The document defines various free cash flow metrics: 1) FCFF (free cash flow to firm) is calculated from net income, depreciation, interest, taxes, capital expenditures, and working capital investments. 2) FCFE (free cash flow to equity) is calculated from FCFF adjusted for interest and net borrowing. 3) Examples are provided to calculate FCFF given inputs for net income, depreciation, interest, taxes, capital expenditures, and working capital changes. FCFE is then calculated from FCFF using an additional input for net borrowing. 4) FCFF is most appropriate when a firm lacks a stable dividend policy or the policy is unrelated to earnings, as it reflects