IHS Class A Earnings Call Nuggets: Subscription Organic Growth and Boiler (Play) Vessel Code
Subscription Organic Growth
Manav Patnaik – Barclays: Firstly, I guess, congratulations to Rich and Todd. My question is around the sort of the subscription organic growth you talked about, it seems like it stabilized. Just in the context of obviously the next two quarters being your big renewal quarters. I just wanted to understand just what sort of visibility you have? What feedback you’re getting ahead of that? Just in terms of seeing this, call it, 5 point something organic growth, maybe creep back into the 6% range next year?
Todd Hyatt – SVP and Chief Information Officer: Manav, I very much appreciate it. As we outlined on the call, we’re seeing strength in our subscription pipelines. So positively, we see improving subscription organic growth as we come into Q4 and that is really great momentum as we think about next year. We are right on track as we talked about a 6% organic subscription growth for the full-year and again, we are pleased to see that our pipelines are strengthening and building as we head into Q4. So it’s a positive story; very solid and expanding subscription organic performance.
Boiler (Play) Vessel Code
Paul Ginocchio – Deutsche Bank Securities, Inc.: Could you just breakout the revenue from the Boiler (Play) Vessel Code? Then also, can you talk about the timeline of when you think some of these IT releases and platform releases, when do you think you would start to see that or what percentage of the revenues (are impacting)? When do we start to see sort of an improvement maybe in some of the organic growth because of that specifically?
Scott Key – President and COO: So, directly on the Code, as we’ve talked about in the past, it’s kind of single-digit millions, around the $7 million mark. So that’s what you can expect for the Code and is right in line with historical performance and levels. In terms of the timeline, we are on a build path. As we said, these common platforms Connect which rolls out in energy and then in the chemicals next year. As we get into 2014, Connect will be out there in the market supporting about $150 million in revenue in total and represents that upsell and cross-sell platform as we align sales as we come into 2014, with those bundles of subscriptions that customers will now find on these seamless Connect platform in energy. So we’ll see momentum into the year. Product design, we’re getting good reception in the market, have a number of trials underway with this new capability and, again, that’s another build as we get into 2014 and enhance those platforms. So what we would expect is that we start 2014 is to align sales around these new platforms and the subscriptions on them and then as we go through the year, we’ll see a build in cross-sell and upsell as we get moving, but still very early days and lot of releases to come as we layout in Investor Day, we’ve got a very robust 12th quarter roadmap across all of our revenues and workflows and industries that you’ll just see us building on, Paul.
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