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AVAGO TECHNOLOGIES LIMITED | |
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED | |
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(IN MILLIONS) | |
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Fiscal Quarter Ended
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Fiscal Year Ended | |
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November 1, | |
August 2, | |
November 2, | |
November 1, | |
November 2, | |
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2015 | | | |
2015 | | | |
2014 | | | |
2015 | | | |
2014 | | |
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Cash flows from operating activities: | | | | | | | | | | | |
| Net income | | $ | 429 | | | $ | 240 | | | $ | 135 | | | $ | 1,364 | | | $ | 263 | | |
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| 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 | ) | |
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Net cash provided by operating activities
| | | 582 | | | | 592 | | | | 381 | | | | 2,318 | | | | 1,175 | | |
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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 | | |
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Net cash used in investing activities | | | (64 | ) | | | (542 | ) | | | (35 | ) | | | (241 | ) | | | (5,885 | ) | |
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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 | ) | |
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Net cash (used in) provided by financing activities | | | (50 | ) | | | (1,204 | ) | | | (19 | ) | | | (1,859 | ) | | | 5,329 | | |
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| 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 | | |
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