Operator: Your next question comes from the line of Tien-Tsin Huang with JPMorgan.
Tien-Tsin Huang: Good results here. Just on the Benefit side. I know, Jagtar, you decomposed the 34% growth for us nicely across the accounts and the rate stuff. But just honing in on the account growth piece and the volume growth, I think 11% and 13%. Is there a way to break that down as well across new sales, same-store growth with higher inflation and utilization pricing, that kind of thing? Just trying to better understand that just to build a better model out for it.
Melissa Smith: Yes. So when we model it, obviously, we have more insight into this, Tien-Tsin. So we’re looking at all of those components. We’re looking at the bogey that we have out to ourselves towards what we’re bringing in net of attrition. When we accumulate that up to our long-term guidance range, we say that’s going to be 3% to 5% across the business. And so each of the business units are gearing towards that. And then we have some growth that’s inherent within our existing customer base and then new product revenue that’s coming. You can look at that segment and see a little bit of all of that. And so our sales force continues to bring in new accounts. If you look at the — between Q1 and Q2, sometimes we get questions about that, often, this a normal trend down because we end up with customers and think of this if you have an FSA account, that’s expiring.
We will fully utilize it through the first quarter and then terminate that account. And so we normally see a bit of a dip from Q1 to Q2 related to that. But from a sales perspective, we continue to bring on new business, both directly and through our partners. And I’d say it looks like a pretty normal year for us.
Tien-Tsin Huang: That’s a good outcome for sure. And then just my quick follow-up on the WEX venture capital piece that you guys announced this morning, just a very smart way to get close to what’s happening on the ground in terms of development. Is the mandate or the mission there to incubate ideas and potentially have that be a source of M&A? I’m just trying to think about what return you’re expecting beyond financial returns?
Melissa Smith: Yes. The way that we thought about that is up to $100 million. It’s been over several years. So we’re investing in mostly Series A and Series B rounds with smaller companies. A lot of the companies that are out there are pre-revenue or early stage from a revenue perspective. And there’s a lot globally. And so this gave us an opportunity to, as you said, get closer to what’s happening in the marketplace, get a front row seat and then to be able to expose these customers to these end products to our existing customers. And one of the things that we think our job is to create the fabric where people can connect into and we’ve got these initial products that we’re rolling out of the marketplace, which is very focused around 1 bill, 1 set of data where you can integrate an ICE vehicle with an EV vehicle.
That’s the initial set of offerings, which is really important to our existing customers. But then there’s a lot of innovation that’s happening within the space. And this enables us to expose that innovation to our customers in a way that we get to learn and some of those may end up as ultimately being acquisitions. But I think from our perspective, being able to learn and allow our customers to benefit from this innovation is a real advantage.
