Net Working Capital Requirement:

Year 1: -1,000,000$

Year 2: -1,200,000$ (Change -200,000)

Year 3: -1,500,000$ (Change -300,000)

Considering that the companies net working requirement is negative from year 1 on...

- do I need to include the requirement in the free cash flow valuation of year 1?

- do I need to include the Working Capital Changes as in inflow in the free cash flow valuation of the years 2/3?