EBITDA - FCF?
This may be a very stupid question, but I think it'd be better if someone else besides my professor can explain it to me.
EBITDA = Rev - COGS = GP - Opex
Levered FCF = EBIT (1-Tax) + D&A +/- change in working capital - Capex
Unlevered = NI (1-Tax) + D&A +/- change in working capital - capex - debt repayment.