Question-and-Answer Session
Operator
(Operator Instructions). At this time, we will take our first question from Tom Roderick with Thomas Weisel Partners.
Tom Roderick - Thomas Weisel Partners
Hi guys, thanks and good afternoon. So, I wanted to just review what looks like a slight disconnect between a real solid quarter, particularly, on the bookings versus your guidance for next year, taking a bit more cautious stance.
Can you talk a little bit, you've given us your assumptions as far as sort of the exchange rates and the Business Wire impact, but maybe some of the assumptions you're making about renewal rates, what if any part of your business, you're feeling particularly bullish about and then which ones you're feeling a bit more concerned about them. How do you think about the installed base going forward into next year? Thanks.
Rick Rudman
This is Rick. I think we feel good about renewals based on what we saw on Q4 as I mentioned in my script returning to our normal levels. However, in terms of our planning for 2009, I think we're making assumptions across the Board that it will be a more difficult environment.
So that's just a planning assumption that we're taking as we go into the year. That's for both new business and renewal business both here in the U.S. and overseas.
Tom Roderick - Thomas Weisel Partners
When you look at your dollar rate of renewals, can you provide any further granularity about what happened to those in the fourth quarter? Did they stay consistent or are there elements of pricing discounting or just a lower dollar rate of renewal that you saw during the quarter? Thanks.
Rick Rudman
We are real pleased with what we saw in Q4 for renewals. We had a great renewal quarter, our dollar renewals returned to the normal range that we had seen historically, bouncing back from the dip that we saw in Q3. So, I think this is probably just a planning exercise that once again, is trying to take into account the unique environment that we see as we go into 2009.
Tom Roderick - Thomas Weisel Partners
Okay. And then, just a quick question for Steve. Just a further question on, further detail on the assumptions. Can you give us what assumption you're using for the exchange rates on the British pound for next year in your guidance? And then also what interest rate assumption you are using for your other income?
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