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To: Stock Farmer who wrote (43504)	6/15/2001 1:04:54 AM
From: hueyone	Respond to of 54805

John, Yes I did make a typo on acquisition of property, plant and equipment, and it did not occur to me make the other adjustments you made to arrive at FCF---purchase of technology licenses and acquisition of businesses net of cash. These adjustments make sense in Cisco's case. You also provided a nice framework for thinking about the other numbers in a cash flow statement. I was glad to read this since in my zeal to arrive at FCF, I often ignore the rest of the consolidated cash flow statement, but never felt comfortable doing so. One can see from this that incremental shareholders paid $0.54/share (on behalf of all shareholders) to purchase a business that returns $0.29/share from operations and $0.53/share from investment. Thanks again for sharing your analysis. Best, Huey