Broadcom Inc. Announces First Quarter Fiscal Year 2020 Financial Results, Quarterly Dividend and Updated Guidance

 

 

BROADCOM INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED

(IN MILLIONS)











 Fiscal Quarter Ended 




February 2,


November 3,


February 3,




2020


2019


2019


Cash flows from operating activities:








Net income


$                 385


$                 847


$                 471


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







Amortization of intangible and right-of-use assets


1,582


1,309


1,316


Depreciation


146


143


143


Stock-based compensation


545


544


465


Deferred taxes and other non-cash taxes


(72)


(226)


(379)


Non-cash restructuring, impairment and disposal charges


11


20


92


Non-cash interest expense


35


40


13


Other


19


(44)


(21)


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








  Trade accounts receivable, net


(392)


285


68


  Inventory


40


217


50


  Accounts payable


117


(147)


(169)


  Employee compensation and benefits


(217)


66


(458)


  Other current assets and current liabilities


346


(398)


506


  Other long-term assets and long-term liabilities


(223)


(177)


35










Net cash provided by operating activities


2,322


2,479


2,132


















Cash flows from investing activities:








Acquisitions of businesses, net of cash acquired


(10,870)


-


(16,027)


Proceeds from sale of business


-


-


957


Purchases of property, plant and equipment


(108)


(96)


(99)


Proceeds from disposals of property, plant and equipment


-


6


-


Other


(9)


2


(24)










Net cash used in investing activities


(10,987)


(88)


(15,193)


















Cash flows from financing activities:








Proceeds from long-term borrowings


15,381


-


17,896


Repayment of debt


(4,537)


(4,800)


-


Other borrowings, net


718


(104)


531


Payments of dividends


(1,372)


(1,054)


(1,067)


Repurchases of common stock - repurchase program


-


(433)


(3,436)


Shares repurchased for tax withholdings on vesting of equity awards


(169)


(154)


(77)


Issuance of preferred stock, net


-


3,679


-


Issuance of common stock


37


59


62


Other


(4)


9


(47)










Net cash provided by (used in) financing activities


10,054


(2,798)


13,862


















Net change in cash and cash equivalents


1,389


(407)


801


Cash and cash equivalents at the beginning of period


5,055


5,462


4,292


Cash and cash equivalents at end of period


$              6,444


$              5,055


$              5,093










Supplemental disclosure of cash flow information:








Cash paid for interest


$                 381


$                 307


$                 423


Cash paid for income taxes


$                 131


$                 123


$                   95



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