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|
Three Months Ended |
|
Six Months Ended | ||||||||||||||||
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, | ||||||||||||
|
|
2014 |
|
2014 |
|
2013 |
|
2014 |
|
2013 | ||||||||||
|
Cost of product revenue |
$ |
5 |
|
|
$ |
6 |
|
|
$ |
6 |
|
|
$ |
11 |
|
|
$ |
13 |
|
|
Research and development |
80 |
|
|
84 |
|
|
95 |
|
|
164 |
|
|
194 |
| |||||
|
Selling, general and administrative |
28 |
|
|
30 |
|
|
35 |
|
|
58 |
|
|
69 |
| |||||
|
| |||||||||||||||||||
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|
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|
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|
|
|
BROADCOM CORPORATION | |||||||||||||||||||
|
Unaudited Condensed Consolidated Statements of Cash Flows | |||||||||||||||||||
|
(In millions) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
Three Months Ended |
|
Six Months Ended | ||||||||||||||||
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, | ||||||||||||
|
|
2014 |
|
2014 |
|
2013 |
|
2014 |
|
2013 | ||||||||||
|
Operating activities |
|
|
|
|
|
|
|
|
| ||||||||||
|
Net income (loss) |
$ |
(1) |
|
|
$ |
165 |
|
|
$ |
(251) |
|
|
$ |
164 |
|
|
$ |
(60) |
|
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
| ||||||||||
|
Depreciation and amortization |
47 |
|
|
52 |
|
|
39 |
|
|
99 |
|
|
78 |
| |||||
|
Stock-based compensation expense |
113 |
|
|
120 |
|
|
136 |
|
|
233 |
|
|
276 |
| |||||
|
Acquisition-related items: |
|
|
|
|
|
|
|
|
| ||||||||||
|
Amortization of purchased intangible assets |
56 |
|
|
59 |
|
|
58 |
|
|
115 |
|
|
116 |
| |||||
|
Impairments of long-lived assets |
165 |
|
|
25 |
|
|
501 |
|
|
190 |
|
|
511 |
| |||||
|
Loss (gain) on sale of assets and other |
2 |
|
|
(49) |
|
|
(1) |
|
|
(47) |
|
|
(1) |
| |||||
|
Changes in operating assets and liabilities, net of acquisitions: |
|
|
|
|
|
|
|
|
| ||||||||||
|
Accounts receivable, net |
(62) |
|
|
61 |
|
|
(10) |
|
|
(1) |
|
|
(21) |
| |||||
|
Inventory |
(85) |
|
|
(5) |
|
|
(87) |
|
|
(90) |
|
|
(83) |
| |||||
|
Prepaid expenses and other assets |
(8) |
|
|
4 |
|
|
7 |
|
|
(4) |
|
|
(27) |
| |||||
|
Accounts payable |
105 |
|
|
(8) |
|
|
(17) |
|
|
97 |
|
|
92 |
| |||||
|
Deferred revenue |
(10) |
|
|
115 |
|
|
(7) |
|
|
105 |
|
|
(9) |
| |||||
|
Other accrued and long-term liabilities |
(97) |
|
|
67 |
|
|
(34) |
|
|
(30) |
|
|
(150) |
| |||||
|
Net cash provided by operating activities |
225 |
|
|
606 |
|
|
334 |
|
|
831 |
|
|
722 |
| |||||
|
Investing activities |
|
|
|
|
|
|
|
|
| ||||||||||
|
Net purchases of property and equipment |
(80) |
|
|
(78) |
|
|
(67) |
|
|
(158) |
|
|
(108) |
| |||||
|
Net cash paid for acquired companies |
(6) |
|
|
— |
|
|
— |
|
|
(6) |
|
|
— |
| |||||
|
Proceeds from sale of certain assets and other |
— |
|
|
90 |
|
|
— |
|
|
90 |
|
|
— |
| |||||
|
Purchases of marketable securities |
(436) |
|
|
(477) |
|
|
(917) |
|
|
(913) |
|
|
(1,536) |
| |||||
|
Proceeds from sales and maturities of marketable securities |
467 |
|
|
503 |
|
|
566 |
|
|
970 |
|
|
1,105 |
| |||||
|
Net cash provided by (used in) investing activities |
(55) |
|
|
38 |
|
|
(418) |
|
|
(17) |
|
|
(539) |
| |||||
|
Financing activities |
|
|
|
|
|
|
|
|
| ||||||||||
|
Repurchases of Class A common stock |
(191) |
|
|
— |
|
|
(110) |
|
|
(191) |
|
|
(217) |
| |||||
|
Dividends paid |
(70) |
|
|
(70) |
|
|
(64) |
|
|
(140) |
|
|
(127) |
| |||||
|
Proceeds from issuance of common stock |
229 |
|
|
54 |
|
|
199 |
|
|
283 |
|
|
267 |
| |||||
|
Minimum tax withholding paid on behalf of employees for restricted stock units |
(28) |
|
|
(31) |
|
|
(38) |
|
|
(59) |
|
|
(78) |
| |||||
|
Net cash used in financing activities |
(60) |
|
|
(47) |
|
|
(13) |
|
|
(107) |
|
|
(155) |
| |||||
|
Increase (decrease) in cash and cash equivalents |
110 |
|
|
597 |
|
|
(97) |
|
|
707 |
|
|
28 |
| |||||
|
Cash and cash equivalents at beginning of period |
2,254 |
|
|
1,657 |
|
|
1,742 |
|
|
1,657 |
|
|
1,617 |
| |||||
|
Cash and cash equivalents at end of period |
$ |
2,364 |
|
|
$ |
2,254 |
|
|
$ |
1,645 |
|
|
$ |
2,364 |
|
|
$ |
1,645 |
|
