Which of the following statements is FALSE?

a) We can interpret the enterprise value of a firm as the net cost of acquiring the firm's equity, taking its cash, and paying off all debts.

b) We estimate a firm's current enterprise value by computing the present value (PV) of the firm's free cash flow.

c) The more cash a firm uses to repurchase shares, the less it has available to pay dividends.

d) Free cash flow measures the cash generated by a firm after payments to debt or equity holders are considered.