Donovan Gow - American Technology Research

Okay, and then just a last question, if we could just circle back on Europe for a second -- I mean, what gives you confidence there in particular that Europe as a whole is not going to follow what you have seen in the Americas?

Carl Bass

I wouldn’t go so far as to say confidence. What I was willing to say is, you know, explain what we saw in the third quarter and leading up to today. I think our sales teams remain confident about that but you know, I think if there’s anything we all should have learned over the last three to six months, all of our ability to predict has been pretty limited and so if we saw certain portions of Europe decline, it would not surprise me terribly. You know, the best I can do right now is report here’s what we’ve seen, here’s what the teams on the ground are seeing and you know we’re monitoring the situation closely.

Sue Pirri

You know, I think one of the things, Donovan, to remember is that there are areas in our territory that we call EMEA that are still essentially greenfield for us, where we don’t have a sales presence or resellers and so we can go into an environment that is essentially new to us and by adding resources in these areas like Russia or the Middle East, it’s incremental revenue to us despite the fact the economy there may be a little bit slower. We haven’t had a presence there at all.

Carl Bass

And you know, just to be clear, I mean, when we looked at many of our regions, even in the developed economies, they continue -- I mean, to post those kind of results, Europe stayed strong and so I feel like the best I can do is tell you what the facts are. You know, you guys have access to all of the economic data we do in terms of trying to project what that’s going to look like going forward.

Donovan Gow - American Technology Research

Okay, great. Thank you guys.

Carl Bass

But you know there really were some regions that were surprisingly strong. Certainly they don’t correlate closely with what you read in the newspaper.

Operator

Your next question comes from the line of Sterling Auty with J.P. Morgan. Please proceed.

Sterling Auty – J.P. Morgan

Thanks. As you look at the next quarter guidance, can you give us an indication of how much of that fall-off sequentially is directly attributed to your assumptions for FX?

Carl Bass

So we do have a hedge in place for FX, which limits the downside, so a fair amount of it is due to volume and the rest is due to FX.

Sterling Auty – J.P. Morgan

But aren’t you hedging the net exposure or are you actually hedging revenue directly?