RE:Jeffries and AC's FCF over next few yearsI am not to sure I would call AC a FCF generating machine and I would want to put and Asterick beside FCF if you do not put it in perspection...The largest component of AC's FCF is from advanced ticket sales. The amounts received by AC must be returned at some future date in the form of services ie flights. I like to call FCF in these instances unearned income. Eventually, there is a cost to this cash and if that cost is higher than the unearned income you have a net loss which is why AC is losing money!