_____ is defined as earnings before interest but after taxes (EBIAT)plus amortization (A)and depreciation (D)less spontaneous working capital requirements (WC)less capital expenditures (CAPex)or FCF = EBIAT + [A + D] - [+ or - WC] - CAPex.

EBIAT

Earnings Before Interest After Taxes, a measure of a company's profitability that excludes interest expenses but includes taxes.

Amortization

The process of spreading out a loan into a series of fixed payments over time, accounting for both principal and interest.

Capital Expenditures

Funds spent by a company to acquire or upgrade physical assets such as equipment or property.