STMicroelectronics Reports 2020 Second Quarter Financial Results

(1) Tranche A of our 2017 convertible bonds was reclassified to short-term debt in line with contractual terms.

(2) Long-term debt contains standard conditions but does not impose minimum financial ratios. Also, committed credit facilities for $1.1 billion equivalent, including a €500 million long-term line with the European Investment Bank, are currently undrawn.

(Appendix – continued)

Free Cash Flow (non-U.S. GAAP measure)

Free Cash Flow, which is a non-U.S. GAAP measure, is defined as (i) net cash from operating activities plus (ii) net cash used in investing activities, excluding payment for purchases of (and proceeds from matured) marketable securities and net investment in short-term deposits, which are considered as temporary financial investments. The result of this definition is ultimately net cash from operating activities plus payment for purchase and proceeds from sale of tangible, intangible and financial assets, proceeds received in the sale of businesses and cash paid for business acquisitions.

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 operations. Free Cash Flow does not represent total cash flow since it does not include the cash flows generated by or used in financing activities.

Free Cash Flow reconciles with the total cash flow and the net cash increase (decrease) by including the payment for purchases of (and proceeds from matured) marketable securities and net investment in short-term deposits, the net cash from (used in) financing activities and the effect of changes in exchange rates. In addition, our definition of Free Cash Flow may differ from definitions used by other companies.

(US$ m) Q2
Net cash from operating activities 387 399 775 429 324
Net cash used in investing activities (509) (821) (314) (59) (391)
Payment for purchase of (and proceeds from matured) marketable securities and net investment in short-term deposits 150 535 -  


Free Cash Flow 28 113 461 170 (67)

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