FCFF = Cash Flow from Operations + Interest Expense x ( 1 - Tax Rate ) - Capex
FCFF = earnings before interest and taxes x (1 - tax rate) + depreciation - long-term investments - investments in working capital they note FCFF (FORMULA 1) = net income + non-cash charges + interest x (1 - tax rate) - long-term investments - investments in working capital
Explain why formula one gives you the same answer as starting with EBIAT