Broadcom Reports Third Quarter 2015 Results

 

BROADCOM CORPORATION

Unaudited Condensed Consolidated Statements of Cash Flows

(In millions)

                   
 

Three Months Ended

 

Nine Months Ended

 

September 30,

 

June 30,

 

September 30,

 

September 30,

 

2015

 

2015

 

2014

 

2015

 

2014

Operating activities

                 

Net income

$

429

   

$

386

   

$

98

   

$

1,024

   

$

262

 

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

                 

Depreciation and amortization

40

   

43

   

42

   

122

   

141

 

Stock-based compensation expense

85

   

86

   

107

   

261

   

340

 

Acquisition-related items:

                 

Amortization of purchased intangible assets

32

   

33

   

54

   

102

   

169

 

Impairments of long-lived assets

   

   

200

   

143

   

390

 

Loss (gain) on sale of assets and other

1

   

   

3

   

4

   

(44)

 

Changes in operating assets and liabilities, net of acquisitions:

                 

Accounts receivable, net

(44)

   

(105)

   

(142)

   

(161)

   

(143)

 

Inventory

60

   

18

   

(10)

   

(21)

   

(100)

 

Prepaid expenses and other assets

18

   

9

   

11

   

(38)

   

7

 

Accounts payable

(72)

   

146

   

   

16

   

97

 

Deferred revenue

(3)

   

(8)

   

(7)

   

(17)

   

98

 

Other accrued and long-term liabilities

(63)

   

194

   

105

   

(175)

   

75

 

Net cash provided by operating activities

483

   

802

   

461

   

1,260

   

1,292

 

Investing activities

                 

Net purchases of property and equipment

(81)

   

(17)

   

(56)

   

(254)

   

(214)

 

Net cash paid for acquired companies

   

   

(3)

   

   

(9)

 

Proceeds from sale (purchases) of certain assets and other

(3)

   

   

   

(18)

   

90

 

Purchases of marketable securities

(1,115)

   

(1,745)

   

(955)

   

(3,797)

   

(1,868)

 

Proceeds from sales and maturities of marketable securities

1,055

   

1,179

   

447

   

2,813

   

1,417

 

Net cash used in investing activities

(144)

   

(583)

   

(567)

   

(1,256)

   

(584)

 

Financing activities

                 

Issuance of long-term debt, net

   

   

592

   

   

592

 

Payments of long-term debt

   

   

(400)

   

   

(400)

 

Repurchases of Class A common stock

   

(128)

   

(227)

   

(463)

   

(418)

 

Dividends paid

(86)

   

(84)

   

(71)

   

(254)

   

(211)

 

Proceeds from issuance of common stock

19

   

327

   

136

   

494

   

419

 

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

(36)

   

(35)

   

(34)

   

(114)

   

(93)

 

Net cash provided by (used in) financing activities

(103)

   

80

   

(4)

   

(337)

   

(111)

 

Increase (decrease) in cash and cash equivalents

236

   

299

   

(110)

   

(333)

   

597

 

Cash and cash equivalents at beginning of period

1,976

   

1,677

   

2,364

   

2,545

   

1,657

 

Cash and cash equivalents at end of period

$

2,212

   

$

1,976

   

$

2,254

   

$

2,212

   

$

2,254

 

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