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Technology Stocks : Cisco Systems, Inc. (CSCO) -- Ignore unavailable to you. Want to Upgrade?

To: Stock Farmer who wrote (45837)	1/3/2001 11:38:26 AM
From: The Phoenix	Read Replies (1) \| Respond to of 77400

John, Despite the fact that Phoenix is talking in turd, Gee.... now where did that come from. Unbelievable. OG

To: Stock Farmer who wrote (45837)	1/3/2001 12:00:06 PM
From: GVTucker	Respond to of 77400

John, RE: I think he's talking about the writedowns of in-process R&D, ammortization of goodwill and so on. Classic free cash flow analysis stuff but garbled in the translation. Here I understand you, but I disagree for the following reason: Cisco purchases companies very regularly; acquisitions are not one time events for sure. In fact, I argue that Cisco basically replaces what would have been in house R&D with acquired R&D. Thus, these "one time writeoffs of acquired R&D" that Cisco likes to count as non operating I classify as operating. Now we could get into another debate as to the current accounting debate about whether R&D should be expensed or capitalized, but that is another discussion.