Before the offer, Microsoft created the following discounted cash flow valuation of LinkedIn.

Why did the analysts add back stock expenses to get to free cash flows?

in US $ Thousands	FY 16E	FY 17E	FY 18E	FY 19E	FY 20E	FY 21E	FY 22E	FY 23E	Terminal Value
Net Revenue	3,742,464	4,570,391	5,385,685	6,272,014	7,225,381	8,241,160	9,307,119	10,423,675
Cost of Revenue	(500,860)	(599,430)	(671,042)	(742,402)	(812,487)	(880,375)	(974,363)	(1,069,430)
Gross Profit	3,241,604	3,970,961	4,714,643	5,529,612	6,412,894	7,360,785	8,332,756	9,354,245
Sales and Marketing	(1,276,256)	(1,535,216)	(1,781,941)	(2,044,070)	(2,319,453)	(2,605,850)	(2,898,763)	(3,197,823)
Product Development	(1,004,897)	(1,178,117)	(1,332,746)	(1,489,994)	(1,647,819)	(1,785,504)	(1,915,629)	(2,038,170)
General and Administrative	(542,094)	(612,367)	(667,484)	(719,033)	(766,204)	(808,377)	(844,466)	(874,842)
Depreciation and Amortization	(550,640)	(587,919)	(595,995)	(612,094)	(637,107)	(664,393)	(691,351)	(717,171)
Operating Income	(132,283)	57,342	336,477	664,421	1,042,311	1,496,661	1,982,547	2,526,239
Free Cash Flow (FCF)
EBIT	(132,283)	57,342	336,477	664,421	1,042,311	1,496,661	1,982,547	2,526,239
Less Taxes (35% tax rate)	46,299	(20,070)	(117,767)	(232,547)	(364,808)	(523,831)	(693,892)	(884,183)
Add Depreciation & Amortization	550,640	587,919	595,995	612,094	637,107	664,393	691,351	717,171
Add Stock Expense	580,398	594,908	609,781	625,025	640,651	656,667	673,084	689,911
Less Capital Expenditures	(709,920)	(727,668)	(654,901)	(671,274)	(688,056)	(705,257)	(722,888)	(740,961)
Less Intangibles	(8,308)	-	-	-	-	-	-	-
Unlevered Free Cash Flow	326,826	492,431	769,585	997,719	1,267,205	1,588,633	1,930,202	2,308,177
Present Value (WACC of 10%)	326,826	447,665	636,020	749,601	865,517	986,416	1,089,549	1,184,459	20,898,681
Total PV of Unlevered Free Cash Flow	27,184,735
Terminal Value Assumptions:
Growth: 4.6%
WACC: 10%