The cash flow from projects for a company is:

The net operating cash flow generated by the project, less any sunk costs and erosion costs.

The sum of the incremental operating cash flow and aftertax salvage value of the project.

The bottomline net income generated by the project, plus the annual depreciation expense.

The sum of the incremental operating cash flow, capital spending, and net working capital expenses incurred by the project.

The sum of the sunk costs, opportunity costs, and erosion costs of the project.