Answer: minus both the project's change in net working capital and capital spending.
Explanation:
A Project cash flow is part of financial planning for projects and
it involves the understanding of the inflows and outflows of cash which will be created by the project. The project cash flow is also the net cash flow that is associated with the project for that particular year.
A project's cash flow equals the project's operating cash flow minus the capital spending and the project's change in net working capital.