Why FCFF differs from "unlevered FCF" in practice
In textbooks the two are synonyms. In sell-side models they often are not: many analysts call "unlevered FCF" an OCF-based number that ignores leases, and reserve "FCFF" for the lease-aware version. We use FCFF here.
Worked walk
FCFF (from FCFF worksheet)$102,540
Less: principal payments on finance lease obligations($1,300)
Lease-adjusted FCFF$101,240
Operating-lease ROU amortization
Operating-lease principal is already inside OCF (offset against right-of-use asset amortization). Subtracting it again would double-count. Check the cash flow statement footnotes for the "Cash paid for amounts included in measurement of lease liabilities" disclosure to confirm.
Which discount rate pairs with FCFF?
WACC[Damodaran WACC]. If the FCFF includes lease-principal subtraction, the WACC should treat operating leases as debt (capitalised at the lease liability). Be consistent on both sides.