PRGS
#No, I think, like any review of our capital allocation strategy, <UNK>, we would look at opportunistic acquisitions, if we feel like we've got gaps in our strategic plan, road maps and so on.
Clearly, we are always assessing the opportunity to do that, and share buy-backs, and other ways that we can improve shareholder value.
So we still have a significant capacity to do that.
And ---+ but I think that you have seen, in this Management team, the prudence necessary to execute on what we have.
I think the assets we've got today are really, really competitive.
And looking forward to bringing them all together, and showing you the power of what we have got at our Investor Day.
No, we don't hedge ---+ we only hedge specific transactions.
So we make sure that, as we enter into a transaction, there will be currency moving ---+ the committed currency moving.
We actually do hedge that.
So we don't forward hedge, or anything of that nature, based on expectations.
So that's really just the policy that we have.
And we always hedge our inter-company balances, so we don't have any exposure on those areas.
Sure.
I will, and <UNK> or <UNK> can join in.
First, again, we saw that there were some markets, I would say, at the beginning.
So that's not meaningfully outside of our expectations.
So we saw that there's some market due to ---+ that were softer, as we were going into the year.
So we made those appropriate expectations on our outlook.
Specifically, in the market, <UNK>, I don't know if there's that anything you want to ---+
The guidance, and the discussion we had, is the Telerik business was at a rate ---+ trailing 12 months rate of just over $60 million, around when we acquired it.
It was $60 million when we announced, and by the time we closed a month or so later.
And that's where we said that we expected a growth rate of over 20%, going off of that base.
So ---+ and then we said the BravePoint business, it adds about 6% in total to the OpenEdge business, from a revenue growth perspective, just the pro forma impact of that acquisition.
So it is less than $100 million, but I would say our expectations for the growth and the performance of those business is on track and in line.
But again, we ---+ as we also talked about those businesses were operating in a lower margin when we acquired them, in the 10% range.
And they also, when you just pro forma-ed, again, putting those businesses together.
It, again, less than $100 million, but approaching $100 million.
That's what brought our margins down to the high 20% level, from our 35% prior.
But again, I would just say that those businesses are performing, from a revenue expectation, and from a profitability expectation, in line with our expectations.
Are you looking at actual exchange rates, Q to Q.
I'm ---+
I don't see it.
Year over year, it is going to be currency.
Sequentially, it is not down.
I'm sorry.
Sequentially, it is down.
I apologize.
Yes, about $1 million or so.
And I would say that's ---+ on the maintenance side, it is going to be based on some of the timing of the renewals.
On the services side, it depends on when engagements are completed and engaged upon.
So there can be some fluctuations in that period.
I think that if Mike Benedict was here, he would say it was superior leadership.
But I will tell you that the discipline that his leadership has brought, and the way in which the team responded, the focus that we had on the customers, building out the additional data sources that <UNK> mentioned for up-selling.
And then the other part of this, if you remember, <UNK>, is the up-front revenue recognition that Progress took in some of the long-term deals.
We let those play out, and we let them go back to the way in which we had recognized that revenue in previous years.
And that is, allowing the term of the contract to dictate when we recognize the revenue.
So if it is a three-year contract, we would recognize it over three years, instead of recognizing a bigger portion in the first year, and then a lower portion in the following years.
And that helped build our backlog, and gave us greater consistency and visibility to our business.
So it is a combination of those things that has resulted in the growth rates that we are seeing today.
I've always maintained, I think, and you've heard me in previous calls, that I really like the data business.
It is really strategic to our Company, and that we were always confident that we would be able to demonstrate that to you, when we've got our act together, essentially.
And that's what we have done.
(multiple speakers) And I want to go back ---+ sorry ---+ on the previous question about the maintenance.
On one of the previous calls, I talked about the fact that there was a piece of the deferred maintenance that was tied up on a deliverable for Telerik.
So there was a piece of that came through in Q2 that was based on the technology deliverables.
So there was some revenue that was being penned up until that technology deliverable was made.
So that was the bump up in Q2, and therefore, it caused the revenue ---+ the maintenance revenue to go down in Q3.
Sorry I missed that.
Sure.
On the Corticon side, yes, Corticon's not a substantial portion of our overall revenue.
And ---+ but it is something that we were expecting some meaningful growth, on a year-over-year basis, from some license bookings.
So again, the quarter, and the rest of year, we've softened that.
So it does impact our full-year growth trajectory, if that growth doesn't come in.
And then on Brazil, does anybody have the percentage.
5% of total ---+ Brazil is about 5% of our total revenues.
We did ---+ we always sign some large deals.
And by a large deal, it means that it could be recognized over the course of a multi-year agreement.
So there's always some reasonable deals, but there was nothing unusual, as far as the level of sizable deals this quarter versus prior quarters.
No, I think ---+ again, it was a very high level in the third quarter, up in the high 20%s, on a constant currency basis.
So that is not the level of growth that we are projecting that business to go, on an annual basis.
But we do think it is a business that, if we continue to execute, can be on a ---+ up to a 20% year-over-year growth business.
So it is a little bit higher this quarter.
But again, in line with what we expected
That's right.
Yes.
20% growth.
It probably ---+ it may have been a little bit below 20%, as far as the quarter.
But again, we had good bookings, and we are still pretty confident in the 20% for the year.
So again, I talked a little bit about, we had, at the start of that ---+ of after we acquired the business, we had to get the engine running.
And we are pleased with how the bookings are going in Q3, and have really gone for the whole year.
But I think that, that business is going to continue to be a good, solid contributor.
Thanks, <UNK>.
