Question-and-Answer Session
Operator
(Operator instructions) Our first question is coming from David Koning with Robert W. Baird.
David Koning - Robert W. Baird
First of all, the last couple years you had Q4 revenues that were down sequentially and I know you don’t want to get into much guidance, but I’m just wondering if now that you’ve done a lot of restructuring work and done a great job getting revenues back on track. Are more normalized seasonal trends inq4, is that more the expectation now in the last couple years more of an anomaly?
Vince Paccapaniccia
I think at this point in time, we are going to [refrain] from adjusting Q4.
David Koning - Robert W. Baird
That’s fair enough. The second question is in Q3, were there any large client swings in revenue? Was it pretty normalized in terms of the contribution from all the top clients?
Vince Paccapaniccia
I would say it was pretty normalized. I think we have seen some cold volumes by some clients, they are down and others go up, but I don’t think there was any significant shift within the client base. We had a few of our large telco clients in Canada and for one of them, the volume of business went down and was more than offset by an increase to the volume of business than the others.
David Koning - Robert W. Baird
And then finally, on the peso hedges, what's left I guess into next year, and based on the hedges you have in place now into next year, I would imagine the rate would be favorable in 2010 relative to 2009?
Vince Paccapaniccia
That's correct. We are about two-thirds hedged for calendar 2010, and we're hedged just shy of $49.50.
David Koning - Robert W. Baird
The arbitrage you pay in 2009 based on hedges is probably closer to 45 throughout the year?
Vince Paccapaniccia
That's correct. Just a little north of 45, that's right.
Operator
Our next question is coming from Bob Evans with Craig-Hallum.
Bob Evans - Craig-Hallum
I realize you can't get into guidance, but I guess from what you've seen this quarter and next quarter, the margin improvement that you had been expecting previously, would you say you're still comfortable with or have confidence in as you are looking out through 2010?
Vince Paccapaniccia
I think what we can say is, we fairly exceeded our internal expectations for the third quarter of '09 and we've certainly made significant progress towards attaining our operating margin goals, and I think that's as far as we can say, in terms of giving guidance for next year.
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