Noncontrolling Interest (formerly ``minority interest'') — the portion of a consolidated subsidiary's equity not owned by the parent. When the parent owns more than 50%, the subsidiary is fully consolidated (100% of revenue/EBITDA/assets appear on the parent's statements), but the share belonging to outside holders must be carved out. NCI is added in the EV bridge (EV = Equity Value + Debt + Preferred + NCI - Cash) because the multiple denominator (EBITDA) reflects 100% of the subsidiary while equity value reflects only the parent's share.