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| Comparing free cash flow with adjusted free cash flow for the S&P 100, 2000-2001: Top gainers and losers |
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Ronald Fink,
CFO Magazine
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| Company |
2001 Unadjusted Free Cash Flow |
2001 Adjusted Free Cash Flow |
2001
% Adjustment Improved/ Worsened |
2000 Unadjusted Free Cash Flow |
2000 Adjusted Free Cash Flow |
2000
% Adjusted Improved/ Worsened |
| Top 10 Gainers |
| 1. HCA |
43 |
947 |
2,102.2 |
392 |
392 |
-0.1 |
| 2. Unisys |
3 |
56 |
1,759.4 |
242 |
(8) |
-103.2 |
| 3. AT&T |
575 |
5,539 |
863.3 |
(298) |
(16,407) |
-5,405.6 |
| 4. DuPont |
1,168 |
11,178 |
857.0 |
3,838 |
3,182 |
-17.1 |
| 5. Raytheon |
(344) |
583 |
269.4 |
569 |
1,011 |
77.7 |
| 6. International Paper |
665 |
2,179 |
227.7 |
1,078 |
(2,124) |
-297.0 |
| 7. Alcoa |
1,232 |
3,621 |
193.9 |
1,728 |
(1,369) |
-179.2 |
| 8. Sara Lee |
1,018 |
2,904 |
185.3 |
945 |
78 |
-91.7 |
| 9. Norfolk Southern |
64 |
175 |
173.5 |
748 |
421 |
-43.7 |
| 10. Xerox |
1,402 |
3,347 |
138.7 |
(253) |
(904) |
-257.3 |
| Top 10 Losers |
| 1. Williams |
(102) |
(1,436) |
-1,308.2 |
(880) |
(1,626) |
-84.8 |
| 2. Celar Channel Communications |
95 |
(887) |
-1,035.8 |
636 |
(783) |
-223.1 |
| 3. Schlumberger |
(454) |
(5,122) |
-1,028.2 |
471 |
(643) |
-236.6 |
| 4. Dow Chemical |
355 |
(1,843) |
-619.3 |
49 |
(470) |
-1,058.7 |
| 5. Medtronic |
1,204 |
(2,663) |
-321.2 |
1,392 |
1,550 |
11.3 |
| 6. AOL Time Warner |
1,660 |
(2,491) |
-250.1 |
1,070 |
(3,189) |
-398.0 |
| 7. Baxter International |
362 |
(538) |
-248.6 |
566 |
(23) |
-104.1 |
| 8. National Semiconductor |
(38) |
(113) |
(197.6) |
248 |
152 |
-38.8 |
| 9. Intel |
1,345 |
(1,177) |
-187.5 |
6,153 |
3,479 |
-43.5 |
| 10. General Dynamcis |
843 |
(629) |
-174.6 |
816 |
710 |
-13.0 |
Adjusting free cash flow: Definitions
1. Unadjusted free cash flow. Reported cash provided by operating
activities minus capital expenditures net of dispositions minus preferred dividends.
2. Adjusted free cash flow before acquisitions. Adjusted
cash provided by operating activities minus capital expenditures net of dispositions
minus preferred dividends. Adjustments to operating cash flow for restructuring
and severance costs were removed for calculations of adjusted free cash flow.
3. Net cash (paid) received in acquisitions. Cash paid in acquisitions
net of divestitures. Will constitute cash received when divestitures exceed
acquisitions.
4. Adjusted free cash flow after acquisitions. Adjusted free cash
flow before acquisitions minus cash paid in acquisitions net of divestitures.
5. % increase/decrease due to adjustments and acquisitions. The
percentage increase or decrease between unadjusted free cash flow and adjusted
free cash flow after acquisitions.
Source: Charles Mulford, Georgia Institute of Technology
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