19:10 (1.3X)
Indirect method CFO = Net Income + Non-Cash Charge (Depreciation) - Non-operating Gain or Loss
Non-Cash working Capital = (Current Asset - Cash) - (Current Liability - Note Payable) = 经营性资本(为了维护短期经营需要花费的投资)
老师在推论 Free Cash Flow To The Firm 时指 CFO = Net Income + Non Cash Charge - Change in Working Capital.
为什么Change in Working Capital 是等同 Non-operating Gain or Loss?
