TRUE OR FALSE

Use the Cumulative Free Cash Flow exhibit below to answer the following questions as TRUE or FALSE. Cumulative Free Cash Flow, Net, 2014-2018 Sum Cash-based Net Income Decrease (Increase) in Assets and Liabilities Capital Expenditures (CapEx) Free Cash Flow Apple 347,778 70,707 (59,799) 358,686 Amazon 79,079 (47,466) (43,466) (11,853) Charter 34,797 (42,661) (27,192) (35,056) McDonald 33,029 6,189 (10,814) 28,404 Netflix (7,723) 2,869 (938) (5,792) Tesla 2,748 (12,111) (9,401) (18,764) 489,708 (22,473) (151,610) 315,625 164 356 0 Acquisitions (including Other Investments and Financing Dividends Issues (Repurchase) of Equity Issues (Retirement) of Debt Deployment of Free Cash Flow, Net (104,039) (61,318) (202,406) 97,523 (270,240) (22,884) 0 17,971 42,400 37,487 (53,698) 0 29,928 58,646 34,876 (15,850) (31,454) 16,946 (30,195) 1,559 9,860 11,775 (591) 0 10,442 11,364 21,215 (180,693) (77,168) (173,961) 236,739 (195,083) Increase (Decrease) in Excess Cash 88,445 25,634 (180) (1,791) 5,983 2,451 120,542 Capital Expenditures (CapEx) are deducted from Free Cash Flows to produce Cash Flow from Operations. Companies are repurchasing significant amounts of their Equity, in some instances financing repurchases by issuing Debt. Fee Cash Flow is based on Cash-based Net Income and management's ability to efficiently manage investments in Assets and Liabilities and control Capital Expenditures. Companies with positive Free Cash Flow may still raise new Capital to finance acquisitions. These companies largely deploy all of their free cash flows