Broadcom Inc. Announces Second Quarter Fiscal Year 2020 Financial Results and Quarterly Dividends

4 June 2020

SAN JOSE, Calif., June 4, 2020 /PRNewswire/ -- Broadcom Inc. (Nasdaq: AVGO), a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, today reported financial results for its second quarter of fiscal year 2020, ended May 3, 2020, provided guidance for the third quarter of its fiscal year 2020 and announced its quarterly dividends.

"Second quarter results were in-line with our expectations, and saw limited impact from the effects of COVID-19," said Hock Tan, President and CEO of Broadcom Inc. "Looking ahead, our third quarter guidance for semiconductors reflects a surge in demand from cloud, telecom and enterprise customers, offset by supply chain constraints and an expected substantial reset in wireless. We remain focused on investing in our diverse set of mission critical semiconductor and software franchises, while carefully managing our expenses in this uncertain environment."

"We generated record quarterly free cash flow of over $3 billion and reinforced our balance sheet, ending the quarter with over $9 billion of cash," said Tom Krause, CFO of Broadcom Inc. "Given our strong free cash flow generation, healthy balance sheet and enhanced liquidity position, we remain committed to maintaining our dividend while we navigate these unprecedented times."

Second Quarter Fiscal Year 2020 Financial Highlights









 GAAP 













Non-GAAP





(Dollars in millions, except per share data)



Q2 20



Q2 19



Change





Q2 20



Q2 19



Change

Net revenue



$ 5,742



$ 5,517



+4%





$ 5,742



$      5,517



+4%

Net income



$    563



$    691



-$   128





$ 2,323



$      2,334



-$    11

Earnings per common share - diluted



$   1.17



$   1.64



-$  0.47





$   5.14



$        5.21



-$ 0.07





























(Dollars in millions)



Q2 20



Q2 19



Change















Cash flow from operations



$ 3,213



$ 2,667



+$   546















Adjusted EBITDA



$ 3,209



$ 3,114



+$     95















Free cash flow



$ 3,065



$ 2,542



+$   523















 

Net revenue by segment



























(Dollars in millions)



Q2 20



Q2 19



Change

Semiconductor solutions



$ 4,027



70%



$ 4,104



74%



-2%

Infrastructure software



1,715



30



1,413



26



+21%

Total net revenue



$ 5,742



100%



$ 5,517



100%







The Company's cash and cash equivalents at the end of the second fiscal quarter were $9,207 million, compared to $6,444 million at the end of the prior quarter.

During the second fiscal quarter, the Company generated $3,213 million in cash from operations and spent $148 million on capital expenditures.

On March 31, 2020, the Company paid a cash dividend of $3.25 per share of common stock, totaling $1,306 million and a cash dividend of $20.00 per share of mandatory convertible preferred stock, totaling $75 million.

The differences between the Company's GAAP and non-GAAP results are described generally under "Non-GAAP Financial Measures" below, and presented in detail in the financial reconciliation tables attached to this release.

Third Quarter Fiscal Year 2020 Business Outlook

Based on current business trends and conditions, the outlook for the third quarter of fiscal year 2020, ending August 2, 2020, is expected to be as follows: 

  • Third quarter revenue guidance of $5.75 billion plus or minus $150 million; and
  • Third quarter Adjusted EBITDA of $3,220 million plus or minus $75 million, or 56% of revenue at the midpoint of guidance.

The guidance provided above is only an estimate of what the Company believes is realizable as of the date of this release. The Company is not readily able to provide a reconciliation of projected Adjusted EBITDA to projected net income without unreasonable effort. Actual results will vary from the guidance and the variations may be material. The Company undertakes no intent or obligation to publicly update or revise any of these projections, whether as a result of new information, future events or otherwise, except as required by law.

Quarterly Dividends

The Company's Board of Directors has approved a quarterly cash dividend on its common stock of $3.25 per share. The common stock dividend is payable on June 30, 2020 to common stockholders of record at the close of business (5:00 p.m. Eastern Time) on June 22, 2020.

The Company's Board of Directors has also approved a quarterly cash dividend on its 8.00% Mandatory Convertible Preferred Stock, Series A, of $20.00 per share. This dividend is payable on June 30, 2020 to preferred stockholders of record at the close of business (5:00 p.m. Eastern Time) on June 15, 2020.

Financial Results Conference Call

Broadcom Inc. will host a conference call to review its financial results for the second quarter of fiscal year 2020, ended May 3, 2020, and to discuss the business outlook, today at 2:00 p.m. Pacific Time. Those wishing to access the call should dial (866) 310-8712; International +1 (720) 634-2946. The passcode is 7865139. A replay of the call will be accessible for one week after the call. To access the replay dial (855) 859-2056; International +1 (404) 537-3406; and reference the passcode: 7865139. A webcast of the conference call will also be available in the "Investors" section of Broadcom's website at www.broadcom.com.

Basis of Presentation

The Company's financial results include contributions from the Symantec enterprise security business' continuing operations starting in the first quarter of fiscal year 2020. The financial results from businesses that have been classified as discontinued operations in the Company's financial statements are not included in the results presented above, unless otherwise stated.

Non-GAAP Financial Measures

In addition to GAAP reporting, Broadcom provides investors with net revenue, net income, operating income, gross margin, operating expenses, cash flow and other data on a non-GAAP basis. This non-GAAP information excludes amortization of acquisition-related intangible assets, stock-based compensation expense, restructuring, impairment and disposal charges, acquisition-related costs, including integration costs, purchase accounting effect on inventory, litigation settlements, loss on debt extinguishment, gain from lapse of indemnification, gains (losses) on investments, income (loss) from discontinued operations and non-GAAP tax reconciling adjustments. Management does not believe that these items are reflective of the Company's underlying performance. Internally, these non-GAAP measures are significant measures used by management for purposes of evaluating the core operating performance of the Company, establishing internal budgets, calculating return on investment for development programs and growth initiatives, comparing performance with internal forecasts and targeted business models, strategic planning, evaluating and valuing potential acquisition candidates and how their operations compare to the Company's operations, and benchmarking performance externally against the Company's competitors. The exclusion of these and other similar items from Broadcom's non-GAAP financial results should not be interpreted as implying that these items are non-recurring, infrequent or unusual. Free cash flow measures have limitations as they omit certain components of the overall cash flow statement and do not represent the residual cash flow available for discretionary expenditures. Investors should not consider presentation of free cash flow measures as implying that stockholders have any right to such cash. Broadcom's free cash flow may not be calculated in a manner comparable to similarly named measures used by other companies.

Broadcom believes this non-GAAP financial information provides additional insight into the Company's on-going performance. Therefore, Broadcom provides this information to investors for a more consistent basis of comparison and to help them evaluate the results of the Company's on-going operations and enable more meaningful period to period comparisons. These non-GAAP measures are provided in addition to, and not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. A reconciliation between GAAP and non-GAAP financial data is included in the supplemental financial data attached to this press release.

About Broadcom Inc.

Broadcom Inc., (NASDAQ: AVGO), a Delaware corporation headquartered in San Jose, CA, is a global technology leader that designs, develops and supplies a broad range of semiconductor and infrastructure software solutions. Broadcom's category-leading product portfolio serves critical markets including data center, networking, enterprise software, broadband, wireless, storage and industrial. Our solutions include data center networking and storage, enterprise, mainframe and cyber security software focused on automation, monitoring and security, smartphone components, telecoms and factory automation. For more information, go to www.broadcom.com.

Cautionary Note Regarding Forward-Looking Statements

This announcement contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning Broadcom. These statements include, but are not limited to, statements that address our expected future business and financial performance and other statements identified by words such as "will", "expect", "believe", "anticipate", "estimate", "should", "intend", "plan", "potential", "predict" "project", "aim", and similar words, phrases or expressions. These forward-looking statements are based on current expectations and beliefs of the management of Broadcom, as well as assumptions made by, and information currently available to, such management, current market trends and market conditions and involve risks and uncertainties, many of which are outside the Company's and management's control, and which may cause actual results to differ materially from those contained in forward-looking statements. Accordingly, you should not place undue reliance on such statements.

Particular uncertainties that could materially affect future results include risks associated with:  the COVID-19 pandemic, which has, and will likely continue to, negatively impact the global economy and disrupt normal business activity, and which may have an adverse effect on our results of operations; any loss of our significant customers and fluctuations in the timing and volume of significant customer demand; our dependence on contract manufacturing and outsourced supply chain; our dependency on a limited number of suppliers; global economic conditions and concerns; international political and economic conditions; any acquisitions we may make, such as delays, challenges and expenses associated with receiving governmental and regulatory approvals and satisfying other closing conditions, and with integrating acquired businesses with our existing businesses and our ability to achieve the benefits, growth prospects and synergies expected by such acquisitions, including our recent acquisition of Symantec Corporation's Enterprise Security business; government regulations and trade restrictions; our significant indebtedness and the need to generate sufficient cash flows to service and repay such debt; dependence on and risks associated with distributors and resellers of our products; dependence on senior management and our ability to attract and retain qualified personnel; involvement in legal or administrative proceedings; quarterly and annual fluctuations in operating results; our ability to accurately estimate customers' demand and adjust our manufacturing and supply chain accordingly; cyclicality in the semiconductor industry or in our target markets; our competitive performance and ability to continue achieving design wins with our customers, as well as the timing of any design wins; prolonged disruptions of our or our contract manufacturers' manufacturing facilities, warehouses or other significant operations; our ability to improve our manufacturing efficiency and quality; our dependence on outsourced service providers for certain key business services and their ability to execute to our requirements; our ability to maintain or improve gross margin; our ability to protect our intellectual property and the unpredictability of any associated litigation expenses; compatibility of our software products with operating environments, platforms or third-party products; our ability to enter into satisfactory software license agreements; sales to our government clients; availability of third party software used in our products; use of open source code sources in our products; any expenses or reputational damage associated with resolving customer product warranty and indemnification claims; market acceptance of the end products into which our products are designed; our ability to sell to new types of customers and to keep pace with technological advances; our compliance with privacy and data security laws; our ability to protect against a breach of security systems; changes in accounting standards; fluctuations in foreign exchange rates; our provision for income taxes and overall cash tax costs, legislation that may impact our overall cash tax costs and our ability to maintain tax concessions in certain jurisdictions; and other events and trends on a national, regional and global scale, including those of a political, economic, business, competitive and regulatory nature. Many of the foregoing risks and uncertainties are, and will be, exacerbated by the COVID-19 pandemic and any worsening of the global business and economic environment as a result. 

Our filings with the SEC, which you may obtain for free at the SEC's website at http://www.sec.gov, discuss some of the important risk factors that may affect our business, results of operations and financial condition. Actual results may vary from the estimates provided. We undertake no intent or obligation to publicly update or revise any of the estimates and other forward-looking statements made in this announcement, whether as a result of new information, future events or otherwise, except as required by law.

Contact:

Broadcom Inc.

Beatrice F. Russotto

Investor Relations

408-433-8000

investor.relations@broadcom.com



1 The Company is not readily able to provide a reconciliation of the projected non-GAAP financial information presented to the relevant projected GAAP measure without unreasonable effort.

 

BROADCOM INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED

(IN MILLIONS, EXCEPT PER SHARE DATA)

















































Fiscal Quarter Ended



Two Fiscal Quarters Ended





May 3,



February 2,



May 5,



May 3,



May 5,





2020



2020



2019



2020



2019























Net revenue



$        5,742



$        5,858



$        5,517



$        11,600



$        11,306

Cost of revenue:





















Cost of revenue



1,592



1,636



1,592



3,228



3,284

Amortization of acquisition-related intangible assets



954



950



826



1,904



1,659

Restructuring charges



7



8



10



15



66

Total cost of revenue



2,553



2,594



2,428



5,147



5,009























Gross margin



3,189



3,264



3,089



6,453



6,297























Research and development



1,269



1,289



1,151



2,558



2,284

Selling, general and administrative



501



601



419



1,102



890

Amortization of acquisition-related intangible assets



599



603



473



1,202



949

Restructuring, impairment and disposal charges



54



57



76



111



649























Total operating expenses



2,423



2,550



2,119



4,973



4,772























Operating income



766



714



970



1,480



1,525

Interest expense



(487)



(406)



(376)



(893)



(721)

Other income (expense), net



130



(4)



63



126



131























Income from continuing operations before income taxes



409



304



657



713



935

Benefit from income taxes



(159)



(76)



(36)



(235)



(239)























Income from continuing operations



568



380



693



948



1,174

Income (loss) from discontinued operations, net of income taxes



(5)



5



(2)



-



(12)























Net income



563



385



691



948



1,162

Dividends on preferred stock (1)



(75)



(74)



-



(149)



-























Net income attributable to common stock



$          488



$          311



$           691



$           799



$        1,162













































Basic income per share attributable to common stock:





















Income per share from continuing operations



$         1.23



$         0.77



$          1.75



$          2.00



$          2.94

Income (loss) per share from discontinued operations



(0.01)



0.01



(0.01)



-



(0.03)

Net income per share



$         1.22



$         0.78



$          1.74



$          2.00



$          2.91























Diluted income per share attributable to common stock (2):





















Income per share from continuing operations



$         1.18



$          0.73



$          1.64



$          1.91



$          2.80

Income (loss) per share from discontinued operations



(0.01)



0.01



-



-



(0.03)

Net income per share



$         1.17



$          0.74



$          1.64



$          1.91



$          2.77























Weighted-average shares used in per share calculations:





















Basic



401



398



397



400



399

Diluted



417



420



422



419



420























Stock-based compensation expense included in continuing operations:





















Cost of revenue



$            41



$             43



$            41



$            84



$            75

Research and development



373



391



371



764



682

Selling, general and administrative



103



111



132



214



252























Total stock-based compensation expense



$          517



$           545



$          544



$       1,062



$       1,009



(1) For the fiscal quarter and two fiscal quarters ended May 3, 2020 and the fiscal quarter ended February 2, 2020, net income attributable to common stock excludes dividends on Mandatory Convertible Preferred Stock issued during the fiscal quarter ended November 3, 2019.



(2) For the fiscal quarter and two fiscal quarters ended May 3, 2020 and the fiscal quarter ended February 2, 2020, diluted income per share excluded the potentially dilutive effect of Mandatory Convertible Preferred Stock as the impact was antidilutive.

 

BROADCOM INC.

FINANCIAL RECONCILIATION: GAAP TO NON-GAAP - UNAUDITED

(IN MILLIONS)

















































Fiscal Quarter Ended



Two Fiscal Quarters Ended





May 3,



February 2,



May 5,



May 3,



May 5,





2020



2020



2019



2020



2019













































Gross margin on GAAP basis



$         3,189



$        3,264



$        3,089



$        6,453



$         6,297

Purchase accounting effect on inventory



-



11



-



11



-

Amortization of acquisition-related intangible assets



954



950



826



1,904



1,659

Stock-based compensation expense



41



43



41



84



75

Restructuring charges



7



8



10



15



66

 Acquisition-related costs



5



1



5



6



7























Gross margin on non-GAAP basis



$         4,196



$        4,277



$        3,971



$        8,473



$        8,104













































Research and development on GAAP basis



$         1,269



$        1,289



$        1,151



$        2,558



$        2,284

Stock-based compensation expense



373



391



371



764



682

Acquisition-related costs



5



7



1



12



3























Research and development on non-GAAP basis



$           891



$           891



$           779



$        1,782



$        1,599













































Selling, general and administrative expense on GAAP basis



$           501



$           601



$           419



$        1,102



$           890

Stock-based compensation expense



103



111



132



214



252

Acquisition-related costs



95



175



44



270



134

Litigation settlements



29



13



-



42



-























Selling, general and administrative expense on

non-GAAP basis



$           274



$           302



$           243



$           576



$           504













































Total operating expenses on GAAP basis



$        2,423



$        2,550



$        2,119



$        4,973



$        4,772

Amortization of acquisition-related intangible assets



599



603



473



1,202



949

Stock-based compensation expense



476



502



503



978



934

Restructuring, impairment and disposal charges



54



57



76



111



649

Litigation settlements



29



13



-



42



-

Acquisition-related costs



100



182



45



282



137























Total operating expenses on non-GAAP basis



$        1,165



$        1,193



$        1,022



$        2,358



$        2,103













































Operating income on GAAP basis



$           766



$           714



$           970



$        1,480



$        1,525

Purchase accounting effect on inventory



-



11



-



11



-

Amortization of acquisition-related intangible assets



1,553



1,553



1,299



3,106



2,608

Stock-based compensation expense



517



545



544



1,062



1,009

Restructuring, impairment and disposal charges



61



65



86



126



715

Litigation settlements



29



13



-



42



-

Acquisition-related costs



105



183



50



288



144























Operating income on non-GAAP basis



$        3,031



$        3,084



$        2,949



$       6,115



$        6,001













































Interest expense on GAAP basis



$         (487)



$          (406)



$         (376)



$         (893)



$         (721)

Loss on debt extinguishment



93



5



26



98



26























Interest expense on non-GAAP basis



$         (394)



$          (401)



$         (350)



$         (795)



$         (695)













































Other income (expense), net on GAAP basis



$          130



$              (4)



$             63



$           126



$           131

Gain from lapse of indemnification



(116)



-



-



(116)



-

(Gains) losses on investments



(8)



18



(40)



10



(67)

Acquisition-related gain



(3)



(4)



-



(7)



-























Other income, net on non-GAAP basis



$              3



$             10



$             23



$             13



$             64













































Income from continuing operations before income taxes

on GAAP basis



$          409



$           304



$           657



$           713



$           935

Purchase accounting effect on inventory



-



11



-



11



-

Amortization of acquisition-related intangible assets



1,553



1,553



1,299



3,106



2,608

Stock-based compensation expense



517



545



544



1,062



1,009

Restructuring, impairment and disposal charges



61



65



86



126



715

Litigation settlements



29



13



-



42



-

Acquisition-related costs



102



179



50



281



144

Loss on debt extinguishment



93



5



26



98



26

Gain from lapse of indemnification



(116)



-



-



(116)



-

(Gains) losses on investments



(8)



18



(40)



10



(67)























Income before income taxes on non-GAAP basis



$      2,640



$       2,693



$        2,622



$        5,333



$        5,370













































Benefit from income taxes on GAAP basis



$        (159)



$           (76)



$            (36)



$         (235)



$         (239)

Non-GAAP tax reconciling adjustments



476



399



324



875



829























Provision for income taxes on non-GAAP basis



$         317



$          323



$           288



$           640



$          590













































Net income on GAAP basis



$         563



$          385



$           691



$           948



$       1,162

Purchase accounting effect on inventory



-



11



-



11



-

Amortization of acquisition-related intangible assets



1,553



1,553



1,299



3,106



2,608

Stock-based compensation expense



517



545



544



1,062



1,009

Restructuring, impairment and disposal charges



61



65



86



126



715

Litigation settlements



29



13



-



42



-

Acquisition-related costs



102



179



50



281



144

Loss on debt extinguishment



93



5



26



98



26

Gain from lapse of indemnification



(116)



-



-



(116)



-

(Gains) losses on investments



(8)



18



(40)



10



(67)

Non-GAAP tax reconciling adjustments



(476)



(399)



(324)



(875)



(829)

Discontinued operations, net of income taxes



5



(5)



2



-



12























Net income on non-GAAP basis



$      2,323



$       2,370



$        2,334



$       4,693



$       4,780













































Weighted-average shares used in per share calculations

- diluted on GAAP basis



417



420



422



419



420

Non-GAAP adjustment (1)



35



31



26



33



25























Weighted-average shares used in per share calculations

- diluted on non-GAAP basis



452



451



448



452



445













































Net income on non-GAAP basis



$      2,323



$       2,370



$        2,334



$        4,693



$       4,780

Interest expense on non-GAAP basis



394



401



350



795



695

Provision for income taxes on non-GAAP basis



317



323



288



640



590

Depreciation



147



146



142



293



285

Amortization on non-GAAP basis



28



25



-



53



-























Adjusted EBITDA



$      3,209



$       3,265



$        3,114



$        6,474



$       6,350













































Net cash provided by operating activities



$      3,213



$       2,322



$        2,667



$        5,535



$       4,799

Purchases of property, plant and equipment



(148)



(108)



(125)



(256)



(224)























Free cash flow



$      3,065



$       2,214



$        2,542



$        5,279



$       4,575

















































 Fiscal Quarter

Ending 





















August 2,

















Expected average diluted share count:



2020







































Weighted-average shares used in per share calculation

- diluted on GAAP basis



419

















Non-GAAP adjustment (1)



33







































Weighted-average shares used in per share calculation

- diluted on non-GAAP basis



452



















(1) Non-GAAP adjustment for the number of shares used in the diluted per share calculations excludes the impact of stock-based compensation expense expected to be incurred in future periods and not yet recognized in the financial statements, which would otherwise be assumed to be used to repurchase shares under the GAAP treasury stock method. For the fiscal quarter and two fiscal quarters ended May 3, 2020 and the fiscal quarter ended February 2, 2020, the non-GAAP adjustment included the impact of Mandatory Convertible Preferred Stock that was antidilutive on a GAAP basis. For the fiscal quarter ending August 2, 2020, the non-GAAP adjustment includes the impact of Mandatory Convertible Preferred Stock that is expected to be antidilutive on a GAAP basis.

 

BROADCOM INC.

CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED

(IN MILLIONS)





























May 3,



November 3,







2020



2019















ASSETS























Current assets:











Cash and cash equivalents



$        9,207



$        5,055



Trade accounts receivable, net



3,211



3,259



Inventory



953



874



Other current assets



851



729















Total current assets



14,222



9,917















Long-term assets:











Property, plant and equipment, net



2,618



2,565



Goodwill



43,457



36,714



Intangible assets, net



19,909



17,554



Other long-term assets



1,342



743















Total assets



$      81,548



$      67,493







































LIABILITIES AND EQUITY























Current liabilities:











Accounts payable



$        1,230



$           855



Employee compensation and benefits



494



641



Current portion of long-term debt



819



2,787



Other current liabilities



4,058



2,616















Total current liabilities



6,601



6,899















Long-term liabilities:











Long-term debt



45,044



30,011



Other long-term liabilities



5,933



5,613















Total liabilities



57,578



42,523



























Preferred stock dividend obligation



28



29















Stockholders' equity:











Preferred stock



-



-



Common stock



-



-



Additional paid-in capital



24,073



25,081



Retained earnings



-



-



Accumulated other comprehensive loss



(131)



(140)















Total stockholders' equity



23,942



24,941















  Total liabilities and equity



$     81,548



$      67,493



 

BROADCOM INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED

(IN MILLIONS)



























Fiscal Quarter Ended



Two Fiscal Quarters Ended





May 3,



February 2,



May 5,



May 3,



May 5,





2020



2020



2019



2020



2019

Cash flows from operating activities:





















Net income



$          563



$          385



$          691



$          948



$        1,162

Adjustments to reconcile net income to net cash provided by

operating activities:





















Amortization of intangible and right-of-use assets



1,583



1,582



1,305



3,165



2,621

Depreciation



147



146



142



293



285

Stock-based compensation



517



545



544



1,062



1,009

Deferred taxes and other non-cash taxes



(175)



(72)



(94)



(247)



(473)

Loss on debt extinguishment



93



5



-



98



-

Non-cash restructuring, impairment and disposal charges



6



11



6



17



98

Non-cash interest expense



31



30



14



61



27

Other



(8)



19



(39)



11



(60)

Changes in assets and liabilities, net of acquisitions

and disposals:





















  Trade accounts receivable, net



440



(392)



193



48



261

  Inventory



(10)



40



40



30



90

  Accounts payable



233



117



30



350



(139)

  Employee compensation and benefits



61



(217)



(6)



(156)



(464)

  Other current assets and current liabilities



118



346



(37)



464



469

  Other long-term assets and long-term liabilities



(386)



(223)



(122)



(609)



(87)























Net cash provided by operating activities



3,213



2,322



2,667



5,535



4,799













































Cash flows from investing activities:





















Acquisitions of businesses, net of cash acquired



-



(10,870)



-



(10,870)



(16,027)

Proceeds from sales of businesses



168



-



-



168



957

Purchases of property, plant and equipment



(148)



(108)



(125)



(256)



(224)

Other



4



(9)



19



(5)



(5)























Net cash provided by (used in) investing activities



24



(10,987)



(106)



(10,963)



(15,299)













































Cash flows from financing activities:





















Proceeds from long-term borrowings



4,468



15,381



10,897



19,849



28,793

Repayment of debt



(4,452)



(4,537)



(12,000)



(8,989)



(12,000)

Other borrowings, net



1,025



718



1,044



1,743



1,575

Payments of dividends



(1,381)



(1,372)



(1,057)



(2,753)



(2,124)

Repurchases of common stock - repurchase program



-



-



(830)



-



(4,266)

Shares repurchased for tax withholdings on vesting of

equity awards



(219)



(169)



(500)



(388)



(577)

Issuance of common stock



91



37



121



128



183

Other



(6)



(4)



(1)



(10)



(48)























Net cash provided by (used in) financing activities



(474)



10,054



(2,326)



9,580



11,536













































Net change in cash and cash equivalents



2,763



1,389



235



4,152



1,036

Cash and cash equivalents at the beginning of period



6,444



5,055



5,093



5,055



4,292

Cash and cash equivalents at end of period



$        9,207



$        6,444



$        5,328



$        9,207



$        5,328























Supplemental disclosure of cash flow information:





















Cash paid for interest



$           375



$           381



$           189



$           756



$           612

Cash paid for income taxes



$           124



$           131



$           425



$           255



$           520

 

Cision View original content:http://www.prnewswire.com/news-releases/broadcom-inc-announces-second-quarter-fiscal-year-2020-financial-results-and-quarterly-dividends-301071010.html

SOURCE Broadcom Inc.