Disney Q1 Rises 54%
Total borrowings 12,755 12,480 275
Less: cash and cash equivalents (3,039 ) (2,722 ) (317 )
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Net borrowings (1) $ 9,716 $ 9,758 $ (42 )
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(1) Net borrowings is a non-GAAP financial measure. See the discussion of non-GAAP financial measures that follows.
The total borrowings shown above include $2,431 million and $2,586 million attributable to Euro Disney and Hong Kong Disneyland as of January 1, 2011 and October 2, 2010, respectively. Cash and cash equivalents attributable to Euro Disney and Hong Kong Disneyland totaled $590 million and $657 million as of January 1, 2011 and October 2, 2010, respectively.
Non-GAAP Financial Measures
This earnings release presents earnings per share excluding the impact of certain items, net borrowings, free cash flow, and aggregate segment operating income, all of which are important financial measures for the Company but are not financial measures defined by GAAP.
These measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as alternative measures of earnings per share, borrowings, cash flow or net income as determined in accordance with GAAP. Net borrowings, free cash flow, and aggregate segment operating income as we have calculated them may not be comparable to similarly titled measures reported by other companies.
Earnings per share excluding certain items -- The Company uses earnings per share excluding certain items to evaluate the performance of the Company's operations exclusive of certain items that impact the comparability of results from period to period. The Company believes that information about earnings per share exclusive of these impacts is useful to investors, particularly where the impact of the excluded items is significant in relation to reported earnings, because the measure allows for comparability between periods of the operating performance of the Company's business and allows investors to evaluate the impact of these items separately from the impact of the operations of the business. The following table reconciles reported earnings per share to earnings per share excluding certain items: