 |
| 28,793 |
Repayment of debt |
| (4,452) |
| (4,537) |
| (12,000) |
| (8,989) |
| (12,000) |
Other borrowings, net |
| 1,025 |
| 718 |
| 1,044 |
| 1,743 |
| 1,575 |
Payments of dividends |
| (1,381) |
| (1,372) |
| (1,057) |
| (2,753) |
| (2,124) |
Repurchases of common stock - repurchase program |
| - |
| - |
| (830) |
| - |
| (4,266) |
Shares repurchased for tax withholdings on vesting of
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| (219) |
| (169) |
| (500) |
| (388) |
| (577) |
Issuance of common stock |
| 91 |
| 37 |
| 121 |
| 128 |
| 183 |
Other |
| (6) |
| (4) |
| (1) |
| (10) |
| (48) |
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Net cash provided by (used in) financing activities |
| (474) |
| 10,054 |
| (2,326) |
| 9,580 |
| 11,536 |
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Net change in cash and cash equivalents |
| 2,763 |
| 1,389 |
| 235 |
| 4,152 |
| 1,036 |
Cash and cash equivalents at the beginning of period |
| 6,444 |
| 5,055 |
| 5,093 |
| 5,055 |
| 4,292 |
Cash and cash equivalents at end of period |
| $ 9,207 |
| $ 6,444 |
| $ 5,328 |
| $ 9,207 |
| $ 5,328 |
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Supplemental disclosure of cash flow information: |
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Cash paid for interest |
| $ 375 |
| $ 381 |
| $ 189 |
| $ 756 |
| $ 612 |
Cash paid for income taxes |
| $ 124 |
| $ 131 |
| $ 425 |
| $ 255 |
| $ 520 |