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Technology Stocks : Siebel Systems (SEBL) - strong buy? -- Ignore unavailable to you. Want to Upgrade?

To: Lizzie Tudor who wrote (6169)	7/17/2002 11:04:35 PM
From: techanalyst1	Read Replies (1) \| Respond to of 6974

If their rev goal is 260K per employee and they have 6,000 employees then guidance for next year should be: $6000*260,000=1.56 Billion. That works out to a p/s of about 3.5 at current today's close. Doesn't seem excessive if they can stop the guide downs. TA

To: Lizzie Tudor who wrote (6169)	7/17/2002 11:58:55 PM
From: Uncle Frank	Respond to of 6974

Lizzie, a million thanks for your comprehensive cc notes. uf

To: Lizzie Tudor who wrote (6169)	7/18/2002 12:21:07 AM
From: muckraker71	Respond to of 6974

Lizzie, thank you very much for the notes. I was planning to listen to the call, and I still will, but these give me a good head start.

To: Lizzie Tudor who wrote (6169)	7/18/2002 1:11:20 AM
From: chojiro	Respond to of 6974

Lizzy, thanks for the notes. It has provoked me to listen to theCC myself. I doubt I will be as comprehensive as you, but I will give it my best.

To: Lizzie Tudor who wrote (6169)	7/18/2002 2:51:13 AM
From: chojiro	Read Replies (2) \| Respond to of 6974

<<260K/year revenue per employee goal 220K/year goal expenses per employee>> So that means of the 6000 employees remaining, the average pay is $220K annually. I wonder what the least paid employee makes? Since we already know what Tom made exercising options , it might make an interesting comparison. <<headcount will be reduced to 6000 from 7164 will reinstate MBO bonuses and merit increases headcount will be where it was in mid-2000>> Just a guess, I think they might announce more layoffs by the end of the current quarter. From the CC: Total shares outstanding increased by 33M shares(further dilution) this quarter. 20MM were employee stock purchase plan. The balance(13M shares) were granted options <<Charge in 3rd qtr for severance and consolidation as much as 25mm cash expense 200mm charge in 3rd qtr for excess facilities, noncash >> Did they write off the kitchen sink with all that? <<TOM: Tom feels outlook going forward must be subdued General mkt for IT extremely weak. Geopolitical risk, acct scandals all kinds of weakness. Not much business at all.>> conveniently, he didn't mention the outrage by the investing public towards CEOs taking excessive pay and/or options packages! << In 2001 Sebl decided to carry 1500 excess people to maintain for the anticipated upturn. Bonuses were reduced to keep these people but now they must be cut.>> "But now they must be cut." And at the same time, Tom got $175M in stock(which is sold) at a cost of pennies(at most) per dollar. I'm not suggesting the two are directly related, I understand and appreciate downsizing to make things more efficient. But $175M in compensation for last year? Look at what he did for shareholder value in '01 ! Did that merit $175M paycheck? <<Sebl will focus on cash flow positive business, >> Yep, I heard that about five times on the call. IMO, just another way of saying pro forma BS <<CRM remains a top IT priority>> Yeah, I almost had tears(of laughter) in my eyes when he told the story of the CEO of a "major automobile manufacture" stating to his mgmt. If CMR isn't adopted, this company will cease to exist in four years. <<GUIDANCE Q3 - something like Q2>> You forgot to mention the "Or worse."comment <<Tom is not going to sugar coat this! >> I heard him say that too. Again, IMO, he sugar coated the whole call. Not sugar coating it, but sugar coating it. <<QUESTION AND ANSWER>> I didn't hang around too much to listen to that part