The capital program is designed to enhance shareholder value by delivering attractive margins and returns, while advancing the development of the company's core assets within
discretionary cash flow.
FYE* 2011 revenue exceeded $146,000 with owner/operator's
discretionary cash flow more than $30,000.
The upgrade factors in the significant slowdown in advertising revenue declines coupled with continuous cost-cutting efforts that have increased the company's EBITDA more than three times to USD174m in the first six months of 2010 and strengthened
discretionary cash flow to over USD100m in the period, S&P noted.
Discretionary cash flow to shareholders represents a return on invested equity when it is:
The Company also announced that its projected full year 2012
Discretionary Cash Flow is estimated at $30 million, or approximately $1.
The company posted a
discretionary cash flow for the third quarter of 2009 at USD7.
A capitalization rate is the rate of return used to convert estimated 'normalized'
discretionary cash flow into value, which assumes that the cash flows will continue into perpetuity.
The table above reconciles
discretionary cash flow to net cash provided by or used in operating activities.
Discretionary cash flow for the three-month period ended March 31, 2010 totaled $11.
Adjusted
discretionary cash flow of $172 million decreased 18% from the corresponding 2008 period
Discretionary cash flow for the quarter ended March 31, 2009 totaled $14.
Discretionary cash flow increased 116% from 2007 to $265.
