Yes, it is still valid. 2nd Q EBIT = $15.6M + DA = $403.3M. So, EBITDA = $418.9M (47% of revenue). Becuase they have high "capx" (content contracts), leading to high depreciation, FCF is what really matters. In Q2 they added $397.6M in content plus another $3.6M in capex, so FCF was $6.2M + $403.3M - $397.6M - $3.6M = $8.3M (about 1% of revenue).