capital expenditures

Intern in PE - LBOs

Questions on CapEx.

1) Should CapEx include purchases of intangibles or just fixed assets per CFS?

Probably depends on the relevance of each to the company you're evaluating - remember you're ultimately probably trying to figure out what "normalized" spending is annually through your forecast period for capital expenditures.

2) How do you calculate unfinanced Capex?

CAPEX - Cash from Sales of Assets - Bank Financing Advances 

3) How do you determine level of growth capex vs maintenance capex if company does not specify? How can you do this via the statements?

You can't do it from the F/S, need to talk to management typically. Notes to F/S might give you a clue. 

4) Unreleated Q: When calculating free cash flow, should I use cash paid for interest/taxes rather than simply IS taxes/interest expenses? Which is better from a credit perspective? I recognize that cash paid is better for actual understanding of literal free cash flow while the IS approach could be considered more conservative as long as its not tax benefits or something of that nature? 

I usually deduct cash taxes paid as that's typically what I see our covenants stipulate and cash is king. 

Much appreciated