Fair question. My answer would be... kinda. The cash available on an ongoing basis to be re-invested or returned to investors is what you might call levered fr

Fair question. My answer would be... kinda. The cash available on an ongoing basis to be re-invested or returned to investors is what you might call levered free cash flow [0], which I think is what you are referring to. My comment about "available" cash is more like available for big one-time investments like a big acquisition, a special dividend, or something like that. [0]: https://www.investopedia.com/ask/answers/111714/whats-difference-between-levered-and-unlevered-free-cash-flow.asp https://www.investopedia.com/ask/answers/111714/whats-differ...