Copy of 1.31.11 - Lecture note - Part 2

Copy of 1.31.11 - Lecture note - Part 2 - Page 1 of 1 2011...

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Unformatted text preview: Page 1 of 1 2011 Factiva, Inc. All rights reserved. Tyco Says It Is Likely to Change Its Main Cash-Flow Definition By Mark Maremont 531 words 3 February 2003 The Wall Street Journal J C13 English (Copyright (c) 2003, Dow Jones & Company, Inc.) Tyco International Ltd., responding to investor criticism, said it was likely to change its main cash-flow definition to include the sums it spends to buy customer accounts for its ADT security-alarm business. Tyco has long been criticized by some investors for the way it defines its "free cash flow," a measure that the company contends is an indicator of its earnings quality. Currently, Tyco defines free cash flow as cash generated from operations, minus capital expenditures and dividends, and excluding the impact of its receivables-sales program. But that calculation ignores certain types of cash outlays that some investors contend are really part of operating expenses, including the sums spent to acquire the ADT accounts from a network of independent...
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Copy of 1.31.11 - Lecture note - Part 2 - Page 1 of 1 2011...

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