Avago Technologies Limited Announces Fourth Quarter and Fiscal

Avago Technologies Limited Announces Fourth Quarter and Fiscal Year 2015 Financial Results

AVAGO TECHNOLOGIES LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED
(IN MILLIONS)

	Fiscal Quarter Ended									Fiscal Year Ended
	November 1,			August 2,			November 2,			November 1,			November 2,
		2015			2015			2014			2015			2014
Cash flows from operating activities:
Net income	$	429		$	240		$	135		$	1,364		$	263

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		250			256			250			962			625
Amortization of debt issuance costs and accretion of debt discount		4			4			7			22			14
Share-based compensation		63			63			54			232			163
Tax benefits of share-based compensation		25			32			42			130			42
Excess tax from share-based compensation		(23	)		(32	)		(39	)		(125	)		(39	)
Non-cash portion of restructuring and asset impairment charges		2			70			9			77			9
Loss (gain) on sale of businesses		28			-			(18	)		14			(18	)
Deferred taxes		(185	)		(33	)		(72	)		(220	)		(92	)
Other		8			1			(8	)		28			(1	)
Changes in assets and liabilities, net of acquisitions and disposals:
Trade accounts receivable, net		(209	)		(2	)		(180	)		(187	)		(70	)
Inventory		(1	)		20			(6	)		62			193
Accounts payable		81			(29	)		52			29			13
Employee compensation and benefits		20			29			2			8			20
Other current assets and current liabilities		12			(39	)		188			(118	)		219
Other long-term assets and long-term liabilities		78			12			(35	)		40			(166	)
Net cash provided by operating activities		582			592			381			2,318			1,175

Cash flows from investing activities:
Proceeds from sale of businesses		-			-			450			650			450
Acquisition of businesses, net of cash acquired		-			(394	)		(317	)		(394	)		(5,961	)
Purchases of property, plant and equipment		(106	)		(148	)		(189	)		(593	)		(409	)
Proceeds from disposals of property, plant and equipment		47			-			-			110			-
Purchases of investments		(5	)		-			-			(14	)		-
Proceeds from sale of investments		-			-			21			-			35
Net cash used in investing activities		(64	)		(542	)		(35	)		(241	)		(5,885	)

Cash flows from financing activities:
Debt repayments		(12	)		(1,010	)		(12	)		(1,639	)		(12	)
Payment of assumed debt		-			(178	)		-			(178	)		-
Proceeds from term loan borrowings		-			-			-			-			4,600
Proceeds from issuance of convertible senior notes		-			-			-			-			1,000
Debt issuance costs		-			-			-			-			(124	)
Issuance of ordinary shares		55			56			38			241			124
Dividend payments to shareholders		(116	)		(104	)		(81	)		(408	)		(284	)
Repurchases of ordinary shares		-			-			-			-			(12	)
Excess tax from share-based compensation		23			32			39			125			39
Other		-			-			(3	)		-			(2	)
Net cash (used in) provided by financing activities		(50	)		(1,204	)		(19	)		(1,859	)		5,329

Net change in cash and cash equivalents		468			(1,154	)		327			218			619
Cash and cash equivalents at beginning of period		1,354			2,508			1,277			1,604			985
Cash and cash equivalents at end of period	$	1,822		$	1,354		$	1,604		$	1,822		$	1,604

 Contacts:
Avago  Technologies  Limited
Ashish  Saran
Investor  Relations
+1  408  433  8000
investor.relations@avagotech.com

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