Working assets vs operating assets

[passcfaforsure]

According to the definition, net working assets = current assets - currents liabilities
why in FCFF CFO the net working assets EXCLUDE CASH in the net working capital?
Does Operating assets include Cash or not? according to fumular . it deduct cash. what is the rationale? becuase cash can produce earnings in the operating too.
Please add some comments

 

[Jmachine4]

I would not get bogged down on this topic. Focus on Working Capital Investment (WCinv) and the fact that manager discretion may afftect these items. Main culprits are AR, Inv, and AP. Cash is not easy to manipulate, ignore it. It is not include in the accrual calculations either.