SpyAli

ok, i kind of get it now.
pg 402 of the CFAI equity book has a decent explanation (although I still am hazy on it).
NI = (EBIT - Int)(1-t) = EBIT(1-t) - Int(1-t)
FCFF = NI + Dep + Int(1-t) - FCInv - WCInv
Substitution for NI
FCFF = EBIT(1-t) +Dep - FCInv - WCInv
Still doesn’t make sense to me but I’ll atleast know that I have a problem w/ it which will make me remember that I’m wrong and to do it the other way come test time.