What is "Levered Free Cash Flow"?

While looking through the key statistics on YaHoo finance, I came across this term which sets my curiosity to search it out. If you are unfamiliar with this term as I was, here is an explanation of what is "Levered Free Cash Flow".
It is the amount of cash available to pay shareholders after a company has paid its debt. See http://www.stocks-simplified.com/levered_free_cash_flow.html
Levered Free Cash Flow = Cash Flow from Operations – Capital Expenditures

And there's a very good read here. So negative levered free cash flow would imply that the company is spending more money than it generates from its operation.

In case you do not know what is Operation Cash Flow, it is "the cash generated from the operations of a company, generally defined as revenues less all operating expenses, but calculated through a series of adjustments to net income." (Source: Investopedia.com)


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