Good morning. My name is Natalie and I'll be your operator today. At this time I would like to welcome everyone to the WEX First Quarter 2018 Earnings Call. At this time, I'd like to turn the call over to Steve Elder. You may begin your conference.

Thank you Natalie and good morning everyone. With me today is Melissa Smith, our President and CEO; and our CFO Roberto Simon. The press release we issued early this morning and the slide deck to walk through our prepared remarks have been posted to the Investor Relations section of our website at wexinc.com. A copy of the release and the slide deck have also been included in 8-Ks we submitted to the SEC. As a reminder, we will be discussing non GAAP metrics, specifically adjusted net income during our call. Adjusted net income for this year's first quarter excludes unrealized gains on derivative instruments, net foreign currency remeasurement gains, acquisition related intangible amortization, other acquisition and divestiture related items, stock-based compensation, restructuring and other costs, debt restructuring and debt issuance cost amortization, ANI adjustments attributable to non-controlling interests and certain tax related items. The company provides revenue guidance on a GAAP basis and earnings guidance on a non GAAP basis, as we are unable to predict certain elements that are included in reported GAAP results. Please see exhibit 1 of the press release for an explanation and reconciliation of adjusted net income to GAAP net income. I would also like to remind you that we will discuss forward looking statements under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those forward looking statements as a result of various factors including those discussed in our press release and the risk factors identified in our annual report on Form 10 K filed with the SEC on March 1, 2018 and subsequent SEC filings. While we may update forward looking statements in the future, we disclaim any obligations to do so. You should not place undue reliance on these forward looking statements all of which speak only as of today. With that I will turn the call over to Melissa Smith.

Good morning everyone and thank you for joining us today. I'm pleased to report that we beat our top line guidance for the quarter, building on last year's momentum, while demonstrating the continued success of our products and solutions through all of our lines of business. In addition, this quarter, we achieved bottom line results well above the upper end of our guidance range. Revenue grew 22% compared to last year's first quarter, reaching $355 billion (sic) [$355 million]. This was the 7th consecutive quarter of double digit revenue growth and another quarter in which all three of our business segments contributed to our growth. Net income on a GAAP basis was $1.12 per diluted share and we generated adjusted net income of $1.81 per diluted share, up 47%. Contributions from all three of our business segments combined with solid execution and more favorable underlying trends were the catalysts behind our strong performance this quarter. Turning to slide 4. Executing against our strategic pillars has allowed us to post an outstanding year in 2017 and that momentum has only strengthened more as we moved into the second quarter. I'm particularly pleased with our continued success in delivering organic revenue growth, which in Q1 was 11.5%. This figure excludes the positive benefit from higher fuel prices and favorable foreign exchange rates, as well as the impact from new revenue recognitions and M&A activity. Our growth has been fueled by the systematic investments we've made in our technology, people and acquisitions over the past few years. The combination of these efforts has opened up new opportunities for growth, while providing diversification benefits. These results demonstrate that our strategy is working and give us confidence as we move forward and evaluate additional opportunities for growth. Equally important, our investments have enabled us to…

Good morning everyone, and thank you Melissa. As you have heard, we've posted another quarter of outstanding financial performance driven by positive top line growth from each of our core businesses. Our earnings beat is due to a combination of the outperformance in revenue, steady improvement on fraud losses, as well as positive macroeconomic trend from fuel prices and FX rates. We are extremely pleased with how the year has started. Now let's take a look at our results on slide number 8. Total revenue for the first quarter was $354.9 million, a 22% increase over the prior year period. Non-GAAP adjusted net income was $78.7 million or $1.81 per diluted share. This is up 47% from $1.23 for the same period last year. We are delighted to report that both of these results are over the high end of the guidance. As Melissa has just mentioned, slide number 9 shows our strong revenue performance broken down by each of the segments. I would like to point out that 40% revenue growth in our Travel and Corporate Solutions segment where we also saw a strong organic volume increase. Before we get into the segment results, I would like to take a minute to review the impact of the new revenue recognition standards, which are detailed on slide number 10. As a reminder there is no impact to earnings. Under the new rules, we have two areas we are reclassifying revenue and expenses starting with this quarter. One, rebates paid to some partners, which historically were netted in revenue are now being shown as an expense under the sales and marketing line. Two, network fees, which have been historically shown as a service fee expense are now being netted in revenue. These changes will impact the calculation of some of our…

Thank you, everybody. It's been a great quarter and we're very happy to share these results with you. Natalie, let's open the line for questions now.

Certainly. Our first question comes from the line of Ramsey El-Assal of Jefferies. The line is open.

...for taking my question. I wanted to revisit the large positive spread between the Travel segment volumes and revenues. If you were to strip out AOC, FX and the accounting change, I'm just trying to gauge how much of that improved kind of revenue conversion there is organic versus those factors.

So, this is Roberto. Good morning. As you recall, I just said that around $9 million is related to AOC and we also have a small tailwinds on FX. So, if you strip those two pieces, which are around $10 million, you can get to the number pretty quickly. So, half of it is due to AOC and tailwinds and all the rest is obviously the great performance from the Travel segment.

Great. That's very helpful. Thank you. And given where fuel prices are now, up quite a bit year-over-year, what is your sort of evolving philosophy on rolling back into the hedges in order to kind of normalize out your earnings relative to fuel?

I'll start and Roberto can add on here. But we exited the hedges a few years ago, and you're right, it was around when fuel prices were starting to drop because we just didn't see the upside being worth the downside. I think, as we've stayed out of the marketplace and we've (33:52) our position more and when we do look backs over time, we know that we've paid out more than we've taken in even though we were hedging over a relatively long period of time. So, our position has really moved to less likely to reenter the market. I think the other point for us is that the business is much more diverse than it was. When we first went public, about 70% of our revenue was exposed to fuel prices and that was really the impetus for us, starting the hedging program and now that's down closer to 20%. And so, as the business has evolved, we just don't think it's important to do now.

Okay. That's fair. And then last quick one for me. I saw Roberto mentioned that same-store sales was marginally positive, which seem to be a little bit of a deceleration, if I recall correctly, versus last quarter. Is there any commentary there or any color? I'm not sure if I have that right actually, but is there any just general commentary along same-store sales, what's – what are the healthier verticals versus the unhealthier verticals?

Yeah, you're right. It was up a couple of percent, rounded up a couple of percent last quarter and now it's flat for this quarter. I don't know that I would say there's anything that really stands out other than mining and gas – oil and gas is probably the biggest thing to point from quarter to quarter that we're seeing less. It's flat in this quarter where it was continuing to grow the previous quarter. But other than that, you're talking about really relatively minor changes across the board. And if you look across the different SIC codes, they are almost universally flat. There's nothing that really stands out as particularly positive or negative this quarter.

Okay, great. Thanks so much for taking my questions.

And our next question comes from the line of James Schneider of Goldman Sachs. Your line is open. James Schneider - Goldman Sachs & Co. LLC: Good morning. Thanks for taking my question. I was wondering maybe if you can kind of touch on the opportunity for additional fleet wins, you see, organic wins over the coming year? And can you specifically talk on the potential from the U.S. Postal Service contract and any other federal contracts that may have been held by your competitors in the past?

Yeah. When we look at our pipeline, we'll sit down and look across what's happening in the different sales channels, the way we're investing money and that's how we decide to make capital allocation choices or reallocate capital. If you look at our fleet pipelines right now, it is a very predictable part of our business. And I say that in the respect that our salespeople are doing an excellent job of just progressing business through the pipelines, and then, once they're signed, moving them into an implementation phase. And so, we feel confident around what we have in the pipe. In terms of things that are oversize, we talked about the U.S. Postal Service last time, as we have been awarded the SmartPay 3 contract with them that allows us to bid in other processes. We've done the in-person presentations, and so we're in the process of kind of waiting and it's not clear definitive data of when we would know one way or another. So, we're hopeful for that, but it's – we're not the only one that are participating in that process. There are a number of other agencies that are involved in that as well. So Postal Service is the biggest one that's not with us that is of note. And beyond that, we talked about the private label wins. Chevron was the one we announced last year. And while we are doing new business relative to Chevron and that is going well. We still have to go through the portfolio conversion there and we continue to look at new portfolios that we can bring on to the business in the U.S. and outside the U.S. James Schneider - Goldman Sachs & Co. LLC: That's helpful. Thanks. And then maybe – this is a follow-up. Can you address the current outlook in Europe and the opportunity for outsourcing? I know this has been something that's been on a bit of a long burn, but I'm just kind of curious whether anything is shifting or accelerating there at all.

Yeah, I think in that marketplace, no, as I've said for a while, I think we've had more immediate success in Asia and we're going through the portfolio conversion processes and starting through implementation with a number of clients in that marketplace right now. And so, we're pretty busy with that part of our business. In Europe, I don't think there's anything that's new. I think that people who are continuing to look at in-house products that they have and comparing that into the cost and effort of outsourcing, and so that continues to be a relatively small slow part of our growth right now. But if you look at the growth in other parts of the world, we feel much, more strongly about it right now. James Schneider - Goldman Sachs & Co. LLC: Great, thank you very much.

And our next question comes from the line of Oscar Turner of SunTrust. Your line is open.

Good morning. Thanks for taking my questions.

Good morning.

So, first question is on Travel, which looks like it drove a lot of the growth upside this quarter. You mentioned the volume increases in Travel were driven by larger customers. Just wondering, was this volume from competitors or additional volume that these companies outsourced? And then, do you expect that level of volume growth to continue?

It's a combination of all of the above of what you said. We start with the foundation of customers that are growing, and so we've seen growth as their businesses have grown. We also are still relatively under-penetrated in a lot of those accounts. So, even they're growing the businesses, we're seeing the opportunity to really to increase the percentage of the business that we have within each of those particularly large customers, and then the third part is competitive wins.

Okay. Thanks. And then, I guess, sticking on the same segment, I was wondering if you can talk about the go-to-market strategy in B2B in the non-Travel verticals following the AOC integration. There's been a lot of talk that banks are increasingly looking to leverage virtual cards. Just wondering if WEX is planning to utilize the bank channel as it grows that business, or is there a longer-term plan to focus more on going direct?

So, it's one of the interesting things about how that part of our business has evolved. And if you look at our Fleet business it's multi-channel. And I think we've had that converged this last quarter in our Travel and Corporate Payments business where through a combination of some of the deals that we've signed over the last few years which were channel partners as they have grown and also the addition of AOC, we now look at a business that is multi-channel and I think that fits well with who we are. And we like the idea that we are working with financial institutions to partner with them, as well as working directly. And we think that that in this marketplace is an attractive way to go into the marketplace because of just the sheer size, talking about even when we've segmented down the marketplace and I think we've been pretty conservative. We're looking at $2 trillion worth of spend opportunity. And so, we think that having many avenues to go after that spend is a really good place to be in. And with the financial institutions we're doing business with, and that part of the business, they've got about $30 billion worth of spend that's going through our technology on top of the $30 billion that we had going through last year. So, just from a size and scale and ability to communicate the technical strength and operational strength, I think it's just compounded right now.

Okay. Thanks.

And our next question comes from the line of Pete Christiansen from Citi. Your line is open.

Thank you. Good morning. I actually want to follow-up on that question on the go-to-market. I know you say, you're just starting out in this area and I'd also throw in the SMB opportunity in the Fleet side. But do you see yourself investing more in direct sales force as this is an investment area that needs to occur to bring up your distribution versus, I guess, other competitors out there?

I think our initial view right now is that, we like going into this marketplace with channel partners. We think it's a good way to leverage the position that we have. And so, we're not viewing this as a place that we're going to ramp up significant amount of internal people to work on that. It's our initial view based on the work we've done so far. If we get into this and we think about our sales functions fairly dynamically, so if we get into it and we find that we're getting more success in some of the smaller markets than we had anticipated, that view could change. I'd say the same thing in the Fleet marketplace, we have been ramping up our investment in some of those down-market channels as we have found different ways to market and say one of our most successful ways to market in that down-market channel with Fleet is in digital, that's been a place we've made investments and seen really great returns. Let's start with that, but beyond digital in terms of our inbound and outbound sales force, we've added people there and that's a place we will continue to add as we see the returns continue to look the way they do right now.

Great. And then, just as a follow-up, in the Health side, I know there was pull ahead last quarter on the account servicing side with the BofA implementation. But how should we think about year-over-year growth in SaaS accounts matching, I guess, year-over-year growth in account servicing revenue throughout the rest of the year? Should that correlate better as we – for the next couple of quarters?

We're starting to show that metrics, because we thought it was more representative of the total portfolio. And we – if you recall, last quarter, we noted that we had one customer that we're bringing their – some of their services in-house, some of the BPO type of services in-house. And so, when you look at this quarter, the reason why you saw a little bit of a disconnect between the 13% revenue and the account servicing growth was because of that. If you adjust it for that, it would have been about 20% revenue growth within the Healthcare business in the quarter. So, I'd say, we're getting closer in terms of the correlation between the accounts and the revenue.

Thank you. Very helpful.

And your next question comes from the line of Glenn Greene of Oppenheimer. Your line is open. Glenn Greene - Oppenheimer & Co., Inc.: If you can maybe, there's a pretty significant increase in the guidance for the year, I'm sure part of that's fuel prices. But could you sort of parse the $0.45 increase in the EPS guide, and maybe give a little bit more color by segment?

Of course, let me walk you through all the pieces. You're right. We increased revenue $35 million at midpoint and EPS – $0.45 of EPS. What I would say to you a few things. Number one, we've got a very strong Q1. For the midpoint we were $0.11 better than we guided. Second, obviously, we are expecting to continue great performance on the remainder of the year, so for the next three quarters. And equal important is something that I mentioned during the call that this outperformance is going to drive margin expansion and scale. And at the end, obviously, with the tailwind on fuel prices, which are driving approximately 50% of that improvement you come together with all the pieces. So, we feel very positive on the new guidance and combined now with the Q1 result and looking forward into the remainder of the year. Glenn Greene - Oppenheimer & Co., Inc.: Okay. And then, maybe Melissa, if you could just update us on the enrollment season, now that you're through it. And I'm kind of thinking about it in terms of new wins and also retention?

Yes, sure. The enrollment season was positive for us and positive for of our partners overall. We just had this week our annual Partner Conference, which was attended by over 650 people in the marketplace. And so, they got the chance to talk collectively about the products that are rolling out and what's happening in the marketplace, and so there's still tremendous momentum. And if you look at what sits in our pipelines and I'd say the Healthcare business is in some ways akin to other parts of the company where a lot of what they're bringing in for new partner wins are small midsized partners. And then, they'll have in their pipeline some of the large ones that can offset that. They look pretty similar now to where they've looked all along in terms of the size and scope of what they have going through their portfolio. And similarly, if you look at what happens with their enrollment season, I think it was very positive and consistent with what we expected. Glenn Greene - Oppenheimer & Co., Inc.: Okay. Thank you.

And our next question comes from the line of David Togut of Evercore. Your line is open.

Thank you. Congrats on the strong results.

Thank you.

With the leverage ratio now down to 3.6 times, what additional services would you like to add to the WEX team and flywheel that you show in the presentation, either through acquisition or organically?

Well, the flywheel that we showed you are what we have, and what we're doing internally, and we mentioned this on the technology side, is we're building micro services around that to connect the pieces together more overtly. So that's shielded in the background to a customer, so it's just presented to them from an API perspective. So, from an acquisition standpoint, we don't feel like we need something to complete that wheelhouse. When we think about where we want to invest dollars, we continue to be looking at areas that either expand us geographically, give us scale in the markets that we're in or give us product extension. And when you get into product extension in Corporate Payments, it gets like in a pretty big land. But we are interested in areas that can continue to build off what we have as a base as opposed to putting something that's totally new and different into the portfolio.

Understood. Are there – you're in the largest corporate payment markets between fuel, travel and others. Mastercard, for example, has been a leader in corporate payments with the virtual payment technology, are you working with them as they go into new end markets?

So, we work with both Mastercard and Visa in our business. And we will also operate in a closed loop fashion too. So, I mean, think about all three of those as being tools for us as we enter into either new parts of the ecosystem or in terms of going there on our own. So, yes, long answer to your question, but yes, we're working with a number of different parties who are also interested in the B2B space because of the size of it.

Understood. And then, just a quick final question. You gave some commentary earlier on same store sales being flat and you called out some of the reasons for that. I'm just trying to reconcile, the U.S. trucking market is probably as tight as it's been in many years. Should we think about the trucking market as being the main driver of same store sales or are there other main factors we should be thinking about?

Yeah. If you look across our portfolio, think of the trucking part of the market is a piece of the portfolio but because we end up doing business with pretty much any type of business, you end up with a pretty diverse portfolio. In fact, the biggest place of – if there is a concentration, it's more in the construction trades because you get into the smaller businesses that are driving vehicles as part of what they do for a living. And that is also relatively flat. So, I wouldn't say that there has been always a correlator between what you're seeing and transportation to what we're seeing more broadly across the portfolio. I don't know that I'd make anything out of what we have seen. The last couple of quarters have been a little bit stronger. But you're talking about just down slightly.

Understood. Thanks so much.

And our next question comes from the line of Tien-Tsin Huang of JPMorgan. Your line is open.

I also want to ask on – just on the renewals and the deal activity you talked about, any change in terms, pricing? Just curious because it does seem like there's been a lot of activity recently.

In terms of pricing on renewals, there is nothing that's of note that's different. I think there is always a little bit of pressure when you're renewing, and that's been true in the life of the company. But we've also over the last few years found new sources of revenue too. So, as we see repricing come in as a little bit of a negative, we've also found areas that we can bring value in different ways that has largely offset that.

Okay.

The only thing I will add on the net interest rate, we mentioned it during the call, if you exclude the rev-rec changes and the fuel prices that obviously have increased, confirms what Melissa just said, that pricing-wise we are almost even quarter-over-quarter.

Okay. Good. And then on the fraud side, sort of back to your historical levels, better fraud performance given your upgrades there. Does that change your risk appetite in anyway and maybe how you might price overall?

I don't think that fraud doesn't really change our view on pricing. I think it's just as we look at credit, we think about credit in terms of overall risk return. So, as we watch what's happening within that total portfolio, it's something that we think about. At the end of the day, if you really think you're going to take a loss, you wouldn't do it. So, it's really that – kind of that – most of the time you spend is on that fringe of where is the right line in order to make an extension, and that gets into much more in the small business category of things. So, I'd say that we're getting more sophisticated about how we think around pricing for risk. And that's been something that we've been working on in the background for a while. But I wouldn't go so far as to say that that means that we're going to – that we would extend credit right now to others based on what we're seeing in the credit portfolio or have that affect price kind of really big macro level. But I'd say, yes, on the fringes, that's true.

Right. No, you answered it well. I asked it poorly. Thanks, Melissa. Just last one on the Brazil Benefits side, any update there? I caught the U.S. piece up 13%, just I maybe missed the Brazil update.

Yeah. So, Brazil, when we look at it holistically – or we step back and – it's a business that is 7 times the size of when we invested in it. So, it's grown really dramatically in the period of time we've owned it. It's also one of the more volatile parts of the company. And I'd say that last couple of quarters, the volatility is around customer behavior, and so, what we're seeing in the Benefits business specifically is that customers are taking longer to spend money, which means it's affecting our revenue per customer. So, that's down in the Benefits segment. And at the same time in the other segments, we're seeing acceleration. So, we're seeing volume increases within Travel. We talked about the Raízen signing that we had, as well as the work that we've done in the Travel business, and we've seen acceleration in both of those parts of the business. So, overall, if you look at it, it's not growing at the rate it has over the last couple of years, but the biggest change you're seeing is in just that Benefit segment that's getting consolidated within the Health business. We think that that's a shift that's happening. We're doing a lot within that business to realign based on what we're seeing in shifts in customer behavior, which is something that the team there has been really good at doing over the last several years. And so, we're still really bullish around the business over a long-term.

The only thing I will add on to Melissa's comment is thanks to the growth on the other two segments both in Fleet and Travel, where they are growing more than double digits. The overall Brazil business is still positive, which is good. So, we have been capitalizing on some of the investments done in the past two years. But at the same time the overall business in Brazil is still growing.

All right. Great. Thanks to you all. Good quarter.

Thanks.

And our next question comes from the line of Sanjay Sakhrani of KBW. Your line is open.

Hello? Sanjay Sakhrani - Keefe, Bruyette & Woods, Inc.: When we think about – perhaps if you could expand upon the use cases? And is there something that you would look to develop internally or are there perhaps properties that's out there that can help accelerate that in this area?

So, I missed the beginning – so, I think your question is about blockchain, is that right? Sanjay Sakhrani - Keefe, Bruyette & Woods, Inc.: Yeah. Around blockchain. And you mentioned that it was a game-changing technology. Just was wondering what are the use cases that you guys are looking at and something that you can develop internally or can the pace be accelerated through an acquisition?

Yes. So, we have a group of people that work internally on some of the long term technology trends, and I'd say, blockchain is one of them. So, there's a number of others too. The use cases that we're working on are places where we think you can insert a private ledger. So, think of this private blockchain that is going to – the benefits of blockchain, speed, efficiency, transparency, security, all those things come together. And so, we have a number of those use cases. Logistics, probably the one that comes to mind, is something that is relevant. And also, as we think about this, we're looking at ways that we can add blockchain into the arsenal that we have in terms of our overall product portfolio where it might fit a need that some of the other products don't as well. And so, it's an area that we've been testing. I'd say, it's really early stages for us. It's like many of the other newer technologies. There's a lot that is unknown, but we think it's important to be involved in this. And so, so far that work we've done – we have been doing internally with a group of very talented people. If we got forward to this and thought we needed to help externally or we thought that that will be beneficial to us then we're not – we'd be fine with doing that as well. But at this point, we're working on the concept of prototypes with customers that we have internal with the development that we've done internal. Sanjay Sakhrani - Keefe, Bruyette & Woods, Inc.: Got it. And then, you mentioned around the investments you've made opening up new opportunities for growth and providing diversification benefits. Can you just expand upon that a little bit? Which verticals would benefit the most? Could it potentially help you lead into additional verticals than what you're in today?

Yeah. What I like about where we are as a business, if you look across the portfolio. So, the investments that we've made from the acquisitions we've done with WEX Health, which extended us into the healthcare business, which is – it put us into a whole new market of growth for us and as we've extended into some of these international markets, we still are relatively small in size. That has opened up opportunity for us. And EFS, we found an ability to extend into a product category that we didn't have. And then, what we're doing now in the Corporate Payment side. So, I think it's more a matter of the investments we've made, both from just technology development that we're doing internally and M&A acquisitions have created new opportunity for us. And that's great, because it really fuels the growth of the company and the growth profile of the company. At the same time, when I talk about diversification, that means that you can have a quarter where one part of the business is really accelerating and doing really well, another part maybe a little bit slower in the growth that you're seeing that diversification come through. And so, that – depending on what's happening with some of the macro factors, it isn't having as big an impact on – in any particular part of our business, when you look at it in totality. Sanjay Sakhrani - Keefe, Bruyette & Woods, Inc.: Got it. Thanks for taking my questions.

Sure.

And our last question comes from the line of Bob Napoli of William Blair. Your line is open. Robert Paul Napoli - William Blair & Co. LLC: Thank you. Nice quarter. First question on the Corporate Payments – Travel and Corporate Payments business. Melissa, I thought I heard you say six out of the top 10 were not Travel, did I hear that correctly?

You did. You did – six out of 10, if look at it in terms of revenue, yes. Robert Paul Napoli - William Blair & Co. LLC: Right. So, what is the growth rate of the Corporate Payments business versus the Travel business? And is Corporate Payments becoming – what percentage is Corporate Payments versus Travel today?

So, if you look at the portfolio, the Corporate Payments piece, we think about it in three different chunks I guess. So, let me kind of walk that through, and Roberto, I'm sure will add on to this. But there is the traditional virtual card program, which historically had been about 80% of that was Travel related to the original core business. And then, as we've done acquisitions both of the EFS's portfolio and then of top of that AOC that's where you've really started to see some diversification. And in terms of the organic growth on the Corporate Payments side I think that is probably early to say that. We're seeing really tremendous growth, but it's off a relatively small base with the EFS acquisition side of it. If you look at what we brought on for AOC and it's been in the business for all of the quarter. So, I don't know that I can talk to you about our historical run rate there. But on a go-forward basis what we like about where we are right now is the diversification in terms of revenue concentration is positive. The growth is happening across the portfolio, so you're seeing slightly oversized growth on the non-Travel part of the business, but you're seeing continued growth in the Travel. So, it's not like you're seeing radically different profiles in terms of the growth of each from a spend perspective, and then ultimately from revenue perspective. So, that's kind of how we've landed here and where we're going to go from here is we're putting those pieces together and something that we think is pretty compelling into the marketplace and addresses a very large part of the market. Robert Paul Napoli - William Blair & Co. LLC: Okay.

Yes. Bob, to add on Melissa's, you heard that the segment grow 40% and also when you exclude AOC and some of the rev-rec changes, the overall segment grew slightly below 20%. We think that 20% our Corporate Payment business grew over 30%. So, it's rapidly growing, much faster than the Travel business. Robert Paul Napoli - William Blair & Co. LLC: Okay. And then, one area where you guys have invested in the past in healthcare virtual cards, and in your Healthcare business the Evolution1 business obviously has done very well for you and you have this virtual card segment, and the healthcare virtual there are some companies that are being successful that may not be public in that space, are you making any progress is that still a significant priority, because it's certainly an awfully large market opportunity?

As we've looked at verticals to extend Corporate Payments into, healthcare's not been one of our focuses I'd say for a few years. And I'd say that's more just a matter of focus, if you look at the place that we can spend time and effort we've had more success in some of the other verticals than we have in that one. It doesn't mean that it isn't on our list; it's just going to further down the list for us. Robert Paul Napoli - William Blair & Co. LLC: Okay. Just last numbers question, the tax rate you expect for the full year. I'm sorry if I missed that. Did you change what your outlook was for the tax rate?

Hi, Bob. No, we have not. We guided early in the year 25% to 27%. We were in the quarter 26.3% and for our guidance we're still maintaining the 25% to 27%. Robert Paul Napoli - William Blair & Co. LLC: Great. Thank you. Appreciate it.

You're welcome.

There are no further questions at this time.

Thank you everyone for joining us and hanging on for a few extra minutes. And we'll look forward to speaking with you again next quarter.