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Parametric Technology's Management Present At Barclays Capital Global Technology, Media And Telecommunications Conference (Transcript)

And we had two of those in the fourth quarter of last year, a strong finish, great quarter. Q1 we had two and we had none of those in the second quarter and we are out looking for several. We’ve had, there were several that could happen and as we indicated, one in particular and actually two were impacted by change of control that was beyond our control if you will. That said it is still incumbent upon management to plan and forecast on those and while they are -- they did not close, they're still in the hunt if you will. So we have a disappointing second quarter, but I think fundamentally a very good first half.

And we look to the back half to be an improvement from that. That said we provided more conservative guidance for our third quarter and said while there is some large customer opportunities in that we are going to basically take any very large mega deals out of our guidance and provide guidance basically assuming none of those happen. I think that’s an appropriate thing to do and I think the questions we get so you gave us some long-term strategic goals and so forth particularly around margin expansion and growth and we believe those are intact. So our long-term through 2015 guidance is revenue growth of 11% to 13%, that's primarily organic as well as expanding margins from mid teens to mid 20s.

So we think we are well on that way and we are up actually, we are targeting to expand margins by a minimum of 100 basis points a year with a current target of 200 basis points a year for the first half and we are up better than 200 basis points year-over-year. So I think the pieces is still intact, we did miss the second quarter but I think we have a pretty reasonable outlook for the back half of the year which will keep us on track for that long term set target.

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