Accrue Software - 500 Beiträge pro Seite

[DimStar]

Wie schizpophren der Markt sich derzeit gibt zeigt der Kursrückgang dieses schönen Werts. Die Analysten wollen e-business-werte mit einem funktionierenden Geschäftsmodell sehen. Hier haben wir einen Technologieführer, der der Konkurrenz Kunden abnimmt, indem die Applikationsbreite erhöht wird (durchschnittlicher Lizensierungspreis stieg von 150.000 auf 175.000 $) und bereits profitabel arbeitet. Die gehypten storefront- oder Katalogspezialisten erzielen keine wesentlich höheren Preise für ihre Software. Die neuen Kooperationen mit Siebel und Broadvision sorgten für zusätzliche Umsatzdynamik (62 % Umsatzanstieg im Vergleich zum 3. Quartal). Ich bin davon überzeugt, daß tracking-tools in zukunft für jede e-commerce-site essenziell sind und auch der b2b-bereich enorme Chancen für solche anbieter birgt.


Accrue Software Announces $0.03 Per Share Profit; 63%
4/12/00 1:50:00 PM
Source: Business Wire

Sequential Quarter Revenue Growth

Business Editors and High Tech Writers

FREMONT, Calif.--(BUSINESS WIRE)--April 12, 2000-- Fiscal Quarter and Year Results Ahead of Analyst Expectations; Fiscal

Q4 Revenue Increased to $7.5 million. Fiscal Year 2000 Revenue Grew 303% to $18.9 million.

Accrue Software(R) Inc. (NASDAQ:ACRU) the leading provider of e-Business analytic solutions for optimizing visitor response to Web-based Advertising, Content, and Commerce initiatives today announced its eighth consecutive quarter of record revenues and its first profitable quarter. Additionally, as of March 23rd, all of the Company`s lock-up and share trading restrictions resulting from the Company`s IPO and recent acquisitions were lifted resulting in a float of approximately 27 million shares.

For the fourth quarter of its fiscal year 2000, ended March 31, 2000, Accrue reported revenues of $7.5 million, an increase of 63% over revenues of $4.6 million in the third quarter of fiscal year 2000, and an increase of 271% over revenues of $2.0 million for the quarter ended March 31, 1999. The Company reported pro-forma net income of $0.03 per share for the fourth quarter compared to a net loss of $(0.01) per share for the prior quarter and a net loss of $(0.30) per share for the quarter ended March 31, 1999.

Fiscal year 2000 total revenues were $18.9 million, which represents a 303% increase over revenues of $4.7 million for fiscal year 1999. Pro-forma net loss for fiscal year 2000 was $(0.12) per share as compared to a net loss of $(1.34) per share for fiscal year 1999.

For the quarter ending June 30, 2000, the Company is projecting revenues of $8.5 million, and pro-forma earnings per share of approximately $0.04. For the quarter ending September 30, 2000, the Company is projecting revenues between $10.0 and $11.0 million and pro-forma earnings per share of approximately $0.05.

In January 2000, the Company completed its acquisition of NeoVista, a leading provider of data mining and personalization applications. This acquisition was accounted for as a purchase and as a result, the Company recorded a one-time in-process research and development charge of $0.7 million. In addition, the Company recorded intangible assets of approximately $130.3 million, which will be amortized ratably over three years.

"We`ve just completed the most successful year in our history and exceeded our plan along all key operating metrics. Along the way we achieved profitability two quarters ahead of analyst expectations and saw acceleration in sequential growth in quarterly revenue. With the quarter`s new customer wins, Accrue`s customer list now includes over 550 of the Web`s leading e-Businesses. In the quarter we achieved a number of wins against competitors NetGenesis, E.piphany and Broadbase. We signed a number of major strategic partnerships and saw excellent growth in our worldwide distribution channels," said Richard Kreysar, president and CEO of Accrue. "We look forward to an exciting new year with plans to continue to expand our enterprise-scale products and services worldwide, to develop strategic partnerships with other industry leaders and to deliver award winning applications that address the needs of companies with significant e-Business initiatives." -0- *T Highlights of the Quarter

-- Accrue signed more than 50 new customers including Staples,

Inc., Cox Interactive Media, Inc., InfoWorld.com, Andale, Inc.,

HomePortfolio, Inc, E.W. Scripps Company, and Reality Online, a

Reuters Company.

-- Accrue converted a number of high profile customers from

mid-tier competitors such as NetGenesis. Converted customers

include Lucent Technologies, Autodesk, Inc., EarthWeb, Inc.,

TechTarget.com, and Interadnet.

-- Accrue continued to experience rapid growth in the European and

South American markets. During the quarter Accrue signed

international customers including El Mercurio, MultiMania, Air

Miles, ST Electronics, Abril, Buy.com UK, Europortal and Shell

GeoStar.

-- Accrue established an OEM partnership agreement with JDA(R)

Software Group, Inc. JDA will embed Accrue`s Decision Series

analytic engines into JDA`s comprehensive suite of retail

applications. Additionally, JDA will resell Accrue Insight and Hit

List into their existing worldwide e-retailing customer base and

prospects.

-- Accrue signed technology partnerships with leaders such as

Siebel and BroadVision, adding to Accrue`s fast growing list of

industry leaders that include Art Technology Group, ABC

Interactive, DoubleClick, IBM, Informix, Intel/iPivot,

MicroStrategy, OgilvyOne Interactive, Oracle Corporation, and

Vignette.

-- Accrue was named the sixth "best-managed, fastest-growing tech

company in the world" by leading technology business magazine

Forbes ASAP and was the top ranked company in the eCommerce

infrastructure software and services market.

-- Accrue was named to Upside Magazine`s e-Business 150 and was

ranked 9th in its category.

-- Accrue announced Accrue Insight 3.1 for Oracle. This upgrade to

Accrue`s flagship product extends Accrue`s platform options by

bringing improved visitor segmentation, increased performance, and

greater configurability to the Oracle platform.

-- Accrue shipped Decision Series 4.0, providing a complete,

integrated, and scalable solution for knowledge discovery in

databases. The Decision Series is an enterprise-level suite of

integrated analytic engines that include support for predictive

and descriptive modeling to more accurately understand and target

online customers.

-- Accrue shipped NeoVista Assort 2.2, the latest version of

Accrue`s merchandising offering for retailers with large numbers

of stores/outlets who need to tailor product assortments for

multiple categories and a variety of customer preferences.

-- Accrue expanded its platform options for Accrue Hit List,

supporting IBM Enterprise environments running Windows NT. Highlights of the Year

-- Accrue completed its Initial Public Offering July 30th, 1999 of

3,900,000 shares of common stock.

-- In January, Accrue acquired Marketwave Corporation, a privately

held company that develops the Hit List family of scalable Windows

NT-based solutions for analyzing Web visitor activity.

-- In November, Accrue acquired NeoVista Software, experts in

advanced analytic technologies with proven success in helping

traditional merchandising enterprises.

-- Accrue added more than 200 new high-profile customers to its

growing list of leading e-Businesses, bringing the total of

enterprise-level customers to over 550. *T About Accrue Software

Accrue Software is the leading provider of e-Business analytic solutions for optimizing visitor response to Web-based Advertising, Content, and Commerce initiatives. Accrue`s complete line of analytic applications offers companies the ability to target their most profitable customers by understanding behavior and purchasing trends for different visitor segments; "Converting Clicks to Customers(TM)".

Accrue Software was founded in 1996 and is headquartered in Fremont, Calif., with a center of excellence in Seattle, Wash., regional sales offices throughout the US, and an international office in London, England. Accrue has strategic partnerships with Art Technology Group, ABC Interactive, BroadVision, DoubleClick, IBM, Informix, Intel/iPivot, JDA, MicroStrategy, OgilvyOne Interactive, Oracle Corporation, Siebel, and Vignette. Accrue Software can be reached at 1-888-4ACCRUE or 510-580-4500 and at http://www.accrue.com.

Pro forma Accrue Software, Inc. Consolidated Statements of Operations (unaudited, in thousands, except per share data) Three months ended Twelve months ended Mar 31, Mar 31, Mar 31, Mar 31, 2000 1999 2000 1999 Net revenue:

Software license $ 5,633 $ 1,632 $14,681 $ 3,640

Maintenance and service 1,879 395 4,183 1,044

[buckweiser]

danke

[DimStar]

Richard D. Kreysar
Accrue Software
Richard D. Kreysar President and Chief Executive Officer
Interviewed by George S. Mack

No two people browse a Web site in the same way, but all leave a trail of footprints, or clicks, that can tell the Web site owner what visitors to the site are thinking. ACCRUE SOFTWARE (ACRU) creates enterprise-class products that answer those questions for any company that has an Internet presence. Every time someone clicks a mouse, ACCRUE`s software converts it into visitor-behavior information – like the looker-to-buyer ratio or the kind of ad banner that drove the person to the site. The Fremont, Calif.-based company also provides a number of analytical applications that allow Web site operators to slice and dice the data in different ways to answer important business questions. For instance, what is the most profitable customer segment coming to the site? Or what kind of cross-selling and up-selling can a company do effectively between products? From its IPO date on July 30, 1999 to April 6, ACCRUE`s shares were up 218%.

[THE INTERNET ANALYST – GEORGE S. MACK] Who are your customers?

[RICHARD D. KREYSAR] Our targeted customers are the companies that are getting between 5 million and 50 million hits per day – with hundreds of servers spread out across the world. We sell to both the business-to-consumer and business-to-business spaces. One of the reasons for our recent acquisition of Neovista is that it has historically been in the offline world, working strictly with brick-and-mortar retail companies such as WAL-MART STORES (WMT), WALGREEN (WAG) and J.C. PENNEY (JCP), which we now call click-and-mortar businesses. We are also dominant in the e-media world. We`re talking about companies such as MEREDITH (MDP), KNIGHT-RIDDER (KRI), GANNETT (GCI), Hearst or TRIBUNE (TRB).

[GSM] Including Neovista, you`ve done two acquisitions. How did you pay for them, and what do they mean for your business?

[RDK] We paid 9% of our outstanding stock, or 2.4 million shares, for Neovista for 10% to 13% in top-line growth, with no delay of profitability. For the Marketwave acquisition, we paid 15% of our outstanding stock, or 3.5 million shares, for 30% growth in revenue, also with no delay in profitability.

[GSM] Are you on schedule with analysts` forecasts?

[RDK] I believe one of the unique features of ACCRUE is our scalable and profitable business model. We`ve been increasing revenue 30% to 40% per sequential quarter, and we have already projected our break-even point, on an adjusted basis, for March 2000. That`s about two quarters ahead of analysts` expectations.

[GSM] How much could your products cost a customer?

Vital Statistics
Accrue Software
(ACRU)
--------------------------------------------------------------------------------

Market Cap: $1.06BM
Shares Outstanding: 26.83M
Recent Stock Price: $39.38 (4/6/00)
52-Week High: $75.00
52-Week Low: $8.63
Fiscal Year March
EPS (Thomas Weisel Partners)
1999A: ($0.44)
2000E: ($0.10)
2001E: $0.32
Revenues (Thomas Weisel Partners)
1999A: $4.7M
2000E: $17.5M
2001E: $49.4M
[RDK] The products are sold on a perpetual license on a CPU-based pricing model, which means we price the products based on the number of CPUs you actually want to monitor. Our average sale price is about $150,000. We currently derive 25% to 30% of our quarterly revenue from our existing customer base, which, to date, is more than 500 customers and gives us a dominant market share. Not only are we getting the maintenance renewals, which are annually 20% of the license fee, but we`re also getting the additional servers. Every time they add a CPU, we love it, because we get another $10,000.

[GSM] How big is this market?

[RDK] I like to make the Gold Rush analogy. The dot-coms, so to speak, made the land grab. But people need to remember who made all the money in the whole Gold Rush era: It was Levi Strauss selling jeans, as well as the people selling picks and shovels. That`s kind of what we`re doing. We`re in the background selling software that allows you to improve your investment. We can sell to every dot-com, every retail site going online, and every B2B enterprise. As for the size of the market, just in the analytical space for this year, it`s more than $400 million, and the numbers are getting bigger and bigger.

[GSM] Our readers are investors, and they will note that you sold 50,000 shares of your company stock back in January. By my calculation, you still own about 5.6% of the company. Do you consider selling stock a normal method of compensation for working at ACCRUE?

[RDK] My personal compensation is tied to performance. If I`m making money for investors, then I`m compensated accordingly. If I`m not, I shouldn`t make any money. Definitely, a major part of my compensation is in the stock.

[DimStar]

Accrue Software Teams With IBM to Provide Advanced Web Shopping Analytics Bridging Web Visitor Activity and e-Commerce Data
Accrue Insight Commerce Module for IBM WebSphere Commerce Suite Provides Powerful E-commerce Analytics by Leveraging Web Visitor Shopping Behavior With Purchasing and Demographic Data
FREMONT, Calif.--(BUSINESS WIRE)--June 5, 2000-- Accrue Software, Inc. (Nasdaq:ACRU - news), the leading provider of eBusiness analytic solutions for optimizing visitor response to Web-based Campaign, Content, Commerce and Affiliate initiatives today announced the availability of Accrue Insight Commerce, for IBM WebSphere(1) Commerce Suite, a new eBusiness application that provides shopping analytics for e-commerce sites built with IBM WebSphere Commerce Suite, formerly IBM Net.Commerce.

Accrue Insight Commerce analyzes the entire online sales process -- from initial entry to the site, the online experience and navigation, shopping cart activity, and purchase transactions. Accrue Insight Commerce leverages a combination of rich Web-centric information provided by Accrue Insight 5 and stores product, transaction and demographic data collected by IBM WebSphere Commerce Suite. As part of the relationship, IBM will provide co-marketing funds to assist Accrue in marketing Accrue Insight Commerce for IBM WebSphere Commerce Suite.

Accrue Insight 5, Accrue`s flagship solution for analyzing the effectiveness of complex, high-volume Web sites, tracks a visitor`s complete site interaction and experience. Accrue Insight Commerce harnesses both Accrue Insight 5`s rich visitor-centric data and WebSphere Commerce Suite`s purchase and demographic data to provide a complete picture of a site`s merchandising and shopping effectiveness. It provides answers to eBusiness effectiveness questions that cannot be addressed without combining extensive visitor activity information with transaction information. For example, Accrue Insight Commerce analyzes not only overall shopping cart activity but also the total potential sale from products either removed or abandoned from a shopping cart.

``The Accrue Insight Commerce module allows a commerce site to analyze not only bottom-line results in terms of actual sales but also potential sales and missed opportunities,`` said Vito Salvaggio, vice president of marketing at Accrue Software. ``The rich transaction and demographic data from IBM`s WebSphere Commerce Suite complements the rich visitor activity data collected by Accrue Insight 5. The resulting analysis, such as conversion of browsers to buyers or the shopping-cart abandonment rate by product or customer segment, gives Accrue Insight Commerce users a competitive advantage that directly impacts the bottom-line.``

``The combination of IBM`s leading e-commerce technology with Accrue`s analysis solution can help companies increase the success of their e-commerce efforts dramatically and rapidly,`` said Dave Liederbach, vice president, e-commerce, IBM Software Solutions. ``It`s important for businesses to utilize their Web sites not only to drive sales, but also to generate leads, improve site stickiness, customer service and develop customer loyalty, and this solution will help drive that.``

Accrue Insight 5 and Accrue Insight Commerce are available now.

About IBM WebSphere Commerce Suite

IBM`s WebSphere Commerce Suite, the first integrated e-commerce solution, provides a wide range of easy-to-use features and functions for content management, relationship marketing, order management, and payment management for all types of Internet businesses, including business-to-business, business-to-consumer, and e-marketplaces Sites built with WebSphere Commerce Suite can easily integrate with both internal and external systems and grow with the changing needs of an eBusiness. IBM WebSphere Commerce Suite customers benefit from the functionality of the WebSphere family, which integrates Web commerce, Web application server, Web application development tools, transaction processing and distributed component software from IBM.

About Accrue Software

Accrue Software is the leading provider of eBusiness analytic solutions for optimizing visitor response to Web-based Campaign, Content, Commerce and Affiliate initiatives. Accrue`s complete line of analytic applications offers the ability to target the most profitable customers by understanding behavior and purchasing trends for different visitor segments: ``Converting Clicks to Customers(TM).``

Accrue Software was founded in 1996 and has its headquarters in Fremont, with a center of excellence in Seattle, regional sales offices throughout the U.S., and an international office in London. Accrue has strategic partnerships with Annuncio Software, Art Technology Group, ABC Interactive, BroadVision, DoubleClick, IBM, Informix, Intel/iPivot, JDA, MarketFirst, MicroStrategy, OgilvyOne Interactive, Open Market, Oracle, Siebel, Unica, Vignette, and Xchange. Accrue Software can be reached at 888/4ACCRUE or 510/580-4500 and at http://www.accrue.com.

[buckweiser]

gut

[buckweiser]

Dimstar, was hast Du noch im Depot: ausser ACRU, CMRC, VIGN, (ARBA?)? Was hälst Du von NETE?

[DimStar]

hallo buckweiser

ich habe nur schlechte erfahrungen damit gemacht, mein depot hier auszubreiten oder irgendjemandem zu irgendetwas zu raten. deine freunde haben dir deine cmrc-tips sicher auch gedankt, gelle ? auch wenn wir noch so gut recherchieren, vieles bleibt doch verborgen. deshalb diskutiere ich hier nur über werte. ich schick dir aber mal ne mail.

Über Netegrity habe ich auch eine Weile nachgedacht, nachdem sie mit cmrc gepartnert haben. die frage ist aber letztendlich, was sie daran verdienen. Nichtsdestotrotz wachsen sie bislang sehr schnell für einen Sicherheitswert. 1,4 Mrd Börsenwert sind bei einem 12-M-Umsatz von 17 Mio m.E. aber zuviel. Ich kenne mich in dem Segment zuwenig aus, als daß ich Alleinstellungsmerkmale gegenüber RSA, VRSN oder ENTU finden könnte.

[DimStar]

Ich habe mal mein dcf-modell bei acru durchgespielt. dabei ging ich von folgenden annahmen aus:

Nach den 2 Akquisitioen Ende 99 sollte Accrue die Umsätze organisch in den nächsten 3 Quartalen um sequentiell 30 % steigern. Es ergäbe sich ein 2000er Umsatz von 47 Millionen $.

Umsatzsteigerung Fiskaljahr
01 150 %
02 100 %
03 50 %
04 30 %
05 25 %
06 20 %
07 20 %
ER 3 %

Die Nettomargen sollten sich von 11 % in 2000 auf 25 % auf lange Sicht erhöhen. Wie margenträchtig dieser Bereich ist, zeigte schon die 10 %-Nettomarge im 1. Quartal 00, obwohl Accrue erst 1996 gegründet wurde.

Bei einem Risikozinsfuß von 12 % ergibt sich für mich ein Kursziel von 53 $.

Peer Group - Vergleich Multiple der letzten 12 M -Umsätze

Accrue........47
E-Piphany....149
Broadbase.....83
Net Genesis...37
WebTrends.....35

Hier sieht man, daß die Bewertungen weit auseinandergehen, Accrue aber zu der günstigeren Gruppe gehört. Bei diesen Nischenplayern stellt sich die Frage, ob größere Firmen wie Oracle, Vignette oder Siebel mit breiteren Produktpaletten nicht größere Marktanteile in Zukunft auf sich vereinen können. Manche tools werden aber gerade von den genannten Unternehmen an größere lizensiert oder es bestehen Vertriebspartnerschaften.

[DimStar]

charttechnisch könnte die Marke um 36/37 einen Widerstand bilden.

[DimStar]

völlig bizarrer kursverlauf heute. erst + 13 %, zum schluß -8 %



die tatsache, daß zum schluß nur käufer zu finden waren, deutet doch eher auf manipulation/windowdressing hin. montag wirds interessant.

[buckweiser]

Wie funktioniert das eigentlich mit dem Risikozinsfuss, hab ich jetzt schon öfter gehört - und warum gerade 12% ?
Wäre für eine Erklärung dankbar, vielleicht kann ich das ja dann auch mal anwenden

Grüsse,

buckweiser

(ich hab für mich z.B. bei Accrue ein Kurspotential von 500% bis 2004 errechnet, bei Umsatz von 500 Mill (2005) und nettorendite von 25% (bei KGV 40)

[DimStar]

ich schick dir am montag ne mail

[buckweiser]

freu ([e-mail]), meine homepage ist zur Zeit nicht erreichbar (gelöscht von fortunecity?)

[buckweiser]

Accrue Software Announces Record Revenue and Profits; EPS Grew 72% Sequentially to $0.05; Fiscal Q1 2001 Exceeds Analyst Projections
Revenues Increased 206% to $9.8M
FREMONT, Calif., Jul 18, 2000 (BUSINESS WIRE) -- Accrue(R) Software, Inc. (Nasdaq: ACRU chart, msgs), the leading provider of eBusiness analytic solutions for optimizing visitor response to Web-based Campaign, Content, Commerce, and Affiliate initiatives today announced its ninth consecutive quarter of record revenues and its second quarter of profitability (on a pro forma basis).

For the first quarter of its fiscal year 2001, ended June 30, 2000, Accrue reported record revenues of $9.8 million, an increase of 30% over revenues of $7.5 million for the quarter ended March 31, 2000, and an increase of 206% over revenues of $3.2 million in the first quarter of fiscal year 2000. The Company reported record pro forma net income of $0.05 per share for the first fiscal quarter compared to a pro forma net loss of $(0.06) per share for the quarter ended June 30, 1999 and pro forma net income of $0.03 per share for the quarter ended March 31, 2000.

"I`m pleased to announce that we have once again exceeded our goals on the way to building the next significant software company with a scalable and profitable business model," said Richard Kreysar, president and CEO of Accrue Software. "The market continues to validate Accrue`s unique and broad approach to eBusiness analytics. In addition to exceeding consensus financial analyst targets for revenue and profitability in the quarter, we made great strides forward with new products, marquee new customers, channel expansion and strong partnerships."


Highlights of the first quarter in fiscal 2001:

-- Accrue released Accrue Insight 5, a major upgrade to our
flagship product that provides increased modularity and serves
as a platform for four new analytical modules that were also
released in the quarter. The modules are: Campaign, Content,
Commerce, and Affiliate. These new modules allow companies to
tailor the Accrue solution to their Web operations, and gain
in-depth analytical capabilities for their online initiatives.

-- Accrue again signed more than 50 new customers, bringing the
total customer base to over 600 of the Web`s leading
eBusinesses, in market segments ranging from
clicks-and-mortar, new media, financial services, technology
and e-commerce. New customers include CMP Media, Inc.,
Egreetings Network, Inc., Electronic Media International
(eMedia), Hong Kong Shanghai Bank (HSBC), Macys.com, Network
Solutions Inc., Progress Software, Texas Instruments, The
Lending Tree, Inc., and Siemens AG.

-- 40% of revenues came from Accrue`s existing customer base,
highlighting our existing customers` increasing commitment to
the Accrue solution.

-- With the release of Accrue Insight 5, Accrue garnered wide
industry support from major eBusiness infrastructure software
and solutions vendors including BroadVision, DoubleClick, IBM,
Vignette, ART Technology Group, MarketFirst, Annuncio, Unica
and Xchange. These companies announced their support for
Accrue Insight 5, and their commitment to work with Accrue on
joint solution bridges.

-- Accrue began generating revenue through alternate channels
this quarter. Through the JDA Software Group agreement, we are
expanding the delivery channel for Accrue`s predictive and
descriptive analytical solutions. JDA will be reselling
Accrue`s technology with JDA`s retail and e-commerce solutions
offerings.

-- Accrue also announced an OEM agreement with Open Market
whereby the Accrue Insight Commerce module for advanced
e-commerce analytics will be integrated in Open Market`s
Marketing Studio application. The combination will provide
Open Market`s customers with the industry`s most sophisticated
e-commerce analytics solution.

-- Accrue continues to derive revenue through referrals from
system integrator, hoster and Web site development partners,
which include Andersen Consulting, Concrete Media, and Ogilvy
& Mather.

-- During the month of July, Accrue acquired the InfoCharger
technology and the Scotland-based development team from Tantau
Software, Inc. for approximately 1.67 million shares of Accrue
stock and $5 million in cash. The InfoCharger technology
provides extremely scalable technology for processing and
analyzing data in large databases and supports the ability to
process traffic analysis levels in excess of 1 billion hits
per day. Accrue Insight is already the industry leader in its
ability to support complex and very high traffic Web sites.
The integration of the InfoCharger technology in an upcoming
release of Accrue Insight, planned for Q4 CY2000, will further
solidify Accrue`s competitive position in the high-end
eBusiness analytics market and extend Accrue`s reach to
include sites of any scale including leading portals such as
Yahoo, AOL and Excite. With the acquisition, Accrue also
gained Engage/IPRO, a company that audits traffic levels for
many of the Web`s leading sites, as a customer.

-- Accrue appointed Ron Yu of Oracle Corporation as Vice
President of Worldwide Professional Services and Customer
Support. Yu will expand Accrue`s professional services and
customer support organization to serve our customers
worldwide. Accrue`s current employees total over 150 in
offices worldwide.

-- International business contributed 15% of total revenue,
indicating Accrue`s expanding presence internationally and the
global opportunity of the marketplace.

"Accrue has been continually extending its competitive position in eBusiness analytics through clearly differentiated technology and speed of deployment. Accrue continues to lead on the technology front with the most accurate data collection technology, the most scalable solution to answer complex questions in a timely manner for the most significant eBusinesses, and the breadth of its product offering," added Kreysar. "Customers also benefit from rapid application deployment times measured in days, not the weeks or months typical of consulting-intensive offerings. As a result, Accrue has succeeded in maintaining a high percentage of competitive wins as well as a steady stream of conversions from other solutions, all while growing profitability."


About Accrue Software

Accrue Software is the leading provider of eBusiness analytic solutions for optimizing visitor response to Web-based Campaign, Content, Commerce, and Affiliate initiatives. Accrue`s complete line of analytic applications offers the ability to target the most profitable customers by understanding behavior and purchasing trends for different visitor segments: Converting Clicks to Customers(TM).

Accrue Software was founded in 1996 and has its headquarters in Fremont, Calif., regional sales offices throughout the US, and an international office in London, England. Accrue has strategic partnerships with Annuncio Software, Art Technology Group, ABC Interactive, BroadVision, DoubleClick, IBM, Informix, Intel/iPivot, JDA, MarketFirst, MicroStrategy, OgilvyOne Interactive, Open Market, Oracle, Siebel, Unica, Vignette, and Xchange. Accrue Software can be reached at 888/4ACCRUE or 510/580-4500 and at http://www.accrue.com.

Note to Editors: Accrue, Accrue Insight, Hit List, Hit List Pro, Vista, DataLink, Decision Series and NeoVista Assort and Profile are trademarks of Accrue Software, Inc. All other trademarks are the sole property of their respective owners.

Except for the historical information contained herein, the matters discussed in the news release, including projections of future revenues and earnings, are forward-looking statements that involve risks and uncertainties that could cause actual results, future revenues or earnings to differ materially from those in such forward-looking statements. These forward-looking statements are made only as of the date of this press release, and Accrue undertakes no obligation to update or revise the projections of revenue and earnings, or the other forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, you should not place undue reliance on these projections of future revenue and earnings, and other forward-looking statements. Potential risks and uncertainties include, without limitation, the Company`s limited operating history, history of losses, fluctuations in operating results, competition in the eBusiness analysis market, reliance on sales from a single product for its revenue, reliance on expanding sales operations and distribution channels and potential difficulties associated with the integration of the personnel, operations and products of Marketwave and NeoVista with Accrue`s personnel, operations and products. These and other risk factors are described in detail in the Company`s Registration Statement on Form S-1, and in the Company`s other filings with the Securities and Exchange Commission.


Pro forma
Accrue Software, Inc.
Consolidated Statements of Operations
(unaudited, in thousands, except per share data)

Three months ended
June 30, June 30,
2000 1999
Net revenue:
Software license $ 6,923 $ 2,611
Maintenance and service 2,827 573
Total revenue 9,750 3,184

Cost of revenues
Software license 381 98
Maintenance and service 1,439 236
Total cost of revenues 1,820 334

Gross profit 7,930 2,850

Operating expenses:
Research and development 1,936 794
Sales and marketing 4,149 2,334
General and administrative 904 537
Total operating expenses 6,989 3,665

Loss from operations 941 (815)
Other income 409 (24)
Interest expense (4) (20)

Net Profit/(Loss) $ 1,346 $ (859)

Net loss per share,
basic and diluted $ 0.05 $ (0.06)

Shares used in computing
net loss per share,
basic and diluted 27,559 14,124

The June 30, 1999 Profit and Loss statement has been restated to
include the accounts of Marketwave, Inc.

The Pro forma Statement of Operations excludes non-cash charges
for stock based compensation and amortization of intangibles.



Accrue Software, Inc.
Consolidated Statements of Operations
(unaudited, in thousands, except per share data)

Three months ended
June 30, June 30,
2000 1999

Net revenue:
Software license $ 6,923 $ 2,611
Maintenance and service 2,827 573
Total revenue 9,750 3,184

Cost of revenues
Software license 381 98
Maintenance and service 1,439 236
Total cost of revenues 1,820 334

Gross profit 7,930 2,850

Operating expenses:
Research and development 1,936 794
Sales and marketing 4,149 2,334
General and administrative 904 537
Amortization of Intangibles 10,859
Stock-based compensation expense 749 1,260
Total operating expenses 18,597 4,925

Loss from operations (10,667) (2,075)
Other income 409 (24)
Interest expense (4) (20)
Net Profit/(Loss) $ (10,262) $ (2,119)

Net loss per share,
basic and diluted $ (0.40) $ (0.15)

Shares used in computing
net loss per share,
basic and diluted 25,586 14,124


The June 30, 1999 Profit and Loss statement has been restated to
include the accounts of Marketwave, Inc.



Accrue Software, Inc.
Consolidated Balance Sheets
(unaudited, in thousands)


March 31, June 30,
2000 1999
ASSETS
Current assets
Cash and cash equivalents $ 31,754 $ 31,971
Accounts receivable, net 6,279 8,222
Prepaid expenses and
other current assets 1,032 350
Total current assets 39,065 40,543

Property and equipment, net 2,253 2,551

Other assets, net 119,581 108,672

TOTAL ASSETS $ 160,899 $ 151,766


LIABILITIES AND STOCKHOLDERS` EQUITY
Liabilities
Current liabilities
Accounts payable $ 429 $ 1,118
Accrued liabilities 2,781 3,516
Accrued liabilities - merger 2,421 1,282
Deferred revenue 3,095 2,812
Current portion long term debt 147 129
Total current liabilities 8,873 8,857

Long term debt,
net of current portion 39 9

Total liabilities 8,912 8,866

Stockholders` equity 151,987 142,900

TOTAL LIABILITIES AND
STOCKHOLDERS` EQUITY $ 160,899 $ 151,766

The June 30, 1999 balance sheet has been restated to include the
accounts of Marketwave, Inc.

[DimStar]

kein blow-out, aber zufriedenstellend

[potter]

Der Markt sieht es anders: knapp 10% im Minus heute!

[DimStar]

SG Cowen Sec.
Accrue - Strong Buy
Strong FQ1 propels analytics leader. EPS were $0.05, a penny better than our est, on $9.8MM in rev (+206% YY and 30% Q/Q), 14% above our est, on higher license and esp svc rev. Signed 50 new customers; ASP up to 200K; repeat purchases 40% of rev. Channels gaining traction with OpenMarket and JDA OEM agreements. Mkt cap $892MM. ACRU $32

----------------------------------------------------------------------
Accrue Software Reiterated `Strong Buy` at FS Van Kasper
By Michael O. Donohue
Princeton, New Jersey, July 20 (Bloomberg Data) -- Accrue Software Inc. (ACRU US) was reiterated ``strong buy`` by analyst Jennifer Jordan at First Security Van Kasper. The 12-month target price is $67.00 per share.

----------------------------------------------------------------------
Accrue Software Reiterated `Buy` at Southwest Secs
By Sybil Carlson
Princeton, New Jersey, July 19 (Bloomberg Data) -- Accrue Software Inc. (ACRU US) was reiterated ``buy`` by analyst Manuel Royo at Southwest Securities, Inc. The price target is $85.

----------------------------------------------------------------------

[DimStar]

also irgendwie verstehe ich die kursentwicklung nicht so ganz. die aktie wird mittlerweile mit einem KGV von 36 gehandelt. das unternehmen wächst derzeit mit über 200 % p.a., erzielt bereits heute Nettomargen von 14 % (mit stark steigender Tendenz) und gilt als Übernahmekandidat für viele größere e-business-softwarefirmen. Möglicherweise hat einige Analysten der "Deferred Revenue" etwas enttäuscht, der leicht zurückgegangen ist, aber dies schränkt die langfristige Gesamtperspektive nicht ein. Wenn dieser Wert einen Boden findet, werde ich nachkaufen.

[buckweiser]

Es lebe die Fundamentalanalyse, ich wette viele gehen jetzt frustriert raus, aber wir sind schlau und kaufen nach!!! Hab noch ein bisschen Adva 1200% Gewinn-Geld.

[DimStar]

jawohl, es lebe sie. ich wollte allerdings keine empfehlung aussprechen. du weißt ja selbst, auf was man sich derzeit einlässt oder besser nicht.

[buckweiser]

Ich glaube ich kenne mich mittlerweile etwas aus, man muss halt immer das ganze im Blick haben und sich nicht verrückt machen lassen

hier noch ein interview des CEO nach den letzten Zahlen:

http://www.on24.com/vuwindow/scripts/vuwin.asp?id=30854&type…

...vielleicht gibt es ja noch echte schnäppchenpreise, dann bin ich da, bei NETP ist es ähnlich, nurnoch 11$ im Moment trotz guten Zahlen.

[DimStar]

das ist mit sicherheit eine kluge haltung. mit adva, nete, poet usw. kannst du dich ja auch wirklich schön zurücklehnen. schon unglaublich, wie viele momentumwerte derzeit völlig fallengelassen werden, wenn die umsatzschätzungen nicht weit übertroffen werden.

[buckweiser]

adva, nete, poet - hmm das sind gerade meine unsicheren kandidaten, da sehr teuer, war das ironie?

poet - 430000 Umsatz mit ecatalog-soft, der rest interessiert nicht, bewertung 200 Mill

nete - Umsatz 40-50 Mill in 2000, Kap. 1,6 Mrd., doch starkes quartal

adva - sauteuer, absturzgefährdet

...den Rest(sunburst...) sehe ich entspannter, ist halt alles eine SAche der Wahrscheinlichkeitsrechnung, 20 Werte mit Megawachstum, ein paar raketen sind immer dabei...

[DimStar]

hehe, ich meinte nur, daß man sich schon wohler fühlt, wenn man alleine das privileg besitzt solche gewinne realisieren zu können. ich brauche immer eine vorstellung vom fairen wert guter firmen, schaue mir den gesamtmarkt an und fahre den cash-anteil je nachdem rauf oder in die favoriten rein. das macht aber nur die hälfte des gesamten aus. manche aktien will ich schon zu einem bestimmten teil langfristig behalten.

im grunde hast du wohl die probleme deiner werte genau erkannt.
poet habe ich seit der emission verfolgt und gefiel mir bis zur warnung sehr gut. aber eine warnung kurz nach emission zerstört viel. ist derzeit halt ein reiner zock, weil nicht gesichert ist, ob die ecs wirklich so gut verkauft wird.
im glasfaserbereich kenne ich mich nicht aus. wg. nete melde ich mich demnächst in deinem thread.

[potter]

Hat jemand Infos warum accrue nach knapp 43$ an der Nasdaq Ende Juni auf gestern 22,8$ runter gekommen ist???
Das sind ja eben knapp 50% in 6 Wochen gewesen.

[DimStar]

nein, habe keine idee, acru war ja bereits vor der Akquisition von pilot von letzter woche ein underperformer.

notiz von SG Cowen v. 14.8.00

Accrue - Strong Buy
Pilot Software acquisition beefs up analytic capability. Pilot adds technology for trend analysis of clickstream data; strengthens ACRU`s high-end offering. Paid relatively little, $22MM (940K shares). Pilot provides ACRU with an in-house alternative to MicroStrategy`s ROLAP technology. Nondilutive; could add several million to rev next year. Mkt cap $700MM.

[DimStar]

hallo buckweiser

hast du acru schon als "Lusche" aus dem Depot geworfen ? ich habe neulich einiges über deine anlagestrategie gelesen, deine musterdepot-performance ist ja auch enorm.

wie schätzt du den wert nun fundamental ein ? ich kümmere mich leider um problemfälle meistens erst, wenn das kind in den brunnen gefallen ist. eine begründung könnte vielleicht ein mögliches dot-com-sterben (kundenbasis) sein, was die wachstumsperspektive einschränken könnte. M.W. sind in diesem Jahr auch wenige M&A in dem Sektor abgelaufen, ein indiz dafür, daß diese tools doch eher nicht eine höhere priorität für die erstellung von e-biz-plattformen einnehmen ?

wenn man sich die performance im gruppen-vergleich ansieht, deutet es aber eher auf probleme bei acru selbst hin, obwohl die zahlen eigentlich passabel waren.

[buckweiser]

Huch, nur noch 8$. Spekulationen um Gewinnwarnung usw...

Das letzte was ich von ACRU gehört habe war ein Interview mit dem CEO, was mich sehr optimistisch stimmte, ich glaube, das es keine Gewinnwarnung geben wird, gestern wurde alles runtergeshortet, was irgendwie nach Gewinnwarnung aussieht(BVSN, ACRU ...). Naja, die paar Markfünfzig sind mir jetzt auch egal, werde halten und mich ärgern, dass ich nicht zu 8 gekauft habe

Grüsse, buck

[buckweiser]

na das sind Helden:


RESEARCH ALERT-SG Cowen downgrades Accrue
NEW YORK, Oct 4 (Reuters) - SG Cowen said on Monday it would downgrade its rating on Accrue Software Inc. (NASDAQ: ACRU) to a buy from a strong buy as the company`s stock nears its year-low.

-- said the company faces "reduced investment urgency due to big-picture issues."

-- said increased alliance-making between Accrue`s competition could reduce Accrue`s sales, as the company has been slow to make similar partnerships.

-- said Accrue has a good technology base and a strong management team.

-- shares of Accrue closed at $8 on the Nasdaq on Tuesday, far below a year high of $75 and above a 52-week low of $7-7/8.

[DimStar]

bei mir siehts ganz ähnlich aus...Depotanteil < 1 %.
Diese Aktie ist ohne eine einzige Negativnachricht in 3 Monaten um 85 % gefallen. Ich hatte eigentlich mit ganz bösen Nachrichten gerechnet, aber diese sind überhaupt nicht vorhanden. Es gibt sicherlich generell für diesen Markt schon Negativpunkte, trotzdem verstehe ich dies nicht so recht.

[Gulliver]

Accrue Software Reports Record Revenue and Profit
Fiscal Q2 2001 Revenue Grows 183% Year-Over-Year
Pro Forma EPS $0.06
FREMONT, Calif.--(BUSINESS WIRE)--Oct. 17, 2000--Accrue® Software, Inc. (NASDAQ: ACRU - news), the leading provider of eBusiness analytic solutions for optimizing visitor response to Web-based campaign, content, commerce and affiliate initiatives today announced its tenth consecutive quarter of record revenues and its third quarter of profitability (on a pro forma basis).

For the second quarter of its fiscal year 2001, ended September 30, 2000, Accrue reported record revenues of $10.04 million, an increase of 183% over revenues of $3.55 million for the quarter ended September 30, 1999, and an increase over revenues of $9.75 million in the first quarter of fiscal year 2001 ended June 30, 2000. The Company reported record pro forma net income of $0.06 per share for the second fiscal quarter compared to a pro forma net loss of ($0.06) per share for the quarter ended September 30, 1999 and pro forma net income of $0.05 per share for the quarter ended June 30, 2000.

``In this quarter the market saw a dynamic transformation in the e-commerce arena with a significant shift in momentum towards the established clicks-and-mortar brands. Accrue made significant progress penetrating the key clicks-and-mortar players with the addition of Kmart, macys.com, Vivendi and Target as new customers that join our existing customers JC Penney, Wal-Mart, Lands` End and Staples, to name a few,`` said Richard Kreysar, president and CEO of Accrue Software. ``We also saw excellent recurring revenue from our installed base of leading eBusinesses which includes many of the leading dot-com and e-media properties.``

Highlights of the second quarter in fiscal 2001:

Accrue Insight 5 and the Campaign, Content, Commerce, and Affiliate application modules began shipping in Q2. These applications are built on the Insight platform and provide eBusiness managers with customer acquisition, content effectiveness, shopping behavior and partnership analytics. These were complemented by bridges between the modules and leading eCRM applications. The new products include Accrue Insight Commerce for Oracle with Bridge to IBM WebSphere, Accrue Insight Campaign for Oracle with Bridge to DoubleClick, Accrue Insight Content Bridge for BroadVision and ATG and Accrue Insight Commerce for Open Market`s Marketing Studio application.
Accrue announced Accrue Hit List 4.6, which includes full Windows 2000 support, a multi-platform Administration and Report client, and significantly increased capacity to handle the ever-increasing volume of visitor activity on rapidly growing, successful Web sites. By adding full support for Windows 2000, this release furthers Accrue`s offering as the most flexible, Windows-compliant analytics package available today.
Accrue closed the Pilot Software acquisition in late September. This acquisition further enhances Accrue`s leading position in the eBusiness analytics market through the addition of advanced reporting and Hybrid OLAP technology, talented business intelligence developers and a world-class global distribution channel. The next version of Accrue Insight, to be released in calendar Q4 2000, will incorporate Pilot`s leading-edge technologies.
Accrue signed partnership agreements with BroadVision and Epicentric. These partnerships further solidify Accrue`s applications as best-of-breed in the eBusiness analytics marketplace. BroadVision and Epicentric add to Accrue`s existing partnerships with other leading solutions vendors including Art Technology Group, ABC Interactive, DoubleClick, IBM, Informix, JDA, MarketFirst, Open Market, Oracle, Unica, Vignette, and Xchange.
Accrue announced the addition of subscription-based pricing for Accrue Hit List. This pricing structure will make Accrue`s products more accessible to the Fortune 1000 and new-economy companies. Then, as their needs expand in parallel with the growth of their business, they will be able to take advantage of the upgrade path to Accrue Insight, an enterprise-class product capable of handling over 75 million hits per day.
In addition to the new clicks-and-mortar customers, new customers in Accrue`s other key markets including financial services, high technology and e-media include NTT Japan, State Street Bank, Zurich Financial Services, Canal NuMedia, iFrontier and Dresdner Bank AG bringing our total number of customers to over 1000.
Accrue`s international operations continued to ramp up in the quarter. Accrue expanded its customer base in Japan through its partnership with Sumisho Electronics which added Ritsutaya Online, NTT Japan, and Uchida Yoko to its customer list. Accrue also announced the opening of four new offices and territories in France, Germany, Benelux and Singapore and multilingual customer support centers in Europe. The EMEA Support Centers, located in the U.K. and Germany, will serve the company`s rapidly-expanding Europe, Middle East and Africa customer base further extending the company`s commitment to providing world-class customer support.
Accrue also ramped up worldwide distributors acquired through the Pilot acquisition. Pilot`s 50 distributors in Europe, Latin America, Asia and Australia offer extensive expertise in delivering Business Intelligence solutions and are now also equipped to market and sell Accrue`s complete eBusiness analytics applications which include Accrue Hit List, Accrue Insight and our analytics platforms which include Pilot, Decision Series, and InfoCharger.
``We believe our technology lead will widen later this year with the expected release of Accrue Insight 6.0,`` stated Kreysar. ``This next generation platform incorporates all our technology acquisitions into a single solution, further solidifying our position as offering best-of-breed eBusiness analytics products. This combination of best-of-breed applications, a sophisticated, growing customer base numbering over 1000, and a profitable, scalable business model distinguishes Accrue in the eCRM analytics market.``

About Accrue Software

Accrue Software is the leading provider of eBusiness analytic solutions for optimizing visitor response to Web-based campaign, content, commerce, and affiliate initiatives. Accrue`s complete line of analytic applications offers the ability to target the most profitable customers by understanding behavior and purchasing trends for different visitor segments: Converting Clicks to Customers (TM).

Accrue Software was founded in 1996 and has its headquarters in Fremont, Calif., regional sales offices throughout the US, and an international office in London, England. Accrue has strategic partnerships with Art Technology Group, ABC Interactive, BroadVision, DoubleClick, Epicentric, IBM, Informix, JDA, MarketFirst, Open Market, Oracle, Unica, Vignette, and Xchange. Accrue Software can be reached at 1-888-4ACCRUE or 510-580-4500 and at www.accrue.com.

Accrue, Accrue Insight, Hit List, Decision Series and Pilot Software are trademarks of Accrue Software, Inc. All other trademarks are the sole property of their respective owners.

Except for the historical information contained herein, the matters discussed in the news release, including projections of future revenues and earnings, are forward-looking statements that involve risks and uncertainties that could cause actual results, future revenues or earnings to differ materially from those in such forward-looking statements. These forward-looking statements are made only as of the date of this press release, and Accrue undertakes no obligation to update or revise the projections of revenue and earnings, or the other forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, you should not place undue reliance on these projections of future revenue and earnings, and other forward-looking statements. Potential risks and uncertainties include, without limitation, the Company`s limited operating history, history of losses, fluctuations in operating results, competition in the eBusiness analysis market, reliance on sales from a single product for its revenue, reliance on expanding sales operations and distribution channels and potential difficulties associated with the integration of the personnel, operations and products of Marketwave, NeoVista and Pilot with Accrue`s personnel, operations and products. These and other risk factors are described in detail in the Company`s Registration Statement on Form S-1, and in the Company`s other filings with the Securities and Exchange Commission.


Pro forma
Accrue Software, Inc.
Consolidated Statements of Operations
(unaudited, in thousands, except per share data)

Three months ended Six months ended
Sept 30, Sept 30, Sept 30, Sept 30,
2000 1999 2000 1999
---- ---- ---- ----
Net revenue:
Software license $ 6,727 $ 2,784 $ 13,650 $ 5,395
Maintenance and
service 3,308 766 6,135 1,341
-------- -------- -------- --------
Total revenue 10,035 3,550 19,785 6,736
Cost of revenues
Software license 108 101 489 200
Maintenance and
service 1,755 364 3,194 600
-------- -------- -------- --------
Total cost of
revenues 1,863 465 3,683 800
-------- -------- -------- --------
Gross profit 8,172 3,085 16,102 5,936
-------- -------- -------- --------

Operating expenses:
Research and
development 2,059 1,035 3,995 1,829
Sales and marketing 3,488 3,125 7,637 5,458
General and
administrative 1,142 577 2,046 1,114
-------- -------- -------- --------
Total operating
expenses 6,689 4,737 13,678 8,401
-------- -------- -------- --------

Profit/(Loss) from
operations 1,483 (1,652) 2,424 (2,465)
Other income and
(expense) 356 288 761 244
Taxes (11) -- (11) --
-------- -------- -------- --------
Net Profit/(Loss) $ 1,828 $ (1,364) $ 3,174 $ (2,221)
======== ======== ======== ========
Net loss per share,
basic and diluted $ 0.06 $ (0.06) $ 0.11 $ (0.10)
======== ======== ======== ========
Shares used in
computing net loss per
share, basic and diluted 30,176 22,560 30,176 22,560
======== ======== ======== ========

The Pro forma Statement of Operations excludes non-cash charges for stock based compensation, amortization of intangibles and in process R&D.

Accrue Software, Inc.
Consolidated Statements of Operations
(unaudited, in thousands, except per share data)

Three months ended Six months ended
Sept 30, Sept 30, Sept 30, Sept 30,
2000 1999 2000 1999
---- ---- ---- ----
Net revenue:
Software license $ 6,727 $ 2,784 $ 13,650 $ 5,395
Maintenance and
service 3,308 766 6,135 1,341
-------- -------- -------- --------
Total revenue 10,035 3,550 19,785 6,736
Cost of revenues
Software license 108 101 489 200
Maintenance and service 1,755 364 3,194 600
-------- -------- -------- --------
Total cost of revenues 1,863 465 3,683 800
-------- -------- -------- --------
Gross profit 8,172 3,085 16,102 5,936
-------- -------- -------- --------

Operating expenses:
Research and development 2,059 1,035 3,995 1,829
Sales and marketing 3,488 3,125 7,637 5,458
General and administrative 1,142 577 2,046 1,114
Amortization of goodwill
& intangibles 16,244 3,560 27,103 3,560
In Process R&D 4,503 -- 4,503 --
Stock-based compensation
expense 598 1,146 1,347 2,407
-------- -------- -------- --------
Total operating expenses 28,034 9,443 46,631 14,368

Loss from operations (19,862) (6,358) (30,529) (8,432)
Other income and (expense) 356 288 761 244
Taxes (11) -- (11) --
-------- -------- -------- --------
Net Profit/(Loss) $(19,517) $ (6,070) $(29,779) $ (8,188)
======== ======== ======== ========
Net loss per share,
basic and diluted $ (0.71) $ (0.37) $ (1.12) $ (0.74)
======== ======== ======== ========
Shares used in computing net
loss per share, basic and
diluted 27,660 16,283 26,706 11,122
======== ======== ======== ========

Accrue Software, Inc.
Consolidated Balance Sheets
(unaudited, in thousands)

Mar 31, Sept 30,
2000 2000
---- ----
ASSETS
Current assets
Cash and cash equivalents $ 31,754 $ 25,046
Accounts receivable, net 6,279 11,401
Prepaid expenses and
other current assets 1,032 1,599
-------- --------
Total current assets 39,065 38,046

Property and equipment, net 2,253 2,766

Other assets, net 119,581 174,365
-------- --------

TOTAL ASSETS $160,899 $215,177
======== ========

LIABILITIES AND STOCKHOLDERS` EQUITY
Liabilities
Current liabilities
Accounts payable $ 429 $ 2,277
Accrued liabilities 2,781 5,147
Accrued liabilities - merger 2,421 2,308
Deferred revenue 3,095 6,981
Current portion long term debt 147 74
-------- --------
Total current liabilities 8,873 16,787

Long term debt, net of current portion 39 --
-------- --------

Total liabilities 8,912 16,787

Stockholders` equity 151,987 198,390

TOTAL LIABILITIES AND STOCKHOLDERS` EQUITY $160,899 $215,177
======== ========

[buckweiser]

is ja kein Brüller, aber viel tiefer geht es wohl nicht, oder?

[DimStar]

jo, aber so mies waren die Zahlen eigentlich gar nicht (10 % unter revenue-guidance).

acru hat den wechsel der marktverhältnisse mittlerweile begriffen. in der bilanz sieht man, daß sich die verkaufszyklen bei old-economy-kunden verlängern, was höhere anzahlungen auf der einen und höhere forderungen auf der anderen bedeutet und daß die Umsätze beim nächsten Mal wieder stärker steigen müssten. der ganze conference call ging um dieses thema. wesentlich ist nun wie sie sich auf ihrem gebiet langfristig positionieren. Firmen wie BroadVision und ein Dutzend anderer haben breitere Produktpaletten, bessere Partner und die Großkunden. ACRU war offenbar für eine Übernahme durch einen Größeren nicht interessant und sie haben es nicht geschafft mit stärkeren Partnern bei den großen Deals mitzuspielen. Es ist schon krass, was hier passiert ist und eine Lehre für mich, aber ich habe mir eigentlich nicht viel vorzuwerfen. Ich nehme momentan an, daß sie in ihrer Branche durchs Raster fallen und hoffe, daß ich mich auf anderes konzentrieren kann, wenn der Wert wieder über 10 $ steht. Ein Preis unter 5 $ wäre m.E. sehr irrational, denn diese Firma ist nicht so schlecht, erwirtschaftet eine Nettomarge von 18 % und hat ein wettbewerbsfähiges Produkt. Beim Delisting hätte ich andererseits meine erste OTC-Aktie im Depot, auch eine Erfahrung.

[dosto]

naja heute 3,5$ , wir haben einen realistischen kurs erreicht.
nachdem 70$ doch ziemlich chauvinistisch waren.

[DimStar]

was ist daran realistisch ?

wo gibt es einen Technologieführer, der mit 182 % p.a. wächst zu einem KGV von 5 ?

sags mir !

[zwinker]

Was meint ihr, sollte man langsam einsteigen ?

[Enervator]

@Dimstar. Na, bist du gut nach Hause gekommen?
ich habe nur ca. 1 1/2 h gebraucht für die Rückfahrt.


So long, A.....

[GothicMoney]

Hi Leute,
Wo seht ihr das KZ für die nächsten drei bis sechs Monate?
Ich habe mir vor zwei Wochen für 6 EURO ein paar Scheine gekauft.
Ich denke, dass 15 EURO drin sein müßten.

Die Aktie macht schließlich GEWINN und bei einen KGV von unter 10 kann man doch auch nicht viel falsch machen, oder?

[zwinker]

Hi Leute,

ich habe mir Accrue mal ein wenig angeschaut. Die wachsen ja mächtig, O.k. aber wenn ich das alles richtig verstehe, haben die 58 Mio $ Schulden am Hals.

Allein die Zinszahlungen könnten die auffressen.

Seh ich da was falsch ? Danke für eure Einschätzungen.

Zwinker

[DimStar]

Also ich sehe da nur 3 Mio $ Schulden bei 32 Mio $ Cash, deshalb ist das Zinsergebnis auch positiv.

[zwinker]

Heute wieder -20%. Hat irgendjemand eine Erklärung ???

[dosto]

die aktie ist ein klarer kauf bei 3-4$, da spielen 20%
keine rolle, der chart sieht halt besch.. aus und das braucht zeit.
aber ganz klar ist auf sicht mit dieser aktie 100-200% zu machen,
und diese zahl hat jetzt mit der alten internet spinnerei überhaupt nichts zu tun, sondern läßt sich bei weiterlaufendem geschäft
ganz klar untermauern.
hier ist der ansatz sich wieder für einen wert zu interessieren.
gruss dosto

[dosto]

achso dimstar

habe deine frage nicht beantwortet, sie wird dir auch nicht gefallen,
wir kaufmänner verwalten kein technisches geld, marktführerschaft
interessiert uns auch nicht, das ist was für analisten.
das einzige was an der börse zählt ist wann und für wen wir geld lockermachen.
die meisten von uns sind halt nur einfach gestrickt.
thats all, techno diskusionen interessieren uns nur am rande.
zb.
sind wir gerade dabei, in meines neffen firma das computerzeitaltalter
wieder etwas zurückzuschrauben, entflechtung der netzwerke etc
wir wollen wieder herr der lage sein und uns vom all den
spezialisten befreien, das spart uns eine menge geld haben
wir gemerkt und der laden funktioniert besser denn je (übrigens
spritzgusserzeugnisse) auch werden wir an keiner B2B plattform
teilnehmen, wir liefern nischenprodukte, die so schnell nicht ersetzbar sind, da keine zu großen stückzahlen benötigt werden.
also wir sehen alles etwas gelassener. es wird schon werden
peu a peu, und wir haben viel gelernt, was man technisch nämlich
nicht braucht.

[zwinker]

Accrue Kurs 2 5/8, Marktkap 76,8 Mio $

[zwinker]

Accrue Kurs 2 $, Marktkap 60,7 Mio $

[mannik]

Accrue Kurs 1 13/16 $, Marktkap. 55 Mio $

[DimStar]

da haben wirs: ACRU senkt die Umsatzprognose für Q4 von 11,2 Mio auf 7-9 Mio $ und prognostiziert einen break-even bis einen Verlust von 8 cents anstatt einem Gewinn von 6 cents. End of Story.

[Gulliver]

Hi Dimstar!

Ich hab mir vor 2 Tagen noch einmal den letzten 10-Q von acru vorgenommen und muß sagen, daß dort speziell von den deffered revenues alles eher auf einen sequentiellen Anstieg hinwies. Was mier persönlich aber nicht gefallen hat, sind die verdammt hóhen goodwill Abschreibungen gewesen, alleine 27 Millionen Dollar fürs erste Halbjahr.
Zwar nicht cashwirksam, aber doch entscheidend für das das ausgewiesene Ergebnis.
Ich hab irgendwie im Hinterkopf das nach us-gaap goodwil auf 20 linear abgeschrieben wird, im Bericht war aber ein Zeitraum von 3 Jahren angegeben, vielleicht kannst Du mir da weiterhelfen.

Indikator für die Warnung war übrigens immer der Chart:
Never catch a falling knife!!! Bei 6 erschienen sie mir wirklich preiswert, bei 2 erst recht.Ich wollte aber erst eine Bodenbildung abwarten und die kam nicht zu Stande, weil da wohl wieder einige Leute mehr wussten.Imho wird es auch immer wichtiger auf den Jahresabschluß zu achten. Die Leute sind sensibler geworden. Rausrechnen von Sonderkosten und Goodwill gilt nicht mehr. Und eben dieser hätte acru die nächsten 2 Jahre selbstbei angenommenen Wachstumsraten von 100% und net margin von 10% bilanziell negativ abschließen lassén. Wie liest Du eigentlich die core business wachstumsraten raus. Ich hab immer die Probleme das Wachstum abzüglich Acquisitionen bestimmen zu können.

MfG Gulliver

P.S.: Du wolltest doch ne charttechnische Aussage zu dctm, schau mal bei boerse-go/nasdaq forum vorbei

[DimStar]

hallo

das problem im letzten quartalsbericht war der sich abzeichnende verlängerte verkaufszyklus. bei den meisten softwarefirmen schaue ich mir die deferred rev. und die forderungen an. während die anzahlungen nämlich hier gestiegen sind, sind auch die forderungen um einen etwa gleich hohen betrag gestiegen. das bedeutet in diesem fall m.E., daß accrue zwar verkauft hat, aber die kunden wenig interesse an einer schnellen implementierung und damit bezahlung hatten. das wiederum ist eine referenz auf die implosion der dot-coms. in einem szenario, bei dem immer mehr kleine internetshops aufgeben sehen die größeren unternehmen, die erste e-business-pläne schmieden, die konkurrenz nicht mehr als gefährlich an und stellen z.t. die umsetzung zurück, so nach dem motto: in einem jahr ist vielleicht eine noch bessere technik zu niedrigeren preisen verfügbar. die maßgebliche kennziffer für forderungen sind die DSOs (receivables/quartalsumsatz*4*365). dies sind die tage, die accrue braucht, um die zahlungen für gebuchte umsätze aufs konto zu bekommen. normal sind in diesem sektor 90 Tage. es hängt auch oft mit der komplexität einer installation zusammen, wonach ja die zahlung dann erfolgt. ist der kunde ein internet-speed-dot-com, der eine simple lösung braucht, sind die tage kürzer, bei großen unternehmensprojekten viel länger. angesichts der recht simplen software von accrue und der kundenliste (dot-coms) ist daher das derzeitige DSO von 104 eine ziemliche katastrophe. wie gesagt weist es auf die stellung des anbieters gegenüber dem kunden, das level des verlangens für solche produkte oder sogar auf evtl. zahlungsschwierigkeiten hin, die sicher auch einige accrue-kunden haben.

goodwill-afa verfolge ich wie die us-analysten nicht. das ist m.E. aus folgendem grund berechtigt: wenn accrue eine firma gegen barzahlung kauft, entstehen ihnen für das diesbzgl. darlehen zinskosten auf den vollen kaufpreis, wodurch die gewinne von accrue geschmälert werden. würde man die gewinne auch noch durch goodwill-afa verwässern, entstünde eine doppelbelastung. kaufen sie gegen aktienabgabe, werden die accrue-earnings-per-share durch eine erhöhte aktienzahl verwässert. goodwill ist m.E. eine ersatzposition, die gebildet wird, wenn der kaufpreis über der höhe der aktiva der neuen firma liegt und formal abgeschrieben werden muß. was die analysten draus machen, ist eine andere frage. der kaufpreis übertrifft die höhe der aktiva bei vielen übernahmen ja nur, weil es für high-tech-firmen wenige ansätze gibt, werte von zukunftsorientierte technologieen bilanziell darzustellen. deshalb belässt man es dabei, den sinn einer akquisition daran zu messen, inwiefern die gewinne, die durch die einbringung der neuen firma hinzukommen, langfristig die gezahlten zinsen übersteigen bzw. ob die verwässerung durch eine erhöhte aktienzahl die neu entstehenden gewinne langfristig überkompensiert oder nicht. welche vorschriften es bzgl. des goodwill-afa-zeitraums gibt weiß ich nicht und kümmert mich aus o.g. grund auch nicht.

tja, das mit den "core business"-wachstumsraten ist auch oft mein problem. dies ist wg. der sec gegenüber deutschen gepflogenheiten noch ganz gut geregelt, da in den filings proforma-rechnungen angegeben werden müssen, auf die ich bei acru allerdings jetzt nicht geachtet hab. mit den proforma-g+vs tut ein unternehmen so, als wenn alle aufgekauften firmen schon immer dazugehört hätten und so erscheint im filing eine g+v von accrue aus 99 inklusive neovista, tantau und was-weiß-ich-noch-alles-was-sie-noch-gekauft-haben, obwohl sie damals noch nicht dabei waren. so kann man das organische wachstum der nun bestehenden accrue aus der vergangenheit bis heute nachvollziehen und viel besser auf die zukunft projizieren. leider sind diese proforma-g+vs erstens meist nicht sehr detailiert (nur umsatz+gewinn) und zweitens nicht quartalsweise dargestellt sondern manchmal nur z.b. für das 1. Halbjahr 99 und 1. Halbjahr 2000. Aber ich habe das gefühl, daß die SEC im gegensatz zur deutschen BAWE der Anlegerschaft wirkliche dienste erweist, indem sie z.b. öfters die regularien zur umsatzausweisung verschärft oder den firmen wie zuletzt vorschreibt, die guidance (umsatz+ertragsprognose)für das laufende quartal nur noch öffentlich im conference call preiszugeben (bislang wurde diese auch immer mal zwischendurch den analysten gesteckt). so entsteht echte waffengleichheit. das problem bei regelverschärfungen an der nasdaq ist sicher auch, daß solch kleine firmen überhaupt nicht dementsprechende ressourcen und fachleute hat, um es einzuhalten oder nicht dementsprechend seriös geführt sind. aber die fortschritte sind nicht zu übersehen. wenn du dir eine firma wie Commerce One mit 4000 Mitarbeitern wiederum ansiehst, bekommst du die proforma-rechnung pipapo quartalsweise für die letzten jahre. die kursentwicklung von accrue hätte ich mir eigentlich auch schon immer denken müssen, weil schon lange klar war, daß die kundenbasis verschwinden wird und es nur eine frage der zeit war, wann eine solch hohe bewertung wegbricht. ob einige speziell im herbst nun mehr gewusst haben, weiß ich nicht. die o.g. vorschrift existiert noch nicht lange. viele hundert firmen verschwinden und es kümmert mich nicht, leider habe ich mir eine davon rausgepickt (aber schon vor wochen verkauft).

Grüsse

[DimStar]

die formel war falsch. es muß heißen:
receivables/quartalsumsatz/4*365

[buckweiser]

Frequently Asked Questions – Business Status as of December 11th, 2000. Accrue undertakes no obligation to update these FAQ’s.

During the last update to your financial guidance for the quarter ending December 31, 2000, you stated that you were comfortable with the forecast that Accrue published at your October 2000 earnings release conference call. That guidance was for Q3 Revenue of $ 11.2 million and pro-forma EPS of $ 0.06. Is this still the case?
Based on our results through November and a review of our latest sales forecast, we are reducing our revenue projection for the quarter from $11.2M to a range of $9.0M to $7.0M. We believe the marketplace is continuing to be driven by the major collapse of the dot-com market. This is having two major effects on Accrue’s performance. First, our shortest sales cycle transactions (typically, sales to new dot-com’s) have decreased to minimal levels. Secondly, the traditional bricks and mortar enterprises have significantly slowed down the pace and level of investment in their e-business initiatives, which results in both slower sales cycles for Accrue’s new products, follow-on license sales and slower completion of services already in backlog. Additionally, we have seen across our entire customer base, an unprecedented level of volatility, both organizationally and in their systems architecturally. These factors are all combining to make forecasting of revenue with any level of certainty extremely difficult for us. This is why we have only given guidance as a range of possible revenue outcomes. Pro-forma Earnings per Share guidance corresponding to this revenue projection is between $0.00 to a loss of ($0.08).

Will you continue to place your financial model on your Investor Relations Web site?
Given the volatility of the current marketplace, we believe that the accuracy and value of the financial model is seriously encumbered. As a result, we will remove the detailed model from the Web site and in the future we will only give limited guidance for the current and next quarter in the FAQ’s.

What is your guidance for the quarter ending March, 2001?

We are expecting revenues to range from $12.0M to $9.0M and Pro-forma Earnings per Share between $0.06 and $0.00.

What is the effect of the change in guidance on Accrue’s current cash position?
As of the end of fiscal Q2-2001, Accrue had slightly over $25.0 million in cash and cash equivalents. We believe that our cash utilization during the current quarter will range between $3M and $5M. Of this amount, between $1.5M and $2.0M is for the completion of merger related costs and the remaining amount is driven by the reduction in revenue guidance and collection issues within the dot-com marketplace. We expect to return to generating cash operationally during the June ending quarter 2001. At our present revenue and expense levels, we believe there is sufficient cash on hand to fund the Company’s operations for a minimum of one to two years.

Is the release the new version of Accrue’s Insight software still scheduled for the December 2000?
Yes, we expect to release Accrue Insight version 6.0 prior to the end of December, 2000. The product is already in beta testing and the early production release is on schedule. Version 6.0 is the first release to incorporate all of the core technologies, which Accrue has developed and acquired over the past two years into a single overall architecture. This includes Universal Network Data Collection, Infocharger-based data processing, powerful data-mining and personalization technologies from our NeoVista Software acquisition, and Hybrid OLAP analysis and reporting from our Pilot Software acquisition. We believe that this consolidated architecture will make Insight 6.0 the most powerful and scalable application for analyzing Web visitor behavior available in the marketplace today.


What changes are you seeing in your customer base?
As we stated in our last update, the market shift away from dot-coms and to more traditional enterprise sales models is requiring Accrue to present a broader sales footprint inside the customer. This would not only include the specific user group within a customer, but also includes reviews by a number of technical organizations, financial reviews and signoff by executive management. As a result, our sales cycles are extending out to between 90 days and 150 days. To address this change we are focusing our direct sales and service organizations on leveraging our significant customer and reference base within three specific vertical markets – Retail (Clicks & Mortar), Financial Services, and Publishing. Currently we have a large number of prominent customers in this segment, such as Macy’s, Staples, Lands’ End, Blockbuster, Wells Fargo, Nations Bank, CIBC, Hearst, Meredith, and Miller Freedman.

What changes to your sales strategies are you considering?

Our experience over the last six months with the B2B and B2C marketplace has required us to reconsider our strategy of dealing with the majority of these customers on a direct basis. The levels of volatility within this customer base have established sustained support a requirement for ensuring long term success with these customers. In response to this need, we will utilize alternate channels to sell as well as support this class of customer. In this case, we define alternate channels as, Managed Service Providers (MSP’s) and Application Service Providers (ASP’s). These channels will not only provide the large scale of resources required to adequately serve our B2B and B2C markets, but they will also provide a recurring revenue stream, thereby enhancing our visibility into our future revenue and earnings. Prior to the end of this quarter, we expect to be announcing a number of major partnerships in this area.

How many quota carrying sales representatives do you have?
We currently have 20 direct sales people and 6 channel sales people on a worldwide basis. Our plan is to add 5 more direct people and 4 channel people during the March 2001 ending quarter for a fiscal year-end total number of 35 quota-carrying reps.

What other sales channels will provide revenue for Accrue?
Recently we have begun to realize revenue from our OEM and System Integration channels. We are going to concentrate more resources on these channels in order to leverage our war chest of technology assets,
as well as our applications into this channel. These channels will provide a recurring revenue stream that will enhance our visibility into our future revenue. We expect to be announcing several major new partnerships in this area during the December 2000 ending quarter.

Have there been any significant management changes in the last quarter and how is overall employee moral?

There have been no changes at the senior management level within the Company, and we have added several new key mid-level managers during Q3. Overall, we believe that employee moral remains very high, and we have implemented several new compensation and stock option programs to allow the employees to share, to an even greater extent, in our ongoing success.


Has the Company been granting stock options to employees at below fair market value?
All stock options granted to employees since the IPO and particularly the latest grants have either been granted at fair market value or higher. The stock option compensation expense that is recognized currently in our Income Statement is related to stock options granted prior to the Company’s IPO in July of 1999.
Will Accrue be having any lay-offs?
At this time we do not expect to have any material lay-offs during the next two quarters.

Has Accrue been experiencing any significant attrition during this quarter?
We have experienced some attrition in our direct sales force, particularly in the western region. While this is having a short-term effect on our revenue, we see no major long-term issues in bringing our sales force up to being fully staffed. At this time all other groups within the Company are stable.

Will Accrue continue to attend industry and financial conferences and have one-on-one meetings with individual analysts or investors in light of the SEC’s new fair disclosure rules?
Accrue will in fact continue to attend these conferences and have meetings with investors and analysts, however any material new information regarding the status of the business will only be disclosed through press releases, publicly accessible conference calls or updates to this FAQ section of our investor relations Web site.