All righty. Good morning, everyone. I'm very happy that you all made it to the first session of the day. Hope you're enjoying coffee, et cetera. I'm Nate Svensson, payments and fintech analyst here at Deutsche Bank. Very happy and excited to have Jagtar Narula, the CFO of WEX, with us. Jagtar, thank you so much for being here. Hopefully, the mic gets fixed soon. We'll give it. I can do a song and dance while we wait. Okay. All right. Does this work? Yeah. I think we got it. Okay, we got it. We're good. Cool. All that to say, thank you so much for being here. We're really happy to have you here and then kick off the day. Maybe we can just start very high level. There's a ton going on at WEX investments, moving pieces across each of the segments of the business, activist involvement. Obviously, the stock's done quite well, which is really nice to see. But I think when you think about the meetings and conversations you have with investors versus how you, on the management team, view the company, what do you think the biggest disconnects or misunderstandings are, and how would you explain the company to maybe investors that are coming to the story for the first time? Yeah, absolutely. First of all, thanks for having me here, Nate. Glad to be here. One of the comments that we get a lot is around the complexity of the WEX business. And when we look at it, we actually think WEX isn't that complicated of a business. At the end of the day, WEX is a payments platform that we utilize across three segments of our business. In our mobility business, we are providing a payment solution for fuel for commercial customers. And they're using that to prevent fraud, to enable their drivers to optimize routes, things like that. In the corporate payments business, we are essentially the backbone for high payment volumes, like in the travel industry. One of the leading providers of helping process payments for online travel agents, and we're using the platform to move into near adjacent markets. And then if I go to the benefits business, again, payments platform. Here, we are providing a set of benefit solutions, health savings accounts, COBRA account, flexible spending accounts, and the like. The theme across all this is a payments platform tailored for multiple segments, providing mission-critical payment delivery for organizations. We get, like I said, comments about complexity, but when you look at it isn't that complicated. Yeah, I think the knee-jerk reaction by a lot of generalists I talked with, like, "Oh, it's a mobility business, and they're doing OTA payments and benefits." Like, how does it all fit together? But I think the narrative has really started to come together, and you guys are going to be doing a great job. That's great. Thank you. We'll obviously go through each of the segments here. Maybe just, again, relatively high level, talking about macro conditions, and maybe this can focus on the mobility segment. A lot of attention on what's going on with freight activity, same store sales within mobility. Are there any notable trends to call out in that business quarter to date? If you want to expand it to corporate payments benefits, happy to hear what you have. But just as you look across the fleet economy, where do you think we are in the cycle? Yeah. Do macro conditions need to improve for you to deliver on your outlook? Yeah, we get a lot of questions from a trend perspective. Nothing has really changed since we had our earnings call in July. We talked a bit about it then. One of the questions we get a lot is folks track some of the indices, like the Cass Freight Index is one that a lot of folks track, including us. They've seen improvement in the Cass Freight Index, and they start to say, "Well, how does that translate into what you're seeing in WEX?" Where that index improves and where we are seeing improvement is if you look in the trucking sector, which is a material part of our mobility segment, it's around the supply side of the equation. The current administration, through a series of regulations, have reduced the supply of drivers in the market. That's reduced supply, reduced trucks. The result of that is spot prices have increased, and that has strengthened the trucking industry. Truckers are able to move goods profitably, able to be much more profitable. That's good for the industry. It's good for us. A strong customer is important. It helps credit statistics, for example. The other part of the equation is the demand side. Actual goods moving through the economy. I think that's where we need to see continued improvement to start to see some of the shifts in same store sales that we're looking for. We track things like housing starts, manufacturing indexes, et cetera, to start to see progress on those fronts. I think with continuing strengthening of the economy, you'll start to see that transition to the demand side of the equation, and you'll start to see volumes gradually improve in our mobility segment. Right now, as I said, we're seeing it on the supply side, which helps us from a customer's perspective, but I think over time, you'll see it on the demand side as well. Yeah, for sure. We track a lot of those indices as well, and hopefully, we'll start to get a little bit of improvement there. Touched on a few things within mobility. Maybe we can talk about pricing. I feel like over the past, everyone's seen a ton of slides on pricing potential at WEX, both from you and others. Maybe you could talk about what you're doing on pricing, specifically in the mobility segment and the benefits you expect to see from pricing later this year and into 2027. Any color around opportunities you have to take price for value, however the right way to phrase that is. Yeah, sure. One thing I would note is we talked a bit about pricing in the last earnings call and got a lot of questions around it. This isn't actually anything new for us, right? We've periodically, regularly, evaluate pricing and evaluate the opportunity to optimize how we price. In fact, if you go back, the 2023, 2024 timeframe, we talked a lot about pricing then. I think we implemented about $70 million of pricing actions at the time, predominantly our mobility segment. So nothing new for us. What we're doing this time, and what we've talked about, is about $15 million of pricing improvement or revenue from incremental pricing coming in second half of this year, Q3 or Q4. We haven't talked a lot specifically about what those pricing actions are or what we might do going forward, just for competitive reasons. But what I would say is that I think pricing will continue to be a focus of the company now and going forward. We continue to see opportunities to optimize, looking at what is the value that our product brings, managing customer value, managing attrition, things like that. We still think there's a significant opportunity to enhance pricing, and that's something we'll be doing over the next several years. Yeah. Any dynamics to call out on how that relationship on pricing plays out between mobility versus corporate payments or benefits? It seems like a lot of the focus has been on mobility. Yeah. Near term, it's been mobility is where we've done. But we've also done quite a bit of work on the benefits side as well. I think you'll start to see some pricing actions over time there as well. I think you see it across all of our businesses. Yeah. Makes sense. Maybe last one that is mobility specific. You've seen some nice trends on the macro adjusted growth, so excluding the impact of fuel prices and FX. I guess setting aside those temporary macro dynamics and those what's going to happen with war in Iran, fuel prices, et cetera. Can you just go over some of the drivers that give you confidence that mobility can contribute and reach the sort of long-term growth framework that you've laid out for the company as a whole in each of the segments? Yeah. Yeah. Just for everyone's benefit, we've talked about company as a whole being a 5%-10% grower. We don't particularly. That's a company target, although we want each of our segments to get into that target. When I look at the last quarter in Q2, mobility, excluding the impact of fuel, was about 3%. Right. We know we talked about in the earnings call that we had this change in behavior and late fees from higher fuel prices. People paid late less often as a result of the higher fuel. That was about a two-point drag to the mobility segment. If I say, okay, we grew at 3%, but we had a two-point drag from late fee instances, we were effectively would have been in the range had there not been this big macro change. What we're doing the second half of the year that we just talked about is pricing, right? These are pricing actions that we had planned, but we've accelerated them given the change in dynamics in late fees. That'll basically replace what we are seeing from change in behavior in late fees, and that gives us confidence that we get back in the range. Yeah. We saw, if I look at the third quarter or second quarter, sorry. We saw about 1 point of growth coming out of BP coming online, which will continue to be a driver for the second half of the year. We saw about 1 point from pricing in the second quarter, and then 1 point from organic growth. Yeah. You take those pieces, expect them to continue with a little bit more from pricing in the second half, and we feel pretty comfortable about where we're headed. Yeah. I think you've talked about some of the new sales that you had toward the end of 2025, early 2026, and presumably those will be coming online as well. Yeah. Exactly. That's been an area of investment for us and we're pleased with what we're seeing. Yeah, definitely. You brought up late fees, so I may as well just ask. I know the guidance assumes that a lot of the behavior that you saw in 2Q kind of continues into the third quarter. Anything to call out with regards to what's actually played out on the ground? Presumably, that's been the case as you've gone through Q3. Yeah. I would say for now, late fees is in line with our expectations. We've seen things moderate a bit. I would just say it's just early to tell right now, so we're just keeping a close eye on things. Got it. Maybe we can move to corporate payments, right? That segment, I do think from our perspective, it appears to be entering sort of a different phase of growth. There was some dynamics of one of your large partners insourcing a lot of the work that they did with you. You've got direct AP becoming a larger portion of the business. So I think maybe again, taking a higher step back or a higher level view, if you look at corporate payments 3-5 years from now, what do you think that business looks like between the travel business, between the non-travel business, direct AP versus embedded payments? How do you think that evolves and what do you think the growth prospects for that segment are? We continue to be very excited about the growth prospects. We saw in the last quarter very strong growth of the direct AP side. 20% volume growth in direct AP, and we basically said second half we expect mid-teens growth in direct AP as well. Embedded payments is another area that we continue to be excited about. Very strong pipeline. We've talked about that in some of the earning calls or past conversations. So I think what you will see over time, we haven't said specifically how much direct AP or embedded will be of the total, but I think you will see those businesses outpace the growth of the other parts of the business in the segment, and that should bring nice growth to the overall segment over time. Yeah. We are pretty excited about that. Yeah, for sure. Maybe just to double-click on direct AP. Again, it was nice to see the re-acceleration, the 20% volume growth in the second quarter. Maybe you could just unpack some of the drivers of what caused that re-acceleration. Obviously, it has been a key area of investment for you in terms of sales, et cetera. I know there were some, I guess, lapping or timing dynamics with some, I think, OTR customers that were utilizing that project, and there was seasonality or lumpiness in their volume. So maybe you could just talk about what is going right organically, fundamentally, that is driving the strength. Yeah And confidence in that business. Yeah. I think you hit on it, which was the go-to-market. Importantly, in the direct AP business in the second quarter, two-thirds of the volume growth came from new sales. So this was new sales driven. We have spent the last year plus enhancing the go-to-market for that offering. We think we have got a great offering. It is resonating with customers, as you can see from the volume growth. We spent the last year building up the go-to-market motion for that particular offering, hiring salespeople, getting them ramped up, getting them productive, and now we feel like we are in a spot where the salespeople are producing. We are going after mid-size accounts that we can implement relatively quickly. As these salespeople become productive, we are able to implement the accounts and start the payment processing, which leads to revenue. Everything is going really well in that business, and we are expecting to continue that motion going forward. Yeah, it is great to hear. Maybe last one on corporate payments. I think on the last call you talked about strong demand for embedded payments, but also at the same time, onboarding and integrations have taken a little bit longer than you have expected. Maybe you can talk about what you have learned from these onboarding and implementation, I guess we will call them road bumps that have happened. Yeah. What did you learn? How has that spanned today? Has there been any improvement in terms of converting pipeline into actual live projects? Yeah, what I would say is the pipeline continues to be strong. Melissa has talked about that quite a few times in some of the earnings calls. It continues to be a product that resonates well with customers that we talk to about. There have been delays in the implementation side. This is a product that is designed to integrate deeply into the workflows of customers and potential customers to get into that payment processing engine. The result of that deep integration is that in some cases, it has taken longer than we would have wanted to get that implementation done. In some cases, it has been on the customer side, in some cases, it has been our side. We have done a lot of work to improve the process. What I would say is the pluck of the approach is given that deep integration, it also makes the customer stickier as well, right? As these customers come online, we expect them to be customers of ours for a while, given the amount of effort that goes into creating these integrations. Got it. It sounds like it is more the technical integration of that rather than a delayed decision-making cycle or anything like that. Yeah, definitely. Got it. Super helpful. Maybe we can move to benefits. Yeah. I want to start with SaaS account growth, right? Again, some lapping timing dynamics there. You lapped the UAW contract. Maybe you can talk about from a high-level perspective, the primary catalyst you see to drive SaaS account growth back to some of the long-term targets you've talked about. I know there was also this dynamic where I think you sunset some legacy products that weren't super contributive to revenue growth. Lots of moving pieces, but high level, what are the main catalysts you see to sort of Yeah step up in growth in Sure SaaS accounts? Let me start with the numbers for the second quarter, because as you mentioned, there was a little bit of noise there that probably needs to be explained. SaaS account growth is an important metric for us. In the second quarter, we had about a 3-point drag in SaaS account growth from various items that are not really indicative of the health of the business, right? The first one was, as you mentioned, sunsetting some legacy low-revenue products that we weren't making money on, right? That was about a 2-point drag to reported SaaS account growth. Not really a revenue drag, but the KPI. It's on the KPI was a drag. The second was the UAW trust, which we implemented, went live with last year, that we started to lap this year. That was about a 1-point drag on growth. You X or normalize for those items, you'd say, okay, SaaS account growth was in the mid 5% range. Kind of a respectable number, a healthy number. What gets us excited going forward and continuing to maintain or improve on those rates is, number one, the pipeline continues to remain strong. We're in the peak season right now for sales for that product. Q3 into Q4 is kind of the peak, and we continue to see a good pipeline. We have continued to enhance the products. We've been investing in enhancements to the products, some of which we've talked about in the past, more sort of consumer capabilities, more data and analytics capabilities. We're excited about where the product's gone, and that seemingly has resonated well with the customers. I think if you say, "Okay, we got a great product, we've got a strong pipeline, and going forward, we continue to have very strong sales channels, a strong partner network, a strong direct channel," I think that gives us sort of significant confidence that this will continue its growth momentum going forward. Yeah. Makes sense. This is maybe tangentially- But it just came to mind as I was listening to you. One Big Beautiful Bill Act, right? There was some discussion about, hey, there's new accounts that are eligible for some of the benefits offerings that you have. It was going to be TAM expansionary. I guess I'm just wondering, has there been any sort of movement or benefit from that to date? Is this something that maybe we could see now that we're going into open enrollment season, maybe we could start to see potential benefits from that TAM expansion as we go through this? Just an update on that. Yeah. For the benefit of folks who don't know, the One Big Beautiful Bill Act expanded eligibility for HSA for certain kind of retiree-oriented accounts. That essentially expands our total addressable market for HSA accounts, which is a big component of our benefits business. Because those are largely individual accounts, those are not accounts that we would sell directly through our direct sales force. Our direct sales force is targeted at larger employers and the like. Yeah. They're not going after individual customers. So where we expect that to happen is in our partner channel. That is one of the beauties of our business model of having both a strong partner channel and a strong direct channel. That market expansion, we expect that to happen out of our partner channel. And our partners are addressing it. They're in kind of varying stages of where they are with the incremental accounts that have come forward. I think what you'll see is you'll see that translate into SaaS account growth over time as individual partners sort of address the market opportunity there. Yeah. But the takeaway is it's TAM expansionary, but it's over time, right? Yes. And it will be through the partner channel, not direct channel. Exactly. Yeah. Very interesting. Maybe last one specifically on benefits. We get asked a lot about the strategic rationale for having WEX Bank as part of the overall portfolio at WEX. So there are kind of benefits, and you've spent time talking about this on earnings calls, other public forums. So it's lower funding costs, economics with regards to the HSA business, regulatory capabilities, et cetera. But maybe for investors that may not fully appreciate the value of having WEX Bank within the family of assets, can you walk through the advantages it provides you both in the benefits business and maybe other areas of WEX as a whole, and why that would be difficult for others to replicate? Sure. WEX Bank, for those who don't know, it's a Utah-based industrial bank. It's got a Utah charter, but it's regulated by the FDIC as well. As you mentioned, there's quite a number of benefits that come with owning the bank. If you look across our lines of business, one that you mentioned was the funding cost, right? We fund the bank through a combination of broker deposits, federal home loan bank funding, et cetera. These are significantly lower cost of funding sources than things like securitization or using our credit lines or things like that. The bank gives us a distinct competitive advantage from a funding standpoint that we're able to pass along either into profitability of the company or into pricing for customers. There's a competitive advantage there. For the benefits business, the bank is also the non-bank custodian for the deposits that people leave in their HSA accounts, which we utilize the bank to earn float income off of. We know that if we place those deposits with a third-party bank versus place it with WEX Bank, there's a 50 to 100 basis point difference in what we'll earn, because basically you're cutting out the middleman. Right. That is, again, a distinct competitive advantage that the bank is. But outside of the financial advantages, I think there's other advantages that sometimes folks don't fully understand. WEX Bank brings a regulatory and compliance infrastructure because it's a regulated entity. That's important for us in delivering our business and important for our customers. That infrastructure comes with the bank, and it's important. The other really important piece of the bank is we are both the issuer and the processor. When a customer wants to come to us to do a payment business, whether it's travel or something else. Embedded payments is a great example of this. We are essentially the vendor that's on the hook for everything, right? If you were one of our competitors, you'd essentially work with a third-party bank to deliver the business. Whenever you have multiple parties trying to deliver business to a customer, there is the when something goes wrong, how quickly does it get solved because there's multiple parties involved. Where when it's WEX, we are the one accountable party. We're bringing all the pieces to the table, and we're working directly with the customer when there's a problem or they need a solution that we can help them solve, et cetera. That's a distinct advantage that WEX Bank brings that you don't have if you're a competitor working with a third-party bank. Yeah, I think it is relatively easy to understand. Yeah. It helps with funding costs. You get a higher yield on the HSA deposit. I do think it is underappreciated that there are ancillary benefits in corporate payments, in mobility, that it helps having that. Exactly. Okay. So it is a high-level view of WEX. We went through each of the segments. This is the Deutsche Bank Technology Conference, so you are not going to escape without some questions around AI. I think there is so much focus, at least within my coverage, on what AI is doing in terms of cost savings, right? Right. I think one of the things that I appreciate about the comments that you at WEX have made is there is a lot of focus on the product opportunity associated with AI. So you have talked about Claims AI, actionable insights, and the list is much longer than that, but I will just stop at those two. So maybe you can talk about what you are seeing on the product development side from AI, how you are incorporating it into the development of those products, how clients are seeing that in the delivery of those products, and how you think that evolves going forward. Yeah. I think you brought up some great examples. I think we do believe we will have significant cost savings after we find the AI as well. I preface it with that. But when we turn to the product side, one of the things that I think people do not fully appreciate is the amount of data that WEX has access to, right? If I just think across our segments, in mobility, we know exactly how organizations use their vehicles. We know where drivers fill up, we know how much they fill up. We know where they drive. We have a lot of data on that, right? If I turn to the corporate payment segment, we know how consumers travel. We know where they travel. We know when they travel. We know how organizations spend their money. We know what they spend their money on. Same thing in benefits, right? We know how employees utilize their benefits, right? We know, are they making optimal decisions or not, right? All that data can be utilized to create solutions for organizations or their employees, or consumers to help them make better decisions, whether it is tools that provide insights to offer decisions or whether ultimately we get to the point where an agentic AI tool is actually implementing the decision for you. I think some of the cases that you have just talked about are the early ways we are doing that, right? We have created an insights tool for our mobility segment to allow mobility customers greater insights utilizing this data. We are creating tools in the benefit segment that allow an employee to better understand benefits utilization. What are the benefits that are offered by my employer? What is the specific situations around me as an employee and the data that we might have about some of your health circumstances, and how should you utilize that to make a more informed benefits decision? Claims AI is the other example that you talked about. I think you are starting to see us utilizing this data to actually create the solutions that leverage AI that will be real value add that ultimately we will charge for, right? And we will create value out of and earn additional revenue on. I think we are in the beginning stages of this journey, but this is a pretty exciting journey for the next few years. Yeah, for sure. You preempted my next question on monetization, so I will skip over it. Now we are finding the product market fit. Monetization comes once you have found that product market fit. Your clients are realizing- Correct benefits from these products, et cetera. Correct. Maybe the other thing related to sort of AI and product development, I think you had talked about a 50% increase in product innovation velocity due to AI integration. Can you just expand on that a little more? What does that mean, product innovation velocity? Is it internally you're creating you used to create 10 new products a year, now you're creating 15 new products a year and just making the numbers up. Is that what you're saying? What are the benefits you're seeing? Are you able to roll products out faster to clients? Are you able to test things, get them into beta? Just more color on that would be helpful. Yeah. So product innovation velocity is essentially measuring the amount of time it takes from I want to go build something to it's in the hands of the customer, right? That length of time is essentially product innovation velocity. Yeah. Right. Through the use of AI, we've been able to accelerate that. It's whether we've used AI to better gather insights as we're going through a discovery phase of product or a feature or a function, all the way through we're building the product, and now we're using AI to accelerate our build capabilities. So through the use of AI, we've been able to go faster, and I think you've actually seen that when you've looked at WEX, right? Like headcount is down in 2026 from where it was in 2023. But yet we are innovating at an accelerated pace. We've announced more products in the market. So you can actually see the impact of that coming through, which we're excited about. And we'll continue to enhance that over time, but we've clearly made progress over the last couple of years. Yeah, super interesting stuff. Maybe we can bleed AI discussion into more kind of the long-term financial profile of the business. I think you've talked about WEX being a structurally higher margin business over the long term than you are now. Part of that is AI. Other parts of that are operating leverage, automation, all the good stuff that we always talk about. Maybe you can talk about how far we are into this journey between where you are now and where you think the company, this structurally higher margin, profile WEX is and where we are in that journey, what else you need to do. Is this just something that will take time as you see the benefits of AI operating leverage, or what steps do you need to take to accentuate that? Yeah, I think there's a few pieces here. One, let's start with where we are today, right? If I look at today, if I look at 2026, we've said we are going to improve operating margin by 75 basis points this year, and over 100 basis points in the back half of the year when you look year-over-year. And we are on track to do that, right? And that's been the result of a number of investments that we've made over the last couple of years that we are continuing to focus on. One is product investments, right? We have a set of products that we've invested in that are built for scale, right? We can add incremental revenues to these products without corresponding incremental costs. And so that creates operating leverage, which you are seeing in the results of the business, right? And then on top of that, we have the investments that you just talked about in things like AI that will continue to provide cost efficiency for us going forward. And so what I think when you look at those two things together, I think we are on the journey. Seventy-five basis points this year, good part of the journey. But I think you'll going forward. Both those pieces are both the leverage that we've built into the model, plus increasing benefits from AI. Yeah. Makes sense. I have a few more questions. I am going to ask one about the long-term growth framework. I do want to open it up for questions after that. So I'll ask one more question, open it up, and then we can wrap up after that. We touched on this a little bit earlier, but long-term growth framework 5%-10%. As you think about that target over a multi-year period rather than just the next few quarters, can you talk about the main building blocks across each of the segments and what gives you confidence that you can sustain growth in the 5%-10% range, both on an aggregate company basis and then within each of the segments? Yeah. This is something pretty excited and pretty proud about. I think when you look at the momentum of the business, if I just walk through the segments, if you look at mobility, we talked about my thoughts on kind of getting to the range earlier and the visibility we have to it. If we look at what we talked about earlier, pricing, where we are in new customer acquisition, the investments that we're making in retention and the hopeful future benefits we get from improvements in the macroeconomic environment. I think, the one theme that you'll hear through this as we talk through how we get there is that there's multiple avenues in each of our segments to get there. You just heard that mobility, whether it's pricing, new customer acquisition, retention, we have multiple avenues to get to get in the range. If I look at the corporate payments segment, we've talked about embedded and direct earlier, right? Those are significant, large TAM expansion sort of TAM opportunities. We've got a great product. We are basically taking something that we've built today and expanding into new markets, having success with it. I think that's an exciting value opportunity for us. In the benefits segment, we talked about earlier, we've got a great set of products. We continue to invest and enhance it. I think you'll see us roll out new capabilities in our products over time. Combine that with a very, very strong go-to-market model. I think that's something that's underappreciated about our benefits business. You take our direct sales model, you take our partner channels, which are very tightly integrated partner solutions, so very sticky set of partners. We have a very strong go-to-market motion combined with a very strong product. Again, that gives us confidence about the market as well, and that's without even mentioning the OBBBA and the expansion of the TAM. I think we see multiple opportunities and multiple paths to continue our growth and be in the target range. Yeah. Feels like we're in a situation where there's good things happening in each of the segments, and it's just let's get all those good things working at the same time. Exactly. As promised, if anyone has questions, feel free to raise your hand, and Jagtar Narula can answer anything you have. Thanks. Scott Barishaw from Deutsche Bank. Thanks for coming out to the conference. Absolutely. Nate Svensson did a great job asking a lot of questions on each of the businesses. You spoke about AI. You sort of wrapped it up into a little bit on sort of where the growth is in the segments. I was hoping you could maybe just riff a little bit on which of the three segments you spend the most time on, what you're most excited about going forward. Obviously, mobility is the biggest, probably a little more than 50% of the revenue, benefits second, and then corporate payments third. But where do you spend your time? Where do you see the most AI opportunity? From here, as investors, where can we get most excited to help drive the story forward? That's a really good question because when we look at it, we are genuinely excited about investment opportunities across all of our businesses. All three children are great. It's like asking me which of my children is my favorite, right? My wife would shoot me if I ever responded to that question. Mine, too. Look, honestly, I think the challenge for us is much more along the lines of we see significant investment opportunities and growth opportunities across all of our businesses. Literally, I sit there in executive meetings, and we look through investment options and where we see growth avenues, and it's not like it's all in benefits or it's all in corporate payments. We see it across even mobility, which sometimes the market views as kind of the low-growth part of WEX. We have very broad reach, extensive customer relationships, and the result of that is what we consider to be pretty significant TAM expansion opportunities. The challenge for us often ends up being we have big desires to pursue many of these investment opportunities. We're trying to balance how much we invest in a year, the organizational capacity to pursue these investments, the financial profile of the company of wanting to manage the financial profile so we can balance growth investments while driving margin expansion at the same time. I know this isn't sort of saying, "Hey, benefits is my favorite," but I honestly do think there are significant opportunities across the portfolio. That's great. I guess the quick follow-up to that then is maybe it's where you're operating. All the companies here operate in such competitive businesses. Is there an area where you feel really good about taking advantage of competition maybe being a little bit weaker? Is there an angle from that side where competition Not to name names, but Corpay is doing something where you feel that WEX can really take advantage of the situation in a business or something along those lines. Maybe that's an unfair question, but I figured I'd ask. I would say, if I think across our businesses, we have very strong modes across our business. I think that gives us pretty distinct competitive advantages. We have the scale of our mobility business, which is allowing us to move more into parts of the market where maybe our competitors are less focused on right now. We've talked about that in some of our earnings calls. In our benefits segment, again, we have a very strong suite of offerings that we are able to bring to our customers, not just point solutions, but a holistic set of solutions that some of our competitors are unable to bring. I think that's allowing for very robust win rates in that market. Then, I think it's the economic profile of the business as well. We talked about the high incremental margins of our business. As we talked about pricing earlier, we price to value. We think we bring a lot of value, and we think there is pricing opportunity as a result, but we are also mindful of the competitive environment where we need to be. We are able to use the pricing lever to win business when we have to. But we are able to do it while maintaining a strong margin profile, and that is essentially the scale and nature that we have built in our business. I will allow others to ask questions, but one of the things you said just on this move into other parts of the market that competitors haven't focused on historically. So maybe two questions on that. Earlier in this discussion, you had talked about some of the supply side impacts within the mobility business. At the same time, you are also talking about like, "Hey, let's go focus on smaller fleets." Is there any sort of inherent conflict in that? Obviously, you are not going to be focusing on some of those mom-and-pop fleets that have been impacted by the administrative changes, but how do we understand that dynamic between the two? Then the follow-up question that I get asked all the time by investors is just opportunities to expand the credit box within mobility. I think a lot of those discussions are tied the same. So maybe you can just, one, just talk about like, hey, that move down market, how does that conflict or not conflict with supply side changes, and then how do you think about- Yeah the credit box opportunity within mobility more generally? Sure. I'll hit both of those. On the kind of moving down market, what I would say is, whenever we've looked at the market, there is a sizable opportunity there, whether you're in the over-the-road segment or whether you're in what we call the local fleet segment, which is not the long-range trucks. There is a sizable unaddressed market opportunity there. We have spent the last couple of years enhancing our credit granting capabilities, our digital marketing capabilities, all with the desire to be able to attack that segment of the market more efficiently. We believe we've done a good job of that. Whether it's the local fleet side where we believe we're able to capture kind of smaller customers more efficiently with good credit adjudication that maybe we wouldn't have been able to do five years ago, or it's the over-the-road side where there is a significant segment of that trucking population that's still there, even with some of the supply changes that are not customers that we would grant credit to today, maybe in the future, but could utilize our set of solutions outside the credit box, and that essentially is what the PIN-4 offering is. Yeah. It's given us the opportunity to expand who we address because there are sizable opportunities there. Specific to your question around the credit box, look, this is something and we've talked a lot about this with investors. We've enhanced a lot of our credit capabilities over the last several years, over the last four or five years. We auto adjudicate. When fuel prices increased this year, we automatically raised credit lines for a large swath of our customers because of the enhanced credit monitoring capabilities that we've built. We think we've gotten really good at that. I do get a lot of questions around do we enhance the credit box? I'll say it's something we look at all the time. Yeah. We continuously evaluate what's the right level of credit, how do we balance the revenue opportunity that comes from giving more credit with the risk that comes from what's the implications for default. I think it's something we routinely do, and I think we are good at that increasingly. Sure. The clarification is that what we have seen to date in terms of expanding the credit box for like everybody from has been that sort of mechanical or automatic increase associated with higher fuel prices. Anything, expanding the credit box beyond that is still something you are evaluating. Exactly. Got it. Anyone else have additional questions? We have a couple minutes left. If not, I can wrap up with a few questions. I do not see anything. So I will ask on capital allocation. Yeah. I think Scott Barishaw in the audience had asked about some of your organic investment priorities. I think you have done a very good job on leverage. You are obviously throwing off a ton of free cash flow. I think the messaging, at least as I have interpreted it, is that you are going to be focusing on buyback as the highest priority near-term use of cash. Does that still hold? Obviously, the stock has had a nice little run so far year to date. What would need to change either in terms of where the stock price goes or what you are seeing in the M&A market for that debate between buybacks and M&A to change at all? Yeah. Just to remind everybody, we announced kind of last earnings call. We basically did what we said we were going to do. We were planning to get leverage back below 3x, so we would reinitiate stock buybacks. We got there a quarter earlier than we expected. High fuel prices helped. So we have reinitiated stock buybacks, and we have stated that the vast majority of our adjusted free cash flow will go towards buyback stock. The stock price has been up a bit since we announced that. I would say it is still, from all the work we do, it is still highest cost return opportunity in terms of deploying capital. So we will continue to march to the plan that we have going forward. I would say that M&A will continue to be something that we evaluate. What we would want to see from an M&A standpoint is strategic opportunity enhances the strategic capabilities positioning of the company. At the same time, on a risk-adjusted returns basis, being equal to or better than the stock buyback. That is what we evaluate. To the extent we view our stock more fairly valued, that makes M&A something a bigger part of the equation, potentially. From what we see right now, it is squarely the stock buyback camp. Yeah. Makes sense. Very clear. We have less than a minute here, so we will wrap up with one. Maybe tying it back to the high-level question that we started off with, the differences between how investors or management view the company. I think high level, when you are on this stage two years, three years from now, what do you think is going to be most different about WEX from the WEX of 2026 versus the WEX in two to three years? What do you need to do to successfully sort of deliver and execute on your strategy to effectuate that change? Look, I think WEX is on a good path and a good journey, right? If you think about all the things that we have talked about over this call or over this conversation, between the capabilities of new products and how AI can be incorporated, and the efficiency enhancements that AI will bring to us. Like I said, the new products that we are bringing to the scale that is embedded into our model. I think WEX executing along the lines of what we just talked about. You will see a company in 2 or 3 years, wish I had a crystal ball, but who knows what is going to happen out in the world? In terms of the pieces that we can control, I think you will see a company that more resilient, larger size, higher scale, all the things that the pieces that we have talked about coming into place. Makes a lot of sense. Plan of execution. Yeah. We will look forward to tracking it along the way. Everyone, thank you. Appreciate it. Join me in thanking Jagtar for his time. Really appreciate it. Appreciate it.