scr879

sasankm is correct.

FCFF is for the firm. And Bondholders and Equity holders both are considered part of the firm. So, Free Cash Flow to the firm is Cash Flow before paying Interest to Bond Holders and before paying Dividends to Equity Holders.

NI is already before paying any Dividends, so no need for any dividend adjustments to NI. But NI has already deducted Interest Payments. They need to be added back after taking care of the tax effect.