Pam PatsleyOkay, great. Thanks Julio. Good morning everyone. This sounds echoy but can you all hear plainly enough? Okay, great. So MoneyGram is a global remittance company and we operate in 192 countries and we are the second largest player in this industry with about 5% market share, it’s a very fragmented industry if you are not familiar with the industry between number one player and MoneyGram, so it's largest and second largest. We still have less than 25% of the global market share. 40% of cross border remittance is today are still handled through informal channels. So there is a tremendous opportunity for growth and to take share from each players, from our direct competitors, from banks to periodically and I would say more episodically provide this service and certainly from the informal channels. While money transfer is the lion's share of our business, we also offer urgent bill pay solution today that's just in the US and recently like literally within the last six months, we ruled that out in Canada with the Canada post and its growing very nicely. We continue to focus on new technologies and enhancing and broadening our product offering so whether that's extending currencies that we expect, multi-currency spends or multi-currency receipts we are also ruling out direct to bank account with bank euro, Philippines is now active. You might have recently seen a press release; we have done that now with Banco Rendimento in Brazil and ICBC in China. So it’s a growth industry and most importantly MoneyGram is outgrowing a growth industry. The World Bank estimates that global remittances are growing around 6 to 7% and that's about what they project going forward in Q4 that we just reported about 10 days ago. We had 13% transaction growth in money transfers.
So I could go on.Unidentified Analyst That's good. That's actually a good Segway into the first question in terms of thinking about your growth profile. So obviously a part of that is function size, part of that is you guys are obviously winning market share but maybe if you can dig into the nature of that growth profile, where you are outpacing what is the attribute at this point that gives you guys that faster overall growth, think about geographically or agent growth. What's the main search…? Pam Patsley Yes. It's an interesting question Julio. So when you are in a 192 countries, that's a little hard to just narrow it and so I am going to give you on two levels, one, just from a geographic look. We think about our business in three primary buckets, US to US, US outbound and then send originating outside the US. The profile of our businesses today on transactions about is almost a third, third, a third. On revenue it's much different. The US to US would be a little over 25% while since originating outside the US or about 47% on revenue. So that gives you a little bit of a perspective and clearly for MoneyGram if you are not familiar growing and the point of presence in all these other countries is newer. MoneyGram's legacy US business. Having said that, the US to US businesses you know and we are very proud of this. For years now continues to put up double digit growth and we are still very much focused on that. The growth also then comes when you look at our agent network growth. For the fourth quarter we had 18% growth in our agent networks. We have a young network and it takes 12 to 18 months for that network to be fully productive. That's going to vary if you are signing someone that's been a money transfer seller before versus if you are initiating or inaugurating services with a new non-seller of money transfer services. So there is a lot of leverage just in our pipeline from the newness of our agent network if you will. So we're up to 267,000 locations at year-end. Read the rest of this transcript for free on seekingalpha.com