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Technology Stocks : Siebel Systems (SEBL) - strong buy?
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To: Lizzie Tudor who wrote (1930)7/17/1998 12:15:00 AM
From: Melissa McAuliffe  Read Replies (3) of 6974
 
Well I just got finished listening to the conf. call and wanted to make a comment about the deferred revenue. When I first heard about it going up significantly I thought it probably had to do with some contingent deals which would have made sense.

But when Howard was asked about it, he commented that it had to do with a number of new customers with whom sebl has no prior payment history and they did this in effect to be safe. I guess that could be reasonable and might be the only answer he could give but now I'm actually wondering if they actually had too much revenue. Now I know that might sound ridiculous in how can a company have too much revenue.

But I think it's either that or contingent deals. The contingent deals thing doesn't bother me at all since I think it's to be expected given all the stuff that's gone on and is going on, i.e. the product integration issues, the upcoming sebl 99 release (which they say is on target for the fall), etc. Plus if it was from contingent deals it would mean that this new product integration stuff isn't impeding companies from licensing the software now which is really good.

Well I guess the great news in any case is that they had enough revenue to be able to book a significant chunk in deferred and still grow license fees by more than 100%. That's even more awesome...knowing there was actually more.

Actually the good thing about increasing deferred revenue is that there are $ there to help manage future quarters which is good. PSFT has tons of $ in deferred and I think that's why they haven't missed a quarter yet.
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