STMicroelectronics Reports 2017 First Quarter Financial Results

(Appendix - continued)

Net financial position: resources (debt), represents the balance between our total financial resources and our total financial debt. Our total financial resources include cash and cash equivalents, marketable securities, short-term deposits and restricted cash, and our total financial debt includes short-term borrowings, current portion of long-term debt and long-term debt, all as reported in our consolidated balance sheet. We believe our net financial position provides useful information for investors and management because it gives evidence of our global position either in terms of net indebtedness or net cash position by measuring our capital resources based on cash, cash equivalents and marketable securities and the total level of our financial indebtedness. Net financial position is not a U.S. GAAP measure.

Net Financial Position (US$ million) April 1, 2017 December 31, 2016 April 2, 2016
Cash and cash equivalents 1,641 1,629 1,697
Marketable securities 335 335 343
Total financial resources 1,976 1,964 2,040
Short-term debt (685) (117) (173)
Long-term debt (773) (1,334) (1,428)
Total financial debt (1,458) (1,451) (1,601)
Net financial position 518 513 439

Free cash flow is defined as net cash from operating activities minus net cash from (used in) investing activities, excluding payment for purchases (proceeds from the sale of) marketable securities and short-term deposits, restricted cash and net cash variation for joint ventures deconsolidation. We believe free 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. Free 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 free cash flow may differ from definitions used by other companies.

Free cash flow (US$ million) Q1 2017 Q4 2016 Q1 2016
Net cash from operating activities 289 378 141
Net cash used in investing activities (227) (243) (110)
Payment for purchase and proceeds from sale of marketable securities, investment in short-term deposits, restricted cash and net cash variation for joint ventures deconsolidation - - -
Free cash flow 62 135 31

 

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