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I have a follow-up question. I found another definition of free cash flow that is slightly different than the one mentioned in the article:

Free cash flow = Cash flow from operations - capital expenditures - dividends

where cash flow = operating cash flow - interest expense - income tax expense

I too have attempted calculating FCF for a few of my holdings, but am now confused. The article does not mention subtracting out dividends in addition to capital expenditures from operating cash flow. It also does not mention subtracting out interest and income tax expense from operating cash flow. Have I completely confused what seemed to be a relatively straightforward formula?

Mike
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