Summary * In this Investor Guide we provide gross margin and opex/capex frameworks for estimating software companies' terminal FCF margins. * In Part 1 we break down the factors driving gross margins, providing a framework and points of consideration for investors. * In Part 2 we will cover the factors affecting opex, capex, and changes in working capital. Intro The chosen terminal or mature-stage Free Cash Flow margin significantly influences a company's valuation. This holds true whethe