XM Radio 2011 Annual Report Download - page 83
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Free cash flow — is derived from cash flow provided by operating activities, capital expenditures and
restricted and other investment activity. Free cash flow is calculated as follows (in thousands):
Unaudited
For the Years Ended December 31,
2011 2010 2009
Net cash provided by operating activities ................ $543,630 $ 512,895 $ 433,830
Additions to property and equipment .................. (137,429) (311,868) (248,511)
Restricted and other investment activity ............... 9,541 9,454 —
Free cash flow ..................................... $415,742 $ 210,481 $ 185,319
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