Mistake in sell-side ER?

I was going through a sell-side ER report and saw that they didnt add back 'amortization of deferred loan issuance costs' in the cash flow statement.

The amortization is definitely a non-cash flow item and would have only occurred at time of loan issuance etc (and was Capitalized). Shouldnt the number be added back to get Operating cash flow from NI?

 

Just shoot the analyst with the same question, no matter who you are. Pretty sure he/she would reply back to you with either explaining what/how they did or admitting his/her mistake.

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But to answer question OP, probably should be added back - unless there is a specific reason they chose not to, which you won't really know unless you see the actual model (not just the output) or speak to the analyst/associate.

Is it the same every year, or just one year? More likely it was done for a reason if every year.

 

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