JCPenney 2015 Annual Report Download - page 27
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Table of Contents
Free cash flow is a key financial measure of our ability to generate additional cash from operating our business. We define free cash flow as cash flow from
operating activities, less capital expenditures and dividends paid, plus the proceeds from the sale of operating assets. Free cash flow is a relevant indicator of
our ability to repay maturing debt, revise our dividend policy or fund other uses of capital that we believe will enhance stockholder value. Free cash flow is
considered a non-GAAP financial measure under the rules of the SEC. Free cash flow is limited and does not represent remaining cash flow available for
discretionary expenditures due to the fact that the measure does not deduct payments required for debt maturities, pay-down of pension debt, and other
obligations or payments made for business acquisitions. Therefore, it is important to view free cash flow in addition to, rather than as a substitute for, our
entire statement of cash flows and those measures prepared in accordance with GAAP.
The following table reconciles net cash provided by/(used in) operating activities, the most directly comparable GAAP measure, to free cash flow, a non-
GAAP financial measure.
Net cash provided by/(used in) operating activities (GAAP) $ 440
$ 239
$ (1,814)
$ (10)
$ 820
Less:
Capital expenditures (320)
(252)
(951)
(810)
(634)
Dividends paid, common stock —
—
—
(86)
(178)
Plus:
Proceeds from sale of operating assets 11
70
19
—
15
$ 131
$ 57
$ (2,746)
$ (906)
$ 23
27