We had to accelerate our digital business back to market-level growth rates. We had to expand our financial services to the aspiring populations of the world. Finally, we wanted to improve on our overall quality. When you think about those different topics, the first one, on the retail side, we've been able to improve our transaction flow by about 500 basis points between 2022 and where we were last year. Very good improvement, still more room to go. During the last couple of years, we've done a couple of different things. We've launched Quick Resend, Remember Me, One-Step Refund, and we're in the process right now of rolling out our new WUPOS 2.1. You may say, "Why does that matter? Who cares?" The old solutions we had, you had to go do point-of-sale system by point-of-sale system by each location. We've now moved into the cloud, and once it's fully rolled out, we'll be able to push out future advancements much quicker than we were able to do before. You've heard us for years talk about 400,000-600,000 locations. We got to go roll this out. It's going to take time. That conversation will not take as long going forward now once we have that rolled out. On the digital side, we've now had seven quarters of double-digit transaction growth. We were able to grow high single digit all four quarters last year. How we got there, you probably remember this, but we launched a new go-to-market strategy in late 2022. That go-to-market strategy had a couple of different pillars. One is we revamped our marketing campaign. We implemented first-time transaction fee-free. We improved the subsequent transaction pricing to market-level growth rates. All that has allowed the results I just talked about before, which is a tremendous improvement from where we were in 2022, where we grew revenue 1%. We were actually shrinking transactions. We have come a long way in that. On the accessible financial services, we have been able to grow for the third consecutive year. Our Consumer Services revenue double-digit. We actually grew last year 15%. Over the last three years, we have launched a couple of different products. We have launched prepaids, now been in the U.S. market for about 12-18 months. We have launched a new media network business. We have continued to accelerate our retail money order business. Our last one is our forex business within Europe. We have expanded. We are making great progress there and feel very bullish about the future for our Consumer Services business. The final aspect of our strategy was to redeploy $150 million over five years. We talked about this in our call most recently, that we've been able to redeploy about $110 million. We announced that we're going to be on track to actually complete that program this year. You feel very good, all the pillars are moving. How you got there is slightly different, but super excited about the path we're on. If we go into the transaction trends for a moment, I mean, first of all, like you just said, you've had some very good trends, digital up 13%-14% for several quarters in a row now, actually. As you rightly pointed out, the retail side, the non-digital side has actually improved quite a bit to maybe just barely low single digit decline now versus what it was, high single digits. Maybe start us off as a reminder, what are you seeing right now just in the backdrop of the macro? We're getting a lot of questions of obviously implications of policy. Maybe a quick update on anything you can, just high level. Then we'll go into a little bit more on what you see as a driving force for transactions. Great. That's great. I'll give two parts to that for Q1, what we're seeing for trends. Just a reminder, we talked about this in our last earnings call. Q1 will be a little bit lighter of a quarter. We have a couple of things going on for folks that we knew about when we modeled our assumptions, so it doesn't change our full- year outlook. We had a leap year benefit last year, which we won't have again. We actually have relaunched our loyalty program here in the U.S., which will widen the spread between transactions and revenue in the first part of this year as we lap our way through that and start getting acceleration in our growth. Then Consumer Services, I talked about in our year-end call. We had very strong Q4 Consumer Services revenue. Won't be as strong in Q1. There's a seasonality in marketing at the end of the year. The political campaigns and all that also helped us a fair bit. Back to your core question, though, what are we seeing in the trends? It's actually pretty consistent from what we saw in Q4. We're still seeing great strength within our European business. They grew high single digit in Q4. We're continuing to see good strength there in our retail business. Overall digital, we're still seeing strong double-digit growth in transactions and comparable revenue. It's really the comparability issues that I just talked about a minute ago that will make Q1 slightly different and the first half slightly different. For the full-year, we feel very good about our guidance we gave. That's great. When we talk about the trajectory for your transaction growth rates, again, I mean, you've talked about wanting your digital business to move from even low teens to high teens over time, right? Obviously, your retail side to stay relatively steady and more or less flat. What's in your control around that from here? I mean, you've made some changes really ever since you and Devin have taken over, but help us understand what's worked and then, more importantly, what you can do going forward that's in your control beyond macro to improve that even further. Yeah. I think we feel like we can control our value proposition, the way we serve our customers, the way we serve our agents. We are doing a lot of technology improvements that drive all that. We can control our overall value prop to our customers. What is the right price? What is your customer-level support? Those things we can control every day. As you have heard Devin talk about many times on calls, we have been able to reduce our calls into our call centers from about 30 million when he arrived to last year, we were less than 15 million. That is just by taking out the friction. We have done a lot of things around we used to make it very challenging to get a refund. We have now gone to One-Step Refund to make it as easier. All those things are in our control, but we can't control, and it's really the macros. What's happening in politics today? We saw a little bit of anxiety in the marketplace post-election. We've had a number of our agents see lighter business in the later part of January, early February. I was actually with an agent last week, and they're starting to see that loosen up, one agent, one week. We can't control those macros. When we think about the spread now between what we see on the revenue side and the transaction side, you've stated, I believe, that digital marketing is growing, again, revenues mid-teens percent, yet the company is still trending in the high single digit range in terms of the revenue growth rate on the digital side, despite what you want to see as that gap really narrow, right? I think that's a kind of crux to the heart of the issue and the questions we get on the story. I mean, you've shown a lot of improvements. The multiple is still pretty low relative to what the growth could be or what it looks like it even is now. I think it's questions of competition and whether you can really show pricing is stable, right? Help us understand your view. Why would you see that gap narrow now from what's been about, what, seven or so points? Where do you see that going between digital growth rates that are in the low teens, could go to high teens, and revenue growth that are in the high single digits, but could potentially move into the double digits? Yeah. We do believe it will narrow over time. We do not manage it that way. It is more of an outcome. We want to get as many transactions as possible at the market-level pricing. If it widens because of that, so be it. We have talked about that for a number of quarters now. What will bring it back together is when we launched our new go-to-market program at late 2022, that came in with first-time free. That had a one-year effect, and we are past that. What it also brought in is subsequent pricing. We have our legacy customers that are trading off a slowing rate because the book is smaller now, that have a higher market price than the ones we are bringing in new today. That is causing a divergence in the transactions and the revenue per transaction. The other item that's going to naturally continue to have a spread for us is our APN or account-to-account transactions is growing as a percentage of our book. We've been talking about this now for probably three to four quarters. Whether it be the retail-to-account or whether it be digital-to-account, we're seeing that growing in the 30%+ range. Those generally come at a lower RPT than you see in a traditional cash payout transaction because we have higher costs to pay out the commission expense. That's going to widen it, but doesn't have a massive impact on your profits. We still love those transactions. That's going to keep it a wider range than parity until you get to some of our competitors who are more 70%-80% account. What's the cadence? I mean, what's the timing on some of those anniversaries, some of those lapping effects of what you've already added, whether it's at lower take rates or lower yields or price? Because again, that's probably a big driver of at least the narrative of the story if you can see that revenue accelerate on the overall CMT business. Yeah. You're going to continue to see it narrow over time. You're going to see it widen this quarter, to be honest, with we've relaunched our loyalty program, which you have to accrue for the cost of that loyalty program when you do it. You'll still get the transactions that are generating it. That'll be a couple of quarter, two-quarter impact, and then we'll start getting the flywheel going on that. It will continue to narrow as we get through the latter part of this year going into next year. We're not, and I mentioned a bit more, we're not trying to get it down to three to four in baseline. We think it's where it's going to land on a long-term basis, but it's going to organically get there as you start off. The number of digital users now, you guys have updated it, it was what, around 10 million, if I remember correctly? A little bit over that. A little bit over that. Your market position and how you feel about yourselves competitively in digital versus some other competitors out there, I mean, anything in terms of innovation you feel like you need to do that moves it to the next level from here, or are we in a good place? We're always innovating. We talked about in our last call that we now have launched our new digital app in 10 countries. We also announced that we're going to put it out into 10 additional ones this year. We're always constantly looking to plug into more accounts, bank partners throughout the world. A lot of companies, including ourselves, have used aggregators to do that. We think there's a benefit of being directly plugged into as many bank partners you can because it'll get you real-time feeds both ways. Always going to be innovation. We feel good about where we are. We feel like it's going to continue to drive the growth we had last year, and we think there's plenty of room to keep accelerating. If we continue to see this mid to, let's call it low teens, but accelerating to mid to high teens transaction growth on digital, help us understand the implications on the margin of the business. I mean, I think historically you've talked about somewhere around, I think RPT being 20%-30% below retail, but the margins, if I remember correctly, are similar. Just remind us what the path is. You're spot on. There's a lot of variability depending on which quarter you're talking about. When you just boil it up to the highest level, retail is generally about 20%-30% higher than a digital transaction from an RPT standpoint. When you go through working your way down to contribution margins, taking out all your variable costs, the digital business is a little bit higher profitability, but it's slightly. When you work your way all the way down to operating income, they're close to each other. You do have some higher marketing costs when you get to the digital side versus what you would have on the retail side. It pulls down the contribution margin. You get them pretty close to the same point on a margin basis. There is also variability depending on your pay and payout method. The lowest yields we have will be in account-to-account transaction. We love those transactions because they're usually the stickiest and have the longest retention timeframe. Okay. When it comes down to it, I mean, this mix obviously is a little bit on the RPT side, but from a margin standpoint, you feel pretty good about stability in it. On the margin side, we feel very good about it. The other part to keep in mind for digital as a whole, the retention rate for digital customers is much stronger than a retail customer. Then when you get an account payout or account pay-in customer, it's even more stronger. Okay. That's really helpful. Shifting to the retail side now, if you could just give us an update on the physical footprint, the agent locations. I think it's still important for the brand more globally, at least. Where are you in terms of location optimization also and just where do you want to be? Yeah. So we've got about 400,000 active agent locations. It's been to that number for a number of years. Yeah. I remember 500,000 years ago. When I first joined the company, it was 600,000, but that was not active. We pulled out all the inactives. Some of them are still there today. We just do not count them because we want to focus on productive locations. We do not want to reward ourselves or our employees just for signing up locations that do nothing. It has been a stable base for a number of years. You have to think about it from a pyramid standpoint. The way we manage it is you have your company-owned stores as your small number. We have about 1,000 of them, but we want to have controlled distribution where we can test and learn and do different things, high-density cities where you have good throughput. We have something we call a concept store. Concept stores are where it is Western Union- branded. They are exclusive. They operate very similar to a company store. You work your way down to exclusive, Western Union- branded. You have non-exclusive, and you have your strategics. Our pyramid, we're working on all parts of it. We think there's ways to improve each part of that with our technology plus our relationships. Just to take a step back and remind us the mix. Your retail is, just for the audience, is the percentage of retail versus digital now. Yeah. For CMT, it's about 75, 25. For the whole company, it's closer to 70, 25, 5. Right. Your goal is to take that 75%, probably reduces as a percentage of the mix, but at the end of the day, you still want it to be relatively flat. Yeah. Our belief is we can stabilize our retail business, and then we're going to, over time, diversify the company away from retail by continuing to grow our digital business and our Consumer Services by a single digit, double digit. We have overall digital that, again, can grow in the teens and retail relatively stable. You should lead to a CMT business, an overall money transfer business that should be up somewhere in the low single digits, I think, right? Correct. The big question is now just getting retail from that slight decline, negative low single digits, to something in neutral territory. I mean, just help us understand again the blocking and tackling and the dynamic of getting there. Yeah. It's a combination of, I'll give you an example. For us, our European business, over the last two years, we've lost two agents. That caused us to reinvest in our sales force. We put a lot of our pilots in there related to our concept stores. With some of the extra money we had from Iraq, we were able to improve our pricing, get back to market-level pricing. You saw high single-digit transaction growth and revenue growth in the fourth quarter. That's what we think is possible when you have the right proposition of mix of agents, right systems, right distribution, and the right price. Where are we on that? I mean, what percentage of your agent locations actually have an updated POS infrastructure, Quick Resend, remember, debit paying capabilities, and other features? Yeah. It varies based on solution. I'm going to give you the blanket that does it all, and then I'll take a step back for you. Our new WUPOS 2.1 is now in about 30%-35% of our locations around the world. It varies by region, but that's about the average for the world. The actual components, we started rolling out many of those things before 2.1. Something like One-Step Refund is largely around the world now. Quick Resend is in the vast majority of our locations. Really, the last push here we're pushing out is the 2.1 so we can roll out future improvements. Another thing we've been working on is debit acceptance. In Europe, that's probably in about 30%-40% of the locations we want to have it in, so we still have much more room there. U.S. is much more nascent. We're working our way through that here too. Tons of opportunity to go forward. Okay. Okay. When we think about the competitive landscape, obviously we've seen a lot more competition on the digital side. What about the retail side? I mean, have you seen much change in terms of the incumbents that you were competing with going back a couple of years till today? It's many of the same competitors we've had for a number of years, and the way of competing is similar. Agents are looking for how you can speed them up. Labor cost is very high. That's why we put a lot of time into our point of sale solution. They're wanting us to treat our customers right, and we're improving with our call centers and ability for people to do things digitally with us. The landscape is very similar to what it's been over the last couple of years. Okay. I guess I know Devin would talk a lot about when he first came in, the convergence between the digital and the retail user. It was really looking at it as one customer. I mean, have you seen that actually play out where as you grow, you see more loyalty on both sides? We continue to see people who we would call omni customers that are working on both sides. We continue to see the retention rate to be meaningfully higher for an omni customer. We see them transacting five to seven transactions more per year. We continue to see that population having a much better demographic or benefit to us, the company. As far as the overall size of it, it's not meaningfully different. We disclosed it, I think, maybe two years ago where it was up to 5%-10%. What we've learned is a lot of customers go from retail to digital, so more of the retail-digital escalator, and they're only in there for a year and they become a digital customer. There's not millions and millions of customers that bounce back and forth every year. Right. That makes sense. Let's shift to the political environment a bit. Obviously, there's been a lot of rhetoric and discussion over immigration and obviously a lot of questions on the whole remittance industry as to whether or not migration limitations will impact your business, right? Just help us frame, number one, I mean, what do you see as the percentage of users in your model that actually are new migrants? Because there's obviously some question of risk around that. I mean, then we can go a little bit more into the implications on even the U.S. and Latin America. There's been some more protectionist regimes. Can you give us a sense of what you're seeing out there and what the potential implications from a political standpoint can be? Yeah. It's still early days. It's six weeks in. You can look back to the last Trump administration, and deportations was not that dissimilar to a lot of other administrations. As far as limiting inbound immigrants, I think we talked about this on our last call. When you look at our transactions that are related to customers that have been new to us in the last year, we don't necessarily know when they crossed the border to come in, but we can tell whether they're new to us. They might have been somewhere else, but it gives you kind of a max exposure. Someone new to us, about 5% of our transactions in the U.S., a little under that. So that would be if something happened where you were to slow that inbound. Is it going to happen? Time will tell. If you can predict that, that'd be awesome to know. We're monitoring very closely. As I mentioned before, we're starting to see the retail environment starting to loosen up six weeks into it is some of the information we're starting to get back. We're optimistic about tomorrow. In terms of the different geographic dynamics going on, I know Latin America came up. Just remind us and explain to us, if you do not mind, what was really going on there and the implication of it. Yeah. We saw in the latter part of the third quarter going into the fourth quarter, slow down in our Latin America business. There were dozens of elections in Latin America. There were some controls down the Darién Gap. There are some controls around the Mexican border. We make a fair bit of money as people migrate up through Central America. We saw two things. One is limitations on people being able to migrate, but also people wanting to stay home to help to vote and spend time in the political system. Okay. Net-net, put it all together. I mean, from a political standpoint, it sounds like right now you're not seeing that much of an implication yet from the migration policies, or it's still so early, I guess. I think you've called out low single to maybe mid-single digit percentage of your total transactions that are potentially new users that could be new migrants. Yeah. Sub 5%. We're not seeing a massive or any meaningfully different impact today than we would have over the last couple of quarters. Still feel very good about our guidance of the year. Okay. Let's shift to the Consumer Services segment. I mean, it's a low double-digit percentage of your business, right? But it's been extremely strong from a growth rate standpoint. Maybe if you could just take it a step back and remind us what's in that segment, what are you guys investing in around it now? Just break it down for us first, and then we'll go into what the opportunities are. Certainly, Darrin. Our Consumer Services business, a little over $400 million. To your point, about 10%. The largest two components of it is our bill pay business, which is in the U.S. and Latin America, principally Argentina. Our money order business in the U.S.. We have added a bunch of new things to it over the last couple of years. We have added to it a prepaids business. We had a very small nascent forex business, which we have been expanding in Europe. We have launched a new media network. We have our wallet solutions in seven countries around the world now. In terms of what you think, because it's been growing double digits, right? I mean, what that can be as a percentage of the overall business going forward, what are your aspirations on it? Yeah. Our aspirations are for our Branded Digital business plus our Consumer Services business to be greater than 50% of our overall revenue stream in the near future. Both those should be able to grow high single digit, double digit range. Today, they're 35% of the company. You can just imagine how that goes if you stabilize the retail business. It takes you a couple of years to get there. That's our aspirations and beliefs we can get to. What is the TAM now? I mean, if you think about retail, money order, bill payment, foreign exchange, are those markets actually growing well? I mean, just help us understand the backdrop of these segments. Yeah. We haven't really disclosed those yet. You're trying to steal my investor day coming up during a couple of months. I'll walk through high level each one of them. As you think about retail money order, that's a business that doesn't have a high growth business, but it is a consolidation. We think that we can be a winner as the business consolidates. It's been growing for us for the last two, three years. When you think about the forex business, we can see a high variability in the forex business around the world. It ranges anywhere from low single digit to high single digit, which region you're talking about in the world. We had a very small business, got an opportunity to expand that through some of our company-owned stores. We think there is a way that we can make that to be a strong grower going forward. It is a multi-billion dollar business around the world. The last one I will touch on is bill pay, because it is another big one for us. Our bill pay business, similar to the retail money order, is not a high growth business, but it is one where it is consolidation. We think our retail footprint can allow for us to continue to have a big growth business. These businesses, I mean, is there a natural synergy between these and CMT? I mean, just help us understand the cross-own. Yeah, there is. They all leverage both a digital and a retail platform. We are able to leverage the eyeballs on our customers, 100+ million customers we have today, to sell these transactions into. The one place where it might be slightly different, but we are able to leverage our retail locations, is on the forex side. It is less of the migrant customers, and they are a little more affluent folks, but you still can leverage the same retail footprint. Okay. There was also a couple of deals I know you guys did, two small tuck-in deals, both a Mexican wallet for a license, I think, and Singtel Dash, a wallet in Singapore. What's the latest on the integrations there? And just maybe if there's more to come on this front, help us understand what the strategies were there as well. Yeah, certainly. Both deals are still in regulatory review. Buying licenses is not an easy thing, as you probably know. Take a step back about why we bought them both. Mexico is the number one remittance corridor in the world, U.S. to Mexico. We think a two-sided network will be very beneficial for us to be able to send from our U.S. wallet to a Mexican wallet. To do that, you need to have a license. We bought a business that has a wallet solution plus a license. Once we get through regulatory reviews in the next three to nine months, we're looking forward to building that out and making that work. Singtel Dash is already an existing wallet solution. We've got a very strong retail footprint within Singapore. We feel like the combination of that digital solution plus our retail footprint could provide a great synergy we can then take to other parts of Asia. Just shifting to capital and allocation, and given just following up from those two deals, in terms of internal investments, Matt, I mean, you had discussed reallocating and shifting existing expense to get about $150+ million in OpEx in order to modernize the business. Again, we've talked about POS hardware being a little bit more modern, different offerings at the point of sale, especially on the CMT side. You've signaled trending ahead of this. You're doing better, a little ahead of schedule here. Is there more wood to chop in terms of reallocating expenses first before we go into where you want to allocate capital? Yeah. On the cost side, I grew up with First Data. There's always room for chopping more wood. We feel like we're still early in our journey there. Most of the last two years have been chopping wood to reinvest back in these product solutions. Most of them are now built, and we're getting beyond that now. It's rolling them out. We think there's still further room. Much of that will fall to the bottom line. On your second part of your question there on capital allocation, we continue to be committed to our dividend. For everybody that wants to invest, you can get a nice, beautiful 9% dividend yield while you watch us continue to turn this company around. We are also looking at other M&A opportunities. We did the two we talked about there. Last year, we probably looked at 35-40 things. We're very judicious about where we do that. We want to make sure it's a good return, and we balance the two. Is it better to buy something and invest? What's going to help us accelerate relative to returning capital to our owners? If we don't find something that makes sense, we're going to buy back some shares. Again, from an M&A standpoint, it sounds like you're always looking, but is there anything specific that you're looking at right now? Is there anything live? Without mentioning names, obviously. There's always things in the pipeline with 35-40. You got several every month. The vast majority of things we're likely to do will fall in the Consumer Services space. We're always looking at the retail players. Some have been on the market recently. We always look at the digital players. They don't add a ton to us. You look to see is there some synergy you can get. You should expect most of the stuff falls into Consumer Services. Okay. Matt, before we take questions from the audience, I want to take a step back and look at the stock again. Because, I mean, obviously, the market for some time now has been putting a multiple that's, call it a mid to high single digit multiple on a stock that you guys have been showing progress. So first of all, what are your thoughts? I mean, in terms of what the investor sentiment is, what do you think is being missed by investors versus your strategy? Start with that, if you don't mind, and then we'll go into a couple more specifics. We've had a history of being a share owner. We've had a history of shrinking. We then laid out a not immediately lovable three-year plan at our Investor Day last October, two Octobers ago. We've been delivering that. We've delivered now three quarters of positive revenue growth. We have maintained EPS while we've been investing in the business. We're now getting on the back end of this. Our free cash flow has been challenged the last three years. You know this, Darrin, that we had some deferred tax payments under the Tax Act that will make our last payment coming up in a few months. As we get into next year, we're going to have meaningfully more accessible capital to do things with. I think people are missing the journey we've been on and hitting those milestones in a landscape of fintech not being loved as much. I feel like we're in a much better place today than we were three years ago. We'll have a very good story in November when we talk. Right. Competitively, again, I mean, that's a topic that we always hear about from our investors and clients about money transfer in general and pricing and the spread between revenue and transactions. From your perspective, I mean, again, do you see anything different whatsoever in terms of what you're doing on pricing now in order to maintain or grow market share or the market more broadly? Yeah, I'd go a different angle. I would go, if you look at most of our competitors, they've been stable in pricing the last two years. We have brought pricing down because we were above market and had convinced the world and ourselves probably that you could be meaningfully premium priced. I do believe our brand has recognition. We do have a very loyal customer base, a lot of trust. There's a difference between when you have customers, our customers don't make a lot of money. There's a big difference between charging 5% more, 10% more, or 50% more. We have largely fixed most of this pricing challenge over the last two years. Okay. I mean, is there anything more from a technology big picture disruptive standpoint that's maybe outside of the traditional money transfer companies that you guys think about and keep you up at night? Or are you investing in some areas as well like that, whether it's RTP or other? Yeah. We're always looking at, we're always working on AI, generative AI. We're doing things in our call centers. We're doing things in tech to speed it up. There's all those blocking tacklings we're doing. Beyond that, nothing else major. Okay. All right, guys. We have a few minutes left. If anyone has any questions in the audience. When we think about the investor day coming up, what are your goals? What are your goals to want to make sure that the investor base walks away from, hopefully? We are in the process of designing that right now and looking forward to sharing that in November. All right, guys. Any questions? Matt, could you talk a little [audio distortion]. Thanks, Matt. You talked a little bit about the final tax payment. I believe that's coming up in 2Q. Could you size that and maybe how much that frees you up as a CFO to maybe reinvest or redeploy that in different ways that you couldn't do over the last three years? Yeah. The way the Tax Act worked, we were able to defer $800 million of taxes. The first four or five years of that is a very low number. I believe it was $45 million, but then it ratchets up at the end of it. This year's payment will be $220 million. Last year's was about $200 million. You can imagine that for us, that's about 25%-30% of our free cash flow. With that incremental step up in free cash, I mean, your view is more buybacks, more just continue the dividend and look for opportunistic deals? Correct. Correct. Okay. Go ahead, Mark, I think. Do you see any opportunity in crypto at all? Obviously, it's hot and then it's not. Is there an opportunity there? We spend a fair bit of time monitoring whether there's ways to send money real-time across borders rather than using the traditional banking system. One of the challenges we always run into when we talk to different providers is the on-and-off ramps. Ultimately, we need to have cash in Nigeria. You need to be able to give out money at your agent location. Somehow you have to get the money to your agents in Nigeria. We've yet to solve that riddle, but it's one that we're hopeful there's an opportunity there at some point. We've yet to find that.