Broadcom Limited Announces Third Quarter Fiscal Year 2016

Broadcom Limited Announces Third Quarter Fiscal Year 2016 Financial Results and Interim Dividend

BROADCOM LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED
(IN MILLIONS)

	Fiscal Quarter Ended									Three Fiscal Quarters Ended
	July 31,			May 1,			August 2,			July 31,			August 2,
		2016			2016			2015			2016			2015
Cash flows from operating activities:
Net income (loss)	$	(315	)	$	(1,255	)	$	240		$	(1,193	)	$	935
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		1,058			1,040			256			2,342			712
Share-based compensation		219			198			63			474			169
Excess tax benefits from share-based compensation		(10	)		(35	)		(32	)		(68	)		(102	)
Non-cash portion of debt extinguishment (gain) loss		21			30			(3	)		51			10
Non-cash restructuring, impairment and disposal charges		224			22			70			268			75
Gain on sales of businesses		(27	)		-			-			(27	)		(14	)
Deferred taxes		(181	)		(164	)		(33	)		(353	)		(35	)
Amortization of debt issuance costs and accretion of debt discount		10			13			4			27			18
Other		(9	)		22			4			17			10
Changes in assets and liabilities, net of acquisitions and disposals:
Trade accounts receivable, net		(322	)		(128	)		(2	)		(491	)		22
Inventory		168			886			20			1,088			63
Accounts payable		156			(149	)		(29	)		(61	)		(52	)
Employee compensation and benefits		121			98			29			70			(12	)
Other current assets and current liabilities		(124	)		70			(7	)		(38	)		(25	)
Other long-term assets and long-term liabilities		(26	)		(26	)		12			(47	)		(38	)
Net cash provided by operating activities		963			622			592			2,059			1,736

Cash flows from investing activities:
Acquisitions of businesses, net of cash acquired		(20	)		(10,023	)		(394	)		(10,055	)		(394	)
Proceeds from sales of businesses		630			-			-			698			650
Purchases of property, plant and equipment		(232	)		(158	)		(148	)		(530	)		(487	)
Proceeds from disposals of property, plant and equipment		5			-			-			5			63
Purchases of investments		-			(58	)		-			(58	)		(9	)
Proceeds from sales and maturities of investments		57			32			-			89			-
Other		(14	)		-			-			(15	)		-
Net cash provided by (used in) investing activities		426			(10,207	)		(542	)		(9,866	)		(177	)

Cash flows from financing activities:
Proceeds from term loan borrowings		-			15,926			-			15,926			-
Debt repayments		(1,306	)		(4,828	)		(1,010	)		(6,145	)		(1,627	)
Payments of assumed debt		-			(1,475	)		(178	)		(1,475	)		(178	)
Debt issuance costs		-			(104	)		-			(108	)		-
Dividend payments		(211	)		(204	)		(104	)		(537	)		(292	)
Issuance of ordinary shares		38			107			56			217			186
Excess tax benefits from share-based compensation		10			35			32			68			102
Net cash provided by (used in) financing activities		(1,469	)		9,457			(1,204	)		7,946			(1,809	)


Net change in cash and cash equivalents		(80	)		(128	)		(1,154	)		139			(250	)
Cash and cash equivalents at the beginning of period		2,041			2,169			2,508			1,822			1,604
Cash and cash equivalents at end of period	$	1,961		$	2,041		$	1,354		$	1,961		$	1,354

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