Suppose you are estimating a growth rate of FCF within the corporate value model. For the past 5 years, you have calculated the growth rates of revenues, operating income, NOPAT, operating capital, and FCF for the past 5 years as shown below.

	Growth rates
Revenue	15%
NOPAT	21%
Operating Capital	25%
FCF	-20%

You noticed that the firms FCF has been declining in the past five years while its NOPAT and operating capital have been steadily increasing over the same time period. 1) What could be the reason for the decline in FCFs, and 2) what can you say, in general, about the future FCF growth rate?