8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) July 27, 2011

RIGHTNOW TECHNOLOGIES, INC.

(Exact Name of Registrant as Specified in Charter)

DELAWARE	000-31321	81-0503640
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
136 ENTERPRISE BOULEVARD, BOZEMAN, MT		59718
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code (406) 522-4200

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On July 27, 2011, RightNow Technologies, Inc. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2011. A copy of the press release is furnished herewith as Exhibit 99.1. The Company also has posted on its website supplemental financial data, as of July 27, 2011, which is furnished herewith as Exhibit 99.2.

The information contained under Item 2.02 in this report and in Exhibits 99.1 and 99.2 attached to this report is being furnished to the Securities and Exchange Commission and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that Section, or incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(a) Financial statements of business acquired.

Not Applicable

(b) Pro forma financial information.

Not applicable

(c) Shell company transactions.

Not applicable

(d) Exhibits.

Exhibit No.	Description of Exhibit
99.1	Press Release dated July 27, 2011 announcing RightNow Technologies, Inc.’s financial results for the second quarter ended June 30, 2011 (furnished herewith but not filed pursuant to Item 2.02).
99.2	Supplemental financial data of RightNow Technologies, Inc. as of July 27, 2011 (furnished herewith but not filed pursuant to Item 2.02).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	RIGHTNOW TECHNOLOGIES, INC. (Registrant)
Dated: July 27, 2011	/s/ Jeffrey C. Davison
	Jeffrey C. Davison
	Chief Financial Officer, Senior Vice President and Treasurer

EXHIBIT INDEX

Exhibit No.	Description of Exhibit
99.1	Press Release dated July 27, 2011 announcing RightNow Technologies, Inc.’s financial results for the second quarter ended June 30, 2011 (furnished herewith but not filed pursuant to Item 2.02).
99.2	Supplemental financial data of RightNow Technologies, Inc. as of July 27, 2011 (furnished herewith but not filed pursuant to Item 2.02).

EX-99.1

Exhibit 99.1

For Further Information, Contact:

Investor Relations:	Corporate Communications:
Todd Friedman or Stacie Bosinoff	Jaia Zimmerman
The Blueshirt Group	RightNow Technologies
415.217.7722	650.653.4441 Office
todd@blueshirtgroup.com	650.464.8462 Cell
stacie@blueshirtgroup.com	jzimmerman@rightnow.com

RightNow Announces Second Quarter 2011 Financial Results

Company reports recurring revenue growth of 31%, and earnings per share ahead of guidance.

BOZEMAN, Mont. (July 27, 2011) — RightNow^® (NASDAQ: RNOW) today announced results for the second quarter ended June 30, 2011.

Second quarter 2011 financial highlights included:

• Total revenue was $54.8 million, an increase of 26% over Q2 2010

• Recurring revenue was $45.4 million, an increase of 31% over Q2 2010

• GAAP diluted earnings per share was $0.01 and Non-GAAP diluted earnings per share was $0.15. A reconciliation of Non-GAAP measures can be found at the back of this release.

• Non-GAAP operating margin was 11%, an increase of 200 basis points over Q2 2010

• Current software backlog was $152 million, an increase of 43% over Q2 2010

Total revenue was $54.8 million in the second quarter of 2011, compared to $43.5 million in the second quarter of 2010, reflecting a 26% increase. Recurring revenue in the second quarter of 2011 increased 31% to $45.4 million from $34.7 million in the second quarter of 2010.

Net income in the second quarter of 2011 was $194,000 or $0.01 per diluted share, compared to net income of $1.4 million or $0.04 per diluted share in the second quarter of 2010. Non-GAAP net income in the second quarter of 2011 was $5.4 million, or $0.15 per diluted share, compared to non-GAAP net income of $3.2 million or $0.09 per diluted share in the second quarter of 2010.

“We executed well and delivered an outstanding second quarter with revenue and earnings ahead of guidance,” said Greg Gianforte, CEO and founder. “Our accelerating growth rate is allowing us to further expand our sales capacity and raise our expectations for recurring revenue growth in 2011. We continue to provide robust customer experience solutions with fast return on investment and innovative products that are easy to use, enabling us to deliver high value for our customers around the world. Market trends are creating a demand for RightNow CX and we believe we are well positioned to continue our momentum.”

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Total revenue was $107.1 million for the six months ended June 30, 2011, compared to $85.6 million for the six months ended June 30, 2010, reflecting a 25% increase. Recurring revenue in the six months ended June 30, 2011 increased 29% to $87.3 million from $67.8 million in the six months ended June 30, 2010.

Net income in the six months ended June 30, 2011 was $1.6 million or $0.04 per diluted share, compared to net income of $2.0 million, or $0.06 per diluted share in the six months ended June 30, 2010. Non-GAAP net income in the six months ended June 30, 2011 was $9.1 million, or $0.26 per diluted share, compared to non-GAAP net income of $5.5 million or $0.16 per diluted share in the six months ended June 30, 2010.

Guidance

• For the full year 2011, the Company is raising its recurring revenue growth expectation to 27% from 24%. Total revenue is expected to be approximately $226 million. Net income per diluted share for the full year 2011 is expected to be approximately $0.08. Non-GAAP net income per diluted share, which excludes stock-based compensation, acquisition costs and amortization of acquired intangible assets, amortization of debt issuance costs, and a foreign currency gain related to the Q-go acquisition, is expected to be approximately $0.58 for the full year 2011. The Company expects approximately 36 million diluted shares outstanding for the full year 2011.

• For the third quarter of 2011, total revenue is expected to be approximately $57 million. Third quarter net income per diluted share is expected to be approximately breakeven. Third quarter non-GAAP net income per diluted share, which excludes stock-based compensation, amortization of acquired intangible assets, and amortization of debt issuance costs, is expected to be approximately $0.15. The Company expects approximately 36.3 million diluted shares outstanding for the third quarter of 2011.

Please refer to our “Forward-Looking Guidance Reconciliation” table for complete details on adjustments between GAAP and non-GAAP guidance.

Quarterly Conference Call

RightNow Technologies will discuss its quarterly results today via teleconference at 2:30 p.m. Mountain Time (4:30 p.m. Eastern Time). To access the call, please dial (877) 638 - 9569, or outside the U.S. (914) 495-8536, at least five minutes prior to the 2:30 p.m. MT start time. A live webcast of the call will also be available at http://investor.rightnow.com/index.cfm under the Events & Presentations menu. An audio replay will be available between 5:30 p.m. MT July 27, 2011 and 9:59 p.m. MT August 10, 2011 by calling (800) 642-1687 or (706) 645-9291, with Conference ID 76695707. The replay will also be available during the same time period on the Company’s website at http://investor.rightnow.com.

About RightNow Technologies

RightNow is helping rid the world of bad experiences one consumer interaction at a time, eight million times a day. RightNow CX, the customer experience suite, helps organizations deliver exceptional customer experiences across the web, social networks and contact centers, all delivered via the cloud. With more than ten billion customer interactions delivered, RightNow is the customer experience fabric for nearly 2,000 organizations around the globe. To learn more about RightNow, go to www.rightnow.com.

RightNow is a registered trademark of RightNow Technologies, Inc. NASDAQ is a registered trademark of The NASDAQ Stock Market LLC.

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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and projections about our industry, management’s beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “may,” “will,” “should,” “would,” “could,” “potential,” “continue,” “ongoing,” similar expressions, and variations or negatives of these words and include, but are not limited to, statements regarding projected results of operations, business and profit growth and management’s future strategic plans. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement.

The risks and uncertainties referred to above include, but are not limited to, our business model; our ability to develop or acquire and gain market acceptance for new products and enhancements to existing products in a cost-effective and timely manner; general economic conditions; fluctuations in foreign currency exchange; the gain or loss of key customers; competitive pressures and other similar factors such as the availability and pricing of competing products and technologies and the resulting effects on sales and pricing of our products; our ability to expand or contract operations, manage expenses and grow profitability; the rate at which our present and future customers adopt our existing and future products and services; fluctuations in our operating results including our revenue mix and our rate of growth; fluctuations in backlog; the risk that our investments in partner relationships and additional employees will not achieve expected results; interruptions or delays in our hosting operations; breaches of our security measures; our ability to protect our intellectual property from infringement, and to avoid infringing on the intellectual property rights of third parties; any unanticipated ambiguities in fair value accounting standards; the amount and timing of any stock repurchases under our stock repurchase program; fluctuations in our operating results from the impact of stock-based compensation expense; our ability to manage and expand our partner relationships; our ability to hire, retain and motivate our employees and manage our growth; the risks associated with prior and future acquisitions; and risks associated with our offering of convertible senior notes including the potential impact on earnings per share calculations; and various other factors. Further information on potential factors that could affect our financial results is included in our Annual Report on Form 10-K, quarterly reports on Form 10-Q, and in other filings with the Securities and Exchange Commission. The forward-looking statements in this release speak only as of the date they are made. We undertake no obligation to revise or update publicly any forward-looking statement for any reason.

FRNOW

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RightNow Technologies, Inc.

Consolidated Balance Sheets

(In thousands) (Unaudited)

	June 30,			Dec. 31,
	2011			2010
Assets
Cash and cash equivalents	$	121,792		$	181,948
Short-term investments		134,133			94,759
Accounts receivable		45,703			39,338
Allowance for doubtful accounts		(1,774	)		(2,021	)
Net receivables		43,929			37,317
Deferred commissions		5,963			5,418
Prepaid and other current assets		5,488			4,662
Deferred tax assets		3,810			3,801
Total current assets		315,115			327,905
Property and equipment, net		13,003			10,702
Intangible assets, net		19,512			6,149
Goodwill		32,392			7,975
Deferred commissions, non-current		4,966			4,747
Other		4,365			4,921
Deferred tax assets, non-current		16,756			16,480
Total Assets	$	406,109		$	378,879
Liabilities and Stockholders’ Equity
Accounts payable	$	6,819		$	10,463
Commissions and bonuses payable		6,030			7,137
Other accrued liabilities		18,465			13,363
Current portion of deferred revenue		97,792			90,350
Total current liabilities		129,106			121,313
Deferred revenue, net of current portion		2,355			2,969
Other long-term liabilities		446			—
2.50% Convertible senior notes due 2030		175,000			175,000
Total liabilities		306,907			299,282
Stockholders’ equity:
Common stock		36			35
Additional paid-in capital		152,268			136,717
Treasury stock, at cost		(29,149	)		(29,149	)
Accumulated other comprehensive income		4,422			1,953
Accumulated deficit		(28,375	)		(29,959	)
Total stockholders’ equity		99,202			79,597
Total Liabilities and Stockholders’ Equity	$	406,109		$	378,879

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RightNow Technologies, Inc.

Consolidated Operating Statements

(In thousands, except per share amounts) (Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
Revenue:
Recurring revenue	$	45,409		$	34,730		$	87,322		$	67,755
Professional services		9,407			8,724			19,823			17,801
Total revenue		54,816			43,454			107,145			85,556
Cost of revenue:
Recurring revenue		7,746			5,952			15,072			11,831
Professional services		9,411			7,378			18,821			14,710
Total cost of revenue		17,157			13,330			33,893			26,541
Gross profit		37,659			30,124			73,252			59,015
Operating expenses:
Sales and marketing		24,913			18,777			47,463			37,501
Research and development		5,581			4,797			11,177			9,929
General and administrative		6,377			4,324			12,548			8,623
Total operating expenses		36,871			27,898			71,188			56,053
Income from operations		788			2,226			2,064			2,962
Interest and other income (expense), net		(1,116	)		19			(348	)		202
Income (loss) before income taxes		(328	)		2,245			1,716			3,164
Benefit (provision) for income taxes		522			(841	)		(132	)		(1,175	)
Net income	$	194		$	1,404		$	1,584		$	1,989
Net income per share:
Basic	$	0.01		$	0.04		$	0.05		$	0.06
Diluted	$	0.01		$	0.04		$	0.04		$	0.06
Shares used in the computation:
Basic		33,171			32,000			32,880			31,965
Diluted		36,048			33,427			35,792			33,430
Supplemental information of Non-GAAP reconciling items included in:
Cost of recurring revenue	$	995		$	117		$	1,777		$	230
Cost of professional services		546			122			874			236
Sales and marketing		1,580			726			2,615			1,477
Research and development		443			240			792			497
General and administrative		1,408			556			2,799			1,076
Interest and other income (expense, net)		253			—			(1,312	)		—
Total Non-GAAP reconciling items (pre-tax)	$	5,225		$	1,761		$	7,545		$	3,516

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RightNow Technologies, Inc.

Consolidated Statements of Cash Flow

(In thousands) (Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
Operating activities:
Net income	$	194		$	1,404		$	1,584		$	1,989
Non-cash adjustments:
Depreciation and amortization		3,318			1,872			6,120			3,937
Stock-based compensation		3,988			1,761			6,727			3,516
Provision for losses on accounts receivable		21			31			41			81
Foreign currency gain on acquisition		—			—			(1,819	)		—
Changes in operating accounts, net of business acquisitions:
Receivables		(11,010	)		(2,910	)		(2,981	)		(461	)
Prepaid and other current assets		785			(369	)		443			(1,868	)
Deferred commissions		(795	)		544			(655	)		989
Accounts payable		(5,298	)		1,099			(4,413	)		3,144
Commissions and bonuses payable		1,355			(329	)		(1,157	)		(1,573	)
Other accrued liabilities		3,181			1,053			3,790			2,564
Deferred revenue		11,535			(160	)		3,107			(4,774	)
Other		(852	)		18			(868	)		(19	)
Cash provided by operating activities		6,422			4,014			9,919			7,525
Investing activities:
Net change in investments		(16,411	)		17,107			(39,297	)		16,765
Acquisition of property and equipment		(2,031	)		(2,195	)		(5,148	)		(3,836	)
Intangible asset additions		(1,592	)		(1,305	)		(3,083	)		(2,339	)
Business acquisition, net of cash acquired		—			—			(33,837	)		—
Cash provided by (used in) investing activities		(20,034	)		13,607			(81,365	)		10,590
Financing activities:
Proceeds from issuance of common stock		3,065			409			8,376			1,568
Excess tax benefit of stock options exercised		(142	)		802			449			1,130
Payments on current and long-term debt		(20	)		(10	)		(260	)		(22	)
Cash provided by financing activities		2,903			1,201			8,565			2,676
Effect of foreign exchange rates on cash and cash equivalents		503			(724	)		2,725			(1,125	)
Increase (decrease) in cash and cash equivalents		(10,206	)		18,098			(60,156	)		19,666
Cash and cash equivalents at beginning of period		131,998			43,114			181,948			41,546
Cash and cash equivalents at end of period	$	121,792		$	61,212		$	121,792		$	61,212

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RightNow Technologies, Inc.

Reconciliation of GAAP to Non-GAAP Financial Measurements

(Amounts in thousands, except per share amounts) (Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
Income from operations as reported	$	788		$	2,226		$	2,064		$	2,962
Income from operations as a % of total revenue (operating margin)		1	%		5	%		2	%		3	%
Non-GAAP reconciling items (pre-tax)
Add stock-based compensation (“SBC”)		3,988			1,761			6,727			3,516
Add Q-go acquisition costs		—			—			415			—
Add amortization expense of acquired intangible assets		984			—			1,715			—
Non-GAAP income from operations	$	5,760		$	3,987		$	10,921		$	6,478
Non-GAAP income from operations as a % of total revenue (Non-GAAP operating margin)		11	%		9	%		10	%		8	%
Net income as reported	$	194		$	1,404		$	1,584		$	1,989
Non-GAAP reconciling items (pre-tax)
Add stock-based compensation (“SBC”)		3,988			1,761			6,727			3,516
Add Q-go acquisition costs		—			—			415			—
Add amortization expense of acquired intangible assets		984			—			1,715			—
Add amortization of debt issuance expense		253			—			507			—
Less foreign currency gain		—			—			(1,819	)		—
Non-GAAP Net income	$	5,419		$	3,165		$	9,129		$	5,505
Net income per share, as reported (basic)	$	0.01		$	0.04		$	0.05		$	0.06
Net income per share, as reported (diluted)		0.01			0.04			0.04			0.06
Non-GAAP Net income per share (basic)		0.16			0.10			0.28			0.17
Non-GAAP Net income per share (diluted)		0.15			0.09			0.26			0.16
Shares outstanding (basic), as reported		33,171			32,000			32,880			31,965
Shares outstanding (diluted), as reported		36,048			33,427			35,792			33,430

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Forward-Looking Guidance Reconciliation

	GAAP		Adjustment												Non-GAAP
Third quarter ending September 30, 2011
Net income (approximately)	$	0		[a]	4,100	[b]	—	[c]	950	[d]	250				$	5,300
Net income per share (approximately)	$	0.00													$	0.15
Shares (diluted)		36,250														36,250
Year ending December 31, 2011
Net income (approximately)	$	2,800		[a]	15,000	[b]	400	[c]	3,600	[d]	1,000	[e]	(1,800	)	$	21,000
Net income per share (approximately)	$	0.08													$	0.58
Shares (diluted)		36,000														36,000

[a] Estimated stock-based compensation expense to be recorded for the periods indicated in accordance with FASB Accounting Standards Codification, Topic 718, Compensation-Stock Compensation, which is effective for periods beginning January 1, 2006.

[b] Estimated acquisition costs associated with Q-go.

[c] Estimated amortization expense of acquired intangible assets.

[d] Estimated debt issuance amortization expenses.

[e] Foreign currency gain associated with acquisition of Q-go.

About Non-GAAP Financial Measures

Non-GAAP net income, operating margin and diluted net income per share are supplemental measures of our performance that are not required by, or presented in accordance with GAAP. These non-GAAP financial measures are not intended to be used in isolation and should not be considered a substitute for net income and net income per share or any other performance measure determined in accordance with GAAP. We present non-GAAP net income, operating margin and net income per share because we consider each to be an important supplemental measure of our performance.

Management uses these non-GAAP financial measures to make operational decisions, evaluate the Company’s performance, prepare forecasts and determine compensation. Further, management believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing the Company’s performance when planning, forecasting and analyzing future periods.

Our stock-based compensation expenses are expected to vary depending on the number of new grants issued, changes in our stock price, stock market volatility, expected option lives and risk-free rates of return, all of which are difficult to estimate.

In calculating non-GAAP income from operations, operating margin, net income and net income per share, management excluded stock-based compensation expenses, acquisition costs and amortization associated with acquired intangible assets and debt amortization expenses (debt amortization expense was not included in non-GAAP income from operations because the amount was not recorded as operating income), to facilitate its review of the comparability of the Company’s operating performance on a period-to-period basis because such expenses and gain are not, in management’s view, related to the Company’s ongoing operating performance. Management uses this view of its operating performance for purposes of comparison with its business plan and individual operating budgets and resource allocation.

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During the first quarter of 2011, we recorded a $1.8 million foreign currency gain related to our acquisition of Q go. This gain was excluded from our six months ended June 30, 2011 non-GAAP net income and net income per share calculations (the gain was not included in non-GAAP income from operations because the amount was not recorded to operating income).

Management further believes that these non-GAAP financial measures are useful to investors in providing greater transparency to the information used by management in its operational decision making. We believe that the use of non-GAAP net income, operating margin and net income per share also facilitate a comparison of RightNow’s underlying operating performance with that of other companies in our industry, which use similar non-GAAP financial measures to supplement their GAAP results.

Calculating non-GAAP financial measures have limitations as an analytical tool, and readers should not consider these measures in isolation or as substitutes for GAAP operating income, net income and net income per share. In the future, we expect to incur additional stock-based compensation expenses and the exclusion of these expenses in the presentation of our non-GAAP financial measures should not be construed as an inference that these costs are unusual, infrequent or non-recurring. In the future, we also expect to incur additional acquisition costs and amortization associated with acquired intangible assets and we anticipate excluding these expenses in the future presentation of our non-GAAP financial measures. These acquired intangible assets will be considered for impairment, but will be considered a static expense, one that is not typically affected by operations during any particular period. Lastly, we anticipate excluding amortization of debt issuance costs from our future presentation of our non-GAAP financial measures as these costs are non-cash expenses that are not considered part of ongoing operating results when assessing the performance of our business, and RightNow believes that doing so facilitates comparisons to its historical operating results and to the results of other companies in our industry.

Investors and potential investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool, which include:

• Other companies inside and outside of our industry may calculate non-GAAP net income and net income per share differently than we do, limiting their usefulness as a comparative tool; and

• The Company’s income tax expense or benefit will be ultimately based on its GAAP taxable income and actual tax rates in effect, which may differ significantly from the effective tax rate used in our non-GAAP financial measures.

In addition, the adjustments to our future GAAP financial measures reflecting the exclusion of stock-based compensation expenses, amortization of acquired intangible assets, and amortization of debt issuance costs are recurring and will be reflected in the Company’s financial results for the foreseeable future. The Company compensates for these limitations by providing specific information regarding the GAAP amount excluded from the non-GAAP financial measures. The Company further compensates for the limitations of its use of non-GAAP financial measures by presenting comparable GAAP with equal or greater prominence. The Company evaluates the non-GAAP financial measures together with the most directly comparable GAAP financial measures.

Investors and potential investors are encouraged to review the reconciliation of non-GAAP financial measures contained within this press release with our GAAP net income, operating margin and net income per share. For more information, see the consolidated operating statements and reconciliation of non-GAAP measurements contained in this press release.

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EX-99.2

Exhibit 99.2

Supplemental Data Sheet	Amounts in thousands (except customers, interactions and employees)
Unaudited Last updated July 27, 2011

	Q1			Q2			Q3			Q4			FY			Q1			Q2			Q3			Q4			YTD
	2008			2008			2008			2008			2008			2009			2009			2009			2009			2009
Revenue
Revenue		32,898			35,221			36,237			36,079			140,435			36,037			36,340			38,731			41,579			152,687
YoY Growth		28	%		33	%		24	%		18	%		25	%		10	%		3	%		7	%		15	%		9	%
Recurring Revenue		24,412			25,459			25,917			26,476			102,264			25,955			27,393			29,741			32,161			115,250
YoY Growth		27	%		25	%		19	%		12	%		20	%		6	%		8	%		15	%		21	%		13	%
Pro Service Revenue		8,342			9,648			10,281			9,588			37,859			9,992			8,916			8,977			9,407			37,292
YoY Growth		42	%		67	%		49	%		46	%		51	%		20	%		-8	%		-13	%		-2	%		-1	%
North America Revenue %		67	%		67	%		70	%		74	%		69	%		75	%		72	%		72	%		71	%		72	%
EMEA Revenue %		25	%		25	%		22	%		19	%		23	%		18	%		19	%		19	%		19	%		19	%
APAC Revenue %		8	%		8	%		8	%		7	%		8	%		7	%		9	%		9	%		10	%		9	%
Backlog and Backlog Related Metrics
Current Portion of Software Backlog		69,737			75,766			77,478			84,103						82,186			89,138			96,650			104,983
TTM Growth																	20	%		18	%		20	%		21	%
YoY Growth		21	%		26	%		18	%		20	%					18	%		18	%		25	%		25	%
Total Backlog		138,629			147,052			145,088			150,872						138,000			152,424			166,305			179,892
Current Backlog		88,419			95,498			95,044			101,995						96,546			103,984			115,944			121,275
Non-Current Backlog		50,210			51,554			50,044			48,877						41,454			48,440			50,361			58,617
Deal Size Distribution
> $1M		4			6			4			7			21			1			10			7			8			26
$100K-$1M		73			86			76			91			326			59			60			83			90			292
<$100K		464			470			528			527			1,989			443			421			388			435			1,687
Top 5 industry sales-TTM
High-Tech		18	%		21	%		22	%		23	%					21	%		21	%		22	%		20	%
Public Sector		13	%		12	%		12	%		14	%					14	%		15	%		18	%		16	%
Entertainment/Media		4	%		5	%		6	%		6	%					6	%		12	%		10	%		11	%
Retail/CPG		14	%		15	%		15	%		14	%					15	%		14	%		13	%		15	%
Telecom		19	%		15	%		13	%		13	%					12	%		10	%		13	%		16	%
All other		32	%		32	%		32	%		30	%					32	%		28	%		24	%		22	%
Margin & Earnings Metrics (Non-GAAP)*
Gross Margin %		63	%		64	%		64	%		67	%		64	%		67	%		70	%		71	%		70	%		70	%
Software Margin %		80	%		81	%		80	%		81	%		80	%		81	%		82	%		83	%		82	%		82	%
Professional Services Margin %		15	%		21	%		22	%		26	%		21	%		31	%		31	%		31	%		28	%		30	%
Operating expense as % of Revenue		72	%		69	%		65	%		63	%		67	%		60	%		63	%		61	%		62	%		62	%
Operating Margin %		-9	%		-5	%		-1	%		4	%		-3	%		7	%		7	%		10	%		8	%		8	%
Operating Margin		(2,976	)		(1,759	)		(444	)		1,267			(3,912	)		2,531			2,510			3,693			3,408			12,142
Non-GAAP EPS (Diluted)	$	(0.06	)	$	(0.04	)	$	—		$	0.06		$	(0.04	)	$	0.09		$	0.09		$	0.12		$	0.10		$	0.39
Other Metrics
Headcount		718			765			777			737			737			742			756			792			797			797
New Customer		64			73			68			59			264			26			53			56			51			212
Interactions (in millions)		463			477			576			583			2,099			584			586			620			704			2,494

	Q1			Q2			Q3			Q4			YTD			Q1			Q2			YTD
	2010			2010			2010			2010			2010			2011			2011			2011
Revenue
Revenue		42,102			43,454			48,593			51,373			185,522			52,329			54,816			107,145
YoY Growth		17	%		20	%		25	%		24	%		22	%		24	%		26	%		25	%
Recurring Revenue		33,025			34,730			38,613			40,977			147,345			41,913			45,409			87,322
YoY Growth		27	%		27	%		30	%		27	%		28	%		27	%		31	%		29	%
Pro Service Revenue		9,077			8,724			9,980			10,396			38,177			10,416			9,407			19,823
YoY Growth		-9	%		-2	%		11	%		11	%		2	%		15	%		8	%		11	%
North America Revenue %		71	%		70	%		69	%		66	%		69	%		65	%		63	%
EMEA Revenue %		19	%		19	%		19	%		20	%		19	%		20	%		21	%
APAC Revenue %		10	%		11	%		12	%		14	%		12	%		15	%		16	%
Backlog and Backlog Related Metrics
Current Portion of Software Backlog		103,264			106,275			117,628			134,004						142,102			151,947
TTM Growth		23	%		24	%		23	%		24	%					27	%		33	%
YoY Growth		26	%		19	%		22	%		28	%					38	%		43	%
Total Backlog		196,225			211,911			252,338			295,830						316,124			333,861
Current Backlog		120,606			121,011			134,174			148,619						154,599			163,599
Non-Current Backlog		75,619			90,900			118,164			147,211						161,525			170,262
Deal Size Distribution
> $1M		14			11			17			18			60			9			12			21
$100K-$1M		91			106			112			129			438			96			120			216
<$100K		423			436			436			434			1,729			494			501			995
Top 5 industry sales-TTM
High-Tech		22	%		22	%		22	%		21	%					22	%		21	%
Public Sector		15	%		17	%		22	%		20	%					21	%		18	%
Entertainment/Media		10	%		8	%		13	%		13	%					14	%		16	%
Retail/CPG		15	%		15	%		13	%		13	%					11	%		12	%
Telecom		15	%		15	%		12	%		10	%					10	%		10	%
All other		23	%		23	%		18	%		23	%					22	%		23	%
Margin & Earnings Metrics (Non-GAAP)*
Gross Margin %		69	%		70	%		71	%		73	%		71	%		70	%		72	%		71	%
Software Margin %		83	%		83	%		85	%		86	%		84	%		84	%		85	%		85	%
Professional Services Margin %		20	%		17	%		17	%		21	%		19	%		13	%		6	%		9	%
Operating expense as % of Revenue		63	%		61	%		58	%		59	%		60	%		60	%		61	%		61	%
Operating Margin %		6	%		9	%		13	%		14	%		11	%		10	%		11	%		10	%
Operating Margin		2,490			3,987			6,336			7,245			20,058			5,161			5,760			10,921
Non-GAAP EPS (Diluted)	$	0.07		$	0.09		$	0.15		$	0.17		$	0.49		$	0.10		$	0.15		$	0.26
Other Metrics
Headcount		836			871			887			920			920			1,035			1,040			1,040
New Customer		46			38			66			53			203			71			76			147
Interactions (in millions)		765			801			786			811			3,163			870			873			1,743

* Note: The supplemental data sheet refers to certain non-GAAP financial results. Please refer to our reconciliations of GAAP, which can be found in our Company's earnings release(s), which is posted on the Investor Relations portion of our website.

Consolidated Balance Sheets	Amounts in thousands
Unaudited Last updated July 27, 2011

	Mar 31,			Jun 30,			Sep 30,			Dec 31,			Mar 31,			Jun 30,			Sep 30,			Dec 31,			Mar 31,			Jun 30,
	2009			2009			2009			2009			2010			2010			2010			2010			2011			2011
Assets
Current assets:
Cash and cash equivalents		51,462			46,987			32,388			41,546			43,114			61,212			77,728			181,948			131,998			121,792
Short-term investments		36,517			42,808			60,634			54,977			55,293			38,228			31,287			94,759			117,659			134,133
Accounts receivable		24,220			31,670			31,034			31,850			29,723			33,020			36,367			39,037			34,349			45,563
Term receivables		4,810			4,107			3,011			2,417			1,762			1,271			371			301			209			140
Less allowance for doubtful accounts		(1,901	)		(1,910	)		(1,701	)		(1,914	)		(1,794	)		(1,697	)		(1,867	)		(2,021	)		(1,800	)		(1,774	)
Deferred tax asset		—			—			—			—			—			—			—			3,801			3,806			3,810
Prepaid & other current assets		7,593			7,815			8,689			8,828			9,620			9,178			8,816			10,080			10,867			11,451
Total current assets		122,701			131,477			134,055			137,704			137,718			141,212			152,702			327,905			297,088			315,115
Long-term investments		4,980			4,792			—			—			—			—			—			—			—			—
Property and equipment, net		9,187			9,775			9,781			10,122			10,154			10,850			11,063			10,702			12,644			13,003
Term receivables, noncurrent		2,804			2,159			1,447			1,105			810			537			82			14			5			6
Deferred tax asset, noncurrent		—			—			—			—			—			—			—			16,480			16,713			16,756
Long-term prepaid & other current assets		3,170			3,641			3,769			4,363			4,512			4,709			4,960			9,654			9,313			9,325
Goodwill		4,358			4,358			7,975			7,975			7,975			7,975			7,975			7,975			31,953			32,392
Intangible and other assets, net		1,746			1,380			3,247			3,166			3,694			4,586			5,407			6,149			19,115			19,512
Total assets		148,946			157,582			160,274			164,435			164,863			169,869			182,189			378,879			386,831			406,109
Liabilities, Preferred Stock and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued liabilities		14,309			17,847			16,601			16,573			19,967			22,013			23,425			23,826			27,307			25,284
Commissions and bonuses payable		3,084			4,958			4,838			6,271			4,964			4,597			6,142			7,137			4,678			6,030
Current portion of long-term debt		46			45			34			22			10			—			—			—			—			—
Deferred revenue		78,755			85,176			89,161			88,603			86,395			86,933			88,669			90,350			86,244			97,792
Total current liabilities		96,194			108,026			110,634			111,469			111,336			113,543			118,236			121,313			118,229			129,106
Deferred revenue, noncurrent		24,452			18,908			14,780			12,724			9,300			7,894			5,394			2,969			1,939			2,355
Long-term debt		10			—			—			—			—			—			—			175,000			175,000			175,000
Other long-term liabilities		—			—			—			—			—			—			—			—			453			446
Stockholders’ equity (deficit):
Common stock		34			34			34			34			34			34			34			35			36			36
Additional paid-in capital		104,345			107,281			109,394			112,439			115,680			118,652			125,416			136,717			145,359			152,268
Treasury stock, at cost		(15,007	)		(15,007	)		(15,007	)		(15,007	)		(15,007	)		(15,007	)		(15,007	)		(29,149	)		(29,149	)		(29,149	)
Other comprehensive income (loss)		1,875			1,260			1,394			1,125			1,284			1,113			1,581			1,951			3,533			4,422
Accumulated deficit		(62,957	)		(62,920	)		(60,955	)		(58,349	)		(57,764	)		(56,360	)		(53,465	)		(29,957	)		(28,569	)		(28,375	)
Total stockholders’ equity		28,290			30,648			34,860			40,242			44,227			48,432			58,559			79,597			91,210			99,202
Total liabilities, preferred stock and stockholders’ equity		148,946			157,582			160,274			164,435			164,863			169,869			182,189			378,879			386,831			406,109

Consolidated Statement of Operations
Unaudited Last updated July 27, 2011	Amounts in thousands (except net income (loss) per share)

	2008															2009
	Q1			Q2			Q3			Q4			YTD			Q1			Q2			Q3			Q4			YTD
Revenue:
Software, hosting and support		24,556			25,573			25,956			26,491			102,576			26,045			27,424			29,754			32,172			115,395
Professional services		8,342			9,648			10,281			9,588			37,859			9,992			8,916			8,977			9,407			37,292
Total revenue		32,898			35,221			36,237			36,079			140,435			36,037			36,340			38,731			41,579			152,687
Cost of revenue:
Software, hosting and support		5,035			5,043			5,305			5,014			20,397			4,949			4,954			5,232			5,813			20,948
Professional services		7,285			7,810			8,133			7,212			30,440			7,008			6,346			6,365			6,891			26,610
Total cost of revenue		12,320			12,853			13,438			12,226			50,837			11,957			11,300			11,597			12,704			47,558
Gross profit		20,578			22,368			22,799			23,853			89,598			24,080			25,040			27,134			28,875			105,129
Operating expenses:
Sales and marketing		16,818			17,627			16,889			16,294			67,628			14,863			16,008			16,175			17,705			64,751
Research and development		4,486			4,507			4,671			4,628			18,292			4,756			5,051			5,100			5,314			20,221
General and administrative		3,516			3,890			3,215			2,994			13,615			3,446			4,207			4,018			4,130			15,801
Total operating expenses		24,820			26,024			24,775			23,916			99,535			23,065			25,266			25,293			27,149			100,773
Operating income (loss)		(4,242	)		(3,656	)		(1,976	)		(63	)		(9,937	)		1,015			(226	)		1,841			1,726			4,356
Interest and other income, net		938			519			552			687			2,696			401			351			342			1,000			2,094
Income (loss) before income taxes		(3,304	)		(3,137	)		(1,424	)		624			(7,241	)		1,416			125			2,183			2,726			6,450
(Provision) benefit for income taxes		(92	)		5			(23	)		68			(42	)		(153	)		(89	)		(218	)		(119	)		(579	)
Net income (loss)		(3,396	)		(3,132	)		(1,447	)		692			(7,283	)		1,263			36			1,965			2,607			5,871
Net income (loss) per share:
Basic	$	(0.10	)	$	(0.09	)	$	(0.04	)	$	0.02		$	(0.22	)	$	0.04		$	0.00		$	0.06		$	0.08		$	0.18
Diluted	$	(0.10	)	$	(0.09	)	$	(0.04	)	$	0.02		$	(0.22	)	$	0.04		$	0.00		$	0.06		$	0.08		$	0.18
Shares used in the computation:
Basic		33,532			33,582			33,640			32,692			33,362			31,784			31,677			31,733			31,815			31,752
Diluted		33,532			33,582			33,640			33,204			33,362			32,249			32,160			32,424			33,047			32,336
Supplemental information of non-GAAP reconciling items included in:
Cost of recurring revenue		77			79			87			80			323			96			142			120			102			460
Cost of professional services		153			165			158			162			638			133			209			138			132			612
Sales and marketing		538			595			738			583			2,454			622			952			761			694			3,029
Research and development		235			242			252			240			969			262			377			285			254			1,178
General and administrative		263			816			297			265			1,641			403			1,056			548			500			2,507
Interest and other income, net		—			—			—			—			—			—			—			—			(1,000	)		(1,000	)
(Provision) benefit for income taxes		—			—			—			—			—			—			—			—			—			—
Total non-GAAP reconciling items (pre-tax)		1,266			1,897			1,532			1,330			6,025			1,516			2,736			1,852			682			6,786

	2010															2011
	Q1			Q2			Q3			Q4			YTD			Q1			Q2			YTD
Revenue:
Software, hosting and support		33,025			34,730			38,613			40,977			147,345			41,913			45,409			87,322
Professional services		9,077			8,724			9,980			10,396			38,177			10,416			9,407			19,823
Total revenue		42,102			43,454			48,593			51,373			185,522			52,329			54,816			107,145
Cost of revenue:
Software, hosting and support		5,879			5,952			5,923			5,855			23,609			7,326			7,746			15,072
Professional services		7,332			7,378			8,395			8,348			31,453			9,410			9,411			18,821
Total cost of revenue		13,211			13,330			14,318			14,203			55,062			16,736			17,157			33,893
Gross profit		28,891			30,124			34,275			37,170			130,460			35,593			37,659			73,252
Operating expenses:
Sales and marketing		18,724			18,777			20,006			21,888			79,395			22,550			24,913			47,463
Research and development		5,132			4,797			5,160			5,065			20,154			5,596			5,581			11,177
General and administrative		4,299			4,324			4,975			5,108			18,706			6,171			6,377			12,548
Total operating expenses		28,155			27,898			30,141			32,061			118,255			34,317			36,871			71,188
Operating income (loss)		736			2,226			4,134			5,109			12,205			1,276			788			2,064
Interest and other income, net		183			19			454			(311	)		345			768			(1,116	)		(348	)
Income (loss) before income taxes		919			2,245			4,588			4,798			12,550			2,044			(328	)		1,716
(Provision) benefit for income taxes		(334	)		(841	)		(1,693	)		18,708			15,840			(654	)		522			(132	)
Net income (loss)		585			1,404			2,895			23,506			28,390			1,390			194			1,584
Net income (loss) per share:
Basic	$	0.02		$	0.04		$	0.09		$	0.72		$	0.88		$	0.04		$	0.01		$	0.05
Diluted	$	0.02		$	0.04		$	0.09		$	0.64		$	0.83		$	0.04		$	0.01		$	0.04
Shares used in the computation:
Basic		31,929			32,000			32,128			32,562			32,156			32,585			33,171			32,880
Diluted		33,431			33,427			33,659			37,574			34,568			35,482			36,048			35,792
Supplemental information of non-GAAP reconciling items included in:
Cost of recurring revenue		113			117			127			125			482			782			995			1,777
Cost of professional services		114			122			128			122			486			328			546			874
Sales and marketing		751			726			818			782			3,077			1,035			1,580			2,615
Research and development		257			240			254			237			988			349			443			792
General and administrative		520			556			875			870			2,821			1,391			1,408			2,799
Interest and other income, net		—			—			—			—			—			(1,565	)		253			(1,312	)
(Provision) benefit for income taxes		—			—			—			(19,732	)		(19,732	)		—			—			—
Total non-GAAP reconciling items (pre-tax)		1,755			1,761			2,202			(17,596	)		(11,878	)		2,320			5,225			7,545

Consolidated Statements of Cash Flow
Unaudited Last updated July 27, 2011	Amounts in thousands

	2008															2009
	Q1			Q2			Q3			Q4			YTD			Q1			Q2			Q3			Q4			YTD
Operating activities
Net income (loss)		(3,396	)		(3,132	)		(1,447	)		692			(7,283	)		1,263			36			1,965			2,607			5,871
Noncash adjustments:
Depreciation and amortization		1,954			1,956			1,956			1,905			7,771			1,887			1,726			1,797			2,081			7,491
Provision for losses on accounts receivable		89			26			64			33			212			57			30			30			40			157
Stock-based compensation expense		1,266			1,897			1,532			1,330			6,025			1,516			2,736			1,852			1,682			7,786
Deferred tax asset valuation allowance reversal		—			—			—			—			—			—			—			—			—			—
Foreign currency exchange gain on acq.		—			—			—			—			—			—			—			—			—			—
Changes in operating accounts:
Receivables		7,447			4,062			1,143			(7,878	)		4,774			13,569			(5,171	)		2,333			524			11,255
Prepaid and other current assets		(852	)		(804	)		(1,168	)		(900	)		(3,724	)		399			(583	)		(693	)		(614	)		(1,491	)
Accounts payable and accrued liabilities		2,292			(257	)		42			(720	)		1,357			(1,823	)		3,099			(1,427	)		(35	)		(186	)
Commissions and bonuses payable		(1,523	)		742			166			1,545			930			(2,553	)		1,743			(132	)		1,393			451
Deferred revenue		(3,434	)		4,001			(3,566	)		7,168			4,169			(9,429	)		(2,038	)		(569	)		(2,880	)		(14,916	)
Other		(173	)		83			(52	)		635			493			—			503			(247	)		(577	)		(321	)
Cash provided (used) by operating activities		3,670			8,574			(1,330	)		3,810			14,724			4,886			2,081			4,909			4,221			16,097
Investing activities
Acquistion of property and equipment		(1,522	)		(1,536	)		(1,309	)		(1,425	)		(5,792	)		(584	)		(1,841	)		(1,240	)		(1,912	)		(5,577	)
Business acquisitions		—			—			—			—			—			—			—			(5,906	)		—			(5,906	)
Intangible asset additions																	(100	)					(144	)		(410	)		(654	)
Change in investments, net		(1,970	)		748			2,218			12,435			13,431			(2,251	)		(6,059	)		(13,081	)		5,558			(15,833	)
Other		—			—			—			—			—			—			—			—			—			—
Cash provided (used) for investing activities		(3,492	)		(788	)		909			11,010			7,639			(2,935	)		(7,900	)		(20,371	)		3,236			(27,970	)
Financing activities
Net proceeds from (payments on) long-term debt		(11	)		(11	)		(11	)		(10	)		(43	)		(12	)		(11	)		(12	)		(11	)		(46	)
Debt issuance costs		—			—			—			—			—			—			—			—			—			—
Proceeds from issuance of stock:
Common stock issued under employee benefit plans		414			234			618			130			1,396			78			151			167			1,352			1,748
Common stock repurchase (Treasury)		—			—			—			(13,209	)		(13,209	)		(1,798	)		—			—			—			(1,798	)
Other		51			(53	)		—			(133	)		(135	)		89			48			95			11			243
Cash provided (used) by financing activities		454			170			607			(13,222	)		(11,991	)		(1,643	)		188			250			1,352			147
Effect of foreign exchange rates		278			234			(1,822	)		(1,338	)		(2,648	)		(251	)		1,156			613			349			1,867
Net change in cash and cash equivalents		910			8,190			(1,636	)		260			7,724			57			(4,475	)		(14,599	)		9,158			(9,859	)
Cash and cash equivalents at beginning of period		43,681			44,591			52,781			51,145			43,681			51,405			51,462			46,987			32,388			51,405
Cash and cash equivalents at end of period		44,591			52,781			51,145			51,405			51,405			51,462			46,987			32,388			41,546			41,546

	2010															2011
	Q1			Q2			Q3			Q4			YTD			Q1			Q2			YTD
Operating activities
Net income (loss)		585			1,404			2,895			23,506			28,390			1,390			194			1,584
Noncash adjustments:
Depreciation and amortization		2,065			1,872			1,812			2,023			7,772			2,802			3,318			6,120
Provision for losses on accounts receivable		50			31			50			60			191			20			21			41
Stock-based compensation expense		1,755			1,761			2,202			2,136			7,854			2,739			3,988			6,727
Deferred tax asset valuation allowance reversal		—			—			—			(19,732	)		(19,732	)		—			—			—
Foreign currency exchange gain on acq.		—			—			—			—			—			(1,819	)		—			(1,819	)
Changes in operating accounts:
Receivables		2,449			(2,910	)		(963	)		(2,605	)		(4,029	)		8,029			(11,010	)		(2,981	)
Prepaid and other current assets		(1,054	)		175			289			(672	)		(1,262	)		(202	)		(10	)		(212	)
Accounts payable and accrued liabilities		3,556			2,152			948			463			7,119			1,494			(2,117	)		(623	)
Commissions and bonuses payable		(1,244	)		(329	)		1,451			999			877			(2,512	)		1,355			(1,157	)
Deferred revenue		(4,614	)		(160	)		(2,887	)		(727	)		(8,388	)		(8,428	)		11,535			3,107
Other		(38	)		19			176			(455	)		(298	)		(16	)		(852	)		(868	)
Cash provided (used) by operating activities		3,510			4,015			5,973			4,996			18,494			3,497			6,422			9,919
Investing activities
Acquistion of property and equipment		(1,640	)		(2,196	)		(1,639	)		(1,233	)		(6,708	)		(3,117	)		(2,031	)		(5,148	)
Business acquisitions		—			—			—			—			—			(33,837	)		—			(33,837	)
Intangible asset additions		(1,034	)		(1,305	)		(1,120	)		(1,101	)		(4,560	)		(1,491	)		(1,592	)		(3,083	)
Change in investments, net		(342	)		17,107			6,935			(63,513	)		(39,813	)		(22,886	)		(16,411	)		(39,297	)
Other		—			—			—			—			—			—			—			—
Cash provided (used) for investing activities		(3,016	)		13,606			4,176			(65,847	)		(51,081	)		(61,331	)		(20,034	)		(81,365	)
Financing activities
Net proceeds from (payments on) long-term debt		(12	)		(10	)		—			175,000			174,978			(240	)		(20	)		(260	)
Debt issuance costs		—			—			—			(5,036	)		(5,036	)								—
Proceeds from issuance of stock:
Common stock issued under employee benefit plans		1,159			409			3,068			8,184			12,820			5,311			3,065			8,376
Common stock repurchase (Treasury)		—			—			—			(14,142	)		(14,142	)		—						—
Other		328			802			1,491			982			3,603			591			(142	)		449
Cash provided (used) by financing activities		1,475			1,201			4,559			164,988			172,223			5,662			2,903			8,565
Effect of foreign exchange rates		(401	)		(724	)		1,808			83			766			2,222			503			2,725
Net change in cash and cash equivalents		1,568			18,098			16,516			104,220			140,402			(49,950	)		(10,206	)		(60,156	)
Cash and cash equivalents at beginning of period		41,546			43,114			61,212			77,728			41,546			181,948			131,998			181,948
Cash and cash equivalents at end of period		43,114			61,212			77,728			181,948			181,948			131,998			121,792			121,792

Currency Component Data Sheet

Unaudited

As of July 27, 2011

	Currency Component of Total Revenue-TTM as of June 30, 2011			Currency exchange rate into USD as of July 26,  2011		Impact of 1 percent change in fx exchange rate per 100M in revenue
GBP		10	%		1.6390		163,900
EUR		5	%		1.4474		72,370
AUD		10	%		1.0935		109,353
USD and other		75	%		n/a
Total		100	%				345,623
	Currency Component of Total Expense-TTM as of June 30, 2011			Currency exchange rate into USD as of July 26, 2011		Impact of 1 percent change in fx exchange rate per 100M in expense
GBP		10	%		1.6390		163,900
EUR		6	%		1.4474		86,843
AUD		3	%		1.0935		32,806
USD and other		81	%		n/a
Total		100	%				283,549

TTM=Trailing Twelve Months