Maintaining financial strength, producing quality earnings
Free Cash Flow
- Based on normalized rate of $341 million in 2001, we are expecting another year of double-digit growth
- Definition:
- Operating cash flow, after working capital needs, internal investments, including pre-publication investments and capital expenditures, interest expense and dividends, but before one-time real estate projects
- This free cash is available to repurchase shares, make acquisitions, and to repay debt