| BROADCOM LIMITED | ||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED | ||||||||||||||||||||
| (IN MILLIONS) | ||||||||||||||||||||
| Fiscal Quarter Ended | Three Fiscal Quarters Ended | |||||||||||||||||||
| July 31, | May 1, | August 2, | July 31, | August 2, | ||||||||||||||||
| 2016 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||
| Cash flows from operating activities: | ||||||||||||||||||||
| Net income (loss) | $ | (315 | ) | $ | (1,255 | ) | $ | 240 | $ | (1,193 | ) | $ | 935 | |||||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||||||
| Depreciation and amortization | 1,058 | 1,040 | 256 | 2,342 | 712 | |||||||||||||||
| Share-based compensation | 219 | 198 | 63 | 474 | 169 | |||||||||||||||
| Excess tax benefits from share-based compensation | (10 | ) | (35 | ) | (32 | ) | (68 | ) | (102 | ) | ||||||||||
| Non-cash portion of debt extinguishment (gain) loss | 21 | 30 | (3 | ) | 51 | 10 | ||||||||||||||
| Non-cash restructuring, impairment and disposal charges | 224 | 22 | 70 | 268 | 75 | |||||||||||||||
| Gain on sales of businesses | (27 | ) | - | - | (27 | ) | (14 | ) | ||||||||||||
| Deferred taxes | (181 | ) | (164 | ) | (33 | ) | (353 | ) | (35 | ) | ||||||||||
| Amortization of debt issuance costs and accretion of debt discount | 10 | 13 | 4 | 27 | 18 | |||||||||||||||
| Other | (9 | ) | 22 | 4 | 17 | 10 | ||||||||||||||
| Changes in assets and liabilities, net of acquisitions and disposals: | ||||||||||||||||||||
| Trade accounts receivable, net | (322 | ) | (128 | ) | (2 | ) | (491 | ) | 22 | |||||||||||
| Inventory | 168 | 886 | 20 | 1,088 | 63 | |||||||||||||||
| Accounts payable | 156 | (149 | ) | (29 | ) | (61 | ) | (52 | ) | |||||||||||
| Employee compensation and benefits | 121 | 98 | 29 | 70 | (12 | ) | ||||||||||||||
| Other current assets and current liabilities | (124 | ) | 70 | (7 | ) | (38 | ) | (25 | ) | |||||||||||
| Other long-term assets and long-term liabilities | (26 | ) | (26 | ) | 12 | (47 | ) | (38 | ) | |||||||||||
| Net cash provided by operating activities | 963 | 622 | 592 | 2,059 | 1,736 | |||||||||||||||
| Cash flows from investing activities: | ||||||||||||||||||||
| Acquisitions of businesses, net of cash acquired | (20 | ) | (10,023 | ) | (394 | ) | (10,055 | ) | (394 | ) | ||||||||||
| Proceeds from sales of businesses | 630 | - | - | 698 | 650 | |||||||||||||||
| Purchases of property, plant and equipment | (232 | ) | (158 | ) | (148 | ) | (530 | ) | (487 | ) | ||||||||||
| Proceeds from disposals of property, plant and equipment | 5 | - | - | 5 | 63 | |||||||||||||||
| Purchases of investments | - | (58 | ) | - | (58 | ) | (9 | ) | ||||||||||||
| Proceeds from sales and maturities of investments | 57 | 32 | - | 89 | - | |||||||||||||||
| Other | (14 | ) | - | - | (15 | ) | - | |||||||||||||
| Net cash provided by (used in) investing activities | 426 | (10,207 | ) | (542 | ) | (9,866 | ) | (177 | ) | |||||||||||
| Cash flows from financing activities: | ||||||||||||||||||||
| Proceeds from term loan borrowings | - | 15,926 | - | 15,926 | - | |||||||||||||||
| Debt repayments | (1,306 | ) | (4,828 | ) | (1,010 | ) | (6,145 | ) | (1,627 | ) | ||||||||||
| Payments of assumed debt | - | (1,475 | ) | (178 | ) | (1,475 | ) | (178 | ) | |||||||||||
| Debt issuance costs | - | (104 | ) | - | (108 | ) | - | |||||||||||||
| Dividend payments | (211 | ) | (204 | ) | (104 | ) | (537 | ) | (292 | ) | ||||||||||
| Issuance of ordinary shares | 38 | 107 | 56 | 217 | 186 | |||||||||||||||
| Excess tax benefits from share-based compensation | 10 | 35 | 32 | 68 | 102 | |||||||||||||||
| Net cash provided by (used in) financing activities | (1,469 | ) | 9,457 | (1,204 | ) | 7,946 | (1,809 | ) | ||||||||||||
| Net change in cash and cash equivalents | (80 | ) | (128 | ) | (1,154 | ) | 139 | (250 | ) | |||||||||||
| Cash and cash equivalents at the beginning of period | 2,041 | 2,169 | 2,508 | 1,822 | 1,604 | |||||||||||||||
| Cash and cash equivalents at end of period | $ | 1,961 | $ | 2,041 | $ | 1,354 | $ | 1,961 | $ | 1,354 | ||||||||||
Broadcom Limited Announces Third Quarter Fiscal Year 2016 Financial Results and Interim Dividend
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