BROADCOM INC. | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED | |||||||
(IN MILLIONS) | |||||||
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| Fiscal Quarter Ended |
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| February 2, |
| November 3, |
| February 3, |
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| 2020 |
| 2019 |
| 2019 |
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Cash flows from operating activities: |
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Net income |
| $ 385 |
| $ 847 |
| $ 471 |
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Amortization of intangible and right-of-use assets |
| 1,582 |
| 1,309 |
| 1,316 |
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Depreciation |
| 146 |
| 143 |
| 143 |
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Stock-based compensation |
| 545 |
| 544 |
| 465 |
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Deferred taxes and other non-cash taxes |
| (72) |
| (226) |
| (379) |
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Non-cash restructuring, impairment and disposal charges |
| 11 |
| 20 |
| 92 |
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Non-cash interest expense |
| 35 |
| 40 |
| 13 |
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Other |
| 19 |
| (44) |
| (21) |
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Changes in assets and liabilities, net of acquisitions and disposals: |
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Trade accounts receivable, net |
| (392) |
| 285 |
| 68 |
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Inventory |
| 40 |
| 217 |
| 50 |
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Accounts payable |
| 117 |
| (147) |
| (169) |
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Employee compensation and benefits |
| (217) |
| 66 |
| (458) |
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Other current assets and current liabilities |
| 346 |
| (398) |
| 506 |
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| Other long-term assets and long-term liabilities |
| (223) |
| (177) |
| 35 |
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| Net cash provided by operating activities |
| 2,322 |
| 2,479 |
| 2,132 |
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| Cash flows from investing activities: |
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| Acquisitions of businesses, net of cash acquired |
| (10,870) |
| - |
| (16,027) |
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| Proceeds from sale of business |
| - |
| - |
| 957 |
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| Purchases of property, plant and equipment |
| (108) |
| (96) |
| (99) |
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| Proceeds from disposals of property, plant and equipment |
| - |
| 6 |
| - |
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| Other |
| (9) |
| 2 |
| (24) |
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| Net cash used in investing activities |
| (10,987) |
| (88) |
| (15,193) |
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| Cash flows from financing activities: |
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| Proceeds from long-term borrowings |
| 15,381 |
| - |
| 17,896 |
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| Repayment of debt |
| (4,537) |
| (4,800) |
| - |
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| Other borrowings, net |
| 718 |
| (104) |
| 531 |
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| Payments of dividends |
| (1,372) |
| (1,054) |
| (1,067) |
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| Repurchases of common stock - repurchase program |
| - |
| (433) |
| (3,436) |
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| Shares repurchased for tax withholdings on vesting of equity awards |
| (169) |
| (154) |
| (77) |
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| Issuance of preferred stock, net |
| - |
| 3,679 |
| - |
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| Issuance of common stock |
| 37 |
| 59 |
| 62 |
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| Other |
| (4) |
| 9 |
| (47) |
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| Net cash provided by (used in) financing activities |
| 10,054 |
| (2,798) |
| 13,862 |
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| Net change in cash and cash equivalents |
| 1,389 |
| (407) |
| 801 |
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| Cash and cash equivalents at the beginning of period |
| 5,055 |
| 5,462 |
| 4,292 |
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| Cash and cash equivalents at end of period |
| $ 6,444 |
| $ 5,055 |
| $ 5,093 |
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| Supplemental disclosure of cash flow information: |
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| Cash paid for interest |
| $ 381 |
| $ 307 |
| $ 423 |
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| Cash paid for income taxes |
| $ 131 |
| $ 123 |
| $ 95 |
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