Avago Technologies Limited Announces Fourth Quarter and Fiscal Year 2015 Financial Results

 

AVAGO TECHNOLOGIES LIMITED 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED 
(IN MILLIONS) 
           
     Fiscal Quarter Ended    Fiscal Year Ended 
   November 1,  August 2,  November 2,  November 1,  November 2, 
    2015    2015    2014    2015    2014  
Cash flows from operating activities:           
Net income $  429  $  240  $  135  $  1,364  $  263  
            
Adjustments to reconcile net income to net cash provided by operating activities:           
Depreciation and amortization    250     256     250     962     625  
Amortization of debt issuance costs and accretion of debt discount    4     4     7     22     14  
Share-based compensation    63     63     54     232     163  
Tax benefits of share-based compensation    25     32     42     130     42  
Excess tax from share-based compensation     (23 )       (32 )       (39 )       (125 )       (39 )  
Non-cash portion of restructuring and asset impairment charges       2         70         9         77         9    
Loss (gain) on sale of businesses       28         -         (18 )       14         (18 )  
Deferred taxes       (185 )       (33 )       (72 )       (220 )       (92 )  
Other       8         1         (8 )       28         (1 )  
Changes in assets and liabilities, net of acquisitions and disposals:                      
Trade accounts receivable, net       (209 )       (2 )       (180 )       (187 )       (70 )  
Inventory       (1 )       20         (6 )       62         193    
Accounts payable       81         (29 )       52         29         13    
Employee compensation and benefits       20         29         2         8         20    
Other current assets and current liabilities       12         (39 )       188         (118 )       219    
Other long-term assets and long-term liabilities       78         12         (35 )       40         (166 )  
Net cash provided by operating activities         582         592         381         2,318         1,175    
                                           
Cash flows from investing activities:                                          
Proceeds from sale of businesses       -         -         450         650         450    
Acquisition of businesses, net of cash acquired       -         (394 )       (317 )       (394 )       (5,961 )  
Purchases of property, plant and equipment        (106 )       (148 )       (189 )       (593 )       (409 )  
Proceeds from disposals of property, plant and equipment       47         -         -       110         -    
Purchases of investments       (5 )       -         -         (14 )       -    
Proceeds from sale of investments       -         -         21         -         35    
Net cash used in investing activities       (64 )       (542 )       (35 )       (241 )       (5,885 )  
                                           
Cash flows from financing activities:                                          
Debt repayments       (12 )       (1,010 )       (12 )       (1,639 )       (12 )  
Payment of assumed debt       -         (178 )       -         (178 )       -    
Proceeds from term loan borrowings       -         -         -         -         4,600    
Proceeds from issuance of convertible senior notes       -         -         -         -         1,000    
Debt issuance costs       -         -         -         -         (124 )  
Issuance of ordinary shares       55         56         38         241         124    
Dividend payments to shareholders       (116 )       (104 )       (81 )       (408 )       (284 )  
Repurchases of ordinary shares       -         -         -         -         (12 )  
Excess tax from share-based compensation       23         32         39         125         39    
Other       -         -         (3 )       -         (2 )  
Net cash (used in) provided by financing activities       (50 )       (1,204 )       (19 )       (1,859 )       5,329    
                                           
Net change in cash and cash equivalents       468         (1,154 )       327         218         619    
Cash and cash equivalents at beginning of period       1,354         2,508         1,277         1,604         985    
Cash and cash equivalents at end of period   $   1,822     $   1,354     $   1,604     $   1,822     $   1,604    
                                           
                       
 Contacts:
Avago  Technologies  Limited
Ashish  Saran
Investor  Relations
+1  408  433  8000
investor.relations@avagotech.com 

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