Good day, and welcome to the Western Union Fourth Quarter and Full Year 2022 Results Conference Call. All participants will be in a listen-only mode. After today’s presentation there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Brad Windbigler, Head of Treasury and Investor Relations. Brad, please go ahead.

Thank you. On today's call, we will discuss the company's fourth quarter 2022 results, our financial outlook for 2023, and then we will take your questions. The slides accompany this call and webcast can be found at westernunion.com under the Investor Relations tab and will remain available after the call. Additional operational statistics have been provided in supplemental tables with our press release. On our call today is our CEO, Devin McGranahan; and our CFO, Matt Cagwin. Today's call is being recorded, and our comments include forward-looking statements. Please refer to cautionary language in the earnings release and in Western Union's filings with the Securities and Exchange Commission, including the 2021 Form 10-K for additional information concerning factors that could cause actual results to differ materially from the forward- looking statements. During the call, we will discuss some items that do not conform to generally accepted accounting principles. We have reconciled those items and the most comparable GAAP measures in our earnings release attached to our Form 8-K as well as on our website, westernunion.com, under the Investor Relations section. I will now turn the call over to our CEO, Devin McGranahan.

Good afternoon, and welcome to Western Union's fourth quarter 2022 financial results conference call. Our reported revenue in the fourth quarter was $1.1 billion, and excluding contributions from Business Solutions, decreased 6% on a constant currency basis. This growth reflects a negative impact of 3 percentage points from the suspension of operations in Russia and Belarus continued softness in our retail business as well as our new branded digital marketing strategy, which includes promotional pricing. Adjusted earnings per share was $0.32 in the quarter compared with $0.64 in the prior year period, which included a contribution of $0.08 from Business Solutions and $0.06 from operations in Russia and Belarus. The decrease in adjusted EPS was driven lower by lower operating profit and a $0.05 negative currency impact and a higher effective tax rate, partially offset by lower share count. We continue to focus on maximizing cash flow and on returning capital to our shareholders. In 2022, we returned over $700 million to the shareholders, including $175 million of share buyback in the fourth quarter. Matt will further discuss our financial results in more detail and provide an update on our 2023 financial outlook. On the macro front, 2022 is a challenging year for many businesses with interest rates rising to the highest levels in over a decade and global inflation at the highest point in multiple decades. Despite that backdrop, our customers continued to show their resilience with constant currency principal per transaction up 4% in the fourth quarter and the full year. The IMF updated their global growth forecast last week. They now expect GDP growth of 2.9% in 2023, which will be down from 3.4% in 2022. We have come to believe that remittance volume closely tracks with global GDP growth. As such, global remittance volume continues to…

Thank you, Devin. And good afternoon, everyone. I'm pleased to be here with you today to walk through our fourth quarter results and our 2023 financial outlook. Information for the full year results can be found in our press release and the attached financial schedules. Fourth quarter results were in line with our expectations and our 2022 adjusted full year financial outlook, although well below what we believe to be our long-term potential. Overall, 2022 was a challenging year with the start of the conflict between Russia and the Ukraine, the increase in macroeconomic uncertainty given high inflation, rising interest rates and slowing global economy. We also announced the migration of 2 key retail European agents, the first of which that took effect in Q4. While headwinds will continue into 2023, we are confident that we can move the needle in the right direction as we continue to lay the building for our Evolve 2025 strategy. We'll go through our 2023 outlook in more detail shortly. Before I do that, let's move into the fourth quarter results. Fourth quarter adjusted revenue was down 6% to $1.1 billion. The suspension of our operations in Russia, Belarus impacted the revenue by 3%. Q4 included a number of dynamics, including the net impact of promotional pricing activities, and the loss of a European agent, which negatively impacted our revenue by 2% in the quarter and was partially offset by the growth of other and a 1% benefit from Argentina inflation. Adjusted operating margin was 15.8% in the quarter compared to 24.9% last year, which was positively impacted by 60 basis points from the inclusion of Business Solutions last year. Full year operating margin was 20.4%, landing in the midpoint of our range of our outlook. As Devin highlighted earlier, we accelerated investment in…

[Operator Instructions] Our first question comes from Tien-Tsin Huang from JPMorgan. Please ask your question.

I appreciate you guys going through all the detail here. So the LACA acceleration, I thought that was really interesting. You noted 3 countries, but is there a way to elaborate on some of the acceleration and maybe the attribution in terms of what you've done to create that and whether or not that is sustainable or applicable to some other region that we should be tracking here?

Tien-Tsin, thank you for calling in today. LACA is a great example of when our strategy comes together, how it can be successful. And so there are 3 elements going on in LACA. One is, as I highlighted, the investment in optimizing our retail network and in making sure that we have high-quality distribution in the right places to serve our customers. The second, as you can see, LACA is starting the evolution that's happened in much of the rest of the world to go digital. And we are positioned well in many of those countries, particularly in Brazil, Argentina, Panama. And so we've seen very strong digital growth. The third is we have a strong operating model in LACA, and we've invested marketing dollars in increasing our brand awareness and the effectiveness we have in those markets, which is paying dividends. Matt can give you a bit more detail on specific countries or quarters.

Tien-Tsin, just as you think about it, those are the 3 large ones that are driving it. But as Devin just highlighted before, we're seeing high double digit, low triple digit growth in our digital business, and we're seeing very solid growth across most of the region when you look at from retail standpoint.

I think we believe its quite sustainable and early returns I would say, 2023 will show strong performance in LACA, again, as we saw in 2022.

I appreciate the complete answer there it definitely stood out to us. So my quick follow-up, if you don't mind, maybe for you, Matt, you compress on the CFO on the take over here. Just on the first half, I think you mentioned it would be below full year range. I just want to make sure I caught that correctly from a modelling standpoint. I know there's a lot of investments going on with additional banks, and whatnot. So I just wonder if we caught that correctly.

Absolutely, you did. So I would view Q4 here as a low watermark, but our -- just to reiterate our guidance was 19% to 21%. We'd expect to be below that for the first half of the year and then progress into the range and close up in the range for the full year as the year progresses.

Our next question comes to us from Darrin Peller from Wolfe Research. Please ask your question.

The trend we're seeing on the digital customer acquisition, specifically in the U.S. outbound, was obviously very strong. And it continued to move in the right direction from last quarter into this quarter. I guess maybe just in a bigger picture way, if you can talk to revisit the strategy of what's working there? What kind of lag effect you'd expect us to see around that turning into transactions? And then I know there's been marketing and pricing initiatives that obviously impact the yield. Maybe just touch on the timing and when that all cash goes up. And so what kind of trends we should be looking forward to in digital again in 12 months?

Yes. So Darren, it's great to hear you. Thanks for joining the call. We are excited about the work that first, we did in the U.S. and now we're starting to see similar, although a little bit more muted results in other places in the world where we've launched the program. The program has 3 fundamental levers. First, as you highlighted, being in the market and being competitive with new customer offers and making sure that new customer segment pricing again reflects market and competitive reality. The second is to optimize our marketing funnel efficacy, getting the mix right, getting dollars downloaded in the funnel and making sure that we are creating the highest return for each marketing dollar. Finally, we are optimizing the new customer experience and targeting people's ability to get through our onboarding and KYC process with as few as steps as possible, which is increasing conversion rates for new customers to Western Union. Those 3 elements and different mixes we use around the world depending on where we are from a market position, and we are seeing strong results everywhere we're launching it, although the U.S. is so far the strongest result that we've seen. Matt can talk a little bit more about the lapping effect on when we expect, as you can see, we believe that revenue growth will reach transaction growth as we work our way through these cohorts of adding new customers. And so the long-term investment potential for this is high.

Yes. Thank you, Devin. And Darrin, thanks for the question. As you think about -- really, I think it's on a cohort basis. We launched and we talked about previously, middle of Q3, we launched the U.S. You've highlighted now for 2 quarters in a row, the great results we're starting to see from there. And obviously highlighted the overall new customer growth in digital space for the whole world. As you think about it from a cohort standpoint, we would expect this to start producing positive revenue growth in that couple of quarter standpoint within a year as you think about it. It does vary by region. Our teams are working very feverishly on looking at other ways to maximize it, but we're looking to also max by the number of customers. So I view it as positive within the year.

Great to hear. Just a very quick follow-up. I mean, it's probably -- I'm probably the only one is going to ask about this, but other and the C2B segment looked like it performed better. Just -- I know some of that is the moving parts. Can you just quickly update on what the strength there was an that sustainable?

Darrin, just a reminder, I didn't quite note before, but that area is largely made up of our biller business in the U.S. and Argentina as well as our money order business here in the U.S. Last quarter, it was muted results because of 2 things. One is we had some currency headwinds that we're experiencing down in Argentina as well as we rebalanced our -- we have a large investment portfolio that rolls up into that business, part of our money wear business that we rebalanced last quarter to take advantage of the current market conditions. Those are -- the currency has reverted back and is a tailwind now for us a bit. And then we also have a pretty large pickup from the rebalancing of our investment portfolio. We would expect it to be a strong underlying business as well as a pretty good result on the investment side for the foreseeable future in the rest of this year.

[Operator Instructions] Our next question comes to us from David Togut from Evercore. Please ask your question.

I appreciate the call-out on Europe and CIS, which you've talked about previously, the loss of some large European agents besides the, say, Russia and Belarus headwinds. If we strip those out and think about Europe and CIS on a go-forward basis, perhaps normalize in mid-2023, early 2024, what does the transaction and revenue dynamics look like in such a large international region for you? You're the largest really outside of the U.S.

So let me start, David, great to have you on the call. Thank you. And I'll let Matt pick up. We have a varying landscape in Europe. And so if you look at a country like Spain, we have a very strong performance there. Mainly because of the corridors out of Spain go to loco where we have strong market and strong brand. If you look at Central Europe to Africa that's been under pressure from competitive forces and for migratory results almost the entire year. So on a kind of country by country and quarter-by-quarter basis, we have a high degree of variability in Europe. If you strip out the impact of Russia, Belarus, and eventually impact of losing those 2 large agents, I believe we're approaching kind of flattish overall transaction trajectories. As Matt said, the back half of the year strength and growth of transactions and the beginning of the growth in returning to revenue neutrality, given the size and the competitive nature of the region. But again, it's highly variable by country and by corridor segment. I don't know if you want to

Just to build on what Devin has talked about. I mean, I think you can get these numbers out there. But our overall transaction growth, including Russia, Belarus, is down 31% this quarter. That's an improvement of 1% versus last quarter, and it's a couple of hundred basis point improvement from the first half of the year. When you strip out Russia, Belarus, it actually got worse by about 100 basis points quarter-over-quarter, but that's because we lost an agent and about half of our decline this quarter was due to losing the agent. That's how you can think about the core business itself, is it starting to trend towards the right direction, making pretty meaningful improvement in the first half with the headwind we have on the lost agent here in Q4.

And just as a follow-up, when do you fully anniversary the loss of the second European agent?

The second agent is in the middle of next year.

Yes, the anniversary of it is in the middle of '24. The agent loss isn't going to happen until middle of this year, sometime.

Our next question comes to us from Ramsey El-Assal from Barclays. Please ask your question.

I wanted to ask you about the owned concept retail locations and just whether we should sort of think of your efforts there as the beginning of a longer-term shift to a more direct distribution model. I guess the question is sort of when you look out 5 years or so, should we expect there to be a great deal more direct distribution at some point, maybe even the majority of the distribution?

So I would say no. The way we are looking at it is kind of a peer of efficacy and control. So at the very top of the pyramid, are the Western Union owned and managed locations. And in a given market, there'll just be a handful. So if we got to a couple of hundred in a region like Europe, that's going to be a lot. In LACA, we're kind of between Argentina, and we're at a couple of hundred and we'll add maybe 50 or 100 more over time. The next is this notion of branded exclusive with an aging partner, which we call concept stores. We seek particularly in markets like Europe, where the market is much more independent. We have -- as we highlighted some losses with our historic large exclusive agents, a desire to build out that model, I'll call it the Melody model, that I highlighted and help those agents expand on a branded and exclusive basis. Underneath that, we have our large strategic partners. I highlighted our Rite Aid renewal. We still have several very privileged post-office relationships around the world, which in general are branded and exclusive. And then under that, we have the large independent agent, many times nonexclusive networks. So we continue to want to make sure that we have access to Western Union products and services for every customer in every location and how we manage that pyramid depends on the nature of the customer base and the potential for us to control in those very high-volume very strategic locations and entirely owned in Western Union location. But I would not interpret that to be somehow we're shifting the fundamental mix and nature of both our distribution model and/or the economics of our distribution model.

One follow-up for me. Can you talk about the monetization strategy for the digital wallet and how your thinking there is kind of evolving I'm not sure if there's a revenue and/or margin profile that is worthwhile talking about today. If there is, please enlighten us. But how do you think about that being a contributor over time in terms of monetization revenue profit?

So the business case on the development and delivery of the wallet-based ecosystem entirely is based on increases in retention. Our ability to increase retention through a more interactive and account-based experience is the justification for the investment in the platform. And that's just around our core economics of international money transfer from the digital platform. Incrementally, over time, we expect to see some benefit from the value of interchange that comes from issuing debit cards, the value of prepaid that comes from linking that to a digital wallet or digital experience. the value of accelerating our bill payment business from mostly a retail footprint today into the digital ecosystem and the ability to bring foreign exchange services and multicurrency aspects to the digital wallet for people who want to buy and hold different kinds of currency. So we do see incremental revenue streams over time that will develop as we enroll a greater percentage of our digital customers in an account-based or wallet-based model.

The only thing I'd add, just a reminder, 1% improvement in our retention, which is the largest driver of this, is about $30 million to $40 million benefit to us.

Our next question comes to us from Rayna Kumar from UBS. Please ask your question.

Congratulations, Matt, on the CFO role. Just a question on pricing. Are you seeing -- are you expecting to have any other pricing actions to this year, either in your digital or your cash to cash business? And since you've implemented your promotional pricing strategy, have you seen any changes in the competitive landscape?

So Rayna, we continue to optimize our prices. As you well know, we compete in 20,000 corridors, and we price on the basis of geography, corridor, customer segment and in some cases, even time of day. So our pricing is a very dynamic model, and we intend to and we'll continue to adjust that almost in real time accordingly around the world. So you can expect to continue to see us optimizing pricing to drive our business. It was interesting. One of our competitors called out on their most recent earnings call, the inefficacy of new customer offers. So clearly, someone's paying attention and listening and commenting on what we're doing. Our experience has been, and as I highlighted, the customers that we're acquiring with our new offers are resulting in a higher quality customer with greater near-term attention ability and greater second and third transaction timing than we saw when we were not offering promotional pricing offers for new customer acquisition. So we remain convinced that this is a strategy that can drive long-term value creation for Western Union shareholders and will return our digital business to customer growth, transaction growth and ultimately, revenue growth.

And then can you just help us understand what needs to happen this year to get to your high end of your operating margin guidance of 21% versus the low end, that 19%?

Rayna, this is Matt. And again, thank you very much for my congratulations. I'm very excited to be here at this iconic company. There's a lot of moving parts that could do that. It's hard to predict what will happen with the macroeconomic conditions, what will happen with our competitor situation. So I wouldn't want to speculate here on this call.

Rayna, because I'm a CEO and not a CFO, the single greatest contributor to achieving the higher end of the margin would be above expectation growth. So this is a business model that has a moderate fixed cost base that if we are able through these programs that we're driving to be at the top end of our expected range that will help us have a better than bottom end of our range margin contribution. Growth would be elixir?

Our next question comes to us from Bryan Keane from Deutsche Bank. Please ask your question.

Devin, I just want to make sure I understand that when you talk about the World Bank, I think you grew 5% last year and 2% this year. And then on this slide, we're talking about the C2C principal transaction on constant currency growing 4%. I just want to make sure I understand, are we growing then in line with the market? Or are we -- how do you think about share gains, share losses versus the market right now and where you want to be?

I think it's quite clear given the overall market growth that we are a shared donor and have been for some significant period of time. As I have said publicly, much of the outsized growth from our competitors has been at the expense of Western Union. As we revitalize our go-to-market strategy as we reinvest in both our retail platform, our retail marketing and our new approach to branding. We anticipate to stem the donation of share to our competitors, and I believe we are seeing the evidence of that with -- if you look at app downloads in the fourth quarter, we saw significant share gains in app downloads in our digital business in North America, which would be proof point that we are no longer donating share, at least in that market. We aspire to be not only a non-share donor, but a share winner, but that's some point in the future.

And the point I just want to make sure I got it on the principal per transaction that's been pretty darn consistent at 4%, it's just the steadiness of the market?

That has been our experience and our customers have benefited from increased wages while suffering the consequences of high inflation. The net of that has been 4% larger transactions across our entire footprint. It obviously varies by geography and by corridor where some in some corridors are seeing greater, some quarters we're seeing less. But the net take for us is -- the business is fairly resilient in the face of moderate to significant economic headwinds around the world.

My follow up. Just thinking once we comes to that positive branded digital growth is that coming normalize growth rate you guys thinking come at year or two once we make that turn.

I will tell you what our aspiration is. Our aspiration is to get back to high single digit, low double digit revenue growth in our digital business, which we believe given our scale and the diversity of our markets will reliably enable us to outgrow the market and be a market winner in most of the important places of the world.

Our next question comes to us from Andrew Schmidt from Citi. Our next question comes to us from Chris Zhong from Credit Suisse. Please ask your question.

This is Chris Zhong at Credit Suisse. So the first one related to the critical produce transaction that prior mentioned, we've definitely been very strong growth going up 1 year to 2 year and 3 year constant currency basis. And wanted to zoom in a little bit on the underlying assumption for the revenue guide in 2023, where [Indiscernible] called out on the global macro outlook. But are you seeing the principal project transaction growth holding up in 2023? Or there's any direction probably have? And this is the first one. I'll follow up with the next one.

Chris, this is Matt. There's lots of moving parts in our guidance. The price, there's principal, there's new customer acquisition. So I'm not going to comment on micro topics within our overall guidance. But we are confident that we can obtain our outlook we gave out this year on this call today as well as Investor Day.

And for one of the factors to achieve your medium-term outlook, we're seeing some early days in your progress. It's up 36 basis points reduction in the attrition or just increasing in the retention. And I think previously you called out they have the source of attrition mainly due to pricing and transaction time per customer interaction. And can you just share maybe some of the thoughts on how much of the retention is coming from different sources, noticeably. It's probably going to be less pricing intentionally, but if your transactions shift incrementally towards digital? Is that also going to be a factor as well?

So a couple of things embedded in there, Chris. Thanks for calling in today. The focus on retention really started in the second half of the year as we rolled out the Evolve 2025 strategy. So we were encouraged by the retention results that we got by focusing on it and believe that a continued focus can ultimately get us to our long-term aspiration of improving retention by 200 basis points a year. Secondly, some of the work that we have been doing, and remember, we have a complicated ecosystem of multiple generations of point-of-sale systems, including gateway applications for our large strategic agents in one of those, which we call WUPOS 2.0, we've been working hard on increasing transactional efficiency. And in the second half of the year, saw hundreds of basis points of improvement in transaction completion rates. And so it is incremental improvements than across the entire ecosystem to move transaction completion rates from something in the 80s to something in the '90s that can help us increase retention and drive the overall number. And that's just one example of many of the initiatives that we've put in place as part of our increased retention program.

Our next question comes to us from Will Nance from Goldman Sachs. Please ask your question.

Guys, can you hear me?

That's Will.

Or is it Ken? It's Will.

Will, go ahead.

Sorry about that, the technical issues. I wanted to follow up on Tien-Tsin's question earlier on the operating margins first half versus second half. I'm just wondering if you could kind of talk through some of the moving pieces and kind of bridge first half to second half. The types of investments you guys are contemplating. Obviously, I know you made some pricing investments in the fourth quarter. But I guess, what specifically do you have visibility to investment sort of dropping off in the back half of the year to drive that operating leverage embedded in the guidance?

Will, it's Matt. It's really consistent with what we talked about for Q4 here, just the completion of some of those initiatives. So we're very focused on continuing to roll out our wallet or ecosystem in a number of different countries. As Devin highlighted in the earlier part, we've got the U.S. and Brazil coming up quickly a couple more payers within Europe. So we've got a fair bit of investment there. We're also putting some investment into additional products that go with our ecosystem, things like prepaid, which we look to have go live this year as well. So it's things of that nature that we're really working on in the first half of the year and wrapping up things we started this side at year-end.

And great to see the traction on the U.S. outbound branded digital customers. I was wondering if you could talk -- and you talked a lot about sort of increasing the lifetime value customer. How customer costs trended in the wake of some of these adjustments to your approach to pricing? And how do you see those kind of trending over the course of the year?

So we are working hard to balance customer acquisition costs with customer lifetime value. And as I've talked about, we're getting that equation right for us is really important, and making sure that we're getting high return on all of our marketing dollars, which is part of the program we launched in the U.S. When we increased marketing spend in the fourth quarter, which I highlighted previously, part of that was in this kind of test and learn approach to say, where can we effectively apply dollars. And what we have found is application of dollars to things like social media, have a better return for us than applications to dollars like paid search. So we are honing the model as we roll out a more market competitive pricing for new customers to enable us then to apply the dollars to effectively manage CAC to lifetime value. And so I think we're still in the learning phase. We're making real progress, and we're seeing results that align with how we believe we can execute and continue to drive the digital new customer growth and ultimately transaction growth, which will lead to revenue growth throughout 2023, globally, in our branded digital business.

Our next question comes to us from Ken Suchoski from Autonomous. Please ask your question.

I just want follow up on that last discussion. Could you talk about what you're seeing in terms of repeat usage and transactions around your promotional programs? I think the goal is to attract customers with that discount on the first transaction and then get back to more normal pricing on that second and third transaction. So what are you seeing in terms of that price sensitivity from customers on those later transactions? And any comments about their willingness to do that second, third or even fourth transaction or retention rates would be great.

Ken, thanks for joining the call. It's always great to have you. As I highlighted, we are very, very indexed on repeat transaction performance from the new customer offers, right? And in many cases, the new customer offer is first transaction free. And so we are quite cautious to make sure that we are not offering a first transaction free for a customer that doesn't return. So we are highly focused on what we consider to be second and third transaction, which then create a pattern of repeat usage, which allows us to then measure ongoing retention. In the previously discussed remarks, I highlighted the September cohort, which is the most aged since we launched this program. And the first time we talked about it publicly, where we had mid-20% new customer growth. That September cohort on 90-day retention, which would then include in most cases, a second if not a third transaction, has the highest retention of any 90-day cohort that we have in history. So we are seeing improved performance on second and third transaction from those new customer offers, and we are seeing improved retention of that cohort at least through the first 90 days, which gives us confidence that we're not acquiring junk customers.

And is that retention then, is that -- I know I saw the slide that has, I think that cost 46 basis points and improved retention in 2022. Is it -- are we talking kind of levels of magnitude above that 46 basis points? Any context there would be helpful.

So to clarify, the 46 basis points is retail retention, not digital retention. And as you know, on very large bases of customers, retention is measured in basis points. So when we talk about improvements, we're talking 50 basis points to 150 basis points of improvement whenever we see it with a goal of obviously getting to 200 points across the footprint in retail and similar expectations about what we might do in digital. So we're not talking 1,000 basis point retention improvements.

If I could just squeeze one more in, just so I understand the impact of the roll-off of the agents I just want to make sure I have it right. I think the agent, the on roll off had a 2 percentage point impact in the quarter. Did that 2 percentage point headwind kind of roll through the next 3 quarters? And then, I guess, what's the expected size of the headwind from the next agent just so we can model it correctly? And then any offsetting factors on P&L, like does this help agent commission costs or anything like that would be helpful.

Ken, this is Matt. So basically, we talked about this at Investor Day, each agent is about 1% of revenue. So the first one exited here at the beginning of Q4. So we'll lap that at the. The other agent we expect to part here in the middle of the quarter?

Middle of the year.

Middle of the year, thank you. Sorry, middle of the year.

Thank you for clarifying. And you can think about commission rates as being about a normal average we've talked about historically.

Our next question comes to us from James Faucette from Morgan Stanley. Please ask your question.

I just wanted to ask a couple of follow-up questions. First, on that new cohort of customers, digital customers, and their high level of retention, as those customers go into their second and third transaction, et cetera, are they seeing changes in that promotional pricing? Or is that promotional pricing still in place for them. Just wondering kind of what they're looking at, they're judging the economics for themselves.

Jamie, thanks. No, they are returning to what we now refer to as market-based pricing. So the first transaction is somewhere between 50% off and free and then they return to what we would consider to be market-based pricing for situation, that corridor, that time of day, that customer segment. So they are then paying what we would consider to be normal pricing on second and third transactions.

And on some of your other Evolve 2025 initiatives and rolling out new products, et cetera, I know you're still kind of working through like what the economics are going to look like, et cetera. But in terms of goal posts, like what are the things that we should be tracking? I think you gave some metrics around new customers per month and some of the targets that you have. But are there other things that we should be paying attention to from an economic perspective or a revenue potential perspective on these that can help us assess how that's evolving?

We look forward to providing more of that as time goes on. Right now, we are publicly tracking the growth in our customer base and in retention that the added value of either new products and/or an account-based structure can drive. And then if we see incremental benefit from the new products and services, we'll certainly want to share that, and we'll share that with you.

We have no additional questions at this time. Thank you for joining the Western Union Fourth Quarter and Full Year 2022 Results Conference Call. We hope you have a great day.