Interesting. I've never backed out business acquisitions from FCF; only property and equipment and capitalized internal-use software. Curious if other people reading this back out business acquisitions or not.
@interrobangbros I do back it out but it depends on the business. How often are they acquiring? If memory serves me right, I remember reading an earnings call from Rollins and they frequently make acquisitions and it makes sense considering they want to become the main player in that industry and its most likely easier to acquire into that position.
Love it! Especially helpful seeing the income statement stacked on top of the statement of cash flows. @interrobangbros, I don't mind backing acquisitions out of FCF for $INTU to get a more normalized sense of the FCF. But for a company for whom acquisitions are a major part of the business I would definitely include acquisitions.