1. ARAMARK CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
CASH FLOW BEFORE WORKING CAPITAL AND AFTER CAPITAL EXPENDITURES
(Unaudited)
(In Thousands)
Cash flow before working capital and after capital expenditures, as defined by ARAMARK, is an internal operating metric used by management to evaluate cash flows from
normal operations of our business, excluding the impact of working capital changes. This metric eliminates the volatility of working capital changes which long term investors
may find useful.
Nine Months Ended
June 27, 2003 June 28, 2002
Cash flow before working capital and after
capital expenditures:
Income from continuing operations $ 160,077 $ 170,280
Depreciation and amortization 192,599 170,484
Income taxes deferred 19,082 17,092
Other income, net of taxes - (30,803)
Net purchases of property and equipment (162,740) (134,275)
Cash flow before working capital and after capital expenditures $ 209,018 $ 192,778
Reconciliation of cash flow before working capital and after capital expenditures
to net cash provided by operating activities from continuing operations: $ 209,018 $ 192,778
Net purchases of property and equipment 162,740 134,275
Provision for income taxes on gain on sale of investments - (14,517)
Changes in noncash working capital (131,084) (10,425)
Net proceeds from sale of receivables - 46,605
Other operating activities (16,590) (13,667)
Net cash provided by operating activities from continuing operations $ 224,084 $ 335,049
Reconciliation of net purchases of property
and equipment:
Purchases of property and equipment $ (180,678) $ (142,354)
Disposals of property and equipment 17,938 8,079
Net purchases of property and equipment (162,740) (134,275)