BROADCOM INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED

(IN MILLIONS)

Fiscal Quarter Ended

Fiscal Year Ended

November 1,

August 2,

November 3,

November 1,

November 3,

2020

2020

2019

2020

2019

Cash flows from operating activities:

Net income

$

1,324

$

688

$

847

$

2,960

$

2,724

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

  Amortization of intangible and right-of-use assets

1,589

1,581

1,309

6,335

5,239

  Depreciation

139

138

143

570

569

  Stock-based compensation

449

465

544

1,976

2,185

  Deferred taxes and other non-cash taxes

(459)

(436)

(226)

(1,142)

(934)

  Loss on debt extinguishment included in interest expense

16

55

26

169

28

  Non-cash restructuring, impairment and disposal charges

12

15

20

44

133

  Non-cash interest expense

25

22

19

108

69

  Other

(9)

(54)

(49)

(52)

(132)

  Changes in assets and liabilities, net of acquisitions and disposals:

    Trade accounts receivable, net

391

542

285

981

486

    Inventory

67

(128)

217

(31)

250

    Accounts payable

(230)

(123)

(147)

(3)

(42)

    Employee compensation and benefits

142

231

66

217

(294)

    Other current assets and current liabilities

(131)

(2)

(398)

331

(283)

    Other long-term assets and long-term liabilities

23

184

(177)

(402)

(301)

Net cash provided by operating activities

3,348

3,178

2,479

12,061

9,697

Cash flows from investing activities:

  Acquisitions of businesses, net of cash acquired

-

(2)

-

(10,872)

(16,033)

  Proceeds from sales of businesses

-

50

-

218

957

  Purchases of property, plant and equipment

(102)

(105)

(96)

(463)

(432)

  Proceeds from disposals of property, plant and equipment

2

10

6

12

88

  Other

-

1

2

(4)

(2)

Net cash used in investing activities

(100)

(46)

(88)

(11,109)

(15,422)

Cash flows from financing activities:

  Proceeds from long-term borrowings

-

7,953

-

27,802

28,793

  Repayment of debt

(3,000)

(6,825)

(4,800)

(18,814)

(16,800)

  Other borrowings, net

-

(3,028)

(104)

(1,285)

1,241

  Payment of dividends

(1,395)

(1,386)

(1,054)

(5,534)

(4,235)

  Repurchases of common stock - repurchase program

-

-

(433)

-

(5,435)

  Shares repurchased for tax withholdings on vesting of equity awards

(185)

(192)

(154)

(765)

(972)

  Issuance of preferred stock, net

-

-

3,679

-

3,679

  Issuance of common stock

102

46

59

276

253

  Other

(9)

(50)

9

(69)

(36)

Net cash provided by (used in) financing activities

(4,487)

(3,482)

(2,798)

1,611

6,488

Net change in cash and cash equivalents

(1,239)

(350)

(407)

2,563

763

Cash and cash equivalents at beginning of period

8,857

9,207

5,462

5,055

4,292

Cash and cash equivalents at end of period

$

7,618

$

8,857

$

5,055

$

7,618

$

5,055

Supplemental disclosure of cash flow information:

Cash paid for interest

$

383

$

269

$

307

$

1,408

$

1,287

Cash paid for income taxes

$

202

$

44

$

123

$

501

$

741