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Technology Stocks : Viador (VIAD) - Enterprise Portal

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To: Carl R. who wrote (128)	5/29/2000 10:53:00 AM
From: Carl R.	of 294

One other question for you, Walter. I note in reading the financials for VIAD that spending on R&D dropped precipitously in the last quarter while spending on marketing continued to accelerate. Q299 Q399 Q499 Q100 R&D 1.051 1.643 2.416 1.306 Sales 2.429 2.86 4.009 6.256 Sales/R&D 2.3 1.7 1.7 4.8 Do you have any idea why the spending on R&D fell so sharply? Were they hiring a bunch of contract programmers to complete the product? I have no problem with the big jump in Sales expense, which I hope bodes well for future sales, but I'm not used to seeing R&D spending fall, much less fall so dramatically. Also, as regards the ratio of Sales to R&D, the shift from 1.7 to 4.8 is quite dramatic. The typical ratio in this software area seems to be in the area of 3. In smaller companies it tends to be lower, and in bigger companies it tends to be closer to 4. Here are some comparisons: BOBJ 4.6 BVSN 4.4 AUTN 4.1 COGN 3.9 BRIO 3.7 INFA 3.3 EPNY 3.0 ACTU 2.7 MCTR 2.7 MSTR 2.6 SGNT 2.2 SQSW 2.0 TIBX 1.4 Thus VIAD went from one extreme to the other. Any idea what happened? Maybe the answer is that they took a bunch of developers and turned them into technical sales support people.... Carl

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