RECONCILIATION OF FREE CASH FLOW TO GAAP FINANCIAL MEASURES for Gap (GPS)

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GPS » Topics » RECONCILIATION OF FREE CASH FLOW TO GAAP FINANCIAL MEASURES

This excerpt taken from the GPS 8-K filed Nov 16, 2006.

RECONCILIATION OF FREE CASH FLOW TO GAAP FINANCIAL MEASURES

Free cash flow is a non-GAAP financial measure. We believe free cash flow is an important metric, as it represents a measure of how much cash a company has available after the deduction of capital expenditures, as we require regular capital expenditures to build and maintain stores and purchase new equipment to keep the business growing. We use this metric internally, as we believe our sustained ability to increase free cash flow is an important driver of value creation.


($ in millions)	Thirty-Nine Weeks Ended October 28, 2006
Net cash provided by operating activities	$	620
Net cash used for investing activities		(50	)
Net cash used for financing activities		(859	)
Effect of exchange rate fluctuations on cash		7

Net decrease in cash and equivalents	$	(282	)

Net cash provided by operating activities	$	620
Less: Net purchase of property and equipment		(406	)

Free cash flow	$	214


($ in millions)	Thirty-Nine Weeks Ended October 29, 2005
Net cash provided by operating activities	$	328
Net cash provided by investing activities		530
Net cash used for financing activities		(1,724	)
Effect of exchange rate fluctuations on cash		(7	)

Net decrease in cash and equivalents	$	(873	)

Net cash provided by operating activities	$	328
Less: Net purchase of property and equipment		(448	)

Free cash flow	$	(120	)


RECONCILIATION OF GAP INC.’S EXPECTATION OF AT LEAST $800 MILLION IN FREE CASH FLOW FOR FISCAL 2006 TO GAAP FINANCIAL MEASURES

($ in millions)	Projected Fifty-Three Weeks Ending February 3, 2007
Projected minimum net cash provided by operating activities	$	1,425
Less: Projected net purchase of property and equipment		(625	)

Projected minimum free cash flow	$	800

This excerpt taken from the GPS 8-K filed Aug 17, 2006.

RECONCILIATION OF FREE CASH FLOW TO GAAP FINANCIAL MEASURES

Free cash flow is a non-GAAP measure. We believe free cash flow is an important metric, as it represents a measure of how much cash a company has available after the deduction of capital expenditures, as we require regular capital expenditures to build and maintain stores and purchase new equipment to keep the business growing. We use this metric internally, as we believe our sustained ability to increase free cash flow is an important driver of value creation.


($ In millions)	Twenty-Six Weeks Ended July 29, 2006
Net cash provided by operating activities	$	533
Net cash used for investing activities		(34	)
Net cash used for financing activities		(563	)
Effect of exchange rate fluctuations on cash		6

Net decrease in cash and equivalents		(58	)

Net cash provided by operating activities	$	533
Less: Net purchase of property and equipment		(233	)

Free cash flow	$	300


($ in millions)	Twenty-Six Weeks Ended July 30, 2005
Net cash provided by operating activities	$	296
Net cash provided by investing activities		243
Net cash used for financing activities		(1,511	)
Effect of exchange rate fluctuations on cash		(10	)

Net decrease in cash and equivalents		(982	)

Net cash provided by operating activities	$	296
Less: Net purchase of property and equipment		(275	)

Free cash flow	$	21

This excerpt taken from the GPS 8-K filed Nov 17, 2005.

RECONCILIATION OF FREE CASH FLOW TO GAAP FINANCIAL MEASURES


(In millions)	Thirty-Nine Weeks Ended October 29, 2005
Net cash provided by operating activities	$	328
Net cash provided by investing activities		530
Net cash used for financing activities		(1,724	)
Effect of exchange rate fluctuations on cash		(7	)

Net decrease in cash and equivalents		(873	)

Net cash provided by operating activities	$	328
Less: Purchase of property and equipment		(448	)

Free Cash Flow (a)	$	(120	)


(In millions)	Thirty-Nine Weeks Ended October 30, 2004 (As Restated) (b)
Net cash provided by operating activities	$	450
Net cash provided by investing activities		604
Net cash used for financing activities		(1,101	)
Effect of exchange rate fluctuations on cash		—

Net decrease in cash and equivalents		(47	)

Net cash provided by operating activities	$	450
Less: Purchase of property and equipment		(294	)

Free Cash Flow (a)	$	156

This excerpt taken from the GPS 8-K filed Aug 18, 2005.

RECONCILIATION OF FREE CASH FLOW TO GAAP FINANCIAL MEASURES


(In millions)	Twenty-six Weeks Ended July 30, 2005
Net cash provided by operating activities	$	280
Net cash provided by investing activities		259
Net cash used for financing activities		(1,511	)
Effect of exchange rate fluctuations on cash		(10	)

Net decrease in cash and equivalents		(982	)

Net cash provided by operating activities	$	280
Less: Purchase of property and equipment		(259	)

Free Cash Flow (a)	$	21


(In millions)	Twenty-six Weeks Ended July 31, 2004 (As Restated) (b)
Net cash provided by operating activities	$	235
Net cash provided by investing activities		433
Net cash used for financing activities		(420	)
Effect of exchange rate fluctuations on cash		(11	)

Net increase in cash and equivalents		237

Net cash provided by operating activities	$	235
Less: Purchase of property and equipment		(147	)

Free Cash Flow (a)	$	88

This excerpt taken from the GPS 8-K filed May 19, 2005.

RECONCILIATION OF FREE CASH FLOW TO GAAP FINANCIAL MEASURES


(In millions)	Thirteen Weeks Ended April 30, 2005
Net cash provided by operating activities	$	225
Net cash used for investing activities		(590	)
Net cash used for financing activities		(526	)
Effect of exchange rate fluctuations on cash		—

Net decrease in cash and equivalents		(891	)

Net cash provided by operating activities	$	225
Less: Purchase of property and equipment		(112	)

Free Cash Flow (a)	$	113


(In millions)	Thirteen Weeks Ended May 1, 2004 (As Restated) (b)
Net cash provided by operating activities	$	165
Net cash provided by investing activities		121
Net cash used for financing activities		(161	)
Effect of exchange rate fluctuations on cash		(14	)

Net increase in cash and equivalents		111

Net cash provided by operating activities	$	165
Less: Purchase of property and equipment		(35	)

Free Cash Flow (a)	$	130

This excerpt taken from the GPS 8-K filed Feb 24, 2005.

RECONCILIATION OF FREE CASH FLOW TO GAAP FINANCIAL MEASURES


(In millions)	Fifty-Two Weeks Ended January 29, 2005
Net cash provided by operating activities	$	1,618
Net cash used for investing activities		(175	)
Net cash used for financing activities		(1,459	)
Effect of exchange rate fluctuations on cash		—

Net decrease in cash and equivalents		(16	)

Net cash provided by operating activities	$	1,618
Less: Purchase of property and equipment		(441	)

Free Cash Flow (a)	$	1,177


(In millions)	Fifty-Two Weeks Ended January 31, 2004
Net cash provided by operating activities	$	2,171
Net cash used for investing activities		(1,026	)
Net cash used for financing activities		(1,939	)
Effect of exchange rate fluctuations on cash		28

Net decrease in cash and equivalents		(766	)

Net cash provided by operating activities	$	2,171
Less: Purchase of property and equipment		(272	)

Free Cash Flow (a)	$	1,899

EXCERPTS ON THIS PAGE:

8-K	Nov 16, 2006

8-K	Aug 17, 2006

8-K	Nov 17, 2005

8-K	Aug 18, 2005

8-K	May 19, 2005

8-K	Feb 24, 2005

Gap (GPS)

GPS » Topics » RECONCILIATION OF FREE CASH FLOW TO GAAP FINANCIAL MEASURES

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