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Strategies & Market Trends : Gorilla and King Portfolio Candidates
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To: Tom Chwojko-Frank who wrote (43660)6/19/2001 5:36:27 PM
From: hueyone  Read Replies (1) of 54805
 
Tom, Ardethan et all,

My post was limited to the options effects on free cash flow rather than all cash flows. This may be causing some confusion because John Shannon's comprehensive post last week dealt with the options exercise effect with regard to Cisco on the entire cash flow statement. I am at work now, but I will put my entire table for SEBL online later this evening. But briefly, for first quarter, I have the following results. Feel free to correct me if I have made a mistake or I missed some other adjustments that I should have reasonably been making to arrive at adjusted free cash flow. 


In Millions
Net cash provided by operating activities:              139.2  
Less Purchases of property and equipment           28.1
Equals Unadjusted Free Cash Flow (FCF)              111.1

 Tax benefit from exercise of stock options                ( 97.1) 
Plus Compensation related to stock options                     (3.6)
Equals Options related to free cash flow that appear in the net cash provided by operations figures.
                                                                               (101.5)

Options related figures as a percent of unadjusted FCF:   101.5/111.1= 91%

Adjusted FCF:    111.1-101.5=9.6 million
Divided by Diluted weighted average shares:   519.9 million shares

Equals Adjusted FCF per share:   9.6/519.9 = 1.8 cents per share


Hope this helps. Note, the compensation related to stock options appearing in the operations cash flow section is different than the proceeds for sales of shares appearing in the finance cash flow section in Tom's post below.

Best, Huey

Edit: I just spotted my egregious error Ardethan: For the first quarter, I have the three months ending March 31, 2000 rather than March 31, 2001. They are next to each other in the 10Q with first quarter year 2000 coming first. The calculation should follow the sames lines for first quarter year 2001.
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