Broadcom Reports First Quarter 2014 Results

 

The following table presents details of total stock-based compensation expense included in each functional line item in the unaudited condensed consolidated statements of income above:


Three Months Ended


March 31,


December 31,


March 31,


2014


2013


2013

Cost of product revenue

$

6



$

6



$

7


Research and development

84



83



99


Selling, general and administrative

30



28



34


 

BROADCOM CORPORATION

Unaudited Condensed Consolidated Statements of Cash Flows

(In millions)








Three Months Ended


March 31,


December 31,


March 31,


2014


2013


2013

Operating activities






Net income

$

165



$

168



$

191


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






Depreciation and amortization

52



51



39


Stock-based compensation expense

120



117



140


Acquisition-related items:






Amortization of purchased intangible assets

59



56



58


Impairments of long-lived assets

25





10


Gain on sale of assets and other

(49)






Changes in operating assets and liabilities, net of acquisitions:






Accounts receivable, net

61



57



(11)


Inventory

(5)



16



4


Prepaid expenses and other assets

4



(28)



(34)


Accounts payable

(8)



44



109


Deferred revenue

115



(4)



(2)


Other accrued and long-term liabilities

67



(86)



(116)


Net cash provided by operating activities

606



391



388


Investing activities






Net purchases of property and equipment

(78)



(56)



(41)


Net cash paid for acquired companies



(142)




Proceeds from sale (purchases) of certain assets and other

90



(15)




Purchases of marketable securities

(477)



(468)



(619)


Proceeds from sales and maturities of marketable securities

503



575



539


Net cash provided by (used in) investing activities

38



(106)



(121)


Financing activities






Payments of long-term debt



(300)




Repurchases of Class A common stock



(2)



(107)


Dividends paid

(70)



(64)



(63)


Proceeds from issuance of common stock

54



240



68


Minimum tax withholding paid on behalf of employees for restricted stock units

(31)



(26)



(40)


Net cash used in financing activities

(47)



(152)



(142)


Increase in cash and cash equivalents

597



133



125


Cash and cash equivalents at beginning of period

1,657



1,524



1,617


Cash and cash equivalents at end of period

$

2,254



$

1,657



$

1,742



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