Confusing terms in Income Statement

Net cash flow from operations Net cash flow from operating activites Cash flow from operations Operating cash flow People, I can somewhat wrap my head around the following sequence of calculations in the income statement; Revenue - cogs = Gross income (can this be called EBITDA?) = EBITDA - Dep/Amo = EBIT - Interest expense = EBT - Taxes = Net income But where in this list do the first 4 terms come in? Which of these includes taxes? Which has interest expense included? I know CFO is NI+Non cash charges - Working CapInv. On a side note, I heard/read somewhere that in real estate the formula for wacc changes and there is no tax term for debt. I couldn’t find anything relevant in Alternate Investments. Has anybody heard of this? Is it relevant? Thanks, P

Keep this structure in your head and you’ll be able to calculte FCFF and FCFE using anything they ask for. All the terms you mentioned are CFO…unless there is something else I’m missing.

Unless I’m terribly mistaken, all these definitions should mean the same thing! Effects of taxes and interest expense are included in net income, so CFO (or whatever you want to call it) taken those into consideration.

NOTE: Under the Credit Analysis reading, there is a separate framework used by S&P that uses distinct terms for cash flow e.g. funds from operations, operating cash flow, free operating cash flow, discretionary cash flow etc. Keep these SEPARATE so that you dont get confused.