$237$ There is no way to mechanically forecast the future use of Free Campanies strategic priorities for Free Cash Flows.

$238$ Instead, a strategic view of a company's priorities must be gleaned from:

$239-$ historical behavior

$240-$ management statements

$241-$ a keen understanding of the competitive environment, i$.$e$.,$ how important is it to acquire in order to defend one's market position or accelerate growth

$253$

$254$

$255$

Very little Free Cash Flow has been deployed in Mergers and Acquisitions.

$256$

Free Cash Flows have been retained, rather than deployed, building a cash hoard of Excess Cash on corporate Balance Sheets.

$257$

Value $-$ Economic Value Added $($EVA$)-$ is gauged by the extent the company can generate a return from its invested capital over the cost of this capital.