Tyler is a team member in Corporate Finance at a digital-content production company. He is required to forecast the free cash flows that the company will be able to generate in the next three years. Tyler takes into account only the following equation in his calculation:

FCF = Sales Revenues-Operating Costs-Operating Taxes Will his calculation be an appropriate estimate of the FCF? No Why or why not? Check all that apply Because his calculation fails to include the increase in the working capital required to grow sales Because his calculation fails to recognize the increase in sales revenues Because his calculation fails to include the value of the debt that the firm carries on its balance sheet Because his calculation fails to include the costs of the firm's interest and dividend payments