萬事達 (MA) 2022 Q2 法說會逐字稿

Good morning, and welcome to the Mastercard Inc. Q2 2022 Earnings Conference Call. (Operator Instructions) Thank you. Warren Kneeshaw, you may begin your conference.

早上好，歡迎參加萬事達卡公司 2022 年第二季度收益電話會議。 （操作員說明）謝謝。 Warren Kneeshaw，你可以開始你的會議了。

Thank you, Julie. Good morning, everyone, and thank you for joining us for our second quarter 2022 earnings call. With me today are Michael Miebach, our Chief Executive Officer; and Sachin Mehra, our Chief Financial Officer. (Operator Instructions)

謝謝你，朱莉。大家早上好，感謝您加入我們的 2022 年第二季度財報電話會議。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。 （操作員說明）

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. 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 their GAAP reported amounts.

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。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 措施與其 GAAP 報告金額的對賬。

Finally, as set forth in more detail in our earnings release, I would 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 will 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. Starting with the key highlights for the quarter. We delivered strong revenue and earnings growth with further improvement in our underlying operating metrics, notably in cross-border travel. Quarter 2 adjusted net revenues were up 27% and adjusted operating income up 40% versus a year ago on a non-GAAP currency-neutral basis, excluding special items.

謝謝你，沃倫。大家，早安。從本季度的主要亮點開始。隨著基本運營指標的進一步改善，我們實現了強勁的收入和盈利增長，尤其是在跨境旅行方面。在非 GAAP 貨幣中性基礎上（不包括特殊項目），與一年前相比，第二季度調整後的淨收入增長了 27%，調整後的營業收入增長了 40%。

On the macroeconomic front, we continue to monitor a number of factors that have both positive and negative influences on economic growth. Inflationary pressures have remained persistent, and we are now seeing central banks taking even more aggressive steps to reduce inflation as we have seen with the Fed yesterday.

在宏觀經濟方面，我們繼續監測對經濟增長有正面和負面影響的一些因素。通脹壓力持續存在，我們現在看到央行採取更加積極的措施來降低通脹，正如我們昨天在美聯儲看到的那樣。

The situation has been compounded by geopolitical tensions and supply chain constraints, which have eased from pandemic peaks but remain in many industries. Despite this, unemployment rates remain low, wages are rising and consumer savings levels remain high. With this backdrop, consumer spending and particularly travel-related spending remains strong.

地緣政治緊張局勢和供應鏈限制加劇了這種情況，這些因素已從大流行高峰期緩解，但仍存在於許多行業。儘管如此，失業率仍然很低，工資正在上漲，消費者儲蓄水平仍然很高。在這種背景下，消費者支出，尤其是與旅行相關的支出依然強勁。

Looking at this from a geographic standpoint. U.S. retail spending remains healthy as consumers navigate a high inflation environment. Spending has been aided by strong job creation and the buildup of excess savings during the pandemic. According to our Mastercard SpendingPulse, which is based on all payment types, including cash and check, U.S. retail sales ex auto ex gas were up 6% in the second quarter versus a year ago.

從地理角度來看。隨著消費者在高通脹環境中度過，美國零售支出保持健康。大流行期間強勁的就業創造和超額儲蓄的積累有助於支出。根據我們基於所有支付類型（包括現金和支票）的萬事達卡 SpendingPulse 的數據，第二季度美國零售額（不包括汽車和汽油）與一年前相比增長了 6%。

In Europe, spending trends are positive, although the risks related to both the supply of natural gas and higher interest rates remain headwinds. Growth in Latin America continues to moderate following a strong rebound in 2021. Asia has generally lagged the recovery of other regions. While COVID-related requirements have been relaxed in several countries, strong restrictions remain in others. Asia continues to have significant upside potential.

在歐洲，支出趨勢是積極的，儘管與天然氣供應和更高利率相關的風險仍然是不利因素。在 2021 年強勁反彈之後，拉丁美洲的增長繼續放緩。亞洲總體上落後於其他地區的複蘇。儘管一些國家已經放寬了與 COVID 相關的要求，但其他國家仍然存在嚴格的限制。亞洲繼續具有巨大的上行潛力。

Looking more specifically at our switched volume trends. Domestic volumes continued to show strong growth with notable strength in airline, lodging and restaurant spend. We've seen some shift in spend towards gas and groceries from discretionary categories like home furnishings in the U.S. Cross-border continues its strong recovery as border restrictions continue to be relaxed. Cross-border travel in quarter 2 has now reached 118% of 2019 levels. Cross-border card-not-present ex travel continued to hold up well.

更具體地查看我們的轉換量趨勢。國內貨運量繼續呈現強勁增長，航空、住宿和餐廳支出顯著增長。我們已經看到美國的家居用品等非必需品類別的支出轉向天然氣和雜貨。隨著邊境限制繼續放寬，跨境繼續強勁復甦。第二季度的跨境旅行現已達到 2019 年水平的 118%。跨境無卡前旅行繼續保持良好狀態。

Notwithstanding the strength in consumer spending, we will continue to watch the environment closely, including fiscal and monetary policy responses to high inflation and their potential impact on spending. Within this environment, we will continue to be nimble in managing our expenses. We have the flexibility to respond quickly across a number of levers as we showed in 2020.

儘管消費者支出強勁，但我們將繼續密切關注環境，包括應對高通脹的財政和貨幣政策及其對支出的潛在影響。在這種環境下，我們將繼續靈活地管理我們的開支。正如我們在 2020 年展示的那樣，我們可以靈活地在多個槓桿上快速做出響應。

Having said this, we will continue to invest in the business to drive top and bottom line growth over the longer term. We have well diversified business model, and we are executing against our 3 key strategic priorities: expanding in payments, extending our services and embracing new networks. And here's an update on how we're progressing against each one of those.

話雖如此，我們將繼續對該業務進行投資，以推動長期的收入和利潤增長。我們擁有多元化的商業模式，我們正在執行我們的三個關鍵戰略重點：擴展支付、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一項取得進展的更新。

First, we're expanding in payments by continuing to grow card volume, driving acceptance growth and leaning into innovation to capture other prioritized payment flows. We're driving growth in card volume with new consumer, small business, co-brand and travel wins globally.

首先，我們正在通過繼續增加信用卡數量、推動接受度增長以及通過創新來捕捉其他優先支付流程來擴大支付領域。我們正在通過新的消費者、小企業、聯合品牌和全球旅遊的勝利來推動卡數量的增長。

In Canada, we're excited to announce that we secured a new partnership with CIBC that creates an opportunity for material share shift for Mastercard with the bank. We also renewed our relationship with the Royal Bank of Canada, including a range of services that will enable us to grow our proprietary and co-brand volumes with them.

在加拿大，我們很高興地宣布我們與 CIBC 建立了新的合作夥伴關係，這為萬事達卡與銀行的重大份額轉移創造了機會。我們還更新了與加拿大皇家銀行的關係，包括一系列服務，使我們能夠與他們一起增加我們的專有和聯合品牌數量。

In the U.S., we established a new partnership agreement with the U.S. Bank, which extends our current debit, credit, co-brand and small business credit programs. It includes several new products, including the first large-scale launch of a consumer credit product, a small business credit offering and the development of Buy Now Pay Later installment solutions.

在美國，我們與美國銀行建立了新的合作夥伴協議，擴展了我們當前的借記、貸記、聯合品牌和小企業信貸計劃。它包括幾款新產品，包括首次大規模推出消費信貸產品、小企業信貸產品以及開發“先買後付”分期付款解決方案。

We're excited to announce that we have completed the conversion of Gap Inc.'s existing 10 million card members to Mastercard across the Old Navy, Gap, Banana Republic and Athleta brands. We renewed and expanded our co-brand with Brooks Brothers issued by Citi, and we have renewed and expanded our co-brand with Barnes & Noble in partnership with Barclays. Outside of North America, we have secured several new wins and renewals, including a number of deals that position us well in Asia Pacific as the region rebounds from the pandemic.

我們很高興地宣布，我們已完成將 Gap Inc. 現有的 1000 萬卡會員轉換為 Old Navy、Gap、Banana Republic 和 Athleta 品牌的萬事達卡。我們與花旗發行的 Brooks Brothers 更新並擴展了我們的聯合品牌，我們與 Barnes & Noble 與巴克萊合作，更新並擴展了我們的聯合品牌。在北美以外，我們已經獲得了幾項新的勝利和續約，其中包括隨著該地區從大流行中恢復過來，我們在亞太地區處於有利地位的一些交易。

In Australia, we've extended our partnership with Bendigo and Adelaide Bank Limited, enabling us to maintain exclusivity with Bendigo and convert several of their regional debit portfolios. We're pleased to announce that National Australia Bank and Mastercard has signed an agreement to retain and grow the Mastercard components of Citigroup Australia's consumer business that was acquired by NAB. This marks the first significant issuing relationship between the 2 companies in years, and we look forward to partnering to grow these portfolios.

在澳大利亞，我們擴大了與 Bendigo 和 Adelaide Bank Limited 的合作夥伴關係，使我們能夠保持與 Bendigo 的排他性並轉換他們的幾個區域借記組合。我們很高興地宣布，澳大利亞國民銀行和萬事達卡已簽署一項協議，以保留和發展被 NAB 收購的花旗集團澳大利亞消費者業務的萬事達卡組件。這標誌著這兩家公司多年來首次建立重大發行關係，我們期待著合作發展這些投資組合。

In Hong Kong, we partner with Citibank and HKT's loyalty program and digital ventures arm, the club, to launch the Citi The Club Credit Card. In India, we're happy to report that the embargo on new issuance has been lifted. Issuers have restarted card issuance and they are eager to expand business with us. An example is YES BANK, where we signed a consumer credit agreement that will enable us to maintain a majority share and includes a commitment to scale our World Elite portfolio.

在香港，我們與花旗銀行和 HKT 的忠誠度計劃和數字風險投資部門俱樂部合作推出 Citi The Club 信用卡。在印度，我們很高興地報告新發行的禁運已經解除。發卡機構已重啟發卡，渴望與我們拓展業務。一個例子是 YES BANK，我們簽署了一項消費者信貸協議，使我們能夠保持多數份額，並承諾擴大我們的 World Elite 投資組合。

We've worked on to expand our travel-oriented portfolios, which positions us well to capitalize on the strong recovery of travel. For example, in Asia Pacific, we entered into a 10-year commercial card issuance deal with Trip.com, one of the world's largest online travel agencies. In the UAE, we renewed our co-brand portfolio with Marriott. In the U.S., we have renewed our long-standing co-brand relationship with Amtrak, and we've extended our co-brand partnership with Virgin Atlantic in the U.K., a partnership that will leverage our Test & Learn, innovation labs and SessionM loyalty assets.

我們一直在努力擴大我們以旅遊為導向的投資組合，這使我們能夠很好地利用旅遊的強勁復甦。例如，在亞太地區，我們與全球最大的在線旅行社之一 Trip.com 簽訂了為期 10 年的商業卡發行協議。在阿聯酋，我們更新了與萬豪的聯合品牌組合。在美國，我們更新了與 Amtrak 的長期聯合品牌合作關係，並擴大了與英國維珍航空的聯合品牌合作夥伴關係，這種合作關係將利用我們的測試與學習、創新實驗室和 SessionM 忠誠度資產。

We're also driving growth in payments by continuing to expand acceptance. Mastercard is now accepted in 90 million merchants' locations worldwide, and we have more than doubled the number of acceptance locations over the last 5 years. Mastercard has been driving Tap on Phone innovation, enabling billions of active smartphones to become potential acceptance devices with over 130 deployments across 55 markets. This includes working with Apple to enable acceptance of Mastercard contactless cards and digital payments through the Tap to Pay on iPhone capability. This allows businesses to accept payments directly on their iPhones.

我們還通過繼續擴大接受度來推動支付增長。萬事達卡現已在全球 9000 萬商戶地點接受，並且在過去 5 年中，我們的接受地點數量增加了一倍多。萬事達卡一直在推動 Tap on Phone 的創新，使數十億活躍的智能手機成為潛在的接受設備，在 55 個市場進行了超過 130 次部署。這包括與 Apple 合作，通過 iPhone 上的 Tap to Pay 功能接受萬事達卡非接觸式卡和數字支付。這允許企業直接在他們的 iPhone 上接受付款。

Mastercard is further empowering the ecosystem through our cloud commerce capabilities, which enables our channel partners to quickly deliver cost-effective acceptance. It also provides easy access to a range of payment solutions and services, including Tap on Phone, QR, Installments, Loyalty, data insights and more via the Mastercard cloud. In addition, we continue to drive adoption of our Click to Pay online guest checkout capability. Click to Pay is now enabled in over 20 markets across all regions, and transactions have been growing over quarter.

萬事達卡正在通過我們的雲商務功能進一步增強生態系統的能力，這使我們的渠道合作夥伴能夠快速提供具有成本效益的接受。它還可以通過萬事達卡雲輕鬆訪問一系列支付解決方案和服務，包括點擊電話、二維碼、分期付款、忠誠度、數據洞察等。此外，我們繼續推動採用我們的 Click to Pay 在線客人結賬功能。 Click to Pay 現在已在所有地區的 20 多個市場中啟用，並且交易量在一個季度內一直在增長。

We're expanding in payments through innovations like Mastercard Installments. Our open loop buy now, pay later program has been very well received. Mastercard's Installment is now soon to be live, with Saudi National Bank and several new partners adding their support to the program. Examples include Cross River Bank, Evolve Bank & Trust, Jifiti, Live Oak, MOCA Financial and WebBank in the U.S. as well as HSBC, NatWest and JPMorgan's payments division in the U.K. In addition, Apple recently announced Apple Pay Later, which uses the Mastercard Installments program.

我們正在通過萬事達卡分期付款等創新技術擴展支付業務。我們的開環即買即付計劃受到了好評。萬事達卡的分期付款現在很快就會上線，沙特國家銀行和幾個新的合作夥伴也加入了對該計劃的支持。例子包括美國的 Cross River Bank、Evolve Bank & Trust、Jifiti、Live Oak、MOCA Financial 和 WebBank，以及英國的匯豐銀行、NatWest 和摩根大通的支付部門。此外，Apple 最近宣布使用萬事達卡的 Apple Pay Later分期付款計劃。

Finally, we're driving growth in payments by leaning into innovation to capture a prioritized set of new payment flows, including disbursements and remittances, commercial point of sale, B2B accounts payable and consumer bill pay. This is at the heart of the investments we've been making to develop a range of capabilities that span cards, account-to-account payments, push payments and blockchain. We're at various stages of scaling our capabilities across these different flows, and we're making steady progress. For example, we are expanding network reach through new cross-border services relationships with partners like Doha Bank and Vodafone in Qatar, and UPT, a leading money transfer operator in Turkey.

最後，我們通過創新來推動支付增長，以捕捉一組優先的新支付流，包括支付和匯款、商業銷售點、B2B 應付賬款和消費者賬單支付。這是我們為開發涵蓋卡、賬戶到賬戶支付、推送支付和區塊鏈的一系列功能而進行的投資的核心。我們正處於跨這些不同流程擴展我們的能力的不同階段，並且我們正在穩步取得進展。例如，我們正在通過與卡塔爾的多哈銀行和沃達丰以及土耳其領先的匯款運營商 UPT 等合作夥伴建立新的跨境服務關係來擴大網絡覆蓋範圍。

We are targeting specific use cases and scaling distribution through B2B partnerships with Mastercard Send. A few examples, Caesars Sportsbook will leverage Send for instant payment of online winnings, and Paysafe will integrate Mastercard Send into their payments platform to enhance the payout capabilities offered to their merchant customers in the U.K. and the EU.

我們的目標是特定用例，並通過與 Mastercard Send 的 B2B 合作擴大分銷。舉幾個例子，Caesars Sportsbook 將利用 Send 即時支付在線獎金，Paysafe 將把 Mastercard Send 整合到他們的支付平台中，以增強向英國和歐盟商戶客戶提供的支付能力。

Now turning to services. Our service capabilities have proven to be a tremendous growth driver and differentiator for our business, build on a foundation of investments and experiences built over the years. Looking forward, we continue to see a significant opportunity for services in 3 primary areas. First, services will continue to enhance the value of payments. Services make payments intelligence safe and secure.

現在轉向服務。我們的服務能力已被證明是我們業務的巨大增長動力和差異化因素，建立在多年來積累的投資和經驗的基礎上。展望未來，我們繼續在三個主要領域看到重大的服務機會。首先，服務將繼續提升支付價值。服務使支付智能安全可靠。

For example, our Identity Check payment authentication service is driving double-digit improvements in approval rates. We are working with Postepay in Italy to support the deployment of their issuing portfolio, assist in growing their acquiring business and enhance the customer engagement approach. Now our consulting team in Europe is engaging with ING to help them create a seamless payment experience for their clients.

例如，我們的 Identity Check 支付認證服務正在推動批准率實現兩位數的提高。我們正在與意大利的 Postepay 合作，以支持部署他們的發行組合，幫助他們發展收單業務並加強客戶參與方式。現在，我們在歐洲的諮詢團隊正在與 ING 合作，幫助他們為客戶創造無縫的支付體驗。

Second, we see the needs of our customers expanding beyond payments. We can leverage our full suite of differentiated services to address these needs. A recent example is Travelodge with utilizing our Test & Learn capabilities to support optimization of new investments in their business.

其次，我們看到客戶的需求超出了支付範圍。我們可以利用我們全套的差異化服務來滿足這些需求。最近的一個例子是 Travelodge，它利用我們的測試和學習功能來支持優化其業務中的新投資。

And third, our services can be deployed to support new networks, making our open banking and digital identity propositions even stronger. With these adjacent networks, it's our services that will enable us to establish a differentiated position to scale and win. For example, we recently launched a new Biometric Checkout Program. The program outlined a set of standards from banks, merchants and tech providers, helping to ensure the security and privacy of personal data when people pay with a smile or with a wave.

第三，我們的服務可以部署來支持新的網絡，使我們的開放銀行和數字身份主張更加強大。借助這些相鄰的網絡，我們的服務將使我們能夠建立差異化的地位以擴大規模並贏得勝利。例如，我們最近推出了一項新的生物識別結賬計劃。該計劃概述了銀行、商家和技術提供商的一套標準，有助於確保人們在微笑或揮手付款時個人數據的安全性和隱私性。

Now beyond expanding in payments and expanding in services, our third key strategic priority area is embracing new networks. As a reminder, our current focus is on 2 areas: open banking and digitalized entity. We're leveraging our Finicity and Aiia acquisitions to expand our open banking footprint, grow our customer base and deliver new solutions.

現在，除了擴大支付和擴大服務之外，我們的第三個關鍵戰略優先領域正在擁抱新網絡。提醒一下，我們目前的重點是兩個領域：開放銀行和數字化實體。我們正在利用我們對 Finicity 和 Aiia 的收購來擴大我們的開放銀行業務，擴大我們的客戶群並提供新的解決方案。

This quarter, we expanded our Engage partner network to include our open banking services with new fintech partnerships, including Dwolla, Synctera, i2c and others. They can now use our open banking capabilities to easily build and implement solutions for their end customers across a range of use cases from lending to payments to financial management. In addition, we recently launched a global Start Path Open Banking program. This program enables us to co-innovate with start-up fintechs like Dapi, Finantier, mmob, Mono and Paywallet as we support their path to scale.

本季度，我們擴展了我們的 Engage 合作夥伴網絡，將我們的開放銀行服務與新的金融科技合作夥伴包括在 Dwolla、Synctera、i2c 等中。他們現在可以使用我們的開放銀行功能輕鬆地為他們的最終客戶構建和實施解決方案，涵蓋從貸款到支付再到財務管理的各種用例。此外，我們最近推出了一項全球 Start Path Open Banking 計劃。該計劃使我們能夠與 Dapi、Finantier、mmob、Mono 和 Paywallet 等初創金融科技公司共同創新，因為我們支持他們的擴張之路。

We've expanded our open banking product offering as well. We announced Pay by link in Europe, which allows businesses to send payment requests through invoice, e-mail, SMS or social media chat. This can expedite the payment of invoices in a cost-efficient way, enabling both parties to better manage cash flows. Online accounting provider, Visma Dinero is using Pay by link to simplify invoice payments for over 75,000 small- and medium-sized businesses.

我們還擴展了我們的開放式銀行產品供應。我們在歐洲宣布通過鏈接付款，允許企業通過發票、電子郵件、短信或社交媒體聊天發送付款請求。這可以以具有成本效益的方式加快發票支付，使雙方能夠更好地管理現金流。在線會計提供商 Visma Dinero 正在使用 Pay by Link 來簡化超過 75,000 家中小型企業的發票支付。

And in the digital identity space, Ekata continues its strong performance, signing over 200 new deals in expansion since we acquired the company just over 1 year ago. This includes many of the leading buy now, pay later and crypto companies. It also includes real-time payment software providers like ACI Worldwide, who's leveraging Ekata's capabilities to help their global merchant network more accurately identify fraudulent transactions. Open banking and digital identity are attractive and growing opportunities, and Mastercard is uniquely positioned to be successful in both.

在數字身份領域，Ekata 繼續保持強勁表現，自一年多前收購該公司以來，簽署了 200 多項新的擴張交易。這包括許多領先的立即購買、稍後付款和加密貨幣公司。它還包括 ACI Worldwide 等實時支付軟件提供商，他們利用 Ekata 的能力幫助其全球商戶網絡更準確地識別欺詐交易。開放銀行和數字身份是有吸引力且不斷增長的機會，而萬事達卡在這兩個領域都具有獨特的優勢。

So in summary, our business fundamentals remain strong. We delivered robust revenue and earnings growth again. We're executing against our strategic priorities in payments, services and new networks. We have fortified our strong position with travel-oriented portfolios to capitalize on the continued recovery in travel.

因此，總而言之，我們的業務基本面依然強勁。我們再次實現了強勁的收入和盈利增長。我們正在執行我們在支付、服務和新網絡方面的戰略重點。我們通過以旅遊為導向的投資組合鞏固了我們的強勢地位，以利用旅遊的持續復甦。

On the macroeconomic front, we continue to monitor a number of factors influencing economic and spending growth. And with all of that, we will continue to manage our expenses carefully. That said, we will also continue to invest in the business to drive top and bottom line growth over the longer term.

在宏觀經濟方面，我們繼續監測影響經濟和支出增長的一些因素。有了這一切，我們將繼續謹慎管理我們的開支。也就是說，我們還將繼續對該業務進行投資，以推動長期的收入和利潤增長。

Sachin, over to you.

薩欽，交給你了。

Thanks, Michael. Now turning to Page 3, which shows our financial performance for the quarter on currency-neutral basis excluding special items and the impact of gains and losses on our equity investments.

謝謝，邁克爾。現在轉到第 3 頁，它顯示了我們在不包括特殊項目的貨幣中性基礎上本季度的財務業績以及損益對我們股權投資的影響。

Net revenue was up 27%, reflecting the continued execution of our strategy and the ongoing recovery in spending. Acquisitions contributed 1 ppt to this growth. Operating expenses increased 12%, including a 5 ppt increase from acquisitions. Operating income was up 40%, which includes a 1 ppt decrease related to acquisitions. EPS was up 40% year-over-year to $2.56, which includes a $0.05 contribution from share repurchases. During the quarter, we repurchased $2.4 billion worth of stock and an additional $448 million through July 25, 2022.

淨收入增長 27%，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 1 個百分點。運營費用增加了 12%，其中收購增加了 5 個百分點。營業收入增長 40%，其中包括與收購相關的下降 1 個百分點。每股收益同比增長 40% 至 2.56 美元，其中包括來自股票回購的 0.05 美元貢獻。在本季度，我們回購了價值 24 億美元的股票，並在 2022 年 7 月 25 日之前再回購了 4.48 億美元。

So now let's turn to Page 4, where you can see the operational metrics for the second quarter. Worldwide gross dollar volume or GDV increased by 14% year-over-year on a local currency basis. On the same basis, if you exclude Russia from the prior period, GDV increased by 19%. In the U.S., GDV increased by 10% with credit growth of 25%, reflecting the recovery of spending on travel.

現在讓我們轉到第 4 頁，您可以在其中查看第二季度的運營指標。以當地貨幣計算，全球總美元交易量或 GDV 同比增長 14%。在同樣的基礎上，如果將俄羅斯排除在前期之外，GDPV 增加了 19%。在美國，GDPV 增長 10%，信貸增長 25%，反映出旅遊支出的複蘇。

Debit declined by 2%. Excluding the impact of a roll-off of a customer agreement, debit increased by 1%. Outside of the U.S., volume increased 16% with credit growth of 19% and debit growth of 13%. Cross-border volume was up 58% globally for the quarter, reflecting continued improvements in travel-related cross-border.

借方下降了 2%。排除客戶協議延期的影響，借方增加了 1%。在美國以外，交易量增長 16%，信貸增長 19%，借方增長 13%。本季度全球跨境交易量增長了 58%，反映出與旅行相關的跨境業務持續改善。

Turning to Page 5. Switched transactions grew 12% year-over-year in Q2. Excluding Russia from the prior year, switched transactions grew 22% year-over-year in Q2. Card-present and card-not-present growth rates remain strong. Card-present growth was aided in part by increases in contactless penetration in all regions when excluding Russia. In addition, card growth was 5% or 9%, if we exclude cards issued by Russian banks from the prior year card comp. Globally, there are 3 billion Mastercard and Maestro-branded cards issued.

轉到第 5 頁。第二季度，轉換交易同比增長 12%。不包括上一年的俄羅斯，第二季度的轉換交易同比增長 22%。有卡和無卡增長率保持強勁。除俄羅斯外，所有地區的非接觸式普及率都提高了卡存在的增長。此外，如果我們將俄羅斯銀行發行的卡從上一年的卡組合中排除，則卡增長為 5% 或 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 the highlights on the revenue line items, again described on a currency-neutral basis, excluding special items, unless otherwise noted. The increase in net revenue of 27% was primarily driven by domestic and cross-border transaction and volume growth as well as growth in services partially offset by growth in rebates and incentives. Acquisitions contributed approximately 1 ppt to this growth.

現在讓我們轉到第 6 頁，了解收入項目的亮點，除非另有說明，否則再次在貨幣中性的基礎上進行描述，不包括特殊項目。淨收入增長 27% 主要是由於國內和跨境交易和交易量增長以及服務增長部分被返利和激勵措施的增長所抵消。收購對這一增長貢獻了大約 1 個百分點。

Looking quickly at the individual revenue line items, domestic assessments were up 13%, while worldwide GDV grew 14%. Cross-border volume fees increased 61%, while cross-border volumes increased 58%. The 3 ppt difference is primarily due to (inaudible) geographic mix. Transaction processing fees were up 22%, while switched transactions grew 12%. The 10 ppt difference is primarily due to favorable mix, FX-related revenues and pricing.

快速查看各個收入項目，國內評估增長了 13%，而全球 GDV 增長了 14%。跨境交易量費用增加了 61%，而跨境交易量增加了 58%。 3 個百分點的差異主要是由於（聽不清）地理混合。交易處理費上漲了 22%，而轉換交易則上漲了 12%。 10 個百分點的差異主要是由於有利的組合、與外匯相關的收入和定價。

Other revenues were up 23%, including a 3 ppt contribution from acquisitions. The remaining growth was driven by our Cyber & Intelligence and Data & Services solutions. Finally, rebates and incentives were up 23%, reflecting the strong growth in volumes and transactions and new and renewed deal activity. Note, rebates and incentives as a percentage of gross revenue is higher relative to Q1 2022, primarily due to volumes and related revenues generated from a sizable customer in Russia in Q1, with no related incentive agreement on such volumes.

其他收入增長 23%，其中收購貢獻了 3 個百分點。其餘的增長是由我們的網絡與情報和數據與服務解決方案推動的。最後，回扣和獎勵增加了 23%，反映出交易量和交易量以及新的和續訂交易活動的強勁增長。請注意，與 2022 年第一季度相比，回扣和獎勵佔總收入的百分比更高，這主要是由於第一季度俄羅斯一家大型客戶產生的銷量和相關收入，但沒有就此類銷量達成相關的激勵協議。

Moving now to Page 7. You can see that on a currency-neutral basis, total operating expenses increased 12%, including a 5 ppt impact from acquisitions. Excluding acquisitions, the remaining increase was primarily due to increased spending on personnel to support the continued execution of our strategic initiatives as well as unfavorable foreign exchange-related expenses due to the remeasurement of monetary assets and liabilities.

現在轉到第 7 頁。您可以看到，在貨幣中性的基礎上，總運營費用增加了 12%，其中包括來自收購的 5 個百分點的影響。不包括收購，其餘增長主要是由於增加了人員支出以支持我們繼續執行我們的戰略計劃，以及由於重新計量貨幣資產和負債而導致的不利外匯相關費用。

Turning to Page 8. Let's discuss the operating metrics for the first 3 weeks of July. For your reference, to help you understand the trends in the business ex Russia, we have included an appendix later in this deck to show all the data points from the schedule if you excluded activity from Russian-issued cards from prior periods. As a general comment, our metrics are holding up well in July. Going forward, however, the year-over-year growth metrics will face tougher comps as we begin lapping periods when COVID-related restrictions eased and spending levels started to rebound.

轉到第 8 頁。讓我們討論 7 月前 3 週的運營指標。供您參考，以幫助您了解除俄羅斯以外的業務趨勢，如果您排除了俄羅斯發行的卡的前期活動，我們在本套牌後面添加了一個附錄，以顯示時間表中的所有數據點。作為一般性評論，我們的指標在 7 月份保持良好。然而，展望未來，隨著與 COVID 相關的限制放鬆且支出水平開始反彈的時期開始，同比增長指標將面臨更嚴峻的考驗。

Going through the metrics in turn, starting with switched volumes. For the first 3 weeks of July, we grew switched volumes 18% year-over-year, down 3 ppt versus Q2. Switched transactions grew 10% year-over-year through the first 3 weeks of July, down 2 ppt from Q2. Overall, cross-border volumes through the first 3 weeks of July grew 54% year-over-year, down 4 ppt versus Q2. Cross-border travel had another quarter of strong growth as border restrictions continue to be lifted.

依次檢查指標，從切換量開始。在 7 月的前 3 週，我們的交易量同比增長 18%，與第二季度相比下降了 3 個百分點。在 7 月的前 3 週，轉換交易同比增長 10%，比第二季度下降 2 個百分點。總體而言，7 月前 3 週的跨境交易量同比增長 54%，較第二季度下降 4 個百分點。隨著邊境限制的繼續解除，跨境旅行又實現了四分之一的強勁增長。

In the first 3 weeks of July, cross-border travel was up 89% year-over-year, down 55 ppt versus Q2 due to more difficult year-ago comps, as I just noted. Cross-border travel is now at 126% of 2019 levels, up 8 points versus Q2. Cross-border card-not-present, excluding travel, was up 16% year-over-year in July. The increase of 9 ppt compared to Q2 reflects a reduced headwind from crypto purchases and the timing of significant e-com promotional activity between the periods. This metric continues to hold up well in relation to 2019 levels.

正如我剛剛提到的，由於去年同期比較困難，7 月的前 3 週，跨境旅行同比增長 89%，與第二季度相比下降 55 個百分點。跨境旅行現在是 2019 年水平的 126%，比第二季度增長 8 個百分點。不包括旅行在內的跨境無卡在 7 月份同比增長 16%。與第二季度相比增加了 9 個百分點，這反映了加密貨幣購買的不利因素減少以及兩個時期之間重大電子商務促銷活動的時機。與 2019 年的水平相比，該指標繼續保持良好狀態。

Turning to Page 9. I wanted to share our thoughts on the remainder of 2022. Let me start by saying that we have strong momentum with our customers. We continue to enhance our product and service offerings and that our business fundamentals remain very strong. Consumer spending remains robust and cross-border travel has improved more quickly than expected as border restrictions ease and consumers increase their spending towards travel.

轉到第 9 頁。我想分享我們對 2022 年剩餘時間的看法。首先讓我說我們與客戶的勢頭強勁。我們繼續增強我們的產品和服務產品，我們的業務基礎仍然非常強勁。隨著邊境限制放鬆和消費者增加旅行支出，消費者支出依然強勁，跨境旅行的改善速度快於預期。

And there is more room to grow as some borders remain either restricted or have yet to recover to historical levels of growth. For instance, based on our switched volumes, Asia, which represented approximately 14% of cross-border inbound travel in 2019 is only at approximately 60% of 2019 levels in Q2. Similarly, the U.S., U.K. and Canada, which represented approximately 20% of cross-border inbound travel in 2019 is at about 110% of 2019 levels, still well below the historical trajectory.

由於一些邊界仍然受到限製或尚未恢復到歷史增長水平，因此還有更大的增長空間。例如，根據我們的轉換量，佔 2019 年跨境入境旅行約 14% 的亞洲在第二季度僅佔 2019 年水平的約 60%。同樣，在 2019 年佔跨境入境旅行約 20% 的美國、英國和加拿大也處於 2019 年水平的 110% 左右，仍遠低於歷史軌跡。

Specifically, if inbound travel to these 3 countries had continued to grow at the historical 3-year CAGR through (inaudible), we would have expected to be at approximately 135% of 2019 levels rather than approximately 110%. We are well positioned to capitalize on this growth with our travel-oriented portfolios.

具體而言，如果這 3 個國家的入境旅行在歷史 3 年復合年增長率（聽不清）中繼續增長，我們預計將達到 2019 年水平的約 135%，而不是約 110%。我們有能力通過我們以旅遊為導向的投資組合來利用這一增長。

As Michael mentioned, there are a number of macroeconomic factors that could influence future economic growth: employment and wage levels, consumer savings levels, persistent and elevated inflation and rising interest rates and geopolitical tensions in particular. We are monitoring each of these, but on balance, expect a modest improvement in cross-border travel versus 2019 levels and a generally resilient consumer spending through the remainder of 2022.

正如邁克爾所提到的，有許多宏觀經濟因素可能會影響未來的經濟增長：就業和工資水平、消費者儲蓄水平、持續和高漲的通貨膨脹以及利率上升，尤其是地緣政治緊張局勢。我們正在監控其中的每一項，但總的來說，預計跨境旅行與 2019 年的水平相比將略有改善，並且在 2022 年剩餘時間內，消費者支出將普遍具有彈性。

Taking this all into account, including our well-diversified business model, we are increasing our expectations for net revenue growth for the full year 2022 to a low 20s rate on a currency-neutral basis, excluding acquisitions and special items. Acquisitions are forecasted to add about 1 ppt to this growth, while foreign exchange is expected to be a headwind of 5 to 6 ppt for the year primarily due to the strengthening of the U.S. dollar versus the euro. It is worth highlighting that this performance is despite the cessation of our Russian operations in Q1.

考慮到這一切，包括我們多元化的業務模式，我們正在將我們對 2022 年全年淨收入增長的預期提高至 20 年代的低匯率，在貨幣中性的基礎上，不包括收購和特殊項目。預計收購將使這一增長增加約 1 個百分點，而主要由於美元兌歐元走強，預計今年外匯將成為 5 至 6 個百分點的逆風。值得強調的是，儘管我們在第一季度停止了俄羅斯業務，但這一表現仍然存在。

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. This reflects continued investment in our people and strategic priorities as well as impacts from FX-related expenses primarily due to remeasurement of monetary assets and liabilities.

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。這反映了對我們的人員和戰略重點的持續投資，以及主要由於重新計量貨幣資產和負債而產生的外匯相關費用的影響。

Acquisitions are forecasted to add about 4 ppt to this growth, while foreign exchange is expected to be a tailwind of approximately 3 to 4 ppt for the year. We are prepared to quickly adjust our operating expense base as we did in 2020 should circumstances dictate.

預計收購將使這一增長增加約 4 個百分點，而外匯預計將成為今年約 3 至 4 個百分點的順風。如果情況需要，我們準備像 2020 年那樣迅速調整我們的運營費用基數。

With respect to the third quarter of 2022, year-over-year net revenue is expected to grow at the high end of a high-teens rate, again, on a currency-neutral basis, excluding acquisitions and special items. Sequentially, this reflects continued strong consumer spending, including a modest improvement in cross-border travel spending trends relative to 2019, reduced FX-related revenues as a result of lower anticipated FX volatility, and finally, the lapping of a stronger year ago quarter as the recovery took hold last year.

就 2022 年第三季度而言，在不包括收購和特殊項目的貨幣中性基礎上，預計淨收入同比增長將保持在十幾倍的高端。因此，這反映了持續強勁的消費者支出，包括相對於 2019 年跨境旅行支出趨勢的適度改善，由於預期的外匯波動性降低導致外匯相關收入減少，最後是一年前季度表現強勁，因為去年開始復蘇。

Acquisitions are forecasted to add about 1 ppt to this growth, while foreign exchange is expected to be a headwind of approximately 7 to 8 ppt for the quarter. From an operating expense standpoint, we expect Q3 operating expenses to grow at the high end of a low double-digit rate versus a year ago on a currency-neutral basis, excluding acquisitions and special items. Acquisitions are forecast to add about 5 ppt to this growth. Foreign exchange is expected to be a tailwind of approximately 5 ppt for the quarter.

預計收購將使這一增長增加約 1 個百分點，而外匯交易預計將成為本季度約 7 至 8 個百分點的逆風。從運營費用的角度來看，在不包括收購和特殊項目的貨幣中性基礎上，我們預計第三季度的運營費用將與一年前相比以兩位數的低水平增長。預計收購將使這一增長增加約 5 個百分點。預計本季度外匯將帶來約 5 個百分點的順風。

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. 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 between 19% and 21% in Q3, which includes a discrete tax item related to an unfavorable court judgment, the details of which we are still assessing. We expect a tax rate of approximately 19% in Q4.

其他要記住的項目。在另一個收入和支出項目上，考慮到現行利率，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，我們預計第三季度的稅率在 19% 至 21% 之間，其中包括與不利的法院判決相關的離散稅收項目，我們仍在評估其細節。我們預計第四季度的稅率約為 19%。

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. Julie, we're now ready for the question-and-answer session.

謝謝你，薩欽。朱莉，我們現在準備好進行問答環節了。

Thank you. (Operator Instructions) And your first question comes from Harshita Rawat from Bernstein.

謝謝你。 （操作員說明）您的第一個問題來自 Bernstein 的 Harshita Rawat。

So Michael, Sachin, can you comment on the media reports yesterday about a potential bill for introducing routing choice for credit cards? I know the Durbin Amendment for debit has market share. How could a credit routing choice -- how could be implemented given many alternative networks don't have those capabilities?

那麼邁克爾，薩欽，你能評論一下昨天媒體關於引入信用卡路由選擇的潛在法案的報導嗎？我知道借方的德賓修正案有市場份額。信用路由選擇怎麼可能——鑑於許多替代網絡不具備這些功能，如何實施？

And finally, just taking a step back, can you talk about routing decisions for merchants, and why they choose Mastercard or might choose Mastercard where they have a choice of alternative?

最後，退後一步，您能否談談商家的路線決策，以及他們為什麼選擇萬事達卡或可能選擇萬事達卡，因為他們可以選擇其他選擇？

Harshita, let me start off with that. This is -- so we read the same article. Clearly, it's early stages because we haven't seen the bill yet. So we're all speculating here, I think, what might happen. So we'll engage. We'll try to find out more over the weeks and months to come. But if you just assume for a moment that the article would be complete and this would actually happen, a few things come to mind that are straightforward, from our perspective.

Harshita，讓我開始吧。這是 - 所以我們閱讀了同一篇文章。顯然，這是早期階段，因為我們還沒有看到該法案。所以我們都在這裡猜測，我想，會發生什麼。所以我們會訂婚。我們將在未來幾周和幾個月內嘗試找出更多信息。但是，如果您只是暫時假設這篇文章將是完整的並且這實際上會發生，那麼從我們的角度來看，您會想到一些直截了當的事情。

First of all, we believe in competition. We believe in a level competitive landscape and playing field and even vested massive amounts in safety and security, and we focus on providing consumer choice, different ways of paying, credit, debit, whatever it is. So that's been our strategy. So we're going to look at this proposal -- proposed bill through that lens. So that's 1 -- that's a starting point for us.

首先，我們相信競爭。我們相信公平的競爭格局和競爭環境，甚至在安全和保障方面投入了大量資金，我們專注於為消費者提供選擇、不同的支付方式、信用卡、借記卡等。這就是我們的策略。所以我們要看看這個提案——通過那個鏡頭提出的法案。所以這是 1 -- 這對我們來說是一個起點。

Some of the questions that you touched on, some points here. What are practicalities? What are the technical aspects of this? How many providers are ready that have made the same kind of investments to really ensure that the consumer can rely on safety and protection and so forth? Those are open questions. We'll have to see what the regulation actually foresees.

你提到的一些問題，這裡有一些要點。什麼是實用性？這有哪些技術方面的問題？有多少供應商準備好進行同樣的投資，以真正確保消費者可以依賴安全和保護等？這些都是開放性問題。我們將不得不看看該法規的實際預期。

Overall, the concept of interchange is a balancing factor. And the ecosystem is one that has served the ecosystem, including the consumers, well in terms of rich propositions and all of that. We'll have to see what becomes out of that. Those are a whole range of questions that we've talked about over years that need to be considered by all stakeholders. And we will spend the time and the effort to ensure that everybody is well informed about the puts and takes around this proposed bill.

總的來說，互換的概念是一個平衡因素。就豐富的主張和所有這些而言，生態系統是為生態系統（包括消費者）服務的生態系統。我們將不得不看看會發生什麼。這些是我們多年來討論的一系列問題，需要所有利益相關者考慮。我們將花費時間和精力確保每個人都充分了解看跌期權並繞過這項提議的法案。

Your next question comes from Sanjay Sakhrani from KBW.

您的下一個問題來自 KBW 的 Sanjay Sakhrani。

Sachin, you talked about what's being baked into your forward view on cross-border being a modest improvement in cross-border, but you talked also about the long runway you still believe you have in terms of cross border. Could you just help us think about what's factored in versus what practically can happen as we look forward?

Sachin，您談到了您對跨境的前瞻性看法中融入的東西是跨境的適度改進，但您也談到了您仍然相信自己在跨境方面擁有的長跑道。您能否幫助我們思考考慮因素與我們期待的實際可能發生的情況？

Sure, Sanjay. So what I shared was that we are thinking ahead in terms of cross-border travel seeing a modest improvement relative to 2019. And as you can see in our metrics, cross-border travel in Q2 was at 118%, and the first 3 weeks of July is at 126%. Without getting too specific as to what exactly we're building in there, the point we've got is the following: we expect a modest improvement in travel when indexed back to 2019, and it's predicated on certain data points.

當然，桑傑。所以我分享的是，我們正在考慮跨境旅行方面的前瞻性，相對於 2019 年看到了適度的改善。正如您在我們的指標中看到的那樣，第二季度的跨境旅行為 118%，前 3 週7 月為 126%。無需過於具體地說明我們在那裡構建的具體內容，我們得到的要點如下：我們預計，當索引到 2019 年時，旅行會有適度的改善，並且它是基於某些數據點的。

And the data points are: if you think about what's going on in Asia Pacific, we've talked about how Asia Pacific from a cross-border travel standpoint has been lagging and has historically not come back over the last few years since COVID hit in the same way, say, as intra-Europe has come back. In fact, I shared with you the metrics as to where we stand from an inbound cross-border travel standpoint in Asia Pacific. So there's a lot of room to grow there. We think that opportunity exists.

數據點是：如果您考慮一下亞太地區正在發生的事情，我們已經討論過從跨境旅行的角度來看，亞太地區是如何落後的，並且在過去幾年中自 COVID 襲擊以來一直沒有恢復比如說，隨著歐洲內部的回歸，同樣的方式。事實上，我與您分享了我們從亞太地區入境跨境旅行的角度來看的指標。所以那裡有很大的發展空間。我們認為機會是存在的。

Markets in Asia Pacific, such as Australia, New Zealand, Singapore, even Japan, they've started to open up and actually have opened up fairly well. The one thing which we have always taken comfort in is that the fundamentals of cross-border travel and on cross-border in total remain very sound. When people have the ability to travel, they have demonstrated their intent to travel. And I think we've got enough data points now over the last 18 months to suggest that when barriers towards travel are lifted, people get on the road again.

亞太地區的市場，比如澳大利亞、新西蘭、新加坡，甚至日本，已經開始開放，而且實際上開放得相當好。我們一直感到欣慰的一件事是，跨境旅行和跨境旅行的基本面總體上仍然非常健全。當人們有旅行的能力時，他們就表明了他們旅行的意圖。而且我認為在過去的 18 個月中，我們現在有足夠的數據點表明，當旅行障礙解除時，人們會再次上路。

And so if you think about that and you think about the context of what's going on in Asia and the potential there, we've got opportunity there. But even beyond Asia, there are several other corridors such as the U.S., U.K. and Canada, which still have not reached the historical growth levels. They're higher than their 2019 index levels from an inbound standpoint, but there's still more room to grow. So we've kind of built all of that in, in our thoughts for the rest of the year.

因此，如果您考慮這一點，並考慮亞洲正在發生的事情的背景以及那裡的潛力，我們在那裡就有機會。但即使在亞洲之外，還有其他幾個走廊，如美國、英國和加拿大，仍未達到歷史增長水平。從入境的角度來看，它們高於 2019 年的指數水平，但仍有更大的增長空間。所以我們在今年餘下的時間裡已經把所有這些都融入了我們的想法中。

I'd like to just add to that. I find travel is such a fascinating topic and certainly very central to our business. There's been a [discussion] around of pent-up demand, like this is going to be a bubble and then it's all going to go back to where it was during the last 2 years. Why would anybody that has now has the chance to see their family and their friends again stop doing that in a year from now? So I think that actually doesn't make any sense.

我想補充一點。我發現旅行是一個如此迷人的話題，當然對我們的業務非常重要。圍繞被壓抑的需求進行了[討論]，就像這將是一個泡沫，然後一切都會回到過去兩年的水平。為什麼現在有機會再次見到他們的家人和朋友的人會在一年後停止這樣做？所以我認為這實際上沒有任何意義。

So we believe exactly the point that Sachin just made. If there is a possibility, people will continue to travel the way they have been before COVID. One other thing to add is -- one thing is the underlying trend that we have built in and our outlook on the data points that Sachin just talked about, but it's also to strengthen our position vis-a-vis that travel trend. All the portfolios, we talked to you about American Airlines, about JetBlue, about Cathay Pacific. Everything that we have won in the last 2 years is going to really come to bear to really make the most of this.

因此，我們完全相信 Sachin 剛剛提出的觀點。如果有可能，人們將繼續按照 COVID 之前的方式旅行。要補充的另一件事是 - 一件事是我們已經建立的潛在趨勢以及我們對 Sachin 剛剛談到的數據點的展望，但這也是為了加強我們相對於旅行趨勢的立場。在所有的投資組合中，我們與您討論了美國航空、捷藍航空、國泰航空。我們在過去 2 年中贏得的一切都將真正發揮作用，真正充分利用這一點。

Your next question comes from Rayna Kumar from UBS.

您的下一個問題來自瑞銀的 Rayna Kumar。

During the '08, '09 recession, Mastercard generated solid revenue and earnings growth. And I'm curious to know what you think has changed the most about Mastercard since then that could help you generate positive results through another potential economic downturn, even if you're not seeing it right now.

在 08 年和 09 年經濟衰退期間，萬事達卡產生了穩健的收入和盈利增長。我很想知道你認為萬事達卡從那以後發生的最大變化，這可以幫助你在另一次潛在的經濟衰退中產生積極的結果，即使你現在還沒有看到。

Right, Rayna. I think the last word, as you said, is instructive as we are not seeing it right now, generally resilient consumer spending for the time being. And we talked about the modest improvement in cross-border and thus, same [set of] spending behaviors until the end of last year. Now you're taking us really a long time back in 2008 and 2009.

對了，蕾娜。正如你所說，我認為最後一句話很有啟發性，因為我們現在還沒有看到，暫時的消費者支出總體上是有彈性的。我們談到了跨境的適度改善，因此，直到去年年底，相同的 [一套] 消費行為。現在你把我們帶回到了 2008 年和 2009 年。

I think the first thing I would say is it's a very different scenario. The story that we're looking at externally, I come to the company in a moment, externally is we are not having a crisis around unemployment. We're having high consumer spending levels. So we don't have an asset bubble that looks anything similar than what we've seen at that time. So a different starting point. I would say it's a somewhat more benign starting point than we had at that time.

我想我要說的第一件事是這是一個非常不同的場景。我們在外部看的故事，我一會兒就來公司，外部是我們沒有圍繞失業的危機。我們的消費者支出水平很高。因此，我們沒有與我們當時看到的類似的資產泡沫。所以起點不同。我會說這是一個比我們當時更溫和的起點。

Now the company also looks entirely different than it looked in 2008 and '09. It's a much more diversified business. It's a highly diversified business. I think we were largely consumer credit debit oriented at the time. We have a whole range of card-based spendings from push payments into general payments for goods and services opening up new verticals and so forth.

現在，該公司看起來也與 2008 年和 09 年完全不同。這是一個更加多元化的業務。這是一個高度多元化的業務。我認為我們當時主要是面向消費者信貸借記的。我們有一系列基於卡的支出，從推送支付到商品和服務的一般支付，開闢了新的垂直領域等等。

And then there is our progress into new flows, so that gives us resilience on underlying payments. It also -- our reach of our business model and how many payment transactions we touch that allow us to build a set of service on it looks entirely different. Our switching ratios at that time were much, much lower than they are today, which has led to a very successful services business, which we have seen in the last 2 years is actually quite resilient when you go into -- through up and down cycles.

然後我們在新流量方面取得了進展，這使我們對基礎支付具有彈性。它還 - 我們的商業模式的範圍以及我們接觸多少支付交易，使我們能夠在其上構建一組服務看起來完全不同。我們當時的轉換率比現在低得多，這導致了非常成功的服務業務，我們在過去 2 年中看到，當您進入上升和下降週期時，它實際上是相當有彈性的.

And as we continue to build into the future to see whenever we might phase the down cycle, are we more resilient with other activities around digital identity and open banking and so forth that go into a world of open banking and move even further before or after the payment transaction to give us more resilience.

隨著我們繼續構建未來，看看何時我們可能會逐步進入下行週期，我們是否對圍繞數字身份和開放銀行等其他活動更具彈性，這些活動進入了開放銀行的世界，並在之前或之後進一步發展支付交易給我們更多的彈性。

So better earnings quality, higher diversification, and we've been tested. We've been tested over the last 2 years. I mean there was a down cycle, and we needed to demonstrate that agility and the speed in managing our expenses, make the right investment decisions. So we feel we're well positioned to navigate what's going to -- whatever is going to come. Hopefully, it's positive.

所以更好的盈利質量，更高的多元化，我們已經過考驗。在過去的 2 年中，我們已經進行了測試。我的意思是有一個下行週期，我們需要展示管理費用的敏捷性和速度，從而做出正確的投資決策。所以我們覺得我們有能力駕馭即將發生的事情——無論發生什麼。希望這是積極的。

Your next question comes from Darrin Peller from Wolfe Research.

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

It looks (inaudible) service fees (inaudible) pay off. And I think to your point, it underscores that your customer base is still (inaudible) to really spend on some of those areas. Can you just talk about what you're seeing in terms of the strength there and what kind of resilience you'd expect those to have in different economic scenarios?

看起來（聽不清）服務費（聽不清）得到了回報。而且我認為就您的觀點而言，它強調了您的客戶群仍然（聽不清）真正在其中一些領域花錢。您能否談談您所看到的那裡的實力以及您希望他們在不同的經濟情景中具有什麼樣的彈性？

And then Sachin, just one quick one on processing yields. It came in a lot better than our -- relative to transaction growth. Processing revenue line up. You mentioned pricing, other variables. Can you just talk about if that's sustainable spread?

然後是 Sachin，只是一個關於加工產量的快速說明。就交易增長而言，它比我們的要好得多。處理收入排隊。您提到了定價和其他變量。你能談談這是否是可持續傳播嗎？

Yes. Darrin, happy to take the second question first. I must say you were breaking up on the first part of your question, so we might ask you to just kind of state that again. But on your second part of the question, what you're seeing in transaction processing growth rates relative to the growth in switched transactions is exactly like I said, the 3 things kind of going on there, right? The favorable mix piece, which I talked about; the higher FX-related revenues; and then there's some elements of pricing.

是的。達林，很高興先回答第二個問題。我必須說你在問題的第一部分就分手了，所以我們可能會要求你再次說明這一點。但是在問題的第二部分，您看到的交易處理增長率相對於交換交易的增長與我所說的完全一樣，這三件事在那裡發生，對嗎？我談到的有利的混合作品；更高的外匯相關收入；然後是一些定價要素。

Look, I mean, the reality is we're operating in an environment in which you've seen a few things happen. One is the mix has shifted towards more cross-border. And we make cross-border fees both in the cross-border volume fees line as well as in switched transactions. So sometimes that's kind of an overlooked element, but that's an important piece to keep in mind, that we do make cross-border fees on the transaction processing line. And as the shift has gone towards more cross-border, that's helped us.

看，我的意思是，現實是我們在一個你已經看到一些事情發生的環境中運作。一是混合已經轉向更多的跨境。我們在跨境交易量費用線和交換交易中都收取跨境費用。所以有時這是一個被忽視的元素，但這是一個需要牢記的重要部分，我們確實在交易處理線上收取跨境費用。隨著這種轉變朝著更加跨境的方向發展，這對我們有所幫助。

Number 2 is there's high levels of volatility in the foreign exchange markets. We delivered some very important services when we do switching of transactions and when we do the settlement of those transactions. In a highly volatile FX environment, it's actually work in our favor. And on pricing, the baseline is the following, which is at the end of the day, we continue to deliver value to the ecosystem. And as we put value out into the ecosystem, we price for that value.

第二是外匯市場的波動性很大。當我們進行交易轉換和這些交易的結算時，我們提供了一些非常重要的服務。在高度波動的外匯環境中，它實際上對我們有利。在定價方面，基準如下，在一天結束時，我們將繼續為生態系統提供價值。當我們將價值投入生態系統時，我們會為該價值定價。

And what you're seeing there is exactly that come through, which is we are reflecting that in the nature of pricing. You'll see puts and takes in different quarters in terms of what we may or may not do in terms of pricing, depending on what we believe is the value we're delivering as well as what the market's appetite to accept that is, and that's what you're seeing through there.

你所看到的正是這種情況，這就是我們在定價的本質上反映了這一點。您會看到不同季度的看跌期權和收益，就我們在定價方面可能會或可能不會做的事情而言，這取決於我們認為我們正在交付的價值以及市場接受這一點的意願，以及這就是你在那裡看到的。

Okay. That's helpful.

好的。這很有幫助。

Could you repeat the first question?

你能重複第一個問題嗎？

Yes, that's much better.

是的，這樣好多了。

I was just trying to figure out the value-added services, the new flows, all the areas that are driving other revenues, obviously, are continuing to trend very well. And I mean if you could just revisit what do you think are the top 2 or 3 drivers there? And what kind of sustainability in different macro scenarios you'd expect for that? Just -- it looks like the investments you made there are clearly paying off. Think we're just wondering on the cyclicality of this.

我只是想弄清楚增值服務、新流量以及所有推動其他收入的領域，顯然，它們的趨勢仍然非常好。我的意思是，如果您可以重新審視一下您認為排名前 2 或 3 位的車手是什麼？您期望在不同的宏觀情景中實現什麼樣的可持續性？只是 - 看起來你在那裡所做的投資顯然得到了回報。認為我們只是想知道這種週期性。

All right. Good. So what we're seeing here is, first of all, on the backdrop, let's just pick up on the structural changes, again, that we have seen over the last 2 years, clearly driven by social distancing measures are a significant push into more digital engagement by consumers, they were sitting at home, so all that. It's a more digital world.

好的。好的。因此，我們在這裡看到的是，首先，在背景下，讓我們再次回顧過去兩年中我們所看到的結構性變化，顯然是在社會疏離措施的推動下，消費者的數字參與，他們坐在家裡，等等。這是一個更加數字化的世界。

So here, services that help make a more digital world safer and more easily understood. That's really the general thrust of what's driving the growth and the interest from our customers across established customer sets as well as new ones. Earlier, I talked about travel watches. People come to us and say, "Hey, I want to use all of that data to get a better understanding of my business.

因此，這裡的服務有助於讓一個更加數字化的世界更安全、更容易理解。這確實是推動我們的客戶在既定客戶群和新客戶群中增長和興趣的總動力。早些時候，我談到了旅行手錶。人們來找我們說：“嘿，我想使用所有這些數據來更好地了解我的業務。

So taking it one by one, safety, security, anything in the fraud space and in the authentication space has been a joy for us. You go further into cyber risk assessments. Our small business is safe, those many small businesses that have opened up in a more digital fashion now over the last 2 years. And you go all the way into digital identity because in a more digital world, people find they have more passwords and nobody really wants that. So digital identity is now a solution that's really taking hold.

因此，安全、安保、欺詐空間和身份驗證空間中的任何事情對我們來說都是一件樂事。您可以進一步進行網絡風險評估。我們的小企業是安全的，這些小企業在過去 2 年中以更加數字化的方式開放。你會一直進入數字身份，因為在一個更加數字化的世界中，人們發現他們擁有更多的密碼，而沒有人真正想要這樣。因此，數字身份現在是一種真正流行的解決方案。

So that's that whole space. And you saw us -- actually, it doesn't stop at current types of payments. So the last thing I should add is our acquisition of CipherTrace and how we're going into the crypto space, making that safer as that is certainly something that captures consumers' interests. One space. The second piece is what do you do with all of that data, retail and commerce, travel lodging? I give you one example. Many other customers are trying to understand how to make -- run their business better using the payments data that is thrown off and we helped them with that.

這就是整個空間。你看到了我們——實際上，它並不止於當前的支付類型。所以我要補充的最後一件事是我們對 CipherTrace 的收購以及我們如何進入加密領域，使其更安全，因為這肯定會吸引消費者的興趣。一個空間。第二部分是您如何處理所有這些數據、零售和商業、旅遊住宿？我舉一個例子。許多其他客戶正試圖了解如何使用丟棄的支付數據更好地經營他們的業務，我們幫助他們解決了這個問題。

Our Dynamic Yield acquisition is one of them, where we help customers, retail and commerce customers, engage their end customers in a more targeted fashion. I imagine the landing page has now has personalized offers, in our case, always with strong consent from consumers and a focus on data privacy. So those are the 2 headlines. We do various other things and services from consulting into processing-related activities and so forth, but that's center (inaudible).

我們的 Dynamic Yield 收購就是其中之一，我們幫助客戶、零售和商業客戶以更有針對性的方式吸引他們的最終客戶。我想著陸頁現在有個性化的優惠，在我們的例子中，總是得到消費者的強烈同意，並關注數據隱私。所以這是2個頭條新聞。我們做各種其他事情和服務，從諮詢到處理相關活動等等，但那是中心（聽不清）。

And Darrin, I'll just add as it relates to how we see the other revenue line item and services, in particular to what Michael was talking about. Look, we see really good demand from the customers, and we see good growth potential there. The reality is we are doing deeper penetration of those services with our existing customer base. We're expanding the set of services we've got across our customer base.

Darrin，我將補充一點，因為它與我們如何看待其他收入項目和服務有關，特別是與邁克爾所說的有關。看，我們看到客戶的需求非常好，我們看到了良好的增長潛力。現實情況是，我們正在通過我們現有的客戶群更深入地滲透這些服務。我們正在擴展我們在客戶群中獲得的服務集。

And the third element, we're actually taking those same services and moving across to the new network side of things as well. And Michael alluded to one part of that when he was talking about what we do in the CipherTrace, but more broadly, even in open banking, for example. So the potential is there, and we do expect that given the suite of services we've got, there's good growth potential going forward.

第三個元素，我們實際上是在使用這些相同的服務，並轉移到新的網絡方面。邁克爾在談到我們在 CipherTrace 中所做的事情時提到了其中的一部分，但更廣泛地說，甚至在開放式銀行業務中也是如此。所以潛力是存在的，我們確實預計，鑑於我們擁有的服務套件，未來會有很好的增長潛力。

Your next question comes from Lisa Ellis from MoffettNathanson.

您的下一個問題來自 MoffettNathanson 的 Lisa Ellis。

Good stuff here. I wanted to ask a question about some of the news related recently to the CFPB, the Consumer Financial Protection Bureau, looking into stand-alone service providers, both in the P2P space, so meaning the fraud issues we've seen in Zelle and other private P2P services. And then also on the BNPL side, looking at the stand-alone providers there with the marketing and kind of risk management that they're doing.

好東西在這裡。我想問一個關於最近與 CFPB（消費者金融保護局）相關的一些新聞的問題，他們正在調查 P2P 領域的獨立服務提供商，這意味著我們在 Zelle 和其他方面看到的欺詐問題私人 P2P 服務。然後在 BNPL 方面，看看那裡的獨立供應商以及他們正在做的營銷和風險管理。

Can you just comment on how Mastercard is kind of positioned relative to the areas they're looking into? Is this an opportunity for Mastercard to perhaps play a larger role with Mastercard Send in P2P and with MasterCard Installments in BNPL?

你能評論一下萬事達卡相對於他們正在研究的領域的定位嗎？萬事達卡是否有機會通過 P2P 中的萬事達卡發送和 BNPL 中的萬事達卡分期付款發揮更大的作用？

Thank you, Lisa. So let me start off on that. Where the consumer protection agency here in the U.S. and some other markets are going is really to ensure that there is the right kind of protections for consumers that goes all the way from responsible lending to safety, security and so forth. The -- we follow that.

謝謝你，麗莎。所以讓我開始吧。美國和其他一些市場的消費者保護機構的真正目標是確保為消費者提供正確的保護，從負責任的貸款到安全、保障等。 - 我們遵循這一點。

But if I look just in-house and see what we're doing, if I look at our data principles, what we have done around the Mastercard Installments program to ensure that the participating lenders go through a vetting process and follow responsible lending rules that we have set as part of our franchise, we feel well positioned. I feel we are a good industry custodian to ensure that these responsible practices are being held around. Now is that also an opportunity for us in all of this? Absolutely.

但是，如果我只看內部，看看我們在做什麼，如果我看看我們的數據原則，我們圍繞萬事達卡分期付款計劃所做的工作，以確保參與的貸方通過審查程序並遵守負責任的貸款規則作為我們特許經營權的一部分，我們感覺自己處於有利地位。我覺得我們是一個很好的行業監管者，可以確保這些負責任的做法得到遵守。現在這對我們來說也是一個機會嗎？絕對地。

We have learned to partner with P2P systems in many countries around the world with safety and security solutions, the services I actually just talked about when we say, "Hey, you have a fraud issue, we get it. Here's a set of answers that we have for you to partner." And in other markets, we compete head-on because we simply believe we have the better solution and players not necessarily always want to partner with us. So it's a bit of a mix, give and take, but it's an interesting and dynamic field that we are very focused on.

我們已經學會與世界上許多國家的 P2P 系統合作提供安全和安保解決方案，當我們說“嘿，你有欺詐問題，我們明白了。這裡有一組答案我們有你的合作夥伴。”在其他市場，我們正面競爭，因為我們只是相信我們有更好的解決方案，而玩家不一定總是想與我們合作。所以這有點混合，給予和接受，但這是一個有趣且充滿活力的領域，我們非常關注。

Your next question comes from Tien-Tsin Huang from JPMorgan.

您的下一個問題來自摩根大通的 Tien-Tsin Huang。

Thank you so much. Thanks for going through all of this. I heard the CIBC when -- I'm just curious how deal activity is going. Are the known conversions that you have proceeding in a timely way? I don't know if there's been any change given some of the macro uncertainty there.

太感謝了。感謝您經歷這一切。我聽到 CIBC 的時候——我只是好奇交易活動的進展情況。您正在進行的已知轉換是否及時？鑑於那裡的一些宏觀不確定性，我不知道是否有任何變化。

And then also, Sachin, would you mind just rehashing the FX-neutral OpEx numbers again? Are you changing your underlying investment strategy or inflation assumptions given what we've learned around the macro?

然後，Sachin，您介意再次重新計算 FX 中性的 OpEx 數字嗎？鑑於我們從宏觀方面了解到的情況，您是否正在改變您的基本投資策略或通脹假設？

Tien-Tsin, let me start off with the deal activity. The momentum that we have seen over the last 2 years throughout the pandemic, where we lean with our customers and say, "Hey, what do you need?" And these are tough times. I think we set ourselves up as a trusted partner and help to shape that deal pipeline that we currently see, which is very strong. Deal pipeline is strong across all regions.

Tien-Tsin，讓我從交易活動開始。在過去 2 年的整個大流行中，我們看到了這種勢頭，我們與客戶一起說：“嘿，你需要什麼？”這是艱難的時期。我認為我們將自己定位為值得信賴的合作夥伴，並幫助塑造我們目前看到的非常強大的交易渠道。所有地區的交易渠道都很強勁。

And we gave you a few examples today from -- we haven't talked much about Canada lately. So this is -- these are strong wins. This is excellent. Some of the very significant wins, we talked about over a year ago in Europe. When you think about NatWest, Deutsche Bank, the multi-regional deal that we have with Santander, they are progressing according to plan. The conversions are going on. I mentioned very specifically back to United States. The GAAP conversion is actually done on those 10 million cards.

我們今天給你們舉了幾個例子——我們最近很少談論加拿大。所以這是 - 這些都是強大的勝利。這是極好的。一年多前，我們在歐洲談到了一些非常重要的勝利。當你想到 NatWest、德意志銀行、我們與桑坦德銀行達成的多區域交易時，它們正在按計劃進行。轉換正在進行中。我非常具體地提到了美國。 GAAP 轉換實際上是在這 1000 萬張卡片上完成的。

So overall, we talked to you at the Investor Day in November last year that we see share growth across all of our card products, and we continue to feel very good about that. So momentum, it's competitive out there, of course. But I think the mix of what we have in various payment solutions as well as services set us apart. We've also relooked at how we deploy our sales resources across the company with all the acquisitions that we have so that we can do the best possible work for our customers. So overall, strong momentum that I think will continue.

總體而言，我們在去年 11 月的投資者日與您交談，我們看到我們所有卡產品的份額都在增長，我們對此繼續感覺非常好。所以動力，它當然是有競爭力的。但我認為我們在各種支付解決方案和服務中所擁有的組合讓我們與眾不同。我們還重新審視瞭如何通過我們擁有的所有收購在整個公司部署我們的銷售資源，以便我們能夠為我們的客戶做最好的工作。總的來說，我認為強勁的勢頭將繼續下去。

Yes. Tien-Tsin, on your question as it relates to the outlook for the full year 2022 on OpEx. So on a currency-neutral basis, excluding acquisitions, we are guiding along the following lines, which is on OpEx that we expect to come in on a full year basis at the low end of the low double digits range.

是的。 Tien-Tsin，關於您的問題，因為它與 OpEx 的 2022 年全年前景有關。因此，在貨幣中性的基礎上，不包括收購，我們按照以下路線進行指導，我們預計全年運營支出將處於兩位數低位的低端。

And just to remind you on what we're talking about OpEx. On the revenue side, also, we have changed our full year guide and our revenue, again. On a non-GAAP growth basis, currency neutral, excluding acquisitions, is now at the low 20s rate, which is higher than what we had shared with you previously.

只是為了提醒您我們正在談論的運營支出。在收入方面，我們也再次更改了全年指南和收入。在非公認會計原則的增長基礎上，不包括收購在內的貨幣中性現在處於 20 年代的低點，高於我們之前與您分享的水平。

Your next question comes from David Togut from Evercore.

您的下一個問題來自 Evercore 的 David Togut。

Among your largest geographic regions, Europe continues to generate the greatest payment volume outperformance versus our model. You underscored a number of geopolitical and economic risks for Europe. Going forward, especially as we head into the winter, can you talk through Mastercard's growth algorithm, what that might look like in a significant economic slowdown in Europe?

在您最大的地理區域中，與我們的模型相比，歐洲繼續產生最大的支付量。您強調了歐洲的一些地緣政治和經濟風險。展望未來，尤其是在我們進入冬季之際，您能否談談萬事達卡的增長算法，在歐洲經濟顯著放緩的情況下會是什麼樣子？

Historically, you've been a big share gainer there, particularly against the national payment networks. You've got the secular shift working in your favor, but if you could just kind of talk through your thought process, that would be much appreciated.

從歷史上看，你在那裡一直是一個很大的份額獲得者，特別是針對國家支付網絡。你已經得到了對你有利的世俗轉變，但如果你能通過你的思維過程來談談，那將不勝感激。

All right. Let me start, and then Sachin can chime in. So David, the matter of fact is Europe is not homogenous. That's the first thing I would say. When you look at where we are on the arc of the secular shift, it's very different. So there's lots of opportunity across the board from further digitization. The opportunity to go beyond P2M and sets of flows is wide open in Europe. The push of the European authorities to digitize beyond just in-store payments and online payments is significantly there.

好的。讓我開始，然後 Sachin 可以插話。所以大衛，事實上歐洲不是同質的。這是我要說的第一件事。當你看看我們在長期轉變的弧線上的位置時，情況就大不相同了。因此，進一步的數字化提供了很多全面的機會。超越 P2M 和流量集的機會在歐洲是敞開的。歐洲當局大力推動數字化，而不僅僅是店內支付和在線支付。

We're well positioned with our tools in Europe, which is pushing on open banking, which is then pushing on open -- on account-to-account, which is pushing bill pay solutions. So we have all of that in [the hop]. So we feel that there is significant opportunity. And as I said before, there is uncertainty on the European macroeconomic front, but on the other hand, macroeconomic GDP, overall economy, in our baskets are 2 different things, and we'll have to kind of see how that will play out. I can't really predict that. I'm from there, so I have a sense, but I'm not in the business of predictions.

我們在歐洲的工具處於有利地位，它正在推動開放銀行業務，然後推動開放 - 賬戶對賬戶，推動賬單支付解決方案。所以我們在[啤酒花]中擁有所有這些。所以我們覺得有很大的機會。正如我之前所說，歐洲宏觀經濟方面存在不確定性，但另一方面，宏觀經濟 GDP、整體經濟在我們的籃子中是兩個不同的東西，我們必須看看它會如何發展。我真的無法預測。我來自那裡，所以我有感覺，但我不從事預測業務。

Your next question comes from Ramsey El-Assal from Barclays.

您的下一個問題來自巴克萊的 Ramsey El-Assal。

I had wanted to ask about some of the longer-term drivers of rebates and incentives. It seems like today -- or [not] seems like today, rebates and incentives as a percentage of gross revenues are several hundred basis points higher than they were in 2019.

我曾想詢問一些回扣和激勵措施的長期驅動因素。就像今天——或者[不是]今天，回扣和激勵佔總收入的百分比比 2019 年高出幾百個基點。

I guess the question is, is the mix and the mix-related drivers of that increase are very clear. But as we move forward over the next couple of years, and your mix normalizes, should we see downward pressure on rebates and incentives as a percentage of gross revenues? Or is this something where this new baseline is sort of here to stay? And if that's the case, maybe give us some reasons why.

我想問題是，這種增長的混合和與混合相關的驅動因素是否非常清楚。但是，隨著我們在未來幾年向前發展，並且您的組合正常化，我們是否應該看到回扣和激勵措施佔總收入百分比的下行壓力？或者，這個新基線是否會保留下來？如果是這樣的話，也許給我們一些理由。

Sure. So Ramsey, I'll take that one. So look, I mean, I think you're well aware about the fact that rebates and incentives are influenced by a number of factors, right, some of which you alluded to, which is what's going on from a volume growth rate, what's going on from a mix standpoint, how the pipeline of new deals are looking. You take all of that into consideration.

當然。所以拉姆齊，我要那個。所以看，我的意思是，我認為你很清楚回扣和獎勵受到許多因素的影響，對，你提到了其中一些因素，這就是銷量增長率的情況，正在發生的事情從混合的角度來看，新交易的管道是如何看待的。你把所有這些都考慮進去了。

But the reality is, if you just think about where we are from a mix standpoint, particularly on cross-border between where we were prepandemic and where we are today, we've still not gone back to the historical mix levels from a cross-border to domestic volume standpoint. So as that reverts back to the mean, and when I say the mean, means closer to what the prepandemic levels were, you would expect to see some benefit of that come through in rebates and incentives versus as a percentage of growth. You would see that come through.

但現實是，如果你只是從混合的角度考慮我們所處的位置，特別是在我們在大流行前和我們今天所處的跨界之間，我們仍然沒有從交叉回到歷史混合水平——邊界到國內量的立場。因此，當它恢復到平均值時，當我說平均值時，意味著更接近大流行前的水平，你會期望看到回扣和激勵措施帶來的一些好處，而不是增長的百分比。你會看到它通過。

But the reality is there are other countervailing factors which are also taking place, right, which is a function of what the pipeline of deals looks like, what the timing around that is. But the basic premise is correct, which is as more cross-border happens, you're going to see a benefit come through in rebates and incentives as a percentage of growth.

但現實情況是，還有其他抵消因素也在發生，對，這是交易管道的樣子，以及圍繞它的時間安排的函數。但基本前提是正確的，即隨著更多跨境活動的發生，您將看到回扣和激勵措施佔增長的百分比。

Your next question comes from Bryan Keane from Deutsche Bank.

您的下一個問題來自德意志銀行的 Bryan Keane。

I just wanted to ask a clarification, Sachin, on the OpEx. The non-GAAP growth, currency-neutral ex acquisitions, that went up from high single digits originally. I think it was last quarter that you guided to that for the year to low end of low double digits.

Sachin，我只是想對 OpEx 進行澄清。非 GAAP 增長、貨幣中性的前收購，從最初的高個位數上升。我認為您在上個季度將這一年引導至低兩位數的低端。

So I guess, why the increase in OpEx? And is it just taking the opportunity to invest more due to the strength of the top line? But any color maybe on where some of those investments might be going with the additional expense.

所以我猜，為什麼 OpEx 會增加？是否只是因為頂線的實力而趁機進行更多投資？但是，任何顏色都可能表明其中一些投資可能會帶來額外費用。

Sure, Bryan. So a couple of things which are -- you're right. We had previously guided to high single digits and now are guiding to low end of low double digits on this non-GAAP metric on OpEx. A couple of things going on. One is we have taken foreign exchange-related losses on the remeasurement of our assets and liabilities during the first 2 quarters, order of magnitude about $70 million. And you'll see all of this in our reports, which we've kind of publicly put out there.

當然，布萊恩。所以有幾件事——你是對的。我們以前曾指導過高個位數，現在正在指導這個非 GAAP 運營支出指標的低兩位數。有幾件事正在發生。一是我們在前兩個季度對我們的資產和負債進行重新計量時承擔了與外匯相關的損失，數量級約為 7000 萬美元。你會在我們的報告中看到所有這些，我們已經公開發布了這些報告。

So that's certainly impacting it. And then a couple of other things which, to me, are more critical, which is we continue to invest in the long-term growth of our business, that which includes investing in our people. In a hot talent market, we want to make sure we've got the best people. We want to be there. In terms of having those best people help us execute on what we've laid out as our strategic priorities, which is what we're doing right here. We've always kind of followed the philosophy of let's keep an eye on the top line and then kind of also as to what we want to do from an expense and investment standpoint, and that's the philosophy we're following. We'll continue to follow that philosophy going forward, Bryan.

所以這肯定會影響它。然後還有一些對我來說更重要的事情，那就是我們繼續投資於我們業務的長期增長，其中包括投資於我們的員工。在炙手可熱的人才市場中，我們希望確保我們擁有最優秀的人才。我們想在那裡。就讓那些最優秀的人幫助我們執行我們制定的戰略重點而言，這就是我們正在做的事情。我們一直遵循著讓我們關注收入的理念，然後從費用和投資的角度來看我們想要做什麼，這就是我們所遵循的理念。布萊恩，我們將繼續遵循這一理念。

Your next question comes from Dave Koning from Baird.

您的下一個問題來自 Baird 的 Dave Koning。

And I guess my question is on cross-border yields. One thing that was interesting this quarter, intra-Europe cross-border grew faster than non-intra-Europe for the first time in a long time. And yield was up regardless.

我想我的問題是關於跨境收益率。本季度有趣的一件事是，歐洲內部的跨境增長在很長一段時間內首次超過了非歐洲內部。無論如何，產量都上升了。

So it seems like the last few quarters, mix helped a lot, but now there seems like another driver on top. I guess is -- is that right? Maybe what's that other driver? And should we get faster growth in non-intra-Europe kind of in coming quarters?

所以看起來最近幾個季度，混合幫助很大，但現在似乎有另一個驅動程序在上面。我猜是——對嗎？也許其他司機是什麼？我們是否應該在未來幾個季度在非歐洲內部獲得更快的增長？

Sure, David. So you're right in terms of what the mix shift between inter and intra was this quarter versus last quarter. I think there are a few things to keep in mind. That's the mix shift between inter and intra, but there's also within the world of inter, what are the corridors which are coming back versus the corridors which have not come back, right?

當然，大衛。因此，就本季度與上一季度的國米和內部之間的混合轉變而言，您是正確的。我認為有幾件事要記住。這就是國米和內部之間的混合轉變，但在國米的世界中，什麼是回歸的走廊和沒有回歸的走廊，對吧？

And as you started to see more of the higher-yielding corridors come back, that's actually helping us in providing us the tailwind we're talking about right here. For example, you've got markets -- like inbound into the U.S., as that starts to come back, you start to see the benefit of that come through. Markets like Asia, inbound into Asia, you'll start to see the benefit of that come through.

當你開始看到更多高產走廊回來時，這實際上幫助我們為我們提供了我們正在談論的順風。例如，你有市場——比如入境美國，隨著它開始回歸，你開始看到它帶來的好處。像亞洲這樣的市場，進入亞洲，你會開始看到從中受益。

Your next question comes from Jason Kupferberg from Bank of America.

您的下一個問題來自美國銀行的 Jason Kupferberg。

Wanted to get your perspective on just the relative health of the lower-income consumer versus higher income. And then if you can just make some remarks about how we should think about rebates and incentives for Q3 and Q4.

想要了解您對低收入消費者與高收入消費者的相對健康狀況的看法。然後，如果您可以就我們應該如何考慮第三季度和第四季度的回扣和激勵措施發表一些評論。

Sure, Jason. So on your first question, here's what we're seeing, actually. Overall, the consumer and consumer spending patterns are very healthy. And again, you've got to parse this data out between what we see in the U.S. versus what we see in the rest of the world, right? And different people have different definitions on what is lower income versus what is the affluent, but let's just start kind of with that as the frame.

當然，傑森。所以關於你的第一個問題，這就是我們所看到的，實際上。總體而言，消費者和消費者的消費模式非常健康。再說一次，你必須在我們在美國看到的和我們在世界其他地方看到的之間解析這些數據，對吧？不同的人對什麼是低收入和什麼是富人有不同的定義，但讓我們以它為框架開始吧。

In the U.S., what you are seeing is good strength across both, but a declining trend in terms of the growth rates on the lower income side of things. Affluent spend continues to be very healthy and carries on in a very nice way. Outside of the U.S., we're not seeing much in the nature of a shift between how the affluent category is spending versus what the lower income category is spending.

在美國，你所看到的是兩者都有很好的實力，但在低收入方面的增長率呈下降趨勢。富裕的消費繼續非常健康，並且以非常好的方式進行。在美國以外，我們看不到富裕階層的消費方式與低收入階層的消費方式之間的轉變性質。

So the benefits of what we've got in Mastercard by being a diversified business and being diversified from a geographical standpoint is actually helping us very nicely. Because independent of what happens in 1 market versus the other, the value of what we got across the globe comes through in terms of spend levels here.

因此，我們在萬事達卡中獲得的好處是多元化的業務，並且從地理角度來看是多元化的，實際上對我們有很大的幫助。因為獨立於一個市場與另一個市場發生的事情，我們在全球範圍內獲得的價值體現在此處的支出水平方面。

And then your second question was around rebates and incentives. Look, I just talked about things which influence rebates and incentives, so I won't kind of belabor that point. What I'll share with you is the following: that we expect that incentives as a percentage of growth will be roughly similar in Q3 to what we saw in Q2.

然後你的第二個問題是關於回扣和獎勵的。看，我剛剛談到了影響回扣和激勵的事情，所以我不會對這一點進行過多的闡述。我將與您分享以下內容：我們預計第三季度激勵措施佔增長的百分比將與我們在第二季度看到的大致相似。

Your next question comes from Bob Napoli from William Blair.

您的下一個問題來自 William Blair 的 Bob Napoli。

I just want to follow up on a lot of your comments on the open banking digital ID and your investments there. Can you maybe give some color on what you feel like the revenue TAM is for those businesses? And -- and what type of -- where you see the most opportunity, what the kind of the growth trajectory is of those businesses?

我只想跟進您對開放銀行數字 ID 和您在那裡的投資的許多評論。您能否就您認為 TAM 對這些企業的收入有何看法？而且 - 以及什麼類型的 - 您看到最多機會的地方，這些業務的增長軌跡是什麼？

Right. So open banking, let me start off, more generally speaking. So clearly, a global trend, one that's to stay. It's happening in Brazil. It's happening in Australia. Certainly was there in the United States and Europe. The way we approach it is, first of all, have a relevant position in connectivity and then building out a bunch of use cases. And the use cases, that would get really to the heart of your question, where you see very different type kind of revenue models, value exchange models.

正確的。所以開放銀行，讓我開始，更籠統地說。很明顯，這是一種全球趨勢，一種將繼續存在的趨勢。它正在巴西發生。它正在澳大利亞發生。在美國和歐洲肯定有。我們處理它的方式是，首先，在連接性方面有一個相關的位置，然後構建一堆用例。使用案例，這將真正觸及您問題的核心，您會看到非常不同類型的收入模型，價值交換模型。

First of all, on connectivity itself, you have per API call kind of a logic. If you go into financial management solutions, it depends on who's our customer here. Let's say it's a fintech. That could again be by API, but you could start to see, as we go into lending, mortgage verification, asset verification, kind of use cases. Those are kind of -- that's the broad range of currently what we're seeing.

首先，在連接本身上，你有每個 API 調用的邏輯。如果您進入財務管理解決方案，這取決於我們的客戶是誰。假設它是一種金融科技。這可能再次通過 API 進行，但當我們進入貸款、抵押驗證、資產驗證等用例時，您可能會開始看到。這些是-這是我們目前所看到的廣泛範圍。

No established model at this point in time. I mean, we're investing heavily in Aiia, Finicity because we feel there is a tremendous opportunity. This is -- it's going to help to pull so many new customers into -- consumers into the ecosystem, on the financial inclusion side, on the SME side and so forth. So hard to answer very specifically right now where we are, but those are those kind of different kind of models, and it's going to be multi-geography and it's going to be around to stay.

目前沒有建立模型。我的意思是，我們在 Aiia 和 Finicity 上進行了大量投資，因為我們覺得這是一個巨大的機會。這將有助於吸引如此多的新客戶進入生態系統，在金融包容性方面，在中小企業方面等等。現在很難非常具體地回答我們所處的位置，但那些是那些不同類型的模型，它將是多地域的，並且會一直存在。

And I'll just add to that. A couple of thoughts. One, I think defining any sort of TAM in open banking at this point in time will just be an incorrect -- we'll be looking for precision where it doesn't exist because use cases are still to develop. So I think what we see is tremendous potential with what open banking does by providing us access to an alternative network. It's a data network, which comes with its own sets of use cases.

我會補充一點。幾個想法。一，我認為此時在開放銀行中定義任何類型的 TAM 都是不正確的——我們將在不存在的地方尋找精確度，因為用例仍在開發中。因此，我認為我們看到的是開放銀行通過為我們提供訪問替代網絡的巨大潛力。這是一個數據網絡，帶有自己的用例集。

The second point I'll bring out is regardless of whether it's open banking or digital ID or all of our services, we think about that in the context of the revenues they generate for Mastercard, the company, but it's really important to remember that the -- all of this is one big circular wheel. Our open banking assets power our payments, our services power our payments. So there is the collateral advantage, which comes through by virtue in being in all of these spaces, which trickles down to all parts of our business.

我要提出的第二點是，無論是開放銀行、數字 ID 還是我們所有的服務，我們都會考慮它們為萬事達卡公司創造的收入，但記住這一點非常重要——所有這一切都是一個大圓形輪子。我們的開放銀行資產為我們的支付提供動力，我們的服務為我們的支付提供動力。因此，存在附帶優勢，這是通過在所有這些空間中產生的，它會滲透到我們業務的所有部分。

Thank you so much for that last question. Exciting space. We're going to close the call now. We're at the top of the hour. I appreciate your time this morning. Do want to thank our 24,000 colleagues around the world, and I want to thank all of you who have joined us today for your continued support for Mastercard. Talk to you in the quarter. Thank you so much.

非常感謝你最後一個問題。令人興奮的空間。我們現在要結束通話。我們正處於最高峰。我感謝你今天早上的時間。非常感謝我們在世界各地的 24,000 名同事，我要感謝今天加入我們的所有人，感謝你們對萬事達卡的持續支持。在本季度與您交談。太感謝了。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。