Stylized facts

[Daxcoppinger]

Here is another way of looking at it: I'm actually not saying anything new. The fact that no long is defending their backlog numbers shows that I'm saying out loud which what most already know anyway. 

For instance, the company guided 2019 revenues at $144M in November in the iPass acquisition presentation and that came down to $105M-$115M during the Q4CC whilst in between, backlog has almost doubled in-between.

The explanation they gave for that is that conversion moved from 100% to 75%-80%, basically not even management has faith in their own backlog numbers. 

The question really is by how much these backlog numbers are overstated. They have a substantial margin here, which is somewhat reassuring. That is, you can cut backlog in half and the company would still grow revenues substantially, which is indeed what they've been doing.

But how comfortable are investors with a management that is so aggressive with these numbers?

Aggressive, I think that is a very bold statement especially when TEUM has been over delivering for the past 5 Qs now.  I for one, am very pleased to see that they have taken a more conservative approach to the backlog conversion as nothing we do in biz is 100%, especially SaaS modeling software.  This is the very reason for the new 606 accounting principals.  Back to my point, you are being overly critical of the backlog especially when TEUM has not undelivered to the street and/or analysts expectations.

Well, I am no bear, but TEUM's management is stunningly aggressive, what kind on managemet sets out a $25 share price target in the 3QCC (x10 in that time) if not an aggrissive kind?