Really??? new envelope for you ...pretty clear
Operating cashflow is total cash generated by a business operation
40%
free cashflow is the generated earnings from business operations
after capital expenditures and operating costs are deducted
40% is very reasonable estimate by context of the modelling indicated - which is conservatives in application
the 'expenditure' you claim is missing is accounted between the 2 ....
the point of free cashflow is it flags cash reserves to pay creditors, dividends and complete buy backs if available
based on the modelling it is an entirely reasonable projection - in my experience only - i could of course be wrong ...
its all conjecture till we see the plan -
2023 shaping up beautifully