Devin McGranahan: 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.
Rayna Kumar: 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%?
Matthew Cagwin: 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.
Devin McGranahan: 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?
Operator: Our next question comes to us from Bryan Keane from Deutsche Bank. Please ask your question.
Bryan Keane: 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?
Devin McGranahan: 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.
Bryan Keane: 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?
