The bottom statement should read
“NCF Excluding Principal Payments”
@speter7272 Well, it’s a tricky double-negative situation, and we decided it was more clear to label it “NCF Including Principal Payments.” The issue is that Principal payments are “Money Out” (ie. negative). So the main NCF line includes the effect of these outflows. The lower line that you’re referring to essentially adds Principal payments (as positive numbers) back into the NCF line, hence our use of the word, “Including.” This can be a useful way to look at cash flow because Principal payments are essentially forced savings, not a true expense. Hope that makes sense!