Broadcom Limited Announces Third Quarter Fiscal Year 2016 Financial Results and Interim Dividend

 

BROADCOM LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED
(IN MILLIONS)
           
     Fiscal Quarter Ended    Three Fiscal Quarters Ended
   July 31,  May 1,  August 2,  July 31,  August 2,
    2016    2016    2015    2016    2015 
Cash flows from operating activities:          
Net income (loss) $(315) $(1,255) $240  $(1,193) $935 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:            
Depreciation and amortization  1,058   1,040   256   2,342   712 
Share-based compensation  219   198   63   474   169 
Excess tax benefits from share-based compensation  (10)  (35)  (32)  (68)  (102)
Non-cash portion of debt extinguishment (gain) loss  21   30   (3)  51   10 
Non-cash restructuring, impairment and disposal charges  224   22   70   268   75 
Gain on sales of businesses    (27 )     -       -       (27 )     (14 )
Deferred taxes     (181 )     (164 )     (33 )     (353 )     (35 )
Amortization of debt issuance costs and accretion of debt discount     10       13       4       27       18  
Other     (9 )     22       4       17       10  
Changes in assets and liabilities, net of acquisitions and disposals:                    
Trade accounts receivable, net     (322 )     (128 )     (2 )     (491 )     22  
Inventory     168       886       20       1,088       63  
Accounts payable     156       (149 )     (29 )     (61 )     (52 )
Employee compensation and benefits     121       98       29       70       (12 )
Other current assets and current liabilities     (124 )     70       (7 )     (38 )     (25 )
Other long-term assets and long-term liabilities     (26 )     (26 )     12       (47 )     (38 )
Net cash provided by operating activities     963       622       592       2,059       1,736  
                     
Cash flows from investing activities:                    
Acquisitions of businesses, net of cash acquired     (20 )     (10,023 )     (394 )     (10,055 )     (394 )
Proceeds from sales of businesses     630       -       -       698       650  
Purchases of property, plant and equipment     (232 )     (158 )     (148 )     (530 )     (487 )
Proceeds from disposals of property, plant and equipment     5       -       -       5       63  
Purchases of investments     -       (58 )     -       (58 )     (9 )
Proceeds from sales and maturities of investments     57       32       -       89       -  
Other     (14 )     -       -       (15 )     -  
Net cash provided by (used in) investing activities     426       (10,207 )     (542 )     (9,866 )     (177 )
                     
Cash flows from financing activities:                    
Proceeds from term loan borrowings     -       15,926       -       15,926       -  
Debt repayments     (1,306 )     (4,828 )     (1,010 )     (6,145 )     (1,627 )
Payments of assumed debt     -       (1,475 )     (178 )     (1,475 )     (178 )
Debt issuance costs     -       (104 )     -       (108 )     -  
Dividend payments     (211 )     (204 )     (104 )     (537 )     (292 )
Issuance of ordinary shares     38       107       56       217       186  
Excess tax benefits from share-based compensation     10       35       32       68       102  
Net cash provided by (used in) financing activities     (1,469 )     9,457       (1,204 )     7,946       (1,809 )
                     
                     
Net change in cash and cash equivalents     (80 )     (128 )     (1,154 )     139       (250 )
Cash and cash equivalents at the beginning of period     2,041       2,169       2,508       1,822       1,604  
Cash and cash equivalents at end of period   $ 1,961     $ 2,041     $ 1,354     $ 1,961     $ 1,354  
                     

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