Table:
|  |  | Fiscal Year Ended June 30, |  |
| --- | --- | --- | --- |
|  | 2019 | 2018 | 2017 |
| Net cash provided by operating activities | $466,342 | $311,456 | $199,381 |
| Less: Capital expenditures | (44,192) | (30,209) | (15,129) |
| Free cash flow | $422,150 | $281,247 | $184,252 |
Paragraphs:
Free Cash Flow
Free cash flow is a non-IFRS financial measure that we calculate as net cash provided by operating activities less net cash used in investing activities for capital expenditures.
Free cash flow increased by $140.9 million during the fiscal year ended June 30, 2019 due to a $154.9 million increase of net cash provided by operating activities, offset by a $14.0 million increase of capital expenditures as we continue to invest in our facilities.
For more information about net cash provided by operating activities, please see “Liquidity and Capital Resources”.
Question:
How is free cash flow calculated?
Answer: Net cash provided by operating activities less net cash used in investing activities for capital expenditures.