Additionally, I want to note that today's remarks include certain non-GAAP financial measures, including EBITDA, adjusted EBITDA, and adjusted EBITDA margin. Our earnings release includes the full reconciliation of these non-GAAP financial measures to the related GAAP financial measures.And with that, I'll turn the call over to Pam. Pamela H. Patsley Thanks Alex. Good morning everyone. We are very pleased with our accomplishments in 2011. For the year we achieved double-digit growth in money transfer transactions, constant currency revenue and agent locations. Our impressive performance was achieved while we recapitalized our preferred shares, nearly doubled our public float and reduced our second lien debt by $175 million. We are also pleased to have finished 2011 with such a great fourth quarter. We delivered solid financial performance, met our management targets and ended the quarter with strong momentum. For the quarter we increased total revenue by 6% led by constant currency money transfer fee and other revenue growth of 11% and money transfer transaction growth of 13%. We increased adjusted EBITDA by 12%, our strongest quarterly growth of the year and we improved adjusted EBITDA margin by 120-basis points over the prior year fourth quarter. Before getting into the details of the money transfer business, I want to take a minute to thank the entire MoneyGram team on our performance this past year. It was a tremendous effort and it is appreciated. The performance for the quarter was fantastic and while we executed on our plans, we also addressed corporate initiatives and legacy matters. During the quarter, we completed a secondary public offering for 10.2 million shares, nearly doubling our float, greatly improving our liquidity and adding valuable new shareholders. In conjunction with the offering, we also made $175 million partial redemption on our 13.25% Goldman notes and de-levered an additional $25 million. With the partial redemption behind us, our focus will be on de-levering further in 2012 and accessing the right timing for refinancing the remaining $325 million of our expenses second lien notes.
This morning, we filed an 8-K that updates our disclosures following January meetings on the matter involving the US District Court for the Middle District of Pennsylvania. While there is not a lot that I can add to what the disclosure says, as I told you in July, we are making every effort to resolve this matter as soon as possible. I believe a full range of outcomes is on the table and it is my focus to ensure we achieve the best outcome. The investigation is ongoing, we continue to cooperate fully. We have achieved very positive feedback from the government and law enforcement regarding our anti-fraud efforts the past couple of years. We will certainly keep you apprised of any material updates to this legacy matter.I also want to mention that recently, we commenced actions against several banks related to investments. Namely CDOs and RMBS that MoneyGram made prior to 2008. These actions seek to recover a portion of significant losses that MoneyGram incurred related to these investments. Our claims are outlined in the complaints for these matters and while we don’t take lightly and commence action lightly against any entity, we do feel that these actions are necessary in order to help realize our goal of consistently protecting and bringing value to our shareholders. Now before we go through the great performance in the money transfer business and since it’s so current, as many of you know the consumer financial protection bureau or the CFPB issued its final remittance rule on January 20. While we are still reviewing the final rule to determine the steps we will need to take to comply, we think that the rule will not fundamentally change what we already do for consumers today. However, we will have to make changes to comply. MoneyGram currently provides information, multiple languages to consumers about fees, exchange rates, payout amounts and dates of availability of transaction in compliance with all our applicable law. We’ll have a year from the date the final rule is published in the Federal register to comply. We believe the new rule essentially standardizes across the industry, our existing high level of disclosure. Read the rest of this transcript for free on seekingalpha.com