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