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To: James Clarke who wrote (7459)	6/8/1999 1:13:00 AM
From: Michael Burry	Respond to of 78648

Re: Autodesk, your cash flow options accounting is a bit coarse for this case. By my calculation of cash flow, they had about 190M in operating cash flow less 38M in cap ex, or about 142M in free cash flow in 1998. They spent $28M buying back stock last year. By your method that's still $110 mill give or take a few. But it's wrong. To be more precise, the latest SEC filing. They spent 22M, 65M and 76M issuing stock and options for employees in 96, 97, and 98 according to their detailed cash flows. This would cut 1998 free cash flow in half at least. In the end, I still see a free cash of about $1.15/share coming out of the company last year. 1197 by this method was $1.12 per share, and 1996 by this method was $0.80 per share. Not zero by my calculation. Mike