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With that out of the way, I would like to turn the call over to Ron Clarke, our Chairman and CEO. Ron?Ronald Clarke Okay, Eric, thanks and hello, everyone, and thanks, as always, for joining our call today. I'll plan to cover three subjects here in my opening remarks. First, I'll provide a little color on our Q2 results, second, I'll update you on our global business development efforts and, finally, I'll comment on our full year guidance and the implied growth rates. So, first off, to Q2. The Q2 results we reported were terrific. Record-breaking, in fact. The company set new all-time highs in both revenue and profit. We reported Q2 revenue of $172 million, up 28%, and cash EPS of $0.73, also up 28%. The macro environment was a mixed bag in terms of its impact on our Q2 performance. Fuel prices were generally neutral across all of our markets, but market spreads were incredibly helpful this quarter contributing approximately $4 million of incremental revenue and approximately $0.03 of cash EPS above normalized levels. FX rates were really the opposite, were not good. In fact, quite unfavorable and depressed our revenue approximately $4 million versus constant currency. So, really a mixed bag. In terms of our line of business performance, our North America results were very, very good. Revenue grew 15%, all organic and the continued growth of our universal cards drove most of that performance. In fact, in total our set of universal card transaction growth exceeded 30% quarter-over-quarter. So this new product line continues to perform well. Europe came in, basically, on our internal plan. Our Czech and U.K. businesses stayed pretty much in neutral. Our Russia business continued its rapid growth and we got a big contribution from new full court of AllStar. So, obviously, that helped.
So, in summary, our Q2 results exceeded our expectations and did so almost across the board. Let me step back now from the quarter and talk just a bit about our overall global business development activity.First off, we recently reorganized internally and tasked two of our most senior execs with new full-time, exclusive focus on BD and a transition out of their day-to-day operating assignments. So we believe this move and this focus will further step up our partner and deal pressure. Let me comment just a bit now on shale and our status there. We're roughly a year and a half into this new relationship and we expect our global GFN system to go live in October. We hope to convert a few of their Russian markets this year and then continue a rapid rollout across Europe next year. And, although a bit slower than planned, all systems are go at this stage. Now on to Efectivale, our recent fuel and food card acquisition in Mexico. Our early progress there is encouraging. We're moving the business portfolio to fuel and to cards, which is away from vouchers. We're rationalizing both pricing and cost, which are leading to increasing profit margins and we're even testing some new web and telesales channels to boost overall sales there and we're actually using Spanish speaking teams in our Atlanta office to drive the pilot. So, stay tuned on that. So, net net, we're very pleased with this Mexico deal and tracking ahead of plan. Finally, let me catch up on our AllStar Business in the U.K. So that we've cleared OFT review, we are actively managing all aspects of that business. We're in the process of converting AllStar to our global [Gfm] processing platform and expect to be complete by year end. Read the rest of this transcript for free on seekingalpha.com