Free cash flow buildup
Fiscal year end date	12/31/2014	12/31/2015	12/31/2016
Select Income Statement Data
Revenue	2,737,032.00	2,586,114.00	2,481,890.00
COGS, SG&A and other operating expenses	2,504,312.00	2,666,939.00	2,178,356.00
Interest income	2,136	1,909.00	3,093.00
Interest expense	35,533	32,654.00	35,390.00
Nonrecurring non-operating income/(expense)	778,010	-8,623.00	-12,642.00
Provision for Income Taxes	312,300.00	20,500.00	81,200.00
Memo:
Depreciation & amortization (included in COGS, SG&A and other operating expenses)	249,457.00	428,437.00	92,894.00
Fiscal year end date		12/31/2015	12/31/2016
Cash and equivalents		774,952.00	670,816.00
Investments in marketable equity securities		379,445.00	448,241.00
Working capital assets		706,325.00	752,289.00
Intangible assets (including goodwill)		1,146,589.00	1,296,919.00
PP&E		231,123.00	233,664.00
Working capital liabilities		928,429.00	1,008,743.00
Current portion of long-term debt		0	6,128.00
Long-Term Debt		399,800.00	485,719.00
Fiscal year end date		12/31/2015	12/31/2016
Cash flows from investing activities
Capital expenditures and purchases of intangible assets	237,292.00	136,859.00	66,612.00
Common dividends	68,114.00	53,721.00	27,325.00
For the next 5 questions, you have been tasked with building a stand-alone DCF valuation for Graham Holdings (GHC), a publicly traded company, using the unlevered (two-stage) approach.
You have collected the data found in this file: GHC Free Cashflow Data (download the file by clicking the link and open it to answer this question).
Question: Using the data from the "GHC Free Cashflow Data" workbook, calculate 2016 unlevered free cash flows. Assume the tax rate = 2016 tax expense / pretax income.