Growth of free cash flow (non-GAAP)
2003: $804.4 million, a 21.5% increase over 2002
- We define free cash flow as free cash after:
- Investments in pre-publication costs: $218.0 million
- Capital expenditures: $115.0 million
- Additions to technology projects: $28.1 million
- Dividends paid to shareholders: $206.5 million
- Exercise of stock options: $79.2 million
- One-time dividend from Rock-McGraw: $103.5 million
- Other adjustments, principally foreign exchange: $14.1 million