The Label component (SpriteText) provides basic single-line or multi-line text display.

Text entered into a SpriteText can be colored in-editor either using its Color setting, or by adding color tags to the text entered via the editor. Color tags follow the following hexadecimal format:

[#RRGGBBAA] (ex: [#FF000080] is bright red with 50% transparency)
or
[#RRGGBB] (ex: [#FF0000] is bright red opaque)

As you can see, the alpha component is optional, and if omitted, opaque is assumed. An example use of this would be:
"Roses are [#FF0000]red, violets are [#00FF00]blue."

The above string would set "Roses are" to whatever color is specified in the SpriteText's Color field. "red, violates are" would be tinted red, and "blue." will be tinted blue. Note the use of the term "tinted" here. The color specified in the color tag is actually multiplied by the main "Color" setting. In addition, this color tints the color of the actual font texture (see the important note below). So for example, for the color tag for red to result in pure red, both the font texture color must be white, as well as the main Color setting.

You can also add color in-line with your text through code by simply "adding" Colors to the string:

// Outputs a string where the last word "red" is colored red
myLabel.Text = "The following word is " + Color.red + "red";

Note that text that precedes a color tag is colored by the "global" color setting specified in the SpriteText's color field. All text text follows a color tag will be colored by that tag until another tag is encountered.

An important note on colors:
It is important to note that the method used for coloring is to tint characters using vertex colors. As such, for accurate color reproduction, your font needs to have white letters. It can then be colored to any desired color from there. If your font is black, for example, it cannot be made any shade lighter than that.

Alignment and Anchoring
There may sometimes be confusion as to the role played by the Alignment and Anchor settings. These settings behave identically to those of Unity's TextMesh (3D Text), so if you are familiar with those, you should have no difficulty. Basically, whenever text is entered into a SpriteText, an "area" of text begins to grow as the text is filled in. If the anchor is set, for example, to Upper_Left, then the upper-left corner of this "area" will be aligned with the SpriteText's GameObject's center point. This is the function of the Anchor setting.

When there is only a single line of text, depending on your anchor settings, it is difficult to notice any effect of the Alignment setting, as the "area" of a single line of text is fitted tightly to its edges in any case. Where you will begin to see a difference is when the text has multiple lines.

Basic Setup
To get up and running with a SpriteText, you just need to assign a font definition (TextAsset) to its Font field, and a material to its Mesh Renderer. Now just enter some text in the Text field. To learn more about creating the necessary font definition file and font atlas, see Creating Fonts.

SpriteText

You can set/retrieve the textual contents of the control by accessing its .Text property from script.

You can set the "global" color of the text using its .SetColor() method. NOTE: The global color will be overridden by any color tags in the text (assuming parsing of color tags is enabled).

Text	The text that should appear in the control. You can enter color tags here to color specific parts of the text. See notes above.
Offset Z	This is the distance along the Z-axis that the text will be offset from its origin. Setting this can be useful to avoid text conflicting and getting hidden by objects close behind it.
Character Size	This is the size, in world units, of a typical capital letter (a letter that extends from the baseline to the top of the line). This will be calculated automatically if pixel-perfect is used.
Character Spacing	An adjustable factor by which you can increase/decrease the spacing between characters. A value of 1.0 will space characters exactly as described by the font. Decreasing this value will place the characters closer together, while increasing it will place them farther apart. Ex: A value of 2.0 will cause there to be exactly twice as much space between characters as called for by the font itself (including kerning information).
Line Spacing	This is the percentage of a full-height line that will exist from the top of one line to the top of the next. For example, if a value of 1 is specified, then the distance from the top of one line to the next will be exactly the same as the height of the line, meaning the two lines of text, depending on content, could touch. This value defaults to 1.1, meaning that an additional 10% (.1) of the line's height will be placed between lines.
Anchor	This indicates where the text "area" will be anchored relative to the GameObject's center point. See the notes on Anchor and Alignment above.
Alignment	How the text will be aligned within the text "area". i.e. Left, Center, Right. See the notes on Anchor and Alignment above.
Tab Size	The number of spaces that will be inserted when a tab character is encountered in the string.
Font	References the font definition file to use for the text. This file is a TextAsset that you generate. See Creating Fonts for more details.
Color	The "global" color of the text. This is overridden by any color tags in-line in the text. See the notes above regarding coloring.
Pixel Perfect	When checked, the Character Size (see above) will be automatically calculated so that there is a 1:1 font pixel to screen pixel correlation.
Max Width	When set to 0, there is no limit to the width of the text displayed. Otherwise, this value indicates the width, in world space units, that the text is allowed to be. If it exceeds this width, the text will be word-wrapped to the next line.
Multiline	When set to true, the text object will allow multi-line content. This also enables word-wrapping when the maxWidth setting is set to a non-zero value. If multiline is false, then a non-zero maxWidth setting will cause text that exceeds the maxWidth to be truncated and have "..." appended. NOTE: The actual text contents are preserved and only the display string is truncated.
Dynamic Length	This setting is reserved for future use. It presently has no effect.
Remove Unsupported Characters	When checked, any characters which are not defined in your font definition will be rejected and will not be attempted to be displayed.
Parse Color Tags	When this option is enabled, color tags will be parsed from the text. However, if it is unchecked, color tags will be ignored. This is useful for things like player name fields.
Render Camera	The camera that will render this text. This is important when using pixel-perfect as the size calculation is based upon the camera.
Hide At Start	When checked, the object will not be rendered at start.
Persistent	Check this box if the object should survive level loading. Otherwise, when you load a new level/scene, it will be automatically destroyed along with the rest of the existing scene.