Cash Free Debt Free With Normal Working Capital

So maybe we could just touch on the concept of cash free debt free with normal working capital. Can you just give a brief description of what that means and how it's applied when you're thinking about valuation? Sure. So I guess there's, there's actually four ways to look at working capital. The first way is basically a subtraction from your current assets, total current assets, minus current liabilities equals network capital. That's going to include any interest-bearing debt. And that gives you essentially what an equity holder would kind of look at in terms of changes in working capital or whatever the work capital requirements for the business on an equity basis.