Broadcom Inc. Announces Second Quarter Fiscal Year 2020 Financial Results and Quarterly Dividends

 

BROADCOM INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED

(IN MILLIONS)














Fiscal Quarter Ended


Two Fiscal Quarters Ended



May 3,


February 2,


May 5,


May 3,


May 5,



2020


2020


2019


2020


2019

Cash flows from operating activities:











Net income


$          563


$          385


$          691


$          948


$        1,162

Adjustments to reconcile net income to net cash provided by
operating activities:











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
and disposals:











  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)












Net cash provided by operating activities


3,213


2,322


2,667


5,535


4,799























Cash flows from investing activities:











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)












Net cash provided by (used in) investing activities


24


(10,987)


(106)


(10,963)


(15,299)























Cash flows from financing activities:











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
equity awards


(219)


(169)


(500)


(388)


(577)

Issuance of common stock


91


37


121


128


183

Other


(6)


(4)


(1)


(10)


(48)












Net cash provided by (used in) financing activities


(474)


10,054


(2,326)


9,580


11,536























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












Supplemental disclosure of cash flow information:











Cash paid for interest


$           375


$           381


$           189


$           756


$           612

Cash paid for income taxes


$           124


$           131


$           425


$           255


$           520


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