Question-and-Answer Session
Operator
(Operator Instructions). Your first question comes from the line of Randall Stanicky with Goldman Sachs. Your line is open.
Randall Stanicky - Goldman Sachs
Great. Thanks a lot. Fred, just as a first question on cancellations, can you just maybe walk us through? If we look at the $705 million in gross bookings, it looks like the cancelled was 169. And I think you said the FX adjustment on backlog was 37. Is that the right way to think about it?
Fred Eshelman
Yes.
Randall Stanicky - Goldman Sachs
So the book-to-bill on a non-FX impacted net would have been closer to 1.46. If we think of it that way, the way you previously booked, were you booking, I guess, an FX gain in prior quarters in that reported cancellation number?
Fred Eshelman
Yes, I think we were.
Randall Stanicky - Goldman Sachs
So is it fair to --?
Fred Eshelman
I don't think it's been this magnitude in the past, and so it was really not particularly material.
Randall Stanicky - Goldman Sachs
So I guess that 24% relative to the 22%, 23% we've seen over the last couple years is probably a little more in line, possibly even a little bit on the lower side than average. Is that fair to say?
Fred Eshelman
No. I'd say it's actually on the high side.
Randall Stanicky - Goldman Sachs
Well, if you were booking an FX gain in prior cancellations, wouldn't that understate the reported cancellations previously?
Fred Eshelman
No, maybe I misstated what I said before. But I think we've always taken the FX adjustment into cancellations and whatever given quarter was, and the reason that we didn't call it out and particularly in the past, it just wasn't really material like it was this quarter.
Randall Stanicky - Goldman Sachs
Do you have any caps or hedges going forward in terms of protecting of the backlog or should we expect some more adjustments, currency moves?
Dan Darazsdi
Yes, this is Dan. Mostly what we've done from a foreign exchange management viewpoint and taken position to mitigate that risk. The second quarter was unusually high, and that's why we wanted to call out the cancellations against backlog for the quarter, so you had a better comp.
And I think you're thinking about it in the right way. 24% net of cancelled is about the right way to think about it. In terms of how it's run historically, 24% I'd say is on the slightly high side of the range that we would expect. We like it to be a little bit lower obviously and that's what we're targeting.
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