Financial News

Broadcom Inc. Announces Third Quarter Fiscal Year 2023 Financial Results and Quarterly Dividend
  • Revenue of $8,876 million for the third quarter, up 5 percent from the prior year period
  • Adjusted EBITDA of $5,801 million for the third quarter
  • Non-GAAP diluted EPS of $10.54 for the third quarter; GAAP diluted EPS of $7.74 for the third quarter
  • Quarterly common stock dividend of $4.60 per share
  • Repurchased and eliminated 2.9 million shares for $2,167 million
  • Fourth quarter revenue guidance of approximately $9.27 billion, an increase of 4 percent from the prior year period
  • Fourth quarter Adjusted EBITDA guidance of approximately 65 percent of projected revenue (1)

SAN JOSE, Calif., Aug. 31, 2023 /PRNewswire/ -- Broadcom Inc. (Nasdaq: AVGO), a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, today reported financial results for its third quarter of fiscal year 2023, ended July 30, 2023, provided guidance for the fourth quarter of its fiscal year 2023 and announced its quarterly dividend.

"Broadcom's third quarter results were driven by demand for next generation networking technologies as hyperscale customers scale out and network their AI clusters within data centers," said Hock Tan, President and CEO of Broadcom Inc. "Our fourth quarter outlook projects year-over-year growth, reflecting continued leadership in networking for generative AI."

"Consolidated revenue for the third quarter grew 5% year-over-year to $8.9 billion and adjusted EBITDA increased 8% year-over-year to 65% of revenue," said Kirsten Spears, CFO of Broadcom Inc. "We generated $4.6 billion in free cash flow in the third quarter, and expect cash flows to remain solid for Q4."

Third Quarter Fiscal Year 2023 Financial Highlights    

   

GAAP

 

Non-GAAP

(Dollars in millions, except per share data)

 

Q3 23

 

Q3 22

 

Change

 

Q3 23

 

Q3 22

 

Change

Net revenue

 

$

8,876

 

$

8,464

   

+5 %

 

$

8,876

 

$

8,464

   

+5 %

Net income

 

$

3,303

 

$

3,074

 

+$

229

 

$

4,596

 

$

4,241

 

+$

355

Earnings per common share - diluted

 

$

7.74

 

$

7.15

 

+$

0.59

 

$

10.54

 

$

9.73

 

+$

0.81

                                     

 

(Dollars in millions)

                                                                                                       

Q3 23

 

Q3 22

 

Change

Cash flow from operations

                                                                                                       

$

 

4,719

 

$

4,424

 

+$

295

Adjusted EBITDA

                                                                                                       

$

 

5,801

 

$

5,378

 

+$

423

Free cash flow

                                                                                                       

$

 

4,597

 

$

4,308

 

+$

289

                                                                                                                           

 

Net revenue by segment

                                                 

(Dollars in millions)

                     

Q3 23

 

Q3 22

 

Change

Semiconductor solutions

                     

$

6,941

 

78 %

 

$

6,624

 

78 %

   

+5 %

Infrastructure software

                       

1,935

 

22

   

1,840

 

22

   

+5 %

Total net revenue

                     

$

8,876

 

100 %

 

$

8,464

 

100 %

     

 

The Company's cash and cash equivalents at the end of the fiscal quarter were $12,055 million, compared to $11,553 million at the end of the prior quarter.

During the third fiscal quarter, the Company generated $4,719 million in cash from operations and spent $122 million on capital expenditures. The Company spent $2,167 million on share repurchases and eliminations, consisting of $1,707 million in repurchases of 2.4 million shares and $460 million of withholding tax payments related to net settled equity awards that vested in the quarter (representing approximately 0.5 million shares withheld).

On June 30, 2023, the Company paid a cash dividend of $4.60 per share, totaling $1,901 million.

The differences between the Company's GAAP and non-GAAP results are described generally under "Non-GAAP Financial Measures" below, and presented in detail in the financial reconciliation tables attached to this release.

Fourth Quarter Fiscal Year 2023 Business Outlook

Based on current business trends and conditions, the outlook for the fourth quarter of fiscal year 2023, ending October 29, 2023, is expected to be as follows: 

  • Fourth quarter revenue guidance of approximately $9.27 billion; and
  • Fourth quarter Adjusted EBITDA guidance of approximately 65 percent of projected revenue.

The guidance provided above is only an estimate of what the Company believes is realizable as of the date of this release. The Company is not readily able to provide a reconciliation of projected Adjusted EBITDA to projected net income without unreasonable effort. Actual results will vary from the guidance and the variations may be material. The Company undertakes no intent or obligation to publicly update or revise any of these projections, whether as a result of new information, future events or otherwise, except as required by law.

Quarterly Dividends

The Company's Board of Directors has approved a quarterly cash dividend of $4.60 per share. The dividend is payable on September 29, 2023 to stockholders of record at the close of business (5:00 p.m. Eastern Time) on September 21, 2023.

Financial Results Conference Call

Broadcom Inc. will host a conference call to review its financial results for the third quarter fiscal year 2023 and to discuss the business outlook, today at 2:00 p.m. Pacific Time.

To Listen via Internet: The conference call can be accessed live online in the Investors section of the Broadcom website at https://investors.broadcom.com/.

To Listen via Telephone: Preregistration is required by the conference call operator. Please preregister at https://register.vevent.com/register/BIab1222c9ed364122895c0b8a81ef898b. Upon registering, you will be emailed a link to the dial-in number and unique PIN.

Replay: An audio replay of the conference call can be accessed for one year through the Investors section of Broadcom's website at https://investors.broadcom.com/.

Non-GAAP Financial Measures

The non-GAAP measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. A reconciliation between GAAP and non-GAAP financial data is included in the supplemental financial data attached to this press release. Broadcom believes non-GAAP financial information provides additional insight into the Company's on-going performance. Therefore, Broadcom provides this information to investors for a more consistent basis of comparison and to help them evaluate the results of the Company's on-going operations and enable more meaningful period to period comparisons. 

In addition to GAAP reporting, Broadcom provides investors with net income, operating income, gross margin, operating expenses, cash flow and other data on a non-GAAP basis. This non-GAAP information excludes amortization of acquisition-related intangible assets, stock-based compensation expense, restructuring and other charges, acquisition-related costs, including integration costs, non-GAAP tax reconciling adjustments, and other adjustments. Management does not believe that these items are reflective of the Company's underlying performance. Internally, these non-GAAP measures are significant measures used by management for purposes of evaluating the core operating performance of the Company, establishing internal budgets, calculating return on investment for development programs and growth initiatives, comparing performance with internal forecasts and targeted business models, strategic planning, evaluating and valuing potential acquisition candidates and how their operations compare to the Company's operations, and benchmarking performance externally against the Company's competitors. The exclusion of these and other similar items from Broadcom's non-GAAP financial results should not be interpreted as implying that these items are non-recurring, infrequent or unusual.

Free cash flow measures have limitations as they omit certain components of the overall cash flow statement and do not represent the residual cash flow available for discretionary expenditures. Investors should not consider presentation of free cash flow measures as implying that stockholders have any right to such cash. Broadcom's free cash flow may not be calculated in a manner comparable to similarly named measures used by other companies.

About Broadcom Inc.

Broadcom Inc. (NASDAQ: AVGO), a Delaware corporation headquartered in San Jose, CA, is a global technology leader that designs, develops and supplies a broad range of semiconductor and infrastructure software solutions. Broadcom's category-leading product portfolio serves critical markets including data center, networking, enterprise software, broadband, wireless, storage and industrial. Our solutions include data center networking and storage, enterprise, mainframe and cyber security software focused on automation, monitoring and security, smartphone components, telecoms and factory automation. For more information, go to https://www.broadcom.com.

Cautionary Note Regarding Forward-Looking Statements 

This announcement contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning Broadcom. These statements include, but are not limited to, statements that address our expected future business and financial performance, our plans and expectations with regard to our share repurchases, and other statements identified by words such as "will," "expect," "believe," "anticipate," "estimate," "should," "intend," "plan," "potential," "predict," "project," "aim," and similar words, phrases or expressions. These forward-looking statements are based on current expectations and beliefs of the management of Broadcom, as well as assumptions made by and information currently available to such management, current market trends and market conditions and involve risks and uncertainties, many of which are outside the Company's and management's control and may cause actual results to differ materially from those contained in forward-looking statements. Accordingly, you should not place undue reliance on such statements.

Particular uncertainties that could materially affect future results include risks associated with: global economic conditions and concerns; cyclicality in the semiconductor industry or in our target markets; any loss of our significant customers and fluctuations in the timing and volume of significant customer demand; our dependence on contract manufacturing and outsourced supply chain; our dependency on a limited number of suppliers; government regulations and administrative proceedings, trade restrictions and trade tensions; global political and economic conditions; failing to complete or realize the expected benefits of our acquisition of VMware, Inc.; any acquisitions we may make, including our acquisition of VMware, such as delays, challenges and expenses associated with receiving governmental and regulatory approvals and satisfying other closing conditions, and with integrating acquired businesses with our existing businesses and our ability to achieve the benefits, growth prospects and synergies expected by such acquisitions; our significant indebtedness and the need to generate sufficient cash flows to service and repay such debt; the amount and frequency of our share repurchase programs; dependence on and risks associated with distributors and resellers of our products; dependence on senior management and our ability to attract and retain qualified personnel; involvement in legal proceedings; quarterly and annual fluctuations in operating results; our ability to accurately estimate customers' demand and adjust our manufacturing and supply chain accordingly; our competitive performance and ability to continue achieving design wins with our customers, as well as the timing of any design wins; prolonged disruptions of our or our contract manufacturers' manufacturing facilities, warehouses or other significant operations; our ability to improve our manufacturing efficiency and quality; our dependence on outsourced service providers for certain key business services and their ability to execute to our requirements; our ability to protect against cyber security threats and a breach of security systems; our ability to maintain or improve gross margin; our ability to protect our intellectual property and the unpredictability of any associated litigation expenses; compatibility of our software products with operating environments, platforms or third-party products; our ability to enter into satisfactory software license agreements; availability of third party software used in our products; use of open source code sources in our products; any expenses or reputational damage associated with resolving customer product warranty and indemnification claims; market acceptance of the end products into which our products are designed; our ability to sell to new types of customers and to keep pace with technological advances; our compliance with privacy and data security laws; the COVID-19 pandemic; fluctuations in foreign exchange rates; our provision for income taxes and overall cash tax costs, legislation that may impact our overall cash tax costs and our ability to maintain tax concessions in certain jurisdictions; and other events and trends on a national, regional and global scale, including those of a political, economic, business, competitive and regulatory nature. We are not obligated to repurchase any specific amount of shares of common stock, and the stock repurchase programs may be suspended or terminated at any time.

Our filings with the SEC, which you may obtain for free at the SEC's website at http://www.sec.gov, discuss some of the important risk factors that may affect our business, results of operations and financial condition. Actual results may vary from the estimates provided. We undertake no intent or obligation to publicly update or revise any of the estimates and other forward-looking statements made in this announcement, whether as a result of new information, future events or otherwise, except as required by law.

Contact:
Ji Yoo
Broadcom Inc.
Investor Relations
408-433-8000
investor.relations@broadcom.com

(AVGO-Q)

 

(1) The Company is not readily able to provide a reconciliation of the projected non-GAAP financial information presented to the relevant projected GAAP measure without unreasonable effort.

 

BROADCOM INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED

(IN MILLIONS, EXCEPT PER SHARE DATA)

                               
                               
   

Fiscal Quarter Ended

 

Three Fiscal Quarters Ended

   

July 30,

 

April 30,

 

July 31,

 

July 30,

 

July 31,

   

2023

 

2023

 

2022

 

2023

 

2022

                               

Net revenue

 

$

8,876

 

$

8,733

 

$

8,464

 

$

26,524

 

$

24,273

Cost of revenue:

                             

Cost of revenue

   

2,272

   

2,177

   

2,077

   

6,823

   

5,958

Amortization of acquisition-related intangible assets

   

439

   

441

   

705

   

1,415

   

2,142

Restructuring charges

   

1

   

-

   

1

   

3

   

4

Total cost of revenue

   

2,712

   

2,618

   

2,783

   

8,241

   

8,104

Gross margin

   

6,164

   

6,115

   

5,681

   

18,283

   

16,169

Research and development

   

1,358

   

1,312

   

1,255

   

3,865

   

3,722

Selling, general and administrative

   

388

   

438

   

323

   

1,174

   

1,012

Amortization of acquisition-related intangible assets

   

350

   

348

   

359

   

1,046

   

1,154

Restructuring and other charges

   

212

   

9

   

7

   

231

   

42

Total operating expenses

   

2,308

   

2,107

   

1,944

   

6,316

   

5,930

Operating income

   

3,856

   

4,008

   

3,737

   

11,967

   

10,239

Interest expense

   

(406)

   

(405)

   

(406)

   

(1,217)

   

(1,331)

Other income (expense), net

   

124

   

113

   

6

   

380

   

(94)

Income before income taxes

   

3,574

   

3,716

   

3,337

   

11,130

   

8,814

Provision for income taxes

   

271

   

235

   

263

   

572

   

678

Net income

   

3,303

   

3,481

   

3,074

   

10,558

   

8,136

Dividends on preferred stock

   

-

   

-

   

(75)

   

-

   

(224)

Net income attributable to common stock

 

$

3,303

 

$

3,481

 

$

2,999

 

$

10,558

 

$

7,912

                               

Net income per share attributable to common stock:

                             

Basic

 

$

8.00

 

$

8.39

 

$

7.40

 

$

25.44

 

$

19.39

Diluted (1)

 

$

7.74

 

$

8.15

 

$

7.15

 

$

24.73

 

$

18.70

                               

Weighted-average shares used in per share calculations:

                             

Basic

   

413

   

415

   

405

   

415

   

408

Diluted (1)

   

427

   

427

   

430

   

427

   

435

                               

Stock-based compensation expense:

                             

Cost of revenue

 

$

61

 

$

50

 

$

37

 

$

148

 

$

109

Research and development

   

444

   

354

   

259

   

1,065

   

788

Selling, general and administrative

   

124

   

109

   

77

   

320

   

249

Total stock-based compensation expense

 

$

629

 

$

513

 

$

373

 

$

1,533

 

$

1,146

                               
 

(1) All outstanding shares of Mandatory Convertible Preferred Stock were converted into our common stock
during the fiscal quarter ended October 30, 2022.

           
           

BROADCOM INC.

FINANCIAL RECONCILIATION: GAAP TO NON-GAAP - UNAUDITED

(IN MILLIONS)

                               
                               
   

Fiscal Quarter Ended

 

Three Fiscal Quarters Ended

   

July 30,

 

April 30,

 

July 31,

 

July 30,

 

July 31,

   

2023

 

2023

 

2022

 

2023

 

2022

                               

Gross margin on GAAP basis

 

$

6,164

 

$

6,115

 

$

5,681

 

$

18,283

 

$

16,169

Amortization of acquisition-related intangible assets

   

439

   

441

   

705

   

1,415

   

2,142

Stock-based compensation expense

   

61

   

50

   

37

   

148

   

109

Restructuring charges

   

1

   

-

   

1

   

3

   

4

Acquisition-related costs

   

-

   

-

   

3

   

-

   

10

Gross margin on non-GAAP basis

 

$

6,665

 

$

6,606

 

$

6,427

 

$

19,849

 

$

18,434

                               

Research and development on GAAP basis

 

$

1,358

 

$

1,312

 

$

1,255

 

$

3,865

 

$

3,722

Stock-based compensation expense

   

444

   

354

   

259

   

1,065

   

788

Acquisition-related costs

   

1

   

-

   

-

   

-

   

-

Research and development on non-GAAP basis

 

$

913

 

$

958

 

$

996

 

$

2,800

 

$

2,934

                               

Selling, general and administrative expense on GAAP basis

 

$

388

 

$

438

 

$

323

 

$

1,174

 

$

1,012

Stock-based compensation expense

   

124

   

109

   

77

   

320

   

249

Acquisition-related costs

   

48

   

93

   

14

   

183

   

57

Selling, general and administrative expense on non-GAAP basis

 

$

216

 

$

236

 

$

232

 

$

671

 

$

706

                               

Total operating expenses on GAAP basis

 

$

2,308

 

$

2,107

 

$

1,944

 

$

6,316

 

$

5,930

Amortization of acquisition-related intangible assets

   

350

   

348

   

359

   

1,046

   

1,154

Stock-based compensation expense

   

568

   

463

   

336

   

1,385

   

1,037

Restructuring and other charges

   

212

   

9

   

7

   

231

   

42

Acquisition-related costs

   

49

   

93

   

14

   

183

   

57

Total operating expenses on non-GAAP basis

 

$

1,129

 

$

1,194

 

$

1,228

 

$

3,471

 

$

3,640

                               

Operating income on GAAP basis

 

$

3,856

 

$

4,008

 

$

3,737

 

$

11,967

 

$

10,239

Amortization of acquisition-related intangible assets

   

789

   

789

   

1,064

   

2,461

   

3,296

Stock-based compensation expense

   

629

   

513

   

373

   

1,533

   

1,146

Restructuring and other charges

   

213

   

9

   

8

   

234

   

46

Acquisition-related costs

   

49

   

93

   

17

   

183

   

67

Operating income on non-GAAP basis

 

$

5,536

 

$

5,412

 

$

5,199

 

$

16,378

 

$

14,794

                               

Interest expense on GAAP basis

 

$

(406)

 

$

(405)

 

$

(406)

 

$

(1,217)

 

$

(1,331)

Loss on debt extinguishment

   

-

   

-

   

-

   

-

   

112

Interest expense on non-GAAP basis

 

$

(406)

 

$

(405)

 

$

(406)

 

$

(1,217)

 

$

(1,219)

                               

Other income (expense), net on GAAP basis

 

$

124

 

$

113

 

$

6

 

$

380

 

$

(94)

(Gains) losses on investments

   

(2)

   

11

   

25

   

(35)

   

140

Other

   

-

   

-

   

(5)

   

-

   

(5)

Other income, net on non-GAAP basis

 

$

122

 

$

124

 

$

26

 

$

345

 

$

41

                               

Provision for income taxes on GAAP basis

 

$

271

 

$

235

 

$

263

 

$

572

 

$

678

Non-GAAP tax reconciling adjustments

   

385

   

407

   

315

   

1,366

   

956

Provision for income taxes on non-GAAP basis

 

$

656

 

$

642

 

$

578

 

$

1,938

 

$

1,634

                               

Net income on GAAP basis

 

$

3,303

 

$

3,481

 

$

3,074

 

$

10,558

 

$

8,136

Amortization of acquisition-related intangible assets

   

789

   

789

   

1,064

   

2,461

   

3,296

Stock-based compensation expense

   

629

   

513

   

373

   

1,533

   

1,146

Restructuring and other charges

   

213

   

9

   

8

   

234

   

46

Acquisition-related costs

   

49

   

93

   

17

   

183

   

67

Loss on debt extinguishment

   

-

   

-

   

-

   

-

   

112

(Gains) losses on investments

   

(2)

   

11

   

25

   

(35)

   

140

Other

   

-

   

-

   

(5)

   

-

   

(5)

Non-GAAP tax reconciling adjustments

   

(385)

   

(407)

   

(315)

   

(1,366)

   

(956)

Net income on non-GAAP basis

 

$

4,596

 

$

4,489

 

$

4,241

 

$

13,568

 

$

11,982

                               
                               

Weighted-average shares used in per share calculations - diluted on GAAP basis

   

427

   

427

   

430

   

427

   

435

Non-GAAP adjustment (1)

   

9

   

8

   

6

   

8

   

6

Weighted-average shares used in per share calculations - diluted on non-GAAP basis

   

436

   

435

   

436

   

435

   

441

                               
                               

Net income on non-GAAP basis

 

$

4,596

 

$

4,489

 

$

4,241

 

$

13,568

 

$

11,982

Interest expense

   

406

   

405

   

406

   

1,217

   

1,219

Provision for income taxes on non-GAAP basis

   

656

   

642

   

578

   

1,938

   

1,634

Depreciation

   

122

   

129

   

129

   

378

   

400

Amortization of purchased intangibles and right-of-use assets

   

21

   

21

   

24

   

64

   

72

Adjusted EBITDA

 

$

5,801

 

$

5,686

 

$

5,378

 

$

17,165

 

$

15,307

                               

Net cash provided by operating activities

 

$

4,719

 

$

4,502

 

$

4,424

 

$

13,257

 

$

12,153

Purchases of property, plant and equipment

   

(122)

   

(122)

   

(116)

   

(347)

   

(302)

Free cash flow

 

$

4,597

 

$

4,380

 

$

4,308

 

$

12,910

 

$

11,851

                               
                               
   

 Fiscal
Quarter
Ending

                       
   

October 29,

                       

Expected average diluted share count (2):

 

2023

                       
                               

Weighted-average shares used in per share calculation - diluted on GAAP basis

 

427

                       

Non-GAAP adjustment (1)

 

8

                       

Weighted-average shares used in per share calculation - diluted on non-GAAP basis

 

435

                       
                         
                               
 

(1) Non-GAAP adjustment for the number of shares used in the diluted per share calculations excludes the impact of stock-based compensation
expense expected to be incurred in future periods and not yet recognized in the financial statements, which would otherwise be assumed to be used to
repurchase shares under the GAAP treasury stock method.

(2) Excludes the effects of potential share repurchases.

             
           
           
           
           

BROADCOM INC.

CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED

(IN MILLIONS)

               
               
   

July 30,

 

October 30,

 
   

2023

 

2022

 
               

ASSETS

             
               

Current assets:

             

Cash and cash equivalents

 

$

12,055

 

$

12,416

 

Trade accounts receivable, net

   

2,914

   

2,958

 

Inventory

   

1,842

   

1,925

 

Other current assets

   

1,522

   

1,205

 

Total current assets

   

18,333

   

18,504

 
               

Long-term assets:

             

Property, plant and equipment, net

   

2,180

   

2,223

 

Goodwill

   

43,619

   

43,614

 

Intangible assets, net

   

4,654

   

7,111

 

Other long-term assets

   

2,809

   

1,797

 

Total assets

 

$

71,595

 

$

73,249

 
               
               

LIABILITIES AND EQUITY

             
               

Current liabilities:

             

Accounts payable

 

$

992

 

$

998

 

Employee compensation and benefits

   

831

   

1,202

 

Current portion of long-term debt

   

1,119

   

440

 

Other current liabilities

   

4,403

   

4,412

 

Total current liabilities

   

7,345

   

7,052

 
               

Long-term liabilities:

             

Long-term debt

   

38,222

   

39,075

 

Other long-term liabilities

   

3,949

   

4,413

 

Total liabilities

   

49,516

   

50,540

 
               

Stockholders' equity:

             

Preferred stock

   

-

   

-

 

Common stock

   

-

   

-

 

Additional paid-in capital

   

20,855

   

21,159

 

Retained earnings

   

1,178

   

1,604

 

Accumulated other comprehensive income (loss)

   

46

   

(54)

 

Total stockholders' equity

   

22,079

   

22,709

 

  Total liabilities and equity

 

$

71,595

 

$

73,249

 

 

BROADCOM INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED

(IN MILLIONS)

                               
   

Fiscal Quarter Ended

 

Three Fiscal Quarters Ended

   

July 30,

 

April 30,

 

July 31,

 

July 30,

 

July 31,

   

2023

 

2023

 

2022

 

2023

 

2022

Cash flows from operating activities:

                             

Net income

 

$

3,303

 

$

3,481

 

$

3,074

 

$

10,558

 

$

8,136

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

                           

Amortization of intangible and right-of-use assets

   

810

   

810

   

1,088

   

2,525

   

3,368

Depreciation

   

122

   

129

   

129

   

378

   

400

Stock-based compensation

   

629

   

513

   

373

   

1,533

   

1,146

Deferred taxes and other non-cash taxes

   

(251)

   

(316)

   

(15)

   

(1,140)

   

55

Loss on debt extinguishment

   

-

   

-

   

-

   

-

   

100

Non-cash interest expense

   

33

   

33

   

32

   

98

   

97

Other

   

-

   

21

   

27

   

(18)

   

152

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

                             

  Trade accounts receivable, net

   

135

   

185

   

375

   

44

   

(629)

  Inventory

   

44

   

13

   

(170)

   

83

   

(540)

  Accounts payable

   

188

   

(114)

   

(352)

   

(6)

   

(383)

  Employee compensation and benefits

   

184

   

91

   

321

   

(382)

   

8

  Other current assets and current liabilities

   

(339)

   

(165)

   

(198)

   

66

   

610

  Other long-term assets and long-term liabilities

   

(139)

   

(179)

   

(260)

   

(482)

   

(367)

Net cash provided by operating activities

   

4,719

   

4,502

   

4,424

   

13,257

   

12,153

                               

Cash flows from investing activities: