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Cactus, Inc., had revenues of $74 million, cash operating expenses of $29 million, and non-cash depreciation expense of $19 million during the year. Also during
Cactus, Inc., had revenues of $74 million, cash operating expenses of $29 million, and non-cash depreciation expense of $19 million during the year. Also during the same year, the firm purchased $6 million of additional equipment during the year while increasing its working capital investment by $11 million. The tax rate for Cactus is 25%. What is Cactus' free cash flow for the year? Answer to the nearest $0.01 million
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