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Advent Software, Inc. (NASDAQ:ADVS)

Q3 2010 Earnings Call

October 25, 2010, 5 p.m. EST

Executives

Heidi Flaherty - VP, Finance and IR

Stephanie DiMarco - CEO

Jim Cox - CFO

Peter Hess - President

Analysts

David Scharf - JMP Securities

Tim Fox - Deutsche Bank North America

Gil Luria - Wedbush Securities

John Maietta - Needham & Company

Sasa Zorovic - Janney Montgomery Scott

Sterling Auty - JPMorgan

Del Warmington - Delwar Capital Management

Operator

Good day ladies and gentlemen and welcome to the Q3 2010 Advent Software Earnings Conference Call. My name is Crystal and I will be your operator for today. At this time, all participants are in listen only mode. Later, we will conduct a question and answer session. If at any time you require operator assistance, please press followed by 0 and we will be happy to assist you. As a reminder, today's conference is being recorded for replay purposes. I would now like to turn the conference over to your host for today, Ms. Heidi Flaherty, Vice President of Finance and Investor Relations. Please proceed.

Heidi Flaherty

Thanks Crystal. Thank you for joining us today for Advent’s Third Quarter 2010 Earnings Call. Hosting the call today are Stephanie DiMarco, Advent’s Chief Executive Officer and Jim Cox, Advent’s Chief Financial Officer. Also, with us today is our President, Peter Hess.

Most of you participating in this call are aware of the regulations regarding forward-looking statements. Accordingly, we would like to note that during the course of this conference call we will make forward-looking statements regarding future events or the future performance of the company. We wish to caution you that such statements are just predictions and involve risks and uncertainties and that actual events or results could differ materially. We discuss a number of these risks in detail in the company’s SEC reports including our quarterly reports and Form-10Q and our 2009 annual report on inform 10-K and any forward looking statements must be considered in the context of such risks and uncertainties.

The company disclaims any intention or obligation to publicly update or revise any forward listening statements whether as a result of events or circumstances after the date hereof, or to reflect the occurrence of an anticipated event. As a reminder, we include non-GAAP Financial measures in our disclosures. These non-GAAP financial results are not meant to be considered in isolation or as a substitute for results prepared on a GAAP bases. Please refer to the tables entitled “Reconciliation of Selected Continuing Operations’ GAAP Measures to Non-GAAP Measures" in our earnings release, which is filed with the SEC on a Form 8-K and available on our website for reconciliation of GAAP to non-GAAP financial measures.

I'll now turn the call over to Stephanie.

Stephanie DiMarco

Thanks Heidi, and welcome everyone. Thank you for joining us this afternoon. I'm pleased to report that Advent had a very strong third quarter. We set a new quarterly record with revenues of $72 million, a 13% year over year growth. New bookings or ACD were $7.6 million up 12% year over year. GAAP Operating income was $9.7 million and Non-GAAP Operating income was $15.7 million producing a margin of 22%. Later in the call, I will talk more about our accomplishments and highlights. But first, let me turn the call over to Jim, who will provide further details on the numbers.

Jim Cox

Thanks Stephanie. As Stephanie said there is a lot of great news to share about this quarter. Let me start with some operating statistics, including booking and renewals. Customer demand remains strong with $7.6 million in annual contract value, cost of term licenses and Advent on-demand contract signed in the third quarter. This represents a 12% increase over the $6.8 million booked in the third quarter of last year. With the San Francisco Giants going to the World Series, a baseball analogy is appropriate to describe our bookings performance, which is to say, we hit for the cycle this quarter, we had a home run, several doubles and triples and a lot of singles. Bookings in Europe and Asia were quite strong, which is really gratifying given the recent investments we made in those regions. Turning to renewals. Our renewal rate is based on cash collections and therefore, we reported one quarter in arrears. We were pleased to see an initial renewal rate of 91% in the second quarter, up one point from the 1st quarter’s initial rate.

We continue to see slow and steady improvement in our renewal rates from the 85% reported in the 1st quarter 2009. Additional collections from the first quarter of 2010 renewals increased our renewal rates from the 90% initially reported to an updated 95%. When all the cash is collected for our second quarter renewals, we expect the initial 91% rate to increase by 2 –to 4 points as it has historically. Turning to our financials, as Stephanie said, revenue for the third quarter was $72 million, up 13% over the third quarter of 2009 , driven primarily by growth in term fees, other recurring revenues the client conference. Term fees increased as a natural result of layering additional term license contracts. Other recurring revenue increased year over year primarily as a result of the TIAA-Cref data services and Fidelity OnDemand contracts going live in September of last year. In addition, we recorded $1 million of revenue related to our Client Conference, within the professional services in other revenue line item.

For comparison purposes, we did not hold a Client Conference last year. Turning to expense, cost of revenue for the third quarter was $23 million, up 10% over the same period last year. Gross margin was 68%, a improvement of 1 point over last year, primarily due to operating leverage. Gross margins are down 2 points sequentially from the second quarter, that is driven by the annual Client Conference held in September of this year. The conference negatively impacted our gross margins by 2 points this quarter. Third quarter operating expense was $39 million up 6% from the same period last year. Sales and marketing expense was up $1.1 million year over year or 7% as a result of the additional investments we have been making particularly in Asia and Europe, and the associated travel expenses with our global operations. Product Development expense increase $900,000 year-over-year or 7%. We capitalized $600,000 less of Product Development cost in the third quarter of this year compared to last year.

In addition, we continue to hire in product development to keep up with our product upgrade. General and Administrative expenses were up $300,000 year-over-year or 3% due to additional rent and moving expenses associated with our facilities. We’ve moved into our new Boston and New York spaces in August and May respectively, and have also opened up new offices in Beijing and Singapore since the third quarter of 2009. We expect total facilities expenses to come down by approximately $200,000 in the fourth quarter as we fully vacate our duplicate facilities. GAAP Operating profit in the third quarter increased 67%, to $9.7 million from 5.8 million in the third quarter last year. We continue to expand our operating margin by finding leverage in all of our expense categories. Sales and Marketing, Product Development and G&A were all down by one point from the same period last year, while we’ve still made deliberate investments to improve client satisfaction and to enter new markets.

The effective tax rate for the third quarter was just under 40% as changes to our state tax rates increased the effective tax rate this year. In the fourth quarter, we expect the rate to be in the mid-thirties, 30%, if no R&D credit is passed; however, if an R&D legislation is passed, then the fourth quarter provision could be substantially lower as we saw in 2008. GAAP diluted earnings per share from continuing operations were 22 cents in the third quarter, up 47% when compared to 15 cents in the same quarter last year. Non-GAAP diluted earnings per share were 38 cents in the third quarter, up 8 cents or 27% when compared to the third quarter of 2009. Turning to Cash and Cash Flow. As of September 30th, we had $122 million in cash, cash equivalents and marketable securities on our balance sheet, up $20 million from the balance at June 30th. In the third quarter, we purchased $1.5 million of Advent stock at an average price of $45.89 per share.

As of the first of October, we have approximately $1.1 million shares remaining under our repurchase authorization. Operating cash flow for the quarter was $21.6 million, up 9% over the same period of last year. Our guidance for operating cash flow for the full year is 77 to $82 million, which implies $25 million to $30 million in operating cash flow in the fourth quarter. We remain comfortable with that guidance. Speaking of guidance, I would like to remind you the Safe Harbor statements related to forward- looking statements within Heidi's opening remarks. We're narrowing our full year CapEx guidance from 18 to 22 million to 18 to 20 million as we’ve completed our office build out under budget. In the fourth quarter, we expect revenue to be between 72 and $74 million reflecting growth of 9% to 12% over the fourth quarter of 2009; therefore, we are rising our full year guidance to be between $280 million to $282 million, which will reflect an annual growth rate of 8 to 9%. When the market crisis began in 2008, many companies retrenched. During that time, we continued to focus our lens on serving our clients, investing in our products, and addressing new markets globally.

Two years later, the picture has developed and our third quarter results show it. It's very satisfying to be able to report such a successful quarter. Having said that, we also know that our successes lead to a greater responsibility to invest in our support, development, and services organizations to continue to deliver the solutions our clients expect when they choosing Advent. Now, let me turn the call back to Stephanie.

Stephanie DiMarco

Thank you Jim. As you’ve just heard, Advent had a very strong third quarter. We’re particularly pleased with our strong bookings growth, as new bookings represent the future growth of the business. Bookings were strong across geography, product offerings, and market segments. It was a big quarter on the international front. We signed new customers in Singapore, Bahrain, Sweden, Switzerland, and the UK. We also won new business across all the market segments we serve: wealth managers, institutional asset managers, hedge funds, fund of funds, and sovereign wealth funds. Additionally, the key products in our product suites saw expansion with important new customers signing up for Tamale, Geneva, Moxy, APX, and Advent OnDemand. A significant customer win for us in Asia and Europe in the third quarter, was the expansion of our relationship with UBS. UBS Luxemburg has been a long time customer of Advent. We are the platform for many of their wealth managers in Europe. In the third quarter, UBS Luxemburg expanded their relationship with us migrating to APX, Moxy, and Advent Rules Manager.

UBS Singapore, who is on a competitive platform, followed UBS Europe’s lead and will be implementing APX Suite as a platform for their wealth management business in Asia. We also added new Geneva clients in Asia and in Europe in the third quarter, including one of the largest multi-strategy hedge funds in Asia. They left a competitive system and turned to Geneva for the powerful portfolio management and back office capabilities in the latest version of the product. One of the very exciting things we’re seeing with Tamales is the growth in adoption within our existing customers. We may start with one or two research teams and the goal is to expand over time. In the third quarter, nearly 30% of our Tamale client base added additional seats or entire teams, including a multi-billion dollar pension, which added three additional research teams in an effort to further streamline its investments research process, a real testament to the value that Tamale is bringing to our clients.

We’ve also had a lot of success selling Tamale to larger enterprises and with market segment expansion. Asset managers, wealth managers, institutional investors and multi-managers now comprise around 45% of the client-base, whereas prior to our acquisition of Tamale, 90% of the users were hedge funds. I think a question on every investor’s mind is what are the key drivers of the demand that we are seeing, particularly, given the backdrop of a mixed-global economic recovery. Demand for Advent’s, products and services comes from many areas. New firms being formed around the world; new business lines created in existing firms; replacement of legacy and competitor systems; new adoption of research management systems and growing our existing customer relationships. Supporting these demands drivers are the underlying trends we see in the industry today. The growth in global wealth; investor focus on transparency and reliability; financial reform; operating efficiency and cost savings and the trends in outsourcing and mobile computing.

As a result of these demands, more and more firms are turning to Advent to help them manage the impact of these trends. They know they can count on us as the most capable trusted and reliable provider of solutions for this market. I was reminded once again of this trust our clients have placed with us at our recent client conference in September. Over 1,100 attendees participated in this three-day event in Las Vegas. We showcased our new product capabilities and had the opportunity to engage with our customers to discuss their most pressing business issues. Our very first client who has used our solutions for 26 years and our most recent client, were all there to learn about how Advent Solutions can enhance their businesses. I have a great sense of pride at those meetings, seeing the hundreds of firms who have relied on us for so many years and who looked to us for the thought leadership and future solutions for our industry. It inspires all of us at Advent.

As we discussed on prior calls, we continue to invest during the downturn and as a result, our product portfolio had never looked so good. This was confirmed by the feedback we received from clients at the conference. Our products are very important, but they are just one part of the story. The other reason that people buy from Advent is the value our organization, our people and our domain knowledge can bring to their firm. Prospects realized during their sales cycle that our product managers, our consultants, our sales consultants and engineers are the experts in this industry. They’re not just licensing a product from Advent, they’re gaining our expertise and the business practices and methodology gained over 27 years in this business. It’s like flying with a pilot who has 10,000 hours of flying. We’ve faced the issues before and our core strength is solving complex problems.

A big part of our job at Advent is to help our customers manage risk. Especially today, we believe the intangible benefits of working with Advent are a big reason why we’ve performed so well during challenging market conditions. Looking forward, we’re excited about the momentum across the business in new geographies, new market segments and new product areas. Thank you for joining us and now I’d like to open the call to questions.

Question-and-Answer Session

Operator

(Operator instructions) And today’s first question comes from David Scharf with JMP Securities. Please proceed.

David Scharf - JMP Securities

Thank you. Good afternoon. A couple of things, Stephanie. First, just wondering, I know it’s early into this quarter, but seasonally, it is typically the strongest for bookings, do you expect the same sequential relationship probably, or do you think it would be a little more muted this year, given there seemed to be so much catch up investing in the first half of the year by some of your clients.

Stephanie DiMarco

Well, we don’t give guidance on bookings and I guess my comment would be and I’ll also let Pete comment on this too is that we have seen strong demand and our pipelines look very good, but we did have a very strong Q3 and we have numerous large deals in the pipeline and those can be lumpy. So depending upon if and when they close, that can literally impact the ACV in the quarter. So we like to caution people that we run the business for the long term and in any particular quarter, the ACV is what the ACV is. But that said, we’re pretty optimistic about the demand environment. Anything you want to add to that, Pete?

Peter Hess

No, just that we’re busy. There are a lot of cycles going on, so while the general market -- you know I can’t say for sure if the water level is rising or not in terms of general market spend. At least Advent seems to be engaged in as many sales cycles as we would hope to be engaged in.

David Scharf - JMP Securities

Along the same lines because you’ve mentioned it a few times, it seems like within Tamales and the European and Asian deals you’ve announced that there’s a greater percentage of what you would consider to be larger licenses out there. As you look at the pipeline and just some of the trends, would we expect bookings or sales to be secularly more lumpy just as you start to work on larger transactions, and perhaps historically or are these more just kind of unique one off sales?

Stephanie DiMarco

No, I think the beauty of our business is that we have a diversified portfolio, so using our baseball analogy, we had a lot of singles, and doubles, and triples too. I think as the company is larger and we are in more diverse geographies and across more diverse market segments and products, that does balance out. So – but big deals will be lumpy.

Operator

Our next question comes from line of Tim Fox with Deutsche Bank; please proceed.

Tim Fox – Deutsche Bank North America

Hi, thanks. Good afternoon. Congratulations on the Giants, it’s been a sore subject for Red Sox fans. We will let that go. Just was looking into the products a little bit, can you give us any more color on how the pipeline is faring with Geneva, specifically for the European business? You put a lot of focus on that and just wondering if you could give us a little bit more color on how that is progressing at this point, and when you think that might accelerate in 2011?

Peter Hess

I’ll take it, this is Pete. The European Geneva pipeline has grown more than just about any other part of our portfolio. So part of that is an issue of the product itself with the version 8.0 addresses issues that we had previously in competing in Europe and Asia for that matter. So part of it’s product and part of it is also that we have increased the sales coverage and focus in the European region given that we felt confident that we had the product to succeed and so those combination of factors have meant that we now have a much more robust European-Geneva pipeline both in the hedge fund space and in the asset management space in Europe.

Tim Fox – Deutsche Bank North America

Great. And my second question were around leverage. You talked a little bit about growing the business, continuing to invest but obviously showing a little bit more leverage, nice job in the quarter. Just in thinking how we look into 2011 and beyond, you invested a lot in the product development, in the sales and marketing, international development, are you comfortable with giving us some sense of how margins might progress longer term over the next couple of years?

Jim Cox

Sure, Tim. This is Jim. We stated that we are on a path to continue to grow operating margin and that is part of the way we operate at the business. And long term, we see our path to 25 to 30% operating margins. Now with some of these big customers that we are signing, the most important thing is for us to be successful with them. So along with signing these new deals, we need to make those investments in those regions. So we have made the sales investments now, we need to do the support and professional services investments as well in those regions. So we are really focused on running for the long term. So when we think about that, we are going to play off what our growth opportunities are and making our clients successful versus delivering margin, all the while having a view to the path that we want eventually to get to.

Operator

Next question comes from the line of Gil Luria with Wedbush Securities. Please go ahead.

Gil Luria – Wedbush Securities

Yes, thanks for taking my question. The conference that you mentioned a couple times, it seems like it was very nice attendance. It was quite positive. You returned to it after a year off. What was the yield though? How does the yield in terms of signing new deals, or generating new leads? I know you keep good track of those kind of things. How does this conference compare to the ones you had in ’06, ‘07 and ‘08?

Peter Hess

I will comment on that. We always as you say, there are a number of clients who attend the conference and then sometimes in either the third or fourth quarter, may buy additional product. But it is a hard metric to comment on historically because we have not attributed necessarily sales specifically to the conference as opposed to most of the sales cycles were already started before the conference happened. We see it as a benefit of the conference definitely. It does help drives sales. I do not know if kind of what you are asking is how big of an incremental impact is this going to have on 2010 bookings versus ‘09. I do not really know.

Stephanie DiMarco

I think it is more subjective than something that we calculate. I think the sense coming back from that conference from pretty much everybody who attended, was that the people that were there were very serious about what are you working on, how do I get to this new release? We had a lot of prospects who were in the later stages of the sales cycle and the conference was a great event for really showcasing all of Advent. So I think we felt like there was -- that it was a very effective event for pushing people towards the goal line.

Gil Luria –Wedbush Securities

In terms of your guidance, it looks like the only two things that changed were CapEx and the top line guidance. So you increased the top line guidance by a little bit but not profitability, your cash flow metrics, is that just a way to be cautious?

Peter Hess

So far year to date, Gil, we’re at like 20.3% non GAAP operating margins, so we’re right in that non GAAP operating margin space. I think we need to be cautious because term service deferrals along with these large bookings have a tendency to be lumpy as well. So we just thought about that. With respect to cash flow as well, these investments that we are doing internationally, those are cash intensive investments as well because we are signing up these bookings but the billings begin to flow subsequent to that point. So, I think we feel very comfortable with where we are with those guidance ranges, but didn’t want to move those.

Gil Luria –Wedbush Securities

Finally, can you update us with when you think the financial crisis related attrition will finish cycling through renewal rates?

Peter Hess

I think with what we said last quarter has to – trying to go from memory here. I think we said we needed at least another two years of cycling through. So I think – but it could be – I think we are clearly making progress with Q1 reporting an updated 95% renewal rate. We are clearly making progress on that. We still have known attrition out there for people who are coming to their end of their terms. I think we will continue to see that until through the end of this year and possibly into the beginning of next year.

Operator

Our next question comes from John Maietta with Needham and Company; please proceed.

John Maietta – Needham and Company

Thanks very much. In terms of the large deals in the pipeline and given the new release of Geneva and the interest in Europe, is the preponderance of the large deals, are they in the European pipeline or are they kind of scattered across the different geographies?

Peter Hess

Scattered.

John Maietta – Needham and Company

And then Pete, is it fair to characterize the product cycle for Geneva in Europe as sort of a multi phenomenon as opposed to a couple of quarters of pent up demand?

Peter Hess

Help me understand your question.

John Maietta – Needham and Company

Geneva 8.0, a lot more functionality, it makes you a lot more competitive in Europe, so should we be thinking about this as kind of a two, three, maybe even a five year opportunity where you can displace some competitors, as opposed to having a, you know an uptick in bookings and sales activity that lasts only two or three quarters?

Peter Hess

Yes, I think it is a longer-term opportunity for us. So these replacement cycles do not happen as often as we would like to see them. Clients, they do not turn on a dime when it comes to replacing an accounting system, so it will take time. I think I have said this before to you guys, every deal you win, every client you make successful makes it easier to get the next one. So we will gain momentum I would think rather than lose it.

Stephanie DiMarco

We are definitely looking at growing in these markets. In Asia, we are quite small. The most recent advances to Geneva are about opening up a new market that should have very long legs.

John Maietta – Needham and Company

Thank you very much.

Operator

Our next question comes from Sasa Zorovic from Janney Montgomery Scott; please go ahead.

Sasa Zorovic – Janney Montgomery Scott

Thank you so much. My first question would be regarding the sales cycle. Does it seem that the sales cycles are getting shorter or they are just about constant as they’ve been?

Peter Hess

I would say they are normal. We used to talk about long sales cycles in the tough times of 2009. I would say that they have returned to normal.

Sasa Zorovic – Janney Montgomery Scott

My second question would be when you look at this impressive growth here and if you were trying to sort of to look at it as for the overall growth that you are getting, what percentage wise or how should we think about what is coming out of market share gains versus greenfield opportunities that your product is replacing either where there was no solution or work flow, sort of a manual sort of process. How would you look at that?

Peter Hess

This is Pete, I would say it’s maybe more market share gain than we have seen in prior quarters. There may be are not as many start up hedge funds or breakaway brokers, there are certainly still some, but not as intense as we’ve seen maybe in prior quarters. Therefore, the result that we posted here in the third Quarter was especially impressive I think because it did involve replacing other service systems, maybe more than we normally do.

Stephanie DiMarco

In Tamale, very often it is a greenfield but that is about market adoption too because it’s really about the market adoption of RMS.

Sasa Zorovic –Janney Montgomery Scott

Now have your markets share gains been fairly constant across the board or have they been more pronounced in Asia rather than in other places it’s been fairly even across the board?

Peter Hess

Europe, if I had to rank them, probably Europe then Asia, then the U.S. But I think we said earlier that the performance from a booking standpoint, it was good on all fronts. But like I said with what Stephanie highlighted about UBS in Europe and in Asia, and the comments that I made about the Geneva pipeline in Europe and in Asia, that I think is maybe a little bit of a highlight. So it is an international headline probably, I guess.

Sasa Zorovic – Janney Montgomery Scott

My follow up question would be regarding your hiring planes if you could tell us if anything how does the fourth quarter or maybe early part of next year looks like?

Peter Hess

We are adding people, Jim said it. We are hiring people to support business both that we’ve landed as well as that we expect to land based on the way the pipeline looks. So it is a quality situation that we need some people to do it. We have not finished, and will not provide any guidance for next year until I guess next quarter. If you have any really, good qualified people who might want to work at Advent, let me know.

Sasa Zorovic – Janney Montgomery Scott

Thanks, I sure will. Thank you very much.

Operator

Next question comes of Sterling Auty with JPMorgan, please go ahead.

Sterling Auty - JPMorgan

Yes, thanks. Hi guys. A couple of questions. Jim, am I right last quarter you had some margin headwind on the deferral, this quarter there was none. What are you factoring it in terms of any potential margin headwind for the December quarter?

Jim Cox

Well, on the term service deferral; we would typically expect a margin headwind there. If you look though, Sterling, at the comps, we had a tailwind in Q3 of 09. So kind of the year over year comparables, that was the headwind this quarter over last year same quarter.

Sterling Auty - JPMorgan

On the renewals, remind me, because I get those confused sometimes. I think you do the renewals based on dollar amount, but if you had a customer that was up for renewal that let’s say needed fewer licenses but then they took down an additional product, does that additional product dollar amount count towards the renewal or actually go into ACV?

Jim Cox

If they buy a new product that goes into ACV. So in that scenario you would have a less than a hundred percent renewal rate and you would have positive ACV.

Sterling Auty - JPMorgan

So the main factor that is still playing through like you commented on earlier is just the attrition in terms of head count and any possible funds that may not be there from the last time that they actually signed on.

Jim Cox

Yes.

Sterling Auty - JPMorgan

Next question on the sales and marketing, I think you talked about efficiencies in a number of the different OpEx areas, I was not quite clear what you were suggesting what additional operational leverage or efficiencies you were getting out of sales and marketing. Was there something structural that you changed or what was -- where are you getting the benefit on that front?

Jim Cox

I think it really is that we are spending more money in sales and marketing, we are just not spending it as fast as the revenue. So, there is nothing structural. In fact, structurally we are putting a lot of investments in, particularly in Asia. So we were able to offset those investments with growth in top line to extract some margin leverage out of that line item.

Sterling Auty - JPMorgan

So is that suggesting you are getting better productivity out of the sales force? Is there any type of metric in terms of number of quota carrying reps that are at or above quota? Or something that you can quantify where maybe you are getting more bang for the buck?

Jim Cox

Obviously there are some reps who are doing really well and there are others who are kind of on plan or just a little behind it. I think it’s a little of a mixed bag, now that we’re in a lot of different geographies. It’s hard to really pinpoint it across the entire portfolio.

Sterling Auty - JPMorgan

Okay. All right. Thank you guys.

Jim Cox

Thanks.

Operator

Our next question comes from the line of Brian Murphy with Sidoti Company. Please go ahead.

Brian Murphy - Sidoti Company

Thanks for taking my question. Just a quick follow up on the hiring question. Can you just give us an update on what the sales head count was at the end of the quarter?

Peter Hess

Brian, I apologize. I don’t have that right in front of me. Can I follow up with you on that at a later point or Heidi can get that to you.

Brian Murphy - Sidoti Company

Sure.

Operator

(Operator instructions) Your next question comes from Del Warmington with Delwar Capital Management. Please proceed.

Del Warmington - Delwar Capital Management

One quick question. I’m not too sure if I missed. Did you folks mention what percentage of your revenue is international?

Peter Hess

I don’t believe we did say it, but I think it’s 15%. I apologize for not including that in my script.

Del Warmington - Delwar Capital Management

Thanks a million.

Peter Hess

Thank you. Well, thanks everybody. I appreciate you calling in and we look forward to speaking to you in February.

Operator

Ladies and gentlemen, that concludes today’s conference. Thank you for your participation. You may now disconnect and have a great day.

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