Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Tom Roderick - Thomas Weisel Partners.
Tom Roderick - Thomas Weisel Partners
I was hoping you would go into a little more detail on the zone deal on the Zone deal on the WiMax side and then with respect to the more broadly spoken relationship with Spring, can you get into a little bit of detail in terms of what types of transactions you expect to support and what changes are taking place organizationally that are driving those ahead for you?
Stephen G. Waldis
From an organizational perspective there has certainly been momentum as Sprint kind of reorganizes from a management execution perspective, when obviously has had a positive impact in focus and direction for us.
Let me answer the Zone part of it. It is an initial contract. It is not large in size but it is giving us an opportunity to understand how we might be able to add value in processing transactions associated with the Clearwire WiMax arrangement. We can’t get into a lot of specificity around the transaction but it is an opportunity to demonstrate that we are expanding our relationship with Sprint as a whole.
As it relates to Sprint in our current efforts to grow our transactions, we have had some positive results, both in focus in Q3 as well as our ability to make some material impact changes and so as we start in the fourth quarter we will be increasing the number of transactions that we are supporting. It is essentially very similar to our model that we discussed earlier. Obviously it’s not where we want to be in our end state but we are pleased with the results that we are getting more transactions and moving in the direction now that was a little bit faster than it was on our previous calls.
Tom Roderick - Thomas Weisel Partners
And then I want to just dive into your comments in terms of expecting transactions to slow a little bit as you look into the coming quarters. I know it’s probably too early to have a lot of visibility into 2009, but as we look at the core business right now growing about 16%, I think you said about 16% year-on-year, can you just give us a sense as to how you expect in the third quarter for year-on-year growth rates to evolve over the next few quarters so we can have a good sense of where to model for 2009.
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