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Technology Stocks : CSG Systems (CSGS) Billing Support Software -- Ignore unavailable to you. Want to Upgrade?

To: llwk7051@aol.com who wrote (98)	7/29/1999 10:51:00 AM
From: double-plus-good	Read Replies (1) \| Respond to of 135

Robert, to the best of my knowledge the unbilled receivables are largely in the area of software packages delivered and not yet billed. Installation and payment cycle said to be longer than a quarter in length -- say over 4 or 5 months. The fear would be that CSG is managing earnings (in the best case) or fudging (in the worst.) Software companies appear to use this balance sheet line to "even out" the lumpiness of revenues from software sales. Lot of folks burned by the out n out fraud at MCK_HBO and other instances so the fear level is high. In the conf. call one anlyst asked about the growth in unbilled receivables growth. Answer was that the revenues were firm and the product delivered. Also referred to the drop in days outstanding. FWIW ++good