Activision 2012 Annual Report Download - page 10

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INCREASING
VALUE
(1)
Free Cash Flow is a non-GAAP metric defined as Operating Cash Flow less Capital
Expenditures. For a full reconciliation, see tables at the end of the annual report.
(2)
Dividends and share repurchases.
(3)
Defined as dividends and share repurchases as a percentage of free cash flow.
(4)
Includes short- and long-term investments.
FREE CASH FLOW(1)
2009–2012
CASH & INVESTMENTS(4)
as of December 31, 2012
CAPITAL RETURNED
TO SHAREHOLDERS(2)
81% PAYOUT RATIO(3)
2009–2012
$4.5 B
$3.7 B
$4 .4 B
ACTIVISION BLIZZARD, INC.
/ 2012 ANNUAL REPORT / 8