Question-and-Answer Session
Operator
Thank you. (Operator's Instructions). Our first question comes from the line of Jamie Clement with Sidoti and Company. Please proceed with your question.
Jamie Clement - Sidoti and Company
Dave, John, good morning.
David Shea
Good morning, Jamie.
Jamie Clement - Sidoti and Company
John, can you, to perhaps the best of your ability, kind of take us through some of the moving parts in the cost of revenue line? Revenue was down year-over-year. I mean, obviously there's the capital markets hit, but you have acquisitions that came in, but at the end of the day in the second quarter, declining revenues, some capital markets pressure, but in absolute terms your cost of revenue was down significantly year-over-year, and we see a lot of uptick in the third quarter.
So just, can you give us a little bit of color on the moving parts there?
David Shea
Yeah, Jamie, I think the moving parts are primarily due to the mix of revenue. As you know, we've had significant declines in our transactional revenues period-over-period, and you know that the transactional revenue line carries higher margins, right?
Jamie Clement - Sidoti and Company
Right.
David Shea
Now, we also had — the downturn in transactional market revenue was somewhat offset by revenues from the acquisitions, right, that we did? But as we said earlier, because we haven't gotten all the costs off yet, we are progressing towards that, but we haven't gotten all the costs out yet — all right, so our margins were lower with regard to the revenue from the acquisitions.
So, I mean, I think that that primarily addresses the moving parts.
Jamie Clement - Sidoti and Company
Okay. Okay. And looking to the fourth quarter, I mean, it seems as if on a sequential revenue basis you'd actually look for a little bit more revenue in the December quarter than in the September quarter. Is there seasonality that you benefit from in some of the non transactional businesses? Can you just sort of help refresh our memory on that?
David Shea
Yeah. Well, for example — I mean, one of the seasonality of things that we deal with in the fourth quarter is there's open enrolment, for example, in the fourth quarter, which generate some incremental revenue for us, right? There's also activity related to the insurance business that we're involved in. So, that provides a nice spike in the fourth quarter in the non transactional revenue lines.
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