All the weird CF measurements...

I hate this… need to type it a few times. NI + depreciation + NCC = Funds from Operations +/- Changes in Working Capital = Operating Cash Flow - Capex = Free Operating Cash Flow - Cash Dividends = Discretionary Cash Flow - Acquisitions + Asset Sale Proceeds + Other Sources and Uses = Prefinancing Cash Flow NI + Depreciation + NCC = Funds from Operations +/- Changes in WC = Operating Cash Flow - Capital Expenditures = Free Operating Cash Flow - Dividends = Discretionary Cash Flow - Acquisitions + Asset Sales + Other Sources and Uses = Pre-financing Cash Flow NI + Depreciation + NCC = Funds from Operations +/- Change in Working Capital = Operating Cash Flow - CAPEX = Free Cash Flow - Dividends = Discretionary Cash FLow - Acq + Asset Sale + Other = Prefin cash flow

completely bypassed and ignored. calculated risk.

agreed

This is S&P way of doing, discretionary cash flow and prefinancing cash flow are only used in their world of Credit Ratings