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Technology Stocks : Cisco Systems, Inc. (CSCO)
CSCO 82.36+1.5%3:59 PM EST
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To: hueyone who wrote (62755)1/24/2003 11:37:54 AM
From: RetiredNow  Read Replies (1) of 77400
 
OK. I see where you were headed. Yes, I agree wholeheartedly. Free cash flows calculated without deducting stock options expense has the potential to be very misleading. However, I would also argue that in today's market stock options expense is immaterial, especially at a company like Cisco. Take a look at the tax benefit number. That will give you some indication of the size of the stock options expense. I guess if you strictly used Black Scholes, it might be significant, but of course, I'm not an advocate of a strict Black Scholes model for figuring out how much to expense, because I think that also skews the numbers in good and bad times.
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