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BROADCOM CORPORATION | |||||||||||||||||||
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Unaudited Condensed Consolidated Statements of Cash Flows | |||||||||||||||||||
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(In millions) | |||||||||||||||||||
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Three Months Ended |
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Six Months Ended | ||||||||||||||||
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June 30, |
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March 31, |
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June 30, |
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June 30, | ||||||||||||
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2015 |
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2015 |
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2014 |
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2015 |
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2014 | ||||||||||
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Operating activities |
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Net income (loss) |
$ |
386 |
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$ |
209 |
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$ |
(1) |
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$ |
595 |
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$ |
164 |
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Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
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Depreciation and amortization |
43 |
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39 |
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47 |
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|
82 |
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|
99 |
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Stock-based compensation expense |
86 |
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|
90 |
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113 |
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|
176 |
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|
233 |
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Acquisition-related items: |
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Amortization of purchased intangible assets |
33 |
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|
37 |
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|
56 |
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|
70 |
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|
115 |
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Impairments of long-lived assets |
— |
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|
143 |
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|
165 |
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|
143 |
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|
190 |
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Loss (gain) on sale of assets and other |
— |
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|
3 |
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2 |
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3 |
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(47) |
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Changes in operating assets and liabilities, net of acquisitions: |
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Accounts receivable, net |
(105) |
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|
(12) |
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|
(62) |
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|
(117) |
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(1) |
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Inventory |
18 |
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|
(99) |
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|
(85) |
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(81) |
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(90) |
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Prepaid expenses and other assets |
9 |
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(65) |
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(8) |
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(56) |
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(4) |
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Accounts payable |
146 |
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(58) |
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|
105 |
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|
88 |
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|
97 |
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Deferred revenue |
(8) |
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(6) |
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(10) |
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(14) |
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|
105 |
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Other accrued and long-term liabilities |
194 |
|
|
(306) |
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|
(97) |
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|
(112) |
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(30) |
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Net cash provided by (used in) operating activities * |
802 |
|
|
(25) |
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|
225 |
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|
777 |
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|
831 |
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Investing activities |
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Net purchases of property and equipment |
(17) |
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|
(156) |
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(80) |
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(173) |
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(158) |
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Net cash paid for acquired companies |
— |
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— |
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(6) |
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— |
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(6) |
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Proceeds from sale (purchases) of certain assets and other |
— |
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(15) |
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— |
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(15) |
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|
90 |
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Purchases of marketable securities |
(1,745) |
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|
(937) |
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(436) |
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(2,682) |
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(913) |
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Proceeds from sales and maturities of marketable securities |
1,179 |
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|
579 |
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|
467 |
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|
1,758 |
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|
970 |
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Net cash used in investing activities |
(583) |
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|
(529) |
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|
(55) |
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(1,112) |
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(17) |
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Financing activities |
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Repurchases of Class A common stock |
(128) |
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(335) |
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(191) |
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(463) |
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(191) |
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Dividends paid |
(84) |
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|
(84) |
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(70) |
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(168) |
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(140) |
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Proceeds from issuance of common stock |
327 |
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|
148 |
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|
229 |
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|
475 |
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|
283 |
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Minimum tax withholding paid on behalf of employees for restricted stock units |
(35) |
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(43) |
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(28) |
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|
(78) |
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(59) |
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Net cash provided by (used in) financing activities |
80 |
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|
(314) |
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|
(60) |
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(234) |
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(107) |
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Increase (decrease) in cash and cash equivalents |
299 |
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|
(868) |
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|
110 |
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(569) |
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|
707 |
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Cash and cash equivalents at beginning of period |
1,677 |
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|
2,545 |
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|
2,254 |
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2,545 |
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|
1,657 |
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Cash and cash equivalents at end of period |
$ |
1,976 |
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$ |
1,677 |
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$ |
2,364 |
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$ |
1,976 |
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$ |
2,364 |
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* |
Net cash provided by operating activities reflects the normalization of working capital levels following the Company's transition to a new enterprise resource planning system in April 2015. |
