FCFF/FCFE- Gross Fixed Capital or Net Fixed Capital??

[Hardj]

Hey guys,
When we are calculating FCInv in the FCFF/FCFE formulas, are we supposed to be taking the difference between ‘gross’ fixed assets or ‘net’ fixed’ assets?
I have always been using ‘gross’ fixed assets but i feel like I saw the CFA use net on an old mock…..maybe I just going crazy.
Thanks!

 

[data storm]

Calm down my friend,
it’s change in GROSS Fixed assets, or Change in Net fixed assets + depreciation.