依原書 Figure 11-1／11-3，從 Net Income 出發，經 D&A、after-tax interest、CapEx、Working Capital 調整得到七年 FCFF。
DCF 要估整個 enterprise value，因此使用不受 capital structure 影響的 FCFF。原書採七年 projection period。
| FCFF Component | 原書處理 |
|---|---|
| Net Income | 起點 |
| D&A／Other Noncash Charges | 加回 |
| Interest × (1−Tax Rate) | 加回 after-tax interest |
| Capital Expenditures | 扣除 |
| Change in Working Capital | 依 cash-flow sign 加總 |
C14 link Net Income；C15 link D&A；C16 Interest*(1−Tax)；C17 link CapEx；C18 =SUM('IS Cash Flow'!C38:C40)；C19 =SUM(C14:C18) 得 FCFF，再向右複製七年。
| Year | Net Income | D&A | After-tax Interest | CapEx | Δ Working Capital | FCFF |
|---|---|---|---|---|---|---|
| 1 | $16,320 | $2,625 | $1,304 | -$8,214 | -$625 | $11,410 |
| 2 | $18,844 | $2,756 | $1,304 | -$8,625 | -$656 | $13,623 |
| 3 | $21,542 | $2,894 | $1,304 | -$9,056 | -$689 | $15,995 |
| 4 | $24,426 | $3,039 | $1,304 | -$9,509 | -$724 | $18,537 |
| 5 | $26,095 | $3,130 | $1,304 | -$9,794 | -$456 | $20,279 |
| 6 | $26,643 | $3,193 | $1,304 | -$9,990 | -$313 | $20,837 |
| 7 | $27,202 | $3,256 | $1,304 | -$10,190 | -$319 | $21,254 |
FCFF 不等於 Net Income：D&A 要加回、interest 要去除 capital-structure effect、CapEx 與 incremental working capital 則代表真正需要投入的現金。
請以 Year 1 的 $16,320 Net Income、$2,625 D&A、$1,304 after-tax interest、-$8,214 CapEx、-$625 working capital，逐步驗證 FCFF = $11,410，並解釋每個 adjustment 的經濟意義。
**問題：**若 inventory 增加導致 working capital 多占用現金，FCFF 方向上會如何？