Deleverage

To pay off debt,such that a company trading at four times cash flow uses operating cash flow to deleverage and pay down debt, making them less leveraged and notionally safer as an investment.

Whatever.com has $30 million in EBITDA, or cash flow. It has $120 million in debt, on which it pays 6% interest, or $7.2 million a year. The company still keeps over $20 million in cash profits after "everything," and it uses that cash from operations to deleverage, or pay down its $120 million in debt. After three years, it's cut the debt load in half to $60 million, now with interest payments of just $3.6 million. It is likely a much financially safer or more credit-solid company than it was two turns of debt ago.