计算FCFF，not all non-charges will need to be added back，具体有哪些不用加回？

问题如下：

Since Wadgett has no plan to begin paying a dividend, Baker asks the analysts to calculate the free cash flow to the firm (FCFF). The two analysts discuss how to go about it, and they make the following comments:

Paschel: If we begin with cash flow from operations (CFO), we do not have to make adjustments for working capital.

Covey: We should begin with earnings before interest, taxes, depreciation, and amortization (EBITDA) but will have to add in all the non-cash charges on the income statement.

Paschel: Regardless of whether we start with net income, CFO, or EBITDA, we will have to add in net borrowing.

In regard to calculating Wadgett’s FCFF, the comment that is most appropriate is the one dealing with:

选项：

A.

working capital adjustments

B.

treatment of all non-cash charges

C.

treatment of net borrowing

解释：

Cash flow from operations (CFO) already reflects changes in working capital items, therefore Paschel’s first comment is correct. EBITDA has the non-cash charges of depreciation and amortization added back, so Covey’s statement is incorrect, not all non-charges will need to be added back. Net borrowing is added back for FCFE not FCFF, so Paschel’s second statement is incorrect.

B is incorrect. Depreciation has already been added back to EBITDA, though there may be other items that still need to be added back.

C is incorrect. Adjusting for net borrowing is not necessary for FCFF (just FCFE).