“And as I said at Investor Day, we expect this to be a pandemic recovery tailwind throughout this year.”

In context

“enues associated with these volumes out of discount revenue, other fees and commissions, other revenue and combined them into a newly created line called Processed Revenue, which you can then match up against our processed volumes. We have also consolidated the remaining balances from other fees and commissions and other revenue into one line named Service Fees and Other Revenue with the largest components of this line item being service fees earned from merchants like those generated by our loyalty coalition business; and foreign currency-related revenues, such as FX conversion fees. This revenue line was up strong with 42% growth year-over-year in the first quarter, as you will see on the next slide. This growth was primarily driven by the uptick we have seen in travel-related revenues. And as I said at Investor Day, we expect this to be a pandemic recovery tailwind throughout this year. You will see we have recast prior periods in the disclosures that accompany our earnings release. A description of these reporting changes and definitions for key terms will also be included in our Form 10-Q. With these changes out of the way, let's move to our actual revenue performance beginning on slide 14. Total revenues were up 29% year-over-year in the first quarter with broad-based revenue growth across all lines. Our largest revenue line, discount revenue grew 38% year-over-year in Q1 on an FX adjusted basis, as you can see on slide 15. This growth was driven by both our sustained growth in goods and services spending and continued recovery of T&E spending. Net card fee revenues were up 16% year-over-year in the first quarter on an FX-adjusted basis, with growth reaccelerating ver”