Blizzard 2005 Annual Report Download - page 89

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Free Cash Flow
Three Months Ended
(In thousands) 3/31/05 12/31/04 9/30/04 6/30/04 3/31/04
Net฀Cash฀Provided฀by฀(Used฀In)฀Operating฀Activities $ 118,931 $ 85,668 $ 62,846 $ (52,136) $ 21,069
Less:฀Capital฀Expenditures $ (6,911) $ (3,587) $ (2,562) $ (1,881) $ (2,521)
Free฀Cash฀Flow $ 112,020 $ 82,081 $ 60,284 $ (54,017) $ 18,548
Trailing฀Twelve฀Month฀Free฀Cash฀Flow $ 200,368 $ 106,896 $ 121,998 $ 30,779 $ 55,427
Return on Invested Capital
Three Months Ended
(In thousands) 3/31/05 12/31/04 9/30/04 6/30/04 3/31/04
NET OPERATING PROFIT AFTER TAXES
Net฀income $ 3,573 $ 97,262 $ 25,543 $ 11,957 $ 6,664
Less:
฀ ฀ Investment฀income (5,138) (3,197) (2,645) (2,112) (2,051)
฀ ฀ Tax฀effect฀on฀Investment฀income(B) 1,394 991 846 697 677
Net฀Operating฀Profit฀After฀Taxes $ (171) $ 95,056 $ 23,744 $ 10,542 $ 5,290
Trailing฀Twelve฀Month฀Net฀Operating฀Profit฀After฀Taxes $ 129,171 $ 134,632 $ 115,576 $ 80,826 $ 73,630
INVESTED CAPITAL
Total฀assets฀ $ 1,306,963 $ 1,344,629 $ 1,104,169 $ 985,841 $ 968,817
Less:
฀ ฀ Cash฀and฀short-term฀investments฀ 840,864 713,180 606,087 539,146 587,649
฀ ฀ Current฀liabilities฀(non-interest฀bearing) 207,051 311,433 216,342 132,092 136,079
Invested฀capital $ 259,048 $ 320,016 $ 281,740 $ 314,603 $ 245,089
Trailing฀Twelve฀Month฀Invested฀capital(A) 284,100 282,288 268,816 260,784 236,584
Return฀on฀Invested฀Capital(C) 0% 30% 8% 3% 2%
Trailing฀Twelve฀Month฀Return฀on฀Invested฀Capital(C) 45% 48% 43% 31% 31%
(A) Amounts for the trailing twelve months represent averages of the previous four fiscal quarters.
(B) Tax effect represents investment income multiplied by our effective tax rate.
(C) Return on Invested Capital and Trailing Twelve Month Return on Invested Capital is the percentage of Net Operating Profit After Taxes to Invested Capital, and the percentage of Trailing Twelve
Month Net Operating Profit After Taxes to Trailing Twelve Month Invested Capital, respectively.
page 88
Activision, Inc. — 2005 Annual Report
Non-GAAP Disclosures