Operating cash vs Free operating cash flow

[passcfaforsure]

So confused about the Term ” Operating cash flow” and Free Operating Cash flow”.
Discretionary Cash flow = Operating cash flow - Capex = Free operating cash flow - Divident
So any idea of what is the difference between Operating cash flow and Free operating cash flow.?
Please add some comments.
Thanks

 

[Rockstar Nation]

These terms are specific to the S&P Framework for Credit Analysis only.
Operating Cash Flow = NI + NCC - WCInv
Free Operating Cash Flow = Operating Cash Flow - Capex
Discretionary Cash Flow = Free Operating Cash Flow - Dividends.
The full formula is provided on page 131 of Secret Sauce.