On Thursday, TIBCO Software, Inc. (NASDAQ:TIBX) reported its second quarter earnings and discussed the following topics in its earnings conference call. Take a look.
U.S. Growth Rate
Brent Thill – UBS: Vivek, you mentioned the U.S. growth rate, can you just give us a sense of – is this more execution-related or competitive-related and how long do you think it will take to get it back to where you would you like to see it?
Vivek Ranadive – Chairman and CEO: Well, it’s really execution-related, Brent. We haven’t been executing well in the United States. So we think we’ll get back to where we’d like to be by – we hope to do it very quickly. So, we hope that this quarter and next we’ll again be firing on all the cylinders that we’d like to be.
John Difucci – JPMorgan: I guess, Vivek, you said you’re not seeing the shutdown in spending, you’re not seeing yields dry up like it did in 2008, 2009, but even during that period, and we all know though that there is sort of some softness out there when you hear it from a lot of people, things about Europe, things about financial services, and you have a lot of exposure to them. As you did in 2008, 2009, but during that period, I think you surprised a lot of people by putting up numbers, even inflations might have been a little late in certain quarters. You actually put up bottom lines that were really strong, remain solid throughout. I guess, if things do change and get materially more difficult as far as the environment, taking your execution out of it for a second. How committed are you to the operations of the Company and just making sure you continue to execute on a financial perspective? And maybe that’s a question for Sydney also.
Vivek Ranadive – Chairman and CEO: I think, John, that’s a good question. So we’ve had 16 consecutive quarters where we’ve beaten our consensus, and we’ve been hitting the ball right down the middle of the fairway every single time in good times and bad. We made a commitment to you four years ago that we are going to keep growing our earnings per share, and we have said that we’ll grow our EPS 15% to 20%. And now for 10 consecutive quarters we’ve grown it at more than 20%. So you’re going to see us being very, very disciplined in terms of continuing to grow our EPS at 15% to 20%. But right now what we are seeing is opportunities, John. So, we need to make sure that we are keeping addressing in that opportunity. And what we are seeing right now is, it seems kind of intuitive, but actually companies are willing to spend big money if you can demonstrate value to them. So we just need to do a better job. I think we are leaving money on the table right now and I want to go pick it up. So, if there is a dramatic change in the environment, we are still going to give you the 15% to 20% EPS growth that we promised as we did in the past years as you pointed out.