Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Cactus, Inc., had revenues of $86 million, cash operating expenses of $25 million, and non-cash depreciation expense of $13 million during the year. Also during
Cactus, Inc., had revenues of $86 million, cash operating expenses of $25 million, and non-cash depreciation expense of $13 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 $16 million. The tax rate for Cactus is 25%. What is Cactus' free cash flow for the year?
Answer to the nearest $0.001 million
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started