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Thanks, Ears.

I did get lost in the trees. I have the NOPAT and the two-year average on my spread sheet but....
I understand the capital lease concept. An error I made, I think, is that I looked at the current capital lease obligations currently on the books. Since we are adjusting FCF, and I didn't find an entry for obligations incurred DURING THE PERIOD, I would have to compare two years' annuals to determine that (or, look more closely at the annual to find the number I need). :)
In any event, there was negative FCF even without the capital lease obligations. This does not bother me (though perhaps it should) as the cap ex is for growth, not for maintaining status quo or to fight off competition or correct operational problems.

KC
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