Table:
|  | Year-ended 31 March 2019 | Year-ended 31 March 2018 |
| --- | --- | --- |
|  | $M | $M |
| Net cash flow from operating activities | 142.9 | 147.7 |
| Exceptional items | 3.1 | 13.0 |
| Net capital expenditure | (22.2) | (21.1) |
| Unlevered free cash flow | 123.8 | 139.6 |
Paragraphs:
5 Alternative Performance Measures (“APM’s”) continued
Unlevered Free Cash Flow
Unlevered free cash flow represents net cash flow from operating activities adjusted for exceptional items and net capital expenditure. Unlevered free cash flow provides an understanding of the Group’s cash generation and is a supplemental measure of liquidity in respect of the Group’s operations without the distortions of exceptional and other non-operating items.
Question:
What does unlevered free cash flow represent?
Answer: net cash flow from operating activities adjusted for exceptional items and net capital expenditure