Problem
Tymba Inc. generated $20 million in after-¬-tax operating income on revenues of $100 million during the course of the most recent year. You expect revenues to grow 10% a year next year and margins to stay stable. The firm's non-cash current assets are $40 million and its non--debt current liabilities are $50 million, and non--cash working capital as a percent of revenues is expected to remain unchanged next year. If the net cap ex is expected to be $10 million next year, what is your estimate of the FCFF for the next year?