The Walt Disney Company Reports First Quarter Earnings For Fiscal 2015 Page 6
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14Net income attributable to noncontrolling interests is determined on income after royalties and
management fees, financing costs and income taxes.
Cash Flow
Cash provided by operations and free cash flow were as follows (in millions):
Quarter Ended
December 27,
December 28,
2014
2013
Change
Cash provided by operations
$
1,855
$
1,212
$
643
Investments in parks, resorts and other property
(998)
(658)
(340)
(1)
Free cash flow
$
857
$
554
$
303
(1)
Free cash flow is not a financial measure defined by GAAP. See the discussion of non-GAAP financial measures that
follows.
Cash provided by operations for the first quarter of fiscal 2015 increased 53% or $643 million to
$1.9 billion compared to fiscal 2014 due to higher segment operating results and lower television
spending driven by changes to the timing of payment terms for certain sports rights.
Capital Expenditures and Depreciation Expense
Investments in parks, resorts and other property were as follows (in millions):
Quarter Ended
December 27,
December 28,
2014
2013
Media Networks
Cable Networks
$
15
$
32
Broadcasting
7
13
Total Media Networks
22
45
Parks and Resorts
Domestic
239
215
International
638
324
Total Parks and Resorts
877
539
Studio Entertainment
24
13
Consumer Products
4
6
Interactive
1
—
Corporate
70
55
Total investments in parks, resorts and other property
$
998
$
658
Capital expenditures increased from $0.7 billion to $1.0 billion due to higher construction spending
for the Shanghai Disney Resort.
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