Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from [Arun Shashadre] – Credit Suisse.
Arun Shashadre – Credit Suisse
First I just wanted to start off with just if you could give us like you traditionally give us sort of a – in your segments, sort of a breakdown of how transaction growth kind of – the link between transaction growth and organic revenue growth.
Michael Capellas
Sure, I’d be happy to do that. Let’s start with International first and then I’ll turn it over to Phil who will pick up on the specifics on merchant [fs]. Actually a pretty strong quarter. Internationally overall transaction growth was 21% as we predicted, but if you actually look at pure organic growth, we were just at a little over 5%, between 5 and 6% on the organic growth side.
The effect of currency was 3% and the effect of acquisitions was 10%. So if we just look at the revenue growth at 19% which closely approximated the transaction growth, acquisitions 10, currency 3, organic 5. And that sort of reconciled where we were. So as you can see, we picked up on the organic growth and the transaction growth held in there pretty strongly although we are starting to now see it deteriorate. So that will cover International. Phil.
Phil Wall
Yes, thanks, Michael. So on the merchant side, transactions grew at 9% whereas the revenue excluded in D&S was down 3%. So the way you reconcile this really is we’ve seen – we see price compression flowing through as we have done in the past is around 4 to 5%. Then the revenue mix, which is trending from the small merchants to the national discounters, probably accounts for around another 5% of the difference.
And then finally the shift of credit to debit transactions as Michael mentioned before, debit growing at 17% and credit at 6 causes around another 2% revenue impact. So we have 5, 5 and 2 almost pretty much accounting for the difference between the transaction growth and the revenue.
On the financial services side, I think you asked as well, that’s a little bit different and that’s more around the TeleCheck business and lost business of prior years goes in the reduction in revenue.
Michael Capellas
And Phil to do it as we also traditionally do, if we then take that transaction growth and pull it through the P&L which I’m sure you’ll want to do next for your model is revenue growth and aggregate dollars was about $93 million. If you back out reimbursables we had a net revenue growth of about $16 million.
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