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The first is mostly used.
Any logic behind why the second one is used?
Isn't the first one a shorthand whereas the second is the technically correct version? For example, if you look at public companies that report FCF, all the ones i've seen do CFO - capex (which is why you have to adjust out SBC)
Neither. My understanding is FCF is net change in cash between periods, should be towards the very bottom of the CF statement. Is a levered number. Have seen both of the formulas in your post as shorthand though
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