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.
Operator: Our next question comes to us from Will Nance from Goldman Sachs. Please ask your question.
Will Nance: Guys, can you hear me?
Devin McGranahan: That’s Will.
Matthew Cagwin: Or is it Ken? It’s Will.
Devin McGranahan: Will, go ahead.
Will Nance: 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?
Matthew Cagwin: 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.
Will Nance: 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?
Devin McGranahan: 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.
