| AVAGO TECHNOLOGIES LIMITED | ||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED | ||||||||||||
| (IN MILLIONS) | ||||||||||||
| Quarter ended | ||||||||||||
|
January 29,
|
October 30,
|
January 30,
|
||||||||||
| Cash flows from operating activities: | ||||||||||||
| Net income | $ | 125 | $ | 154 | $ | 119 | ||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
| Depreciation and amortization | 37 | 39 | 41 | |||||||||
| Loss on extinguishment of debt | - | - | 5 | |||||||||
| Impairment of investment and loan receivable from investee | 2 | - | - | |||||||||
| Share-based compensation | 11 | 11 | 7 | |||||||||
| Tax benefits of share-based compensation | - | 6 | 8 | |||||||||
| Excess tax benefits from share-based compensation | - | (6 | ) | (2 | ) | |||||||
| Changes in assets and liabilities, net of acquisitions: | ||||||||||||
| Trade accounts receivable | 20 | (43 | ) | (5 | ) | |||||||
| Inventory | 1 | 6 | (14 | ) | ||||||||
| Accounts payable | (8 | ) | 23 | (30 | ) | |||||||
| Employee compensation and benefits | (38 | ) | 1 | (31 | ) | |||||||
| Other current assets and current liabilities | (10 | ) | 12 | (31 | ) | |||||||
| Other long-term assets and long-term liabilities | (1 | ) | (8 | ) | - | |||||||
| Net cash provided by operating activities | 139 | 195 | 67 | |||||||||
| Cash flows from investing activities: | ||||||||||||
| Purchase of property, plant and equipment | (47 | ) | (37 | ) | (32 | ) | ||||||
| Acquisitions and investments, net of cash acquired | - | - | (9 | ) | ||||||||
| Loan receivable from cost method investee | - | (1 | ) | - | ||||||||
| Net cash used in investing activities | (47 | ) | (38 | ) | (41 | ) | ||||||
| Cash flows from financing activities: | ||||||||||||
| Proceeds from government grants | 1 | - | - | |||||||||
| Debt repayments | - | - | (230 | ) | ||||||||
| Payments on capital lease obligations | - | (1 | ) | (1 | ) | |||||||
| Issuance of ordinary shares | 5 | 15 | 22 | |||||||||
| Repurchases of ordinary shares | (79 | ) | (25 | ) | - | |||||||
| Excess tax benefits from share-based compensation | - | 6 | 2 | |||||||||
| Dividend payments to shareholders | (29 | ) | (27 | ) | (17 | ) | ||||||
| Net cash used in financing activities | (102 | ) | (32 | ) | (224 | ) | ||||||
| Net increase (decrease) in cash and cash equivalents | (10 | ) | 125 | (198 | ) | |||||||
| Cash and cash equivalents at the beginning of period | 829 | 704 | 561 | |||||||||
| Cash and cash equivalents at end of period | $ | 819 | $ | 829 | $ | 363 | ||||||
Avago Technologies Limited Announces First Quarter Fiscal Year 2012 Financial Results
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