The idea behind whether or not to add a non-cash expense or gain to unlevered free cash flow really confuses me. Do we project only those non-cash expenses that are not core to the business? Or does that fact that we are adding them back tell us that they are non-core and should not be considered an expense?
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Has nothing to do with whether they are "core." These have been subtracted in calculating NI, but no cash went out the door. So you add them back when calculating cash flow. Depreciation is a noncash expense, so you add it back, however you would subtract the cash flow of capex (not included in NI calc) to show the cash that flowed to investments in fixed assets.
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