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Technology Stocks : Vignette Corporation (VIGN) -- Ignore unavailable to you. Want to Upgrade?

To: blankmind who wrote (503)11/11/2000 11:47:30 AM
From: Carl R.  Respond to of 628
 
blankmind, when looking at liabilities, deferred revenue is actually a good thing. This reflects deposits and prepayments for software and services to be delivered in the future. In VIGN's case they have $103 million of deferred revenue, nearly an entire quarter's worth, which is huge. In BVSN's case deferred revenue is only $54 million, and is listed in two separate accounts, Unearned Revenue and Deferred Maintenance.

Myself in assessing the likely future performance of software companies I look at two balance sheet accounts, AR and Deferred Revenue. I like to see high Deferred Revenue, but low AR. VIGN wins on deferred Revenue, BVSN wins on AR (even though it increased, DSO is still significantly lower than VIGN). Both are good companies.

Carl



To: blankmind who wrote (503)11/11/2000 4:58:30 PM
From: GraceZ  Read Replies (1) | Respond to of 628
 
- VIGN continues to be beating out the leader BVSN in several key respects

Yes, their expenses are growing at a much faster rate.

For 9 months ending Sept 2000 compared to 9 months ending Sept 1999.

VIGN revs grew 403% YoY
BVSN revs grew 285% YoY

VIGN's expenses grew 966%
BVSN's expenses grew 490%

In both companies the expenses are growing at a much faster rate than revenues.


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