Broadcom Inc. Announces Second Quarter Fiscal Year 2019 Financial Results, Quarterly Dividend and Updated Guidance

 

BROADCOM INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED

(IN MILLIONS)














 Fiscal Quarter Ended 


 Two Fiscal Quarters Ended 



May 5,


February 3,


May 6,


May 5,


May 6,



2019


2019


2018


2019


2018

Cash flows from operating activities:











Net income


$                691


$                471


$            3,733


$            1,162


$          10,299

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










   Amortization of intangible assets


1,305


1,316


836


2,621


1,894

   Depreciation


142


143


128


285


254

   Stock-based compensation


544


465


296


1,009


595

   Deferred taxes and other non-cash taxes


(94)


(379)


(2,702)


(473)


(8,534)

   Non-cash restructuring, impairment and disposal charges


6


92


5


98


10

   Non-cash interest expense


14


13


6


27


12

   Other


(39)


(21)


14


(60)


17

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











     Trade accounts receivable, net


193


68


(277)


261


(78)

     Inventory


40


50


56


90


306

     Accounts payable


30


(169)


91


(139)


(312)

     Employee compensation and benefits


(6)


(458)


84


(464)


(292)

     Contributions to defined benefit pension plans


-


-


-


-


(129)

     Other current assets and current liabilities


(37)


506


70


469


354

     Other long-term assets and long-term liabilities


(122)


35


(27)


(87)


(398)












Net cash provided by operating activities


2,667


2,132


2,313


4,799


3,998























Cash flows from investing activities:











   Acquisitions of businesses, net of cash acquired


-


(16,027)


-


(16,027)


(4,786)

   Proceeds from sales of businesses


-


957


-


957


782

   Purchases of property, plant and equipment


(125)


(99)


(189)


(224)


(409)

   Proceeds from disposals of property, plant and equipment


-


-


1


-


238

   Purchases of investments


(5)


-


(5)


(5)


(249)

   Proceeds from sales of investments


3


-


54


3


54

   Other


21


(24)


(16)


(3)


(12)












Net cash used in investing activities


(106)


(15,193)


(155)


(15,299)


(4,382)























Cash flows from financing activities:











   Proceeds from long-term borrowings


10,897


17,896


-


28,793


-

   Repayment of debt


(12,000)


-


-


(12,000)


(856)

   Payment of debt issuance costs


-


(46)


-


(46)


-

   Other borrowings


1,044


531


-


1,575


-

   Dividend and distribution payments


(1,057)


(1,067)


(766)


(2,124)


(1,521)

   Repurchases of common stock - repurchase program


(830)


(3,436)


(347)


(4,266)


(347)

   Shares repurchased for tax witholdings on vesting of equity awards


(500)


(77)


(2)


(577)


(2)

   Issuance of common stock


121


62


80


183


114

   Other


(1)


(1)


(12)


(2)


(21)












Net cash provided by (used in) financing activities


(2,326)


13,862


(1,047)


11,536


(2,633)























Net change in cash and cash equivalents


235


801


1,111


1,036


(3,017)

Cash and cash equivalents at the beginning of period


5,093


4,292


7,076


4,292


11,204

Cash and cash equivalents at end of period


$             5,328


$             5,093


$            8,187


$            5,328


$            8,187












Supplemental disclosure of cash flow information:











Cash paid for interest


$                189


$                423


$                   1


$                612


$                233

Cash paid for income taxes


$                425


$                  95


$                 87


$                520


$                196


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