Net operating cash flow is defined as net cash from operating activities minus net cash used in investing activities, excluding payment for purchases of and proceeds from the sale of marketable securities (both current and non-current), short-term deposits and restricted cash. We believe net operating cash flow provides useful information for investors and management because it measures our capacity to generate cash from our operating and investing activities to sustain our operating activities. Net operating cash flow is not a U.S. GAAP measure and does not represent total cash flow since it does not include the cash flows generated by or used in financing activities. In addition, our definition of net operating cash flow may differ from definitions used by other companies.
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Net Operating Cash Flow (in US$ millions) | Q4 2009 | Q3 2009 | Q4 2008 | |
Net cash from operating activities | 449 | 225 | 390 | |
Net cash used in investing activities | (207) | (311) | (172) | |
Payment for purchases of / proceeds from sale of current and non-current marketable securities, short-term deposits and restricted cash, net | 5 | 181 | (64) | |
Net operating cash flow | 247 | 95 | 154 | |
Net operating cash flow (ex M&A) | 221 | 100 | 161 | |
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STMicroelectronics N.V. |
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Consolidated Statements of Income |
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(in million of U.S. dollars, except per share data ($)) |
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| Three Months Ended | ||
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| (Unaudited) | (Audited) | |
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| December, 31 | December, 31 | |
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| 2009 | 2008 | |
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Net sales | 2,570 | 2,264 | |
Other revenues | 13 | 12 | |
| NET REVENUES | 2,583 | 2,276 | |
| Cost of sales | (1,626) | (1,454) | |
| GROSS PROFIT | 957 | 822 | |
| Selling, general and administrative | (303) | (304) | |
| Research and development | (603) | (572) | |
| Other income and expenses, net | 39 | 6 | |
| Impairment, restructuring charges and other related closure costs | (96) | (91) | |
| Total Operating Expenses | (963) | (961) | |
| OPERATING LOSS | (6) | (139) | |
| Oher-than-temporary impairment charge and realized losses on financial assets | (68) | (55) | |
| Interest income, net | 3 | 3 | |
| Loss on equity investments | (13) | (204) | |
| Gain on sale of financial assets | - | 15 | |
| Gain on convertible debt buyback | 3 |
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| LOSS BEFORE INCOME TAXES | (81) | (380) | |
| AND NONCONTROLLING INTEREST |
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| Income tax benefit (expense) | (48) | 9 | |
| LOSS BEFORE NONCONTROLLING INTEREST | (129) | (371) | |
| Net loss attributable to noncontrolling interest | 59 | 5 | |
| NET LOSS ATTRIBUTABLE TO PARENT COMPANY | (70) | (366) | |
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| LOSS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY SHAREHOLDERS | (0.08) | (0.42) | |
| LOSS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY SHAREHOLDERS | (0.08) | (0.42) | |
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| NUMBER OF WEIGHTED AVERAGE |
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| SHARES USED IN CALCULATING | 878.3 | 878.1 | |
| LOSS PER SHARE |
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