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Q2 FY2014 Financial Reconciliation

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  Reconciliation of Non-GAAP Financial MeasuresTo Corresponding GAAP Financial MeasuresMarch 29, 2014 Free cash flow, aggregate segment operating income, and earnings per share excluding certain items are not measures of  performance defined by, or calculated in accordance with, generally accepted accounting principles (GAAP). These measures should not be considered in isolation, or as a substitute for the corresponding GAAP financial measure. These measures, as calculated by the Company, may not be comparable to similarly titled measures employed by other companies.Free cash flowThe following table presents a reconciliation of the Company's consolidated cash provided by operations to free cash flow (unaudited, in millions): Quarter Ended March 29,2014March 30,2013ChangeCash provided by operations$2,527$2,160$367Less: Investments in parks, resorts and other property(701)(574)(127)Free cash flow$1,826$1,586$24015% Six Months Ended March 29,2014March 30,2013ChangeCash provided by operations$3,739$3,304$435Investments in parks, resorts and other property(1,359)(1,119)(240)Free cash flow$2,380$2,185$1959%The following table presents a summary of the Company's consolidated cash flows (unaudited, in millions): Quarter EndedSix Months Ended March 29,2014March 30,2013March 29,2014March 30,2013Cash provided by operations$2,527$2,160$3,739$3,304Cash used in investing activities(484)(525)(1,011)(2,990)Cash (used in)/provided by financing activities(2,201)(826)(2,438)310Impact of exchange rates on cash and cash equivalents(161)(64)(143)(59)Change in cash and cash equivalents(319)745147565Cash and cash equivalents, beginning of period4,3973,2073,9313,387Cash and cash equivalents, end of period$4,078$3,952$4,078$3,952  Aggregate segment operating incomeThe following table presents a reconciliation of segment operating income to net income (unaudited, in millions):   Quarter EndedSix Months Ended March 29,2014March 30,2013March 29,2014March 30,2013Segment operating income$3,353$2,509$6,373$4,889Corporate and unallocated shared expenses(155)(129)(271)(252)Restructuring and impairment charges(48)(61)(67)(61)Other income/(expense), net(37)10(31)(92)Interest income/(expense), net62(54)111(126)Hulu Equity Redemption charge ———(55)Income before income taxes3,1752,2756,1154,303Income taxes(1,119)(654)(2,155)(1,244) Net income$2,056$1,621$3,960$3,059Earnings per share excluding certain itemsThe following table reconciles reported EPS to EPS excluding certain items (unaudited): Quarter EndedSix Months Ended March 29,2014March 30,2013March 29,2014March 30,2013Diluted EPS as reported$1.08$0.83$2.11$1.60Exclude:Favorable tax adjustments related to pre-tax earnings of prior years—(0.06)—(0.06)Restructuring and impairment charges  (1) 0.020.020.030.02Tax benefit from prior-year foreign earnings indefinitely reinvested outside the United States  (2)  ———(0.04)Hulu Equity Redemption charge  (3)  ———0.02Other income/(expense), net  (4) 0.01—0.010.04Diluted EPS excluding certain items$1.11$0.79$2.15$1.58 (1)  Charges for the current quarter and six-month period totaled $48 million and $67 million (pre-tax), respectively,  primarily for severance costs. Charges for the prior-year quarter and six-month period totaled $61 million, primarily for severance costs. (2) The prior-year six month period includes a tax benefit due to an increase in prior-year earnings from foreign operations indefinitely reinvested outside the United States and subject to tax rates lower than the federal statutory income tax rate ($64 million). (3)  Our share of expense associated with an equity redemption at Hulu LLC ($55 million pre-tax). (4)  Significant items in the current quarter and six-month period include a loss from Venezuelan foreign currency translation ($143 million pre-tax and before noncontrolling interest), a gain on the sale of property ($77 million pre-tax) and a  portion of a gain related to a settlement of an affiliate contract dispute ($29 million pre-tax). Significant items in the  prior-year six-month period includes the Celador litigation charge ($321 million pre-tax) and a gain on the sale of our interest in ESPN STAR Sports ($219 million pre-tax and before noncontrolling interest).
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