Year-over-year, fiscal Q3 revenue improved as a result of new client additions, the expansion of existing relationships, increased travel volumes, and currency movements net of hedging. Excluding exchange rate impacts, constant currency revenue less repair payments* in the fiscal third quarter was up 16.1% versus Q3 of last year and 3.4% sequentially. Revenue less repair payments* in the third quarter was $261.2 million, an increase of 16.3% year-over-year and 2.6% sequentially. Revenue in the third quarter was $284.1 million, representing a 19.2% increase versus Q3 of last year and a 3.8% increase from the previous quarter. See also “About Non-GAAP Financial Measures.” Reconciliations of the non-GAAP financial measures discussed below to our GAAP operating results are included at the end of this release.
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