Question-and-Answer Session
Operator
(Operator Instructions) The first question comes from the line John DiFucci – JP Morgan.
Analyst for John DiFucci – JP Morgan
Just a couple of quick questions if I may. Murray I believe you said deferred revenues were down sequentially due to timing of renewals. Just looking back on the last few years, Q2 to Q3 sequential was pretty much flat so if you could provide a little more color into the exact nature of some of that timing issue and clarify if there were any issues with respect to some of the financial services companies, if you had to take some write downs there or if it was a currency issue?
Murray Rode
Kind of dealing with the components of your question in reverse order, there was no issue with write downs this quarter or with currency impacts. The fundamental issue was the timing of how these maintenance renewals come due. There can be variations even as little as a day or two that makes a difference between that maintenance renewal being in your deferred balance or not for the quarter. So I think if you do look at the pattern of deferred revenue this year versus past years it has been a little different and we have seen a bigger ramp in the first half. So, we are seeing maybe a little more seasonality this year than we have seen in past periods. Again, just because of those timing differences and as I said relatively small timing differences.
Analyst for John DiFucci – JP Morgan
On the financial services exposure I think you said it was 21% in the quarter. Perhaps you could provide a little more visibility on that given the concerns that people may have as far as the split on new license revenue versus aggregate revenue of financial services exposure.
Murray Rode
We don’t really break out by the verticals or the regions the license revenue specifically but again, I understand some of the sensitivity to that. Given the sensitivities we have relatively little contribution from financial services. So it was a lot less than the total revenue contribution to license. Even within that I don’t believe there was any, as I talked about in the prepared remarks, any investment banking related financial services revenue. It was primarily retail driven.
Operator
The next question comes from the line of Derek Bingham – Goldman Sachs.
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