Which option is not a way a company can utilize its free cash flow?

Free cash flow refers to the cash generated by a company's operations that is available for distribution among all the securities holders of a corporate entity. Companies typically manage their free cash flow by investing it in various ways that can enhance shareholder value or improve the company's overall financial health.

Investing in growth projects is a common and strategic use of free cash flow, as it allows the company to expand its operations, innovate new products, or improve its market position, generally contributing to future revenue growth.

Paying down debt is another prudent use of free cash flow. Reducing debt can lead to lower interest expenses, improved credit ratings, and greater financial stability, which can subsequently enhance shareholder value over time.

Purchasing treasury shares is also a popular option. This practice reduces the number of shares outstanding, potentially increasing earnings per share (EPS) and providing a return to shareholders by supporting stock prices.

Contrarily, while paying bonuses to employees may be a reasonable expense for a company, it typically does not represent a strategic use of free cash flow in the same way that investing in growth, paying down debt, or repurchasing shares does. Bonuses are more of an operating expense, which is normally covered by ongoing revenues rather than being seen as an investment in the company's future