I would be exiting now, page-57

Overall, no positive FCF for shareholders. And at the end of the day, shareholders only get what's left over. Doesn't matter if operating and investing CF covers dividends. Overall it doesn't. So it's basically a ponzi scheme. Make current shareholders happy via dividends, they sell out to new generation of holders, WOR borrows more money to pay out dividends, repeat and rinse—eventually, though, investors will stop giving them money, so they'll have to borrow even MORE (which seems to be the trend). Never has a legitimate dividend been paid out, where overall CF made covers all costs. Why isn't WOR being punished for this?

Also, I just realised, why does it matter if operating+investing CF covers dividends? Cash is cash. So long as cash isn't coming from borrowings or capital raisings. If WOR didn't pay out dividends, all that cash would go into repayment of borrowings. However, since they did payout dividends, they now have to borrow new loans to repay the old loans.