"tell me how the reversal of a reserve produces ANY CASH" - I believe the use of this particular reserve REDUCES cash taxes otherwise paid, and thereby SAVES cash, right?
Per your formula, FCF starts with "net income", by which you mean "net income AFTER taxes", right? So if taxes are reduced, then cash flow is increased, right?
Isn't this the case with some of this deferred tax asset reserve reversal?
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