Brent Thill Quotations

Management has failed to give a consistent reason for his absence.

Regardless of the outcome, we still believe Oracle's current financial health remains intact. We do not believe there are hidden accounting issues.

While losing a talented individual like Evans is not good news, we believe his departure will not have an impact on financial results and is not a leading indicator of additional departures.

Aspect concentrates on the high-end of the market, but even at the high-end there's a number of initiatives under way by other companies.

Asia is the epicenter of sourcing and manufacturing. They have so many different types of suppliers.

We forecast strong spending on software applications in calendar year 2001. But the priority stack has shifted towards supply chain/B2B collaboration and select areas of CRM/content management. We believe the heavy damage is already done. While we can't call the absolute bottom, we believe we are nearing the trough.

The company beat our revenue expectation by $33 million, which is a huge upside surprise. All the financial metrics were extremely solid. Their balance sheet was spotless, and deferred revenue rose to $84.6 million from $46.7 million in the previous quarter, which shows that their backlog continues to strengthen.

We expect sluggish sales in the first half of 2006 due to a continuation of calendar 2005 themes.

While we think these issues will be short lived, Salesforce.com need to address them aggressively, in our view.