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International Progr... International Admis... a What's it like to J Crew Income Projections 2011 - 2015 ($M) 2011 2012 2013 2014 2015 Revenue 1,955 2,208 2,487 2,783 3,096 Gross Profit Margin (%) 44.4 44.5 44.5 44.7 45.1 Capital Expenditures 85 101 68 68 66 EBITDA 335 381 434 495 563 EBIT 279 319 369 427 494 Depreciation Expense 56 62 66 69 70 Increase in NWC 15 15 15 15 15 J Crew has $55M of interest bearing long-term debt and cash balances of $142.7M. Assuming a 35% tax rate, what is J Crew's (unleveraged) free cash flows (FCF) for 2011