Operator: Your next question comes from the line of Nik Cremo with Credit Suisse.
Nikolai Cremo: Congrats on the strong results. I wanted to just ask about the corporate payment business. It looks like the volume growth decelerated a little bit quarter-over-quarter. It sounds like some of that might be related to Avid lapping, but any color on what drove the deceleration and what you guys are expecting for the remainder of the year with regards to this business?
Melissa Smith: If you look at the segment overall, again, really strong growth. Thank you for recognizing that, 21% growth for the segment. From a volume perspective, we did see some deceleration in growth within particular travel customer segment and still great growth, but you’re starting to see it normalize a bit more. And if you look at within the travel customers itself, the America piece is really strong and continues to be strong. We started to see some of the flattening in growth in Europe.
Jagtar Narula: I’ll just add to that. Just talk about sequential deceleration. Remember, if we go back to last year, we were still in COVID Q1 last year, travel really hadn’t come back yet. Q2, you had a very strong travel rebound. So you’re basically lapping tougher compares. So we have been having growth in volume so significantly over a tougher compare, we were pretty pleased with that.
Operator: Your next question comes from the line of Dave Koning with Baird.
David Koning: And I guess my first question, travel being so strong, I think, relative to expectations, just up a lot sequentially, that clearly drove margin up a lot in the segment. Is margin sustainable here as long as travel keeps growing sequentially, would margins stay in that 54% or so range.
Jagtar Narula: Dave, yes, so we’ve talked about this a bit in previous calls, right? So we view that business as having a fairly fixed cost base. And so with travel where it is and to the extent that travel continues at these volumes, you would expect margins to stay in that range.
David Koning: Yes. Okay. That’s great. And then on B2B, I mean, the last question too, that looked a little weaker was revenue actually down a little bit year-over-year? And maybe can you just give what the growth or decline in revenues and volumes were in that I mean, we can kind of back into them, but not precisely.
Melissa Smith: Yes. If you look at the quarter, we talked a lot about travel. The corporate payments, excluding travel, was down. The biggest driver of that was a year ago, if you recall, a bunch of ships that were sitting offshore and our customers were using our corporate payments products in order to pay demurrage fees and so we had some benefit a year ago related to that, that we’re lapping, and that was the biggest impact year-over-year. Our bill pay business was a little bit lighter than it was in Q1, but that was more timing related. So nothing significant. And again, if you look at those when we think about the segment, the segment grew 21% in the area that we’re saying the long-term guidance range of 10 to 15.
David Koning: Yes. That makes — so normalized growth was pretty — was about right this quarter, excluding that one-timer in Q2.
Melissa Smith: Yes. When we say 10 to 15, it’s for the segment, which would include both travel and corporate payments. And I said that we expect corporate payments outside of travel to grow in the single digits this year. And I think I said that last quarter and would say that again right now, because of the timing and size of the customers that we’re ramping right now. We’re out in the marketplace. We’re winning business in our direct products. Those customers are onboarding and that is going to take some time to accumulate. And so as a result of that, where we are in that cycle, we expect that this year will be more of a single-digit growth in corporate payments, excluding travel.
