Unlevered Free Cash Flow - is it CFO + CFI + Interest Expense, or CFO + CFI + CASH Interest Expense
CFO takes the amort/discount into account - but if adding back to approximate FCF I think it should be Cash Interest expense, just confirming...
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Cash interest expense rather than interest expense.
If the company has a PIK note outstanding, the PIK interest is included in interest expense, even though there is no cash payment.
Definitely cash interest only, duh. We're looking for cash flow, after all. I would be careful with just CFI; you really need to try your best to isolate maintenance capex. Taking the whole of CFI may paint a distorted picture if there were one-time asset sales/growth expenditures.
Also, note that in GAAP, interest expense is already included in CFO...
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