Which of the following statements is CORRECT?

A. Net cash flow (NCF) is defined as follows: NCF = Net income - Depreciation and Amortization.

B. Changes in working capital have no effect on free cash flow.

C. Free cash flow (FCF) is defined as follows: FCF = EBIT(1 - T) + Depreciation and Amortization - Capital expenditures required to sustain operations - Required changes in net operating working capital.

D. Free cash flow (FCF) is defined as follows: FCF = EBIT(1 - T)+ Depreciation and Amortization + Capital expenditures.

Net cash flow is the same as free cash flow (FCF).