You are trying to estimate the free cash flow to the firm for RevTech, a technology firm. The firm reported $80 million in earnings before interest and taxes, capital expenditures of $30 million, and depreciation of $20 million in the most recent year. There are two additional complications:

• The firm had R&D expenses of $50 million in the most recent year. You believe that a three-year amortizable life is appropriate for this firm and the R&D expenses for the past three years have amounted to $20 million, $30 million, and $40 million respectively.
• The firm also made two acquisitions during the year—a cash-based acquisition for $45 million and a stock-based acquisition for $35 million.
  If the firm has no working capital requirements and a tax rate of 40%, estimate the free cash flow to the firm in the most recent year.