Not disagreeing with your assertions, but I would point out a note in the financial statement which claims all R&M costs go through the P&L (not capitalised). So a significant portion of what would normally be capex is already captured in the P&L.
Any upgrades to technology, which are not strictly necessary and for the main purpose of reducing costs and increase margins, can be argued to be growth capex thus not normally included in FCF calcs anyway
Not disagreeing with your assertions, but I would point out a...
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