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To: Bill Harmond who wrote (32595)	5/17/2007 8:01:49 AM
From: Bill Harmond	Read Replies (1) \| Respond to of 57684

07:31 CRM Salesforce.com: Color on quarter (45.25 ) Friedman Billings notes CRM reported a decent quarter, with slight upside to revs and in-line EPS. Rev guidance was raised, but to a level that is in line with consensus, when the quarter's rev upside is taken into consideration. Despite its robust rev growth, firm says the co is not able to get much operating leverage due to spending. we think subscriber growth was lackluster and ARPU was down on a YoY basis... ThinkEquity believes Q1 outperformance and raised guidance reflect the rising SAAS tide and strong positioning. While some may nitpick over inline GAAP EPS guidance, firm is less concerned given the leverage in the on demand model. They believe trends are strengthening, as firm's checks suggest that newer product activity is ramping nicely with no deterioration in the core SFA, which they believe is helping drive deeper, higher value customer relationships and stave off competition.