Hi, everyone. Thanks for joining. Just wanted to welcome everyone to another session at our two-day mid-cap virtual event. Very happy to be joined by almost 20 corporates during our two-day event, hosted by our analysts who have really great breadth of coverage of mid caps. Our analysts here at BofA cover about 1,000 small and mid caps in the U.S. So the size segment, that's definitely seen more interest the last two years. Thank you so much for joining. If anyone needs the schedule or still wants to sign up for any additional sessions, it's not too late. I've signed up some investors today, so feel free to reach out to me, Jill Hall, or to my colleagues, Madison or Ashley in Corporate Access, and we can make sure to get you on that, as well as if you need help connecting with any of our analysts after or to get signed up for any research. Thank you so much for joining, and I'll turn it over to Mihir. Thanks, Jill. Thanks everyone for joining, and special thank you to the WEX team, Jagtar and Pedro. I really appreciate you all taking the time and joining. We'll go ahead and get started. I know there's a few folks here who are a little bit newer to the story. Jagtar, maybe for those who are newer to the story, WEX often gets described as simply a fuel card company. But I think that undersells it a little bit, quite a bit maybe. Maybe just give us the two-minute version of what WEX actually is today. What the segments are, how the revenue splits, just get investors up to speed, and also help us understand how everything fits together. Sure, Mihir. Thank you. Yeah, I think calling us a fuel card company does undersell us a bit. First of all, thank you for having us and having me here today, and thank you for the other folks on the call that are joining us. If we turn to the next slide, I think this is a good way to think about the business, and the statement on the top, I think resonates with me and hopefully it resonates with others that follow the company. Every day we're managing payments on behalf of our corporate clients that are not just any payments, but they tend to all have characteristics that are pretty similar. We manage payments that are complex, regulated, generally pretty mission-critical for our customers. What we do is we bring together proprietary data, technology, controls around those payments, compliance capabilities, vertical knowledge, and the infrastructure of our wholly owned industrial bank to basically become very deeply embedded in how customers operate and simplify their ability to manage these payments and provide controls around them. If we go to the next slide, let me talk about where we do it. Last year we were about $2.7 billion in revenue. On the right here shows the makeup of our business. The first segment, roughly half of our business, is our Mobility segment, and that's where people may be when they think of us as a fuel card company. That is our fleet business. We're a leader in managing fleet payments on behalf of businesses. Companies have large fleets, fuel-related spend, vehicle movements. They need to manage and track this very closely, and we have tools, payments capabilities, fraud management capabilities that allow them to do that, and we do this very efficiently and effectively. Our second business, comprising about 30% of our revenue, is our Benefits business. Here again, we're also managing effectively mission-critical payments at massive scale. In this particular case, it's benefits for employees. So think of health savings accounts, flexible spending accounts, Lifestyle Spending Account, COBRA. These are all payments that are going to insurers, providers, beneficiaries. They're regulated, so they require controls around it. Again, mission-critical, massive scale. Then the last business, about 20% of our revenue is our Corporate Payments business. Here we're really helping companies automate B2B payments. We've done this in the travel industry. We're doing it outside of travel and increasingly more and more outside of travel. This is where we're using our virtual card platform and managing things like embedded payments. So this is high volume payments from a provider or business that needs to make a lot of payments, as well as kind of our direct accounts payable service. So this is going to an organization that has an AP file they need to process, and we're processing on their behalf. I think the common theme through all of this is our shared infrastructure within all three of our segments. We have deep relationships, we have technology, we have strong vertical expertise, regulatory capability, the bank. We bring that all to bear to address these segments. We go to the next slide. It's a little bit about our strategy. We think about it in three buckets, amplifying our core, expanding our reach, and accelerating innovation. When we think about what we're doing, if you think about things like amplifying our core, this is looking at pricing on a regular basis, signing up new business, customer retention, working on margin expansion, things like that continues to expand our core business. But then we're also taking that core business and continuing to expand it. So in expand our reach, I would think of things like what we're doing in Corporate Payments to take that platform into new markets beyond travel. We've got a long-standing history of being the leader in the travel space. We've been moving into B2B payments outside of travel. Likewise, in our Benefits franchise, we've been expanding our benefits offering, and I would also consider that part of expand our reach. Then accelerate innovation is where we bring true innovation to bear. A lot of things we talk about are AI, how do we embed AI in our products, how do we use it to drive more margin enhancement? What are new markets that we can go after? That would all fit under accelerate innovation. If we go to the next slide, let's talk a little bit about WEX from a capital allocation standpoint. It is worthwhile noting that we are a very high margin, high cash generative business. Our adjusted operating margin the last quarter was close to 40%, 39.6%. We generated close to $700 million of adjusted free cash flow over the last 12 months. And one of the things we've done recently is get leverage down below our 3x target to 2.9x. We are within our target range, and as a result, and we highlighted this in our last earnings call, we are now devoting the vast majority of our free cash flow towards stock buybacks. We will continue to look at M&A, it will be part of the strategic mix. But at this particular point in time, we think our share price is a great buy, and we continue to devote the vast majority of our free cash flow to that. If we turn to the next page, if we think over the medium term, we are aiming for 5%-10% organic revenue growth, 10%-15% earnings growth. We do believe we have a business with accelerating organic revenue growth, improving margins, and a high degree of cash generation that creates. We are disciplined about capital allocation, so we think these are all compounding effects to what is a great business model. I would be remiss if I didn't say something about artificial intelligence, since I know it is on a lot of people's minds these days. We think of our AI as a big opportunity for us. We think about it in 2 fronts. First is the obvious margin enhancement that we have as a company. We spend a lot of money in technology development. We spend a lot of money in customer care, whether that is processing claims or handling calls from employees in our Benefits business, for example, or depositors in our Benefits business. We think AI is very well proven now from an ROI standpoint, both in customer care and product development, and we think that we will continue to see value add from that. But we also see opportunities in the product side. We essentially operate at the infrastructure layer of payments, right? We are processing those payments and all the regulatory and compliance needs that come with that. But in that, we are collecting a lot of data. We know how businesses use their vehicles. We know how consumers travel. We know how enterprises, what they are spending money on. We know how employees use their Benefits. That is a tremendous amount of data that we can use to help organizations make better decisions and automate those decisions as they are being made. And so we see that as a power of AI that will be increasingly embedded in our products. So with that, Mihir, hopefully that was a good overview, and hopefully people see us as more than a fuel card company. Yeah. No, absolutely. Thanks for that. I think that's a good level setter for folks. You just reported Q2 results recently, and I think part of your guidance has been to come back within that 5%-10% revenue range. For Q2, I believe you were at 4% revenue growth on a macro neutral, I think. So bridge that for us. What's going to change in the back half of the year to get you from that 4% to the 5%-10% guidance? Yeah. So Q2, 4.2%, excluding the impacts of fuel and foreign exchange. For folks that are new to the story, obviously fuel prices will impact revenue. Fuel prices were very high in Q2 because of the Iran war, so we saw very high revenue growth result of fuel prices. But we look at our business FX fuel to really think about how management's performing. So ex fuel, we were at 4.2%. One of the things that we talked about in the earnings call was the drag that we were seeing on late fees in our fuel card. As fuel prices went up, somewhat counterintuitively, we saw people make faster payments on their fuel cards and reduce the instances of late fees that we typically generate. That had about a one-point drag from what we would have typically expected. Had late fees been somewhat normalized, we would have been into that 5% range. We took some actions. We are always looking at price optimization in our business. We had some pricing plans that we intended to implement. We accelerated those to start implementing in the back half of the year. Those are basically replacing the drag that we're seeing from late fees. Those will start to kick in over the third and the fourth quarter and bring us back into that growth range of 5%-10%. Got it. On that, though, in terms of the longer term guide of 5%-10%, what gives you confidence that you can consistently deliver 5%-10% growth rather than, hey, we're going to touch it here in the fourth quarter, maybe keep it at that level for a couple of quarters and then drop back below. So where's the confidence in the long term coming from? Yeah. We aim to have that 5%-10% growth in each of our businesses, right? In each of our businesses, I think there's a number of levers. We look at the 5%-10% holistically across the company, but we have a number of levers in each of our businesses. So if I think of Mobility, right, we've talked about just now pricing. Our new sales generation has been terrific. We continue to work on retention of new customers. We've expanded the markets that we address. We've worked a lot on our direct marketing capabilities, so we can effectively target smaller fleets. We are rolling out capabilities to move beyond just fuel, so enhanced monetization opportunities. We see a number of levers there, and that's even without demand recovery that we also expect to see in the Mobility segment over time. If I go to the Benefits segment, we have a very robust partner channel and a direct channel, so we have broad market coverage of our full suite of benefit offerings, right? That's a market that's benefited from a very strong tailwind over a number of years of employers moving more and more employees to high-deductible health plans, which has driven HSA adoption. But we have a number of offerings outside of HSA, and so we've been driving that through our multiple channels, and we continue to see a good opportunity there. Then Corporate Payments, I talked earlier about how we've been a leader in the travel segment. That's been a great growth engine for us for a while, but we've invested heavily outside of travel now. We see in our embedded payments business, non-travel, a really sizable market opportunity. We see that in the direct side. In fact, in the last quarter, we saw 20% volume growth in our direct AP business. We expect that to continue at double-digit rates, mid-teens rates because of the size of the market opportunity. So, we've made a lot of the investments that we needed to make to drive this growth, and now it's a matter of execution and get the scale. Got it. We will dig in for a little while on individual segments. I am going to start with the largest one, Mobility. Before we get to the demand drivers and what is going on there, let us talk a little bit about just fuel prices and level set for us the fuel price sensitivity. I believe you have said $0.10 move in fuel prices is about $0.35 of EPS. Correct. I think for the full year, this year, you are assuming $3.91 per gallon for fuel prices versus. It was $3.10 in February. Obviously a big benefit. Fuel added, what, 25 points of EPS growth, right? I guess really the big question is, as you think about 2027 and fuel prices maybe normalize from here, touch wood, how should we think about that give back into 2027? What are the offsets in place that is going to keep fuel growing nicely? Yeah, sure. I will preface this by we are not giving out 2027 guidance yet t his war has created uncertainty. If you would've asked me a month ago, I would've thought, we're getting to a resolution and prices. I think all the market thought prices were going to come back down. In fact, we're still at a standstill, so who knows where prices are going to head, and who knows where the strain of our moves is going to head. We as a company focus on the things we can control, right? We can't control fuel prices, which is why we often talk about the organic growth rate outside of fuel, because that's what we can control, especially in this period of high volatility. We will continue to focus signing up new customers. We will continue to focus on retention. We will continue to focus on expanding the addressable market beyond just fuel to non-fuel related spend. E think those are all drivers to continued expansion of the business. I will also say, we are implementing the pricing actions that I talked about earlier, about $15 million in the second half. That's roughly breaking down to one third in Q3 and two thirds in Q4. So call it $10 million in Q4. That'll annualize to a $40 million run rate heading into 2027. So that'll add additional momentum into 2027. I will say we're not done with pricing, right? This is something that we continuously analyze. I think we've got a roadmap that'll span a couple of years of pricing opportunities as a company. So we feel really good about the opportunity there in the Mobility business, despite what happens to fuel. Got it. I think the other big question on fuel that we get a lot has just got to do with the current backdrop. If I think about what you reported a couple of weeks ago, you talked about, I think, processing transactions were flat year- over- year. Same-store gallons are still running a little bit, I think they're down 0.8% year- over- year. I think what investors are really struggling with a little bit is what's happening under the hood. Is demand truly that soft? Because obviously all of us see a lot about Trucking recovery. Is demand really soft? I guess really the core question is WEX gaining share? Holding share? Losing share? What statistics or what metrics do you have that can help us answer that question? Yeah, sure. Let me address both pieces of that. The data that says a little bit about what demand is doing and the data that says, how is WEX's share doing, which I feel really good about. Let me start with demand. A lot of folks come to me and we've talked a lot about the Cass Trucking Index, and folks are looking at it saying, "Well, the index is increasing. WEX, why aren't you seeing the corresponding increase in volume?" When you look at the Cass Trucking Index, I think people have to keep in mind there's two components to the trucking index. There's what's called the expenditure index, which is essentially what the invoices are of the truckers, and there's a shipment index, which is the volume of the truckers. The expenditure index has increased because invoices have gone up because small truckers have been taken out of the market from some of the moves the Trump administration has made. That has been a reduction in supply of trucks, which has increased spot rates, invoices have gone up. That's been good for us. It helps credit losses to have stronger truckers, helps our factoring business to have larger invoices to factor. That has been good, but a big chunk of our business is driven by actual volume, miles driven, and the shipment index and Cass has still been declining. There's still evidence that it's better, but it's not on the upswing yet. That's supported by the same-store sales numbers that we talk about. When we look at same-store sales, it's a customer that we had last year, corresponding customer this year, how much more or less are they pumping, and we've seen them pumping less. It kind of aligns to what we've been seeing with the volumes out of the Cass Index. Let's turn to, what evidence do we have of WEX continuing to maintain its market share? We continue to sign new business at good rates. We look at how much do we devote to sales and marketing, how much new business we sign, and we continue to be very competitive there. I will even say, from an anecdotal standpoint, we just held a summit last week here in Portland. Our set of customers, a set of partners. I hosted a session and heard really resoundingly good feedback from our customers saying,. Look, you continue to have a leading product in this space. WEX, you promised us a certain set of enhancements last year. You've delivered on those enhancements. We're really pleased by that. We've run into a lot of vendors that say they're going to do something, and they don't do it. You did what you said you were going to do." We, by and large, heard that our products continue to be very competitive. I still feel like we are continuing to hold our market share. Got it. I do see a hand raised. Why don't I don't know, Connor, do you want to ask a question? Yeah, sure. Thanks, Mihir. Thanks for hosting us today. Just a question on the, I guess the shipment index and why is that actually declining and, I guess, what would we as investors need to see to have some confidence that you could see that inflection in same-store sales? Thank you. Yeah. The shipment index, it's been declining for a few years now for a couple of different reasons. During the COVID years, people were sitting at home ordering lots of goods off of Amazon with the free money the government was handing out. I say that a little tongue in cheek, but that's effectively what happened, and we saw a lot of volume growth in shipments. COVID opened up. People spent a lot less time buying goods and a lot more time on services. You saw, for example, travel come back significantly, and you saw the benefit come to our travel business as a result. As a result, you saw volume weakness in the movement of goods. That started to stabilize, call it late 2024. I think we were feeling fairly positive going into 2025, and then we had Liberation Day and the tariffs, which further impacted shipments, and further weakness. I think you're starting to see, we're hearing signs of improvement, like the ISM index is improving. I think we want to start to see GDP continue to grow. The goods side of the economy continue to grow. New construction increase. Those things that actually drive goods to be moved start to increase. The goods side of the economy rather than the services side, and that will drive improvement of volume. Right. Maybe switching. That. Oh, go ahead. Okay. Just one follow-up, I guess. I would've thought maybe with the hyperscaler CapEx buildout and the demand for all this data center capacity, you would've potentially seen that start to trickle down into the freight segment, or is that potentially too early? We may be seeing a little bit. It's hard for me to say. If you look at what the vast majority of goods that are shipped in the U.S. From a volume standpoint, it is actually not going to be things like whatever semiconductors or servers are being used for those data centers. Those tend to be large dollar value goods, but from a volume standpoint, they're not actually huge volumes. When we look at what actually drives volumes, it's things like agricultural goods and commodities, things like that. That is what drives the bulk of the volume. I'll give you an example. Last year with all the tariff whiplash, we saw a decrease in things like, I think it was soybean shipments to China, which actually is more volume than high-value mechanical goods being shipped around. So maybe switching gears to Benefits for a couple of minutes. I think in Benefits, SaaS account growth slowed to 2% in Q2. There is a couple of call-outs, I think there with the UAW, I think was 150 basis points. Then you also said there was some low closing of low-value accounts, which is another couple of hundred basis points. Maybe just given all the moving parts, what is the true underlying account growth rate, and where does it settle out on a full year basis? Yeah. So we had those two items that you mentioned there. So just for everyone's benefit, earlier this year, we closed some accounts that essentially were unprofitable for us. These were low dollar value accounts, so there is a lot of accounts, but low dollars associated with them. So that was about a 2-point drag to our SaaS account growth rate. Again, not much of a drag on revenue, but a drag on reported SaaS accounts. Then we had UAW Retiree Medical Benefits Trust, which was a large customer that we signed last year that we lapped at. So that was another 100 basis point drag. So you add those two together, we are essentially at 5% account growth. We feel really good about that. I think you should generally expect our account growth range to be in that 5% to mid-single digit percent range. We have generally grown ahead of the market year after year. We see a good pipeline this year, so we continue to be pretty optimistic about next year. So I think the rates that you have seen like for Q2 will be essentially, I think, where the rates will hang for the rest of the year, plus or minus. But really we are now in the selling cycle. So what happens is we will get most of the sales Q3, Q4 with the onboarding in Q1, so the percentages will roughly stay where they are, what we saw in Q2 with the next uptick in Q1 of next year. Good. Are you seeing any impact from the Optum Alegeus deal from a competition standpoint? Any change in partner renewal behavior, pricing competition? No, we've not seen any negative impacts. I mean, our partner relationships tend to be very sticky. In a number of cases, we've got partners that have done heavy integrations with us, so it's difficult for them to move to begin with. We typically don't see a lot of impact there. We have heard on the inbound side, some incremental opportunities because of that deal. I'm hoping we see some positive news outside of that. It's still early days, but it's been pretty status quo with potentially some upside. All right. Can you just remind us what's the HSA growth assumption embedded in your outlook, and can you withstand a little bit of a tougher partner channel environment? Like I said earlier, we typically plan for that mid-single digit growth rates. Okay in HSAs, and that drives the rest of the business model. I think we feel really confident about that. Not expecting a material change in the partner environment. Got it. Maybe switching then to Corporate Payments. Corporate Payments, I think in Q2, we saw volume down a little bit. But again, there's stuff going on between the OTA, and I think there's a minimum based contract. But we did see net interchange rise. Segment margin was also up nicely. How sustainable is that margin of, I think it was like 46%, 47%? How sustainable should we think of that, and what's the right way to just think about that mix between volumes and margin there? Yeah. Let me point out a couple of things in what you've said. Let me start with volume. Volume was down, purchase volume was down 3.6% in the quarter. One thing that I would encourage investors to look at is not just purchase volume, but also total volume. Which was up, I think about 6%. So we've had some customers migrate, where we continue to manage their business from a technology standpoint, but they may be managing their own last mile of the money movement, so that no longer shows up in purchase volume, that shows up in total volume. So in total, sort of volume continues to increase. Specifically regard to that purchase volume decline, we talked a little bit about it in the earnings calls. We had one particular customer that commits to volume with us on an annual basis. They have been very consistent about meeting their annual commitments to us. But in any particular quarter, we may see some noise from them, and we saw some noise in Q2. We think about it on an annual basis. We continue to work to try to smooth out the noise, but you may see some noise from quarter to quarter, and that's kind of in fact what we saw in the quarter. But we feel, continue to feel very confident about our full year numbers. If I turn over to margin then, we look at this business as very high contribution margin from incremental revenue. Incremental revenue drops through with very little incremental cost to us. So volume that we drive through here continues to accrete margin for us. If I think of Q2, I think we had a couple things, right? Volumes were very good, so that helped the margin. Our credit loss dynamics in this segment were very good as well, and that helped the margin as well. Credit losses improved because of some of the technology improvements we put in place between last year and this year to address specific issues that we were seeing. So, while credit losses may not be as good as we saw in Q2, I think we will continue seeing that at a very good rate because of the technology improvements that we've seen. And then volume, we intend to drive more on the non-travel side as we go into this second half. You'll get a little bit more from travel in Q3, and then a little bit more as our embedded payments non-travel products kicks in. Those tend to drive a lot of volume at kind of lower rate. You may see the rate tick down a bit, but volumes, absent kind of credit loss dynamics, should continue to hold quite nicely going into the second half. Right. Maybe just staying on the volumes growth and one piece of the business that you have been investing in and has seen good growth was direct AP. I think it re-accelerated to 20% in the second quarter. It is up to what? 20% of segment revenue with that embedded payments fees building. I guess give us the multi-year growth part. Maybe first, just what worked in the second quarter, what drove that re-acceleration, and then what should we expect from here? Is that 20% growth in direct AP sustainable? We were very, very pleased by it. This is a business we have invested in the product. We delivered a new front end for customers. We have hired a sales team that is going off and selling it. As you point out, Mihir, we saw really good volume growth the second quarter of 20%. Encouragingly, two thirds of our volume growth came from kind of new sales as opposed to relying on the back book growing. Very encouraging. We continue to invest in that sales team. I think we have got a sales team that is humming now. They will continue to sign new business. We continue to evaluate timing of when we continue to add to sales. I think we should expect kind of mid-teens volume growth in that business, the back half of the year. I think the size of that market sort of suggests, well, we can sustain this momentum for multi years. At the same time, we have, as I talked about earlier, our embedded payments product in the non-travel side that will sort of also continue to ramp. This is a business we've had a good sales effort on it. I think Melissa's talked in the past about kind of the tremendous pipeline we've seen, our ability to sign customers here. I think we've been challenged with the onboarding being more complex than we would've liked by complexity meaning, these are API integrations that we enable with our customers. The good news is it enables a very sticky customer by doing those integrations. The bad news is that it's taking us a little longer to get those done than we'd like. But we're expecting some customer ramps in the back half of the year, that we have pretty good visibility to. So I think that will continue to ramp, and so this whole AP non-travel embedded sort of set of business that we've invested in should continue to grow at those double digit rates and become a more material part of the overall Corporate Payments segment over time. Right. Maybe I'll switch to overall margins. Yep. Your guidance is for another, I think 100 basis points plus in 2H here of margin expansion. You mentioned AI right up front. I suspect some of this is just productivity gains, but I couldn't help but notice, I think your headcount is down versus 2023, despite revenue being up. As we think about what's happening at WEX, is the business transforming a little bit to become a structurally higher margin business? Maybe also use the same opportunity to frame the AI driven cost opportunity that's still there. I love this question, Mihir, because I do think that's where we're headed. If I think of our Mobility and Corporate Payments businesses, those are structurally very high margin businesses, right? Structurally Mobility, you sell additional fuel card, it drops through at very, very high margins. Corporate Payments, I talked about earlier, right, the contribution margin of each incremental dollar of revenue is very high. Really where costs have come bear is to grow the business, right? Whether it's product enhancements or investments in sales and marketing to continue that top line growth, because every dollar drops through at a very high rate. Really good businesses. On the Benefits side, if you think of the two pieces of the Benefits business, there's the float income piece, call that a third of the revenue, very high margins, right? That's been growing at, call it the 10%-11% range, right? Then you've got the core SaaS part of the business and interchange part of the business that has historically been lower margin because there's a large servicing component to that, right? There's the need to, somebody submits a claim, you got to adjudicate that claim. There's a large call center for folks to call in, employees to call in when they have questions about their benefits. There's implementation costs of implementing new accounts. There's a large infrastructure that's required by that business that we've been using AI to structurally transform. Melissa's talked about in some of the earnings calls, some of the work being done in claims AI, where we're able to adjudicate those claims and see really high throughput rates. Now, we are kind of moving methodically through that business because it is not like it is structured as if you just figure out how to adjudicate a claim and you can roll it out everywhere, and you have got to do it partner by partner. But, I think the AI investments will see the contribution, the margins of that business materially improve as we are able to push AI through the biggest piece of that business is the service operations. So I think that will help the overall contribution margin positively going forward with this AI transformation. Got it. I see we have about 10 minutes left. So if anyone has any questions, you can raise your hand or shoot me a Bloomberg or email. Happy to ask it on your behalf. But if not, I will keep going because I have a fairly long list. Oh, I do see a hand up, so why do not we go there? Thanks a lot both for taking the time today. This has been really helpful. I wanted to ask one on pricing. So definitely good to see the Mobility business accelerating in the back half of the year in the fourth quarter from these pricing actions, the $15 million that you talked about. I am curious, I think in prior years, the comment was for 2024 and 2025, you guys had also implemented pricing those years as well. Yep. Something like $70 million, I think, collectively over those years. That's right. I guess my question is, are you taking more price this year, and that's what's driving the acceleration? Or is there something else in the business fundamentally that's improving, that's helping us get to that higher growth rate exiting the year? I would say, when we do pricing, we have a couple areas we look at because of our two-sided business model, right? We get interchange essentially from the merchants, and then we get fees from the cardholders, right? We go back a couple of years ago, we were heavily focused on merchant interchange. We went through a process of renegotiating a number of our merchant contracts that drove significant price improvements. This year, we've been looking at what we get from the fleet holders, the cardholders. We run a number of programs, and those programs, for various reasons, largely related to history had different fees associated with different programs. We know what the market is, we know what our competitors do, and we can look at what we do across our different programs and how consumers react. We went to that and said, "Well, there's an opportunity just by normalizing," right? We are normalizing pricing across our programs. That's driving improvement this second half. We'll be looking at additional levers, whether it's things like risk-based pricing. We'll look at merchants again. There's a number of levers we're looking at, but that's what's driving the second half. Got it. Thank you. Okay. Maybe I'll ask one on buybacks, and just capital allocation in general. Kind of touched on it earlier, but you've delevered ahead of schedule. You reset the guidance range. You've talked about buybacks being a vast majority of free cash flows. Help us frame that opportunity. I think you have, like, $150 million of M&A payments related to some Benefits M&A rolling off next year, you obviously are generating a lot of cash. How big can the buyback be here, and when does M&A come back in the picture? Yeah, sure. I'll start with just reminding, last 12 months, $700 million of adjusted free cash flow almost. We generate a tremendous amount of cash per year. Our goal was to get into below 3x leverage before we resumed stock buybacks. We thought it was important to get leverage to a reasonable number. Originally, we had guided to being able to do that in the third quarter, but higher fuel prices helped us, and we got there a little sooner than as expected. So we got to 2.9 in the second quarter, and we had resumed buybacks. We did about $60 million the second quarter. We have said, as you point out here, that we will use the vast majority of our cash flow to pursue stock buybacks. By vast majority, I mean exactly that, the vast majority. We'll use a little bit for some debt paydown, just anticipating a future when fuel prices come back down. We don't want to pop above 3x and have to stop buyback. So we're getting ahead of it. We've got the small venture capital fund we started, so there's a little bit for that. But by and large, our cash flow is going to stock buybacks. We still view the stock, even today, after the post Q2 call increase. We still view the stock today as a very good buy, and so we continue to allocate our capital there. We will continue to look at M&A. It's not the priority today. Every M&A deal we do does get compared to a stock buyback. So it's got to clear the stock buyback hurdle. I will say, if there was something that we felt was kind of a strategic opportunity that was going to be accretive, add to the growth or margin, what have you, of the company, we'll always continue to look at those. But as of right now, it's not the priority for the business in terms of how we grow. We've invested a lot in our organic growth capabilities over the last couple of years, and so that continues to be the focus of growing the business organically. That's why you've seen some of the investments that we've made. And focus that avenue in growth and focus on stock buybacks. Got it. You mentioned in your answer, you started a small venture capital fund. What's the thinking there? Is that return focus? Is it more just market intelligence and future M&A focus? Yeah. I would say it's both. As a CFO, I still want a return. We started a couple of years ago, originally with EV. So EV, a few years ago, folks were worried about what's EV going to do to the future of our business or the market in general. We started developing our own set of EV solutions that we've talked about, essentially. But we also didn't want to take the risk of missing something of what essentially could be a fast-moving market. So we decided to stay close to the market by starting a small venture capital firm. And by small, we're talking investments of $1 million - $2 million in a handful of companies. We started that. That's gone pretty well. Our board expanded that last year to look at innovative payments companies as well. We are selectively, when the occasional warrants will invest in kind of a non-EV company, maybe it is a company doing something with stablecoin or what have you, right? Something innovative in payments. Just to keep track of where the market is headed. I think it benefits both us from helping our teams kind of know where markets are headed and making sure we are ready for them. Potentially being in a future M&A pipeline if something is interesting. Ideally, as CFO, I would still like to make money on it. I think it serves a number of purposes. Got it. No, that makes sense. Okay. I think we are coming close to the end. Let me ask you this. If we are sitting here two years from now, Jill Hall hosts this conference every year, so hopefully we will have you back. In two years when we are having this conversation, let us say WEX stock has really rerated nicely. What do you think will have driven it? Is it going to be organic re-acceleration? Is there going to be a big margin step-up, huge buyback, some kind of portfolio decisioning where maybe you are simplifying the business a little bit? What do you have the most control over? What do you think the market is looking the most for? Yeah. First of all, your lips to God's ears, right? Let us hope that we are talking in two years about the massive rerating in WEX stock that is undoubtedly about to come. Look, I think the levers that you mentioned are mutually reinforcing, right? I think as we talked about accelerating organic growth going into the back half of this year, exiting Q4, I think we have made a number of organic investments that, with good execution, we should continue to see that. We talked earlier about kind of the margin profile of the business and the potentially improved margin profile with AI, right? As we grow our business, we get incremental revenue that helps us accrete higher margin, while AI also helps us address some of the areas that we see cost in the business. The result of that is continued margin expansion. The last piece of that is, well, with our tremendous cash flow improving because of the growth, improving because of margin expansion, continuing to do stock buybacks. I think the net of this is there is multiple ways for WEX to be a compounder, right? We can compound through revenue growth. We can compound through stock buybacks. There is multiple avenues to that, which should lead to a natural rerating of the stock. So we are excited about it. I think we kind of see the path of how that is going to happen. Now it is a matter of executing. Got it. I think that brings us to time. Thank you so much, Jagtar. Thanks to all the investors for joining. Thank you, Pedro, Jagtar. Thank you, Mihir. I appreciate it. Thank you everyone for joining. Appreciate the time. Thank you.