Which of the following is true concerning free cash flows to the firm (FCFF)?

FCFF represents operating cash flows less changes in net working capital and capital spending.

Financing expenditures, including interest and dividend payments, are deducted to arrive at FCFF.

The calculation of FCFF is considered an important aspect of project analysis.

Select one:

A. I only

B. I and II only

C. I and III only

D. I, II, and III