Difference between FCF calculated from EBITDA and Net Income

Hi guys,

I'm having a little trouble figuring out why these 2 formulas might give different results:

• FCF = EBITDA - EBIT*(1-t) - CAPEX - Delta WC
• FCF = Net income + D&A/Non cash - CAPEX - Delta WC

To put in context, I was looking to analyze the impact of a PIK loan (let's say $100 PIK loan @ 10%).
When I compute it with the 2nd formula (starting from Net income) it's fine, and the BS balances.

But when I start from EBITDA it does not work (as I'm not taking account of financial expenses incurred by the PIK loan).

Could someone clarify this for me and tell me what I have forgotten ?

Thanks a lot !