Non-GAAP financial information
This release includes references to free cash flow and ratios based on that measure. These are financial measures that were not prepared in accordance with GAAP. Free cash flow was calculated by subtracting capital expenditures from the most directly comparable GAAP measure, cash flows from operating activities (also referred to as cash flow from operations).
We believe that free cash flow and the associated ratios provide insight into our liquidity, our cash-generating capability and the amount of cash potentially available to return to shareholders, as well as insight into our financial performance. These non-GAAP measures are supplemental to the comparable GAAP measures.
Reconciliation to the most directly comparable GAAP measures is provided in the table below.
Amounts are in millions of dollars.
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|
For 12 Months Ended June 30, |
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2021 |
|
2020 |
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Change |
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|
Cash flow from operations (GAAP) |
$ |
7,539 |
|
$ |
6,317 |
|
19% |
|
Capital expenditures |
(1,052) |
|
(603) |
|
|
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|
Free cash flow (non-GAAP) |
$ |
6,487 |
|
$ |
5,714 |
|
14% |
|
|
|
|
|
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Revenue |
$ |
16,762 |
|
$ |
13,689 |
|
|
|
|
|
|
|
|
|
||
|
Cash flow from operations as a percentage of revenue (GAAP) |
45.0% |
|
46.1% |
|
|
||
|
Free cash flow as a percentage of revenue (non-GAAP) |
38.7% |
|
41.7% |
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