You're an industry analyst for the telecomm sector, and have been analyzing financial reports from two companies: TT&T Inc. and Phonez Corp. The corporate tax rate for both firms is 35%. Your associate analyst has calculated and compiled, in the following table, a list of important figures you'll probably need for the analysis: Data Collected TT&T Inc. EBIT $270,300 Depreciation $94,605 Total operating capital $1,144,800 Net investment in operating capital $477,000 WACC 12.28% Phonez Corp. $111,300 $38,955 $475,410 $206,700 17.35% In your analysis, you want to look for several characteristics-one of them being the return on invested capital (ROIC). Using the information available, complete the following statements: TT&T Inc. has a higher free cash flow than Phonez Corp. does. The net operating profit after tax (NOPAT) for TT&T Inc. is , whereas the NOPAT for Phonez Corp. is TT&T Inc. has a return on invested capital of , whereas, Phonez Corp. has a return on invested capital of Your inference from the analysis is that both firms are in a high-growth phase, and their growth will be profitable. Considering your analysis, which of the following statements is true? If a company has positive NOPAT but a negative free cash flow, then the firm could be in a high-growth phase and making investments in operating capital to support growth. If a company has negative NOPAT but a positive free cash flow, then the firm could be in a high-growth phase and making investments in operating capital to support growth