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To: Glenn D. Rudolph who wrote (97115)	3/22/2000 12:52:00 PM
From: Bill Harmond	Read Replies (1) \| Respond to of 164684

No. As far as I know they report revenue conservatively. You should see the deferred revenue! Most of the time both Broadvision and Vignette bid on work against no other bidders. Only 10% of the time do they compete with one another.

To: Glenn D. Rudolph who wrote (97115)	3/22/2000 1:08:00 PM
From: Wizard	Read Replies (2) \| Respond to of 164684

Hi folks, regarding VIGN vs MSTR accounting, they were opposite. The question comes down to the forward revenue growth rate. If you book big deals up-front, your forward revenue growth rate should slow as you know have to grow on top of a huge base and you need to do 1.3 huge deals to grow 30% (sequentially) on top of the 1 huge deal you just booked. The receipt of cash really isn't the issue because you can receive payment up front, your receivables look fine (as they did for MSTR) and you will still be under pressure to sign huge deals in the future in order to keep up your revenue growth. This is the old world of software. VIGN books revenue when the software is rolled-out (implemented) and this inherently defers big deals.