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To: Marq Spencer who wrote (119537)	4/21/1999 11:19:00 AM
From: Chuzzlewit	Read Replies (1) \| Respond to of 176387

Marq, you are confusing two separate issues. Deferred revenue of $400MM is not a revenue item -- it is a balance sheet liability and will become a revenue item as soon as MSFT performs on the Microsoft® Office 2000 Technology Guarantee -- presumably in the next few quarters. It has nothing to do with the $720MM we are talking about, which includes both investment gains and interest earned on cash and short-term investments. The issue Claude raised is what per cent of Microsoft's earnings did not come from operations. The answer is approximately 30%. IMO Claude has raised an important issue. Comparative results should focus on income from operations and exclude non-operating income. TTFN, CTC