BROADCOM INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED

(IN MILLIONS)

Fiscal Quarter Ended

Two Fiscal Quarters Ended

May 2,

January 31,

May 3,

May 2,

May 3,

2021

2021

2020

2021

2020

Cash flows from operating activities:

Net income

$

1,493

$

1,378

$

563

$

2,871

$

948

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

Amortization of intangible and right-of-use assets

1,371

1,395

1,583

2,766

3,165

Depreciation

133

138

147

271

293

Stock-based compensation

425

444

517

869

1,062

Deferred taxes and other non-cash taxes

(177)

(149)

(175)

(326)

(247)

Loss on debt extinguishment

26

172

93

198

98

Unrealized (gain) loss on investments

25

(119)

-

(94)

-

Non-cash restructuring, impairment and disposal charges

12

15

6

27

17

Non-cash interest expense

21

22

31

43

61

Other

(3)

(5)

(8)

(8)

11

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

  Trade accounts receivable, net

106

(247)

440

(141)

48

  Inventory

(52)

51

(10)

(1)

30

  Accounts payable

(58)

44

233

(14)

350

  Employee compensation and benefits

135

(375)

61

(240)

(156)

  Other current assets and current liabilities

182

408

118

590

464

  Other long-term assets and long-term liabilities

(70)

(59)

(386)

(129)

(609)

Net cash provided by operating activities

3,569

3,113

3,213

6,682

5,535

Cash flows from investing activities:

Acquisitions of businesses, net of cash acquired

-

(8)

-

(8)

(10,870)

Proceeds from sale of business

-

-

168

-

168

Purchases of property, plant and equipment

(126)

(114)

(148)

(240)

(256)

Proceeds from disposals of property, plant and equipment

3

-

-

3

-

Other

(3)

-

4

(3)

(5)

Net cash provided by (used in) investing activities

(126)

(122)

24

(248)

(10,963)

Cash flows from financing activities:

Proceeds from long-term borrowings

-

9,904

4,468

9,904

19,849

Payments on debt obligations

(1,533)

(9,200)

(4,452)

(10,733)

(8,989)

Other borrowings, net

-

-

1,025

-

1,743

Payments of dividends

(1,552)

(1,543)

(1,381)

(3,095)

(2,753)

Shares repurchased for tax withholdings on vesting of equity awards

(461)

(225)

(219)

(686)

(388)

Issuance of common stock

71

35

91

106

128

Other

(2)

(28)

(6)

(30)

(10)

Net cash provided by (used in) financing activities

(3,477)

(1,057)

(474)

(4,534)

9,580

Net change in cash and cash equivalents

(34)

1,934

2,763

1,900

4,152

Cash and cash equivalents at beginning of period

9,552

7,618

6,444

7,618

5,055

Cash and cash equivalents at end of period

$

9,518

$

9,552

$

9,207

$

9,518

$

9,207

Supplemental disclosure of cash flow information:

Cash paid for interest

$

369

$

372

$

375

$

741

$

756

Cash paid for income taxes

$

293

$

147

$

124

$

440

$

255