Broadcom Inc. Announces First Quarter Fiscal Year 2019 Financial Results and Quarterly Dividend

 

BROADCOM INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED

(IN MILLIONS)











 Fiscal Quarter Ended 




February 3,


November 4, 


February 4,




2019


2018


2018


Cash flows from operating activities:








Net income


$                 471


$              1,115


$              6,566


Adjustments to reconcile net income to net cash provided by operating activities:







  Amortization of intangible assets


1,316


836


1,058


  Depreciation


143


132


126


  Stock-based compensation


465


317


299


  Deferred taxes and other non-cash taxes


(379)


242


(5,832)


  Impairment on investment


-


106


-


  Non-cash restructuring, impairment and disposal charges


92


8


5


  Non-cash interest expense


13


6


6


  Other


(21)


15


3


  Changes in assets and liabilities, net of acquisitions and disposals:








    Trade accounts receivable, net


68


(312)


199


    Inventory


50


92


250


    Accounts payable


(169)


28


(403)


    Employee compensation and benefits


(458)


93


(376)


    Contributions to defined benefit pension plans


-


-


(129)


    Other current assets and current liabilities


506


163


284


    Other long-term assets and long-term liabilities


35


(206)


(371)










Net cash provided by operating activities


2,132


2,635


1,685


















Cash flows from investing activities:








  Acquisitions of businesses, net of cash acquired


(16,027)


(7)


(4,786)


  Business sale proceeds (repayments)


957


(9)


782


  Purchases of property, plant and equipment


(99)


(106)


(220)


  Proceeds from disposals of property, plant and equipment


-


1


237


  Purchases of investments


-


-


(244)


  Other


(24)


3


4










Net cash used in investing activities


(15,193)


(118)


(4,227)


















Cash flows from financing activities:








  Proceeds from long-term borrowings


17,896


-


-


  Repayment of debt


-


(117)


(856)


  Payment of debt issuance costs


(46)


-


-


  Other borrowings


531


-


-


  Dividend and distribution payments


(1,067)


(723)


(755)


  Repurchases of common stock - repurchase program


(3,436)


(1,533)


-


  Shares repurchased for tax witholdings on vesting of equity awards


(77)


(21)


-


  Issuance of common stock


62


59


34


  Other


(1)


(26)


(9)










Net cash provided by (used in) financing activities


13,862


(2,361)


(1,586)


















Net change in cash and cash equivalents


801


156


(4,128)


Cash and cash equivalents at the beginning of period


4,292


4,136


11,204


Cash and cash equivalents at end of period


$              5,093


$              4,292


$              7,076










Supplemental disclosure of cash flow information:








Cash paid for interest


$                 423


$                     2


$                 232


Cash paid for income taxes


$                   95


$                 189


$                 109



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