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BROADCOM 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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January 31, | |
November 1, | |
February 1, |
| | | |
2016 | | | |
2015 | | | |
2015 | |
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Cash flows from operating activities: | | | | | | |
| Net income | | $ | 377 | | | $ | 429 | | | $ | 351 | |
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| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | |
| Depreciation and amortization | | | 244 | | | | 250 | | | | 226 | |
| Share-based compensation | | | 57 | | | | 63 | | | | 49 | |
| Excess tax from share-based compensation | | | (23 | ) | | | (23 | ) | | | (20 | ) |
| Non-cash restructuring and disposal charges | | | 22 | | | | 2 | | | | 5 | |
| Loss (gain) on sale of businesses | | | - | | | | 28 | | | | (14 | ) |
| Deferred taxes | | | (8 | ) | | | (185 | ) | | | (6 | ) |
| Amortization of debt issuance costs and accretion of debt discount | | | 4 | | | | 4 | | | | 7 | |
| Other | | | 4 | | | | 8 | | | | 6 | |
| Changes in assets and liabilities, net of acquisitions and disposals: | | | | | | |
| Trade accounts receivable, net | | | (41 | ) | | | (209 | ) | | | 64 | |
| Inventory | | | 34 | | | | (1 | ) | | | 33 | |
| Accounts payable | | | (68 | ) | | | 81 | | | | (78 | ) |
| Employee compensation and benefits | | | (149 | ) | | | 20 | | | | (90 | ) |
| Other current assets and current liabilities | | | 16 | | | | 37 | | | | (45 | ) |
| Other long-term assets and long-term liabilities | | | 5 | | | | 78 | | | | (7 | ) |
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Net cash provided by operating activities
| | | 474 | | | | 582 | | | | 481 | |
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Cash flows from investing activities: | | | | | | |
| Purchases of property, plant and equipment | | | (140 | ) | | | (106 | ) | | | (162 | ) |
| Proceeds from disposals of property, plant and equipment | | | - | | | | 47 | | | | 26 | |
| Proceeds from sale of businesses | | | 68 | | | | - | | | | 650 | |
| Acquisition of business | | | (12 | ) | | | - | | | | - | |
| Purchases of investments | | | (1 | ) | | | (5 | ) | | | - | |
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Net cash (used in) provided by investing activities | | | (85 | ) | | | (64 | ) | | | 514 | |
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Cash flows from financing activities: | | | | | | |
| Dividend payments to shareholders | | | (122 | ) | | | (116 | ) | | | (89 | ) |
| Issuance of ordinary shares | | | 72 | | | | 55 | | | | 51 | |
| Excess tax from share-based compensation | | | 23 | | | | 23 | | | | 20 | |
| Debt repayments | | | (11 | ) | | | (12 | ) | | | (12 | ) |
| Debt issuance costs | | | (4 | ) | | | - | | | | - | |
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Net cash used in financing activities | | | (42 | ) | | | (50 | ) | | | (30 | ) |
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| Net change in cash and cash equivalents | | | 347 | | | | 468 | | | | 965 | |
| Cash and cash equivalents at beginning of period | | | 1,822 | | | | 1,354 | | | | 1,604 | |
| Cash and cash equivalents at end of period | | $ | 2,169 | | | $ | 1,822 | | | $ | 2,569 | |
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