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Explain how you get -52 for implied taxes? ation Company FCF 2018 $152 EBIT y applying - Implied Taxes (Effective Tax Rate of 33.8%) -

Explain how you get -52 for implied taxes? image text in transcribed
ation Company FCF 2018 $152 EBIT y applying - Implied Taxes (Effective Tax Rate of 33.8%) - $52 $13 + Depreciation - Increase (+ Decrease) Net Operating Working Capital - Increase (+ Decrease) in Long Term Capital Free Cash Flow - $6 - $68 $39 ditures: or the impact Working es. or the impact ditures

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