Global Payments Earnings Call Insights: Revenue Contribution and Drivers Analysis
Georgios Mihalos – Credit Suisse: Thanks for taking my question and Paul, all the best. It was great working with you.
Paul R. Garcia – Chairman: Thanks George.
Georgios Mihalos – Credit Suisse: Congratulations, Jeff. So, may be just to start off nice to see the margins trending in the right direction. Within the North American business or within the U.S. business can you breakout the revenue contribution that is non-ISO direct in the growth trends that you’ve seen there?
David Mangum – SEVP and CFO: Yeah, George this is David I’d be happy to do that. They are really quite consistent what we expected when the year started. So, we have an ISO channel, that as you heard in our prepared comments, growth slowing a little bit really due to the law of large numbers and the timing and sequencing of when ISOs choose to feed their customers. So, that channel continues to grow the transactions in double-digits and with revenue growth below that depending again on timing on fees and just again the law of large numbers. So, to view the rest of the channels the APT business is really carrying a lot of the water for us this year just as we expected. Remember last year, we didn’t own APT until October. So we’re getting the benefit of that in this quarter and that will begin to annualize, but even when it annualizes we’ll be looking at very nice mid-teens kind of revenue growth from APT. Everything we expected from that business with the opportunity to actually add growth to it on a global basis over the years. Then if we go through the rest of the channels, the check in gaming, the gaming business you remember historically have been covered up for some time, still chugs along at very nice levels, high-single digit kind of growth levels. Our direct business, very solid business that’s the combination of our joint venture with Comercia, as well as our core direct base, sort of the legacy direct base of Global Payments that moves along in a nice mid-single digit pace as well. Our greater giving business, low-double may be high-single and then the indirect which is kind of the final reconciling piece of really legacy portfolios buried in us as well buried in other processors they have a different trajectory, but small enough that it doesn’t really affect the overall. The end result of which is what you see today we’re reporting really may be more importantly what we continue to expect for the full-year which is mid to high-single digit revenue growth on annual basis.
Georgios Mihalos – Credit Suisse: Then Jeff just going back to your comments on the acquisition pipeline. Can you talk a little bit more maybe geographically in particular with some of the new markets that you mentioned you could be looking to get into?