EX-99.1 2 avgo-05032020x8kxex99.htm EX-99.1 Document
Exhibit 99.1
                   

Broadcom Inc. Announces Second Quarter Fiscal Year 2020 Financial Results and Quarterly Dividends

Revenue of $5,742 million; GAAP net income of $563 million; Adjusted EBITDA of $3,209 million
GAAP diluted EPS of $1.17; Non-GAAP diluted EPS of $5.14
$3,065 million of free cash flow from operations, defined as cash from operations of $3,213 million less capital expenditures of $148 million
Quarterly common stock dividend of $3.25 per share
Third quarter revenue guidance of $5.75 billion plus or minus $150 million
Third quarter Adjusted EBITDA guidance of $3,220 million plus or minus $75 million, or 56% of revenue at the midpoint of guidance 1

SAN JOSE, Calif. - June 4, 2020 - Broadcom Inc. (Nasdaq: AVGO), a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, today reported financial results for its second quarter of fiscal year 2020, ended May 3, 2020, provided guidance for the third quarter of its fiscal year 2020 and announced its quarterly dividends.

“Second quarter results were in-line with our expectations, and saw limited impact from the effects of COVID-19,” said Hock Tan, President and CEO of Broadcom Inc. “Looking ahead, our third quarter guidance for semiconductors reflects a surge in demand from cloud, telecom and enterprise customers, offset by supply chain constraints and an expected substantial reset in wireless. We remain focused on investing in our diverse set of mission critical semiconductor and software franchises, while carefully managing our expenses in this uncertain environment.”

“We generated record quarterly free cash flow of over $3 billion and reinforced our balance sheet, ending the quarter with over $9 billion of cash,” said Tom Krause, CFO of Broadcom Inc. “Given our strong free cash flow generation, healthy balance sheet and enhanced liquidity position, we remain committed to maintaining our dividend while we navigate these unprecedented times.”










________________________________
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.

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Second Quarter Fiscal Year 2020 Financial Highlights
GAAPNon-GAAP
(Dollars in millions, except per share data)Q2 20Q2 19ChangeQ2 20Q2 19Change
Net revenue$5,742  $5,517  +4 $5,742  $5,517  +4 
Net income$563  $691  -$128$2,323  $2,334  -$11
Earnings per common share - diluted$1.17  $1.64  -$0.47$5.14  $5.21  -$0.07
(Dollars in millions)Q2 20Q2 19Change
Cash flow from operations$3,213  $2,667  +$546
Adjusted EBITDA$3,209  $3,114  +$95
Free cash flow$3,065  $2,542  +$523

Net revenue by segment
(Dollars in millions)Q2 20Q2 19Change
Semiconductor solutions$4,027  70 $4,104  74 -2 
Infrastructure software1,715  301,413  26+21 
Total net revenue$5,742  100 $5,517  100 

The Company’s cash and cash equivalents at the end of the second fiscal quarter were $9,207 million, compared to $6,444 million at the end of the prior quarter.

During the second fiscal quarter, the Company generated $3,213 million in cash from operations and spent $148 million on capital expenditures.

On March 31, 2020, the Company paid a cash dividend of $3.25 per share of common stock, totaling $1,306 million and a cash dividend of $20.00 per share of mandatory convertible preferred stock, totaling $75 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.


Third Quarter Fiscal Year 2020 Business Outlook

Based on current business trends and conditions, the outlook for the third quarter of fiscal year 2020, ending August 2, 2020, is expected to be as follows:

Third quarter revenue guidance of $5.75 billion plus or minus $150 million; and
Third quarter Adjusted EBITDA of $3,220 million plus or minus $75 million, or 56% of revenue at the midpoint of guidance.

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
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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 on its common stock of $3.25 per share. The common stock dividend is payable on June 30, 2020 to common stockholders of record at the close of business (5:00 p.m. Eastern Time) on June 22, 2020.

The Company’s Board of Directors has also approved a quarterly cash dividend on its 8.00% Mandatory Convertible Preferred Stock, Series A, of $20.00 per share. This dividend is payable on June 30, 2020 to preferred stockholders of record at the close of business (5:00 p.m. Eastern Time) on June 15, 2020.

Financial Results Conference Call

Broadcom Inc. will host a conference call to review its financial results for the second quarter of fiscal year 2020, ended May 3, 2020, and to discuss the business outlook, today at 2:00 p.m. Pacific Time. Those wishing to access the call should dial (866) 310-8712; International +1 (720) 634-2946. The passcode is 7865139. A replay of the call will be accessible for one week after the call. To access the replay dial (855) 859-2056; International +1 (404) 537-3406; and reference the passcode: 7865139. A webcast of the conference call will also be available in the “Investors” section of Broadcom’s website at www.broadcom.com.

Basis of Presentation

The Company’s financial results include contributions from the Symantec enterprise security business’ continuing operations starting in the first quarter of fiscal year 2020. The financial results from businesses that have been classified as discontinued operations in the Company’s financial statements are not included in the results presented above, unless otherwise stated.

Non-GAAP Financial Measures

In addition to GAAP reporting, Broadcom provides investors with net revenue, 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, impairment and disposal charges, acquisition-related costs, including integration costs, purchase accounting effect on inventory, litigation settlements, loss on debt extinguishment, gain from lapse of indemnification, gains (losses) on investments, income (loss) from discontinued operations and non-GAAP tax reconciling 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
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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.

Broadcom believes this 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. These non-GAAP measures are provided in addition to, and not 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.

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 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 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 which 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: the COVID-19 pandemic, which has, and will likely continue to, negatively impact the global economy and disrupt normal business activity, and which may have an adverse effect on our results of operations; 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; global economic conditions and concerns; international political and economic conditions; any acquisitions we may make, such as delays, challenges and expenses associated
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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, including our recent acquisition of Symantec Corporation’s Enterprise Security business; government regulations and trade restrictions; our significant indebtedness and the need to generate sufficient cash flows to service and repay such debt; 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 or administrative proceedings; quarterly and annual fluctuations in operating results; our ability to accurately estimate customers’ demand and adjust our manufacturing and supply chain accordingly; cyclicality in the semiconductor industry or in our target markets; 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 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; sales to our government clients; 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; our ability to protect against a breach of security systems; changes in accounting standards; 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. Many of the foregoing risks and uncertainties are, and will be, exacerbated by the COVID-19 pandemic and any worsening of the global business and economic environment as a result.

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:
Broadcom Inc.
Beatrice F. Russotto
Investor Relations
408-433-8000
investor.relations@broadcom.com
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BROADCOM INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS — UNAUDITED
(IN MILLIONS, EXCEPT PER SHARE DATA)
Fiscal Quarter EndedTwo Fiscal Quarters Ended
May 3,
2020
February 2,
2020
May 5,
2019
May 3,
2020
May 5,
2019
Net revenue$5,742  $5,858  $5,517  $11,600  $11,306  
Cost of revenue:
Cost of revenue1,592  1,636  1,592  3,228  3,284  
Amortization of acquisition-related intangible assets954  950  826  1,904  1,659  
Restructuring charges  10  15  66  
Total cost of revenue2,553  2,594  2,428  5,147  5,009  
Gross margin3,189  3,264  3,089  6,453  6,297  
Research and development1,269  1,289  1,151  2,558  2,284  
Selling, general and administrative501  601  419  1,102  890  
Amortization of acquisition-related intangible assets599  603  473  1,202  949  
Restructuring, impairment and disposal charges54  57  76  111  649  
Total operating expenses2,423  2,550  2,119  4,973  4,772  
Operating income766  714  970  1,480  1,525  
Interest expense(487) (406) (376) (893) (721) 
Other income (expense), net130  (4) 63  126  131  
Income from continuing operations before income taxes409  304  657  713  935  
Benefit from income taxes(159) (76) (36) (235) (239) 
Income from continuing operations568  380  693  948  1,174  
Income (loss) from discontinued operations, net of income taxes(5)  (2) —  (12) 
Net income563  385  691  948  1,162  
Dividends on preferred stock (1)
(75) (74) —  (149) —  
Net income attributable to common stock$488  $311  $691  $799  $1,162  
Basic income per share attributable to common stock:
Income per share from continuing operations$1.23  $0.77  $1.75  $2.00  $2.94  
Income (loss) per share from discontinued operations(0.01) 0.01  (0.01) —  (0.03) 
Net income per share$1.22  $0.78  $1.74  $2.00  $2.91  
Diluted income per share attributable to common stock (2):
    
Income per share from continuing operations$1.18  $0.73  $1.64  $1.91  $2.80  
Income (loss) per share from discontinued operations(0.01) 0.01  —  —  (0.03) 
Net income per share$1.17  $0.74  $1.64  $1.91  $2.77  
Weighted-average shares used in per share calculations:
Basic401  398  397  400  399  
Diluted417  420  422  419  420  
Stock-based compensation expense included in continuing operations:
Cost of revenue$41  $43  $41  $84  $75  
Research and development373  391  371  764  682  
Selling, general and administrative103  111  132  214  252  
Total stock-based compensation expense$517  $545  $544  $1,062  $1,009  
(1) For the fiscal quarter and two fiscal quarters ended May 3, 2020 and the fiscal quarter ended February 2, 2020, net income attributable to common stock excludes dividends on Mandatory Convertible Preferred Stock issued during the fiscal quarter ended November 3, 2019.
(2) For the fiscal quarter and two fiscal quarters ended May 3, 2020 and the fiscal quarter ended February 2, 2020, diluted income per share excluded the potentially dilutive effect of Mandatory Convertible Preferred Stock as the impact was antidilutive.




BROADCOM INC.
FINANCIAL RECONCILIATION: GAAP TO NON-GAAP — UNAUDITED
(IN MILLIONS)
Fiscal Quarter EndedTwo Fiscal Quarters Ended
May 3,
2020
February 2,
2020
May 5,
2019
May 3,
2020
May 5,
2019
Gross margin on GAAP basis$3,189  $3,264  $3,089  $6,453  $6,297  
Purchase accounting effect on inventory—  11  —  11  —  
Amortization of acquisition-related intangible assets954  950  826  1,904  1,659  
Stock-based compensation expense41  43  41  84  75  
Restructuring charges  10  15  66  
Acquisition-related costs     
Gross margin on non-GAAP basis$4,196  $4,277  $3,971  $8,473  $8,104  
Research and development on GAAP basis$1,269  $1,289  $1,151  $2,558  $2,284  
Stock-based compensation expense373  391  371  764  682  
Acquisition-related costs   12   
Research and development on non-GAAP basis$891  $891  $779  $1,782  $1,599  
Selling, general and administrative expense on GAAP basis$501  $601  $419  $1,102  $890  
Stock-based compensation expense103  111  132  214  252  
Acquisition-related costs95  175  44  270  134  
Litigation settlements29  13  —  42  —  
Selling, general and administrative expense on non-GAAP basis$274  $302  $243  $576  $504  
Total operating expenses on GAAP basis$2,423  $2,550  $2,119  $4,973  $4,772  
Amortization of acquisition-related intangible assets599  603  473  1,202  949  
Stock-based compensation expense476  502  503  978  934  
Restructuring, impairment and disposal charges54  57  76  111  649  
Litigation settlements29  13  —  42  —  
Acquisition-related costs100  182  45  282  137  
Total operating expenses on non-GAAP basis$1,165  $1,193  $1,022  $2,358  $2,103  
Operating income on GAAP basis$766  $714  $970  $1,480  $1,525  
Purchase accounting effect on inventory—  11  —  11  —  
Amortization of acquisition-related intangible assets1,553  1,553  1,299  3,106  2,608  
Stock-based compensation expense517  545  544  1,062  1,009  
Restructuring, impairment and disposal charges61  65  86  126  715  
Litigation settlements29  13  —  42  —  
Acquisition-related costs105  183  50  288  144  
Operating income on non-GAAP basis$3,031  $3,084  $2,949  $6,115  $6,001  
Interest expense on GAAP basis$(487) $(406) $(376) $(893) $(721) 
Loss on debt extinguishment93   26  98  26  
Interest expense on non-GAAP basis$(394) $(401) $(350) $(795) $(695) 
Other income (expense), net on GAAP basis$130  $(4) $63  $126  $131  
Gain from lapse of indemnification(116) —  —  (116) —  
(Gains) losses on investments(8) 18  (40) 10  (67) 
Acquisition-related gain(3) (4) —  (7) —  
Other income, net on non-GAAP basis$ $10  $23  $13  $64  



Fiscal Quarter EndedTwo Fiscal Quarters Ended
May 3,
2020
February 2,
2020
May 5,
2019
May 3,
2020
May 5,
2019
Income from continuing operations before income taxes on GAAP basis$409  $304  $657  $713  $935  
Purchase accounting effect on inventory—  11  —  11  —  
Amortization of acquisition-related intangible assets1,553  1,553  1,299  3,106  2,608  
Stock-based compensation expense517  545  544  1,062  1,009  
Restructuring, impairment and disposal charges61  65  86  126  715  
Litigation settlements29  13  —  42  —  
Acquisition-related costs102  179  50  281  144  
Loss on debt extinguishment93   26  98  26  
Gain from lapse of indemnification(116) —  —  (116) —  
(Gains) losses on investments(8) 18  (40) 10  (67) 
Income before income taxes on non-GAAP basis$2,640  $2,693  $2,622  $5,333  $5,370  
Benefit from income taxes on GAAP basis$(159) $(76) $(36) $(235) $(239) 
Non-GAAP tax reconciling adjustments476  399  324  875  829  
Provision for income taxes on non-GAAP basis$317  $323  $288  $640  $590  
Net income on GAAP basis$563  $385  $691  $948  $1,162  
Purchase accounting effect on inventory—  11  —  11  —  
Amortization of acquisition-related intangible assets1,553  1,553  1,299  3,106  2,608  
Stock-based compensation expense517  545  544  1,062  1,009  
Restructuring, impairment and disposal charges61  65  86  126  715  
Litigation settlements29  13  —  42  —  
Acquisition-related costs102  179  50  281  144  
Loss on debt extinguishment93   26  98  26  
Gain from lapse of indemnification(116) —  —  (116) —  
(Gains) losses on investments(8) 18  (40) 10  (67) 
Non-GAAP tax reconciling adjustments(476) (399) (324) (875) (829) 
Discontinued operations, net of income taxes (5)  —  12  
Net income on non-GAAP basis$2,323  $2,370  $2,334  $4,693  $4,780  
Weighted-average shares used in per share calculations - diluted on GAAP basis417  420  422  419  420  
Non-GAAP adjustment (1)
35  31  26  33  25  
Weighted-average shares used in per share calculations - diluted on non-GAAP basis452  451  448  452  445  
Net income on non-GAAP basis$2,323  $2,370  $2,334  $4,693  $4,780  
Interest expense on non-GAAP basis394  401  350  795  695  
Provision for income taxes on non-GAAP basis317  323  288  640  590  
Depreciation147  146  142  293  285  
Amortization on non-GAAP basis28  25  —  53  —  
Adjusted EBITDA$3,209  $3,265  $3,114  $6,474  $6,350  
Net cash provided by operating activities$3,213  $2,322  $2,667  $5,535  $4,799  
Purchases of property, plant and equipment(148) (108) (125) (256) (224) 
Free cash flow$3,065  $2,214  $2,542  $5,279  $4,575  





Fiscal Quarter Ending
August 2,
Expected average diluted share count:2020
Weighted-average shares used in per share calculation - diluted on GAAP basis419  
Non-GAAP adjustment (1)
33  
Weighted-average shares used in per share calculation - diluted on non-GAAP basis452  

(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. For the fiscal quarter and two fiscal quarters ended May 3, 2020 and the fiscal quarter ended February 2, 2020, the non-GAAP adjustment included the impact of Mandatory Convertible Preferred Stock that was antidilutive on a GAAP basis. For the fiscal quarter ending August 2, 2020, the non-GAAP adjustment includes the impact of Mandatory Convertible Preferred Stock that is expected to be antidilutive on a GAAP basis.




BROADCOM INC.
CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED
(IN MILLIONS)
May 3,
2020
November 3,
2019
ASSETS
Current assets:
Cash and cash equivalents$9,207  $5,055  
Trade accounts receivable, net3,211  3,259  
Inventory953  874  
Other current assets851  729  
Total current assets14,222  9,917  
Long-term assets:
Property, plant and equipment, net2,618  2,565  
Goodwill43,457  36,714  
Intangible assets, net19,909  17,554  
Other long-term assets1,342  743  
Total assets$81,548  $67,493  
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$1,230  $855  
Employee compensation and benefits494  641  
Current portion of long-term debt819  2,787  
Other current liabilities4,058  2,616  
Total current liabilities6,601  6,899  
Long-term liabilities:
Long-term debt45,044  30,011  
Other long-term liabilities5,933  5,613  
Total liabilities57,578  42,523  
Preferred stock dividend obligation28  29  
Stockholders' equity:
Preferred stock—  —  
Common stock—  —  
Additional paid-in capital24,073  25,081  
Retained earnings—  —  
Accumulated other comprehensive loss(131) (140) 
Total stockholders' equity23,942  24,941  
  Total liabilities and equity$81,548  $67,493  





BROADCOM INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED
(IN MILLIONS)
Fiscal Quarter EndedTwo Fiscal Quarters Ended
May 3,
2020
February 2,
2020
May 5,
2019
May 3,
2020
May 5,
2019
Cash flows from operating activities:
Net income$563  $385  $691  $948  $1,162  
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible and right-of-use assets1,583  1,582  1,305  3,165  2,621  
Depreciation147  146  142  293  285  
Stock-based compensation517  545  544  1,062  1,009  
Deferred taxes and other non-cash taxes(175) (72) (94) (247) (473) 
Loss on debt extinguishment93   —  98  —  
Non-cash restructuring, impairment and disposal charges 11   17  98  
Non-cash interest expense31  30  14  61  27  
Other(8) 19  (39) 11  (60) 
Changes in assets and liabilities, net of acquisitions and disposals:
  Trade accounts receivable, net440  (392) 193  48  261  
  Inventory(10) 40  40  30  90  
  Accounts payable233  117  30  350  (139) 
  Employee compensation and benefits61  (217) (6) (156) (464) 
  Other current assets and current liabilities118  346  (37) 464  469  
  Other long-term assets and long-term liabilities(386) (223) (122) (609) (87) 
Net cash provided by operating activities3,213  2,322  2,667  5,535  4,799  
Cash flows from investing activities:
Acquisitions of businesses, net of cash acquired—  (10,870) —  (10,870) (16,027) 
Proceeds from sales of businesses168  —  —  168  957  
Purchases of property, plant and equipment(148) (108) (125) (256) (224) 
Other (9) 19  (5) (5) 
Net cash provided by (used in) investing activities24  (10,987) (106) (10,963) (15,299) 
Cash flows from financing activities: 
Proceeds from long-term borrowings4,468  15,381  10,897  19,849  28,793  
Repayment of debt(4,452) (4,537) (12,000) (8,989) (12,000) 
Other borrowings, net1,025  718  1,044  1,743  1,575  
Payments of dividends(1,381) (1,372) (1,057) (2,753) (2,124) 
Repurchases of common stock - repurchase program—  —  (830) —  (4,266) 
Shares repurchased for tax withholdings on vesting of equity awards(219) (169) (500) (388) (577) 
Issuance of common stock91  37  121  128  183  
Other(6) (4) (1) (10) (48) 
Net cash provided by (used in) financing activities(474) 10,054  (2,326) 9,580  11,536  
Net change in cash and cash equivalents2,763  1,389  235  4,152  1,036  
Cash and cash equivalents at the beginning of period6,444  5,055  5,093  5,055  4,292  
Cash and cash equivalents at end of period$9,207  $6,444  $5,328  $9,207  $5,328  
Supplemental disclosure of cash flow information:
Cash paid for interest$375  $381  $189  $756  $612  
Cash paid for income taxes$124  $131  $425  $255  $520