The formula to calculate Free Cash Flow (FCF) is:

$FCF = \text{Net Income} + \text{Depreciation} - \text{Capital Expenditures} - \Delta \text{Net Working Capital}$

Now, plug in the values:

• Net Income = $310 million
• Depreciation = $100 million
• Capital Expenditures = $150 million
• Increase in Net Working Capital ($\Delta NWC$) = $30 million

$FCF = 310 + 100 - 150 - 30$

$FCF = 230 \, \text{million}$

So, Bubba Ho-Tep's Free Cash Flow is $230 million.

Would you like a detailed breakdown or clarification?

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Related Questions:

1. What is the importance of free cash flow in financial analysis?
2. How does depreciation impact the calculation of free cash flow?
3. Why is capital expenditure subtracted when calculating free cash flow?
4. What does an increase in net working capital signify in this context?
5. How can free cash flow be used to evaluate a company's financial health?

Tip: Free cash flow helps investors understand how much cash a company generates after accounting for capital expenditures, which is crucial for long-term growth.