萬事達 (MA) 2022 Q3 法說會逐字稿

Good morning. My name is Audra and I will be your conference operator today. At this time, I'd like to welcome everyone to the Mastercard Inc. Q3 2022 Earnings Conference Call. Today's conference is being recorded. (Operator Instructions)

早上好。我的名字是 Audra，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加萬事達卡公司 2022 年第三季度收益電話會議。今天的會議正在錄製中。 （操作員說明）

At this time, I'd like to turn the conference over to Warren Kneeshaw, Head of Investor Relations. Please go ahead.

在這個時候，我想把會議交給投資者關係主管 Warren Kneeshaw。請繼續。

Thank you, Audra. Good morning, everyone, and thank you for joining us for our third quarter 2022 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，奧德拉。大家早上好，感謝您加入我們的 2022 年第三季度財報電話會議。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 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'll now turn the call over to Michael.

有了這個，我現在將把電話轉給邁克爾。

Thank you, Warren. Good morning, everyone. Let's get right into it. So the headline is that consumer spending remained resilient and cross-border travel continues to recover. With this backdrop, we delivered strong revenue and earnings growth through the focused execution of our strategy. Third quarter net revenues were up 23% and adjusted operating income up 27%, both versus a year ago on a non-GAAP currency-neutral basis, excluding special items.

謝謝你，沃倫。大家，早安。讓我們開始吧。因此，頭條新聞是消費者支出保持彈性，跨境旅行繼續復甦。在此背景下，我們通過重點執行戰略實現了強勁的收入和盈利增長。第三季度淨收入增長 23%，調整後營業收入增長 27%，均與一年前相比，在非 GAAP 貨幣中性基礎上，不包括特殊項目。

Now the macroeconomic and geopolitical environment remains uncertain. Inflationary pressures have remained elevated and central banks are continuing to take aggressive steps to bring inflation in line. Tensions remain high with the war in Ukraine and the supply of natural gas to Europe is a concern.

現在宏觀經濟和地緣政治環境仍然不確定。通脹壓力仍然居高不下，各國央行繼續採取積極措施來控制通脹。烏克蘭戰爭的緊張局勢仍然很高，向歐洲供應天然氣是一個問題。

Despite all of this, unemployment rates remain low, wages are rising, consumer savings levels remain elevated and credit is readily accessible. In this setting, overall consumer spending has remained resilient, although we are seeing some shifts in what consumers are buying. Looking at our switched volume trends. Domestic volumes remained steady, showing growth relative to 2019 levels relatively consistent to the second quarter 2022. The trend towards spending on experiences continues. We saw notable strength in airline, lodging and restaurant spend with a shift away from categories like home furnishings and appliances. The current mix between retail, T&E and other categories of spend is now broadly similar to pre-pandemic levels.

儘管如此，失業率仍然很低，工資在上漲，消費者儲蓄水平仍然很高，信貸很容易獲得。在這種情況下，儘管我們看到消費者購買的東西發生了一些變化，但整體消費者支出仍然保持彈性。查看我們的交易量趨勢。國內銷量保持穩定，相對於 2019 年的水平顯示出與 2022 年第二季度相對一致的增長。體驗支出的趨勢仍在繼續。我們看到航空、住宿和餐廳支出顯著增長，從家居用品和電器等類別轉移。目前零售、T&E 和其他支出類別之間的組合現在與大流行前的水平大致相似。

Cross-border. Cross-border continues to recover as border restrictions are progressively relaxed. Cross-border travel in the third quarter has reached 124% of 2019 levels. Relative to 2019 levels, most regions are up sequentially, including a notable improvement in Asia. Cross-border card not present ex travel continued to hold up well.

跨境。隨著邊境限制的逐步放寬，跨境業務繼續復甦。第三季度的跨境旅行已達到 2019 年水平的 124%。相對於 2019 年的水平，大多數地區都在環比上升，其中包括亞洲的顯著改善。跨境卡不存在前旅行繼續保持良好。

Notwithstanding the continued strength in consumer spending, we will continue to watch the environment closely, including fiscal monitoring and other policy actions taken in response to events. This will inform our actions as it always has. Should the market outlook weaken, we are prepared to act quickly to modulate our expenses. As we demonstrated during the pandemic, we have the flexibility to respond quickly across a number of levers and will do so while maintaining focus on our 3 key strategic priorities. The focus on these areas will create new opportunities for growth that starts by solidifying our positions and payments, complemented by our differentiated services lines and our expansion into adjacent activities like open banking and digital identity.

儘管消費者支出持續強勁，但我們將繼續密切關注環境，包括財政監測和為應對事件而採取的其他政策行動。這將一如既往地告知我們的行動。如果市場前景轉弱，我們準備迅速採取行動調整我們的開支。正如我們在大流行期間所展示的那樣，我們可以靈活地通過多個槓桿快速做出反應，並將在保持專注於我們的 3 個關鍵戰略優先事項的同時做到這一點。對這些領域的關注將創造新的增長機會，首先是鞏固我們的頭寸和支付，輔之以我們的差異化服務線以及我們向開放銀行和數字身份等相鄰活動的擴展。

Moving on to some examples of how we are progressing against each of these. First, we are expanding in payments by enabling digital transformation with our customers, putting volume growth, expanding acceptance and capturing new payment flows. There are now over 3 billion Mastercards in circulation supported in part by programs such as our digital-first initiative.

繼續討論我們如何在這些方面取得進展的一些示例。首先，我們通過與客戶一起實現數字化轉型、推動交易量增長、擴大接受度和捕捉新的支付流來擴大支付領域。現在有超過 30 億張萬事達卡在流通，部分由我們的數字優先計劃等計劃提供支持。

A digital-first solution starts with the ability for a consumer to acquire and then use a new card digitally in near real time. It's helping customers create a best-in-class digital experience, leading to increased approval rates on average by 2 percentage points, reduce fraud on average by 4 basis points and increase spend per active account on average by 10%. To date, we have launched over 200 digital-first customers around the globe.

數字優先解決方案首先是消費者能夠近乎實時地以數字方式獲取並使用新卡。它正在幫助客戶創造一流的數字體驗，從而將批准率平均提高 2 個百分點，將欺詐平均減少 4 個基點，並將每個活躍賬戶的支出平均提高 10%。迄今為止，我們已經在全球推出了 200 多個數字優先客戶。

Santander in Mexico, Chase in the U.K., Citibanamex, Hague in Spain and Nubank in Brazil are amongst the latest customers to partner with Mastercard to liver an end-to-end digital-first customer journey. Also, we're driving growth in volume with new and renewed wins across a broad set of partners. In the U.S., we recently extended our exclusive deal with KeyBank's debit, credit, commercial and small business as well as deepened our relationship on services.

墨西哥的桑坦德銀行、英國的大通銀行、西班牙的花旗銀行、海牙和巴西的 Nubank 是與萬事達卡合作的最新客戶之一，以實現端到端的數字優先客戶之旅。此外，我們正在通過廣泛的合作夥伴贏得新的和新的勝利來推動銷量增長。在美國，我們最近延長了與 KeyBank 的借記卡、信用卡、商業和小型企業的獨家交易，並加深了我們在服務方面的關係。

This quarter in partnership with Chase, we will launch a new co-brand program with DoorDash. This deal further expands our presence in the digital food delivery space. We also went live with the Uber Pro Card and enhanced loyalty and payments experience that will help drivers in Korea save on gas, fees and other expenses.

本季度，我們將與 Chase 合作，與 DoorDash 推出新的聯合品牌計劃。這筆交易進一步擴大了我們在數字食品配送領域的影響力。我們還推出了 Uber Pro Card 並增強了忠誠度和支付體驗，這將幫助韓國的司機節省汽油、費用和其他費用。

In Europe, we have seen momentum in Italy with (inaudible) securing an expanded deal that includes a credit and prepaid flip as well as securing the current Mastercard portfolio. And in Latin America, we have renewed our exclusivity agreement with Mercado Libre and secured incremental credit share with Banco Scotiabank Colpatria. Overall, another great quarter with notable wins. That shift to one area that is sometimes underappreciated. That is how we are enabling growth in payments by giving people and businesses more places to use the MasterCard.

在歐洲，我們在意大利看到了勢頭，（聽不清）獲得了包括信用和預付翻轉在內的擴大交易，以及獲得了當前的萬事達卡投資組合。在拉丁美洲，我們與 Mercado Libre 續簽了獨家協議，並與 Banco Scotiabank Colpatria 獲得了增量信貸份額。總體而言，另一個偉大的季度取得了顯著的勝利。這種轉變有時會被低估。這就是我們通過為人們和企業提供更多使用萬事達卡的場所來促進支付增長的方式。

We have added more acceptance locations in the last 5 years than the previous 50, and we have now accepted at more than 90 million merchant locations. The preferential contactless payments that grew over the last 2 years continues. More than half of the in-person switch purchase transactions are now tapped up from approximately 1/3 pre-pandemic. And this trend will be bolstered by the adoption of new technologies such as Tap on Phone. Further, our technology and global reach enable growth and acceptance while helping our partners drive their digital strategy. For example, we have signed with McDonald's to use our gateway capabilities, enabling them to easily offer more solutions to new markets beginning in Middle East and Africa.

在過去的 5 年中，我們增加了比之前 50 個更多的接受點，我們現在已經接受了超過 9000 萬個商戶點。過去 2 年增長的優惠非接觸式支付仍在繼續。現在，超過一半的面對面轉換購買交易是從大流行前的大約 1/3 增加的。而這一趨勢將通過採用新技術（如 Tap on Phone）而得到支持。此外，我們的技術和全球影響力促進了增長和接受度，同時幫助我們的合作夥伴推動他們的數字戰略。例如，我們與麥當勞簽約使用我們的網關功能，使他們能夠輕鬆地為中東和非洲開始的新市場提供更多解決方案。

Finally, we're driving growth in payments while leaning into innovation to capture a prioritized set of new payment flows. We continue to make progress in going after flows in the disbursements and remittances space by expanding into new use cases and geographies. For example, in the U.S. gig economy, we signed a new global agreement with Airbnb to facilitate host payouts using Mastercard Send in select markets. We've also expanded with gaming payouts, launching our Gaming Fast payout program.

最後，我們正在推動支付增長，同時傾向於創新以獲取一組優先的新支付流。通過擴展到新的用例和地區，我們繼續在追踪支付和匯款領域的流量方面取得進展。例如，在美國的零工經濟中，我們與 Airbnb 簽署了一項新的全球協議，以促進在特定市場使用 Mastercard Send 的房東付款。我們還擴展了遊戲支付，推出了遊戲快速支付計劃。

To address account-to-account, cross-border and domestic payments, we have signed a deal with Pagero, a leading global B2B network and solutions provider that provides accounts payable automation to some of the world's largest corporate brands. We're also growing commercial point-of-sale transactions by targeting small business, corporate T&E, purchasing and fleet flows. In the U.S., we announced our exclusive co-brand partnership with First National Bank of Omaha to issue the (inaudible) small business card. This product offers small business owners, industry-leading access to tools, benefits and services with a focus on equitable access to credit, very important.

為了解決賬戶對賬戶、跨境和國內支付問題，我們與全球領先的 B2B 網絡和解決方案提供商 Pagero 簽署了一項協議，該公司為一些世界上最大的企業品牌提供應付賬款自動化。我們還通過針對小型企業、企業 T&E、採購和車隊流動來增加商業銷售點交易。在美國，我們宣布與奧馬哈第一國民銀行建立獨家聯合品牌合作夥伴關係，以發行（聽不清）小型名片。該產品為小企業主提供行業領先的工具、福利和服務，重點是公平獲得信貸，這一點非常重要。

We also continue to target B2B accounts payable flows by expanding access and reach, leveraging our virtual card capabilities. We signed a deal with Marqeta to enable our next-generation virtual card solution Instant Pay. This solution intelligently and automatically sends instant payments to suppliers.

我們還通過利用我們的虛擬卡功能擴大訪問和覆蓋範圍，繼續瞄準 B2B 應付賬款流。我們與 Marqeta 簽署了一項協議，以啟用我們的下一代虛擬卡解決方案 Instant Pay。該解決方案智能地自動向供應商發送即時付款。

We have also signed an agreement with SAP Taulia to integrate our virtual card solutions into Taulia and SAP solutions, enabling their customers to facilitate virtual cost payments. We're also well positioned to capitalize on the return of travel with our Mastercard wholesale travel program. In Bahrain, we signed a deal with Infineon for their online travel agency and travel management company, Volumes. And in Europe, we signed a deal with the fintech Swile while going after B2B travel flows in Europe and Latin America. As you can see, we continue to make steady progress in addressing our prioritized set of new payment flows.

我們還與 SAP Taulia 簽署了一項協議，將我們的虛擬卡解決方案集成到 Taulia 和 SAP 解決方案中，使他們的客戶能夠促進虛擬成本支付。我們還可以通過萬事達卡批發旅行計劃充分利用旅行的回報。在巴林，我們與英飛凌就其在線旅行社和旅行管理公司 Volumes 簽訂了協議。在歐洲，我們與金融科技 Swile 簽署了一項協議，同時關注歐洲和拉丁美洲的 B2B 旅遊流量。如您所見，我們在解決我們優先處理的一組新支付流程方面繼續取得穩步進展。

Now turning to services, where we delivered another quarter of strong revenue growth. Our services deliver a diversified revenue stream for Mastercard beyond payments. We accomplished this by adding new service capabilities as well as extending existing service offerings into new and existing customers. There continues to be a tremendous growth opportunity in this space.

現在轉向服務，我們實現了又一個季度的強勁收入增長。我們的服務為萬事達卡提供支付之外的多元化收入來源。我們通過添加新的服務功能以及將現有服務產品擴展到新客戶和現有客戶來實現這一目標。這個領域繼續存在巨大的增長機會。

First off, we're excited about Dynamic Yield's unique personalization platform, which offers a great example of how we're adding new service capabilities. Since complementing the acquisition earlier this year, we have added dozens of new retail and commerce customers.

首先，我們對 Dynamic Yield 獨特的個性化平台感到興奮，它為我們如何添加新服務功能提供了一個很好的例子。自今年早些時候補充收購以來，我們已經增加了數十家新的零售和商業客戶。

A great example is (inaudible), a German fashion store. I always share German examples, if I can. They have more than 1,400 stores in Europe. We have deployed our content personalization capabilities to additional markets. In addition, we are expanding our capabilities to financial institutions.

一個很好的例子是（聽不清），一家德國時裝店。如果可以的話，我總是分享德國的例子。他們在歐洲擁有 1,400 多家門店。我們已將我們的內容個性化功能部署到其他市場。此外，我們正在將我們的能力擴展到金融機構。

Now beyond adding new services, there's an opportunity to grow by extending existing offerings into new and existing customers. In the third quarter, we signed an agreement with Sky Italia, part of Sky Group, one of Europe's leading media and entertainment companies to enrich and commercialize a new service to support small businesses. Imburse, a technology provider to insurance companies is implementing our card-linked services for their micro savings programs with Generali Insurance in Switzerland.

現在除了添加新服務之外，還有機會通過將現有產品擴展到新客戶和現有客戶來實現增長。第三季度，我們與歐洲領先的媒體和娛樂公司之一 Sky Group 旗下的 Sky Italia 簽署了一項協議，以豐富和商業化一項支持小企業的新服務。保險公司的技術提供商 Imburse 正在瑞士的 Generali Insurance 為其小額儲蓄計劃實施我們的卡關聯服務。

And in Spain, we have grown our relationship with CaixaBank with one of our largest European Africa deals. The deal enables them to provide a more efficient charge backflow for all the card portfolios. Beyond expanding in payments and extending in services, our third key priority area is embracing new networks.

在西班牙，我們通過我們最大的歐洲非洲交易之一加強了與 CaixaBank 的關係。該交易使他們能夠為所有卡組合提供更有效的費用回流。除了擴展支付和服務之外，我們的第三個關鍵優先領域是擁抱新網絡。

As a reminder, our current focus is on 2 areas: open banking and digital identity. This quarter, I'll touch on open banking. While open banking is early in the game, it is a tremendous opportunity. We are engaged with a broad set of financial institutions and fintechs who are increasingly interested in a wide range of use cases. And what's unique and interesting here is that we are the partner that brings what is needed to scale and it's still confidence in this space, things like responsible data practices, consumer protections and deep compliance, all on top of our robust technical capabilities, broad connectivity and extensive applications.

提醒一下，我們目前的重點是兩個領域：開放銀行和數字身份。本季度，我將介紹開放式銀行業務。雖然開放銀行業務處於早期階段，但這是一個巨大的機會。我們與廣泛的金融機構和金融科技公司合作，他們對廣泛的用例越來越感興趣。這裡獨特而有趣的是，我們是合作夥伴，帶來了擴展所需的東西，而且它仍然對這個領域充滿信心，比如負責任的數據實踐、消費者保護和深度合規，所有這些都基於我們強大的技術能力、廣泛的連接性和廣泛的應用。

So just to give you a flavor in the U.S., Quicken, a leading provider of financial management solutions has selected Mastercard as a provider of consumer permission data for its popular simplified budgeting platform. We're also working with Fidelity, with their innovation in student loan repayment for organizations that want to help their employees improve their financial wellness. And then there's Jack Henry, which will enable community and regional financial institutions to be at the center of their account holders' financial lines. They will do this providing the ability to securely see all of their financial accounts within and outside the primary financial institution in a single view. This will help enable consumers and businesses to make more informed financial decisions. This is just the beginning much more to come in open banking.

因此，為了讓您了解美國，領先的財務管理解決方案提供商 Quicken 選擇萬事達卡作為其流行的簡化預算平台的消費者許可數據提供商。我們還與 Fidelity 合作，為希望幫助員工改善財務狀況的組織提供學生貸款償還方面的創新。然後是傑克亨利，這將使社區和區域金融機構成為其賬戶持有人財務線的中心。他們將這樣做，從而能夠在單一視圖中安全地查看主要金融機構內外的所有金融賬戶。這將有助於消費者和企業做出更明智的財務決策。這只是開放銀行業務的開始。

Before wrapping up, I'd like to share an example of how we are incorporating our capabilities across all 3 strategic pillars. Our strategy to engage in the crypto economy leverages assets across payments, services and new networks, a combination that yields a truly differentiated value proposition. Here, we're deploying our payment capabilities to enable consumers to spend their crypto holdings on card and cash out their crypto wallets via Mastercard Send.

在結束之前，我想分享一個例子，說明我們如何將我們的能力整合到所有 3 個戰略支柱中。我們參與加密經濟的戰略利用跨支付、服務和新網絡的資產，這種組合產生了真正差異化的價值主張。在這裡，我們正在部署我們的支付功能，使消費者能夠將他們的加密資產花在卡上，並通過 Mastercard Send 兌現他們的加密錢包。

This quarter, we partnered with Ebonex who will become our first partner in Australia to issue crypto-funded cards. We're enabling off-ramp solutions with Mastercard Send and recently added 5 new players in North America and Europe, including Binance supported by Checkout.com and Uber. In all instances, we do not handle crypto, but rather take delivery of fiat currency.

本季度，我們與 Ebonex 合作，後者將成為我們在澳大利亞發行加密貨幣卡的第一個合作夥伴。我們正在通過 Mastercard Send 啟用出口解決方案，最近在北美和歐洲增加了 5 家新參與者，包括 Checkout.com 和 Uber 支持的 Binance。在所有情況下，我們都不處理加密貨幣，而是接收法定貨幣。

Our services and new networks capabilities are providing identity, cyber and consulting services for market participants. Crypto Secure is an innovative solution designed to bring additional security and trust to this digital ecosystem by helping card issuers address regulatory risks. We also recognize the interest people continue to have buying and holding crypto through trusted businesses like their banks.

我們的服務和新的網絡能力正在為市場參與者提供身份、網絡和諮詢服務。 Crypto Secure 是一種創新的解決方案，旨在通過幫助發卡機構應對監管風險，為這個數字生態系統帶來額外的安全性和信任。我們還認識到人們繼續通過銀行等受信任的企業購買和持有加密貨幣的興趣。

So last week, we announced Crypto Source, which is designed to give our financial institution partners access to a comprehensive suite of buy, hold and sell services for select crypto assets. This will be augmented with our proven identity, cyber security and advisory services. To support these upcoming pilot programs, Mastercard is expanding its partnership with Paxos Trust Company to leverage their crypto asset trading and custody services. As you can see, our crypto strategy is bringing together best-in-class capabilities at scale, all built on our core principles of providing strong consumer protections, safety and security.

因此，上週，我們宣布了 Crypto Source，旨在讓我們的金融機構合作夥伴獲得針對精選加密資產的一整套購買、持有和出售服務。這將通過我們經過驗證的身份、網絡安全和諮詢服務得到加強。為了支持這些即將到來的試點計劃，萬事達卡正在擴大與 Paxos Trust Company 的合作夥伴關係，以利用他們的加密資產交易和託管服務。如您所見，我們的加密戰略正在大規模整合一流的能力，所有這些都建立在我們提供強大的消費者保護、安全和保障的核心原則之上。

In summary, we delivered another strong quarter of revenue and earnings growth, aided by a resilient consumer and a continued recovery in cross-border travel. We continue executing against our 3 strategic priorities. We have strong momentum with our customers, offering a diverse set of innovative solutions. We will continue to manage our expenses carefully within this macroeconomic environment and our well-diversified and flexible business model positions us well for the future.

總而言之，得益於彈性消費者和跨境旅遊的持續復甦，我們實現了又一個強勁的季度收入和盈利增長。我們繼續執行我們的 3 個戰略重點。我們與客戶的合作勢頭強勁，提供多樣化的創新解決方案。在這種宏觀經濟環境下，我們將繼續謹慎管理我們的開支，我們多元化和靈活的業務模式為我們的未來奠定了良好的基礎。

Sachin, over to you.

薩欽，交給你了。

Thanks, Michael. 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 23%, supported by resilient consumer spending and the continued recovery of cross-border travel relative to 2019 levels. Acquisitions contributed 1 ppt to this growth.

謝謝，邁克爾。轉到第 3 頁，它顯示了我們在貨幣中性基礎上的本季度財務業績，不包括特殊項目以及損益對我們股權投資的影響。受彈性消費者支出和跨境旅行相對於 2019 年水平的持續復甦的支持，淨收入增長了 23%。收購為這一增長貢獻了 1 個百分點。

Operating expenses increased 17%, including a 3 ppt increase from acquisitions. Operating income was up 27%, which includes 1 ppt decrease related to acquisitions. EPS was up 22% year-over-year to $2.68, which includes a $0.06 contribution from share repurchases. During the quarter, we repurchased $1.6 billion worth of stock and an additional $505 million through October 24, 2022.

運營費用增加 17%，其中收購增加了 3 個百分點。營業收入增長 27%，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 22% 至 2.68 美元，其中包括來自股票回購的 0.06 美元貢獻。在本季度，我們回購了價值 16 億美元的股票，並在 2022 年 10 月 24 日之前再回購了 5.05 億美元。

So let's turn to Page 4, where you can see the operational metrics for the third quarter. Worldwide gross dollar volume or GDV increased by 11% year-over-year on a local currency basis. On the same basis, if you exclude Russia from the prior period, GDV increased by 18%. In the U.S., GDV increased by 10% with credit growth of 20%, reflecting in part the recovery of spending on travel. Debit increased 2%.

因此，讓我們轉到第 4 頁，您可以在其中查看第三季度的運營指標。以當地貨幣計算，全球總美元交易量或 GDV 同比增長 11%。在同樣的基礎上，如果將俄羅斯排除在前期之外，GDV 增加了 18%。在美國，GDPV 增長 10%，信貸增長 20%，部分反映了旅遊支出的複蘇。借方增加了 2%。

Excluding the impact of the roll-off of a previously discussed customer agreement, debit increased approximately 5%. Outside of the U.S., volume increased 12% with credit growth of 15% and debit growth of 9%. Cross-border volume was up 44% globally for the quarter, reflecting continued improvement in travel-related cross-border spending.

排除先前討論的客戶協議滾降的影響，借方增加了約 5%。在美國以外，交易量增長 12%，信貸增長 15%，借方增長 9%。本季度全球跨境交易量增長 44%，反映出與旅行相關的跨境支出持續改善。

Turning to Page 5. Switched transactions grew 9% year-over-year in Q3. Excluding Russia from the prior year, switched transactions grew 19% year-over-year in Q3. Card present and card not present growth rates remained strong. Card present growth was aided in part by increases in contactless penetration in all regions when excluding Russia.

轉到第 5 頁。第三季度轉換交易同比增長 9%。不包括上一年的俄羅斯，第三季度轉換交易同比增長 19%。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目前的增長。

Contactless now represents 54% of all in-person switch purchase transactions. In addition, card growth was 5% or 10% if we exclude cards issued by Russian banks from the prior year card count. Globally, there are 3 billion Mastercard and Maestro-branded cards issued.

非接觸式現在佔所有面對面開關購買交易的 54%。此外，如果我們將俄羅斯銀行發行的卡從上一年的卡數中剔除，卡增長為 5% 或 10%。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 of the revenue line items, again, described on a currency-neutral basis unless otherwise noted. The increase in net revenue of 23% 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 1 ppt to this growth.

現在讓我們轉到第 6 頁，以了解收入項目的亮點，再次，除非另有說明，否則在貨幣中性的基礎上進行描述。淨收入增長 23% 主要是由國內和跨境交易和交易量增長以及服務增長推動的，部分被返利和激勵措施的增長所抵消。收購為這一增長貢獻了 1 個百分點。

Looking quickly at the individual revenue line items. Domestic assessments were up 9%, while worldwide GDV grew 11%. The difference is primarily driven by mix. Cross-border volume fees increased 57%, while cross-border volumes increased 44%. The 13 ppt 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 9%，而全球 GDV 增長了 11%。差異主要是由混合驅動的。跨境交易量費用增加了 57%，而跨境交易量增加了 44%。 13 個百分點的差異主要是由於本季度收益率較高的歐洲內部跨境交易量增長快於歐洲內部跨境交易量的有利組合。

Transaction processing fees were up 22%, while switched transactions grew 9%. The 13 ppt difference is primarily due to favorable mix, FX-related revenues and pricing. Other revenues were up 22%, including a 2 ppt contribution from acquisitions. The remaining growth was driven primarily by our Cyber & Intelligence and Data & Services solutions. Finally, rebates and incentives were up 26%, reflecting the strong growth in volumes and transactions and new and renewed deal activity.

交易處理費用增長了 22%，而轉換交易增長了 9%。 13 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。其他收入增長 22%，其中收購貢獻了 2 個百分點。其餘的增長主要由我們的網絡與情報和數據與服務解決方案推動。最後，回扣和獎勵增加了 26%，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。

Moving on to Page 7. You can see that on a non-GAAP currency-neutral basis, total adjusted operating expenses increased 17%, including a 3 ppt impact from acquisitions. Excluding acquisitions, the remaining increase was primarily due to higher personnel costs to support the continued execution of our strategic initiatives.

轉到第 7 頁。您可以看到，在非 GAAP 貨幣中性的基礎上，調整後的總運營費用增加了 17%，其中包括 3 個百分點的收購影響。不包括收購，其餘增長主要是由於支持我們繼續執行戰略計劃的人員成本增加。

Turning now to Page 8. Let's discuss the operating metrics for the first 3 weeks of October. For your reference to help you understand the trends in the business ex Russia where we suspended operations in March 2020, we have included an appendix later in the stack to show all the data points from the schedule if you excluded activity from Russian issued cards from prior periods.

現在轉到第 8 頁。讓我們討論 10 月前 3 週的運營指標。作為參考，以幫助您了解我們在 2020 年 3 月暫停運營的俄羅斯以外的業務趨勢，如果您從之前的俄羅斯發行的卡中排除活動，我們在堆棧的後面添加了一個附錄，以顯示時間表中的所有數據點期間。

As a general comment, our metrics are holding up well in October. As expected, the year-over-year growth metrics faced tougher comps as we began lapping periods in 2021 when COVID-related restrictions eased and spending levels started to rebound. However, it is important to note that all metrics continue to hold up well relative to 2019 levels.

作為一般性評論，我們的指標在 10 月份保持良好。正如預期的那樣，隨著我們在 2021 年開始步入周期，當時與 COVID 相關的限制放鬆，支出水平開始反彈，同比增長指標面臨更嚴峻的挑戰。但是，重要的是要注意，所有指標相對於 2019 年的水平繼續保持良好。

Going through the metrics in turn, starting with switched volumes. For the first 3 weeks of October, we grew 17% year-over-year, down 1 ppt versus Q3. Switch transactions grew 9% year-over-year through the first 3 weeks of October, consistent with Q3. As a reminder, Russia has a relatively low average ticket size which results in a larger relative impact to this metric.

依次檢查指標，從切換量開始。 10 月的前 3 週，我們同比增長 17%，比第三季度下降 1 個百分點。到 10 月的前 3 週，Switch 交易量同比增長 9%，與第三季度一致。提醒一下，俄羅斯的平均門票規模相對較低，因此對該指標的相對影響較大。

Overall, cross-border volumes through the first 3 weeks of October grew 36% year-over-year, down 8 ppt versus Q3. Cross-border travel had another quarter of strong growth as water restrictions continued to be lifted. In the first 3 weeks of October, cross-border travel was up 62% year-over-year, down 11 ppt versus Q3 due to more difficult year-ago comps as I just noted.

總體而言，截至 10 月前 3 週的跨境交易量同比增長 36%，較第三季度下降 8 個百分點。隨著水資源限制的繼續解除，跨境旅行又實現了四分之一的強勁增長。在 10 月的前 3 週，跨境旅行同比增長 62%，與第三季度相比下降 11 個百分點，因為正如我剛剛提到的，由於去年同期比較困難。

Cross-border travel is now at 125% of 2019 levels, up 1 ppt from Q3 levels. Cross-border card not present, excluding travel, was up 12% year-over-year in October, which includes the impact of significant e-commerce promotional activities and is down 1 ppt from Q3. This metric continues to hold up well in relation to 2019 levels.

跨境旅行目前為 2019 年水平的 125%，比第三季度水平上升 1 個百分點。 10 月份不存在跨境卡（不包括旅遊）同比增長 12%，其中包括重大電子商務促銷活動的影響，較第三季度下降 1 個百分點。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 Q4. Let me begin by saying that the execution of our strategic priorities is translating into expanded and deeper customer relationships and the broader adoption of our material solutions and differentiated services. Consumer spending remains resilient in the face of macroeconomic headwinds and cross-border travel continues to recover as border restrictions ease and consumers shift their spending back towards travel.

轉到第 9 頁。我想分享我們對第四季度的看法。首先讓我說，我們戰略重點的執行正在轉化為擴大和更深入的客戶關係，以及更廣泛地採用我們的材料解決方案和差異化服務。面對宏觀經濟逆風，消費者支出保持彈性，隨著邊境限制放鬆和消費者將支出重新轉向旅行，跨境旅行繼續復甦。

Just to update you on some metrics we are tracking. Asia, which represented approximately 14% of cross-border inbound travel pre-pandemic in 2019 is at approximately 76% of 2019 levels in Q3, up from about 60% in Q2. We continue to believe there is more room to grow as several travel corridors, particularly in Asia, still remain restricted and airline industry capacity continues to build back up.

只是為了向您更新我們正在跟踪的一些指標。亞洲佔 2019 年大流行前跨境入境旅遊的約 14%，第三季度約為 2019 年水平的 76%，高於第二季度的約 60%。我們仍然認為，隨著多條旅遊走廊（尤其是在亞洲）仍然受到限制且航空業運力繼續增強，增長空間更大。

We remain well positioned to capitalize on this growth with our travel-oriented portfolios and service offerings, including access to an extensive airport lounge network and concierge services and our global Mastercard Travel Rewards program, which allows issuers and merchants to connect -- to provide consumers with unique benefits through a simple digital experience.

我們以旅遊為導向的產品組合和服務產品，包括使用廣泛的機場休息室網絡和禮賓服務以及我們的全球萬事達卡旅行獎勵計劃，允許發行人和商家聯繫，從而為消費者提供通過簡單的數字體驗獲得獨特的好處。

As we have laid out, there are a number of factors that could influence future economic growth. These include elevated inflation and rising interest rates, and geopolitical tensions balanced against low unemployment, rising wages and high savings levels in particular. We are monitoring each of these as Michael just said, we are prepared to act quickly to adjust our expenses to reflect any meaningful change to top line growth.

正如我們所闡述的，有許多因素可能會影響未來的經濟增長。其中包括通脹上升和利率上升，以及與低失業率、工資上漲和高儲蓄水平相平衡的地緣政治緊張局勢。正如邁克爾剛才所說，我們正在監控其中的每一項，我們準備迅速採取行動調整我們的費用，以反映對收入增長的任何有意義的變化。

With respect to the fourth quarter, we expect year-over-year net revenue to grow at the high end of a mid-teens rate on a currency-neutral basis, excluding acquisitions. This is consistent with prior expectations and sequentially reflects: one, generally resilient consumer spending relative to 2019 levels; two, stable to slightly improved cross-border travel growth relative to 2019 levels with some continued improvement into Asia and some moderation within Europe; three, higher rebates and incentives as a percent of gross revenues due to elevated deal activity consistent with seasonal norms; and finally, the lapping of a strong year ago quarter as border restrictions were lifted in the U.S., U.K. and Canada during Q4 2021.

關於第四季度，我們預計在不包括收購的貨幣中性基礎上，淨收入同比增長將保持在十幾歲左右的高端。這與之前的預期一致，並依次反映：一，與 2019 年水平相比，消費者支出總體上具有彈性；二，相對於 2019 年的水平，跨境旅遊增長穩定或略有改善，亞洲部分持續改善，歐洲部分放緩；三，由於符合季節性規範的交易活動增加，返利和獎勵佔總收入的百分比更高；最後，隨著美國、英國和加拿大在 2021 年第四季度取消邊境限制，去年同期表現強勁。

Acquisitions are forecasted to add about 1 ppt to this growth, while foreign exchange is expected to have headwind of approximately 6 to 7 ppt for the quarter. As a reminder, the euro has depreciated significantly year-over-year and is the primary driver of this headwind.

預計收購將使這一增長增加約 1 個百分點，而本季度外匯匯率預計將受到約 6 至 7 個百分點的不利影響。提醒一下，歐元同比大幅貶值，是這一逆風的主要驅動力。

From a sensitivity standpoint, based on the current mix of the business, the annual impact of net -- to net revenue of a $0.01 change in the value of the euro relative to the U.S. dollar is approximately $55 million. From an operating expense standpoint, we expect Q4 operating expenses to grow at a low double-digit rate versus a year ago on a currency-neutral basis, excluding acquisitions and special items.

從敏感性的角度來看，基於當前的業務組合，歐元兌美元價值變動 0.01 美元對淨收入的年度影響約為 5500 萬美元。從運營費用的角度來看，我們預計第四季度的運營費用在不包括收購和特殊項目的貨幣中性基礎上，與一年前相比將以較低的兩位數增長率增長。

Acquisitions are forecast to add about 3 ppt to this growth. Foreign exchange is expected to be a tailwind of approximately 4 to 5 ppt for the quarter. Other items to keep in mind, on the other income and expense line, we are at an expense run rate of approximately $100 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 approximately 19% in Q4 based on the current geographic mix of our business. And with that, I'll turn the call back over to Warren.

預計收購將使這一增長增加約 3 個百分點。預計本季度外匯將帶來約 4 至 5 個百分點的順風。其他需要記住的項目，在其他收入和支出項目中，考慮到現行利率，我們的費用運行率為每季度約 1 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，我們預計第四季度的稅率約為 19%。有了這個，我會把電話轉給沃倫。

Thanks, Sachin. Audra, we're now ready for the Q&A session.

謝謝，薩欽。 Audra，我們現在準備好進行問答環節了。

(Operator Instructions) We'll take our first question from Sanjay Sakhrani at KBW.

（操作員說明）我們將回答 KBW 的 Sanjay Sakhrani 提出的第一個問題。

Sachin, I was just wondering if you could just parse out a little bit at the fourth quarter net revenue expectations. It was a little bit lower than we were thinking. I'm just curious, is it incentives kind of spiking up in the fourth quarter? Or is it just the gross number? Any color there would be helpful.

Sachin，我只是想知道你是否可以稍微分析一下第四季度的淨收入預期。它比我們想像的要低一點。我只是好奇，第四季度的激勵措施會有所增加嗎？還是只是總數？那裡的任何顏色都會有幫助。

Sure. First, I'm just going to kick it off by saying the fourth quarter thoughts that I've just shared with you are very consistent with what we have shared in our implied fourth quarter numbers when we gave you our full year guidance at the last earnings call. So very consistent in terms of what we'll be sharing with you in terms of fourth quarter.

當然。首先，我要開始說我剛剛與您分享的第四季度想法與我們在去年向您提供全年指導時在隱含的第四季度數據中分享的內容非常一致收益電話。就我們將在第四季度與您分享的內容而言，非常一致。

But just a few things I want to kind of emphasize as to what our key assumptions going into the fourth quarter are: one is we continue to believe that there will be a resilient consumer and spending from the consumer relative to 2019 levels will be generally resilient; number two, we are expecting stable to slightly improve cross-border travel growth relative to 2019 levels.

但對於我們進入第四季度的關鍵假設，我只想強調幾件事：一是我們繼續相信消費者將有彈性，相對於 2019 年的水平，消費者的支出將總體上具有彈性;第二，我們預計跨境旅遊增長相對於 2019 年水平將略有改善。

In terms of rebates and incentives to your question, as a percentage of gross revenues, we expect them to be higher in the fourth quarter. This is very consistent with our seasonal norms. So nothing unusual as far as I'm concerned there. And then also, again, if you look at it on a sequential basis back to comparing fourth quarter to third quarter, there is the lapping effect which I kind of talked about.

就您的問題的回扣和獎勵而言，作為總收入的百分比，我們預計它們在第四季度會更高。這與我們的季節性規範非常一致。所以就我而言，沒有什麼不尋常的。然後，再一次，如果你按順序回顧第四季度和第三季度的比較，就會出現我所說的重疊效應。

So really, I mean, the summary of what I guess I'm sharing with you is our fourth quarter thoughts are very consistent to what we had actually shared with you previously.

所以真的，我的意思是，我想我要與您分享的總結是我們第四季度的想法與我們之前與您實際分享的內容非常一致。

We'll move next to Lisa Ellis at MoffettNathason SVB.

我們將搬到 MoffettNathason SVB 的 Lisa Ellis 旁邊。

Terrific. I wanted to question about business resilience, I guess, looking forward in the face of a potential economic downturn. I'm just thinking about the fact that over the last several years, Mastercard increased the diversification of the business significantly with more debit, more fast ACH, more services, et cetera, more B2B. So how do you think about kind of where you are now in terms of resilience of the business if we do, at some point, see a slowdown in the consumer side of spending?

了不起。我想質疑企業的彈性，我想，面對潛在的經濟衰退，我會向前看。我只是在想，在過去的幾年裡，萬事達卡通過更多的借記卡、更快的 ACH、更多的服務等等，以及更多的 B2B 顯著增加了業務的多元化。那麼，如果我們確實在某個時候看到消費方面的支出放緩，那麼您如何看待您現在在業務彈性方面所處的位置？

Lisa, thank you for your question. So let me kick off on that one. You imply the answer in your question actually. It is the nature of our continued diversification. I mean, just to remind everybody on why are we diversifying, it is to give us a diversified revenue stream, but it's also to differentiate our payments. And all of that plays hand in hand with better services.

麗莎，謝謝你的提問。所以讓我開始那個。你實際上暗示了你的問題的答案。這是我們持續多元化的本質。我的意思是，只是為了提醒大家我們為什麼要多元化，這是為了給我們提供多元化的收入來源，但也是為了區分我們的支付方式。所有這些都與更好的服務密切相關。

We're going to see payment volumes come out with better services, it's easier to get into some of the new payment flows. For example, our safety security solutions are well sought-after in the B2B space, whether there is fraud issues all over the place. So all that, I think, is a good starting point for us.

我們將看到支付量隨著更好的服務而出現，更容易進入一些新的支付流程。例如，我們的安全保障解決方案在 B2B 領域廣受歡迎，是否到處存在欺詐問題。所以，我認為，這一切對我們來說都是一個很好的起點。

If I just look back over the last 2 years where we certainly had a slowdown on the payment side in the macroeconomic overall and services carried today very significantly for us. So we're just going to continue to push harder there. And then new flows, and I gave you a whole range of examples earlier on how we are building out the new flows.

如果我回顧過去 2 年，我們肯定在宏觀經濟整體支付方面出現放緩，今天為我們提供的服務非常重要。因此，我們將繼續在那裡更加努力。然後是新流程，我之前為您提供了一系列示例，說明我們如何構建新流程。

And if you just put some light on to commercial POS. So here is, this is existing tools that we have. We don't need to build a lot for it. It's a space that we haven't penetrated significantly in the past, and we're ready and we're going in. This is a $14 trillion opportunity that we're going after, which is payments diversification going on, in addition to our services diversification.

如果您只是對商業 POS 有所了解。所以這裡是，這是我們現有的工具。我們不需要為它建造很多東西。這是一個我們過去沒有顯著滲透的領域，我們已經準備好，我們正在進入。這是一個 14 萬億美元的機會，我們正在追求，這是支付多樣化，除了我們的服務多元化。

And earlier on, with the stats on acceptance, just more places where people can spend. In the end, then people will spend even in a downturn. It doesn't actually matter for us what they spend on, that they spend on a MasterCard, we give them more opportunities to do so. So diversification is the name of the game.

早些時候，隨著接受度的統計，人們可以消費的地方越來越多。最後，即使在經濟低迷時期，人們也會花錢。他們花在萬事達卡上對我們來說實際上並不重要，我們為他們提供了更多這樣做的機會。所以多元化是遊戲的名稱。

We'll move next to Darrin Peller at Wolfe Research.

我們將搬到 Wolfe Research 的 Darrin Peller 旁邊。

Your model is clearly still showing benefits of inflation. And if you could just kind of remind us, again, the sensitivity in the areas you see in the basis points driven inflation impact. But also whether or not there's any pricing changes you guys are interested in employing on the non-basis point side, whether it's transactions or services, probably more importantly, just given what we've seen or if you've done so already?

你的模型顯然仍然顯示出通貨膨脹的好處。如果你能再次提醒我們，你在基點中看到的區域的敏感性驅動通脹影響。但是，你們是否有興趣在非基點方面採用任何定價變化，無論是交易還是服務，可能更重要的是，考慮到我們所看到的或者你是否已經這樣做了？

And then maybe just on a side note on that, on the other side would be the expense management and the willingness, just how willing you are on, for example, marketing to flex there if necessary?

然後也許只是旁注，另一方面是費用管理和意願，例如，如果有必要，您是否願意在市場上靈活調整？

Darrin, I'll take that question. I guess to your point around inflation. Look, I mean, persistent in place for long periods of time, which causes for a shift in share of wallet away from carded categories into non-product categories would be the one area I would actually flag as a potential headwind as it relates to our business model.

達林，我會回答這個問題。我猜你關於通貨膨脹的觀點。看，我的意思是，長時間持續存在，這導致錢包份額從卡片類別轉移到非產品類別將是我實際上標記為潛在逆風的一個領域，因為它與我們的商業模式。

But putting that issue aside, the reality is you're very correct about the fact that we charge our basis points in cents per transaction. Our basis points are of nominal value of spend and that reflects the impact of inflation in there.

但撇開這個問題不談，現實情況是，您對我們以每筆交易美分收取基點這一事實非常正確。我們的基點是支出的名義價值，反映了通貨膨脹的影響。

So the reality is, as we've said in the past, modest inflation and inflation in carded categories, we're generally -- we kind of -- our business model accounts for that because depending on if it's carded, it doesn't matter, like Michael said, whether it's happening in travel or it's happening in food and building, those are carded categories, and you kind of get the benefit of that come through.

所以現實是，正如我們過去所說，適度通貨膨脹和卡片類別的通貨膨脹，我們通常 - 我們有點 - 我們的商業模式解釋了這一點，因為取決於它是否被卡片，它沒有重要的是，就像邁克爾說的那樣，無論是發生在旅行中，還是發生在食品和建築中，這些都是經過梳理的類別，您可以從中受益。

Look, I mean, as it relates to your question on expenses, we've always remained disciplined on expenses. The thing which we always keep in mind is a few things. One, we want to make sure that we're investing in the long-term growth of our business along the 3 strategic priorities, which Michael talked about. We will continue to do that.

聽著，我的意思是，因為它與您關於費用的問題有關，我們一直對費用保持自律。我們始終牢記在心的是幾件事。一，我們希望確保我們沿著邁克爾談到的三個戰略重點投資於我們業務的長期增長。我們將繼續這樣做。

That being said, as we demonstrated during the COVID environment, we do have the opportunity to flex our expenses whether it's around marketing, whether it's around professional fees, whether it's around T&E, it all is a function of making sure we are keeping an eye on the top line, keeping an eye on the bottom line while we're actually delivering what we need to do from an expenses standpoint, and we'll continue to do that going forward.

話雖如此，正如我們在 COVID 環境中所展示的那樣，我們確實有機會調整我們的開支，無論是圍繞營銷、是否圍繞專業費用、是否圍繞 T&E，這一切都是確保我們密切關注的功能在頂線，當我們從費用的角度實際交付我們需要做的事情時，密切關注底線，我們將繼續這樣做。

The reality is we keep a close eye on to what are the things which are in demand from our customers, what is it that the consumer wants, and we are bouncing our expenses in that regard. An example would be, as you remember in COVID, when travel was out of favor, we started to pull back on A&M related travel. It just didn't make sense for us to be doing at that point in time.

現實情況是，我們密切關注客戶的需求是什麼，消費者想要什麼，我們在這方面的開支有所增加。一個例子是，正如您在 COVID 中所記得的那樣，當旅行不受歡迎時，我們開始撤回與 A&M 相關的旅行。在那個時間點上做對我們來說是沒有意義的。

So we'll remain flexible on that. And then there are initiatives which we've got which are longer-term initiatives, which will pay off over many, many years in the future, where we have the opportunity to actually pulse the pace at which we're incurring expenses on those to the event -- in the event we start to see a little bit of a slowdown in terms of top line.

因此，我們將在這方面保持靈活。然後是我們已經採取的一些長期舉措，這些舉措將在未來很多很多年裡得到回報，我們有機會真正加快我們在這些方面產生費用的速度事件——如果我們開始看到收入有所放緩。

You asked the question on pricing. Our philosophy around pricing is very consistent as it's always been. We price for the value we deliver. And our assumption from a pricing standpoint, whether it's pricing in basis points or cents per transaction is very tightly correlated to the value we're delivering to our customers and to the end consumers and to our merchant partners. So all of that is very consistent at the end of the day. We assume minimal net pricing, net of rebates from a pricing standpoint.

你問了關於定價的問題。我們的定價理念始終如一。我們為我們提供的價值定價。從定價的角度來看，我們的假設是，無論是每筆交易的基點定價還是美分定價，都與我們為客戶、最終消費者和我們的商業合作夥伴提供的價值密切相關。所以所有這些在一天結束時都是非常一致的。從定價的角度來看，我們假設最低淨定價，扣除回扣。

Yes. I just want to -- Darrin, just want to add one point here. And that is looking back at the last -- over 2.5 years now, back to the second quarter of 2020 when revenue was severely impacted by a truly unprecedented event out there. So to the power of the levers that we have and a range of levers that we have to modulate our expenses, hiring, AMM, professional fees, T&E and your market appetite and all of that, it just showed that we did not have to make any compromises when it comes to driving our strategic priorities. We pulled through it on new flows, we pulled through service expansions and so forth. The model is wide and flexible. That helps us a lot. And as I look forward, there is optimism in how we're going to navigate that.

是的。我只想-- Darrin，只想在這裡補充一點。那是回顧過去——現在已經超過 2.5 年，回到 2020 年第二季度，當時收入受到真正前所未有的事件的嚴重影響。因此，憑藉我們擁有的槓桿的力量以及我們必須調整我們的費用、招聘、AMM、專業費用、T&E 和您的市場胃口以及所有這些的一系列槓桿，它只是表明我們不必做出在推動我們的戰略重點方面做出任何妥協。我們在新流程中通過它，我們通過服務擴展等等。該模型廣泛而靈活。這對我們幫助很大。正如我所期待的那樣，我們將如何駕馭這一點是樂觀的。

We'll take our next question from Harshita Rawat at Bernstein.

我們將向伯恩斯坦的 Harshita Rawat 提出下一個問題。

Michael, Sachin, can you talk about online debit routing in the U.S. that very recently put out clarification approvals? If I recall correctly, last time you ended up gaining market share, but (inaudible) implemented. So how does it impact Mastercard with online debit routing now?

邁克爾，薩欽，你能談談最近發布澄清批准的美國在線借記路由嗎？如果我沒記錯的話，上次你最終獲得了市場份額，但（聽不清）實施了。那麼它現在如何影響萬事達卡的在線借記卡路由呢？

Harshita, thanks for the question. There's always something in debit routing going on. So here, we have the clarification of the rule by the Fed. And it takes us all the way back to a decade ago when there was this requirement to have 2 networks on every debit card. And basically, what the Fed here clarified is that this is applying to whether it's a debit transaction that's made online or in-store.

Harshita，謝謝你的提問。借記卡路由中總會有一些事情發生。所以在這裡，我們有美聯儲對規則的澄清。這讓我們回到了十年前，當時要求每張借記卡上都有 2 個網絡。基本上，美聯儲在這裡澄清的是，這適用於在線或店內進行的借記交易。

So pretty simple, pretty straightforward implementation by mid of 2023. So we have some time, but we will be ready and we'll be implementing. I think really what that does is we will just continue to compete with all the assets that we have in debit. I'm not really sure what this will do to the market, but we will certainly be there leveraging our technology to win more debit in the United States.

到 2023 年中期非常簡單，非常直接的實施。所以我們有一些時間，但我們會做好準備，我們會實施。我認為真正的作用是我們將繼續與我們在藉方擁有的所有資產競爭。我不確定這會對市場產生什麼影響，但我們肯定會利用我們的技術在美國贏得更多的借方。

Harshita, I'll just add one additional comment to what Michael just said, which is, as you know, we've been investing pretty heavily in our services capabilities some of which relate to cyber intelligence. And in an environment where our partners, whether it's the merchants or the issuers need more of our services to better manage their product capabilities in the online environment, we stand ready to do that as well.

Harshita，我將在 Michael 剛才所說的基礎上再添加一條評論，如您所知，我們一直在大力投資於我們的服務能力，其中一些與網絡情報有關。在我們的合作夥伴（無論是商家還是發行人）需要我們更多的服務來更好地管理他們在在線環境中的產品功能的環境中，我們也準備好這樣做。

We'll take our next question from Tien-Tsin Huang at JPMorgan.

我們將向摩根大通的 Tien-Tsin Huang 提出下一個問題。

Just you mentioned nothing unusual on rebates and incentives, but I just wanted to ask as I sometimes always do with deal activity versus 90 days ago. Any change there? Is your appetite to drive program growth versus maybe more disciplined growth on their side? Or are there changes in timing of deals and implementation, things of that nature?

剛才你提到的回扣和獎勵沒有什麼不尋常的地方，但我只是想問一下，因為我有時總是對交易活動進行與 90 天前相比。那裡有什麼變化嗎？您是否有興趣推動項目增長，而不是他們一方可能更自律的增長？或者交易和實施的時間是否有變化，這種性質的事情？

Sure, Tien-Tsin. I can take that. Tien-Tsin, I think you know that we've been active in the marketplace. We've been winning share globally, and that's just part of the strategy of what we want to do, which is on a disciplined, profitable basis, we want to win share and deliver more in the nature of services on that share to optimize and grow our overall net yield.

當然，天真。我可以接受。 Tien-Tsin，我想你知道我們在市場上一直很活躍。我們一直在全球範圍內贏得份額，這只是我們想要做的戰略的一部分，這是在有紀律的、有利可圖的基礎上，我們希望贏得份額並在該份額上提供更多的服務性質，以優化和增加我們的整體淨收益。

I'll start with that as kind of the headline. But on your specific question on Q4, on rebates and incentives, nothing unusual. It's a rich pipeline. We continue to be active in the marketplace. We're not seeing any changed kind of behavior as it relates to how our issuing partners are in the marketplace. And we just remain active, and that's really the essence of what we're seeing there.

我將從頭條開始。但是關於你在第四季度的具體問題，關於回扣和獎勵，沒有什麼不尋常的。這是一個豐富的管道。我們繼續活躍在市場上。我們沒有看到任何與我們的發行合作夥伴在市場上的行為相關的行為發生變化。我們只是保持活躍，這就是我們在那裡看到的本質。

Next, we'll move to Ashwin Shirvaikar at Citi.

接下來，我們將搬到花旗的 Ashwin Shirvaikar。

If I can ask about cross-border now that we've seen some normalization in travel? If you could kind of talk about how much more travel improvement there is yet to come in your view and the mix of cross-border now that some of the normalization has happened as we look to travel versus non-travel?

既然我們已經看到旅行正常化，我可以問一下跨境嗎？如果您可以談談您認為還有多少旅行改進以及跨境的混合，因為我們希望旅行與非旅行已經發生了一些正常化？

Sure, Ashwin. I can take that question. So first, I kind of mentioned that -- as we said in the last earnings call, we saw opportunity in terms of further recovery in travel. We saw some of that come through in our Q3 numbers. We still believe there's potential from a cross-border travel recovery standpoint, in particular, in Asia Pacific. I shared a metric about how Asia Pacific inbound cross-border travel is approximately 76% in Q3 of 2019 levels. So that just goes to show there's some more room to grow there. I mean, there are several markets in Asia Pacific which still remain to be opened.

當然，阿什溫。我可以接受這個問題。所以首先，我有點提到 - 正如我們在上次財報電話會議中所說，我們看到了旅遊業進一步復甦的機會。我們在第三季度的數據中看到了其中一些。從跨境旅遊復甦的角度來看，我們仍然認為存在潛力，特別是在亞太地區。我分享了一個關於亞太地區入境跨境旅行在 2019 年第三季度的水平約為 76% 的指標。所以這只是表明那裡還有更多的發展空間。我的意思是，亞太地區有幾個市場仍有待開放。

Also, airlines are bringing more capacity back on. And as you know, from our personal experiences, getting seats on planes is hard, and it's expensive. And so the reality is all of that should be helpful in terms of the potential for cross-border travel recovery.

此外，航空公司正在恢復更多運力。如您所知，根據我們的個人經驗，在飛機上獲得座位很難，而且價格昂貴。因此，現實情況是，就跨境旅行複甦的潛力而言，所有這些都應該有所幫助。

The other point, which I think you alluded to, Ashwin, is as it relates to the mix and the mix is also important because the mix of cross-border has not reverted back to historical mixes. So said differently, if you remember, as we were going through COVID, we first saw recovery take place in intra-Europe. And you know intra-Europe is generally low in yielding. We've recently been seeing a stronger growth of a pattern in ex intra-Europe cross-border. And so the reality is that makes us go back to the pre-pandemic levels at this point in time.

另一點，我想你提到的，阿什溫，因為它與混合有關，混合也很重要，因為跨境混合併沒有恢復到歷史混合。換種說法，如果你還記得，當我們經歷 COVID 時，我們首先看到歐洲內部發生了復甦。而且你知道歐洲內部的收益率通常很低。我們最近看到歐洲內部跨境模式的強勁增長。所以現實是，這讓我們在這個時間點回到了大流行前的水平。

And just one thing to add, it wasn't exactly your question, but that whole space has been in focus for us, pre-pandemic, during the pandemic, and now. While airlines were struggling with really no flights taking off, we were a strong partner, and it showed in how the engagement with airlines and travel-oriented portfolios work now.

還有一件事要補充，這不完全是你的問題，但整個空間一直是我們關注的焦點，無論是大流行前、大流行期間還是現在。雖然航空公司在沒有航班起飛的情況下苦苦掙扎，但我們是一個強大的合作夥伴，它展示了與航空公司的合作和以旅行為導向的投資組合現在是如何運作的。

So we stand well positioned to benefit from the trend that Sachin just talked about on the services side as well as in the payments and the co-brand side. So exciting space. I think our bets are paying off.

因此，我們處於有利位置，可以從 Sachin 剛才談到的服務方面以及支付和聯合品牌方面的趨勢中受益。如此令人興奮的空間。我認為我們的賭注正在得到回報。

We'll go next to Rayna Kumar at UBS.

我們將在瑞銀的 Rayna Kumar 旁邊。

You continue to see very strong growth in Latin America, 29% GDV growth in the quarter. Can you discuss some of the key drivers of that growth and how sustainable you think it could be going into 4Q and into 2023?

您繼續看到拉丁美洲的強勁增長，本季度 GDV 增長 29%。您能否討論一下這種增長的一些關鍵驅動因素，以及您認為它在第四季度和 2023 年的可持續性如何？

Rayna, let me start off on that. Latin America, fascinating region for us, highly diverse from a super well-developed Brazil to markets at the other end of the spectrum, high travel markets with the Caribbean, so Mexico. So you have all of that in the mix.

蕾娜，讓我開始吧。拉丁美洲，對我們來說是個迷人的地區，從超級發達的巴西到另一端的市場，加勒比地區的高旅遊市場，所以墨西哥。所以你擁有所有這些。

It's really interesting when you peel the onion of it and you look at some of these markets and you compare them, 2 of the largest markets, for example, Brazil and Mexico. If you look at the digital penetration in Mexico compared to Brazil, there is so much more potential to go. So there's upside in digitization.

當你剝洋蔥皮，看看其中一些市場，然後比較它們，這兩個最大的市場，例如巴西和墨西哥，這真的很有趣。如果你看看墨西哥與巴西相比的數字滲透率，那麼還有更多的潛力可以去。所以數字化有好處。

There's other issues that require some of our solutions. The region has experienced some fraud issues generally in payments. So our safety and security solutions are in great demand and a great driver for growth for us in the region, while the underlying digitalization continues. So you put those trends together, it's all fairly attractive.

還有其他問題需要我們的一些解決方案。該地區在支付方面普遍遇到了一些欺詐問題。因此，我們的安全和安保解決方案需求量很大，是我們在該地區增長的重要推動力，而基礎數字化仍在繼續。所以你把這些趨勢放在一起，這一切都相當有吸引力。

And then I talked to you about our engagement in the crypto economy. If there's one place in the world where crypto is really in focus, it's in that part of the world, historic pain through high inflation and so forth. People were thinking crypto might be an answer. A lot of innovation in the space. So across all payments, services and new payment flows and innovation, this is a region that has -- is showing full momentum for us.

然後我和你談到了我們對加密經濟的參與。如果世界上有一個地方真正關注加密貨幣，那就是在世界的那個地方，高通脹帶來的歷史痛苦等等。人們認為加密可能是一個答案。該領域有很多創新。因此，在所有支付、服務和新的支付流程和創新中，這個地區已經 - 正在為我們展示出充分的動力。

Yes. Rayna, I'll just bring to life one of the points which Michael talked about in terms of increased trends towards digitalization. As it relates to our performance in Latin America in Q3 and going forward, the reality is we've been very focused on the conversion of Maestro to debit Mastercard. And this has been part of what we as a company have been doing for a very long time.

是的。 Rayna，我將把邁克爾談到的關於數字化趨勢的觀點之一帶入生活。由於這與我們在第三季度和未來在拉丁美洲的表現有關，現實是我們一直非常專注於將 Maestro 轉換為藉記萬事達卡。這是我們公司長期以來一直在做的事情的一部分。

You're seeing the fruits of that come through because as you know, as you go down the path of converting Maestro to debit MasterCard, whether it's a companion digital debit Mastercard or it's an actual conversion of the card, it now becomes enabled for online transactions back to the regional trend, which Michael is talking about. So it's all about us trying to enable those cards and we've been seeing good migrations take place from Maestro to debit Mastercard.

您正在看到其成果，因為正如您所知，當您將 Maestro 轉換為藉記萬事達卡時，無論是配套的數字借記萬事達卡還是卡的實際轉換，它現在都可以在線使用交易回到邁克爾正在談論的區域趨勢。所以這一切都是關於我們試圖啟用這些卡，我們已經看到從 Maestro 到借記萬事達卡的良好遷移。

We'll go next to Jason Kupferberg at Bank of America.

我們將在美國銀行的 Jason Kupferberg 旁邊。

I wanted to see if you can unpack a little bit what you're seeing in terms of consumer spending across different parts of Europe. And then, Sachin, I wanted to see if you could make just a quick comment around what you guys are envisioning the potential FX headwind to revenue in 2023 just based on current rates?

我想看看你是否可以從歐洲不同地區的消費者支出方面了解你所看到的情況。然後，薩欽，我想看看你是否可以就目前的匯率對你們對 2023 年潛在外匯逆風的設想做一個簡短的評論？

Sure. So Jason, I'll give you on your first, and then I'll get into the FX question, which you're talking about. So in terms of Europe, we continue to see good Mastercard performance in Europe. Remember, in terms of what you're seeing in our metrics, you're seeing not only what the underlying economies are doing, but also the impact of our share growth, which has been taking place in Europe. So it's kind of the amalgamation of all of that, which is coming through.

當然。所以傑森，我會先給你你的，然後我會進入你正在談論的外匯問題。因此，就歐洲而言，我們繼續看到萬事達卡在歐洲的良好表現。請記住，就您在我們的指標中看到的內容而言，您不僅看到了基礎經濟體的表現，還看到了我們在歐洲發生的份額增長的影響。所以這是所有這些的融合，正在發生。

In terms of regional patterns, I would tell you that we're not necessarily in any meaningful change in terms of trends across the continent, in terms of how the spending patterns are taking place. The consumer generally -- back to our comment earlier around consumer being resilient and strength in consumer, that's certainly the case.

就區域模式而言，我會告訴你，就支出模式的發生方式而言，就整個大陸的趨勢而言，我們不一定會發生任何有意義的變化。消費者普遍——回到我們之前關於消費者俱有彈性和實力的評論，情況確實如此。

Now as you think about different markets, in markets like the U.K., we're seeing stronger growth. A large part of that is being driven by the fact that we've had recent share wins in the U.K. And then there are share wins we've spoken about in the past in Continental Europe, which are still to come to effect, right? So for example, we talked about our win with Deutsche Bank in Germany, that's still to come to effect. So anyway, there's a mix of all of that, which is kind of taking place at this point in time.

現在，當您考慮不同的市場時，在英國等市場，我們看到了更強勁的增長。其中很大一部分是由於我們最近在英國獲得了份額勝利，然後我們過去在歐洲大陸也談到了份額勝利，這些勝利仍在生效，對吧？例如，我們談到了我們在德國與德意志銀行的勝利，這仍然會生效。所以無論如何，所有這些都是混合在一起的，這是在這個時間點上發生的。

On your question around FX. I shared with you in my prepared remarks what the annual impact to net revenue of a $0.01 change in the value of the euro would be relative to the U.S. dollar, which is about $55 million on an annual basis. We wanted to put that out there. So you have a sense on what the potential headwind or tailwind could be depending on what happens with FX rates. The hard part is predicting FX rates. And so given the current mix of our business, that's the sensitivity I've just shared with you as it relates to how you should think about what the impact could be for 2023.

關於你關於 FX 的問題。我在準備好的講話中與您分享了歐元價值變動 0.01 美元對淨收入的年度影響，相對於美元，每年約為 5500 萬美元。我們想把它放在那裡。因此，您可以了解潛在的逆風或順風可能取決於外匯匯率發生的情況。困難的部分是預測匯率。因此，鑑於我們目前的業務組合，這就是我剛剛與您分享的敏感性，因為它與您應該如何思考 2023 年可能產生的影響有關。

And we'll go next to Tim Chiodo at Crédit Suisse.

我們將在瑞士信貸的 Tim Chiodo 旁邊。

I want to dig in a little bit on Mastercard Send relative to Visa Direct. I was wondering if you could call out for us and investors, any of the different maybe strategic focus areas, if there are any pricing differences, if there are any mechanical differences or maybe use cases where you seem to be getting traction relative to Visa Direct? That would be extremely helpful.

我想深入了解與 Visa Direct 相關的 Mastercard Send。我想知道您是否可以為我們和投資者呼籲，任何不同的可能戰略重點領域，是否存在任何定價差異，是否存在任何機械差異，或者您似乎相對於 Visa Direct 獲得牽引力的用例?那將非常有幫助。

All right. Let me take that. So all the Visa-related stuff, you should ask them, obviously. So I'm not going to do a direct comparison here, but I can tell you how we are thinking about it. So first of all, just earlier on, I talked a lot about the crypto space. To just give you one example. Here is an interesting new technology and a growing ecosystem. And what's the way to get out of your crypto wallet balances is, you turn it into fiat and you use Mastercard Send. We were right on it from the first day, and we have all ownerships that do exactly that.

好的。讓我接受。所以所有與簽證相關的東西，你應該問他們，很明顯。所以我不打算在這裡做直接的比較，但我可以告訴你我們是怎麼想的。所以首先，就在早些時候，我談了很多關於加密空間的事情。僅舉一個例子。這是一項有趣的新技術和不斷發展的生態系統。擺脫你的加密錢包餘額的方法是，你把它變成法定貨幣，然後使用萬事達卡發送。從第一天開始，我們就對了，我們擁有的所有所有權都做到了這一點。

Then you go around and basically there is new flows. There's geographies, there's use cases. So those are the dimensions on how we are looking at this. We're very systematic about it. This has to have ubiquity. We're looking at all regions from a coverage perspective. We're looking at the key use cases. We're very selective on the use cases because here you could get lost in 1,000 flowers bloom.

然後你四處走動，基本上有新的流動。有地域，有用例。所以這些是我們如何看待這個問題的維度。我們對此非常系統。這必須無處不在。我們正在從覆蓋範圍的角度審視所有地區。我們正在研究關鍵用例。我們對用例非常挑剔，因為在這裡您可能會迷失在 1,000 朵鮮花的綻放中。

The examples that I gave to you on partnering with large global firms like Airbnb, that is the approach, where you're going to say, you partner with somebody, that is in all the regions and covers a use case that just matters to people out there. So that's essentially the approach on Mastercard Send, it has a domestic angle to it. It has a cross-border angle to it. It grows at significant rates. We're very happy with it across all of these aspects that I just said.

我給你舉的例子是與像 Airbnb 這樣的大型全球公司合作，這就是方法，你會說，你與某人合作，在所有地區，涵蓋一個對人們很重要的用例在那裡。所以這基本上就是萬事達卡發送的方法，它有一個國內的角度。它有一個跨界的角度。它以顯著的速度增長。我們對我剛才所說的所有這些方面都非常滿意。

So one thing to add. Earlier, we were talking about the numbers ex Russia. So Russia was a huge success on Send from day 1, that's in fact, where a lot of our learnings came from and so we exited Russia, as you know, in March this year. So that is skewing the numbers a little bit, but the learnings are not going away. We're putting that into a whole set of other markets and to the earlier question around Europe. Particularly in Europe, we see some of those learnings translate in other parts of Eastern Europe countries and so forth.

所以要補充一件事。早些時候，我們談論的是俄羅斯以外的數字。所以從第一天開始，俄羅斯就在 Send 上取得了巨大的成功，事實上，我們的很多知識都來自於此，所以我們在今年 3 月退出了俄羅斯。所以這會稍微扭曲數字，但學習不會消失。我們將把它放到一整套其他市場和歐洲早期的問題中。特別是在歐洲，我們看到其中一些知識在東歐國家的其他地區得到了轉化，等等。

And just to add to what Michael said, particularly on the remittance side, where you're seeing very good traction take place in terms of cross-border remittances and the capabilities we've got there and the capabilities we are building there. Our global reach out there is holding us in really good stead as it relates to how we are able to tap our partners to generate more and more volume down that path. So that's a -- it's a bright spot in terms of the broader remittances piece as well.

只是為了補充邁克爾所說的，特別是在匯款方面，你會看到跨境匯款以及我們在那裡擁有的能力以及我們在那裡建立的能力方面出現了非常好的牽引力。我們的全球影響力使我們處於非常有利的地位，因為它關係到我們如何能夠利用我們的合作夥伴在這條道路上產生越來越多的銷量。因此，就更廣泛的匯款而言，這也是一個亮點。

We'll go next to Andrew Jeffrey at Truist Securities.

我們將在 Truist 證券的 Andrew Jeffrey 旁邊。

Michael, I wonder if you could give us an update on your processing efforts globally, maybe with an emphasis in Europe, whether you're taking share and winning business in processing and how you think that can affect over time both the net revenue yield and maybe the profitability of the business too?

邁克爾，我想知道您是否可以向我們介紹您在全球範圍內的加工工作的最新情況，也許重點是在歐洲，您是否在加工中佔有份額並贏得業務，以及您認為隨著時間的推移這會如何影響淨收入收益率和也許企業的盈利能力也是如此？

All right. So Andrew, thanks for that question. So starting with Europe, but then we could extend this conversation looking at the Middle East or in Asia. So we have processing assets in those parts of the world. And just to illustrate how this matters, so there is obviously a whole new set of players that are entering the payment space who are -- whose prime zone isn't really the process. They want to have a great financial app.

好的。所以安德魯，謝謝這個問題。所以從歐洲開始，然後我們可以將這個對話擴展到中東或亞洲。因此，我們在世界這些地區處理資產。並且只是為了說明這很重要，因此顯然有一組全新的玩家正在進入支付領域 - 他們的主要區域並不是真正的過程。他們想要一個出色的金融應用程序。

So they're looking downstream for a whole set of solutions that complete what they do, make it relatively easy out of one hand, and that's what we provide. This is really the explanation for some of our progress on the fintech side, on the Neobank side. Those guys where we have those partnerships, 70% win rate, I'd like to add here is really, to a large extent, coming down to our processing capabilities, which are state-of-the-art modern fintech-oriented processing capability.

因此，他們正在下游尋找一整套解決方案，以完成他們的工作，使其相對容易擺脫，這就是我們提供的。這確實是對我們在金融科技方面的一些進展的解釋，在 Neobank 方面。我們有這些合作夥伴的那些人，70% 的勝率，我想在這裡補充一下，在很大程度上，歸結為我們的處理能力，這是最先進的現代金融科技導向處理能力.

So it's been a joy for us to watch. In some parts of the world we do partnerships, for example, with Network International, parts of Africa, and so forth. So it's a combination of our own assets where we feel there is scale and differentiation and sometimes it's through partners. So overall, there's a good play here in processing, and it's one of the services that we have in our portfolio.

所以我們很高興觀看。在世界的某些地方，我們與 Network International、非洲部分地區等建立合作夥伴關係。所以這是我們自己資產的組合，我們覺得有規模和差異化，有時是通過合作夥伴。所以總的來說，這裡在處理方面有很好的發揮，這是我們在我們的產品組合中擁有的服務之一。

I'll just add some color as the rates to beyond the processing fees on our efforts around switching and the proportion of our total MasterCard branded transactions, which, as you know, we've been pushing hard to actually get more switching share. And the reality is that is working very nicely.

除了我們圍繞轉換的努力和我們萬事達卡品牌總交易的比例之外，我將添加一些顏色作為費率，正如你所知，我們一直在努力爭取更多的轉換份額。現實情況是，它工作得非常好。

We are seeing growth in our proportion of switch transactions, which now stands at greater than 60% of total transactions worldwide. And that's super important. Particularly where we're seeing improvements and progress is in Latin America and in Asia Pacific, both of which have been generally low index markets from a switched transaction share standpoint in the past. So lots of good effort going on there, and we're seeing good progress come through.

我們看到我們的轉換交易比例在增長，現在佔全球總交易的 60% 以上。這非常重要。特別是在拉丁美洲和亞太地區，我們看到改進和進步的地方，從過去轉換交易份額的角度來看，這兩個市場通常都是低指數市場。那裡正在進行大量的努力，我們看到了良好的進展。

Our next question comes from Bryan Keane at Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bryan Keane。

Sachin, just wanted to go through the yield improvements again. It sounds like it's a lot of mix and some pricing in there. How do we think about the yield going forward into the fourth quarter and into next year? Does -- is there some comps get a little tougher as we get into next year for these yields?

Sachin，只是想再次提高產量。聽起來它有很多混合和一些定價。我們如何看待進入第四季度和明年的收益率？是否 - 當我們進入明年這些產量時，是否有一些補償變得更加艱難？

Sure. So Bryan, what you're seeing in the nature of yield improvement quarter-over-quarter, this is net revenue yield divided by GDV. You can attribute a large part of that to just mix. As you know, our inter cross-border has come back pretty nicely. And as that has come back nicely, that is higher yielding and that gives us the benefit and the tailwind you're seeing on a sequential basis.

當然。因此，Bryan，您所看到的季度收益改善性質是淨收入收益除以 GDV。您可以將其中很大一部分歸因於混合。如您所知，我們的跨界已經很好地回歸了。由於這已經很好地恢復了，那就是更高的收益率，這給我們帶來了好處和你在連續的基礎上看到的順風。

I will point out that as it relates to Q4, you should expect that the yield will decline some, which is very consistent with what you see every year. That is just the nature of how the business works just because Q3 happens to be a large cross-border quarter and you still tend to see the benefit of that come through and in Q4, you start to see some of that slowdown.

我要指出的是，由於它與第四季度有關，你應該預計收益率會下降一些，這與你每年看到的情況非常一致。這正是業務運作的本質，因為第三季度恰好是一個大型跨境季度，你仍然傾向於看到它帶來的好處，而在第四季度，你開始看到一些放緩。

Now you asked a question about 2023. I would tell you, we, as a business continue to remain very focused on driving and maximizing our net revenue yield. And there's multiple factors which are going to influence that, some of which is the mix of cross-border and domestic certainly, but also things around just like we just talked about how we're increasing our proportion of switch transactions, the more the switching we do, the greater the yield gets, and that's what we're focused on.

現在你問了一個關於 2023 年的問題。我會告訴你，作為一家企業，我們將繼續非常專注於推動和最大化我們的淨收入收益率。有多種因素會影響這一點，其中一些肯定是跨境和國內的混合，還有一些事情，就像我們剛剛談到我們如何增加轉換交易的比例一樣，轉換的越多我們這樣做，產量就越大，這就是我們所關注的。

How we talked about the shift from Maestro to Debit Mastercard. Again, lots of focus around that, and so we're very focused on driving that. All of which, when you overlay all the services we've been bringing to the market, you get the benefit of that coming through as well.

我們如何談論從 Maestro 到借記萬事達卡的轉變。同樣，很多關注點都圍繞著這一點，所以我們非常專注於推動這一點。所有這些，當您覆蓋我們一直在市場上推出的所有服務時，您也會從中受益。

So generally speaking, as I look forward, I kind of feel like our focus as a business from a driving yield standpoint continues. And I don't see anything necessarily which is going to change dramatically going into 2023 from a yield trajectory standpoint.

所以一般來說，當我展望未來時，我覺得從推動收益的角度來看，我們作為一家企業的關注點仍在繼續。從收益率軌蹟的角度來看，我並不認為到 2023 年會發生巨大變化。

Yes. And Sachin kind of explained the strategy again. And that's what -- we're trying to be in the payment transaction and you're at profitable levels, but then use our services to continue to improve the overall revenue yield. And that is that combination that makes us look at the future very optimistically. So I don't really see anything changing here. These are the tools that we have and we're using them effectively.

是的。薩欽再次解釋了這個策略。就是這樣——我們正在嘗試進行支付交易，而您處於盈利水平，但隨後使用我們的服務繼續提高整體收入收益。正是這種組合讓我們非常樂觀地看待未來。所以我真的看不出這裡有什麼變化。這些是我們擁有的工具，我們正在有效地使用它們。

Next, we'll move to Ramsey El-Assal at Barclays.

接下來，我們將搬到巴克萊的 Ramsey El-Assal。

I had one on rebates and incentives. And more specifically, kind of how the mix of those rebates and incentives have changed over the past several years. I guess the underlying question is, are you having to incentivize an expanding number of value chain players, fintechs, merchants to kind of support consistent growth? How has that mix evolved over time? And how do you expect it to evolve in the future?

我有一個關於回扣和獎勵的。更具體地說，這些回扣和激勵措施的組合在過去幾年中發生了怎樣的變化。我想潛在的問題是，你是否必須激勵越來越多的價值鏈參與者、金融科技公司、商家來支持持續增長？隨著時間的推移，這種組合是如何演變的？您希望它在未來如何發展？

Yes. So in terms of rebates incentives, the mix in terms of how we're actually incentivizing to generate incremental revenue has not changed fully. We've historically been more focused as we have actually delivered higher levels of rebates and incentives to our issuing partners. That continues to be the case as to where we are actually expanding most of our rebates and incentives dollars, and that really hasn't changed.

是的。因此，就回扣激勵而言，我們實際激勵產生增量收入的方式並沒有完全改變。我們歷來更加專注，因為我們實際上向我們的發行合作夥伴提供了更高水平的回扣和激勵措施。至於我們實際上在哪裡擴大我們的大部分回扣和獎勵資金，情況仍然如此，而且這真的沒有改變。

And as it relates to the mix between rebates and incentives for domestic volumes versus cross-border, I'd say, that mix also hasn't really changed. As you know, cross-border has generally been indexed lower from rebates and incentive standpoint, and that continues very much to be the pattern right now as well, Ramsey.

由於它涉及國內交易量與跨境交易量的回扣和激勵措施之間的組合，我想說，這種組合也沒有真正改變。如您所知，從回扣和激勵的角度來看，跨境的指數通常較低，拉姆齊，這也是目前的模式。

Okay. So pretty stable environment is what it sounds like?

好的。如此穩定的環境聽起來像什麼？

Yes. Absolutely.

是的。絕對地。

We'll move next to David Togut at Evercore ISI.

我們將搬到 Evercore ISI 的 David Togut 旁邊。

David, are you there?

大衛，你在嗎？

And sir, you may have your line on mute. We're not hearing you.

先生，您可以將您的線路設為靜音。我們沒有聽到你的聲音。

Audra, maybe we go to the next, please.

奧德拉，也許我們去下一個，拜託。

Yes. We'll move next to Bob Napoli at William Blair.

是的。我們將搬到 William Blair 的 Bob Napoli 旁邊。

Just would like an update on your B2B -- your thoughts around the B2B payments market and the opportunities there? I know you called out a commercial POS of $14 trillion. And what inning are we in? What is -- any thoughts on the changes of that market, the growth of that market?

只是想了解您的 B2B 更新——您對 B2B 支付市場的看法以及那裡的機會？我知道你召集了 14 萬億美元的商業 POS。我們在哪一局？什麼是——對那個市場的變化、那個市場的增長有什麼想法？

Right. Yes. So I'm really not into baseball analogies. So that's why -- earlier, I was talking about the first half of the game. But to your question, very specifically, B2B, huge opportunity from a volume perspective.

正確的。是的。所以我真的不喜歡棒球類比。所以這就是為什麼 - 早些時候，我在談論比賽的上半場。但是對於您的問題，非常具體地說，B2B，從數量的角度來看是巨大的機會。

We called it out and we cut it down into very distinct types of flows at our Investor Day at the end of last year to focus on B2B accounts payable on one hand, but there's other B2B flows which we're very active in. For example, through all the illustrations I gave you earlier on virtual card use cases.

我們在去年年底的投資者日將其稱為非常不同的流量類型，一方面專注於 B2B 應付賬款，但還有其他 B2B 流量我們非常活躍。例如，通過我之前為您提供的有關虛擬卡用例的所有插圖。

So virtual card is the current and most immediate answer to go after B2B flows. There's the commercial POS piece somewhere which is kind of an in-between space between B2B and small business. That's a huge space with a lot of cash and checks. So you build it up over those into the accounts payable piece.

因此，虛擬卡是追求 B2B 流量的當前和最直接的答案。某處有商業 POS，它介於 B2B 和小型企業之間。這是一個巨大的空間，有很多現金和支票。因此，您將其建立在應付賬款中。

And you know the long-range vision that we have on accounts payable is really the Mastercard Track business payment service piece, where we say over time, we're building a 2-sided network here. That continues to grow, but that takes time. But we have the large -- we have large players around the table, HSBC, JP and so forth. So a good initiative for us.

你知道我們對應付賬款的長期願景實際上是萬事達卡跟踪業務支付服務，我們說隨著時間的推移，我們正在這裡建立一個雙面網絡。這會繼續增長，但這需要時間。但是我們有大牌——我們有大牌玩家，匯豐銀行，JP 等等。所以對我們來說是一個很好的倡議。

But for now, we are very active on virtual cards to solve the issues of buyers and suppliers in the space. So we have not moved away this by any stretch of the imagination, this is a huge opportunity, and we're going to go after it.

但就目前而言，我們非常積極地使用虛擬卡來解決空間中買家和供應商的問題。所以我們並沒有想像力地擺脫它，這是一個巨大的機會，我們會去追求它。

Audra, I think we have time for one last question.

Audra，我想我們有時間回答最後一個問題。

We'll take that question from Jamie Friedman at Susquehanna Financial Group.

我們將向 Susquehanna Financial Group 的 Jamie Friedman 提出這個問題。

Sachin, transaction processing fees increased 15%, but switched transactions increased 9%. I know you called out in your prepared remarks mix changes. I was just wondering if you could elaborate on that?

Sachin，交易處理費用增加了 15%，但轉換交易增加了 9%。我知道你在準備好的評論中提到了混合變化。我只是想知道您是否可以詳細說明一下？

Sure. So there are a few things going on right there where our transaction processing fees are growing faster than the underlying driver, one of which is the mix change. And really, remember, when we make cross-border revenues, we make cross-border revenues on a basis point basis as well as on a sales per transaction.

當然。因此，有一些事情正在發生，我們的交易處理費用的增長速度超過了潛在的驅動因素，其中之一就是混合變化。確實，請記住，當我們賺取跨境收入時，我們會根據基點以及每筆交易的銷售額來賺取跨境收入。

And the component, which is on basis points since and cross-border volume fees and there's some component of cross-border related sales per transaction that sits in terms of the number of transactions which we process with the same transaction processing fees, which is where the mix effect comes through. Because as you've seen, inter cross-border grow at a rapid pace.

還有一個組成部分，它基於基點和跨境交易量費用，每筆交易的跨境相關銷售的一些組成部分是根據我們以相同交易處理費用處理的交易數量來計算的，這就是混合效果通過。因為正如你所看到的，跨界發展迅速。

That's contributing to that delta between what we're seeing in the revenue line and what we're seeing in the driver because cross-border is high-yielding than is domestic. There are a couple of other factors which calls for that differential as well. I talked about FX-related revenues and some level of pricing. Those are the 2 other contributors which go into that chain.

這導致了我們在收入線中看到的與我們在驅動程序中看到的之間的差異，因為跨境比國內高收益。還有幾個其他因素也需要這種差異。我談到了與外匯相關的收入和某種程度的定價。這些是進入該鏈的另外兩個貢獻者。

All right. Let me bring the call to a close. First of all, thanks for your questions and to all of our investors, thank you for your support. This morning, I sent a note to all colleagues here at Mastercard, thanking them for a strong quarter because they are the ones who make all of this happen. So a shout out to them. As always, and with that, we'll talk to you in the next quarter. Thank you very much.

好的。讓我結束通話。首先，感謝您的提問，感謝我們所有的投資者，感謝您的支持。今天早上，我給萬事達卡的所有同事發了一封信，感謝他們的強勁季度，因為他們是讓這一切發生的人。所以向他們大聲喊叫。與往常一樣，我們將在下個季度與您交談。非常感謝。

Thank you.

謝謝你。

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。