Blizzard 2011 Annual Report Download - page 11

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ACTIVISION BLIZZARD, INC.
Innovation Creates
Shareholder 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.
PAGE NI NE
$3.3B
$3.1B
$3.5B
FREE CASH FLOW(1)
2009–2011
CAPITAL RETURNED TO SHAREHOLDERS(2)
96% PAYOUT RATIO(3)
2009–2011
CASH AND INVESTMENTS(4)
AS OF DECEMBER 31, 2011