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2月ruary 2022Private Equity
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Comments (5)
In the context of aLBO, D&A comes into play as it affects levered free cash flows. More D&A means a lower EBT (pre-tax income), which results in less cash paid for taxes, and ultimately higher Levered FCFs. Depreciation is simply an allocation of costs.
在财务建模中，资本支出始终转化为随后的D＆A。因此，如果资本支出保持稳定水平，那么D＆A可能会保持稳定的水平（除了直线，加速MACR等不同的折旧时间表外，除了不同的折旧时间表外）。D＆A总是关注资本支出。
至于确定善良的目的LBOcandidate - you want to look at CapEx more so than D&A. Why? it is the true cash outflows as a result of a requirement to invest in CapEx. The cash saved from the D&A is a more minor change to cash flows than actual capex spending, and again, D&A comes from Capex anyways. If aPE赞助商要聘请一家公司，然后他们可能会认为它的资本支出不像目前的最高版本那样高，并且将降低资本支出 - 这是购买LT资产的真正现金流出。因为我们在乎futurecash flows and because D&A follows CapEx, so when identifying a goodLBOcandidate, you want to look atwhat cash outflows will actually come from future capex.
EDIT-this paragraph is not entirely true, see next comment因此，公司可以拥有大型D＆A但低资本支出的唯一方法（除了折旧时间表之外 - 相对于CAPEX，MACRS在早期的D＆A中将具有相对较大的D＆A），如果公司从高高的资本支出变为较低的资本支出要求。
对D＆A和CAPEX之间的相互作用的良好回应，同意关注资本支出与税收盾牌等。
但是，最后一段并不完全正确 - 购买结构可能会对税收税收摊销产生有意义的影响，这与资本支出无关。当交易被归类为资产购买（由于购买资产，338（h）（10）选举，有限责任公司的购买等）时，买方可以加强购买资产的基础，并获得税收在未来10年内可扣除的摊销。这种增量税保护可以是价值驱动程序lbosand a sponsor's ability to pay.
This was very insightful thank you both. Love to see more educational stuff like this on the site
totally agree def need to get more threads like these. they are fun to learn and explain.
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