The linked Consilient Observer article is an easily accessible case study on making a few minor adjustments to the Cash Flow Statement that will appeal to Value Investors.
The authors provide not only helpful historical context around the accepted accounting, but also background on the perspective of the investor seeking to understand free cash flow.
They recommend 4 adjustments to the Cash Flow Statement, described in the attached table.
I personally found the article, and its presentation, to be very helpful! I never liked the simple heuristic of just subtracting PP&E from NOPAT. Herein are some tools for capitalizing R&D and intangibles for a better estimate of the needed reinvestments!