萬事達 (MA) 2021 Q4 法說會逐字稿

Thank you, Jemiria. Good morning, everyone, and thank you for joining us for our fourth quarter 2021 earnings call. With me today are Michael Miebach, our Chief Executive Officer; and Sachin Mehra, our Chief Financial Officer. Following comments from Michael and Sachin, the operator will announce your opportunity to get into the queue for the Q&A session. It is only then that the queue will open for questions.

謝謝你，傑米里亞。大家早上好，感謝您參加我們的 2021 年第四季度財報電話會議。今天和我在一起的是我們的首席執行官 Michael Miebach；和我們的首席財務官 Sachin Mehra。根據 Michael 和 Sachin 的評論，接線員將宣布您有機會進入問答環節的隊列。只有到那時，隊列才會開放提問。

You can access our earnings release, supplemental performance data and the slide deck that accompany this call in the Investor Relations section of our website, mastercard.com. Additionally, the release was furnished with the SEC earlier this morning.

您可以在我們網站 mastercard.com 的投資者關係部分訪問我們的收益發布、補充業績數據和本次電話會議隨附的幻燈片。此外，該新聞稿是今天早上早些時候向美國證券交易委員會提供的。

Our comments today regarding our financial results will be on a non-GAAP currency-neutral basis, unless otherwise noted. Both the release and the slide deck include reconciliations of non-GAAP measures to GAAP reported amounts.

除非另有說明，否則我們今天對財務業績的評論將基於非公認會計原則貨幣中性。新聞稿和幻燈片都包括非 GAAP 措施與 GAAP 報告金額的對賬。

Finally, as set forth in more detail in our earnings release, I'd like to remind everyone that today's call will include forward-looking statements regarding Mastercard's future performance. Actual performance could differ materially from these forward-looking statements. Information about the factors that could affect future performance are summarized at the end of our earnings release and in our recent SEC filings. A replay of this call will be posted on our website for 30 days.

最後，正如我們在財報中更詳細地闡述的那樣，我想提醒大家，今天的電話會議將包括有關萬事達卡未來業績的前瞻性陳述。實際表現可能與這些前瞻性陳述存在重大差異。有關可能影響未來業績的因素的信息在我們的收益發布末尾和我們最近提交給美國證券交易委員會的文件中進行了總結。該電話的重播將在我們的網站上發布 30 天。

With that, I'll now turn the call over to our Chief Executive Officer, Michael Miebach.

有了這個，我現在將把電話轉給我們的首席執行官邁克爾米巴赫。

Thank you, Warren. Good morning, everyone, from New York. I'm starting off with the key highlights for the quarter.

謝謝你，沃倫。大家早上好，來自紐約。我將從本季度的主要亮點開始。

We delivered strong revenue and earnings growth as we saw further improvement in our underlying operating metrics. Quarter 4 net revenues were up 28% and EPS up 46% versus a year ago on a non-GAAP currency-neutral basis. On the same basis, quarter 4 net revenues are 19% above pre-COVID levels in 2019.

隨著我們的基本運營指標進一步改善，我們實現了強勁的收入和盈利增長。在非 GAAP 貨幣中性基礎上，第四季度淨收入增長 28%，每股收益增長 46%。同樣，第 4 季度的淨收入比 2019 年疫情前的水平高出 19%。

So with that, let's take a look at the macroeconomic front. The outlook remains positive despite the recent supply chain constraints, geopolitical uncertainties and inflationary pressures. Although there has been a recent surge in COVID cases, there are signs that these may be peaking. By each of these areas, merit monitoring, underlying spending trends remain strong as consumers, businesses and governments have become more adaptable to a changing environment.

因此，讓我們來看看宏觀經濟方面。儘管近期存在供應鏈限制、地緣政治不確定性和通脹壓力，但前景依然樂觀。儘管最近 COVID 病例激增，但有跡象表明這些病例可能達到頂峰。在這些領域中，隨著消費者、企業和政府對不斷變化的環境的適應能力越來越強，績效監測、潛在支出趨勢依然強勁。

In the U.S., economic growth remains solid with low unemployment and healthy consumer confidence. According to our quarter 4 SpendingPulse report, which is always based on all payment types including cash and check, guest retail sales ex auto, ex gas were up 6.4% versus a year ago and up 10.9% versus 2019.

在美國，經濟增長保持穩健，失業率低，消費者信心健康。根據我們的第 4 季度 SpendingPulse 報告，該報告始終基於包括現金和支票在內的所有支付類型，客戶零售（汽車、天然氣除外）與去年同期相比增長 6.4%，與 2019 年相比增長 10.9%。

In Europe, GDV growth has been strong, although recently impacted by mobility restrictions. If the impact of the Omicron variant reduces, we expect the economic growth to pick up in the coming quarters, in large part, thanks to considerable pent-up demand from the past year. SpendingPulse shows that overall European retail sales in quarter 4 were up 3.3% versus a year ago and up 1.3% versus 2019.

在歐洲，儘管最近受到出行限制的影響，但 GDV 增長強勁。如果 Omicron 變體的影響減少，我們預計未來幾個季度經濟增長將回升，這在很大程度上要歸功於過去一年大量被壓抑的需求。 SpendingPulse 顯示，第 4 季度歐洲整體零售額較去年同期增長 3.3%，較 2019 年增長 1.3%。

In Asia Pacific, vaccination rates continue to improve, and we expect the economic recovery to pick up pace as both government and businesses ramp up investment. The travel recovery in Asia Pacific has lagged that of the rest of the world and has significant growth potential. The growth in Latin America is expected to moderate a bit following the rebound in 2021.

在亞太地區，疫苗接種率繼續提高，我們預計隨著政府和企業加大投資力度，經濟復甦步伐將加快。亞太地區的旅遊業復甦落後於世界其他地區，具有巨大的增長潛力。在 2021 年反彈之後，拉丁美洲的增長預計將略有放緩。

As it relates to COVID specifically, there are early signs that the Omicron will be relatively short-lived. The reality is that the tools we have to deal with the pandemic are more advanced than ever. 60% of the world's population is now at least partially vaccinated, effective therapeutics are becoming available, and governments are using more targeted measures to limit the spread. More (inaudible) have opened and have stayed open despite the recent variant. Although we've always said the path forward will not be linear, there are signs we are moving towards the endemic phase of the disease.

由於它特別與 COVID 有關，有早期跡象表明 Omicron 的壽命將相對較短。現實情況是，我們應對這一流行病的工具比以往任何時候都更加先進。世界上 60% 的人口現在至少部分接種了疫苗，有效的治療方法正在變得可用，政府正在使用更有針對性的措施來限制傳播。儘管最近出現了變體，但更多（聽不清）已經打開並保持打開狀態。儘管我們一直說前進的道路不會是直線的，但有跡象表明我們正朝著該疾病的流行階段邁進。

Looking at Mastercard's spending trends, switch volume growth continued to improve quarter-over-quarter. Both consumer credit and debit continued to grow well.

從萬事達卡的支出趨勢來看，開關量增長環比持續改善。消費信貸和借記卡繼續保持良好增長。

Turning to cross-border. The recovery has continued with overall quarter 4 cross-border levels now higher than those in 2019. Cross-border travel continued to show improvement relative to quarter 3 levels, aided by border openings in the U.S., U.K. and Canada. While Omicron has had some recent impact on cross-border travel, we continue to believe that cross-border travel will return to 2019 levels by the end of this year. Cross-border card-not-present spending ex travel continued to hold up well in the quarter. So overall, the spending trends are moving in the right direction with some near-term travel-related headwinds as a result of the variant.

轉向跨界。復甦仍在繼續，第 4 季度的總體跨境水平現在高於 2019 年的水平。在美國、英國和加拿大的邊境開放的幫助下，跨境旅行相對於第 3 季度的水平繼續表現出改善。儘管 Omicron 最近對跨境旅行產生了一些影響，但我們仍然相信跨境旅行將在今年年底前恢復到 2019 年的水平。本季度跨境無卡旅行支出繼續保持良好狀態。因此，總體而言，支出趨勢正朝著正確的方向發展，但由於這種變體，近期出現了一些與旅行相關的逆風。

Now turning to our business highlights. As outlined at our investment community meeting in November, we remain focused on our growth, diversified build strategy and our 3 strategic priorities, which are expanding in payments, extending our services and embracing new networks. Here's an update on how we're progressing against each of those priorities.

現在轉向我們的業務亮點。正如我們在 11 月的投資界會議上所概述的那樣，我們仍然專注於我們的增長、多元化建設戰略和我們的 3 個戰略重點，即擴大支付、擴展我們的服務和擁抱新網絡。以下是關於我們如何針對每個優先事項取得進展的更新。

First, we're expanding in payments, a growing person to merchant payments, scaling across other payment flows and leaning into innovation in new payment technologies. In aggregate, these targeted flows represent $115 trillion in opportunity. First off, we're driving growth in person to merchant payments through new wins across the globe. In the U.S., I'm excited to announce that we're partnering with Chase and Instacart, a leading online grocery platform in North America on a new Instacart Mastercard co-brand program. This partnership marks an additional co-brand win with Chase, quickly following the recent launch of the Chase Aeroplan World Elite Mastercard.

首先，我們正在擴展支付領域，在商家支付領域不斷壯大，擴展其他支付流程，並傾向於新支付技術的創新。總的來說，這些目標流動代表了 115 萬億美元的機會。首先，我們正在通過全球新的勝利推動個人對商家支付的增長。在美國，我很高興地宣布，我們正在與北美領先的在線食品雜貨平台 Chase 和 Instacart 合作開展一項新的 Instacart 萬事達卡聯合品牌計劃。在最近推出 Chase Aeroplan World Elite Mastercard 之後，這一合作關係標誌著與 Chase 的又一次聯合品牌勝利。

In addition, with First Interstate Bank's planned acquisition of Great Western Bank, we will flip Great Western's consumer debit, credit and commercial portfolios to MasterCard. And I'm happy to note that the consumer credit portfolio of Merix Bank, over 3 million customers will transition to Mastercard beginning in the second quarter. Merix Bank plans to leverage several Mastercard solutions, including our fraud prevention, consulting, open banking and loyalty services.

此外，隨著 First Interstate Bank 計劃收購 Great Western Bank，我們將把 Great Western 的消費借記卡、信貸和商業投資組合轉為萬事達卡。我很高興地註意到 Merix 銀行的消費信貸組合，超過 300 萬客戶將從第二季度開始過渡到萬事達卡。 Merix 銀行計劃利用多種萬事達卡解決方案，包括我們的欺詐預防、諮詢、開放銀行和忠誠度服務。

(inaudible) in the Netherlands, we've renewed our partnership with (inaudible) Bank, which includes the migration of 8 million Maestro cards to debit Mastercard. We signed an exclusive deal with Westpac in Australia for the new Banking as a Service platform. This platform will allow new players to leverage Westpac's banking capabilities. Afterpay, the first partner on the platform will connect debit Mastercards to their money by Afterpay app. And in the U.K., the Net West debit migration is progressing to plan as in the early stages of consumer rollout.

（聽不清）在荷蘭，我們更新了與（聽不清）銀行的合作夥伴關係，其中包括將 800 萬張 Maestro 卡遷移到借記萬事達卡。我們與澳大利亞的 Westpac 就新的銀行即服務平台簽署了獨家協議。該平台將允許新玩家利用 Westpac 的銀行業務能力。 Afterpay，平台上的第一個合作夥伴將通過 Afterpay 應用程序將藉記萬事達卡連接到他們的錢。在英國，Net West 借記卡遷移正在按計劃進行，就像在消費者推廣的早期階段一樣。

We're also expanding in payments by capturing new payment flows, including commercial, B2B accounts payable, bill pay and cross-border remittances. For example, in the commerce space, we've expanded our relationship with Bank of America, where we'll be the lead brand for new commercial card issuance. We've also renewed and expanded our relationship with WEX, including the chosen as their strategic partner, and adding open-loop functionality to their millions of closed-loop fleet cards.

我們還通過捕捉新的支付流來擴展支付，包括商業、B2B 應付賬款、賬單支付和跨境匯款。例如，在商業領域，我們擴大了與美國銀行的關係，我們將成為新商業卡發行的領導品牌。我們還更新並擴大了與 WEX 的關係，包括被選為他們的戰略合作夥伴，並為他們的數百萬個閉環車隊卡添加了開環功能。

For accounts payable, we continue to scale Mastercard tracks, WEX, BMO, BOK Financial, (inaudible) and the (inaudible) will connect to the Platform. We also launched the launch -- we also announced the launch of Mastercard Track Instant Pay, which uses machine learning to analyze and initiate automatic virtual card payments, streamlining processes for buyers and improving cash flow for suppliers.

對於應付賬款，我們將繼續擴展萬事達卡軌道、WEX、BMO、BOK Financial，（聽不清）和（聽不清）將連接到平台。我們還推出了該產品——我們還宣布推出 Mastercard Track Instant Pay，它使用機器學習來分析和啟動自動虛擬卡支付，為買家簡化流程並改善供應商的現金流。

And we're driving new B2B acceptance through a global partnership with Boost Payment Solutions with an initial focus on expanding the use of commercial card in 7 key markets. We're addressing new payment flows in consumer bill payments as well. We recently announced the acquisition of Argus to help deliver bill pay solutions and other real-time payment applications in Latin America. Argus enables digital payments for the majority of households built in Mexico and its connections with banks, fintechs and digital wall providers across the region.

我們正在通過與 Boost Payment Solutions 建立全球合作夥伴關係來推動新的 B2B 接受度，最初的重點是在 7 個主要市場擴大商業卡的使用。我們也在處理消費者賬單支付中的新支付流程。我們最近宣布收購 Argus，以幫助在拉丁美洲提供賬單支付解決方案和其他實時支付應用程序。 Argus 為在墨西哥建造的大多數家庭提供數字支付，並與該地區的銀行、金融科技公司和數字牆提供商建立聯繫。

And finally, we continue to capture new flows in cross-border remittances. This quarter, we established a partnership with Travelex in Brazil, who will use Mastercard's cross-border services, send P2P transfers to the U.S. and Europe.

最後，我們繼續捕捉跨境匯款的新流量。本季度，我們與巴西的 Travelex 建立了合作夥伴關係，後者將使用萬事達卡的跨境服務，向美國和歐洲發送 P2P 轉賬。

For domestic disbursements in the U.S., we partnered with fintech processor, TabaPay, to make Mastercard Send easily available to fintechs and merchants across multiple use cases.

對於美國的國內支付，我們與金融科技處理商 TabaPay 合作，讓金融科技和商家可以輕鬆使用萬事達卡發送的多種用例。

Now shifting gear. We're also expanding in payments by leaning into payment innovation in areas like installments, contactless acceptance and crypto currencies. Here are a few examples. Our open-loop Mastercard installment program that we announced last quarter has been very well received. The U.S. launch is on schedule for quarter 1. We're actively bringing new partners into the program as we announced in the Middle East, Africa earlier this week, watch this space.

現在換檔。我們還通過在分期付款、非接觸式接受和加密貨幣等領域的支付創新來擴大支付領域。這裡有一些例子。我們上個季度宣布的開環萬事達卡分期付款計劃受到好評。美國的發射計劃於第一季度進行。正如我們本週早些時候在中東和非洲宣布的那樣，我們正在積極地將新的合作夥伴引入該計劃，請注意這個空間。

Now we're making great progress in expanding contactless acceptance by turning the world's billions of active smartphones into potential acceptance devices, enabling people to buy and sell whenever, wherever they want. We now have 100 deployments of tampon phone in over 50 markets with leading partners globally. Contactless penetration increased to 1 and 2 of our in-person switch transactions globally this quarter. This is up from approximately 1 and 3 prior to the pandemic. And with that, the potential for accelerated acceptance growth, financial inclusion and consumer convenience is substantial.

現在，我們通過將全球數十億部活躍的智能手機轉變為潛在的接受設備，在擴大非接觸式接受方面取得了巨大進展，使人們能夠隨時隨地進行買賣。我們現在與全球領先的合作夥伴在 50 多個市場部署了 100 部衛生棉條電話。本季度，非接觸式滲透率增加到我們在全球範圍內進行的面對面交換交易中的 1 和 2 次。這比大流行前的大約 1 和 3 有所上升。因此，加速接受增長、金融包容性和消費者便利的潛力是巨大的。

We're also bringing capabilities, experience and reach to help enable the crypto ecosystem. Our new collaboration with Coinbase will allow consumers to use their Mastercard to purchase NFTs, try that myself. Our work with consensus will make it easier for software developers to increase the scale, efficiency and speed of transactions on Ethereum and finishing blockchains.

我們還帶來了能力、經驗和影響力，以幫助啟用加密生態系統。我們與 Coinbase 的新合作將允許消費者使用他們的萬事達卡購買 NFT，自己試試吧。我們的共識工作將使軟件開發人員更容易提高以太坊上交易的規模、效率和速度並完成區塊鏈。

And our CPC Sandbox Test Platform, which we launched in 2020, continues to gain traction. We're helping central banks, financial institutions and fintechs simulate the issuance and distribution of CBDC along with the integration of CBDDs with our card network, our real-time payment modules and native blockchain wallets.

我們於 2020 年推出的 CPC 沙盒測試平台繼續受到關注。我們正在幫助中央銀行、金融機構和金融科技公司模擬 CBDC 的發行和分配，同時將 CBDD 與我們的卡網絡、我們的實時支付模塊和本地區塊鏈錢包集成。

Now shifting to services. Our services support can differentiate our core products and have played a critical role in having many of the (inaudible) I just mentioned. The group services revenue at 25% in 2021 on a currency-neutral basis. We will continue to extend our service capabilities to enhance the value of payments. We even further accelerating our growth by expanding into new areas and new use cases, particularly through our Data & Services and Cyber Intelligence propositions, again, a few examples for you.

現在轉向服務。我們的服務支持可以區分我們的核心產品，並在我剛剛提到的許多（聽不清）方面發揮了關鍵作用。在貨幣中性的基礎上，該集團在 2021 年的服務收入為 25%。我們將繼續擴展我們的服務能力，以提升支付的價值。我們甚至通過擴展到新領域和新用例來進一步加速我們的增長，特別是通過我們的數據與服務和網絡智能主張，再次為您提供一些示例。

In December, we announced an agreement to acquire Dynamic Yield from McDonald's. Dynamic Yield uses enhanced AI to deliver customized product recommendations, offers and content to consumers. Their customer set includes over 400 global brands ranging from financial services companies like Synchrony to retailers like Lens End. When combined with SessionM's loyalty platform and our Test & Learn experimentation software, we will be able to offer a unified consumer engagement and loyalty hub to our customers. McDonald's is a great example of a company who's using all 3 of these platforms today with plans to further scale and integrate Dynamic Yield's capabilities globally.

12 月，我們宣布了一項從麥當勞收購 Dynamic Yield 的協議。 Dynamic Yield 使用增強型 AI 向消費者提供定制的產品推薦、優惠和內容。他們的客戶群包括 400 多個全球品牌，從 Synchrony 等金融服務公司到 Lens End 等零售商。當與 SessionM 的忠誠度平台和我們的 Test & Learn 實驗軟件相結合時，我們將能夠為我們的客戶提供統一的消費者參與和忠誠度中心。麥當勞是當今使用所有這三個平台的公司的一個很好的例子，併計劃在全球範圍內進一步擴展和整合 Dynamic Yield 的能力。

In addition, our Ethoca platform continues to experience strong traction in preventing unnecessary chargebacks, a real pain point. We added new customers in every region in 2021 for Ethoca. Recently, we launched Ethoca Consumer Clarity, which gives consumers detailed information about purchases on their mobile banking app. Submission is live with issuers across the U.S., U.K. and several European markets, including OTP Bank, central Cooperative Bank and Paybox Bank.

此外，我們的 Ethoca 平台在防止不必要的退單（這是一個真正的痛點）方面繼續獲得強大的牽引力。 2021 年，我們在每個地區為 Ethoca 添加了新客戶。最近，我們推出了 Ethoca Consumer Clarity，為消費者提供有關其移動銀行應用程序購買的詳細信息。提交是由美國、英國和幾個歐洲市場的發行人實時提交的，包括 OTP 銀行、中央合作銀行和 Paybox 銀行。

Now beyond expanding in payments and extending in services, our third strategic priority area is embracing new networks. Specifically, we are leveraging our expertise and payments to build out new networks for the current focus on open banking and digital identity.

現在，除了擴展支付和服務之外，我們的第三個戰略優先領域正在擁抱新網絡。具體來說，我們正在利用我們的專業知識和支付方式為當前專注於開放銀行和數字身份建立新的網絡。

On the open banking front, we have closed the acquisition of Aiia in November, which brings strong API connectivity to over 2,700 banks across Europe. And combined with Finicity's North American connection, which covered more than 95% of deposit accounts in the U.S. market, Mastercard has an unparalleled footprint in the key open banking regions, upon which we are building solutions to solve a wide range of these cases. One example is in the mortgage verification space, where Finicity has signed deals with several new partners, including loan people.

在開放銀行方面，我們已於 11 月完成對 Aiia 的收購，這為歐洲 2,700 多家銀行帶來了強大的 API 連接。再加上 Finicity 覆蓋美國市場 95% 以上存款賬戶的北美聯繫，萬事達卡在主要開放銀行地區擁有無與倫比的足跡，我們正在構建解決方案來解決各種此類案件。一個例子是在抵押貸款驗證領域，Fincity 已經與包括貸款人在內的幾個新合作夥伴簽署了協議。

And in the digital identity space, we're helping our customers with fast, frictionless identity verification services. Ethoca has performed strongly over the last quarter, expanding through strategic partnerships with companies such as ZIP and Equifax as well as growing its global footprint with leading frac providers Tonga and Air Click in Asia Pacific.

在數字身份領域，我們正在幫助我們的客戶提供快速、順暢的身份驗證服務。 Ethoca 在上個季度表現強勁，通過與 ZIP 和 Equifax 等公司建立戰略合作夥伴關係進行擴張，並與亞太地區領先的壓裂供應商 Tonga 和 Air Click 一起擴大其全球足跡。

Combined, open banking and digital identity extend our value before and after the payment transaction. These are large, attractive and growing opportunities, and we are uniquely positioned to be a leader in both.

開放式銀行業務和數字身份相結合，在支付交易前後擴展了我們的價值。這些都是巨大的、有吸引力的和不斷增長的機會，我們具有獨特的優勢，可以成為這兩個領域的領導者。

So in summary, we delivered strong revenue and earnings growth this quarter. The macroeconomic outlook remains positive with a few areas of the monitoring, and we're executing against our 3 strategic priorities: spanning and payments, extending our services and embracing new networks. And all that with substantial progress on the product and deal front this quarter.

總而言之，我們本季度實現了強勁的收入和盈利增長。在一些監測領域，宏觀經濟前景仍然樂觀，我們正在執行我們的 3 個戰略優先事項：跨越和支付、擴展我們的服務和擁抱新網絡。所有這一切都在本季度的產品和交易方面取得了重大進展。

Now Sachin, over to you and the numbers.

現在薩欽，交給你和數字。

Thanks, Michael. So turning to Page 3, which shows our financial performance for the quarter on a currency-neutral basis, excluding special items and the impact of gains and losses on our equity investments. Net revenue was up 28%, reflecting the continued execution of our strategy and the ongoing recovery in spending. Acquisitions contributed 3 ppt to this growth. Operating expenses increased 19%, including a 7 ppt increase from acquisitions. Operating income was up 37%, which includes a 1 ppt decrease related to acquisitions.

謝謝，邁克爾。所以轉到第 3 頁，它顯示了我們在貨幣中性基礎上本季度的財務業績，不包括特殊項目以及損益對我們股權投資的影響。淨收入增長 28%，反映了我們戰略的持續執行和支出的持續復甦。收購為這一增長貢獻了 3 個百分點。運營費用增長 19%，其中收購增加了 7 個百分點。營業收入增長 37%，其中包括與收購相關的下降 1 個百分點。

Net income was up 44%, which includes no impact from acquisitions as the impact of acquisitions on operating income was offset by a onetime acquisition-related tax benefit. EPS was up 46% year-over-year to $2.35, which includes a $0.04 contribution from share repurchases. During the quarter, we repurchased $1.3 billion worth of stock and an additional $528 million through January 24, 2022.

淨收入增長了 44%，其中不包括收購的影響，因為收購對營業收入的影響被一次性收購相關的稅收優惠所抵消。每股收益同比增長 46% 至 2.35 美元，其中包括來自股票回購的 0.04 美元貢獻。在本季度，我們回購了價值 13 億美元的股票，並在 2022 年 1 月 24 日之前再回購了 5.28 億美元。

So let's turn to Page 4, where you can see the operational metrics for the fourth quarter. Worldwide gross dollar volume, or GDV, increased by 23% year-over-year on a local currency basis. We are seeing continued strength in debit and credit. U.S. GDV increased by 23% with debit growth of 15% and credit growth of 34%. Outside of the U.S., volume increased 23%, with debit growth of 25% and credit growth of 20%.

因此，讓我們轉到第 4 頁，您可以在其中查看第四季度的運營指標。以當地貨幣計算，全球總美元交易量 (GDV) 同比增長 23%。我們看到借方和貸方的持續增長。美國 GDV 增長 23%，借方增長 15%，信貸增長 34%。在美國以外，交易量增長 23%，借方增長 25%，貸方增長 20%。

To put this in perspective, as a percentage of 2019 levels, GDV is at 125%, up 4 points quarter-over-quarter with credit at 116%, up 5 points sequentially and debit at 134%, up 3 points sequentially.

從這個角度來看，作為 2019 年水平的百分比，GDV 為 125%，環比增長 4 個百分點，信貸為 116%，環比增長 5 個百分點，借方為 134%，環比增長 3 個百分點。

Cross-border volume was up 53% globally for the quarter, with intra-Europe cross-border volumes up 45% and other cross-border volumes up 63%, reflecting continued improvement in travel-related cross-border as several borders opened during the fourth quarter. In the fourth quarter, cross-border volume was 109% of 2019 levels, with intra-Europe at 122% and other cross-border volume at 98% of 2019 levels.

本季度全球跨境交易量增長 53%，其中歐洲內部跨境交易量增長 45%，其他跨境交易量增長 63%，反映出隨著幾個邊境開放期間與旅行相關的跨境交易量持續改善第四季度。第四季度，跨境交易量為 2019 年水平的 109%，歐洲內部交易量為 122%，其他跨境交易量為 2019 年水平的 98%。

Turning to Page 5. Switched transactions grew 27% year-over-year in Q4 and were at 132% of 2019 levels. Card-present growth continued to improve while card-not-present growth rates remain strong. Card-present growth was aided in part by increases in contactless penetration in several regions. In addition, card growth was 9%. Globally, there are 3 billion Mastercard and Maestro-branded cards issued.

轉到第 5 頁。第四季度轉換交易同比增長 27%，達到 2019 年水平的 132%。有卡增長繼續改善，而無卡增長率保持強勁。一些地區的非接觸式滲透率的增加部分促進了卡片存在的增長。此外，卡增長為 9%。全球共發行了 30 億張萬事達卡和 Maestro 品牌卡。

Now let's turn to Page 6 for highlights on a few of the revenue line items, again described on a currency-neutral basis unless otherwise noted. The increase in net revenue of 28% was primarily driven by domestic and cross-border transaction and volume growth as well as strong growth in services, partially offset by higher (inaudible) incentives. As previously mentioned, acquisitions contributed approximately 3 ppt to net revenue growth.

現在讓我們轉到第 6 頁，了解一些收入項目的亮點，除非另有說明，否則再次在貨幣中性的基礎上進行描述。淨收入增長 28% 主要是由於國內和跨境交易和交易量增長以及服務的強勁增長，部分被更高的（聽不清）激勵措施所抵消。如前所述，收購對淨收入增長貢獻了約 3 個百分點。

Looking quickly at the individual revenue line items. Domestic assessments were up 24%, while worldwide GDV grew 23%. Cross-border volume fees increased 61% while cross-border volumes increased 53%. The [APPD] difference is primarily due to favorable mix as higher-yielding ex intra-Europe cross-border volumes grew faster than intra-Europe cross-border volumes this quarter.

快速查看各個收入行項目。國內評估增長了 24%，而全球 GDV 增長了 23%。跨境交易量費用增加了 61%，而跨境交易量增加了 53%。 [APPD] 差異主要是由於有利的組合，因為本季度高收益的歐洲內部跨境交易量增長快於歐洲內部跨境交易量。

Transaction processing fees were up 28%, generally in line with switched transaction growth of 27%. Other revenues were up 30%, including a 9 ppt contribution from acquisitions. The remaining growth was mostly delivered by our Cyber & Intelligence and Data & Services solutions. Finally, rebates and incentives were up 38%, in line with our expectations, reflecting the strong growth in volumes and transactions and new internode deal activity.

交易手續費增長 28%，與轉換交易增長 27% 基本一致。其他收入增長 30%，其中收購貢獻了 9 個百分點。剩餘的增長主要來自我們的網絡與情報和數據與服務解決方案。最後，返利和獎勵增長了 38%，符合我們的預期，反映出交易量和交易量以及新的節點間交易活動的強勁增長。

Moving on to Page 7. You can see that on a currency-neutral basis, total operating expenses increased 19%, including a 7 ppt impact from acquisitions. Excluding acquisitions, operating expenses grew 12%, primarily due to increased spending on advertising and marketing, higher personnel costs to support the continued investment in our strategic initiatives and increased data processing costs.

轉到第 7 頁。您可以看到，在不考慮貨幣因素的情況下，總運營費用增加了 19%，其中包括 7 個百分點的收購影響。不包括收購，運營費用增長 12%，主要是由於廣告和營銷支出增加、支持我們戰略計劃持續投資的人員成本增加以及數據處理成本增加。

Turning now to Page 8. Let's discuss the specific metrics for the first 3 weeks of January. First, as a point of process, we continue to provide volume and transaction metrics both on a year-over-year and as a percentage of 2019 basis. However, it is important to note that as we turn the calendar and move into 2022, the index versus 2019 metric now looks back 3 years and therefore includes a compounding improvement relative to the 2021 index metric. This compounding impact must be taken into consideration when considering the sequential trend from Q4 to January.

現在轉到第 8 頁。讓我們討論 1 月前 3 週的具體指標。首先，作為一個流程點，我們繼續提供同比和 2019 年百分比的交易量和交易指標。然而，重要的是要注意，隨著我們將日曆轉入 2022 年，該指數與 2019 年的指標相比現在回顧了 3 年，因此相對於 2021 年的指數指標包含了複合改進。在考慮從第四季度到 1 月的連續趨勢時，必須考慮到這種複合影響。

So at the highest level, omicron has had a minimal impact on overall switched volumes and transactions and has called some moderation on cross-border panel. Going through the metrics in turn.

因此，在最高層面上，omicron 對整體轉換量和交易的影響微乎其微，並呼籲對跨境面板進行一些節制。依次檢查指標。

Starting with switched volumes. Through the first 3 weeks of January, we are now at 149% of 2019 levels, up 13 points versus Q4. This increase is primarily driven by the compounding effect I just referred to. After adjusting for this compounding effect, switched volumes are tracking similarly to what we saw in Q4. The underlying trends in switched transactions adjusted for the compounding effect are generally tracking the trends we are seeing in switched volumes.

從切換音量開始。在 1 月的前 3 週，我們現在處於 2019 年水平的 149%，比第四季度增長 13 個百分點。這種增長主要是由我剛才提到的複合效應驅動的。在針對這種複合效應進行調整後，轉換交易量的走勢與我們在第四季度看到的類似。根據複合效應調整的轉換交易的潛在趨勢通常跟踪我們在轉換交易量中看到的趨勢。

In terms of cross-border volume growth, as I mentioned earlier, spending levels as a percentage of 2019 in Q4 are now above pre-pandemic levels. The Omicron variant, which hit partly through December, impacted the strong cross-border travel momentum we saw in November. That impact has carried over into January. This has been partially offset by an increase in cross-border card-not-present ex travel. Overall, cross-border volume through the first 3 weeks of January is now at 116% of 2019 levels, up 7 points versus Q4. In this case, the compounding effect is partially offset by the impact of the Omicron virus on cross-border travel in January.

正如我之前提到的，就跨境交易量增長而言，2019 年第四季度的支出水平目前已高於大流行前的水平。 Omicron 變種在 12 月部分受到影響，影響了我們在 11 月看到的強勁跨境旅行勢頭。這種影響一直延續到一月份。這部分被跨境無卡旅行的增加所抵消。總體而言，1 月前 3 週的跨境交易量目前為 2019 年水平的 116%，比第四季度增長 7 個百分點。在這種情況下，複合效應部分被 Omicron 病毒對 1 月份跨境旅行的影響所抵消。

Turning to Page 9. I want to share our thoughts on the upcoming year. While there is some uncertainty related to Omicron and potential future variance, our overall expectations for 2022 are positive. The macroeconomic outlook is for continued growth and domestic spending levels have summed up well despite the recent surge in cases. The recovery in cross-border travel was progressing well prior to Omicron and we expect the recovery in cross-border travel to resume as the surge passes.

翻到第 9 頁。我想分享我們對即將到來的一年的看法。儘管 Omicron 和潛在的未來差異存在一些不確定性，但我們對 2022 年的總體預期是積極的。宏觀經濟前景是持續增長，儘管最近病例激增，但國內支出水平總體良好。在 Omicron 之前，跨境旅行的複蘇進展順利，我們預計隨著激增的過去，跨境旅行的複蘇將恢復。

As Michael just noted, the tools available to deal with the pandemic have improved with time. And although the path forward may not be linear, there are signs we are moving towards the endemic phase of this disease. Many countries have relaxed their border restrictions and we continue to expect cross-border travel to recover to 2019 levels by the end of 2022. Our recent deal wins, travel-oriented portfolios and diversified set of services position us extremely well to capitalize on these trends.

正如邁克爾剛剛指出的那樣，可用於應對這一流行病的工具隨著時間的推移而有所改進。儘管前進的道路可能不是線性的，但有跡象表明我們正朝著這種疾病的流行階段邁進。許多國家已經放寬了邊境限制，我們繼續預計到 2022 年底跨境旅行將恢復到 2019 年的水平。我們最近贏得的交易、以旅行為導向的投資組合和多樣化的服務使我們能夠很好地利用這些趨勢.

Turning to our expectations for the full year 2022. Our base case scenario is for net revenues to grow at the high end of a high teens rate on a currency-neutral basis, excluding acquisitions. Acquisitions are forecasted to add about 1 ppt to this growth, while foreign exchange is expected to be a headwind of 1 to 2 ppt for the year, primarily due to the strengthening of the U.S. dollar relative to the euro.

轉向我們對 2022 年全年的預期。我們的基本情況是，在不包括收購的貨幣中性基礎上，淨收入將增長到十幾歲的高端。預計收購將使這一增長增加約 1 個百分點，而外匯預計將成為今年 1 至 2 個百分點的逆風，這主要是由於美元相對於歐元走強。

In terms of operating expenses, we continue to carefully manage our spending as we invest in our payments, services and new network priorities to drive short- and long-term growth. For the year, we expect operating expenses to grow at the low end of a low double-digit rate on a currency-neutral basis, excluding acquisitions and special items. Acquisitions are forecast to add about 4 to 5 ppt to this growth, while foreign exchange is expected to be a tailwind of approximately 1 ppt for the year.

在運營費用方面，我們繼續謹慎管理支出，投資於支付、服務和新的網絡優先事項，以推動短期和長期增長。今年，我們預計在不考慮收購和特殊項目的情況下，在貨幣中性的基礎上，運營費用將以兩位數的低位增長。預計收購將為這一增長增加約 4 至 5 個百分點，而外匯預計將成為今年約 1 個百分點的順風。

Turning now to the first quarter. Year-over-year net revenue growth is expected to be at the high end of a high teens rate, again, on a currency-neutral basis, excluding acquisitions. This reflects some sequential improvement in cross-border travel spending trends within the quarter relative to 2019 as the impact from Omicron starts to recede as the quarter progresses. Acquisitions are forecast to add about 2 ppt to this growth, while foreign exchange is expected to be a headwind of 2 to 3 ppt for the quarter.

現在轉到第一季度。在不包括收購的貨幣中性基礎上，預計同比淨收入增長將處於青少年高增長率的高端。這反映了本季度跨境旅行支出趨勢相對於 2019 年的一些連續改善，因為隨著季度的進展，Omicron 的影響開始消退。預計收購將使這一增長增加約 2 個百分點，而外匯交易預計將成為本季度 2 至 3 個百分點的逆風。

From an operating expense standpoint, we expect Q1 operating expense growth to be at the high end of high-single digits rate versus a year ago on a currency-neutral basis, excluding acquisitions and special lines. Acquisitions are forecast to add about 6 ppt to this growth, while foreign exchange is expected to be a tailwind of approximately 1 ppt for the quarter.

從運營費用的角度來看，我們預計第一季度運營費用增長將處於高個位數的高端，與一年前相比，在貨幣中性的基礎上，不包括收購和特殊線路。預計收購將使這一增長增加約 6 個百分點，而外匯交易預計將為本季度帶來約 1 個百分點的順風。

As a reminder, we discretely disclosed the impact of acquisitions for the year-end which it closed and the subsequent year after which time we do not split them out. For instance, Finicity, which closed in November of 2020 is now folded into the base. We are pleased to have closed the acquisitions of both Aiia and Argus in November and anticipate closing the pending acquisition of Dynamic Yield in the first half of 2022.

提醒一下，我們離散地披露了收購對它關閉的年末和下一年的影響，之後我們不會將它們分開。例如，於 2020 年 11 月關閉的 Finicity 現在已折疊到基地中。我們很高興在 11 月完成了對 Aiia 和 Argus 的收購，並預計在 2022 年上半年完成對 Dynamic Yield 的未決收購。

Other items to keep in mind. On the other income and expense line, we are at an expense run rate of approximately $115 million per quarter given the prevailing interest rates and debt levels. This excludes gains and losses on our equity investments, which are excluded from our non-GAAP metrics. And finally, we expect a tax rate of approximately 17% to 18% for the year based on the current geographic mix of our business.

其他要記住的項目。在另一條收入和支出項目中，考慮到現行利率和債務水平，我們每季度的支出運行率約為 1.15 億美元。這不包括我們的股權投資的收益和損失，這些收益和損失不包括在我們的非公認會計原則指標中。最後，根據我們當前業務的地理組合，我們預計今年的稅率約為 17% 至 18%。

With that as a backdrop and turning now to Slide 10, I would like to update you on our 3-year performance objectives for the 2022 to 2024 period that we first introduced in November at our Investment Community Meeting. The bottom line is that there is no change, although our jumping off point for earnings is slightly higher due to our Q4 2021 overperformance. As a reminder, these objectives are on a currency-neutral basis, exclude special items, gains and losses on equity investments and acquisitions closed after 2021.

以此為背景，現在轉到幻燈片 10，我想向您介紹我們於 11 月在投資社區會議上首次提出的 2022 年至 2024 年期間的 3 年業績目標。底線是沒有變化，儘管由於我們 2021 年第四季度的超額表現，我們的盈利起點略高。提醒一下，這些目標是在貨幣中性的基礎上進行的，不包括特殊項目、2021 年之後完成的股權投資和收購的損益。

Using 2021 as our base over the 2022 to 2024 period, we expect to deliver a net revenue compound annual growth rate in the high teens. This assumes an annual target market volume growth rate of 10% to 11%, cross-border travel returning to 2019 levels by the end of 2022 and doing our services revenues at a 20%-plus CAGR. From an operating margin perspective, we will continue to operate with the philosophy of delivering a minimum annual operating margin of 50%.

以 2021 年為基礎，在 2022 年至 2024 年期間，我們預計將在青少年時期實現淨收入複合年增長率。這假設年目標市場量增長率為 10% 至 11%，跨境旅行到 2022 年底恢復到 2019 年的水平，並且我們的服務收入以 20% 以上的複合年增長率增長。從營業利潤率的角度來看，我們將繼續以實現最低年營業利潤率 50% 的理念運營。

Having said this, I would like to emphasize that we continue to believe that it is important for us to invest with a long-term growth while delivering positive operating leverage, and we continue to dive with this philosophy in mind. And finally, we expect to deliver an EPS CAGR in the low 20s range on a currency-neutral basis, excluding the impact of special items, gains and losses on equity investments and future acquisitions.

話雖如此，我想強調的是，我們仍然相信，在提供積極經營槓桿的同時進行長期增長投資對我們來說很重要，我們將繼續牢記這一理念。最後，我們預計在貨幣中性的基礎上，每股收益複合年增長率將在 20 多歲的範圍內，不包括特殊項目、收益和損失對股權投資和未來收購的影響。

And with that, I will turn the call back over to Warren.

有了這個，我會把電話轉回給沃倫。

Thank you, Sachin. Dermira, we're now ready for the question-and-answer session.

謝謝你，薩欽。 Dermira，我們現在準備好進行問答環節了。

(Operator Instructions) Your first question will come from Rayna Kumar with UBS.

（操作員說明）您的第一個問題將來自瑞銀的 Rayna Kumar。

So with cross-border spending now above pre-pandemic levels, are you anticipating any pent-up demand in travel spend in your financial guidance particularly as we get to the travel month in the summer?

因此，隨著跨境支出現在高於大流行前的水平，您是否預計在您的財務指導中會出現任何被壓抑的旅行支出需求，尤其是在夏季旅行月來臨之際？

Rayna, this is Michael. Let me kick this off. So as I said in my remarks earlier, we do see pent-up demand. We see pent-up demand in the last year and the year before, and it continues. People will want to travel and get out whenever they can, and it has been proven again and again, so there is an assumption there. And we've been pretty vocal about that, that we do continue to believe that cross-border travel will return to pre-pandemic levels by the end of the year. Sachin?

蕾娜，這是邁克爾。讓我開始吧。因此，正如我之前在講話中所說，我們確實看到了被壓抑的需求。我們在去年和前一年看到了被壓抑的需求，而且這種情況還在繼續。人們會想盡其所能去旅行和出去，而且已經一次又一次地證明了這一點，所以那裡有一個假設。我們一直對此直言不諱，我們確實繼續相信跨境旅行將在今年年底前恢復到大流行前的水平。薩欽？

Yes. Michael, you pretty much covered it. So the only thing I'd just add is we just need to go back to 2021 where we saw that when people have the ability to travel, they express their intent of travel. And we do believe that the impact of Omicron is going to be short-lived. And as borders start to relax a little bit more and people get a little bit more comfortable around this, people will get out there and express the demand for travel, back to what Michael was just saying.

是的。邁克爾，你幾乎涵蓋了它。所以我唯一要補充的是，我們只需要回到 2021 年，我們看到當人們有能力旅行時，他們就會表達他們的旅行意圖。我們確實相信 Omicron 的影響將是短暫的。隨著邊界開始放寬一點，人們對此感到更加舒適，人們會走出去表達對旅行的需求，回到邁克爾剛才所說的。

In fact, I'm heading to Europe tonight so there you go.

事實上，我今晚要去歐洲，所以你去吧。

Your next question will come from Harshita Rawat with Bernstein.

您的下一個問題將來自 Harshita Rawat 和 Bernstein。

Michael, I want to ask about Fed now. It looks like it has been (inaudible) that the U.S. 2023. Domestic RTP system in many countries is user payments other than consumer to business, but then you have examples like the ones in India with UPI, which used for retail payments. How do you see that playing out with FedNow? And how can you participate in terms of services enablement for that?

邁克爾，我現在想問一下美聯儲。看起來美國已經（聽不清）2023 年。許多國家/地區的國內 RTP 系統是用戶支付，而不是消費者對企業的支付，但是您可以看到印度的 UPI 示例，用於零售支付。您如何看待 FedNow 的表現？您如何參與其中的服務支持？

Right. Thank you, Harshita Rawat. So FedNow, we'll have to see when it actually comes live. But broadly speaking, if we go with our experience in other countries, we believe there is, in real-time payments, like the real alternative payment solutions. There's demand by government, there's demand by businesses and consumers. The 20022 standard allows to carry more data. So there's all sorts of reasons why this might make sense.

對。謝謝你，Harshita Rawat。所以FedNow，我們必須看看它什麼時候真正上線。但從廣義上講，如果我們根據我們在其他國家/地區的經驗，我們相信在實時支付方面存在真正的替代支付解決方案。政府有需求，企業有需求，消費者有需求。 20022 標准允許攜帶更多數據。所以這可能是有道理的，有各種各樣的原因。

To your question on how participation looks like, yes, when we bought Vocalink in 2016, I promise I won't take you back 5 years now. But that was a conscious decision realizing exactly what I just said and that we want to play and we have to have those alternatives. If I look at it from a use case perspective, there are some use cases where cards is just simply an excellent answer today. It's an ecosystem drives huge value and there is -- yes, there might be alternatives, but we continue to invest in that and focus on that. At the same time, there's a whole range of use cases where real-time payments account and account makes a lot more sense than basic ACH or cash, and that's a displacement opportunity that we certainly want to engage in cross-border remittances, bill pay and the likes.

對於你關於參與情況如何的問題，是的，當我們在 2016 年收購 Vocalink 時，我保證我不會帶你回到 5 年。但這是一個有意識的決定，正是意識到我剛才所說的，我們想要比賽，我們必須有其他選擇。如果我從用例的角度來看，在某些用例中，卡片只是今天的一個很好的答案。這是一個驅動巨大價值的生態系統，而且有——是的，可能有替代方案，但我們會繼續投資並專注於此。同時，在各種用例中，實時支付賬戶和賬戶比基本的 ACH 或現金更有意義，這是我們當然希望從事跨境匯款、賬單支付的替代機會和喜歡。

I think where our participation and our differentiation comes in is we have tools across the whole gamut of the payment solutions. That's our multi-rail strategy. We have advanced this quite significantly over the last couple of years to true multi-rail solutions, not like that we have one in the other in parallel. It's one single solution. If you look at Mastercard Track, that's exactly what it is. You can pay any which way through -- any which way you like through Mastercard Track, but the payment optimization, the security, the pricing, the predictability of the Mastercard good is all the same across all of these options. So I see it as a fundamental opportunity to participate in new flows rather than anything else.

我認為我們的參與和差異化體現在我們擁有涵蓋整個支付解決方案的工具。這就是我們的多軌戰略。在過去的幾年裡，我們已經將這一點顯著推進到真正的多軌解決方案，而不是像我們並行的那樣。這是一個單一的解決方案。如果您查看萬事達卡跟踪，那就是它。您可以通過任何方式支付——通過萬事達卡跟踪您喜歡的任何方式，但萬事達卡商品的支付優化、安全性、定價、可預測性在所有這些選項中都是相同的。所以我認為這是一個參與新流程的基本機會，而不是其他任何事情。

Your next question will come from Darrin Peller with Wolfe Research.

您的下一個問題將來自 Wolfe Research 的 Darrin Peller。

Michael, when we think about the parts of your business that are outperforming partly because of the panic but partly given where we are the acceleration on spending on electronic payments, can you just walk through that in terms of what kind of sustainability you see to the parts of the business that have sustainable upside now? In other words, debit volumes now probably bigger than you would have otherwise thought it would be. Services is another piece that's probably higher than it otherwise could have been. Are those sustainable? And then maybe remind us of the parts of the business besides just cross-border that can catch up as we see the recovery again.

邁克爾，當我們考慮到您的業務部分錶現出色時，部分原因是恐慌，部分原因是我們正在加速電子支付支出，您能否就您看到的可持續性而言部分業務現在有可持續的上漲空間？換句話說，現在的借方數量可能比您原本想像的要大。服務是另一件可能比原本可能更高的部分。這些是可持續的嗎？然後也許會提醒我們，除了跨境業務之外，隨著我們再次看到復蘇，這些業務可以趕上。

All right. Thanks, Darrin. So I'll start that off and then maybe Sachin can kick in. So first of all, the secular shift has gotten a real push out of COVID. I mean we had to spend online and when I look at that, I think that is a fundamental structural trend, more online commerce, more online banking, more online, everything. And what has really come out over the last 2 years that this is a lasting trend. So every bit of consumer research that we do, market research that we do, people will say, I learned to like it. So I'm going to continue to do that.

好的。謝謝，達林。所以我會開始，然後也許 Sachin 可以加入。所以首先，長期轉變已經真正推動了 COVID 的發展。我的意思是我們不得不在網上消費，當我看到這一點時，我認為這是一個基本的結構趨勢，更多的在線商務、更多的網上銀行、更多的在線，一切。在過去的 2 年裡，真正證明了這是一個持久的趨勢。所以我們所做的每一點消費者研究，我們所做的市場研究，人們都會說，我學會了喜歡它。所以我將繼續這樣做。

So I think that is an accelerated growth opportunity. And it's a big assumption in our 3-year long-term guidance that we gave that we continue to believe that the race towards a more digital economy will be a positive driver for us. So sustainable growth driver. You see it come through in how we build out acceptance, 19% acceptance growth. We continue to find pockets and opportunities and flows in segments that are just not penetrated with our solutions yet.

所以我認為這是一個加速增長的機會。在我們給出的 3 年長期指導中，這是一個很大的假設，即我們繼續相信，向更加數字化經濟的競賽將成為我們的積極推動力。所以可持續的增長動力。你可以從我們如何建立接受度中看到它，接受度增長了 19%。我們繼續在我們的解決方案尚未滲透的細分市場中尋找口袋、機會和流動。

And so I see the underlying secular growth, I see us show up in more places. I mean I use the term, I think, at the Investor Day, leave no white space. So that is why expanding in payment is a pillar 1 of our strategy. You pointed to services, now services in a world that is more digital, that throws up more data, in a more digital world, a lot more people need to be safe in that digital world. So our C&I services, our security service solutions. We -- basically, we can't run fast enough. That has been outperforming. I gave you the growth rate for 2021 and services at 25%, that's for sure, an elevated growth rate and we continue to see that very, very positive.

所以我看到了潛在的長期增長，我看到我們出現在更多的地方。我的意思是我使用這個詞，我認為，在投資者日，不要留下空白。這就是為什麼擴大支付是我們戰略的支柱 1。你提到了服務，現在是在一個更加數字化的世界中提供的服務，它會產生更多的數據，在一個更加數字化的世界中，更多的人需要在這個數字世界中保持安全。所以我們的 C&I 服務，我們的安全服務解決方案。我們——基本上，我們跑得不夠快。那一直表現出色。我給了你 2021 年的增長率和 25% 的服務，這是肯定的，一個較高的增長率，我們繼續看到非常非常積極的情況。

On data and analytics, more data, more people will want to do something with the data. A merchant will understand now that they have more merchants are entering into the digital space, how do they find customers in an easy way, how do they retain customers? That's where Dynamic Yield comes in, a perfect tool to really make more of that.

在數據和分析方面，更多的數據，更多的人會想要對數據做點什麼。商家現在會明白，他們有更多的商家正在進入數字空間，他們如何輕鬆找到客戶，如何留住客戶？這就是 Dynamic Yield 的用武之地，它是真正實現更多功能的完美工具。

And then all of that data in the end will fuel the world of open banking, which is part of our whole new network strategy is essential and of course, the need for digital identity solutions. So all of that is sustainable. The catch-up opportunity, back to your question, is for sure travel. It is travel -- domestic travel has been leading, leisure travel has been leading. Cross-border travel and corporate travel over different curves over time, there's significant catch-up opportunity for us. So I think those are the headlines.

然後所有這些數據最終將推動開放銀行的世界，這是我們全新網絡戰略的一部分，這是必不可少的，當然，也需要數字身份解決方案。所以這一切都是可持續的。回到你的問題，追趕機會肯定是旅行。是旅遊——國內旅遊一直領先，休閒旅遊一直領先。隨著時間的推移，跨境旅行和商務旅行在不同的曲線上，我們有很大的追趕機會。所以我認為這些是頭條新聞。

Your next question will come from Lisa Ellis with MoffetNathanson.

您的下一個問題將來自 Lisa Ellis 和 MoffetNathanson。

I was hoping to ask about net yields. Just looking back, pre-pandemic, Mastercard net yields were steadily increasing about past a bit -- about a basis point a year. But then over the last 2 years, have dropped first in 2020 then again, somewhat over in 2021. Can you just help parse for us a bit how much of the pressure on yields recently is due to cross-border travel weakness versus perhaps competitive pressure or something like that? And kind of what gives you confidence in one versus the other? And I guess, looking out into 2022, are you now expecting yields to move back the other direction?

我希望詢問淨收益率。回首過去，在大流行前，萬事達卡的淨收益率穩步增長了大約過去一點——每年大約一個基點。但在過去的兩年裡，2020 年先是下降，然後在 2021 年有所下降。您能否幫我們分析一下最近收益率的壓力有多大是由於跨境旅行疲軟而不是競爭壓力或類似的東西？是什麼讓你對一個與另一個有信心？而且我猜，展望 2022 年，您現在是否預計收益率會回到另一個方向？

Sure, Lisa. I'll take that question. So look, I think the short answer to your question is the vast majority of what you've seen in terms of net yields has been driven by the changing mix of the business over the pandemic, primarily cross-border volumes coming down and the impact of that. As you know, cross-border volumes and the revenues are less indexed from rebates and incentive standpoint. So you have the impact of that playing through.

當然，麗莎。我會回答這個問題。所以看，我認為對你的問題的簡短回答是，你所看到的淨收益率絕大多數是由大流行期間業務組合的變化推動的，主要是跨境交易量下降和影響那個。如您所知，從回扣和激勵的角度來看，跨境交易量和收入的指數較少。所以你會受到影響。

I would say fundamentally, we've always operated in a competitive environment. We see no real change in the level of competition relative to what we've seen over the past few years. So candidly, I would tell you, our assumption going into our planning cycles and going into 2022 as well as our 3-year performance objectives has been one of the impact of having minimal net pricing, which is net of rebates and incentives. And we still continue to believe that to be the case. That was very much the case a couple of years ago as well.

我想說，從根本上說，我們一直在競爭激烈的環境中運營。相對於我們在過去幾年中看到的情況，我們認為競爭水平沒有真正的變化。坦率地說，我會告訴你，我們在進入計劃週期和進入 2022 年以及我們的 3 年績效目標的假設是具有最低淨定價的影響之一，即扣除回扣和激勵措施。我們仍然繼續相信情況會如此。幾年前也是如此。

So the point really is a lot of what you're seeing on the net revenue yield is being driven by the changing mix primarily cross-border. Services continues to do really well and has been accretive to our yield in the past, and we expect that given the opportunity in services. That could be the case going forward as well.

因此，關鍵是您在淨收入收益率上看到的很多情況都是由主要是跨境的不斷變化的組合驅動的。服務繼續做得很好，過去一直在增加我們的收益，我們希望在服務方面有機會。未來的情況也可能如此。

Your next question will come from Sanjay Sakhrani with KBW.

您的下一個問題將來自 KBW 的 Sanjay Sakhrani。

I have another follow-up question on the cross-border. I guess when we think about Omicron, I know there's been a small impact, but I'm just curious if there's any learnings from it. Do you feel like the resiliency of the consumer, and obviously, the tools that we have put us in a better position than what where we were maybe when you guys provided your expectations, understanding your expectations haven't changed? And then I'm just curious, as we've seen the U.S. inbound travel improved, were there any learnings from that.

我還有一個關於跨境的後續問題。我想當我們想到 Omicron 時，我知道影響很小，但我只是好奇是否可以從中吸取教訓。您是否覺得消費者的彈性，顯然，我們使我們處於比當你們提供您的期望並理解您的期望沒有改變時我們所處的位置更好的工具？然後我很好奇，因為我們已經看到美國入境旅行有所改善，是否從中吸取了教訓。

All right, Sanjay. I'll kick that off. So clearly, there have been learnings and there have been learnings across the whole industry. You may have followed some of the airlines during the earnings season, this whole thought about that the time period between a surge, a case surge and how bookings are coming back as narrowing. So the first learning is that consumers just become more adaptable, I said that earlier. It's not just consumers, it's actually businesses, consumers and governments.

好吧，桑傑。我會開始的。很明顯，整個行業都有學習和學習。你可能在財報季關注了一些航空公司，整個考慮到激增、病例激增和預訂量如何恢復之間的時間段正在縮小。所以第一個學習是消費者變得更具適應性，我之前說過。不僅僅是消費者，實際上是企業、消費者和政府。

Now governments have also learned and governments have learned in terms of how broad-based social distancing measures and quarantine rules and the likes are. And those are much more targeted these days. As I said, more borders stayed open. When the U.S. opened in November, surges were going on in Europe, and there are no entry hurdles at this point. I said I'm traveling to Europe. There's no really -- there's no hurdle at all. It's just pretty easy to get back.

現在，各國政府也學習了，政府也學習了基礎廣泛的社會疏離措施和隔離規則等方面的知識。這些天更有針對性。正如我所說，更多的邊界保持開放。當美國於 11 月開放時，歐洲正在激增，此時沒有進入障礙。我說我要去歐洲旅行。真的沒有——根本沒有障礙。回來很容易。

So I think the combination of vaccination rates going up, learnings and governments and so far makes a much more benign mix to deal with whatever might be coming there. So that is a significant assumption that we took as we looked at the rest of the year. You also see that, yes, more routes are being opened, more people want to get out whenever they can. So there's a desire and there's the ability to go out, I think, together, make the kind of right package for us that gets us pretty positive.

因此，我認為疫苗接種率的上升、學習和政府的結合，到目前為止，是一種更加良性的組合，可以應對可能出現的任何情況。因此，這是我們在查看今年剩餘時間時所做的一個重要假設。你也看到，是的，更多的路線正在開放，更多的人想盡可能地離開。所以有一種願望，也有能力出去，我認為，一起為我們制定合適的方案，讓我們非常積極。

Yes. And Sanjay, I'll just add to what Michael just said. I think you'll remember at our November investment community meeting, we had shared with you that the U.S., U.K. and Canada inbound cross-border travel corridors represented -- in Q3 of 2019, they represented roughly 20% of total cross-border travel volumes, which we have said and we said they were tracking at roughly 50% of 2019 levels. This is the data we shared with you at ICM.

是的。還有桑傑，我將補充邁克爾剛才所說的內容。我想你會記得在我們 11 月的投資界會議上，我們與你分享了美國、英國和加拿大入境跨境旅行走廊的代表——在 2019 年第三季度，它們約佔跨境旅行總額的 20%成交量，我們已經說過，我們說它們的追踪水平約為 2019 年水平的 50%。這是我們在 ICM 與您分享的數據。

Well, just as an update, as we progress through the quarter in November, we saw these borders open, which Michael talked about, U.S., U.K., Canada. And the same metric, which is the U.S., U.K. and Canada in Q4 is now at 70% of 2019 levels. So that's just an expression of our confidence about how -- when people can travel, they will travel.

好吧，作為更新，隨著我們在 11 月的季度中取得進展，我們看到這些邊界開放，邁克爾談到了美國、英國、加拿大。同樣的指標，即第四季度的美國、英國和加拿大，現在是 2019 年水平的 70%。所以這只是表達了我們對如何——當人們可以旅行時，他們就會旅行的信心。

And I just want to add one more point. So these are some -- I shared some of the macro learnings. Sachin just talked about the upside potential. Now taking both of that, what we have learned from our customers that are active in the travel space is that everybody is of the same opinion, and hence leaning into the travel sector and winning more co-brands, engaging consumers so that they book with our partners versus somebody else, all that is going on.

我只想再補充一點。這些是一些——我分享了一些宏觀學習。 Sachin 剛剛談到了上行潛力。綜上所述，我們從活躍於旅遊領域的客戶那裡學到的是，每個人的觀點都是一致的，因此傾向於進入旅遊領域並贏得更多的聯合品牌，吸引消費者，讓他們預訂我們的合作夥伴與其他人，所有這一切都在發生。

You see the whole range of wins. The JetBlue renewal was one of the more recent one, the Aeroplan launch with Chase, IAG last year, et cetera, et cetera. So there's a lot of learnings by the travel industry themselves on how to engage and really make these co-brands or co-brand programs worthwhile, which we like a lot.

你會看到所有的勝利。 JetBlue 的更新是最近的更新之一，去年與 Chase、IAG 等合作推出的 Aeroplan 等等。因此，旅遊業本身就如何參與並真正使這些聯合品牌或聯合品牌計劃有價值，有很多學習，我們非常喜歡。

That's perfect. I have my fingers crossed.

那很完美。我的手指交叉了。

Your next question will come from Tien-Tsin Huang with JPMorgan.

您的下一個問題將來自摩根大通的 Tien-Tsin Huang。

I wanted to ask about just -- well, it sounds like your macro view, it hasn't changed too much from what you guys talked about at ICM aside from some of the near-term travel headwinds. But I just want to check your 1Q outlook here for high teens revenue growth when -- it looks like your January trends are growing above that, nicely above that. Any call-outs there? Or is that just conservatism?

我想問一下——好吧，這聽起來像是你的宏觀觀點，除了一些近期的旅行逆風之外，它與你們在 ICM 上談論的內容並沒有太大變化。但我只想在此處查看您的 1Q 前景，以了解青少年收入的高增長——看起來您 1 月份的趨勢正在增長，遠高於該水平。那裡有外呼嗎？或者這只是保守主義？

So look, I mean, Tien-Tsin, here's what I would say. I think in what I shared with you in terms of our Q1 thoughts, you've got to factor in -- there is the headwind, which is coming in from the strengthening U.S. dollar, which I kind of talked about what our estimate around that is. So that would be one kind of call. But other than that, all we're kind of expressing is where we're seeing our current metrics and how we're assuming the recovery of Omicron to come through over the course of the first quarter, which I kind of shared with you in my prepared remarks. So really nothing else going on there.

所以看，我的意思是，Tien-Tsin，這就是我要說的。我認為在我與你分享的關於我們第一季度的想法中，你必須考慮到 - 逆風來自美元走強，我談到了我們對此的估計是。所以這將是一種調用。但除此之外，我們所表達的只是我們在哪裡看到我們當前的指標，以及我們如何假設 Omicron 的複蘇將在第一季度實現，我在我準備好的評論。所以真的沒有其他事情發生。

I will emphasize one more time. What you're seeing in terms of the first 3 weeks of January, index back to 2019, has got a compounding effect. And that, you have to take into consideration when you're checking -- when you're looking at the sequential trends, which is why I was giving that additional color around what the impact of Omicron was adjusted for the compounding effect on switched volumes, switched transactions and cross-border.

我再強調一次。從 2019 年 1 月的前 3 週開始，您所看到的指數產生了複合效應。而且，當您檢查時，您必須考慮到 - 當您查看連續趨勢時，這就是為什麼我要圍繞 Omicron 的影響針對轉換交易量的複合效應進行調整的原因提供額外的顏色、交換交易和跨境。

Your next question will come from David Togut with Evercore ISI.

您的下一個問題將來自 Evercore ISI 的 David Togut。

What are your expectations this year for the pace of account-to-account payments rollout in Europe under open banking? And how do you see this affecting credit and debit card growth in Europe? And as a follow-up, I would appreciate your perspective on Amazon's very public negotiation with Visa over credit card acceptance at Amazon U.K. and whether this reflects more payment options, for example, account to account? Or is this a one-off negotiation between 2 corporates?

您對今年開放銀行在歐洲推出賬戶對賬戶支付的步伐有何期望？您如何看待這會影響歐洲的信用卡和借記卡增長？作為後續行動，我希望您對亞馬遜與 Visa 就英國亞馬遜信用卡接受問題進行公開談判的看法以及這是否反映了更多的支付方式，例如賬戶到賬戶？或者這是兩家公司之間的一次性談判？

All right. Let me start, David, with that. So account-to-account in Europe. When you look over the last years in Europe, it's been relatively slow paced in terms of consumer adoption and rollout. We have invested -- we're heavily invested across that with IR on the open banking side of account-to-account, with Nets, with Vocalink. So we're deep in the space. We like -- generally like what we see in terms of direction. Take up, I think it's -- I would call it paced. So that's the first thing I would say.

好的。讓我從這個開始，大衛。所以歐洲的賬戶對賬戶。回顧過去幾年在歐洲，消費者採用和推廣的步伐相對緩慢。我們已經投資了——我們在賬戶對賬戶的開放銀行方面的 IR、Nets 和 Vocalink 方面投入了大量資金。所以我們在太空深處。我們喜歡——通常喜歡我們在方向上看到的東西。拿起，我認為它是 - 我會稱之為有節奏的。所以這是我要說的第一件事。

Initiatives like EPI, you look at that and say their initial focus is actually on the card side, and they're thinking account-to-account in the longer run, that reflects the same that I just said. So continued significant opportunity for cards in Europe, but we see the long-term growth opportunity in account-to-account. And we've kind of covered our basis there. And with our open banking investments at our initial use cases there, particularly in the U.K., I think we can be pretty optimistic about that.

像 EPI 這樣的舉措，你會說他們最初的重點實際上是在卡片方面，從長遠來看，他們正在考慮賬戶對賬戶，這反映了我剛才所說的相同。因此，歐洲的卡繼續存在重大機遇，但我們看到了賬戶對賬戶的長期增長機會。我們已經在那裡覆蓋了我們的基礎。在我們最初的用例中，尤其是在英國，我們的開放式銀行投資，我認為我們可以對此非常樂觀。

Our partnership with Tesco, with Lloyd's, are looking very positive. So your question around Amazon, that's fundamentally a question for Visa, I would say, and for Amazon. We have seen these kind of negotiations in the public domain now and then over the years, relatively short-lived and were resolved. These particular news did not involve us at all. We have a strong and long-standing relationship with Amazon, and we agree that consumer choice matters. That's why we have a multi-rail strategy, and we're going to continue to work with Amazon delivering a whole differentiated set of products. So nothing particularly to worry about from our perspective.

我們與 Tesco 和 Lloyd's 的合作關係看起來非常積極。所以你關於亞馬遜的問題，我想說，這基本上是對 Visa 和亞馬遜的問題。這些年來，我們不時在公共領域看到這種談判，相對短暫，但已經解決。這些特別的消息根本不涉及我們。我們與亞馬遜有著牢固而長期的合作關係，我們同意消費者的選擇很重要。這就是我們制定多軌戰略的原因，我們將繼續與亞馬遜合作，提供一整套差異化的產品。所以從我們的角度來看，沒有什麼特別值得擔心的。

Your next question will come from Bryan Keane with Deutsche Bank.

您的下一個問題將來自德意志銀行的 Bryan Keane。

Just two quick ones for Sachin. Just looking at switched volume on the January month to date in the U.S. At 15%, that's down a little bit from where it was running before. I don't know if that's just an anniversary-ing of some of the comps. I know the 3-year percentage still increased to 139. But just thinking about on a year-over-year basis, that 15%, anything to call out there? And then secondly, on rebates and incentives, any guidance you can give us for fiscal year '22 as a growth rate or as a percentage of revenue?

薩欽只有兩個快速的。僅看看美國 1 月份迄今為止的交易量為 15%，與之前的運行水平相比略有下降。我不知道這是否只是一些比賽的周年紀念。我知道 3 年的百分比仍然增加到 139。但是想想每年的 15%，有什麼好說的嗎？其次，關於回扣和激勵措施，您可以為我們提供 22 財年的增長率或收入百分比的任何指導嗎？

Sure, Bryan. On the first point, you're referring to the 15% year-over-year growth in the first 3 weeks of January, and you're looking at the sequential trends there. Well, that is a tougher comp ratio. And this goes back to the impact of the economic stimulus, which was enabling better spending back on -- in the comparable period last year, and that's what you're seeing happen there. So that's kind of the answer to the first part of the question.

當然，布萊恩。在第一點上，您指的是 1 月前 3 週 15% 的同比增長，並且您正在查看那裡的連續趨勢。嗯，這是一個更嚴格的補償比。這可以追溯到去年同期經濟刺激措施的影響，這使人們能夠更好地重新支出，這就是你所看到的情況。這就是問題第一部分的答案。

On your second point, look, I mean, the whole rebates and incentives thing, I need to just emphasize one more time. Look, I know people are focused on the competitive environment. Trust us, we too are, because we operate in that competitive environment, and we want to make sure that we compete effectively with our products, capabilities, services, whatever the case might be. We have not seen a meaningful shift in the competitive environment relative to what we've been used to operating in the past.

關於第二點，我的意思是，整個回扣和激勵措施，我需要再強調一次。看，我知道人們關注的是競爭環境。相信我們，我們也是，因為我們在那種競爭激烈的環境中運營，我們希望確保我們與我們的產品、能力、服務進行有效競爭，無論情況如何。相對於我們過去習慣的運營環境，我們沒有看到競爭環境發生有意義的轉變。

So that's kind of just to level set where we are. But specifically, to your question, on rebates and incentives. It's dependent on the timing of deals and how the volume and mix plays out through the year. In Q1, we expect rebates and incentives as a percentage of growth to be similar to Q4. That's kind of the extent. And all of this is contemplated in what I've shared with you on our full year thoughts as well as on Q1.

所以這只是為了設定我們所處的水平。但具體來說，對於您的問題，關於回扣和獎勵。這取決於交易的時間安排以及全年的交易量和組合如何發揮作用。在第一季度，我們預計回扣和獎勵佔增長的百分比與第四季度相似。就是這樣的程度。所有這一切都在我與你分享的關於我們全年以及第一季度的想法中得到了考慮。

Your next question will come from Ramsey El-Assal with Barclays.

您的下一個問題將來自巴克萊的 Ramsey El-Assal。

I wanted to ask about supply chain pressure and whether you're seeing any changes and with that pressure abating and that might be contemplated in your full year guidance. And separately, I just was wondering if you could help us contextualize your exposure to Russia and what we should expect there if sanctions, in fact, tighten due to political unrest in Ukraine. Potential (inaudible) right now.

我想詢問供應鏈壓力，以及您是否看到任何變化以及壓力是否減輕，這可能會在您的全年指導中得到考慮。另外，我只是想知道您是否可以幫助我們了解您對俄羅斯的影響，以及如果制裁實際上因烏克蘭的政治動盪而收緊，我們應該期待什麼。現在有潛力（聽不清）。

All right. Yes, Ramsey. Let me start with the supply chain and touch on Russia quickly. Supply chain pressures are clearly there. You're looking at chip shortages. There's all sorts of things affecting the supply chain. We continue to believe that these are rather short-lived as the supply chain actually bounces out, so that's first thing I would say. So there's not a huge assumption in our outlook around that.

好的。是的，拉姆齊。讓我先從供應鏈開始，快速談談俄羅斯。供應鏈壓力顯然存在。您正在關注芯片短缺問題。有各種各樣的事情影響供應鏈。我們仍然認為，隨著供應鏈實際上反彈，這些都是相當短暫的，所以這是我要說的第一件事。因此，我們對此的看法並沒有很大的假設。

What we've also seen is particularly through the holiday season, pretty significant holiday spending, positive season and people spend what they can spend on. So if you can't buy something, they buy something else. So we've seen shifts in categories. So from that perspective, again, the pent-up demand is an important aspect here. On Russia, very, very early to tell how this is going to play out. This is certainly -- it was one of the points that I referred to earlier, geopolitical uncertainties that we have to keep in focus.

我們還看到，特別是在假期期間，非常重要的假期支出，積極的季節以及人們花他們可以花的錢。所以如果你買不到東西，他們就會買別的東西。所以我們已經看到了類別的變化。因此，從這個角度來看，被壓抑的需求再次成為這裡的一個重要方面。關於俄羅斯，非常非常早地說明這將如何發展。這當然是我之前提到的要點之一，我們必須關注的地緣政治不確定性。

We have seen sanctions applied in previous years and we basically manage through that. We'll have to see what it is. Russia is a substantial and important -- and strategically important market for us. We'll have to see how that plays out.

我們已經看到前幾年實施了製裁，我們基本上可以做到這一點。我們得看看它是什麼。對我們來說，俄羅斯是一個重要且具有戰略意義的市場。我們將不得不看看結果如何。

Your next question will come from Dan Dolev with Mizuho.

您的下一個問題將來自丹·多列夫（Dan Dolev）和瑞穗。

There was a question before on overall yield. I want to ask about domestic assessment specifically. If I look at Q4, I think you're running at about 13.1 basis points. Historically, the number was higher, more closer to 14. Is there anything to call out on that front?

之前有一個關於總產量的問題。我想具體問一下國內的評估。如果我看第四季度，我認為你的運行速度約為 13.1 個基點。從歷史上看，這個數字更高，更接近 14。在這方面有什麼需要注意的嗎？

Dan, look, I mean on domestic assessment, I think what you've seasonally -- I mean, what we've seen is that typically, in Q4, we see the yield of domestic assessments to actually drop off a little bit. That's just what we have historically seen. There's a bunch of moving parts which are going on in that and really nothing unusual to call out, out there. The trajectory of what we've seen historically still holds true on a going forward basis.

丹，看，我的意思是國內評估，我認為你的季節性 - 我的意思是，我們看到的是，通常在第四季度，我們看到國內評估的收益率實際上會有所下降。這正是我們在歷史上看到的。有一堆移動部件正在發生，而且真的沒有什麼不尋常的地方。我們在歷史上所看到的軌跡在未來的基礎上仍然適用。

Your next question will come from Moshe Orenbuch with Credit Suisse.

您的下一個問題將來自瑞士信貸的 Moshe Orenbuch。

Great. And you did discuss the account-to-account side of things a little bit. But I'm just wondering, given how often this comes up in discussions with investors. We've seen some issues that some of the domestic players have had from a regulatory standpoint. Any thoughts about how that could affect kind of the evolution of that product advantages perhaps that being part of Mastercard might be for and Aiia other kind of thoughts about just the growth of that, both in Europe and the U.S.?

偉大的。你確實討論了一些關於賬戶對賬戶的問題。但我只是想知道，考慮到這在與投資者的討論中出現的頻率。從監管的角度來看，我們已經看到了一些國內參與者遇到的一些問題。關於這將如何影響該產品優勢的演變的任何想法，也許成為萬事達卡的一部分可能是為了和 Aiia 其他關於這種增長的想法，無論是在歐洲還是美國？

Right. Moshe, excellent question. The -- we see there is clearly an interest of regulators in new forms of payment. Regulators are always keen on security, on data protection, on consumer protection that is always in focus. We have most recently seen this with an interest in buy now, pay later. U.K. regulator is doing a consultation. Various regulators have shown interest to regulate the space.

對。 Moshe，很好的問題。 - 我們看到監管機構顯然對新的支付方式感興趣。監管機構始終熱衷於安全、數據保護和始終關注的消費者保護。我們最近看到這一點，對現在購買，以後付款感興趣。英國監管機構正在進行諮詢。各種監管機構已表現出對監管空間的興趣。

In account-to-account, you should expect something similar. We do know that from a Vocalink and Pay by Account in the U.K. that is very much in focus. And I think it differentiates an established player like us to basically come in. We have very clear data principles. We have -- we don't sell data to anybody. We believe in the consumer -- strong consumer consent, the likes and the likes. All of that is codified in the Mastercard franchise. So a company that goes beyond just being a fintech and providing a connection and getting money from A to B, but doing it in an organized fashion with very clear rules that people sign up that partner with us, I think is going to be a differentiator.

在賬戶到賬戶中，您應該期待類似的事情。我們從英國的 Vocalink 和 Pay by Account 知道這一點非常受關注。而且我認為它使像我們這樣的老牌玩家基本進入。我們有非常明確的數據原則。我們有——我們不向任何人出售數據。我們相信消費者——強烈的消費者同意，點讚之類的。所有這些都被編入萬事達卡特許經營權。因此，一家不僅僅是一家金融科技公司，提供連接並從 A 到 B 賺錢，而是以有組織的方式進行，並有非常明確的規則，人們與我們簽約合作夥伴，我認為這將是一個差異化因素.

And I'll just add to what Michael said. I think you're going to remember that when we talked about what we were doing in the open banking space, we were very deliberate about how we went about our activities there, particularly as it relates to how we got data from the banks, and that was all through APIs. It has been our philosophy.

我將補充邁克爾所說的內容。我想你會記得，當我們談論我們在開放銀行領域所做的事情時，我們非常慎重地討論了我們在那裡開展活動的方式，特別是因為它與我們如何從銀行獲取數據有關，並且這都是通過 API 實現的。這一直是我們的理念。

And the idea being, you've got to do it in the right way. You cannot do (inaudible) scraping, you should be doing it through APIs, not only because it's the right thing to do from a safety and security standpoint, but also the data elements you can actually get by virtue of doing it in that manner help you create a much more sustainable long-term product, which you can offer. So very much part and parcel of what the philosophy has been from the get-go in this space for us.

這個想法是，你必須以正確的方式去做。您不能進行（聽不清）抓取，您應該通過 API 進行，不僅因為從安全和安保的角度來看這是正確的做法，而且您可以通過以這種方式實際獲得的數據元素幫助你創造了一個更可持續的長期產品，你可以提供。對於我們來說，從一開始就在這個領域中，哲學是非常重要的一部分。

Your next question will come from Dave Koning with Baird.

您的下一個問題將來自與 Baird 的 Dave Koning。

I noticed U.S. average ticket size in Q4, I think it was only up 2%. The prior 3 quarters, up 6% to 7%. So you would think with inflation, it would be accelerating, not decelerating. Is that just consumers returning to card-present maybe lower transaction sizes or just splitting transactions? And what's the impact? That seems positive to you, right?

我注意到第四季度美國的平均門票規模，我認為它僅增長了 2%。前 3 個季度增長 6% 至 7%。所以你會認為通貨膨脹會加速，而不是減速。僅僅是消費者返回卡存在可能會降低交易規模還是只是拆分交易？有什麼影響？這對你來說似乎是積極的，對吧？

Yes, Dave, again, I want to make sure I got the question, but what we've observed -- if you look at our trends for how switched volume and switched transactions are trending, you'll see effectively that the improvement quarter-over-quarter in switched volumes from 131% of 2019 to 136% of 2019 is a 5-point improvement compared to switched transactions, which have improved from 131 to 132. That should signal to you that there is a higher ticket size, which is happening, which you would expect because as people get out and travel more, they do so, that's higher ticket in general. They do it on credit products, which are higher ticket size. As also there is -- as e-commerce happens, that happens to be higher. So you've seen that come through in the Delta on a sequential basis.

是的，戴夫，再次，我想確保我得到了這個問題，但是我們所觀察到的——如果你看看我們的轉換量和轉換交易趨勢的趨勢，你會有效地看到改進季度——與轉換交易相比，轉換交易量從 2019 年的 131% 提高到 2019 年的 136%，比上一季度提高了 5 個百分點，轉換交易從 131 提高到 132。這應該向您表明存在更高的票證規模，即發生，這是你所期望的，因為隨著人們出去旅行的次數越來越多，他們這樣做了，一般來說，這就是更高的票價。他們在信用產品上這樣做，這些產品的票數更高。還有 - 隨著電子商務的發生，這恰好更高。因此，您已經看到它在 Delta 中是按順序進行的。

Yes. And I was referring more towards -- it looked like it's decelerating in the U.S., which seems positive. It seems good to have splitting transactions possibly happening is what it just seems like or different types somehow?

是的。我更多地指的是 - 它看起來在美國正在減速，這似乎是積極的。可能發生拆分交易似乎很好，就像它看起來的樣子或以某種方式不同的類型？

Yes. No, I wouldn't see anything materially different in our U.S. trends than what I just shared globally in terms of what we're seeing from a ticket size standpoint.

是的。不，從門票規模的角度來看，我認為我們的美國趨勢與我剛剛在全球範圍內分享的趨勢沒有任何實質性的不同。

Your next question will come from Andrew Jeffrey with Truist Securities.

您的下一個問題將來自 Truist Securities 的 Andrew Jeffrey。

One of the more discussed topics in the market generally today is inflation. And I wonder if you could just touch on if we do see persistent embedded global inflation, whether or not that's a positive for your business from a volume and/or yield standpoint?

當今市場上普遍討論的話題之一是通貨膨脹。我想知道您是否可以談談我們是否確實看到持續的全球通脹，從數量和/或收益率的角度來看，這是否對您的業務有利？

Right, Andrew. So definitely a significantly discussed topic, all sorts of views on it. So here's our take. First of all, where it happens, we generally distinguish to look at it first at the macro level, what is happening across a particular market? What's the policymakers response? We heard the U.S. policymaker talk about this yesterday. Then there's broader impacts that go beyond our immediate business, wage growth. How does all of this, in the end, affect the consumer's ability to spend. So there's a lot of macro things to consider.

對，安德魯。所以絕對是一個重要討論的話題，關於它的各種觀點。所以這是我們的看法。首先，它發生在哪裡，我們一般先在宏觀層面上區分，在特定市場上發生了什麼？政策制定者的反應是什麼？我們昨天聽到美國政策制定者談到了這一點。然後還有更廣泛的影響，超出了我們的直接業務，即工資增長。這一切最終將如何影響消費者的消費能力。所以有很多宏觀的事情需要考慮。

On the micro side, it basically is not homogenous. So inflation is affecting our business in a different way than it would be the overall CPI. So if you have inflation expecting rent, while that's generally not running through our rails to a large extent. So that could again be a very different picture. Taking all of that into account, fundamentally, notwithstanding the impact that inflation has that it could be negative on consumers, on businesses and so forth. There is an impact on GDV if it's moderate inflation that would be showing in our numbers.

在微觀方面，它基本上不是同質的。因此，通貨膨脹以不同於整體 CPI 的方式影響我們的業務。因此，如果您有通脹預期租金，而這通常不會在很大程度上通過我們的軌道。所以這可能又是一個非常不同的畫面。考慮到所有這些，從根本上說，儘管通貨膨脹有可能對消費者、企業等產生負面影響。如果我們的數據中出現溫和的通脹，就會對 GDV 產生影響。

Okay. I assume that's been taken into account to your guidance.

好的。我認為您的指導已考慮到這一點。

Your next question will come from Jamie Friedman with Susquehanna.

您的下一個問題將來自 Jamie Friedman 和 Susquehanna。

I just wanted to ask about the difference between other revenue and services revenue. I know services did great, up 28% -- 25% for the year, 28% for the quarter. But other actually grew a little bit faster. So Sachin, maybe if you could remind us what the nuance difference is. I know one is a subset of the other.

我只是想問一下其他收入和服務收入之間的區別。我知道服務做得很好，增長了 28%——今年增長了 25%，本季度增長了 28%。但其他的實際上增長得更快一些。所以Sachin，也許你能提醒我們細微差別是什麼。我知道一個是另一個的子集。

Yes. So in other revenue, we have a bunch of our services revenue would sit there, but there's other stuff going on in that as well. So you've got, for example, some of our Vocalink revenues sits in there, the Nets' acquisition would sit in there. Some of the -- and so if you're looking at the other revenue growth rate of 30%, remember, 9 points of that growth came from acquisitions, which is just basically a lapping effect of the fact that we didn't have those acquisitions last year at this time than we do at this point in time.

是的。因此，在其他收入方面，我們有大量的服務收入將坐在那裡，但其中也有其他的東西。因此，例如，我們的一些 Vocalink 收入就在那裡，籃網的收購也在那裡。一些——所以如果你看一下其他 30% 的收入增長率，請記住，9 個百分點的增長來自收購，這基本上是我們沒有這些事實的重疊效應去年這個時候的收購比我們這個時候的收購要多。

So on services, services continues to grow very nicely. A large part of that sits in other revenues. Some of it is in transaction processing. But the growth you're seeing in other revenue is being -- is a combination of strong services growth plus some of the acquisitions, which you're seeing come through in that growth rate there.

因此，在服務方面，服務繼續非常好地增長。其中很大一部分來自其他收入。其中一些是在事務處理中。但是你在其他收入中看到的增長是——是強勁的服務增長加上一些收購的結合，你看到的是那裡的增長率。

Your next question will come from George Mihalos with Cowen.

您的下一個問題將來自 George Mihalos 和 Cowen。

Just very quickly, Sachin, I'm curious, as you look through the weekly trends year-to-date here through January, are you seeing a lot of variability, meaning are you seeing sort of a bigger pickup as we go through the month? And then somewhat related to that, if you could talk a little bit about what you're seeing in the rest of the world.

很快，薩欽，我很好奇，當你查看今年到 1 月的每週趨勢時，你是否看到了很多變化，這意味著隨著我們整個月的到來，你是否看到了更大的回升?然後有點相關，如果你能談談你在世界其他地方看到的東西。

Sorry, what are we seeing in the rest of the world, did you say?

抱歉，你說我們在世界其他地方看到了什麼？

Rest of the world versus U.S. I mean, it looks like if I look at your volumes, for credit at least, the worldwide volume is now starting to accelerate a little bit and pick up. So I'm just wondering if you're starting to see that really come into the numbers over the last couple of weeks.

世界其他地區與美國的對比我的意思是，如果我看一下你們的交易量，至少為了信用，全球交易量現在開始加速並回升。因此，我只是想知道您是否開始看到在過去幾週內真正出現了這種情況。

Yes. Okay. So I got your question. So look, I mean, in terms of weekly trends, they bounce around, right? I mean there's so much which goes on in the nature of weekly trends. It varies depending on the month in question. I'm not seeing anything which is highly unusual in terms of what we're sharing with you on our first 3 weeks of January in terms of weekly trends. But there is volatility week-over-week, and you would expect that to be the case.

是的。好的。所以我得到了你的問題。所以看，我的意思是，就每週趨勢而言，它們會反彈，對嗎？我的意思是，在每週趨勢的性質中發生了很多事情。它根據所討論的月份而有所不同。就每週趨勢而言，就我們在 1 月的前 3 週與您分享的內容而言，我沒有看到任何非常不尋常的東西。但是每週都有波動，你會預料到情況會如此。

And sometimes, it's a comp issue as well. So you got to remember that you've got to kind of go back to what you're comparing the comp to and to see if there's differences in growth rates, which is emanating from that. When we look at spend levels, that's kind of generally the case. As it relates to rest of the world versus the U.S., look, the U.S. on a growth rate basis has a tougher comp this year in the first 3 weeks of January, just by virtue of the fact that we had a whole bunch coming from the economic stimulus last year.

有時，這也是一個補償問題。所以你必須記住，你必須回到你正在比較的比較，看看增長率是否存在差異，這是由此產生的。當我們查看支出水平時，通常情況就是這樣。由於它與世界其他地區與美國有關，看，美國在今年 1 月的前 3 週的增長率基礎上的競爭更加艱難，只是因為我們有一大堆來自去年的經濟刺激。

Conversely, in the rest of the world, particularly in Europe, right, when you really think about what's going on there, there was a lockdown in Europe which took place last year and in January. So you have an easier comp on Europe from a growth rate standpoint. So you have to factor those in when you're looking at the growth rates there.

相反，在世界其他地區，尤其是歐洲，對，當你真正考慮那裡發生的事情時，去年和 1 月歐洲發生了封鎖。因此，從增長率的角度來看，您對歐洲的競爭更容易。因此，當您查看那裡的增長率時，您必須考慮這些因素。

I think we have time for just one final question. .

我想我們只有最後一個問題的時間。 .

And we'll take our final question from Jason Kupferberg with Bank of America.

我們將向美國銀行的 Jason Kupferberg 提出最後一個問題。

Just wanted to ask a question about how we should think about quarterly cadence here of net revenue growth. Obviously, you told us about Q1. It sounds like Omicron and FX and rebates are somewhat of a headwind there. Your year-over-year comp, obviously, is much harder in the second quarter than the first quarter, but arguably, you won't really have Omicron headwind at that point. So just wanted to try and get things calibrated from a modeling standpoint, at least through the first half of the year directionally as we work towards the full year target.

只是想問一個關於我們應該如何考慮淨收入增長的季度節奏的問題。顯然，您向我們介紹了第一季度。聽起來 Omicron 和 FX 和回扣在那裡有點逆風。顯然，您在第二季度的同比比較比第一季度要困難得多，但可以說，那時您不會真正遇到 Omicron 逆風。因此，我們只是想嘗試從建模的角度進行校準，至少在今年上半年有方向性地實現我們的全年目標。

Yes, Jason. So I'd say, obviously, we've given you some thoughts around Q1 and for the full year at this point to get you started. We'll talk a little bit more about other quarters as the year progresses. But just stepping back a bit, as we said in our remarks, we expect that cross-border travel recovery will resume as the surge passes and that will reach the cross-border travel back to the 2019 levels by the end of 2022.

是的，傑森。所以我想說，很明顯，我們已經在第一季度和全年給了你一些想法，讓你開始。隨著時間的推移，我們將更多地談論其他季度。但只是稍微退後一步，正如我們在講話中所說，我們預計隨著激增的過去，跨境旅行將恢復復甦，到 2022 年底跨境旅行將恢復到 2019 年的水平。

Look, we continue to be very active on the deal front, and so that needs to be taken into account. But overall, here's what I would say that the pace of cross-border travel recovery will be a key determinant as to how that cadence plays out. And more to come as we go through the year. I'll share a little bit more about what we think about ensuing quarters. But right now, that's the extent of what I'm going to share with you.

看，我們在交易方面繼續非常活躍，因此需要考慮到這一點。但總的來說，我想說的是，跨境旅行複甦的步伐將是決定這種節奏如何發揮作用的關鍵因素。隨著我們這一年的到來，還會有更多。我將分享更多關於我們對接下來幾個季度的看法。但現在，這就是我要與你分享的內容。

Thanks, Sachin. Michael, any final comments?

謝謝，薩欽。邁克爾，有什麼最後的評論嗎？

Yes. I was hoping the last question would be for me. Anyway. So thank you for all your questions. As you see, we're optimistic with the outlook. We reaffirmed our 3-year guidance that we gave you in November. I don't think there's any need to repeat anything we said. I'd just like to thank you for your support. And as usual, a call out for people that make all off this happen. Thank you and speak to you next quarter.

是的。我希望最後一個問題是給我的。反正。所以謝謝你的所有問題。如您所見，我們對前景持樂觀態度。我們重申了我們在 11 月為您提供的 3 年指導。我認為沒有必要重複我們所說的任何事情。我只想感謝您的支持。像往常一樣，呼籲讓這一切發生的人。謝謝你，下個季度再和你談談。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。