|
| |||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended | ||||||||||||||||
|
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, | ||||||||||||
|
|
2014 |
|
2014 |
|
2013 |
|
2014 |
|
2013 | ||||||||||
|
Cost of revenue |
$ |
5 |
|
|
$ |
6 |
|
|
$ |
6 |
|
|
$ |
22 |
|
|
$ |
25 |
|
|
Research and development |
67 |
|
|
73 |
|
|
83 |
|
|
304 |
|
|
363 |
| |||||
|
Selling, general and administrative |
25 |
|
|
28 |
|
|
28 |
|
|
111 |
|
|
130 |
| |||||
|
| |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
|
BROADCOM CORPORATION | |||||||||||||||||||
|
Unaudited Condensed Consolidated Statements of Cash Flows | |||||||||||||||||||
|
(In millions) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
Three Months Ended |
|
Year Ended | ||||||||||||||||
|
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, | ||||||||||||
|
|
2014 |
|
2014 |
|
2013 |
|
2014 |
|
2013 | ||||||||||
|
Operating activities |
|
|
|
|
|
|
|
|
| ||||||||||
|
Net income |
$ |
390 |
|
|
$ |
98 |
|
|
$ |
168 |
|
|
$ |
652 |
|
|
$ |
424 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
| ||||||||||
|
Depreciation and amortization |
37 |
|
|
42 |
|
|
51 |
|
|
178 |
|
|
173 |
| |||||
|
Stock-based compensation expense |
97 |
|
|
107 |
|
|
117 |
|
|
437 |
|
|
518 |
| |||||
|
Acquisition-related items: |
|
|
|
|
|
|
|
|
| ||||||||||
|
Amortization of purchased intangible assets |
45 |
|
|
54 |
|
|
56 |
|
|
214 |
|
|
228 |
| |||||
|
Impairments of long-lived assets |
14 |
|
|
200 |
|
|
— |
|
|
404 |
|
|
511 |
| |||||
|
Loss (gain) on sale of assets and other |
3 |
|
|
3 |
|
|
— |
|
|
(41) |
|
|
(2) |
| |||||
|
Changes in operating assets and liabilities, net of acquisitions: |
|
|
|
|
|
|
|
|
| ||||||||||
|
Accounts receivable, net |
134 |
|
|
(142) |
|
|
57 |
|
|
(9) |
|
|
(55) |
| |||||
|
Inventory |
93 |
|
|
(10) |
|
|
16 |
|
|
(7) |
|
|
2 |
| |||||
|
Prepaid expenses and other assets |
7 |
|
|
11 |
|
|
(28) |
|
|
14 |
|
|
(25) |
| |||||
|
Accounts payable |
(176) |
|
|
— |
|
|
44 |
|
|
(79) |
|
|
24 |
| |||||
|
Deferred revenue |
(11) |
|
|
(7) |
|
|
(4) |
|
|
87 |
|
|
(15) |
| |||||
|
Other accrued and long-term liabilities |
— |
|
|
105 |
|
|
(86) |
|
|
75 |
|
|
2 |
| |||||
|
Net cash provided by operating activities |
633 |
|
|
461 |
|
|
391 |
|
|
1,925 |
|
|
1,785 |
| |||||
|
Investing activities |
|
|
|
|
|
|
|
|
| ||||||||||
|
Net purchases of property and equipment |
(48) |
|
|
(56) |
|
|
(56) |
|
|
(262) |
|
|
(228) |
| |||||
|
Net cash paid for acquired companies |
(5) |
|
|
(3) |
|
|
(142) |
|
|
(14) |
|
|
(142) |
| |||||
|
Proceeds from sale of certain assets and other |
2 |
|
|
— |
|
|
(15) |
|
|
92 |
|
|
(15) |
| |||||
|
Purchases of marketable securities |
(2,003) |
|
|
(955) |
|
|
(468) |
|
|
(3,871) |
|
|
(2,682) |
| |||||
|
Proceeds from sales and maturities of marketable securities |
1,724 |
|
|
447 |
|
|
575 |
|
|
3,141 |
|
|
2,071 |
| |||||
|
Net cash used in investing activities |
(330) |
|
|
(567) |
|
|
(106) |
|
|
(914) |
|
|
(996) |
| |||||
|
Financing activities |
|
|
|
|
|
|
|
|
| ||||||||||
|
Issuance of long-term debt, net |
— |
|
|
592 |
|
|
— |
|
|
592 |
|
|
— |
| |||||
|
Payments of long-term debt |
— |
|
|
(400) |
|
|
(300) |
|
|
(400) |
|
|
(300) |
| |||||
|
Repurchases of Class A common stock |
(104) |
|
|
(227) |
|
|
(2) |
|
|
(522) |
|
|
(597) |
| |||||
|
Dividends paid |
(72) |
|
|
(71) |
|
|
(64) |
|
|
(283) |
|
|
(254) |
| |||||
|
Proceeds from issuance of common stock |
198 |
|
|
136 |
|
|
240 |
|
|
617 |
|
|
532 |
| |||||
|
Minimum tax withholding paid on behalf of employees for restricted stock units |
(34) |
|
|
(34) |
|
|
(26) |
|
|
(127) |
|
|
(130) |
| |||||
|
Net cash used in financing activities |
(12) |
|
|
(4) |
|
|
(152) |
|
|
(123) |
|
|
(749) |
| |||||
|
Increase (decrease) in cash and cash equivalents |
291 |
|
|
(110) |
|
|
133 |
|
|
888 |
|
|
40 |
| |||||
|
Cash and cash equivalents at beginning of period |
2,254 |
|
|
2,364 |
|
|
1,524 |
|
|
1,657 |
|
|
1,617 |
| |||||
|
Cash and cash equivalents at end of period |
$ |
2,545 |
|
|
$ |
2,254 |
|
|
$ |
1,657 |
|
|
$ |
2,545 |
|
|
$ |
1,657 |
|
