Cash Flow Statement
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2009
- Net Profit Margin since 2009
- Return on Equity (ROE) since 2009
- Price to Sales (P/S) since 2009
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Broadcom Inc., consolidated cash flow statement
US$ in millions
Based on: 10-K (reporting date: 2024-11-03), 10-K (reporting date: 2023-10-29), 10-K (reporting date: 2022-10-30), 10-K (reporting date: 2021-10-31), 10-K (reporting date: 2020-11-01), 10-K (reporting date: 2019-11-03).
- Net Income Trend
- The net income exhibited considerable growth from 2019 to 2023, increasing from $2,724 million to $14,082 million, showing strong profitability improvement. However, in 2024, net income sharply declined to $5,895 million, indicating a significant reduction in earnings.
- Non-Cash Charges
- Amortization of intangible and right-of-use assets fluctuated, peaking at $9,417 million in 2024 after a downward trend between 2019 and 2023. Depreciation remained relatively stable over the years with a slight decline and a small increase in 2024. Share-based compensation decreased from 2019 to 2022 but spiked notably to $5,741 million in 2024. Deferred taxes and other non-cash taxes showed volatility, with large negative amounts in earlier years turning positive in 2024, reflecting changing tax impacts.
- Interest and Losses
- Loss on debt extinguishment was low and inconsistent, peaking in 2021 at $198 million, then mostly absent in 2023. Non-cash interest expense increased steadily, reaching $427 million in 2024, suggesting rising financing costs or interest amortizations.
- Working Capital Components
- Trade accounts receivable and inventory showed mixed movements with substantial negative values in 2021-2023, followed by a recovery in 2024. Accounts payable fluctuated without a clear trend but remained positive or near zero in most periods. Employee compensation and benefits showed inconsistent cash flow effects, with negative amounts appearing in 2019, 2023, and 2024, possibly reflecting payment timing differences. Other current and long-term assets and liabilities showed increasing negative values, indicating possible large outflows or balance sheet adjustments, especially marked in 2024. The net changes in assets and liabilities were negative in the last three years, most notably in 2024 (-$4,637 million), implying cash outflows related to working capital.
- Operating Cash Flow
- Adjustments reconciled the net income to cash provided by operating activities with high positive values each year. Net cash from operating activities grew steadily from $9,697 million in 2019 to a peak of $19,962 million in 2024, indicating strong core operational cash generation despite the lower net income in the last year.
- Investing Activities
- Major cash outflows were due to acquisitions, with a peak outflow of $25,978 million in 2024, after several years of sizeable acquisitions in 2019 and 2020. Proceeds from sales of investments and businesses were generally small compared to acquisition outflows. Purchases of property, plant and equipment remained relatively stable, while purchases and sales of investments showed moderate activity. Net cash used in investing activities was consistently negative, with a significant spike in 2024 (-$23,070 million), largely attributable to acquisitions.
- Financing Activities
- Proceeds from long-term borrowings were high, especially in 2024 at $39,954 million, contrasting with aggressive debt repayments in earlier years. Payments on debt obligations decreased substantially in recent years but increased again in 2024 ($19,608 million). Dividend payments showed a steady increase over time, peaking at $9,814 million in 2024. Stock repurchase activities were notable, with significant buybacks and withholding shares for tax across all years, culminating in the highest repurchase for tax withholdings in 2024 at $5,216 million. Issuance of common stock remained modest and relatively stable, while preferred stock issuance occurred only in 2019. Net cash flow from financing activities shifted from positive in 2019 and 2020 to negative in subsequent years, though the outflow magnitude decreased in 2024.
- Cash Position
- Cash and cash equivalents increased steadily from 2019 through 2023, rising from $5,055 million to $14,189 million. However, 2024 saw a reversal with a decrease of $4,841 million, reducing year-end cash to $9,348 million, reflecting the combined effects of operational cash generation, heavy investment activities, and financing outflows.
- Summary of Financial Trends
- The company displayed strong growth in net income and operating cash flow through 2023, supported by consistent investments mainly through acquisitions. Financing policy involved significant borrowings and repayments, alongside increasing dividends and share repurchases. The marked decline in net income in 2024 contrasts with record operating cash flow, driven by large amortization and share-based compensation expenses. Investing outflows surged dramatically in 2024 due to acquisitions, affecting cash balances despite robust financing inflows. The overall financial patterns suggest an aggressive expansion phase with considerable capital deployment, although profitability volatility and increased non-cash charges highlight potential risks to earnings stability.