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Are we talking about operating or levered FCF? All my...

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    Are we talking about operating or levered FCF? All my calculations are based on levered FCF, because at the end of the day as investors, all we can get paid on is levered FCF. The reason why FCF is negative is because CAPEX is always higher than D&A YoY, along with mandatory debt repayments. Can you please post a snippit of your calculations for my reference? Cheers!
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