As a result, companies today do not need to spend as heavily on capital investment to grow, leading to the generation of excess cash flow. (hennessyfunds.com)
From buying their own real estate to using excess cash flow to purchase discounted inventory, there was an immense variety to the responses. (canadianbusiness.com)
As for capital allocation, I think it's smarter to pay out excess cash flow as dividends if the stock isn't cheap. (basehitinvesting.com)