萬事達 (MA) 2022 Q4 法說會逐字稿

Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the Mastercard Incorporated Q4 and Full Year 2022 Conference Call. (Operator Instructions)

早上好。我叫 Audra，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加 Mastercard Incorporated 第 4 季度和 2022 年全年電話會議。 （操作員說明）

Mr. Warren Kneeshaw, Head of Investor Relations, you may begin your conference.

投資者關係主管 Warren Kneeshaw 先生，您可以開始您的會議了。

Thank you, Audra. Good morning, everyone, and thank you for joining us for our fourth 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, we'll open up the call for the Q&A session.

謝謝你，奧德拉。大家早上好，感謝您加入我們的 2022 年第四季度財報電話會議。今天和我在一起的是我們的首席執行官 Michael Miebach；和我們的首席財務官 Sachin Mehra。根據 Michael 和 Sachin 的意見，我們將開啟問答環節。

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，該新聞稿已於今天上午早些時候提交給美國證券交易委員會。

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，否則我們今天對我們財務業績的評論將基於非 GAAP 貨幣中性基礎。新聞稿和幻燈片都包括非 GAAP 措施與 GAAP 報告金額的調節。

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，正如我們在收益發布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結束時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。此通話的重播將在我們的網站上發布 30 天。

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

有了這個，我現在將把電話轉給我們的首席執行官 Michael Miebach。

Thank you, Warren. Good morning, everyone. Let's get right into it. So starting with the big picture. Consumer spending has remained resilient, and we are very well positioned to capitalize on the growth opportunities ahead. We closed out the year with strong financial results and several notable wins. Quarter 4 net revenues were up 17% and adjusted operating income up 19%, both versus a year ago, as always, 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。所以從大局開始。消費者支出一直保持彈性，我們有能力把握未來的增長機會。我們以強勁的財務業績和幾項顯著的勝利結束了這一年。第 4 季度淨收入增長 17%，調整後的營業收入增長 19%，與一年前相比，一如既往，在不包括特殊項目的非 GAAP 貨幣中性基礎上。

While the macroeconomic and geopolitical environment remains uncertain, we are keeping a close eye on a variety of positive and negative factors. The broadly resilient labor market with low unemployment and rising wages, coupled with elevated consumer savings levels, are key drivers of consumer spending.

儘管宏觀經濟和地緣政治環境仍不明朗，但我們正密切關注各種積極和消極因素。具有低失業率和工資上漲的廣泛彈性勞動力市場，加上消費者儲蓄水平提高，是消費者支出的主要驅動力。

We're also tracking efforts by the central banks to curb inflation, along with moderating energy prices and the reopening of China. So still lots of moving pieces.

我們還在跟踪中央銀行為抑制通貨膨脹所做的努力，以及緩和的能源價格和中國的重新開放。所以還有很多動人的作品。

From an overall consumer spending standpoint, we expect the consumer to be relatively resilient. Spending patterns have largely normalized relative to the effects of the pandemic with the notable exception of China.

從整體消費者支出的角度來看，我們預計消費者將相對有彈性。相對於大流行的影響，支出模式在很大程度上已經正常化，但中國是一個明顯的例外。

In terms of switched volumes, domestic volumes in the fourth quarter remained steady relative to 2019 levels with some slight moderation in the U.S. related to lower gas prices recently.

就轉換量而言，第四季度的國內交易量相對於 2019 年的水平保持穩定，美國的交易量略有放緩，這與最近的天然氣價格下跌有關。

Cross-border travel continued to recover in quarter 4, with inbound travel either flat or up in every region sequentially relative to 2019 levels. As of the first 3 weeks of January, inbound cross-border travel to all regions is now above 2019 levels. We will continue to monitor the economic environment closely. And should the outlook change, we're prepared to move quickly to adjust our spending levels as we have done in the past.

跨境旅遊在第 4 季度繼續復甦，與 2019 年的水平相比，每個地區的入境旅遊持平或上升。截至 1 月的前 3 週，所有地區的入境跨境旅行均高於 2019 年水平。我們會繼續密切留意經濟環境。如果前景發生變化，我們準備像過去一樣迅速調整我們的支出水平。

In the meantime, we continue to focus on the things we can control. That starts with our 3 strategic priorities: expanding payments, extending our services and embracing new networks. And here are some examples of how we're progressing against each of these.

與此同時，我們繼續關注我們可以控制的事情。這始於我們的 3 個戰略重點：擴大支付、擴展我們的服務和採用新網絡。這裡有一些例子，說明我們如何在這些方面取得進展。

Starting with payments. We won substantial new business this quarter. Our innovative products, differentiated services and partnership approach enabled us to secure major portfolio flips, extend relationships and launch new programs with banks, co-brand partners and transit systems around the world. I am very excited about our expanded partnership with Citizens to become their exclusive payments provider across all product portfolios in the United States. They will shift their debit portfolio to Mastercard, and we will maintain exclusivity on credit and commercial. Citizens selected Mastercard based on our digital assets, open banking capabilities and safety and security tools.

從付款開始。本季度我們贏得了大量新業務。我們的創新產品、差異化服務和合作夥伴關係方法使我們能夠確保重大投資組合翻轉、擴展關係並與世界各地的銀行、聯合品牌合作夥伴和運輸系統推出新計劃。我很高興我們擴大了與 Citizens 的合作夥伴關係，成為他們在美國所有產品組合的獨家支付提供商。他們將把借記組合轉移到萬事達卡，我們將保持信貸和商業的獨家經營權。公民基於我們的數字資產、開放式銀行功能和安全保障工具選擇了萬事達卡。

We have also extended and enhanced our long-term partnership with Citi. It solidifies Mastercard as Citi's exclusive global partner for Citi-branded consumer credit, debit and small business cards. We look forward to continuing to partner to deliver digital initiatives, new technologies and innovative payment solutions together.

我們還擴大並加強了與花旗的長期合作夥伴關係。它鞏固了萬事達卡作為花旗集團在花旗品牌消費信用卡、借記卡和小型商務卡方面的獨家全球合作夥伴的地位。我們期待繼續合作，共同提供數字計劃、新技術和創新支付解決方案。

We've extended our long-standing relationship with Bank of America across their consumer and small business debit and credit lines of business. They're great partners. We're especially proud to continue as the lead brand for all newly issued small business cards.

我們已將與美國銀行的長期合作關係擴展到他們的消費者和小企業借貸業務領域。他們是很好的合作夥伴。我們特別自豪能夠繼續成為所有新發行的小型名片的領先品牌。

And our positive momentum with Chase continued this quarter as well. Building up on our recent co-brand, commercial and paper bank partnership announcements, we are excited to announce that we have renewed the Chase Freedom Flex portfolio.

我們與大通的積極勢頭也在本季度繼續。在我們最近宣布的聯合品牌、商業和票據銀行合作夥伴關係公告的基礎上，我們很高興地宣布我們已經更新了 Chase Freedom Flex 產品組合。

Turning to the U.K. We recently extended our credit deal with NatWest Group for consumer and commercial. So partnering with [Belvin], a stumble transportation to convert over 17 million closed-loop cards, Mastercards and add 24,000 new acceptance locations across the city. We've partnered with QNB Finance Bank and Trendyol, a large e-commerce marketplace in Turkey, over 30 million customers to launch a new Mastercard co-brand credit product.

談到英國，我們最近延長了與 NatWest Group 的消費者和商業信貸協議。因此，與 [Belvin] 合作，一個偶然的交通工具轉換了超過 1700 萬張閉環卡、萬事達卡，並在全市增加了 24,000 個新的接受點。我們與 QNB Finance Bank 和土耳其大型電子商務市場 Trendyol 合作，為超過 3000 萬客戶推出全新的萬事達卡聯名信用卡產品。

Now an important driver of our success in core payments is our ability to deliver innovation and thought leadership. We are designing and deploying innovation solutions at scale, as a result, are the clear partner of choice for our customers. Three recent examples include our book in installments, tokenization and Click to Pay.

現在，我們在核心支付領域取得成功的一個重要驅動力是我們提供創新和思想領導力的能力。我們正在大規模設計和部署創新解決方案，因此，我們的客戶無疑是首選合作夥伴。最近的三個例子包括我們的分期付款圖書、代幣化和點擊支付。

Starting off with installments. SoFi launched Pay in 4, becoming the first bank in the U.S. to launch within the Mastercard Installments program. SoFi valued the broad acceptance, strong consumer protections and commission-based open banking capabilities that all make Mastercard Installments unique. We've got a strong pipeline for Mastercard Installments and plan to add several additional programs across multiple regions throughout the year.

從分期付款開始。 SoFi 在 4 年推出了 Pay，成為美國第一家在 Mastercard Installments 計劃中推出的銀行。 SoFi 重視廣泛的接受度、強大的消費者保護和基於佣金的開放銀行功能，所有這些都使 Mastercard Installments 獨一無二。我們擁有強大的 Mastercard Installments 渠道，併計劃全年在多個地區增加幾個額外的計劃。

Turning to tokenization. We surpassed 2 billion tokenized transactions per month. And for the year, we are up 38%. We're currently enabling digital transactions in over 110 countries. Tokenization helps keep the ecosystem safe and secure across a wide range of use cases.

轉向標記化。我們每月超過 20 億筆代幣化交易。今年，我們上漲了 38%。我們目前正在 110 多個國家/地區實現數字交易。令牌化有助於在廣泛的用例中保持生態系統的安全。

One example that I think is particularly cool is the work we are doing with in-car payment. We're working with car manufacturers and fintechs to integrate payments using our tokenization platform and biometric authentication capabilities. Think about the simplicity it brings to paying for gas, tolls, charging or entertainment right from your car. This is a great example of Mastercard working with partners to drive the convergence of the Internet of Things, 5G and addressing consumer demand for cool digital experiences. It also highlights how we're expanding the reach and the value of our acceptance network through new channels to support new use cases. This is just the beginning. Watch for more to come in this space.

我認為特別酷的一個例子是我們在車內支付方面所做的工作。我們正在與汽車製造商和金融科技公司合作，使用我們的令牌化平台和生物特徵認證功能來整合支付。想一想直接在汽車上支付汽油費、通行費、充電費或娛樂費的簡單性。這是萬事達卡與合作夥伴合作推動物聯網、5G 融合併滿足消費者對酷炫數字體驗需求的一個很好的例子。它還強調了我們如何通過新渠道擴大接受網絡的範圍和價值以支持新用例。這僅僅是個開始。留意這個領域的更多內容。

And on Click to Pay, we partnered with Adyen to launch Click to Pay on their global payment platform, recognizing the value that it brings to guest checkouts and millions of online shoppers. Adyen joins more than 20 other payment service providers around the world, bringing Click to Pay to thousands of merchants globally.

在 Click to Pay 方面，我們與 Adyen 合作在他們的全球支付平台上推出 Click to Pay，認識到它為客人結賬和數百萬在線購物者帶來的價值。 Adyen 與全球 20 多家其他支付服務提供商一起，將 Click to Pay 帶給全球數千家商戶。

Now the focus on innovation and partnership is also a critical part of our strategy to penetrate the prioritized set of new flows that we outlined at our 2021 Investor Day. We continue to make solid progress. Here are some of the examples how we're driving growth in each area.

現在，對創新和合作夥伴關係的關注也是我們滲透我們在 2021 年投資者日概述的優先新流的戰略的重要組成部分。我們繼續取得堅實的進展。以下是我們如何推動每個領域增長的一些示例。

First, disbursements and remittances. Mastercard Send and our cross-border services capabilities are solving for an expanding set of use cases across multiple geographies. For example, we partnered with social marketplace platform, Poshmark, to enable seller payouts. And for cross-border payments, we've teamed up with Pay Send to broaden our global reach and expand the ability to send international payments across card brands.

第一，支付和匯款。 Mastercard Send 和我們的跨境服務功能正在解決跨多個地區的不斷擴展的用例集。例如，我們與社交市場平台 Poshmark 合作，以支持賣家付款。對於跨境支付，我們與 Pay Send 合作，以擴大我們的全球影響力，並擴大跨卡品牌發送國際支付的能力。

Second, we're deploying digital capabilities to displace cash- and check-based commercial payments at the point of sale, huge opportunity. In France, we signed an agreement with Societe General to develop their corporate card book. And in South Korea, we partnered with Kakao Bank and Samsung Cards to launch new debit and credit co-brand offerings for small businesses.

其次，我們正在部署數字功能以在銷售點取代基於現金和支票的商業支付，這是巨大的機會。在法國，我們與 Societe General 簽署了一項協議，以開發他們的公司名片簿。在韓國，我們與 Kakao Bank 和 Samsung Cards 合作，為小型企業推出新的借記卡和信用卡聯合品牌產品。

The third flow is B2B accounts payable payments. Our virtual card capabilities provide an effective digital solution to address the working capital, process efficiency and data challenges that are prevalent in B2B. We are the global leader in virtual card. We're seeing rapid growth in this space. We're bolstering our position through new partnerships and capabilities.

第三個流程是 B2B 應付賬款支付。我們的虛擬卡功能提供了一種有效的數字解決方案，可以應對 B2B 中普遍存在的營運資金、流程效率和數據挑戰。我們是虛擬卡領域的全球領導者。我們看到這個領域的快速增長。我們正在通過新的合作夥伴關係和能力來鞏固我們的地位。

For example, we announced plans to partner with Sabre and Conferma Pay to accelerate the use of virtual cards for B2B travel payments. We also signed an agreement with fintech partner, Extend, to offer virtual mobile corporate cards in the U.S. and Canada.

例如，我們宣布了與 Sabre 和 Conferma Pay 合作的計劃，以加速虛擬卡在 B2B 旅行支付中的使用。我們還與金融科技合作夥伴 Extend 簽署了一項協議，在美國和加拿大提供虛擬移動公司卡。

And finally, on the consumer bill payment front, we are focused on deploying market-specific solutions to meet unique needs of consumers and businesses. For example, in Norway, we are powering the eFaktura service, which is used by the vast majority of citizens to pay their bills. In 2022, we hit a milestone as over 200 million digital invoices were sent using eFaktura.

最後，在消費者賬單支付方面，我們專注於部署針對特定市場的解決方案，以滿足消費者和企業的獨特需求。例如，在挪威，我們正在為 eFaktura 服務提供支持，絕大多數公民使用該服務來支付賬單。 2022 年，我們達到了一個里程碑，使用 eFaktura 發送了超過 2 億張數字發票。

As you can see, we're making significant progress expanding in payments, and we are excited about the opportunity in front of us.

如您所見，我們在擴展支付方面取得了重大進展，我們對眼前的機遇感到興奮。

Now turning to the second of our 3 strategic priorities, services. Services provide differentiation and diversification for Mastercard. Our strategy is to leverage our services to drive growth at the core and to expand into new segments and use cases. We're making steady progress on both and have significant opportunity for future growth.

現在轉向我們 3 個戰略重點中的第二個，即服務。服務為萬事達卡提供了差異化和多樣化。我們的戰略是利用我們的服務來推動核心增長，並擴展到新的細分市場和用例。我們在這兩個方面都取得了穩步進展，並且擁有未來增長的重要機會。

Our services continue to drive growth in the core as evidenced by our wins and extensions with Citizens, Citi, NatWest and others, as I mentioned earlier. One example of a service that enhances the value of payments is Consumer Clarity. The service provides cardholders with merchant details in digital receipts to reduce disputes, low charge-back costs and improve the consumer experience. We recently partnered with TSYS who will offer Consumer Clarity to over 25 million cardholders in the U.S. and the U.K.

正如我之前提到的，我們與 Citizens、Citi、NatWest 和其他公司的合作和擴展證明了我們的服務繼續推動核心業務的增長。提高支付價值的服務示例之一是 Consumer Clarity。該服務為持卡人提供數字收據中的商戶詳細信息，以減少糾紛、降低退款成本並改善消費者體驗。我們最近與 TSYS 合作，後者將為美國和英國超過 2500 萬持卡人提供 Consumer Clarity。

In 2022, we signed up over 50 financial institutions and merchant partners for Consumer Clarity, including large issuers like Itaú in Brazil. We're also expanding our services to new segments and new use cases, including governments, retailers, digital partners and financial institutions. This quarter, we partnered with research and consulting firms, including [E4 and Cyma] in Germany, as well as the Barbados Ministry of Tourism and International Transport to provide governments with detailed insights into tourism and retail spending trends. We engage with retailers like Lowe's who are leveraging our Test & Learn capabilities to conduct analytics on their core business.

2022 年，我們與 50 多家金融機構和商家合作夥伴簽署了 Consumer Clarity，其中包括巴西 Itaú 等大型發行人。我們還將我們的服務擴展到新的細分市場和新的用例，包括政府、零售商、數字合作夥伴和金融機構。本季度，我們與研究和諮詢公司（包括德國的 [E4 和 Cyma]）以及巴巴多斯旅遊和國際交通部合作，為政府提供有關旅遊和零售消費趨勢的詳細見解。我們與像勞氏這樣的零售商合作，他們利用我們的測試和學習能力對其核心業務進行分析。

We partner with large fintechs like Monzo in the U.K. to advise on product development strategies. And we are deploying our personalization solutions, which we acquired through Dynamic Yield across a range of retail and financial institutions, including [Carrefour] Argentina, HYPE, (inaudible) to enhance and scale their personalization efforts.

我們與英國 Monzo 等大型金融科技公司合作，就產品開發戰略提供建議。我們正在部署我們的個性化解決方案，我們通過 Dynamic Yield 在一系列零售和金融機構中獲得這些解決方案，包括 [Carrefour] Argentina，HYPE，（聽不清），以加強和擴大他們的個性化工作。

I'm very encouraged by the continued momentum in our services growth strategy and the differentiation and diversification that these capabilities bring.

我對我們服務增長戰略的持續勢頭以及這些能力帶來的差異化和多樣化感到非常鼓舞。

I'll now move on to our third strategic priority, which is embracing new networks, namely open banking and digital identity. This quarter, I'd like to highlight an example of how our open banking capabilities have come together with our other strategic priorities to offer a new solution.

我現在將繼續我們的第三個戰略重點，即擁抱新網絡，即開放銀行和數字身份。本季度，我想強調一個例子，說明我們的開放式銀行功能如何與我們的其他戰略重點相結合，以提供新的解決方案。

As I mentioned earlier, in quarter 4, JPMorgan Payments and Mastercard announced an innovative Pay by Bank solution. Solution utilizes the MasterCard open banking platform to modernize existing ACH payments and allow customers to pay bills from their bank account in a frictionless manner. Pay by Bank offers choice and provides a simple and secure experience of billers and merchants as well as consumers by enhancing existing ACH transactions. This deal is a manifestation of our multi-rail strategy, expands our addressable market by our open banking capabilities and it deepens our relationship with JPMorgan Chase. We're actively working with them to take the solution to market this year.

正如我之前提到的，在第 4 季度，摩根大通支付和萬事達卡宣布了一項創新的銀行支付解決方案。解決方案利用 MasterCard 開放式銀行平台實現現有 ACH 支付的現代化，並允許客戶以無摩擦的方式從他們的銀行賬戶支付賬單。 Pay by Bank 通過增強現有的 ACH 交易，提供選擇並為出票人、商家以及消費者提供簡單而安全的體驗。這筆交易是我們多軌戰略的體現，通過我們的開放銀行業務能力擴大了我們的目標市場，並加深了我們與摩根大通的關係。我們正在積極與他們合作，以在今年將解決方案推向市場。

We also continue to make progress with open banking in Europe. Mastercard is connected to more than 3,000 banks and financial institutions across 18 markets to power their open banking efforts. This quarter, we partnered with Secure Trust Bank in the U.K., who will leverage our open banking capabilities to provide safe and convenient ways for their customers to repay retail loans directly from their bank account.

我們還在歐洲的開放銀行業務方面繼續取得進展。 Mastercard 與 18 個市場的 3,000 多家銀行和金融機構建立了聯繫，為他們的開放銀行業務提供支持。本季度，我們與英國的 Secure Trust Bank 合作，後者將利用我們的開放式銀行業務功能，為其客戶提供安全便捷的方式，以直接從其銀行賬戶償還零售貸款。

In summary, we delivered another strong quarter of revenue and earnings growth, aided by a resilient consumer and the continued recovery in cross-border travel. In payments, we won substantial new business this quarter, including Citizens. We're expanding our differentiated services and embracing new networks, including leveraging our open banking capabilities to power solutions like JPMorgan's Pay by Bank. With all that, we're well positioned for the opportunities ahead. We will manage the business with agility should the macroeconomic outlook change.

總之，在堅韌的消費者和跨境旅行的持續復甦的幫助下，我們實現了又一個強勁的收入和盈利增長季度。在支付方面，我們本季度贏得了大量新業務，包括 Citizens。我們正在擴展我們的差異化服務並採用新網絡，包括利用我們的開放式銀行功能來為摩根大通的 Pay by Bank 等解決方案提供支持。綜上所述，我們已做好準備迎接未來的機遇。如果宏觀經濟前景發生變化，我們將靈活地管理業務。

Sachin, over to you.

薩欽，交給你了。

Thanks, Michael. Turning now 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 17%, supported by a 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。現在轉到第 3 頁，它顯示了我們在貨幣中性基礎上的本季度財務業績，不包括特殊項目和損益對我們股權投資的影響。淨收入增長了 17%，這得益於彈性的消費支出和跨境旅行相對於 2019 年水平的持續復甦。收購為這一增長貢獻了 1 個百分點。

Operating expenses increased 13%, including a 3 ppt increase from acquisitions. Operating income was up 19%, which includes a 1 ppt decrease related to acquisitions. Net income was up 16%, which includes a 2 ppt decrease related to acquisitions. EPS was up 19% year-over-year to $2.65, which includes a $0.06 contribution from share repurchases. During the quarter, we repurchased $2.4 billion worth of stock and an additional $590 million through January '23 -- 2023.

運營費用增加了 13%，其中收購增加了 3 個百分點。營業收入增長 19%，其中包括與收購相關的 1 個百分點的下降。淨收入增長 16%，其中包括與收購相關的 2 個百分點的下降。每股收益同比增長 19% 至 2.65 美元，其中包括股票回購帶來的 0.06 美元貢獻。在本季度，我們回購了價值 24 億美元的股票，並在 2023 年 1 月之前回購了 5.9 億美元。

So let's turn to Page 4, where you can see the operational metrics for the fourth quarter. Worldwide gross dollar volume, or GDV, increased by 8% year-over-year on a local currency basis. On the same basis, if you exclude Russia from the prior period, GDV (inaudible) by 14%. In the U.S., GDV increased by 7% with credit growth of 14%, reflecting in part the recovery of spending on travel.

那麼讓我們轉到第 4 頁，您可以在其中查看第四季度的運營指標。按當地貨幣計算，全球美元總銷量 (GDV) 同比增長 8%。在相同的基礎上，如果將俄羅斯排除在前期之外，GDV（聽不清）為 14%。在美國，GDV 增長了 7%，信貸增長了 14%，部分反映了旅遊支出的複蘇。

Debit increased 1%. Excluding the impact of the roll-off of a previously discussed customer agreement, debit increased approximately 5%. Outside of the U.S., volume increased 8% with credit growth of 9% and debit growth of 7%. Cross-border volume was up 31% globally for the quarter, reflecting continued improvement in travel-related cross-border spending.

借方增加了 1%。排除之前討論過的客戶協議的影響，借方增加了大約 5%。在美國以外的地區，交易量增長了 8%，信貸增長 9%，借貸增長 7%。本季度全球跨境交易量增長了 31%，反映出與旅遊相關的跨境支出持續改善。

Turning now to Page 5. Switched transactions grew 8% year-over-year in Q4. Excluding Russia from the prior year, switched transactions grew 18% year-over-year in Q4. 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. Contactless now represents 56% of all in-person switched purchase transactions. In addition, card growth was 5% or 9% if we exclude cards issued by Russian banks from the prior year card count. Globally, there are 3.1 billion Mastercard- and Maestro-branded cards issued.

現在翻到第 5 頁。第 4 季度轉換交易同比增長 8%。不包括上一年的俄羅斯，第四季度轉換交易同比增長 18%。有卡和無卡增長率依然強勁。除俄羅斯外，所有地區的非接觸式普及率都在一定程度上促進了現卡業務的增長。非接觸式現在佔所有面對面轉換購買交易的 56%。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，則卡增長率為 5% 或 9%。在全球範圍內，發行了 31 億張 Mastercard 和 Maestro 品牌的卡。

Now let's turn to Page 6 for highlights on the revenue line items, again, described on a currency-neutral basis unless otherwise noted. The increase in net revenue of 17% was primarily driven by domestic 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.

現在讓我們翻到第 6 頁以了解收入項目的亮點，除非另有說明，否則再次在貨幣中性基礎上進行描述。淨收入增長 17% 的主要原因是國內跨境交易和交易量的增長以及服務的增長，部分被退稅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 6%, while worldwide gross dollar volume grew 8%. The difference is primarily driven by mix. Cross-border volume fees increased 40%, while cross-border volumes increased 31%. The 9 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.

快速查看各個收入項目。國內評估上漲 6%，而全球總美元交易量增長 8%。差異主要是由混合驅動的。跨境交易量費用增長 40%，而跨境交易量增長 31%。 9 個百分點的差異主要是由於有利的組合，因為本季度歐洲內部跨境交易量的高收益增長快於歐洲內部跨境交易量。

Transaction processing fees were up 16%, while switched transactions grew 8%. The 8 ppt difference is primarily due to favorable mix, FX-related revenues and pricing. Other revenues were up 16%, including a 1 ppt contribution from acquisitions. The remaining growth was driven primarily by our Cyber & Intelligence and Data & Services solutions. Finally, rebates and incentives were up 18%, reflecting the strong growth in volumes and transactions and new and renewed deal activity.

交易處理費增長了 16%，而轉換交易增長了 8%。 8 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。其他收入增長了 16%，其中包括來自收購的 1 個百分點的貢獻。其餘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，回扣和激勵措施增長了 18%，反映出交易量和交易量以及新交易和續簽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, excluding special items, total adjusted operating expenses increased 13%, 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, partially offset by lower advertising and marketing costs.

轉到第 7 頁。您可以看到，在非 GAAP 貨幣中性基礎上，不包括特殊項目，調整後的總運營費用增加了 13%，其中包括來自收購的 3 個百分點的影響。不包括收購，其餘增長主要是由於支持我們戰略計劃的持續執行的人員成本增加，部分被較低的廣告和營銷成本所抵消。

Turning to Page 8. Let's discuss the operating metrics for the first 3 weeks of January compared to Q4 2022. Each of these metrics, with the exception of cross-border card-not-present excluding travel, were favorably impacted by the lapping of the slower growth that occurred in January 2022 related to the Omicron variant. Switched volumes grew 21% year-over-year, up 7 ppt versus Q4. Switched transactions grew 12% year-over-year, up 4 ppt versus Q4.

翻到第 8 頁。讓我們來討論一下 1 月前 3 週的運營指標與 2022 年第四季度的對比情況。除了不包括旅行的跨境無卡外，這些指標中的每一個都受到了2022 年 1 月發生的增長放緩與 Omicron 變體有關。轉換量同比增長 21%，比第四季度增長 7 個百分點。轉換交易同比增長 12%，比第四季度增長 4 個百分點。

Overall, cross-border volumes grew 42% year-over-year, up 11 ppt versus Q4, driven by cross-border travel growth of 84% year-over-year, up 25 ppt versus Q4. Cross-border card-not-present, excluding travel, grew 10% year-over-year, up 2 ppt from Q4.

總體而言，受跨境旅行同比增長 84%（比第四季度增長 25 個百分點）的推動，跨境交易量同比增長 42%，比第四季度增長 11 個百分點。跨境無卡業務（不包括旅行）同比增長 10%，較第四季度增長 2 個百分點。

A couple of administrative notes for your reference to help you understand the trends in the business ex Russia, we have suspended -- where we suspended operations in March 2022, we have included an appendix later in this deck to show all the data points from this schedule if you excluded activity from Russian-issued cards from prior periods. Additionally, as the impacts of the pandemic recede, going forward, we will no longer provide operating metric levels as a percentage of 2019.

一些行政說明供您參考，以幫助您了解俄羅斯以外的業務趨勢，我們已暫停 - 我們在 2022 年 3 月暫停運營，我們在本套牌的後麵包含一個附錄，以顯示來自此的所有數據點如果您排除了前期俄羅斯發行的卡的活動。此外，隨著大流行的影響消退，展望未來，我們將不再提供佔 2019 年百分比的運營指標水平。

Turning now to Page 9. I want to share our thoughts on the upcoming year. Let me start by saying that I believe that we are well positioned to address the significant growth opportunities at hand. We have established a clear set of strategic priorities and are making steady progress against each of them. This is evidenced by the many wins across the products and services Michael has discussed on this call and over time.

現在翻到第 9 頁。我想分享我們對來年的想法。首先讓我說，我相信我們已準備好應對手頭的重大增長機會。我們已經建立了一套明確的戰略重點，並在每個戰略重點上取得穩步進展。邁克爾在本次電話會議上以及隨著時間的推移討論的產品和服務的許多勝利證明了這一點。

On the macroeconomic front, as Michael laid out, we are monitoring a number of both positive and negative factors. We do expect consumer spending to hold up relatively well in this environment driven in part by the strong labor market. It is important to remember that we are coming off a year of strong growth as we lap the effects of the pandemic, and we expect our go-forward growth rates to moderate accordingly.

在宏觀經濟方面，正如邁克爾所說，我們正在監測一些積極和消極的因素。我們確實預計，在這種部分受強勁勞動力市場推動的環境下，消費者支出將保持相對良好的勢頭。重要的是要記住，隨著大流行病的影響，我們即將結束強勁增長的一年，我們預計未來的增長率將相應放緩。

From a cross-border travel standpoint, most regions have recovered and are well above 2019 levels in Q4. The exception is Asia, where there is still room to improve with the China reopening.

從跨境旅行的角度來看，大多數地區已經恢復並且在第四季度遠高於 2019 年的水平。亞洲是個例外，隨著中國的重新開放，亞洲仍有改善的空間。

Just a little further context here. China represented about 1% of inbound cross-border travel volumes pre-pandemic in 2019. In Q4, this volume was at approximately 20% of Q4 2019 levels. Similarly, China represented about 2% of outbound cross-border travel volumes pre-pandemic in 2019. In Q4, this volume was at about 50% of Q4 2019 levels.

這裡只是一點進一步的背景。 2019 年大流行前，中國約佔入境跨境旅遊量的 1%。在第四季度，這一數量約為 2019 年第四季度水平的 20%。同樣，在 2019 年大流行前，中國約占出境跨境旅遊量的 2%。在第四季度，這一數量約為 2019 年第四季度水平的 50%。

With this in mind, our base case scenario for the full year 2023 is for net revenues to grow at the high end of a low double-digit rate on a currency-neutral basis, excluding acquisitions and special items. This growth rate would be higher by approximately 1.5 ppt if you exclude Russia-related revenues from 2022.

考慮到這一點，我們 2023 年全年的基本情景是淨收入在貨幣中性的基礎上以較低的兩位數增長率增長，不包括收購和特殊項目。如果從 2022 年排除與俄羅斯相關的收入，這一增長率將高出約 1.5 個百分點。

Acquisitions are forecasted to have a minimal impact to this growth rate, while foreign exchange is expected to be a tailwind of approximately 1 ppt for the year primarily due to the recent strengthening of the euro relative to U.S. dollar. In terms of operating expenses, we will continue to carefully manage our expenses as we invest in our payments, services and new network priorities to drive short- and long-term growth.

預計收購對這一增長率的影響微乎其微，而外匯預計將推動今年約 1 個百分點的增長，這主要是由於近期歐元兌美元走強。在運營支出方面，我們將繼續謹慎管理我們的支出，因為我們投資於我們的支付、服務和新的網絡優先事項，以推動短期和長期增長。

For the year, we expect operating expenses to grow at the high end of a high single-digit rate on a currency-neutral basis, excluding acquisitions and special items. Acquisitions are forecast to add about 0.5 ppt to this growth, while foreign exchange is expected to be a 1 ppt headwind for the year.

今年，我們預計運營費用將在貨幣中性基礎上以高個位數增長率的高端增長，不包括收購和特殊項目。收購預計將使這一增長增加約 0.5 個百分點，而外匯預計將成為今年 1 個百分點的不利因素。

Turning now to the first quarter. Year-over-year net revenue growth is expected to be at the low end of a low double-digit rate, again, on a currency-neutral basis excluding acquisitions and special items and reflects generally resilient consumer spending.

現在轉到第一季度。同比淨收入增長預計將再次處於低兩位數增長率的低端，在貨幣中性的基礎上不包括收購和特殊項目，並反映出總體上具有彈性的消費者支出。

A couple of points to note. Q1 will be the last quarter in which we experienced the lapping effect of our decision to suspend operations in Russia in Q1 of 2022. And we expect cross-border volume growth in Q1 2023 to be elevated as a result of the effects of Omicron in Q1 2022. Acquisitions are forecast to add about 0.5 ppt to this growth, while foreign exchange is expected to be a headwind of 2 ppt for the quarter.

有幾點需要注意。第一季度將是我們經歷 2022 年第一季度暫停在俄羅斯運營的決定的重疊效應的最後一個季度。我們預計，由於第一季度 Omicron 的影響，2023 年第一季度的跨境交易量增長將會提高到 2022 年。收購預計將使這一增長增加約 0.5 個百分點，而外匯預計將成為本季度 2 個百分點的不利因素。

From an operating expense standpoint, we expect Q1 operating expense growth to be at the low end of a high single-digit rate versus a year ago on a currency-neutral basis, excluding acquisitions and special items. Acquisitions are forecast to add about 2 ppt to this growth, while foreign exchange is expected to be a tailwind of approximately 1 ppt for the quarter.

從運營費用的角度來看，我們預計第一季度的運營費用增長將處於高個位數增長率的低端，與一年前相比，在貨幣中性的基礎上，不包括收購和特殊項目。收購預計將為這一增長增加約 2 個百分點，而外匯預計將推動本季度約 1 個百分點。

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 and debt levels. This excludes gains and losses on our equity investments, which are excluded from our non-GAAP metrics. And finally, we expect a non-GAAP tax rate of approximately 18% in Q1 and 18% to 18.5% for the year based on the current geographic mix of our business.

其他要記住的項目。在其他收入和支出方面，考慮到現行利率和債務水平，我們每季度的支出運行率約為 1 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 GAAP 指標中。最後，根據我們目前的業務地域組合，我們預計第一季度的非公認會計原則稅率約為 18%，全年的稅率為 18% 至 18.5%。

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

謝謝你，薩欽。 Audra，我們現在準備好進行問答環節了。

(Operator Instructions) We'll go first to Harshita Rawat at Bernstein.

（操作員說明）我們將首先前往伯恩斯坦的 Harshita Rawat。

So Michael, Sachin, I want to ask about Pay by Bank. Over the years, you've developed and acquired capabilities for Pay by Bank in different countries. You've talked about this new partnership with JPMorgan. But a skeptic could also argue that Pay by Bank is a risk regards longer term, and there's some precedence in certain countries. So can you talk about the push and pull for severe and also maybe touch upon where does Pay by Bank being used versus card? Has Mastercard able to participate in those transactions?

邁克爾，薩欽，我想問一下銀行支付的問題。多年來，您已經在不同國家/地區開發並獲得了 Pay by Bank 的功能。你談到了與摩根大通的這種新合作關係。但持懷疑態度的人也可能會爭辯說，從長遠來看，銀行支付是一種風險，並且在某些國家/地區有一些優先權。那麼你能談談嚴重的推拉嗎，也可以談談銀行支付與信用卡支付在哪裡使用？ Mastercard 是否可以參與這些交易？

Right. Harshita, let me start off on that. So the way we think about this is, in the end, it is about delivering choice to consumers, choice to merchants, choice to banks, and we are therefore in all relevant ways to pay. But it's also true that the card ecosystem over the years has driven tremendous value. So it is a prevalent way to pay for many, many use cases. But on the side, we have alternative payment methods emerging. And we look at those as options to go after new use cases, and that's exactly what happened here in the context of our partnership with JPMorgan.

正確的。 Harshita，讓我開始吧。因此，我們最終的思考方式是為消費者提供選擇，為商家提供選擇，為銀行提供選擇，因此我們以所有相關的方式進行支付。但多年來，卡片生態系統也確實帶來了巨大的價值。因此，這是為許多用例付費的普遍方式。但另一方面，我們也出現了替代支付方式。我們將這些視為追求新用例的選擇，而這正是我們與摩根大通合作的背景下發生的事情。

This is focused on existing ACH payments, which are not bringing the value to the biller or the consumer that they are looking for. Frankly, though, very specifically, what we're doing here, the issue with some of these account-to-account payments is you never really know what balance is on the account. And our open banking capabilities are really providing a payment success factor here that tells the biller this is a good time to debit this particular account.

這側重於現有的 ACH 支付，這些支付沒有為他們正在尋找的開票人或消費者帶來價值。坦率地說，不過，非常具體地，我們在這裡所做的，其中一些賬戶對賬戶支付的問題是你永遠不知道賬戶上有多少餘額。我們的開放式銀行功能確實在這裡提供了一個支付成功因素，告訴開票人這是從這個特定賬戶中扣款的好時機。

So true value brought that somebody is willing to pay for, in this case, the biller/the merchant. So a good example of where there can be value created an alternative payment tools while this doesn't take away from the power the cards are bringing to consumers and merchants. So we see this as coexistence. Where this is going over time, we don't quite know, but our multi-rail strategy positions us well to play in either field.

如此真實的價值帶來了有人願意支付，在這種情況下，開票人/商家。因此，一個很好的例子說明了可以創造價值的替代支付工具，同時這並沒有削弱卡片為消費者和商家帶來的力量。所以我們將此視為共存。隨著時間的推移，這將走向何方，我們不太清楚，但我們的多軌戰略使我們能夠在任何一個領域發揮良好的作用。

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

我們將搬到 Wolfe Research 的 Darrin Peller 旁邊。

Nice job on the quarter and the year. When we look ahead, and we're looking at the trends you're showing us for January, even despite easier comps on Omicron, it does look like you have pretty conservative assumptions built into the guide for the year for top line growth of low double digits.

本季度和本年度的表現都不錯。當我們展望未來時，我們正在查看您向我們展示的 1 月份趨勢，儘管 Omicron 的比較更容易，但看起來您確實在指南中內置了相當保守的假設，以實現低收入增長兩位數。

Just given the trends we're seeing even beyond for January, but ex Russia, you anniversary that after March and the numbers go materially higher growth rates. So can you just tell us if there's some building blocks like around what you're assuming on macro from today's macro activity going forward and maybe rebates incentives? Is that a factor here?

考慮到我們看到的趨勢甚至超過 1 月，但不包括俄羅斯，你是 3 月之後的周年紀念日，而且這些數字的增長率顯著提高。那麼，您能否告訴我們，是否有一些構建模塊，例如您從今天的宏觀活動中對宏觀的假設，以及可能的回扣激勵措施？這是一個因素嗎？

Sure, Darrin. So let me provide you a little bit of color here. Look, I mean, what we've generally assumed in our base assumptions that I mentioned when I was delivering my prepared remarks is resilient consumer spending through 2023. I mean we see a resilient consumer today, and we're seeing a generally resilient consumer spending pattern going forward in our base case.

當然，達林。因此，讓我在這里為您提供一些顏色。看，我的意思是，我們在我發表準備好的發言時提到的基本假設中通常假設的是到 2023 年的彈性消費者支出。我的意思是我們今天看到一個有彈性的消費者，而且我們看到一個普遍有彈性的消費者在我們的基本案例中，未來的支出模式。

The other thing which we've contemplated, as we mentioned, from a cross-border standpoint and particularly cross-border travel standpoint, the vast majority of the regions have now reached that state where they are kind of growing and growing at a healthy pace, but they're not growing at an accelerating pace. So they've reached that level of stability. So let me give you a little bit of color here.

正如我們提到的，我們考慮過的另一件事是，從跨境的角度，尤其是跨境旅行的角度來看，絕大多數地區現在已經達到了他們正在以健康的速度增長和增長的狀態，但它們並沒有加速增長。所以他們已經達到了那種穩定水平。所以讓我在這裡給你一點顏色。

You'll remember as we are coming out of COVID, right, intra-Europe came back first cross-border standpoint. After that, we saw several inter-markets come back from a cross-border standpoint, U.S., U.K., Canada, Latin America, all of those. All of those are growing at a healthy pace, and we're assuming they'll continue to grow at a healthy pace but not at an accelerating pace.

你會記得當我們從 COVID 中走出來時，歐洲內部回到了第一個跨境的觀點。在那之後，我們看到幾個跨市場從跨境的角度回來了，美國、英國、加拿大、拉丁美洲，所有這些。所有這些都在以健康的速度增長，我們假設它們將繼續以健康的速度增長，但不會加速增長。

The one area where we are assuming an increase in terms of growth is around Asia Pacific. I mean Asia Pacific has been a lagger in terms of recovery of cross-border travel. And we're expecting that there will be -- with the borders recently opening in several markets in AP that there will be some level of recovery, which will come through there when you index back to 2019. So that's kind of generally been the base case we've kind of assumed.

我們假設增長增長的一個領域是亞太地區。我的意思是亞太地區在跨境旅行的恢復方面一直滯後。我們預計，隨著最近亞太地區幾個市場的邊界開放，將會出現一定程度的複蘇，當你將指數追溯到 2019 年時，復甦將會出現。所以這通常是基礎我們假設的情況。

Look, I mean, to be perfectly honest with you, I think that the reality is we've got things which are helping us from a share win standpoint. We've got strong consumer spending. Our services capabilities continue to grow at a healthy pace. All of that is built into our guide as we go forward.

看，我的意思是，老實說，我認為現實是我們有一些東西可以幫助我們從分享勝利的角度來看。我們有強勁的消費支出。我們的服務能力繼續以健康的速度增長。隨著我們的前進，所有這些都融入了我們的指南。

Also remember that in 2022, we did have elevated levels of FX volatility, which were there in the market, which actually supported the growth rate which we had in 2022. It's hard to predict, but that looks like on a going-forward basis. We do our best assumptions on that from an FX volatility standpoint. But that's kind of the building blocks as to how we've gone about building our business.

還要記住，在 2022 年，我們確實有更高水平的外匯波動，市場上存在這種波動，這實際上支持了我們在 2022 年的增長率。很難預測，但這看起來像是在向前發展的基礎上。我們從外匯波動的角度對此做出了最好的假設。但這是我們如何開展業務的基石。

The last point I'll make is around rebates and incentives, you asked the question. As you can see, quarter-on-quarter, we talk about how we are delivering wins. We are winning with new customers. We are expanding our business with existing customers. So we are building in assumptions from a rebates and incentive standpoint, which will be consistent with what you're seeing in our track record from a winning standpoint as it relates to us.

我要說的最後一點是關於回扣和獎勵，你問了這個問題。如您所見，我們按季度討論我們如何取得勝利。我們正在贏得新客戶。我們正在擴大與現有客戶的業務。因此，我們正在從回扣和激勵的角度建立假設，這將與您從與我們相關的獲勝角度在我們的往績記錄中看到的一致。

We'll go next to Lisa Ellis at SVB MoffetNathanson.

我們將去 SVB MoffetNathanson 的 Lisa Ellis 旁邊。

Michael, I wanted to follow up, in your prepared remarks related to new flows, you highlighted the B2B POS payments as a notable opportunity area and highlighted a few new SMB co-brand wins there. Can you just talk a little bit more holistically about this opportunity? Remind us, a, how big it is; and then b, what's different about it. What do you have to do differently as Mastercard to capture this opportunity relative to the consumer side?

邁克爾，我想跟進，在你準備好的與新流量相關的評論中，你強調 B2B POS 支付是一個顯著的機會領域，並強調了一些新的 SMB 聯合品牌勝利。你能更全面地談談這個機會嗎？提醒我們，a，它有多大；然後b，它有什麼不同。作為萬事達卡，您必須採取哪些不同的措施來抓住與消費者相關的這一機會？

Right, Lisa. So the opportunity here lies really in taking our existing set of tools, namely from the card ecosystem, very specifically the virtual card capability, which came through an acquisition many, many years ago that we've now built out ourselves into the leader here.

對，麗莎。因此，這裡的機會實際上在於利用我們現有的工具集，即來自卡生態系統的工具，特別是虛擬卡功能，這是通過多年前的一次收購獲得的，我們現在已經成為這裡的領導者。

So this existing set of tools and a huge opportunity in terms of flows to be addressed and make them more efficient, we're looking at $14 trillion from an opportunity perspective. If you recall what we laid out across the 4 flows, new flows, this is the -- one of the large ones here that we quoted. And the way to go about this is really to say, all right, who are the different players that we already have in our ecosystem. We bring VCNs into. There's a lot of deals with financial institutions, but there's also a lot of deals with partners out in the travel space, and the travel space is really the one that's been most promising for us, and that is coming back right now. So this is a near-term opportunity.

因此，這套現有的工具和在流量方面的巨大機會將得到解決並提高它們的效率，我們從機會的角度來看 14 萬億美元。如果您還記得我們在 4 個流程中佈置的新流程，這就是我們在這裡引用的大型流程之一。解決這個問題的方法實際上是說，好吧，我們生態系統中已有的不同參與者是誰。我們將 VCN 帶入。與金融機構有很多交易，但在旅遊領域也有很多與合作夥伴的交易，而旅遊領域對我們來說確實是最有希望的，而且現在正在回歸。所以這是一個近期的機會。

Cash and checks dominated existing tools, existing partners. This is right for us to go after it, and we're leaning in.

現金和支票主導了現有工具和現有合作夥伴。這對我們來說是正確的，我們正在向前邁進。

And Lisa, maybe I can just add a little bit out here, particularly as you think about the virtual card opportunity, which Michael just talked about. The differentiation, which is provided by technology, which is what Michael talked about by virtue of the acquisition, which we had with our virtual card capabilities, but there's also differentiation in terms of our approach from a go-to-market standpoint.

麗莎，也許我可以在這裡補充一點，特別是當你想到邁克爾剛才談到的虛擬卡機會時。差異化是由技術提供的，這是邁克爾通過收購談到的，我們擁有虛擬卡功能，但從進入市場的角度來看，我們的方法也存在差異化。

And specifically, when you target flows from a go-to-market standpoint, you go on a vertical-by-vertical basis. So as you know, we've been very successful in the travel vertical. Part of the reason we've been successful in the travel vertical is having a deep understanding of what it takes at the travel integrator level to be able to embed your technology there so that you are the payment choice, which people will exercise when they have to make those payments.

具體來說，當您從進入市場的角度定位流量時，您會逐個垂直地進行。如您所知，我們在垂直旅遊領域非常成功。我們在旅遊垂直領域取得成功的部分原因是深入了解旅遊集成商級別需要什麼才能將您的技術嵌入其中，以便您成為支付選擇，人們在擁有時會行使支付這些款項。

Similarly, as we look at that opportunity going forward, there are several other verticals we're making the similar kinds of advances in. So that's specific as it relates to the VCN piece. But you also asked about small business and the commercial point-of-sale opportunity, which is there. And the reality is we've been winning significant new deals in that small business opportunity. And we see, candidly, a very sizable market opportunity in commercial point of sale.

同樣，當我們展望未來的機會時，我們正在其他幾個垂直領域取得類似的進展。所以這是特定的，因為它與 VCN 部分相關。但你也詢問了小企業和商業銷售點的機會，就在那裡。而現實情況是，我們一直在那個小商機中贏得重要的新交易。我們坦率地看到了商業銷售點的巨大市場機會。

A large part of that is still in cash and check. And the reality is, just like we did in B2M where we displace cash and check utilizing digital technologies and innovation, that's kind of the advances we're making also in commercial point of sale. So that's how we kind of see and frame the opportunity set across both of these areas.

其中很大一部分仍然是現金和支票。事實上，就像我們在 B2M 中所做的那樣，我們利用數字技術和創新取代現金和支票，這也是我們在商業銷售點方面取得的進步。這就是我們如何看待和構建跨越這兩個領域的機會集。

You can hear it. It helps you have a CFO that used to be the Head of our Commercial Products.

你可以聽到它。它可以幫助您擁有一位曾擔任我們商業產品負責人的首席財務官。

We'll go next to Tien-Tsin Huang at JPMorgan.

我們將在摩根大通的 Tien-Tsin Huang 旁邊。

I wanted to ask just big picture, if you would characterize visibility here for us on revenue versus, I guess, you can go back to pandemic or pre-pandemic. Just curious on visibility given you mentioned lots of moving pieces. And then same thing on expenses, you said in the prepared remarks here that you're prepared to adjust investments, if necessary. If the base case and the outlook here is to show some operating leverage, can we assume the same operating leverage if revenue weakens relative to expectations? Sorry for the long question.

我只想問大局，如果你能在這里為我們描述收入的可見性，我想，你可以回到大流行或大流行前。鑑於您提到了很多移動件，只是對能見度感到好奇。然後在費用方面也一樣，你在這裡準備好的評論中說你準備在必要時調整投資。如果這裡的基本情況和前景是顯示一些運營槓桿，那麼如果收入相對於預期減弱，我們是否可以假設相同的運營槓桿？很抱歉這個問題很長。

Sure, Tien-Tsin. So on your question around revenue, it's like I laid out, right? I mean, at the end of the day, we put our base case together. We've kind of laid out what our assumptions are from a base case standpoint. And at the end of the day, we don't have the crystal ball to actually suggest that, that is the way things are going to play out. But based on everything we're seeing in the nature of current trends as well as leading indicators, particularly as it relates to the overall strength of the labor market, we feel pretty good about what we're seeing from a base case standpoint as it relates to the outlook for revenues.

當然，天津。所以關於你關於收入的問題，就像我提出的那樣，對吧？我的意思是，在一天結束時，我們將我們的基本案例放在一起。我們已經從基本案例的角度闡述了我們的假設。歸根結底，我們沒有水晶球來實際表明，這就是事情的發展方式。但基於我們在當前趨勢和領先指標的本質上所看到的一切，特別是與勞動力市場整體實力相關的方面，我們對我們從基本案例的角度所看到的情況感到非常滿意，因為它與收入前景有關。

As it relates to one component of revenues, which we oftentimes think about is around -- on an as-reported basis versus what it is on a currency-neutral basis, very hard to predict where foreign exchange markets go. But again, we've seen recent strengthening of the euro take place, and that's what we've kind of shared with you in terms of our assumptions from an FX standpoint.

由於它與我們經常考慮的收入的一個組成部分有關——在報告的基礎上與在貨幣中性基礎上的收入相比，很難預測外匯市場的走向。但同樣，我們看到最近歐元走強，這就是我們從外匯角度的假設方面與您分享的內容。

And then you asked about operating leverage. Look, I mean, the reality is we've always operated with the philosophy of delivering positive operating leverage over the long term. We look at the top line. We look at how our expenses up also against that top line. We have, in the past, demonstrated our capability to modulate our expenses to the extent we start to see adverse impacts take place on the top line and vice versa. And the reality is what we don't want to do is impact the long-term growth potential of our business.

然後你問了經營槓桿。看，我的意思是，現實情況是我們一直秉承長期提供積極經營槓桿的理念。我們看頂線。我們還研究了我們的支出如何與最高線相比。過去，我們已經證明我們有能力在我們開始看到對頂線產生不利影響的範圍內調整我們的開支，反之亦然。而現實是我們不想做的是影響我們業務的長期增長潛力。

So we will continue to invest in our business with our eye on the long term. We will be prudent about not going into spaces from an OpEx standpoint, which are not in demand. Obviously, I'm kind of stating the obvious here. But the reality is the philosophy remains unchanged. We will look to deliver positive operating leverage as a company. And we have the tools and the ability to actually modulate expenses if top line -- if we feel like the top line growth is going to get impacted over the long term.

因此，我們將著眼於長期，繼續投資於我們的業務。從 OpEx 的角度來看，我們會謹慎行事，不要進入沒有需求的空間。顯然，我在這裡說的很明顯。但現實是理念保持不變。作為一家公司，我們將尋求提供積極的運營槓桿。如果我們覺得收入增長會受到長期影響，我們就有工具和能力實際調整支出。

We'll go next to Sanjay Sakhrani at KBW.

我們將去 KBW 的 Sanjay Sakhrani 旁邊。

First off, I'm glad we're getting rid of the relative to 2019 metric for good reason. Just a question on cross-border and sort of the operating assumption this year. I know there's a number of different trends that you guys talked about. But there's still a decent amount of pent-up demand. I guess, how do you think cross-border travel behaves in a backdrop where macro might get worse from here? Maybe you could use some historical precedent here. Maybe just give us sort of how you're thinking about it.

首先，我很高興我們有充分的理由擺脫了相對於 2019 年的指標。只是一個關於跨境和今年運營假設的問題。我知道你們談到了很多不同的趨勢。但仍有大量被壓抑的需求。我想，在宏觀經濟可能從這裡變得更糟的背景下，您如何看待跨境旅行的表現？也許你可以在這裡使用一些歷史先例。也許只是告訴我們您的想法。

Sure. So Sanjay, let me share a few thoughts on how we think about cross-border, right? So at the end of the day, there are numerous things which impact how people travel and spend in the cross-border environment. But at the outset, what I want to say is that the fundamentals around the cross-border proposition as delivered by Mastercard actually stand to be very sound just like they were in the pre-pandemic days. We said this through the pandemic, and it's played out in that manner.

當然。那麼 Sanjay，讓我分享一些關於我們如何看待跨境的想法，對嗎？因此，歸根結底，有很多因素會影響人們在跨境環境中的旅行和消費方式。但首先，我想說的是，萬事達卡所提供的跨境提議的基本面實際上非常可靠，就像大流行前的日子一樣。我們通過大流行說了這一點，並且以這種方式發揮了作用。

Now let me get a little bit more specific as it relates to pent-up demand -- your question around pent-up demand. Look, the reality is we all know from what we hear on the earnings calls of airlines that capacity is constrained from an airline standpoint. And with that constrained capacity and elevated prices, you're seeing that impacts come through when you do P times Q, which is price multiplied by quantity. You get kind of what the results and impact from a spend standpoint is.

現在讓我更具體一點，因為它與被壓抑的需求有關——你關於被壓抑的需求的問題。看，現實情況是我們都從我們在航空公司的財報電話會議上聽到的消息中了解到，從航空公司的角度來看，運力受到限制。在產能受限和價格上漲的情況下，當您執行 P 乘以 Q（即價格乘以數量）時，您會看到影響會顯現出來。從支出的角度來看，你會得到什麼樣的結果和影響。

Fast forward, as capacity comes back online, one would expect that people will -- there will be some level of adjustment in prices because the demand-supply equation gets a little bit more in equilibrium. And so overall, we're not assuming that, that necessarily results in a tailwind because capacity comes back online, right, because there's going to be an adjustment which takes place from a price standpoint.

快進，隨著產能重新上線，人們會期望——價格會有一定程度的調整，因為供需方程會更加平衡。因此，總的來說，我們並不假設這必然會帶來順風，因為容量會重新上線，對吧，因為從價格的角度來看將會發生調整。

Our view -- again, we hope we're wrong, and we hope cross-border spending kind of goes with more capacity, prices remain elevated and people continue to spend, but we've got to take a point of view on that, and that's what we're taking.

我們的觀點——同樣，我們希望我們錯了，我們希望跨境支出隨著產能的增加而增加，價格保持高位，人們繼續消費，但我們必須對此採取一個觀點，這就是我們正在做的。

The other point I'll make is as it relates to what the impact of FX rates is on cross-border and cross-border travel. Well, the reality is what we've seen historically is that when exchange rates move, for example, with the dollar strengthening, with the lag effect, you would tend to see inbound into the U.S. get impacted. That's only natural. It gets more expensive for people coming from different parts of the globe to come into the U.S. But what we've also seen is individual extend to then redirect their cross-border spend to other parts of the globe where they don't feel the impact of that come through. So movements in foreign exchange rates does have an impact on how we think about cross-border going forward.

我要說的另一點是關於匯率對跨境和跨境旅行的影響。好吧，現實是我們從歷史上看到的是，當匯率變動時，例如，隨著美元走強，具有滯後效應，您往往會看到流入美國的資金受到影響。這是很自然的。對於來自全球不同地區的人來說，進入美國變得更加昂貴。但我們還看到，個人擴展到然後將他們的跨境支出重新定向到他們沒有感受到影響的全球其他地區的通過。因此，外匯匯率的變動確實會影響我們對未來跨境發展的看法。

And just to add one point here, Sanjay, that is, over the last 2 years, we've been winning portfolios in the space. We've really focused on the space, expecting to come back. If you recall, let me just remind everybody here, across airlines, across travel -- online travel agencies, across lodging, across other forms of transports like trains, Marriott, Virgin Atlantic, Amtrak, JetBlue, Cathay Pacific, British Airways and so forth, we have won portfolios. And we've bolstered that in terms of market access through these partners with additional products.

Sanjay，我只想在這裡補充一點，那就是在過去的兩年裡，我們一直在贏得這個領域的投資組合。我們真的很專注於這個空間，期待回來。如果你還記得，讓我提醒這裡的每一個人，跨航空公司，跨旅行——在線旅行社，跨住宿，跨其他形式的交通工具，如火車、萬豪、維珍大西洋、美鐵、捷藍、國泰航空、英國航空公司等等，我們贏得了投資組合。我們通過這些合作夥伴提供額外的產品，在市場准入方面加強了這一點。

So there's Mastercard Travel Rewards out there, which is now in 80 countries. So we believe into the macroeconomic environment that Sachin just laid out, we have the better proposition. So it remains an exciting space. The pace in which we'll grow, we'll have to see that as characterized by what Sachin just said, but we certainly have a differentiated proposition in that.

因此，萬事達卡旅行獎勵現已在 80 個國家/地區推出。因此，我們相信在 Sachin 剛剛提出的宏觀經濟環境中，我們有更好的建議。所以它仍然是一個令人興奮的空間。我們成長的速度，我們必須看到 Sachin 剛才所說的特徵，但我們肯定有一個不同的主張。

And one last comment I want to make, Sanjay, I'm happy you're excited about metrics and how we're changing the metrics. From a metrics perspective, I want to complete -- back to Lisa's question earlier. I mentioned the $14 trillion on commercial POS, but there's also $24 trillion on accounts payable, which makes the total opportunity in this combined space, $38 trillion. So that conversation earlier was an important one and a very big part of our priorities.

最後我想說的是，Sanjay，我很高興你對指標以及我們如何改變指標感到興奮。從指標的角度來看，我想完成——回到 Lisa 之前的問題。我提到了商業 POS 的 14 萬億美元，但應付賬款也有 24 萬億美元，這使得這個組合空間的總機會達到 38 萬億美元。所以之前的那次談話很重要，也是我們優先事項的很大一部分。

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

接下來我們將介紹美國銀行的 Jason Kupferberg。

I really appreciate the China cross-border data you gave there for both inbound and outbound. I think you said that inbound is running at about 20% of 2019 levels in the fourth quarter and outbound at about 50% of 2019 levels in the fourth quarter. Can you give us a sense of how much improvement you're expecting in those metrics in 2023 as the reopening progresses? And then separately, can you just make any high-level comments on growth for each of your 3 strategic pillars in '23?

我非常感謝您提供的中國跨境數據，包括入站和出站數據。我想你說過，第四季度入境量約為 2019 年水平的 20%，出境量約為 2019 年水平的 50%。隨著重新開放的進展，您能否告訴我們您預計 2023 年這些指標會有多大改善？然後，您能否分別對 23 年的 3 個戰略支柱中的每一個的增長發表任何高層評論？

Sure. So first, Jason, I'm not going to share specifics as it relates to how we built our model up for the full year. What I will share with you is as it relates to the recovery of both inbound and outbound for China, we have built in some level of recovery as the year progresses. It's our best estimate as to what we expect to happen by virtue of the borders opening and the quantity and requirements being lifted.

當然。所以首先，傑森，我不會分享具體細節，因為它與我們如何建立全年模型有關。我要與大家分享的是，這與中國入境和出境的複蘇有關，隨著時間的推移，我們已經實現了一定程度的複蘇。這是我們對邊境開放以及數量和要求取消後預期發生的情況的最佳估計。

But suffice it to say that the opportunity is pretty sizable. The fact that we were in Q4 at 20% of 2019 levels from an inbound travel standpoint -- cross-border travel standpoint is just suggestive of the fact that if you just think about what's going on in the regions and how they've recovered and bounced right back and gone well above 2019 levels, there's a significant opportunity both on inbound and outbound as it relates to China. And sorry, the second part of your question, Jason?

但只要說這個機會相當大就夠了。事實上，從入境旅遊的角度來看，我們在第四季度的水平是 2019 年的 20% - 跨境旅遊的角度只是暗示這樣一個事實，如果你只考慮這些地區正在發生的事情以及它們如何恢復和立即反彈並遠高於 2019 年的水平，與中國相關的入境和出境都有很大的機會。抱歉，傑森，你問題的第二部分？

Just the 3 strategic pillars, what you're modeling for revenue growth on those in '23?

只是 3 個戰略支柱，你為 23 年的收入增長建模的是什麼？

Again, I mean, when you -- the strategic priorities, we've got payment services and new networks, as Michael has talked about. I mean I'll give you a general sense. I mean you know about -- from a payment standpoint, we've been doing this, and we've been doing this for many decades. And that is the substantive part of how we deliver our revenue growth. Over the last decade, we've shown you how services have grown and still growing at a healthy pace.

再次，我的意思是，當你 - 戰略重點，我們有支付服務和新網絡，正如邁克爾所說的那樣。我的意思是我會給你一個大概的感覺。我的意思是你知道 - 從付款的角度來看，我們一直在這樣做，而且我們已經這樣做了幾十年。這是我們如何實現收入增長的實質性部分。在過去的十年中，我們向您展示了服務是如何發展並仍在以健康的速度發展的。

In my view, the demand for our services capability still remains very strong. You've seen that we've been growing at a faster pace in services relative to the overall growth of our business. And I don't think we should assume anything different on a going-forward basis.

在我看來，對我們服務能力的需求仍然非常強勁。您已經看到，相對於我們業務的整體增長，我們在服務方面的增長速度更快。而且我認為我們不應該在未來的基礎上假設任何不同。

And new networks is relatively nascent really. So again, I would put that into the space of it's growing. It's growing on a small base at a very healthy clip. But the reality is on the overall Mastercard, it's still to have a meaningful impact. So that's kind of the best I can share with you on that.

新網絡確實是相對新生的。所以再次，我會把它放在它不斷增長的空間中。它以非常健康的速度在一個小基地上成長。但現實是對萬事達卡整體而言，它仍將產生有意義的影響。所以這是我能與你分享的最好的。

Jason, I'd say that the model really is one not of separate pillars. This is an integrated business proposition where services differentiates payments. And payments is oftentimes a way to build out a further -- a broader set of services and so forth. So it kind of goes in a circle, a virtuous circle, I have to say.

Jason，我想說這個模型確實不是獨立的支柱之一。這是一個集成的業務主張，其中服務區分支付。支付通常是進一步構建更廣泛服務等的一種方式。所以它有點像一個循環，一個良性循環，我不得不說。

When you look at it, the -- historically, we gave you a number a couple of years ago that service is 1/3 of our quarter. It has been growing faster. I gave you an example earlier in my prepared remarks on Consumer Clarity, which is something that is transaction-related, and it's growing faster with 50 new issuers. So there's just a lot of momentum in there.

當你看它時，從歷史上看，我們在幾年前給了你一個數字，即服務占我們季度的 1/3。它增長得更快。我之前在我準備好的關於 Consumer Clarity 的評論中給了你一個例子，這是與交易相關的東西，並且它在 50 個新發行人中增長得更快。所以那裡有很多動力。

But there is also the kind of services that are not related to the underlying payments business. For example, what the example I gave you on Test & Learn, where we're working with a set of customers to work on their base core business as in Lowe's, the example that I gave you. So different sets of dynamics, but they go hand in hand, and that is the power of the differentiated and diversified business model that we have.

但也有與底層支付業務無關的服務。例如，我在 Test & Learn 上給你舉的例子，我們正在與一組客戶合作，像在 Lowe's 一樣從事他們的基礎核心業務，我給你的例子。如此不同的動態組合，但它們齊頭並進，這就是我們擁有的差異化和多元化商業模式的力量。

We'll move next to Rayna Kumar at UBS.

我們將搬到瑞銀的 Rayna Kumar 旁邊。

We'll go next to Will Nance at Goldman Sachs.

我們將在高盛的 Will Nance 旁邊。

Maybe I'll squeeze one last 2019 -- versus 2019 question before the metrics go away. When we look at some of the kind of moving pieces in December, it seems like across some of the metrics, things seem to take a little bit of a step down on the 2019 stack. So just any color on what you're seeing on a regional basis between kind of e-commerce and travel and how those trends have kind of continued into January, maybe excluding some of the impacts of China that you're seeing.

也許我會在 2019 年最後一個問題——與 2019 年的問題相比，在指標消失之前。當我們查看 12 月的一些變化時，似乎從某些指標來看，2019 年的堆棧似乎有所下降。因此，您在區域基礎上看到的電子商務和旅遊之間的任何顏色，以及這些趨勢如何持續到 1 月，也許不包括您看到的中國的一些影響。

And then just a more numerical piece of that question as I -- appreciate the color you gave on the China metrics on inbound and outbound travel. Just wondering if you have any color on just the overall contribution of China to cross-border volumes.

然後就是這個問題的更多數字部分，我很欣賞你對中國出入境旅遊指標的顏色。只是想知道您是否對中國對跨境交易量的總體貢獻有任何看法。

All right, Will, so I'll take your questions in order out here. You talked about some color around how we're seeing things shape up in Q4 relative to 2019 levels. We're seeing pretty stable levels as it relates to switched volumes, switched transactions and cross-border, in fact, marginally up on each one of them quarter-over-quarter. So for example, in switched volumes in Q3 as a percentage of 2019, we were running at 154%. In Q4, we were running at 156%. And you can see this in the slide deck, which we shared with you.

好吧，威爾，所以我會在這裡按順序回答你的問題。你談到了我們如何看待第四季度相對於 2019 年水平的情況。我們看到相當穩定的水平，因為它與交換量、交換交易和跨境有關，事實上，每一個都比上一季度略有上升。因此，例如，在第三季度的轉換量佔 2019 年的百分比中，我們的運行率為 154%。在第四季度，我們的運行率為 156%。您可以在我們與您分享的幻燈片中看到這一點。

The one thing to just keep in mind is in the U.S. in Q4, we have seen a little bit of an impact come through from lower gas prices, and that's kind of being reflected in the numbers you see right here. You asked a question from a regional color standpoint. I'd say there's remarkably consistent growth that we're seeing in most regions. For example, in Europe, Europe continues to hold up pretty well. Latin America and EMEA are also actually holding up pretty well from a growth standpoint.

要記住的一件事是在第四季度的美國，我們看到較低的汽油價格帶來了一些影響，這在你在這裡看到的數字中有所反映。您從區域顏色的角度提出了一個問題。我想說我們在大多數地區都看到了非常穩定的增長。例如，在歐洲，歐洲繼續保持良好狀態。從增長的角度來看，拉丁美洲和歐洲、中東和非洲實際上也保持得很好。

In Q4, China was in the negative, particularly in its domestic volumes. And again, remember, our -- we don't generate a lot of revenue from the domestic side. But it was impacted negatively because of the flareup in the COVID situation, which took place there. So that's one piece to keep in mind.

第四季度，中國處於負增長狀態，尤其是國內銷量。再一次，請記住，我們的 - 我們不會從國內產生大量收入。但由於那裡發生的 COVID 情況的爆發，它受到了負面影響。所以這是一件要記住的事情。

Another piece to keep in mind is that from an India standpoint, we are -- now that we're out of the embargo and we've started new issuance, you still have the tail effect of the embargo coming through. So said differently, the fact that you actually for a year, we're not issuing new cards in India has a result and impact of attrition of old cards which are taking place, which need to be more than compensated for by issuance of new cards. And that takes time as issuers get ramped up and ready to go. So you've seen that come through in Q4 as well. But beyond that, I would say that we continue to see pretty good and consistent growth relative to 2019 levels across all our metrics here.

另一件要記住的是，從印度的角度來看，我們 - 現在我們已經擺脫禁運並且我們已經開始新發行，你仍然有禁運的尾部效應。所以換句話說，事實上，你實際上已經有一年沒有在印度發行新卡了，這是因為舊卡正在發生損耗，這需要通過發行新卡來彌補。 .這需要時間，因為發行人已經準備就緒。所以你也看到了第四季度的情況。但除此之外，我要說的是，我們在這裡的所有指標中，相對於 2019 年的水平，我們繼續看到相當不錯且持續的增長。

And a step down compared to last year and the year before is, of course, there because you get the mathematics and the lapping effects and so forth. But to 2019, I think that's an instructive view here. It tells us that, yes, we're expecting a resilient consumer will continue to spend.

當然，與去年和前年相比有所下降，因為你得到了數學和研磨效應等。但到 2019 年，我認為這是一個有啟發性的觀點。它告訴我們，是的，我們預計有彈性的消費者將繼續消費。

And Will, you had asked the question about China. In my prepared remarks, I had shared with you that China inbound cross-border travel pre-pandemic was roughly 1% of our total corresponding volumes, and our outbound -- the similar metric from an outbound standpoint was about 2%. So I know that was the second part of your question.

威爾，你問了關於中國的問題。在我準備好的發言中，我曾與大家分享，大流行前中國入境跨境旅遊約占我們相應總量的 1%，而我們的出境——從出境的角度來看，類似的指標約為 2%。所以我知道那是你問題的第二部分。

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

我們將在 Evercore ISI 的 David Togut 旁邊。

Europe continues to be a driver of differentiated growth for Mastercard. For the year ahead, could you talk through some of your assumptions on the biggest opportunities in Europe, Germany, Poland, Italy, when you think about both economic outlook and cash digitization? We've seen mixed reports 6, 9 months ago, more concerned about Europe given high gas prices. Now it seems like the outlook has been a little better with lower gas prices and a more mild winter. But any insights would be greatly appreciated.

歐洲繼續成為萬事達卡差異化增長的驅動力。對於未來一年，當您考慮經濟前景和現金數字化時，您能否談談您對歐洲、德國、波蘭、意大利最大機遇的一些假設？我們在 6、9 個月前看到了喜憂參半的報導，鑑於高油價，人們更加關注歐洲。現在看來，隨著天然氣價格下降和冬季更加溫和，前景似乎有所好轉。但任何見解將不勝感激。

David, let me start off on that. So looking at Europe really in 3 categories, there's the U.K. on one hand, and there's emerging Europe and then there is Continental Central Europe. And slightly different picture on all of them. First of all, starting off with the continent here, the concern has been around for a while on rising gas prices and energy prices and the impact on the consumers' ability to spend. A combination of fiscal measures to provide cushions to consumers, along with energy-saving measures, along with the gas storage now reaching full capacity has really alleviated some of these concerns. So we continue to see a fairly resilient European consumer. That's our base assumption as we look forward.

大衛，讓我開始吧。因此，實際上將歐洲分為三類，一方面是英國，另一方面是新興歐洲，然後是中歐大陸。所有這些圖片都略有不同。首先，從這裡的大陸開始，人們對天然氣價格和能源價格上漲及其對消費者消費能力的影響的擔憂已經存在了一段時間。為消費者提供緩衝的財政措施、節能措施以及現已達到滿負荷的儲氣庫相結合，確實緩解了其中的一些擔憂。因此，我們繼續看到相當有彈性的歐洲消費者。這是我們展望未來的基本假設。

U.K. somewhat different economic outlook, and that might be a little more shaky there. But fundamentally, in this market, we are seeing a lot of tailwind for us from share gains over the last couple of years. So that works well for us. And emerging Europe continues to be a dramatic digitization opportunity as we've seen in markets like Russia, which unfortunately is not in our P&L any longer. But we have seen very high digitization rates, and we're pushing that in these emerging markets.

英國的經濟前景有些不同，那裡可能更加不穩定。但從根本上說，在這個市場上，我們看到過去幾年的股票上漲給我們帶來了很多好處。所以這對我們很有效。正如我們在俄羅斯等市場所看到的那樣，新興歐洲仍然是一個巨大的數字化機會，不幸的是，它不再出現在我們的損益表中。但我們已經看到非常高的數字化率，我們正在這些新興市場推動這一點。

Somewhere between, there's peculiarities like Germany where there was a significant digitization opportunity, and there still remains. But we caught up a lot in Germany over the last 2 years, particularly on the contactless side, which is now reaching half of the transactions there. So healthy mix in Europe and very strong share position with opportunities to come through from portfolio wins that we have shared with you over the last couple of years as they go into effect.

在這兩者之間，有像德國這樣的特殊性，那裡有一個重要的數字化機會，而且仍然存在。但在過去的兩年裡，我們在德國取得了很多進展，特別是在非接觸式方面，現在已經達到了德國交易量的一半。如此健康的歐洲組合和非常強大的份額地位，以及我們在過去幾年與您分享的投資組合勝利帶來的機會，因為它們正在生效。

And I'll just add, David, to Michael's point around the deals which we've recently won and announced. Just to give you a little bit of perspective, we had talked about Santander historically. That migration is in progress. And we're through the bulk of a 9 million card migration there. We expect to be complete by early 2023 on that one.

大衛，我只想補充一下邁克爾關於我們最近贏得併宣布的交易的觀點。只是為了給你一點視角，我們在歷史上談過桑坦德銀行。遷移正在進行中。我們在那裡完成了 900 萬張卡片的大部分遷移。我們預計該項目將於 2023 年初完成。

NatWest commenced the issuance of Mastercard debit cards in December of 2021. That's well underway, and we would expect some of that to continue to happen in 2023. And then the other one we had spoken about historically was Deutsche Bank, and we expect that the migration of that one will commence somewhere in the middle of 2023. So just to give you a little bit of sense as to how we're kind of thinking about things.

NatWest 於 2021 年 12 月開始發行萬事達卡借記卡。進展順利，我們預計其中一些將在 2023 年繼續發生。然後我們歷史上談到的另一家是德意志銀行，我們預計那個人的遷移將在 2023 年年中的某個地方開始。所以只是為了讓你了解我們是如何思考事情的。

We'll move next to Ashwin Shirvaikar at Citi.

我們將搬到花旗銀行的 Ashwin Shirvaikar 旁邊。

I just wanted to drill into a couple of things now that we're getting rid of 2019 over the past few years. And looking forward, what has changed in terms of the growth algo? How should we think of that as we think of normalized growth visibility? And then this is a smaller question with regards to, specifically for '23, the spread between was and just how should one think of that?

既然我們在過去幾年中擺脫了 2019 年，我只想深入了解一些事情。展望未來，增長算法發生了什麼變化？當我們考慮正常化的增長可見性時，我們應該如何看待這一點？然後這是一個更小的問題，特別是對於 23 年，人們應該如何看待它之間的差距？

I'm going to need a little bit more clarity on the second part of your question, but we'll get to that. Let me take the first question first, which is as it relates to the growth algorithm. Just suffice it to say that the fundamentals of our business actually are very, very sound. The growth algorithm, which has actually enabled the strong growth we have delivered pre-pandemic, very much stands sound even today.

我需要更清楚地說明你問題的第二部分，但我們會解決的。先說第一個問題，跟增長算法有關。只要說我們業務的基本面實際上非常非常穩健就夠了。增長算法實際上使我們在大流行前實現了強勁增長，即使在今天也非常可靠。

So the reality is, if you think about PCE growth, you think about the opportunity for the secular shift to electronic forms of payment, you think about the fact that we're growing market share, you think about how we're delivering on our services capabilities and driving growth from that. And now as we're doing new and different things around new payment flows as well as new networks, that growth algorithm actually is very sound, very stable, very consistent with what we've historically had. And that's the way we think about the business for, call it, not only the near term but near medium to long term for Mastercard.

所以現實情況是，如果你考慮 PCE 的增長，你會考慮長期向電子支付方式轉變的機會，你會考慮我們正在增長的市場份額，你會考慮我們如何實現我們的目標服務能力並由此推動增長。現在，當我們圍繞新的支付流程和新網絡做新的和不同的事情時，這種增長算法實際上非常合理、非常穩定，與我們過去的算法非常一致。這就是我們考慮業務的方式，稱它為萬事達卡，不僅是近期，而且是近中長期。

Now Ashwin, I'm not sure I got the second part of your question. Could you repeat that, please?

Ashwin，我不確定我是否理解了你問題的第二部分。你再說一遍，好嗎？

Yes. I was asking about the cross-border volume spread. How should one think of that as we think of this year?

是的。我問的是跨境交易量價差。我們應該如何看待這一年？

Yes. Look, I mean, our cross-border proposition sound -- is very sound and stable. And I think at the end of the day, like I said, most of the regions are now back to what I would call the stable growth rates that we would normally have seen in the pre-pandemic phase. The one exception is Asia, and there's a little bit of opportunity which we have in Asia, which we've contemplated in our thoughts for 2023.

是的。看，我的意思是，我們的跨境提議聽起來非常穩健。我認為最終，就像我說的那樣，大多數地區現在都回到了我所說的穩定增長率，我們通常會在大流行前階段看到這種增長率。一個例外是亞洲，我們在亞洲有一點機會，我們在 2023 年的想法中已經考慮到了這一點。

We'll move next to Ken Suchoski at Autonomous Research.

我們將轉到 Autonomous Research 的 Ken Suchoski 旁邊。

Michael and Sachin, I wanted to ask about the cross-border recovery. We see the volumes for cross-border travel are well above 2019 levels. Where are you seeing the transactions versus 2019 levels on that same metric? Sachin, you made some interesting comments on price versus units. And I'm just trying to get a sense for how much the cross-border travel volumes are benefiting from inflation and spend per transaction. And how much recovery is still left from a number of transaction standpoint?

邁克爾和薩欽，我想問一下跨境復甦。我們看到跨境旅行量遠高於 2019 年的水平。你在哪裡看到同一指標上的交易與 2019 年的水平？ Sachin，你對價格與單位發表了一些有趣的評論。我只是想了解跨境旅行量有多少受益於通貨膨脹和每筆交易的支出。從交易的角度來看，還剩下多少復甦？

Sure, Ken. So my comment is actually going to hold true for not only cross-border for -- largely for the business, if you think about it, right? You know our transactions or the growth in our transactions is impacted by our average ticket size. There are puts and takes on the average ticket size, not only in cross-border but even on domestic, which are influenced by numerous factors.

當然，肯。所以我的評論實際上不僅適用於跨境 - 主要適用於企業，如果你考慮一下，對嗎？你知道我們的交易或我們交易的增長受到我們平均票數的影響。不僅在跨境，甚至在國內，平均票面大小也有看跌期權和看跌期權，這受到多種因素的影響。

One of which is inflation. The others are the mix between card-present and card-not-present. Because what happens is, typically, with more card-not-present, you tend to see a higher average ticket size, which results in lower transaction growth rate. Now that being said, also when you do more card-not-present, you have the opportunity to deliver more services. When you deliver more services, it allows you to actually have a compensating effect from a revenue standpoint. So I think those are 2 important things to keep in mind.

其中之一是通貨膨脹。其他是有卡和無卡的混合。因為發生的情況通常是更多的卡不存在，你往往會看到更高的平均票數，從而導致更低的交易增長率。話雖這麼說，當你做更多的無卡時，你就有機會提供更多的服務。當您提供更多服務時，從收入的角度來看，它實際上可以讓您產生補償效果。所以我認為這是需要牢記的兩件重要事情。

The third, I would say, from an average ticket size standpoint, which impacts both cross-border and domestic, is what is the regional mix because different countries have different average ticket sizes, which influences what the growth rates are. Specifically on cross-border average ticket, it has been pretty stable year-over-year. And our assumption, as we kind of think about this is not knowing perfectly well where inflation is going to go. And the variables I kind of talked about, those are the things we factor into our assumptions as it relates to transaction growth on a going-forward basis.

第三，我想說，從影響跨境和國內的平均機票大小的角度來看，區域組合是什麼，因為不同的國家有不同的平均機票大小，這會影響增長率。特別是跨境平均票價，同比相當穩定。我們的假設，正如我們考慮的那樣，並不完全清楚通貨膨脹將走向何方。我談到的變量，這些是我們在假設中考慮的因素，因為它與未來的交易增長有關。

We'll take that question from Dave Koning at Baird.

我們將從 Baird 的 Dave Koning 那裡回答這個問題。

Maybe just to go back a little bit to Q1 guidance. You talked a little bit about this, but I know revenue you've got on a non-GAAP basis, decelerating something like 5% or so. But every metric -- every core metric in January accelerated by kind of 4% to 11%. Is there just tougher comps coming on some of those key metrics? Or is it rebates? Or maybe talk through a little bit about the gap and kind of what's going to happen in the rest of the quarter.

也許只是回到 Q1 指導。你談了一點這個，但我知道你在非 GAAP 基礎上獲得的收入減少了 5% 左右。但是每一個指標——每一個核心指標在 1 月份都加速了 4% 到 11%。這些關鍵指標中是否有更嚴格的補償？還是回扣？或者，也許可以談談差距以及本季度剩餘時間會發生什麼。

Sure, Dave. A couple of thoughts. One, in Q1, acquisitions contribute less to our Q1 growth than they did to our Q4 growth because you're doing a sequential comparison between Q4 and Q1 in your question there. Number two, the suspension of operations in Russia has a greater impact in Q1 than it does in Q4. It's just the way the cadence of the revenues are.

當然，戴夫。幾個想法。第一，在第一季度，收購對我們第一季度增長的貢獻小於對第四季度增長的貢獻，因為你在那裡的問題中對第四季度和第一季度進行了順序比較。第二，俄羅斯業務暫停對第一季度的影響比對第四季度的影響更大。這就是收入節奏的方式。

And then 2 other points I'd point out is Michael talked about the several wins we've got, active deal activity, which has been in play. We've got to contemplate all of that in our Q1 kind of thoughts. And then the last piece I'd mention is we did have elevated levels of FX volatility in Q4. I don't know where FX volatility is going to play out. We've done our best assumptions around that, but those would be the contributing factors.

然後我要指出的另外兩點是邁克爾談到了我們已經取得的幾場胜利，積極的交易活動，這一直在發揮作用。我們必須在第一季度的想法中考慮所有這些。然後我要提到的最後一點是我們在第四季度確實有更高水平的外匯波動。我不知道外匯波動會在哪裡發揮作用。我們已經圍繞這一點做了我們最好的假設，但這些將是促成因素。

Michael, any final comments?

邁克爾，最後有什麼意見嗎？

Yes. So thanks for your questions. Thanks for your trust. Rayna, we will figure out your questions off-line. We can't get to those, unfortunately. The day will come when there's a call where there's more questions for me than for Sachin. I'm still hopeful we will get there at some point. But the story has been resilient consumer, and we still see some opportunity in cross-border for Asia. That's the base. We're winning. That feels good as we look ahead into 2023. And we have 28,000 excited people at Mastercard that are going to deliver on that opportunity. With that, thank you very much and speak to you next quarter.

是的。所以謝謝你的問題。感謝您的信任。 Rayna，我們會離線解決你的問題。不幸的是，我們無法解決這些問題。總有一天，我會接到一個電話，問我的問題比問 Sachin 的要多。我仍然希望我們能在某個時候到達那裡。但故事一直是有彈性的消費者，我們仍然看到亞洲跨境業務的一些機會。那是基礎。我們贏了。展望 2023 年，這感覺很好。萬事達卡有 28,000 名興奮的員工將抓住這個機會。有了這個，非常感謝你並在下個季度與你交談。

Thank you.

謝謝你。

And 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。