RE:More statschanges in working capital and cash taxes paid are also required to be deducted to calculated Free Cash Flow. Mgmt's definition tries to exclude them but they are very much part of the standard FCF definition.
Also, by starting wtih Adj EBITDA, you are adding back the CID and Acquisition fees among other charges. These should also be deducted. If you factor all of these in, you will see they burned $3 million of cash this year minimum.
That's what the market sees. if they really generated the free cash flow you/they suggest, why did they need to borrow $6.3 million from the revolver this year?