-What is the company's total operating capital in 2920? Explain what operating capital represents and why it is important for determining a company's intrinsic value.

What is the company's Free Cash Flow in 2020? Assume that the investment in net operating working capital is equal to the year-over-year change, and that the year-over-year change in gross fixed assets. represented capital expenditures in 2020. Explain what Free Cash Flow represents and why it is important for determining a company's intrinsic value.

Lauren Corporation Balance Sheets as at September 30, Millions of USD 2019 2020 As % of Total Assets 2019 2020 875 1,045 1,250 2,310 2,995 7,600 14,005 8,735 5,270 12,870 700 1,725 2.445 5,745 12,070 7,415 4,655 10,400 8.4% 6.7% 16.6% 23.5% 55.2% 116.1% 71.3% 44.8% 100.0% 8.1% 9.7% 17.9% 23.3% 59.1% 108.8% 67.9% 40.9% 100.0% Assets Cash and Equivalents Marketable Securities Accounts Receivable Inventories Total Current Assets Gross Plant and Equipment Accumulated Depreciation Net Plant and Equipment Total Assets Liabilities and Equity Accounts Payable Notes Payable Accruals Total Current Liabilities Long-Term Debt Total Liabilities Common Stock (100M shares) Additional Paid-in-Capital Retained Earnings Total Equity Total Liabilities and Equity 1,080 740 10.4% 7.1% 15.4% 32.9% 9.1% 7.6% 14.5% 31.2% 1,600 3.420 4,000 7,420 1.175 975 1,865 4,015 4,375 8,390 500 380 3.600 4.480 38.5% 71.3% 34.0% 65.2% 500 380 2,100 2.980 4.8% 3.7% 20.2% 28.7% 3.9% 3.0% 28.0% 34.8% 10,400 12,870 100.0% 100.0% Lauren Corporation Balance Sheets as at September 30, Millions of USD 2019 2020 As % of Total Assets 2019 2020 875 1,045 1,250 2,310 2,995 7,600 14,005 8,735 5,270 12,870 700 1,725 2.445 5,745 12,070 7,415 4,655 10,400 8.4% 6.7% 16.6% 23.5% 55.2% 116.1% 71.3% 44.8% 100.0% 8.1% 9.7% 17.9% 23.3% 59.1% 108.8% 67.9% 40.9% 100.0% Assets Cash and Equivalents Marketable Securities Accounts Receivable Inventories Total Current Assets Gross Plant and Equipment Accumulated Depreciation Net Plant and Equipment Total Assets Liabilities and Equity Accounts Payable Notes Payable Accruals Total Current Liabilities Long-Term Debt Total Liabilities Common Stock (100M shares) Additional Paid-in-Capital Retained Earnings Total Equity Total Liabilities and Equity 1,080 740 10.4% 7.1% 15.4% 32.9% 9.1% 7.6% 14.5% 31.2% 1,600 3.420 4,000 7,420 1.175 975 1,865 4,015 4,375 8,390 500 380 3.600 4.480 38.5% 71.3% 34.0% 65.2% 500 380 2,100 2.980 4.8% 3.7% 20.2% 28.7% 3.9% 3.0% 28.0% 34.8% 10,400 12,870 100.0% 100.0%