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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 75.19

-0.1%

Jan 16 9:30 AM EST

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To: RetiredNow who wrote (58481)	3/13/2002 1:04:20 PM
From: hueyone	Read Replies (1) of 77400

What John was asserting was that Cisco was generating current cash flows from their changes in net working capital, which is hogwash. For a well-managed company like Cisco, over the long term, net working capital doesn't swing wildly. The impact on current cash flows from changes in working capital (Operating Assets and Liabilities) for the six months ending January 27, 2001 was negative 1.8991 billion. The impact on current cash flows from changes in working capital for the the six months ending January 26, 2002, is plus 1.364 billion---a 3.26 billion dollar swing. How you could you look at a 3 billion dollar Y/Y swing on the current 10Q and even begin to suggest these changes in working capital do not swing materially or that changes in working capital cannot be very material in generating current cash flow is beyond me. I hope when I get time to study yours and John's entire numbers, that the rest of your numbers and assumptions hold up better than your assertions above<ggg>. Best, Huey

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