Core Business of TMX Group (continued)
Issuer Services
Revenue Composition
The following is a reconciliation of issuer services revenue based on initial and additional listing fees billed* to issuer services revenue based on initial and additional listing fees reported:
| (in millions of dollars) | 2008 | 2007 | ||
| Issuer services revenue based on initial and additional listing fees billed* | $ | 181.0 | $ | 212.5 |
| Initial and additional listing fees billed* and deferred to future periods | $ | (90.0) | $ | (129.0) |
| Recognition of initial and additional listing fees billed* and previously included in deferred revenue | $ | 61.8 | $ | 50.4 |
| Issuer services revenue based on initial and additional listing fee revenue reported | $ | 152.8 | $ | 133.9 |
| Excess of initial and additional listing fees billed* over initial and additional listing revenue reported | $ | 28.2 | $ | 78.6 |
| + | Includes $7.7 million in revenue from Equicom for the seven months from acquisition on June 1, 2007 and full year 2008. |
| * | See discussion under the heading Non-GAAP Financial Measures. |
