Question-and-Answer Session
Operator
: Thank you. [Operator Instructions]. Our next question comes from John Baugh of Stifel Nicolaus.
John Baugh - Stifel Nicolaus & Company
Couple of things, first of all the net debt guidance for the end of the year in light of the tax refund does that imply really note a free cash generation in the fourth quarter help me there?
F. Nicholas Grasberger III - Senior Vice President and Chief Financial Officer
No, I still think if you do the math we would expect $60 million to $75 million of free cash flow in the fourth quarter from operations.
John Baugh - Stifel Nicolaus & Company
Okay, does that not get to you being below $50 million number, you get 180 you said from the tax refund, what was your net debt position?
F. Nicholas Grasberger III - Senior Vice President and Chief Financial Officer
250.
John Baugh - Stifel Nicolaus & Company
Okay.
F. Nicholas Grasberger III - Senior Vice President and Chief Financial Officer
Plus or minus.
John Baugh - Stifel Nicolaus & Company
Okay, very good. Did you go up to the zero debt, but, probably that's a conservative assumption or estimate?
F. Nicholas Grasberger III - Senior Vice President and Chief Financial Officer
Yes.
John Baugh - Stifel Nicolaus & Company
Okay. Just curious, I mean whether you can make any additional comment... you are spending on a strategic review, we are up fairly significantly in the third quarter. What do I read into that and the fact that we still don't hear anything?
Michael D. Lockhart - Chairman and Chief Executive Officer
I don't think you read into anything more than we said at the start which is that we still are very actively involved in a process and that we have nothing that we can comment on public.
John Baugh - Stifel Nicolaus & Company
Are you in a position where your balance sheet is strictly going debt free here within a month or two. That's probably not the capital structure long-term. Do you just wait and see what the strategic review comes out or do you make a step in the interim?
Michael D. Lockhart - Chairman and Chief Executive Officer
I think we'll wait and see.
John Baugh - Stifel Nicolaus & Company
Thank you.
Operator
: Our next question comes from Matt Sherwood of ZS Fund.
Matt Sherwood - ZS Fund
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