Avago Technologies Limited Announces First Quarter Fiscal Year 2012 Financial Results

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

January 29,
2012

October 30,
2011

January 30,
2011

Cash flows from operating activities:
Net income $ 125 $ 154 $ 119
 
Adjustments to reconcile net income to net cash provided by operating activities:
 
Depreciation and amortization 37 39 41
Loss on extinguishment of debt - - 5
Impairment of investment and loan receivable from investee 2 - -
Share-based compensation 11 11 7
Tax benefits of share-based compensation - 6 8
Excess tax benefits from share-based compensation - (6 ) (2 )
Changes in assets and liabilities, net of acquisitions:
Trade accounts receivable 20 (43 ) (5 )
Inventory 1 6 (14 )
Accounts payable (8 ) 23 (30 )
Employee compensation and benefits (38 ) 1 (31 )
Other current assets and current liabilities (10 ) 12 (31 )
Other long-term assets and long-term liabilities   (1 )   (8 )   -  
Net cash provided by operating activities   139     195     67  
 
Cash flows from investing activities:
Purchase of property, plant and equipment (47 ) (37 ) (32 )
Acquisitions and investments, net of cash acquired - - (9 )
Loan receivable from cost method investee   -     (1 )   -  
Net cash used in investing activities   (47 )   (38 )   (41 )
 
Cash flows from financing activities:
Proceeds from government grants 1 - -
Debt repayments - - (230 )
Payments on capital lease obligations - (1 ) (1 )
Issuance of ordinary shares 5 15 22
Repurchases of ordinary shares (79 ) (25 ) -
Excess tax benefits from share-based compensation - 6 2
Dividend payments to shareholders   (29 )   (27 )   (17 )
Net cash used in financing activities   (102 )   (32 )   (224 )
 
Net increase (decrease) in cash and cash equivalents (10 ) 125 (198 )
Cash and cash equivalents at the beginning of period   829     704     561  
Cash and cash equivalents at end of period $ 819   $ 829   $ 363  
 

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