Broadcom Reports Second Quarter 2015 Results

 


BROADCOM CORPORATION

Unaudited Condensed Consolidated Statements of Cash Flows

(In millions)












Three Months Ended


Six Months Ended


June 30,


March 31,


June 30,


June 30,


2015


2015


2014


2015


2014

Operating activities










Net income (loss)

$

386



$

209



$

(1)



$

595



$

164


Adjustments to reconcile net income (loss) to net cash provided by operating activities:










Depreciation and amortization

43



39



47



82



99


Stock-based compensation expense

86



90



113




176




233


Acquisition-related items:










Amortization of purchased intangible assets

33



37



56



70



115


Impairments of long-lived assets



143



165



143



190


Loss (gain) on sale of assets and other



3



2



3



(47)


Changes in operating assets and liabilities, net of acquisitions:










Accounts receivable, net

(105)



(12)



(62)



(117)



(1)


Inventory

18



(99)



(85)



(81)



(90)


Prepaid expenses and other assets

9



(65)



(8)



(56)



(4)


Accounts payable

146



(58)



105



88



97


Deferred revenue

(8)



(6)



(10)



(14)



105


Other accrued and long-term liabilities

194



(306)



(97)



(112)



(30)


Net cash provided by (used in) operating activities *

802



(25)



225



777



831


Investing activities










Net purchases of property and equipment

(17)



(156)



(80)



(173)



(158)


Net cash paid for acquired companies





(6)





(6)


Proceeds from sale (purchases) of certain assets and other



(15)





(15)



90


Purchases of marketable securities

(1,745)



(937)



(436)



(2,682)



(913)


Proceeds from sales and maturities of marketable securities

1,179



579



467



1,758



970


Net cash used in investing activities

(583)



(529)



(55)



(1,112)



(17)


Financing activities










Repurchases of Class A common stock

(128)



(335)



(191)



(463)



(191)


Dividends paid

(84)



(84)



(70)



(168)



(140)


Proceeds from issuance of common stock

327



148



229



475



283


Minimum tax withholding paid on behalf of employees for restricted stock units

(35)



(43)



(28)



(78)



(59)


Net cash provided by (used in) financing activities

80



(314)



(60)



(234)



(107)


Increase (decrease) in cash and cash equivalents

299



(868)



110



(569)



707


Cash and cash equivalents at beginning of period

1,677



2,545



2,254



2,545



1,657


Cash and cash equivalents at end of period

$

1,976



$

1,677



$

2,364



$

1,976



$

2,364




*

Net cash provided by operating activities reflects the normalization of working capital levels following the Company's transition to a new enterprise resource planning system in April 2015.


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