BROADCOM INC. | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED | |||||||||||||||
(IN MILLIONS) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fiscal Quarter Ended |
| Fiscal Year Ended | |||||||||||
|
| November 1, |
| August 2, |
| November 3, |
| November 1, |
| November 3, | |||||
|
| 2020 |
| 2020 |
| 2019 |
| 2020 |
| 2019 | |||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
| $ | 1,324 |
| $ | 688 |
| $ | 847 |
| $ | 2,960 |
| $ | 2,724 |
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Amortization of intangible and right-of-use assets |
|
| 1,589 |
|
| 1,581 |
|
| 1,309 |
|
| 6,335 |
|
| 5,239 |
Depreciation |
|
| 139 |
|
| 138 |
|
| 143 |
|
| 570 |
|
| 569 |
Stock-based compensation |
|
| 449 |
|
| 465 |
|
| 544 |
|
| 1,976 |
|
| 2,185 |
Deferred taxes and other non-cash taxes |
|
| (459) |
|
| (436) |
|
| (226) |
|
| (1,142) |
|
| (934) |
Loss on debt extinguishment included in interest expense |
|
| 16 |
|
| 55 |
|
| 26 |
|
| 169 |
|
| 28 |
Non-cash restructuring, impairment and disposal charges |
|
| 12 |
|
| 15 |
|
| 20 |
|
| 44 |
|
| 133 |
Non-cash interest expense |
|
| 25 |
|
| 22 |
|
| 19 |
|
| 108 |
|
| 69 |
Other |
|
| (9) |
|
| (54) |
|
| (49) |
|
| (52) |
|
| (132) |
Changes in assets and liabilities, net of acquisitions and disposals: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade accounts receivable, net |
|
| 391 |
|
| 542 |
|
| 285 |
|
| 981 |
|
| 486 |
Inventory |
|
| 67 |
|
| (128) |
|
| 217 |
|
| (31) |
|
| 250 |
Accounts payable |
|
| (230) |
|
| (123) |
|
| (147) |
|
| (3) |
|
| (42) |
Employee compensation and benefits |
|
| 142 |
|
| 231 |
|
| 66 |
|
| 217 |
|
| (294) |
Other current assets and current liabilities |
|
| (131) |
|
| (2) |
|
| (398) |
|
| 331 |
|
| (283) |
Other long-term assets and long-term liabilities |
|
| 23 |
|
| 184 |
|
| (177) |
|
| (402) |
|
| (301) |
Net cash provided by operating activities |
|
| 3,348 |
|
| 3,178 |
|
| 2,479 |
|
| 12,061 |
|
| 9,697 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions of businesses, net of cash acquired |
|
| - |
|
| (2) |
|
| - |
|
| (10,872) |
|
| (16,033) |
Proceeds from sales of businesses |
|
| - |
|
| 50 |
|
| - |
|
| 218 |
|
| 957 |
Purchases of property, plant and equipment |
|
| (102) |
|
| (105) |
|
| (96) |
|
| (463) |
|
| (432) |
Proceeds from disposals of property, plant and equipment |
|
| 2 |
|
| 10 |
|
| 6 |
|
| 12 |
|
| 88 |
Other |
|
| - |
|
| 1 |
|
| 2 |
|
| (4) |
|
| (2) |
Net cash used in investing activities |
|
| (100) |
|
| (46) |
|
| (88) |
|
| (11,109) |
|
| (15,422) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from long-term borrowings |
|
| - |
|
| 7,953 |
|
| - |
|
| 27,802 |
|
| 28,793 |
Repayment of debt |
|
| (3,000) |
|
| (6,825) |
|
| (4,800) |
|
| (18,814) |
|
| (16,800) |
Other borrowings, net |
|
| - |
|
| (3,028) |
|
| (104) |
|
| (1,285) |
|
| 1,241 |
Payment of dividends |
|
| (1,395) |
|
| (1,386) |
|
| (1,054) |
|
| (5,534) |
|
| (4,235) |
Repurchases of common stock - repurchase program |
|
| - |
|
| - |
|
| (433) |
|
| - |
|
| (5,435) |
Shares repurchased for tax withholdings on vesting of equity awards |
|
| (185) |
|
| (192) |
|
| (154) |
|
| (765) |
|
| (972) |
Issuance of preferred stock, net |
|
| - |
|
| - |
|
| 3,679 |
|
| - |
|
| 3,679 |
Issuance of common stock |
|
| 102 |
|
| 46 |
|
| 59 |
|
| 276 |
|
| 253 |
Other |
|
| (9) |
|
| (50) |
|
| 9 |
|
| (69) |
|
| (36) |
Net cash provided by (used in) financing activities |
|
| (4,487) |
|
| (3,482) |
|
| (2,798) |
|
| 1,611 |
|
| 6,488 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
|
| (1,239) |
|
| (350) |
|
| (407) |
|
| 2,563 |
|
| 763 |
Cash and cash equivalents at beginning of period |
|
| 8,857 |
|
| 9,207 |
|
| 5,462 |
|
| 5,055 |
|
| 4,292 |
Cash and cash equivalents at end of period |
| $ | 7,618 |
| $ | 8,857 |
| $ | 5,055 |
| $ | 7,618 |
| $ | 5,055 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for interest |
| $ | 383 |
| $ | 269 |
| $ | 307 |
| $ | 1,408 |
| $ | 1,287 |
Cash paid for income taxes |
| $ | 202 |
| $ | 44 |
| $ | 123 |
| $ | 501 |
| $ | 741 |