萬事達 (MA) 2023 Q1 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 Inc. Q1 2023 Earnings 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 Inc. 2023 年第一季度收益電話會議。 （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 first quarter 2023 earnings call. With me today are Michael Miebach, our Chief Executive Officer; Sachin Mehra, our Chief Financial Officer; and Devin Corr, our incoming Head of Investor Relations and my successor. 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 2023 年第一季度財報電話會議。今天和我在一起的是我們的首席執行官 Michael Miebach；我們的首席財務官 Sachin Mehra；以及我們即將上任的投資者關係主管和我的繼任者 Devin Corr。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以供提問。

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 Michael.

有了這個，我現在將電話轉給邁克爾。

Thank you, Warren. Good morning, everybody. Another quarter, let's jump right in. The headline is that in quarter 1, consumer spend has remained remarkably resilient, in that, despite continued economic uncertainty. We kicked off the year with strong revenue and earnings growth. Quarter 1 adjusted net revenues were up 15% and adjusted operating income was up 17%, both versus a year ago, as always, on a non-GAAP currency-neutral basis, excluding special items.

謝謝你，沃倫。大家早上好。另一個季度，讓我們直接進入。標題是在第一季度，儘管經濟持續存在不確定性，但消費者支出仍然非常有彈性。我們以強勁的收入和盈利增長開始了這一年。第一季度調整後的淨收入增長了 15%，調整後的營業收入增長了 17%，與一年前相比，一如既往，在非 GAAP 貨幣中性基礎上，不包括特殊項目。

Focusing on the macro for a moment. Let's take stock, both the positive and negative factors we have been monitoring. First, the labor market in aggregate remained strong, while savings remain above historical levels and consumers continue to access credit, which all are key drivers of consumer spending. Second, central banks continue to combat elevated inflation levels with higher interest rates. Although we are seeing signs of inflation cooling, additional stresses on the banking sector have emerged. We will continue to monitor how banks respond to these evolving conditions.

暫時關注宏觀。讓我們盤點一下我們一直在監測的積極和消極因素。首先，勞動力市場總體保持強勁，儲蓄仍高於歷史水平，消費者繼續獲得信貸，這些都是消費支出的主要驅動力。其次，中央銀行繼續以更高的利率來應對高通脹水平。儘管我們看到通脹降溫的跡象，但銀行業的額外壓力已經出現。我們將繼續監測銀行如何應對這些不斷變化的情況。

And finally, economic growth around the globe continues to vary by country and sector. The reopening of China is a positive catalyst. However, the impact of monetary and fiscal tightening in many countries will likely be with us for some time. So overall, many moving pieces, but even so, consumer spending levels have remained resilient, while the mix of spending has continued to rebalance towards experiences.

最後，全球經濟增長繼續因國家和部門而異。中國的重新開放是一個積極的催化劑。然而，許多國家貨幣和財政緊縮的影響可能會持續一段時間。總的來說，有很多變動因素，但即便如此，消費者支出水平仍然保持彈性，而支出組合繼續向體驗重新平衡。

Looking at our switched volume trends. Domestic volume growth has remained relatively stable with some recent moderation in the U.S., in part due to lower tax refunds. Cross-border travel in quarter 1 reached 148% of 2019 levels with all regions above 2019 levels. This includes notable improvement in Asia. Cross-border card-not-present ex travel continues to hold up well. We will continue to watch the environment closely. And as we have demonstrated in the past, we are prepared to adjust investment levels appropriately while maintaining focus on our key strategic priorities. And as a reminder, these 3 priorities are expanding in payments, expanding our services and embracing new networks.

看看我們的開關量趨勢。國內銷量增長保持相對穩定，美國最近有所放緩，部分原因是退稅減少。第一季度跨境旅行達到 2019 年水平的 148%，所有地區均高於 2019 年水平。這包括亞洲的顯著改善。跨境無卡旅行繼續保持良好勢頭。我們將繼續密切關注環境。正如我們過去所證明的那樣，我們準備適當調整投資水平，同時保持對我們關鍵戰略優先事項的關注。提醒一下，這 3 個優先事項正在擴展支付、擴展我們的服務和擁抱新網絡。

Now I've been on the road for much of the quarter, meeting with customers, partners, government leaders and, of course, our teams. These conversations reinforce the energy we have for our collaborative approach and show the importance that many places on digital payments and driving much of today's economic activity. And it's with that in mind that I'll share some examples of how we are progressing against our 3 strategic priorities.

現在，本季度的大部分時間我都在出差，會見了客戶、合作夥伴、政府領導人，當然還有我們的團隊。這些對話增強了我們對協作方法的能量，並顯示了許多地方對數字支付和推動當今經濟活動的重要性。考慮到這一點，我將分享一些例子，說明我們如何在 3 個戰略重點方面取得進展。

First, we're expanding in payments by winning deals across a diverse set of customers, innovating in and growing acceptance and expanding solutions to address new payment flows. We see our partnership [even] with a diverse set of co-brand partners, financial institutions and fast-growing fintechs around the world. This quarter, we had a significant win with Costco Wholesale in Taiwan, the largest co-brand portfolio in the market. The deal is a competitive flip that ensures exclusive co-brand issuance and exclusive acceptance of Mastercard co-brand cards and stores effective in August this year.

首先，我們正在通過贏得不同客戶群的交易、創新和提高接受度以及擴展解決方案來解決新的支付流程來擴大支付領域。我們看到我們 [甚至] 與世界各地的各種聯合品牌合作夥伴、金融機構和快速發展的金融科技公司建立了合作夥伴關係。本季度，我們與台灣 Costco Wholesale 取得了重大勝利，這是市場上最大的聯合品牌組合。該交易是一項具有競爭力的交易，可確保在今年 8 月生效的萬事達卡聯名卡和商店的獨家聯名發行和獨家接受。

We also announced our exclusive partnership with Wells Fargo and Choice Hotels to launch their new credit card program in the United States. In the Middle East, we think the renewal with National Bank of Egypt, the largest issuer in the country. And on the fintech front, we renewed our deal with N26, one of the largest neobanks in Europe for Mastercard to be the exclusive provider for issuing and processing services. And in Latin America, we expanded our relationship with Ualá, one of the fastest growing fintechs in the region to be the exclusive network on prepaid, debit and credit.

我們還宣布與 Wells Fargo 和 Choice Hotels 建立獨家合作夥伴關係，在美國推出他們的新信用卡計劃。在中東，我們認為與該國最大的發行人埃及國家銀行的續約。在金融科技方面，我們與 N26 續約，N26 是歐洲最大的新銀行之一，萬事達卡將成為發行和處理服務的獨家供應商。在拉丁美洲，我們擴大了與 Ualá 的關係，Ualá 是該地區發展最快的金融科技公司之一，成為預付費、借記卡和信用卡的獨家網絡。

So we are continuing on our trajectory, delivering another solid quarter of new and renewed wins, an important element of our growth algorithm. Beyond new wins, we are driving growth in payments through the development of innovative solutions like our installment offerings. In Australia, we're scaling our solutions with some of the largest banks in the market, including Commonwealth Bank of Australia, National Australia Bank and Westpac.

因此，我們正在繼續我們的軌跡，提供又一個穩固的季度新的和更新的勝利，這是我們增長算法的一個重要元素。除了新的勝利，我們還通過開發分期付款等創新解決方案來推動支付業務的增長。在澳大利亞，我們正在與市場上一些最大的銀行一起擴展我們的解決方案，包括澳大利亞聯邦銀行、澳大利亞國民銀行和西太平洋銀行。

Providing the way to pay is central to what we do. So too is making sure people and businesses can use those payment tools when and where they want. Along those lines, we are continuing to drive growth in acceptance, expanding connectivity and trust across all forms of card payments. Our acceptance footprint has now surpassed 100 million locations, effectively doubling over the past 5 years. And that's just the start. Our innovative contactless, Cloud Commerce and Click to Pay solutions give more merchants the ability to accept electronic payments with simple technology connectivity. To us, that's an opportunity to bring more physical and digital transactions onto a common network.

提供支付方式是我們工作的核心。確保人們和企業可以隨時隨地使用這些支付工具也很重要。沿著這些思路，我們將繼續推動接受度的增長，擴大所有形式卡支付的連接性和信任度。我們的驗收足跡現已超過 1 億個地點，在過去 5 年中翻了一番。而這僅僅是個開始。我們創新的非接觸式、雲商務和點擊支付解決方案使更多商家能夠通過簡單的技術連接接受電子支付。對我們來說，這是一個將更多物理和數字交易帶入公共網絡的機會。

Over 100 markets have now reached at least 50% contactless penetration, doubled the number 3 years ago. Contactless drives higher consumer engagement and helps to accelerate the secular shift to digital payments by accessing lower ticket size purchases that have historically been cash-based. In quarter 1, our tokenization capability was selected as part of a mobile payments launch in South Korea, enabling a significant number of private label cards for contactless and thereby giving us the opportunity to deliver services on those transactions.

100 多個市場現已達到至少 50% 的非接觸式普及率，是 3 年前的兩倍。非接觸式推動更高的消費者參與度，並通過訪問歷來以現金為基礎的小額購買，幫助加速向數字支付的長期轉變。在第 1 季度，我們的標記化功能被選為在韓國推出的移動支付的一部分，使大量非接觸式私人標籤卡成為可能，從而使我們有機會為這些交易提供服務。

We continue to see momentum in Tap on Phone with programs across more than 70 markets globally. We continue to scale, including the Stripe, we announced in quarter 1 that they have enabled Tap to Pay on Android in multiple markets. In addition to helping our partners bring Tap on Phone to market, our Cloud Commerce acceptance technology is now live in Europe. Our Cloud Commerce capabilities make it easier and tricker for businesses of all sizes to accept payments on virtually any device.

我們繼續看到 Tap on Phone 在全球 70 多個市場的計劃勢頭強勁。我們繼續擴大規模，包括 Stripe，我們在第一季度宣布他們已經在多個市場啟用了安卓上的 Tap to Pay。除了幫助我們的合作夥伴將 Tap on Phone 推向市場外，我們的 Cloud Commerce 驗收技術現已在歐洲上線。我們的 Cloud Commerce 功能使各種規模的企業在幾乎任何設備上接受付款變得更容易和更容易。

And Click to Pay is now live in nearly 30 markets globally, including key markets such as Australia, Brazil, U.K. and U.S. We are partnering with payment service providers like Nexi in Italy to further expand our presence. This is all complemented by our workers' partners to grow acceptance by integrating the payment experience where their customers are. You see that in the social commerce space with WhatsApp in Brazil, enabling consumers to make purchases directly from small businesses right within a chat.

Click to Pay 現在在全球近 30 個市場上線，包括澳大利亞、巴西、英國和美國等主要市場。我們正在與意大利的 Nexi 等支付服務提供商合作，以進一步擴大我們的影響力。這一切都得到了我們員工合作夥伴的補充，通過整合客戶所在的支付體驗來提高接受度。您可以在巴西的 WhatsApp 社交商務領域看到這一點，它使消費者能夠直接在聊天中直接從小型企業購買商品。

Further, we remain focused on expanding our set of new payment capabilities to capture a prioritized set of new payment flows. I'll highlight the couple of areas we are targeting, starting with commercial. We had a strong growth in the space with volumes across our commercial credit and debit products in quarter 1, up 21% versus the prior year on a local currency base. We see substantial opportunity to grow in commercial, particularly with our virtual card and small business solutions.

此外，我們仍然專注於擴展我們的新支付功能集，以獲取一組優先的新支付流。我將重點介紹我們瞄準的幾個領域，首先是商業領域。我們在第一季度的商業信貸和借記產品領域實現了強勁增長，按當地貨幣計算，與去年同期相比增長了 21%。我們看到了商業發展的巨大機會，特別是我們的虛擬卡和小型企業解決方案。

With virtual cards where we are the market leader, one of our initiatives is to integrate our solutions with leading B2B technology platforms. This quarter, we signed a partnership agreement with Coupa to enhance their Coupa Pay solution, which embeds virtual cards to address accounts payable flows.

憑藉我們作為市場領導者的虛擬卡，我們的一項舉措是將我們的解決方案與領先的 B2B 技術平台相集成。本季度，我們與 Coupa 簽署了一項合作協議，以增強他們的 Coupa Pay 解決方案，該解決方案嵌入虛擬卡以處理應付賬款流。

On a small business front, today, only a small fraction of payments are captured on card. We are enhancing the value propositions from programs like Easy Savings, which offers automatic merchant-funded rebates to nearly 40 million enrolled cardholders in over 80 countries. And we are growing by establishing new issuance deals through partners like Galileo in the United States, the Mastercard will be the preferred brand for small business and commercial programs.

在小型企業方面，今天只有一小部分付款是通過卡進行的。我們正在增強 Easy Savings 等計劃的價值主張，該計劃為 80 多個國家/地區的近 4000 萬登記持卡人提供自動商戶資助的回扣。我們正在通過美國伽利略等合作夥伴建立新的發行交易來實現增長，萬事達卡將成為小型企業和商業計劃的首選品牌。

Now beyond commercial, disbursement and remittances flows represent a significant opportunity for growth through geographic expansion, new distribution partners and an expanding set of use cases. In terms of new markets, our gaming use case is now live in Canada and Peru, and we have added cross-border origination to the UAE and Uzbekistan. By connecting with MFS Africa, a leading digital payment company, we have enabled mobile payouts across 10 markets in Africa.

現在，除了商業之外，支付和匯款流量代表了通過地理擴張、新的分銷合作夥伴和不斷擴大的用例集實現增長的重要機會。在新市場方面，我們的遊戲用例現已在加拿大和秘魯上線，我們還增加了阿聯酋和烏茲別克斯坦的跨境發起。通過與領先的數字支付公司 MFS Africa 建立聯繫，我們在非洲 10 個市場實現了移動支付。

We are working with distribution partners like Checkout.com to increase reach to even more customers in Asia and the United States. And we're enabling our cross-border services solutions to small and midsized banks through cross-border services express with this simple-to-use Digital First solution, participating financial institutions can offer their customers the ability to send money or pay vendors across the globe quickly and securely.

我們正在與 Checkout.com 等分銷合作夥伴合作，以擴大對亞洲和美國更多客戶的覆蓋範圍。我們正在通過這種簡單易用的 Digital First 解決方案通過跨境服務快遞為中小型銀行提供跨境服務解決方案，參與的金融機構可以為其客戶提供跨界匯款或付款給供應商的能力全球快速安全。

In terms of expanding use cases, we have enabled cash in at U.S., in Europe and the U.K., facilitating underbanked customers to safely load cash into their accounts from a nonbank location, which can also help drive follow-on card spend. So as you can see, we continue to make broad-based progress in addressing our prioritized set of new payment flows.

在擴大用例方面，我們已在美國、歐洲和英國啟用現金收款，方便銀行賬戶不足的客戶從非銀行地點安全地將現金存入他們的賬戶，這也有助於推動後續的卡消費。因此，正如您所看到的，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廣泛進展。

Turning now to services. We love services, where we are focused on growth and resiliency through scaling our existing solutions and adding new capabilities. As merchants, as consumers shift to digital, our comprehensive set of cybersecurity solutions becomes even more critical. For instance, RiskRecon helps an enterprise identify their own cybersecurity vulnerabilities as well as for their ecosystem partners.

現在轉向服務。我們熱愛服務，我們專注於通過擴展現有解決方案和添加新功能來實現增長和彈性。作為商家，隨著消費者轉向數字化，我們全面的網絡安全解決方案集變得更加重要。例如，RiskRecon 可幫助企業識別其自身及其生態系統合作夥伴的網絡安全漏洞。

With our acquisition of Baffin Bay Networks this quarter, we now have a solution to help these customers act on this information. Specifically, Baffin Bay's AI-enabled cloud-based threat protection helps to stop cyber-attacks related to malware, ransomware and DDOS attacks. The acquisition also complements our other cyber offerings, including our simulation and assessment tools as well as our cybersecurity consulting practice.

通過本季度收購 Baffin Bay Networks，我們現在有了一個解決方案來幫助這些客戶根據這些信息採取行動。具體而言，Baffin Bay 的基於人工智能的基於雲的威脅保護有助於阻止與惡意軟件、勒索軟件和 DDOS 攻擊相關的網絡攻擊。此次收購還補充了我們的其他網絡產品，包括我們的模擬和評估工具以及我們的網絡安全諮詢業務。

You all are familiar with our comprehensive set of data analytics, marketing and loyalty assets. These are about helping our partners make smarter decisions to drive better outcomes. For example, Agoda, one of the world's fastest-growing online travel platforms in Asia, is leveraging our economic insights to inform their strategic planning. In MediaMarktSaturn, the largest electronics retailer in Europe, is utilizing our Test & Learn capabilities to support the assessment and optimization of new business initiatives. We also continue to make progress signing deals with retail and commerce partners like Hyundai Motors Europe and Puma to utilize our recently acquired personalization platform, Dynamic Yield.

你們都熟悉我們全面的數據分析、營銷和忠誠度資產。這些都是為了幫助我們的合作夥伴做出更明智的決策，以取得更好的成果。例如，Agoda 是全球在亞洲增長最快的在線旅遊平台之一，它正在利用我們的經濟洞察力為其戰略規劃提供信息。在 MediaMarktSaturn，歐洲最大的電子產品零售商正在利用我們的測試和學習能力來支持新業務計劃的評估和優化。我們還繼續與現代汽車歐洲和彪馬等零售和商業合作夥伴簽署協議，以利用我們最近收購的個性化平台 Dynamic Yield。

We continue to look for ways to combine all these assets to deliver valuable end-to-end solutions. We just announced Element, a suite of applications, which brings insights from Mastercard's data analytics to enrich Dynamic Yield's personalization experience.

我們繼續尋找將所有這些資產結合起來以提供有價值的端到端解決方案的方法。我們剛剛發布了一套應用程序 Element，它從 Mastercard 的數據分析中汲取見解，以豐富 Dynamic Yield 的個性化體驗。

Our third key priority area is embracing new networks where we are making progress in the areas of open banking and digital identity. In open banking, we continue to work with a broad set of banks and fintechs who are interested in its potential across a wide range of use cases. In addition to the Pay by Bank solution to JPMorgan that we announced last quarter, we are working with payment risk and identification company, GIACT, a member of the London Exchange Group to embed a secure account verification solution. Also, Saxo Bank will use our open banking technology for account opening and top-ups in Europe.

我們的第三個關鍵優先領域是擁抱新網絡，我們正在開放銀行和數字身份領域取得進展。在開放式銀行業務方面，我們繼續與眾多對其在廣泛用例中的潛力感興趣的銀行和金融科技公司合作。除了我們上個季度宣布的針對摩根大通的銀行支付解決方案外，我們還與倫敦交易所集團成員之一的支付風險和識別公司 GIACT 合作，以嵌入一個安全的賬戶驗證解決方案。此外，盛寶銀行將使用我們的開放銀行技術在歐洲開戶和充值。

Further, we are developing capabilities on top of our open banking platform. We have advanced analytics partner with fintech, innovators like upSWOT, Nav, Engima and GenEQTY to expand to capital with better data for making lending decisions. This is another great example of how our technology supports small business.

此外，我們正在我們的開放銀行平台之上開發功能。我們與金融科技、upSWOT、Nav、Engima 和 GenEQTY 等創新者建立了高級分析合作夥伴關係，以利用更好的數據擴展到資本領域，從而做出貸款決策。這是我們的技術如何支持小型企業的另一個很好的例子。

Moving next to digital identity. We continue to see strong adoption of our intelligent identity solutions powered by machine learning. This quarter, we secured a key partnership with Southwest to embed our intelligent identity solutions from Kantar to reduce fraud and friction in digital interactions. Still early stages with open banking and digital identity that we are making progress scaling our technology to new markets and use cases with notable partners.

接下來是數字身份。我們繼續看到由機器學習支持的智能身份解決方案得到廣泛採用。本季度，我們與西南航空公司建立了重要合作夥伴關係，以嵌入我們來自 Kantar 的智能身份解決方案，以減少數字交互中的欺詐和摩擦。開放銀行和數字身份仍處於早期階段，我們正在取得進展，將我們的技術擴展到新市場和與著名合作夥伴的用例。

So with that, I will wrap it up. And in summary, we delivered another strong quarter of revenue and earnings growth, reflecting a resilient consumer and the continued recovery of cross-border travel. We will continue to watch the environment closely and are prepared to act as circumstances dictate. We see significant opportunity ahead, having now surpassed 100 million acceptance locations worldwide. And our focused strategy, diversified and resilient business model and strong relationships around the globe position us well through economic cycles.

因此，我將總結一下。總而言之，我們實現了又一個強勁的收入和盈利增長季度，反映出消費者的韌性和跨境旅行的持續復甦。我們將繼續密切關注環境，並準備視情況採取行動。我們看到了未來的重大機遇，目前全球接受點已超過 1 億個。我們專注的戰略、多元化和有彈性的商業模式以及在全球範圍內的牢固關係使我們在經濟周期中處於有利地位。

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.

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，不包括特殊項目和損益對我們股權投資的影響。

Net revenue was up 15%, reflecting resilient consumer spending and the continued recovery of cross-border travel. Operating expenses increased 12%, including a 2 ppt increase from acquisitions. Operating income was up 17%, which includes a 1 ppt decrease related to acquisitions. Net income was up 2%, which includes a 1 ppt decrease related to acquisitions. EPS was up 4% year-over-year to $2.80, which includes a $0.07 contribution from share repurchases. Of note, the respective growth rates of net income and EPS were negatively impacted by a low tax rate in 2022 as a result of sizable discrete tax benefits last year.

淨收入增長 15%，反映了消費支出的彈性和跨境旅遊的持續復甦。運營費用增長 12%，其中收購增加了 2 個百分點。營業收入增長 17%，其中包括與收購相關的 1 個百分點的下降。淨收入增長 2%，其中包括與收購相關的 1 個百分點的下降。每股收益同比增長 4% 至 2.80 美元，其中包括股票回購帶來的 0.07 美元貢獻。值得注意的是，由於去年可觀的離散稅收優惠，2022 年的低稅率對淨收入和每股收益的各自增長率產生了負面影響。

During the quarter, we repurchased $2.9 billion worth of stock and an additional $602 million through April 24, 2023.

在本季度，我們回購了價值 29 億美元的股票，並在 2023 年 4 月 24 日之前回購了另外 6.02 億美元。

So now let's turn to Page 4, where you can see the operational metrics for the first quarter. Worldwide gross dollar volume, or GDV, increased by 15% year-over-year on a local currency basis. On the same basis, if you exclude Russia from the prior period, GDV increased by 16%. In the U.S., GDV increased by 9% with credit growth of 15%, reflecting in part the recovery of spending on travel.

現在讓我們翻到第 4 頁，您可以在其中查看第一季度的運營指標。按當地貨幣計算，全球美元總銷量 (GDV) 同比增長 15%。同樣的基礎上，如果把俄羅斯排除在前期之外，GDV 增長了 16%。在美國，GDV 增長了 9%，信貸增長了 15%，部分反映了旅遊支出的複蘇。

Debit increased 3%. Excluding the impact of the roll-off of a previously discussed customer agreement, debit increased approximately 6%. Outside of the U.S., volume increased 18% with credit growth of 17% and debit growth of 19%. Cross-border volume was up 35% globally for the quarter on a local currency basis, reflecting continued improvement in travel-related cross-border spending.

借方增加了 3%。排除之前討論過的客戶協議的影響，借方增加了約 6%。在美國以外的地區，交易量增長了 18%，信貸增長 17%，借貸增長 19%。按當地貨幣計算，本季度全球跨境交易量增長了 35%，反映出與旅遊相關的跨境支出持續改善。

Turning to Page 5. Switched transactions grew 12% year-over-year in Q1. Excluding Russia from the prior year, switched transactions grew 20% year-over-year in Q1. Both card-present and card-not-present growth rates remain strong. Card-present growth was aided in part by increases in contactless penetration, as contactless now represents over 58% of all in-person switched purchase transactions. In addition, card growth was 9%. Globally, there are 3.2 billion Mastercard and Maestro-branded cards issued.

翻到第 5 頁。第一季度轉換交易同比增長 12%。不包括上一年的俄羅斯，第一季度轉換交易同比增長 20%。有卡和無卡增長率都保持強勁。非接觸式普及率的提高在一定程度上促進了持卡交易的增長，因為非接觸式交易現在佔所有面對面轉換購買交易的 58% 以上。此外，信用卡增長率為 9%。在全球範圍內，發行了 32 億張萬事達卡和 Maestro 品牌的卡。

Turning to Slide 6 for a look into our net revenues for the first quarter, which were above our expectations. As a reminder, we recently revised our disaggregated revenue disclosure. Net revenues are now broken down into 2 new categories, payment network and value-added services and solutions.

轉到幻燈片 6 查看我們第一季度的淨收入，這超出了我們的預期。提醒一下，我們最近修改了我們的分類收入披露。淨收入現在分為兩個新類別，即支付網絡和增值服務及解決方案。

Now getting into the numbers described on a currency-neutral basis. Payment network net revenue increased 10%, which would have been 1 ppt higher if we excluded the Russia-related special item, which benefited Q1 2022. The growth in payment network was primarily driven by domestic and cross-border transaction and volume growth and also includes growth in rebates and incentives. value-added services and solutions net revenue increased 21%, including a 1 ppt benefit from acquisitions. The growth was primarily driven by the continued strong growth of our Cyber & Intelligence Solutions, driven by underlying driver growth, higher demand for our fraud solutions as well as the scaling of our identity and authentication solutions. And we saw a healthy demand for our data analytics, consulting and marketing services as well as our loyalty solutions.

現在進入在貨幣中性基礎上描述的數字。支付網絡淨收入增長 10%，如果我們排除與俄羅斯相關的特殊項目，這將高出 1 個百分點，這對 2022 年第一季度有利。支付網絡的增長主要是由國內和跨境交易和交易量增長推動的，而且包括回扣和獎勵的增長。增值服務和解決方案淨收入增長 21%，包括 1 個百分點的收購收益。這一增長主要是由我們的網絡和情報解決方案的持續強勁增長推動的，這是由潛在的驅動因素增長、對我們的欺詐解決方案的更高需求以及我們的身份和身份驗證解決方案的擴展所推動的。我們看到了對我們的數據分析、諮詢和營銷服務以及忠誠度解決方案的健康需求。

Now let's turn to Page 7, starting with key metrics related to payment network, again, described on a currency-neutral basis unless otherwise noted. Looking quickly at each key metric. Domestic assessments were up 9%, while worldwide GDV grew 15%. The difference is primarily driven by mix and the underreporting of volumes from sanctioned customers in Russia last year, which accounted for approximately 2 ppt of the variance.

現在讓我們轉到第 7 頁，再次從與支付網絡相關的關鍵指標開始，除非另有說明，否則在貨幣中性基礎上進行描述。快速查看每個關鍵指標。國內評估增長了 9%，而全球 GDV 增長了 15%。造成這種差異的主要原因是去年俄羅斯受制裁客戶的數量混合和少報，佔差異的大約 2 個百分點。

Cross-border assessments increased 39%, while cross-border volumes increased 35%. The both PPT difference is primarily due to fuel mix as higher-yielding ex intra-Europe cross-border volumes grew faster than intra-Europe cross-border volumes this quarter. Transaction processing assessments were up 14%, while switched transactions grew 12%. The 2 ppt difference is primarily due to FX-related revenues. Other network assessments related to licensing, implementation and other franchise fees were $212 million this quarter. It's important to note that these other network assessments may fluctuate from period to period.

跨境評估增加了 39%，而跨境交易量增加了 35%。兩個 PPT 的差異主要是由於燃料組合，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。交易處理評估增長了 14%，而轉換交易增長了 12%。 2 個百分點的差異主要是由於與外匯相關的收入。本季度與許可、實施和其他特許經營費用相關的其他網絡評估為 2.12 億美元。重要的是要注意這些其他網絡評估可能會隨著時間的推移而波動。

Moving now to Page 8. You can see that on a non-GAAP currency-neutral basis, excluding special items, total adjusted operating expenses increased 12%, including a 2 ppt impact from acquisitions. Excluding acquisitions, the remaining increase was primarily due to increased spending on personnel to support the continued execution of our strategic initiatives. Operating expenses were higher than expected in part due to personnel costs to support higher-than-expected revenue as well as unfavorable foreign exchange related expenses due to the remeasurement of monetary assets and liabilities.

現在轉到第 8 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 12%，其中包括來自收購的 2 個百分點的影響。不包括收購，其餘增長主要是由於增加了人員支出以支持我們戰略計劃的持續執行。營業費用高於預期，部分原因是支持高於預期收入的人員成本，以及貨幣資產和負債重新計量導致的不利外匯相關費用。

Turning to Page 9. Let's discuss the operating metrics for the first 3 weeks of April. As a general comment, our metrics are holding up well in April. As expected, the year-over-year growth rates are being impacted by 2 opposing factors: one, more difficult comps as we began lapping the effects of Omicron; and two, the lapping of the drag created by the suspension of our operations in Russia in March of last year.

翻到第 9 頁。讓我們討論 4 月前 3 週的運營指標。作為一般性評論，我們的指標在 4 月份表現良好。正如預期的那樣，同比增長率受到兩個相反因素的影響：一個，隨著我們開始研究 Omicron 的影響，比較困難；第二，去年 3 月我們在俄羅斯的業務暫停造成的拖累。

To aid in your understanding of the underlying spending trends and eliminate some of the noise induced by the lapping effects, we have also included the metric index 2019 levels on the slide. Let's discuss each of the metrics in turn. Starting with switched volumes. Through the first 3 weeks ago, we grew 17% year-over-year, down 1 ppt versus Q1. This reflects more difficult comps and some modest slowing in the U.S. due to lower tax refunds. This started in March and continued into April. This is partially offset by a 3 ppt benefit from the lapping of Russia.

為了幫助您了解潛在的支出趨勢並消除重疊效應引起的一些噪音，我們還在幻燈片中包含了 2019 年的公制指數水平。讓我們依次討論每個指標。從切換卷開始。在前 3 週前，我們同比增長 17%，比第一季度下降 1 個百分點。這反映出更困難的競爭和美國由於退稅減少而出現的一些適度放緩。這從三月開始，一直持續到四月。這部分被俄羅斯研磨帶來的 3 個百分點的收益所抵消。

Switched transactions grew 18% year-over-year through the first 3 weeks of April, up 6 ppt versus Q1. This includes an 8 ppt benefit from the lapping of the suspension of operations in Russia. As a reminder, Russia had a relatively low average ticket size, which results in a larger relative impact to this metric.

截至 4 月的前 3 週，轉換交易同比增長 18%，較第一季度增長 6 個百分點。這包括因在俄羅斯暫停運營而帶來的 8 個百分點的收益。提醒一下，俄羅斯的平均票數相對較低，這導致對該指標的相對影響較大。

In terms of cross-border, volumes grew 29% on a year-over-year basis, down 6 ppt from Q1. This reflects the continued recovery in cross-border travel as well as the positive impact of lapping the suspension of our Russian operations but is more than offset by a tougher year ago comp as travel surged after the passage of Omicron last year. Cross-border volume is indexing at 171% of 2019 levels in April, up from 168% in Q1.

跨境方面，交易量同比增長 29%，較第一季度下降 6 個百分點。這反映了跨境旅行的持續復甦以及我們俄羅斯業務暫停的積極影響，但由於去年 Omicron 通過後旅行激增，一年前的情況更加艱難，這足以抵消這一影響。 4 月份跨境交易量指數為 2019 年水平的 171%，高於第一季度的 168%。

To further assist your understanding of the trends in the business ex Russia, where we suspended operations in March 2022, we have included an appendix to show all data points from the schedule if you exclude activity from Russian issued cards from current and prior periods.

為了進一步幫助您了解我們在 2022 年 3 月暫停運營的俄羅斯以外業務的趨勢，我們提供了一個附錄來顯示時間表中的所有數據點（如果您排除當前和前期俄羅斯發行的卡的活動）。

Turning to Page 10. I wanted to share our thoughts on the remainder of the year. Let me start by saying that our business fundamentals remain strong, and our diversified business model and our momentum with our customers position us well for the opportunities ahead. Consumer spending overall remains healthy, albeit with some recent moderation in domestic spending in the U.S., in part due to lower tax refunds this year. At the same time, as Michael noted, the recovery in cross-border travel continues with inbound travel to all regions now well above 2019 levels.

翻到第 10 頁。我想分享我們對今年剩餘時間的想法。首先，我要說的是，我們的業務基礎依然強勁，我們多元化的業務模式以及我們與客戶的合作勢頭使我們能夠很好地把握未來的機遇。儘管最近美國國內支出有所放緩，但總體而言消費者支出仍然健康，部分原因是今年的退稅減少。與此同時，正如邁克爾指出的那樣，跨境旅行的複蘇仍在繼續，所有地區的入境旅行現在都遠高於 2019 年的水平。

Within Asia, in Q1, China outbound cross-border travel increased to approximately 65% of Q1 2019 levels, while inbound reached 45% on the same basis. As a reminder, China made up 2% of outbound and 1% of inbound cross-border travel in 2019. We remain well positioned to capitalize on this growth with our travel-oriented portfolios and related service offerings. While we are monitoring a number of macro and geopolitical factors, our base case scenario assumes consumer spending remains resilient and cross-border travel continues to recover.

在亞洲，第一季度，中國出境跨境旅遊增加至 2019 年第一季度水平的約 65%，而入境跨境旅遊則達到 45%。提醒一下，2019 年，中國占出境和入境跨境旅遊的 2% 和 1%。我們仍處於有利地位，可以通過我們以旅遊為導向的產品組合和相關服務產品來利用這一增長。在我們監控大量宏觀和地緣政治因素的同時，我們的基本情景假設消費者支出保持彈性且跨境旅行繼續復甦。

For the year, our outlook has improved modestly, reflecting our stronger-than-expected performance in Q1. We expect net revenue growth for the full year 2023 to be at a low teens 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. Foreign exchange is expected to be a tailwind of 1 ppt for the year, and we expect minimal impact from acquisitions.

今年，我們的前景略有改善，反映出我們在第一季度的表現強於預期。我們預計 2023 年全年的淨收入增長將在貨幣中性的基礎上以較低的十幾歲的速度增長，不包括收購和特殊項目。如果從 2022 年開始剔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。外匯預計將成為全年 1 個百分點的順風，我們預計收購的影響微乎其微。

Our expectations for operating expense for the year are unchanged with growth expected to be at the high end of a high single-digit rate on a currency-neutral basis, excluding acquisitions and special items. Acquisitions are forecasted to add about 1 ppt to this growth, while foreign exchange is expected to have a minimal impact for the year. Again, we are prepared to proactively adjust our operating expenses if we see meaningful changes to top line growth.

我們對今年運營支出的預期保持不變，預計增長將在貨幣中性基礎上處於高個位數增長率的高端，不包括收購和特殊項目。收購預計將使這一增長增加約 1 個百分點，而外匯預計對今年的影響很小。同樣，如果我們看到收入增長發生有意義的變化，我們準備主動調整我們的運營費用。

With respect to the second quarter, year-over-year net revenue is expected to grow at the high end of a low double-digit rate again on a continual basis, excluding acquisitions and special items. Coming off of a strong Q1, this sequentially reflects a tougher year ago comp, lower anticipated FX volatility, partially offset by lapping the suspension of operations in Russia. Foreign exchange and acquisitions are not expected to have much of an impact for the quarter.

關於第二季度，不包括收購和特殊項目，預計淨收入同比將再次以兩位數的低增長率持續增長。從強勁的第一季度開始，這依次反映出一年前的表現更為艱難，預期的外匯波動率較低，部分被俄羅斯暫停運營所抵消。外彙和收購預計不會對本季度產生太大影響。

From an operating expense standpoint, we expect Q2 growth to be at the high end of a low double-digit rate versus a year ago on a currency-neutral basis, excluding acquisitions and special items. This includes cost of approximately 2 ppt associated with the wind down of our efforts related to the P27 project, given their decision to withdraw their license application in the Nordics. Acquisitions are forecast to add approximately 0 to 1 ppt to this growth, while foreign exchange is expected to be a tailwind of approximately 0 to 1 ppt.

從運營費用的角度來看，我們預計第二季度的增長將在貨幣中性的基礎上與一年前相比處於較低的兩位數增長率的高端，不包括收購和特殊項目。這包括與我們與 P27 項目相關的努力結束相關的大約 2 個百分點的成本，因為他們決定撤回在北歐的許可證申請。收購預計將為這一增長增加約 0 至 1 個百分點，而外匯預計將推動約 0 至 1 個百分點。

Other items to keep in mind, first, on the other income and expense line, we forecast an expense of approximately $100 million for Q2 given the prevailing interest rates and debt levels, which includes a sequential increase due to our recent debt issuance. This excludes gains and losses on our equity investments, which are excluded from our non-GAAP metrics. Second, we expect a non-GAAP tax rate of between 18.5% and 19% for both Q2 and the full year based on the current geographic mix of our business.

其他要記住的項目，首先，在其他收入和支出方面，鑑於現行利率和債務水平，我們預測第二季度的支出約為 1 億美元，其中包括由於我們最近的債務發行而導致的連續增長。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。其次，根據我們目前的業務地域組合，我們預計第二季度和全年的非公認會計原則稅率將在 18.5% 至 19% 之間。

Before I turn the call back over to Warren to begin the Q&A session, I wanted to express my deep gratitude to Warren for the thought leadership, dedication and friendship he has demonstrated over his last 6-plus years at Mastercard. As previously announced, Warren will be handing over the head of IR role to Devin Corr effective May 1, and will be with us through [year] end in an advisory capacity. Thank you, Warren and over to you for the Q&A session.

在我將電話轉回給沃倫開始問答環節之前，我想對沃倫深表感謝，感謝他在萬事達卡過去 6 年多的時間裡表現出的思想領導力、奉獻精神和友誼。正如之前宣布的那樣，Warren 將從 5 月 1 日起將 IR 角色的負責人移交給 Devin Corr，並將以顧問身份與我們一起工作到 [年底]。謝謝你，沃倫，謝謝你參加問答環節。

Thank you, Sachin. I have to say it's been a distinct pleasure. With that, let's turn it over to questions. Audra, we're ready to go.

謝謝你，薩欽。我不得不說這是一種獨特的樂趣。有了這個，讓我們把它轉向問題。奧德拉，我們準備好了。

(Operator Instructions) We will take our first question from Lisa Ellis at MoffettNathanson.

（操作員說明）我們將從 MoffettNathanson 的 Lisa Ellis 那裡回答我們的第一個問題。

Warren, you will be missed, of course. I just had a question about FedNow coming in July. Of course, Vocalink has been involved in the clearinghouses RTP network. Can you just kind of give your perspective on how you expect the rollout of FedNow to affect Mastercard's business in the U.S. positively or potential pressures?

沃倫，我們當然會想念你。我只是對 7 月份推出的 FedNow 有疑問。當然，Vocalink 已經參與了票據交換所 RTP 網絡。您能否就 FedNow 的推出將如何對萬事達卡在美國的業務產生積極影響或潛在壓力發表您的看法？

Lisa, thanks for your question. I thank you for missing -- Warren. So on FedNow, important development, of course, we've been watching closely. As you know, for years, we've been involved in real-time payments. So it's been our learning over the years that it's really critical that there is a proposition for merchants, there's a position for consumers for really for these systems to grow. On the merchant side, criticality is reach. And for the consumers, it's got to be a proposition that's an easy experience. and it's got consumer protection in it. So those are all aspects that the card systems have demonstrated over years, and we'll have to see where these [P2P] systems go with that.

麗莎，謝謝你的問題。我感謝你想念 - 沃倫。因此，在 FedNow 上，重要的發展，當然，我們一直在密切關注。如您所知，多年來，我們一直致力於實時支付。因此，多年來我們了解到，為商家提出建議非常重要，消費者有一個真正讓這些系統成長的位置。在商家方面，關鍵是達到。對於消費者來說，它必須是一種輕鬆體驗的主張。並且其中包含消費者保護。所以這些都是卡系統多年來展示的所有方面，我們將不得不看看這些 [P2P] 系統的去向。

Fundamentally, we appreciate competition. It makes us a better company as we try to make our proposition even better. Now on FedNow very specifically here, a technical go-live is different from being available for consumers and merchants, as I've just discussed, and we have to see where that goes and what the features will be, what is the user experience, what are any kind of protections that would be in there for consumers and so forth. We will continue to seek ways to partner with P2P systems and the same applies here in the United States.

從根本上說，我們欣賞競爭。它使我們成為一個更好的公司，因為我們試圖使我們的主張變得更好。現在，在 FedNow 上，非常具體地，技術上線與消費者和商家可用不同，正如我剛剛討論的那樣，我們必須看看它的去向以及功能是什麼，用戶體驗是什麼，對消費者等有什麼保護措施。我們將繼續尋求與 P2P 系統合作的方式，這同樣適用於美國。

For the flows that this might target, which are currently flows on account-to-account, you will recall the announcement that we've made in the last quarter with Chase on Pay by Account. So those are alternative solutions that would be in the market to capture some of these new flows. So opportunity threats, we'll have to see how it plays out. I think we're well positioned.

對於這可能針對的流量，目前是賬戶到賬戶的流量，您會記得我們在上個季度與大通銀行就按賬戶付款發布的公告。因此，這些是市場上可以捕獲其中一些新流量的替代解決方案。所以機會威脅，我們必須看看它是如何發揮作用的。我認為我們的位置很好。

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

我們將在摩根大通的 Tien-Tsin Huang 旁邊。

And my thanks to Warren as well. I forgot that may first crept up on this. I want to ask a macro question because Michael, I think you asked for more questions last quarter. So I'll ask you one on generative AI, if that's all right. And given that you guys have -- yes, so I know you have a data analytics and consulting business within your VAS. And so just curious, how are you thinking about generative AI and ChatGPT gets a lot of attention. So your thoughts on impact on VAS maybe on the broader business as well.

我還要感謝沃倫。我忘記了可能會首先爬上這個。我想問一個宏觀問題，因為邁克爾，我想你上個季度問了更多問題。所以我會問你一個關於生成人工智能的問題，如果可以的話。鑑於你們有——是的，所以我知道你們在 VAS 中有數據分析和諮詢業務。所以很好奇，你如何看待生成人工智能和 ChatGPT 得到了很多關注。因此，您對 VAS 影響的想法也可能對更廣泛的業務產生影響。

All right. Thank you, Tien-Tsin. This is certainly a topic you got a lot of attention, particularly since the latest model of ChatGPT was out there. [Bard] gets attention every day, there's a whole set of headlines. For us we've been using AI for the better part of the last decade. So it's embedded in a whole range of our products. Just now, I talked in my prepared remarks about Baffin Bay Networks. Would you will all be surprised is actually not in Canada, but in Sweden, the company, they're using AI-enabled threat protection solutions.

好的。謝謝你，天津。這當然是一個你得到很多關注的話題，特別是因為最新版本的 ChatGPT 已經面世。 [巴德]每天都受到關注，有一整套頭條新聞。在過去十年的大部分時間裡，我們一直在使用人工智能。所以它被嵌入到我們的整個產品系列中。剛才，我在準備好的發言中談到了 Baffin Bay Networks。你們會不會感到驚訝其實不是在加拿大，而是在瑞典，這家公司正在使用支持 AI 的威脅防護解決方案。

So you'll find it embedded in a range of our products, including generative AI. So we have used generative AI technology, particularly in creating data sets that allow us to compare and find threats in the cybersecurity space. You will find AI in our personalization products. So there's a whole range of things that we set us apart. We use this as foundational technology. And internally, you can see increasingly so, that generative AI might be a good solution for us when it comes to customer service propositions and so forth. So we're actively engaged on that.

所以你會發現它嵌入到我們的一系列產品中，包括生成人工智能。因此，我們使用了生成式 AI 技術，特別是在創建數據集方面，這些數據集使我們能夠比較和發現網絡安全領域的威脅。您會在我們的個性化產品中找到人工智能。因此，我們在很多方面都與眾不同。我們將其用作基礎技術。在內部，你可以越來越多地看到，當涉及到客戶服務主張等時，生成人工智能對我們來說可能是一個很好的解決方案。所以我們正在積極參與其中。

Fundamentally, though, I think we all have to be aware that the application of AI needs to be done in a principled way. We approach data privacy in a principal way. We approach crypto space in a principled way and the same thing applies here. So trustworthy the AI is clearly the focus. We've encouraged our employees to experiment with the technology but we set very clear guardrails and don't do it in production. But it's something that we cannot afford to ignore, we will not. We will lean in, but make sure that we are a trusted party when it comes to scaling it up.

不過，從根本上說，我認為我們都必須意識到人工智能的應用需要以一種有原則的方式進行。我們以主要方式處理數據隱私。我們以一種原則性的方式處理加密空間，同樣的事情也適用於此。如此值得信賴的 AI 顯然是重點。我們鼓勵我們的員工嘗試這項技術，但我們設置了非常明確的護欄，不會在生產中進行。但這是我們不能忽視的事情，我們不會。我們會傾向於，但要確保在擴大規模時我們是值得信賴的一方。

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

接下來我們將去 Wolfe Research 的 Darrin Peller。

Maybe you could just give a quick update on business activity. Obviously, incentives and rebates, it's not reported the same way, but I know we have a pickup in the year. And so going back '15 and '16 -- 2015 and '16 when you had big incentive rebates here, it tended to be followed by an acceleration in volume and revenue growth in the years after. So maybe just give us a sense of what's driving the increase this year? What's -- what kind of activity levels you're seeing now? And if we can expect a similar follow-through in the years to go?

也許您可以快速更新業務活動。顯然，激勵和回扣的報告方式不同，但我知道我們今年有所回升。因此，回到 15 年和 16 年——2015 年和 16 年，當你在這裡獲得大筆獎勵回扣時，往往會在之後的幾年裡出現銷量和收入增長的加速。那麼也許只是讓我們了解是什麼推動了今年的增長？什麼是 - 您現在看到什麼樣的活動水平？如果我們可以期待在未來幾年內有類似的後續行動？

Right. Darrin, let me start on that. We see a very encouraging activity. In fact, we -- it was tough to make choices here, what not to tell you in the 15-minute overview that I gave you. So solid activity in deal wins. And you recall some of the bigger deals that we have announced in 2021 and 2022, which are behind some of the share gains that we're seeing, particularly if you look at the Europe numbers. So that is having some impact on how the R&I plays out. But I'll defer to Sachin to say a little bit more, but overall, the activity is very healthy.

正確的。達林，讓我開始吧。我們看到了一項非常令人鼓舞的活動。事實上，我們 - 很難在這裡做出選擇，在我給你的 15 分鐘概述中沒有告訴你什麼。如此紮實的交易活動獲勝。你還記得我們在 2021 年和 2022 年宣布的一些更大的交易，這些交易是我們看到的一些份額增長的背後，特別是如果你看看歐洲的數據。因此，這對 R&I 的結果產生了一些影響。但我會聽從 Sachin 多說一點，但總的來說，這項活動非常健康。

Darrin, look, it's like Michael said, right? I mean, we compete every day in the market. We are being successful in what we're doing in terms of winning new business and retaining existing business. That's very much the month [we're on the playbook]. We've adopted as a company. That's a very important part of the growth algorithm, which we have laid out for ourselves to drive growth for us. Because at the end of the day, we believe very firmly that being in the flow is important, because you get the benefit of PCE, you get the benefit of secular shift, but you also get to deliver additional services by being in the flow.

達林，你看，就像邁克爾說的，對吧？我的意思是，我們每天都在市場上競爭。我們在贏得新業務和保留現有業務方面取得了成功。那是一個月[我們在劇本上]。我們已經採用了公司。這是增長算法的一個非常重要的部分，我們已經為自己制定了增長算法來推動我們的增長。因為歸根結底，我們堅信順其自然很重要，因為您可以從 PCE 中獲益，可以從世俗轉變中獲益，但您也可以通過順其自然提供額外的服務。

And so really, what we are trying to do is we're trying to win profitable market share and, at the same time, drive an accretion in our overall net revenue yield, which is really about taking it together in the composite because payments and services and our new networks are very tightly integrated together. They -- one relies on the other, and we have to look at this from an overall net revenue yield base. So that's really what's going on.

因此，實際上，我們正在努力做的是我們正在努力贏得有利可圖的市場份額，同時推動我們整體淨收入收益率的增長，這實際上是將其綜合在一起，因為支付和服務和我們的新網絡緊密結合在一起。他們 - 一個依賴另一個，我們必須從整體淨收入收益率基礎來看待這一點。所以這就是正在發生的事情。

To your specific question about rebates and incentives, look, I mean, we've always kind of shared with you rebates and incentives and we sharing with you what the rebates and incentives on our payment network are even now. The reality is, as and when deals come up, we will compete for them. We will do that in a smart manner. For Q2, I can tell you that rebates and incentives as a percentage of total payment network assessments, it would be roughly similar to what we had in Q1. So based on everything we can see from a line-of-sight standpoint in terms of deals and activity and so on and so forth, that's what I can share with you at this point in time.

關於你關於回扣和獎勵的具體問題，看，我的意思是，我們一直在與你分享回扣和獎勵，甚至現在我們還與你分享我們支付網絡上的回扣和獎勵。現實情況是，當交易出現時，我們將爭奪它們。我們將以聰明的方式做到這一點。對於第二季度，我可以告訴你，回扣和激勵佔支付網絡總評估的百分比與第一季度大致相似。因此，基於我們在交易和活動等方面從視線的角度可以看到的一切，這就是我此時可以與您分享的內容。

We'll go next to Rayna Kumar at UBS.

我們將去瑞銀的 Rayna Kumar 旁邊。

Congratulations, Warren and Devin. I want to ask about Europe. You saw a 31% volume gain in the quarter, that's outstanding. Can you talk a little bit about some of the market dynamics you're seeing in that region and whether your growth is more reflective of market share gains or just strength in the overall shift to electronic payments?

恭喜，沃倫和德文。我想問一下歐洲。您在本季度看到了 31% 的銷量增長，這非常出色。您能否談談您在該地區看到的一些市場動態，以及您的增長是更多地反映了市場份額的增長，還是僅僅反映了向電子支付的整體轉變的力量？

Rayna, I think almost partially answered your question just now. So deal activity is strong. But here -- to the second half of your question there, through the last 3 years, you saw some European markets, some large European markets that have been historically less digitized and more cash focused to really catch up. The stats I gave earlier on contactless penetration that includes a good number of European markets jumping ahead in the ranking.

Rayna，我想剛才幾乎部分回答了你的問題。所以交易活動很強勁。但是在這裡 - 對於你問題的後半部分，在過去的 3 年裡，你看到了一些歐洲市場，一些歷史上數字化程度較低的大型歐洲市場，更多的現金集中在真正趕上。我之前給出的非接觸式普及率統計數據包括許多在排名中躍升的歐洲市場。

So strong secular shift. That's an opportunity. You start to see some of the payment service providers driving more acceptance into more parts of the economy. And that's also reflected in some of the acceptance growth that we talked about $100 million. A good chunk of that is coming from Europe. So it's a mix of the share wins that we have seen very specifically in the U.K. and the secular shift. So we feel very well positioned in Europe.

如此強烈的世俗轉變。那是一個機會。您開始看到一些支付服務提供商正在推動更多經濟領域的接受度。這也反映在我們談到的 1 億美元的接受度增長中。其中很大一部分來自歐洲。因此，這是我們在英國非常具體地看到的份額勝利和長期轉變的混合體。所以我們覺得在歐洲處於非常有利的地位。

And we'll move next to Bryan Keane at Deutsche Bank.

我們將搬到德意志銀行的 Bryan Keane 身邊。

I just want to ask about cross-border volume. I know it was up at 29% for the month of April or through April 21. Just thinking about how that might grow throughout the year. Is that the right number to think about for our models? And just thinking about the Asia recovery what's left there? Obviously, we talked about China and just thinking about that business as we progress through the year.

我只想問一下跨境量。我知道 4 月份或到 4 月 21 日上漲了 29%。只是想一想全年可能會如何增長。這是為我們的模型考慮的正確數字嗎？想想亞洲的複蘇還剩下什麼？顯然，我們談到了中國，並且隨著我們這一年的進展，只是在考慮這項業務。

Sure, Bryan. Look, just what I would tell you, I'd say the things to keep in mind when you're putting your model together, and this will be no surprise to you is we did see a opening up of economies last year coming out of COVID. And as we mentioned, in Q1, we were in the phase of Omicron, you're starting to see that recovery kind of take place after Omicron passed. And so what you should expect is there are going to be lapping-related issues, which will be a headwind to year-over-year growth rate on all metrics and in cross-border as well.

當然，布萊恩。聽著，我要告訴你的是，當你把你的模型放在一起時，我會說要記住的事情，這對你來說並不奇怪，因為我們確實看到了去年的經濟開放冠狀病毒。正如我們提到的，在第一季度，我們處於 Omicron 階段，你開始看到 Omicron 過去後出現了復甦。因此，您應該預料到會出現與研磨相關的問題，這將對所有指標和跨境指標的同比增長率造成不利影響。

Now offsetting that, to some extent, would be the recovery from Asia Pacific, which is something we saw happen towards the tail end of last year coming into this year. There are puts and takes. I'm not going to give you a specific forecast as to what that growth rate should look like from our model assumption standpoint. But I think there are these important puts and takes which you've got to kind of keep into consideration as you think about cross-border.

現在在某種程度上抵消了亞太地區的複蘇，這是我們在去年年底到今年看到的情況。有看跌期權。從我們的模型假設的角度來看，我不會就增長率應該是什麼樣子給你一個具體的預測。但我認為，在考慮跨境時，您必須考慮這些重要的問題。

The most important thing, I think, is that the value prop we deliver through our cross-border proposition is still fundamentally very sound. This is really important. As you remember, over the last 2 or 3 years, it was being questioned as to whether cross-border was something which was going to remain challenged over the long term. The reality is it has come back. It has come back strong. We have positioned ourselves really well through the pandemic period. To be winning good portfolios to be able to ride the way back up, and you're seeing the results of that come through with some really strong cross-border performance in Q1 with 35% year-over-year growth.

我認為，最重要的是，我們通過跨境主張提供的價值支撐從根本上來說仍然非常健全。這真的很重要。您還記得，在過去的 2 或 3 年裡，有人質疑跨境是否會長期受到挑戰。事實是它又回來了。它強勢回歸。在大流行期間，我們已經很好地定位了自己。為了贏得良好的投資組合，以便能夠重新崛起，你會看到第一季度的一些非常強勁的跨境業績，同比增長 35%。

And so the reality is that cross-border proposition remains good. Just as a matter of reference, if you look at our cross-border volumes for Q1 at 168% of 2019, and you can do this math as well. The reality is that reflects approximately a 14% compound annual growth rate over the window from prior to the pandemic to where we are in Q1. And so you've pretty much bought up the last time as part of that process, if you go back to what our historical rates in cross-border work. So I kind of wanted to share that with you in terms of how we see cross-border going forward.

因此，現實是跨境提議仍然很好。作為參考，如果您查看我們 2019 年第一季度的 168% 的跨境交易量，您也可以進行計算。現實情況是，這反映了從大流行之前到我們在第一季度的窗口中大約 14% 的複合年增長率。因此，如果您回到我們在跨境工作中的歷史匯率，那麼作為該過程的一部分，您上次幾乎已經購買了。因此，我有點想就我們如何看待跨境業務的發展與您分享這一點。

We'll move next to Sanjay Sakhrani at KBW.

我們將搬到 KBW 的 Sanjay Sakhrani 旁邊。

I guess, I know you're not changing your views on the macro for the rest of the year, but you're monitoring the situation. Maybe you could just give us a little bit more color if we parse underneath the covers. Just what gives you the confidence things are stable despite the slowing in April -- March and April? And then sort of the forward look on the spending trends in cross-border?

我想，我知道你在今年餘下的時間裡不會改變你對宏觀經濟的看法，但你正在監測情況。如果我們在幕後進行解析，也許您可以給我們多一點顏色。到底是什麼讓你有信心儘管 4 月——3 月和 4 月放緩，但情況仍然穩定？然後是對跨境消費趨勢的前瞻性展望？

Yes. Sanjay. Look, I mean, at the end of the day, what we see is what you see from a consumer standpoint. And we have our best estimates as to what we kind of think that looks like on a go-forward basis. Like Michael said, there are positive and negative factors. The health of the consumer remains strong, backed by record low unemployment rates, and that gives us a level of confidence.

是的。桑傑。看，我的意思是，歸根結底，我們所看到的就是您從消費者的角度所看到的。我們對未來的想法有最好的估計。正如邁克爾所說，有積極因素也有消極因素。在創紀錄的低失業率的支持下，消費者的健康狀況依然強勁，這給了我們一定程度的信心。

On the flip side, you've got the headwinds which come along with higher interest rates, more recently the banking crisis, which we're all going through. And we have no idea as to what the implications of the banking crisis are going to look like on a go-forward basis. So our views in terms of the strength of the consumer remains pretty much unchanged. There are puts and takes by region. And based on the fact that at this point in time, there's no real evidence to see that the consumer is not showing good strength from a spend standpoint. They're in good shape.

另一方面，隨著利率上升，你會遇到逆風，最近是我們都在經歷的銀行業危機。我們不知道銀行業危機的影響在未來會是什麼樣子。因此，我們對消費者實力的看法基本保持不變。有按地區劃分的投入和投入。基於目前這一點，沒有真正的證據表明消費者在消費方面沒有表現出良好的實力。他們的狀態很好。

The year-over-year growth rates, like I mentioned earlier, are going to change. You're going to see the lapping effect of that come through because of the recovery last year. That's got less to do with what spend levels this year are as compared to anything else. And it's on the base of that, that we have modestly increased our full year guide on a currency-neutral basis, excluding acquisitions, to reflect the fact that we had a stronger Q1. And we feel like overall, from a consumer health standpoint, our assumptions are relatively unchanged between what it was 1 quarter ago towards where we are right now.

正如我之前提到的，同比增長率將會發生變化。由於去年的複蘇，你會看到這種重疊效應。與其他任何事情相比，這與今年的支出水平關係不大。在此基礎上，我們在貨幣中性的基礎上適度增加了全年指導，不包括收購，以反映我們第一季度表現強勁的事實。我們覺得總體而言，從消費者健康的角度來看，我們的假設在 1 個季度前與我們現在的位置之間相對沒有變化。

One thing to add here, I'm just looking at my phone here, can you imagine in the conference call, but it was the reporting of the quarter 1 GDV numbers. And if you look into that, there is -- the consumer does stand out positively. So the resilience even in that number is reflected.

這裡要補充一件事，我只是在這裡看我的電話，你能想像在電話會議中，但這是第一季度 GDV 數字的報告。如果你仔細研究一下，就會發現——消費者確實表現突出。因此，即使在這個數字中也反映了彈性。

I think the point on that I mentioned earlier on the impact of stresses on the banking sector. That's another one that we did talk about. And here, if you think about what does this mean in terms of potentially additional regulation, what it means in terms of credit appetite for banks and so forth. Those are all not near-term effects that we're -- we can judge at this point in time. So some of the outlook that we are taking here is a near-term outlook for the year, and we'll have to see how things develop over time. Again, flexibility and agility is critical. And so we feel ready for all of that.

我認為我之前提到的關於壓力對銀行業的影響的觀點。那是我們討論過的另一個。在這裡，如果你考慮這對潛在的額外監管意味著什麼，對銀行的信貸胃口等意味著什麼。這些都不是我們的近期影響——我們可以在這個時間點做出判斷。因此，我們在這裡採取的一些展望是今年的近期展望，我們將不得不看看事情會如何隨著時間的推移而發展。同樣，靈活性和敏捷性至關重要。因此，我們為所有這些做好了準備。

We'll move next to Harshita Rawat at Bernstein.

我們將搬到 Bernstein 的 Harshita Rawat 旁邊。

I have a question on value-added services. Can you unpack the competitor set for these different services, Cyber & Intelligence, Data & Services, other and kind of highlight Mastercard's opportunity to increase penetration of these services within existing client base and also continue to get new clients? And just as a follow-up, Sachin, if you can also remind us of the profitability of value-added services versus your payment and network business [respectively].

我有一個關於增值服務的問題。您能否為這些不同的服務、網絡與情報、數據與服務等展開競爭，並突出萬事達卡在現有客戶群中增加這些服務滲透率並繼續吸引新客戶的機會？作為後續行動，薩欽，如果你也能提醒我們增值服務相對於你的支付和網絡業務的盈利能力 [分別]。

Harshita, let me start on this. So first on the competitive landscape. As Sachin was saying earlier, our services strategy is closely tied in with our payment strategy. So we're not your average service competitor as in a cybersecurity company that competes with a bunch of other cybersecurity companies. We are somewhere in the middle between both and being in the flow gives us additional data points that makes us a fairly unique competitive landscape for us, which is why we like the combination of both. But it's very specifically on cybersecurity. You have a whole set of specialty players Baffin Bay was a specialty player and yet, we're dealing in threat protection. As we were ourselves with RiskRecon before, it's just a slightly different angle of that.

Harshita，讓我開始吧。首先是競爭格局。正如 Sachin 之前所說，我們的服務戰略與我們的支付戰略密切相關。因此，我們不是您的普通服務競爭對手，就像在與許多其他網絡安全公司競爭的網絡安全公司中一樣。我們處於兩者之間的中間位置，處於流動狀態為我們提供了額外的數據點，這使我們成為一個相當獨特的競爭格局，這就是為什麼我們喜歡兩者的結合。但它非常具體地針對網絡安全。你有一整套專業球員 Baffin Bay 是一名專業球員，但我們正在處理威脅保護。正如我們之前在 RiskRecon 工作時一樣，這只是一個稍微不同的角度。

So we are very aware of the wide competitive landscape here, but our position, I think, sets us apart. Now there's other potential competitors closer to the payment space. So looking at services as well. So we're trying to keep our services set differentiated and ahead of the curve. It's the same thing for Data & Services. Yet again, a lot of data and SaaS companies that are building their businesses. But on the other hand, we have a captive set of customers today, and we have a captive set of transactions of these customers that these companies want to understand and where do they come to an integrated provider that helps them with both. So that's, again, a unique position for us. To look at, I think Dynamic Yield and how we're combining that with our data set, as I referred to my earlier remarks, I think it's an excellent example of that.

所以我們非常清楚這裡廣泛的競爭格局，但我認為我們的地位使我們與眾不同。現在還有其他潛在的競爭對手更接近支付領域。所以也要看服務。因此，我們正在努力使我們的服務集保持差異化和領先地位。數據和服務也是如此。再一次，許多數據和 SaaS 公司正在建立自己的業務。但另一方面，我們今天有一組專屬客戶，我們有這些公司想要了解的這些客戶的一組專屬交易，以及他們從哪裡找到一個可以幫助他們的集成供應商。所以這對我們來說又是一個獨特的位置。看看，我認為動態收益率以及我們如何將其與我們的數據集結合起來，正如我之前提到的那樣，我認為這是一個很好的例子。

So that's the competitive landscape that we're looking at. It's a fast-moving one. So we have -- we will continue to have that in focus.

這就是我們正在關注的競爭格局。這是一個快速移動的。所以我們 - 我們將繼續關注這一點。

Harshita, I'll just add a couple of thoughts to what Michael said, I'll get to your question around how the financials play out for -- what we do on the services side. So a couple of things. One, just even adding to what Michael said, structurally, if you think about how the world is going more digital and as the world goes more digital, there is going to be likely increasing fraud-related issues which come on increasingly digital world. There are structural tailwinds, which we feel good about. And so long as we can continue to grow our portfolio to ride those structural tailwinds is another piece which helps us think that there is good runway on services.

Harshita，我只想對邁克爾所說的話添加一些想法，我會回答你關於財務如何發揮作用的問題——我們在服務方面做了什麼。所以有幾件事。第一，甚至在結構上補充邁克爾所說的，如果你考慮世界如何變得更加數字化，並且隨著世界變得更加數字化，越來越多的數字世界可能會出現越來越多的與欺詐相關的問題。有結構性的順風，我們對此感覺良好。只要我們能夠繼續擴大我們的投資組合以駕馭這些結構性順風，這就是另一個幫助我們認為服務有良好跑道的因素。

The second piece, which Michael said, which was around data and the power of data is one of the ingredients which makes us successful across both C&I and D&S. But then there are others, which is do you have the technology? Do you have the AI capabilities? And can you seamlessly deliver this to your customers so that there isn't big implementation challenges? All of which when you think about our network play, allow us to do that in a very efficient manner, which is what's been helping us drive the kind of growth we've seen.

邁克爾說的第二部分是圍繞數據和數據的力量是使我們在 C&I 和 D&S 上取得成功的因素之一。但是還有其他的，你有技術嗎？你有人工智能能力嗎？您能否將其無縫地交付給您的客戶，從而避免大的實施挑戰？當您考慮我們的網絡遊戲時，所有這些都讓我們能夠以非常有效的方式做到這一點，這一直在幫助我們推動我們所看到的那種增長。

On your question on the financials, I will tell you that, I mean, there's a range of, what I would call, incremental costs, which come depending on the nature of the service we deliver. So things which are more, I would say, attached to the payment network, such as some of our Cyber & Intelligence solutions, some of our data solutions, they tend to come with lower incremental cost. There are others such as our consulting capabilities, such as our marketing services capabilities, they come with a little bit higher in the nature of incremental cost.

關於你關於財務的問題，我會告訴你，我的意思是，有一系列的，我稱之為增量成本，這取決於我們提供的服務的性質。因此，我想說的是，更多的東西與支付網絡相關聯，例如我們的一些網絡和情報解決方案，我們的一些數據解決方案，它們往往具有較低的增量成本。還有其他的，比如我們的諮詢能力，比如我們的營銷服務能力，它們在增量成本的性質上有點高。

And -- so the overall mix is really important because they all kind of hang together. It's important for us to provide those consulting services and marketing services in order to be able to be a full-service provider to our customers. And that's only speaking about services. Now when you take that and you kind of tie that back to how it helps us win market share and payments. That's the other piece which is super important as part of this because the economics need to be -- thought about in the composite as opposed to each one of these services individually.

而且 - 所以整體組合非常重要，因為它們都在一起。提供這些諮詢服務和營銷服務對我們來說很重要，這樣才能成為我們客戶的全方位服務提供商。那隻是在談論服務。現在，當你接受它時，你會把它與它如何幫助我們贏得市場份額和付款聯繫起來。這是另一個非常重要的部分，因為需要綜合考慮經濟學，而不是單獨考慮這些服務中的每一個。

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

我們將在 Evercore ISI 的 David Togut 旁邊。

Last summer, London Heathrow Airport put some severe capacity limits on airlines. Those limits came off a while back, but I'm curious whether you're getting any indication on advanced cross-border summer travel as things opened up a bit more at Heathrow and how can we think about the impact on cross-border revenue for the rest of this year?

去年夏天，倫敦希思羅機場對航空公司實施了一些嚴格的運力限制。這些限制在不久前取消了，但我很好奇，隨著希思羅機場的開放程度有所提高，您是否得到了關於高級跨境夏季旅行的任何跡象，以及我們如何考慮對跨境收入的影響今年剩下的時間？

Sure, David. What I'd say, I'd say you hear what we hear as it relates to what the airlines plans are from a capacity release standpoint. And the reality is, I think everybody is trying to kind of find that right balance between bringing on more capacity and what the implications for the price proceed is as part of that process. And so we feel generally good about the prospects of travel. I mean the reality is there's a trend from the consumers towards more spending on experiences. Experience tends to be travel and entertainment-related stuff.

當然，大衛。我要說的是，我想說你聽到了我們所聽到的，因為它與航空公司的計劃從運力釋放的角度來看有關。而現實情況是，我認為每個人都在試圖在增加產能與作為該過程的一部分對價格進行的影響之間找到適當的平衡。因此，我們對旅行的前景總體上感覺良好。我的意思是，現實情況是消費者傾向於在體驗上花費更多。經驗往往是與旅行和娛樂相關的東西。

And so generally speaking, that trend is going in the right direction. As more capacity comes on, which we expect will happen, right? You will tend to see the benefit of that come through in our cross-border travel metrics. Again, I would remind you, strong value prop, year-over-year lapping issues which are there from a year-over rate as a standpoint. And then the third piece is we have the potential for recovery in Asia Pacific. And I wanted to kind of bring that whole thing into the picture beyond the capacity question you asked.

所以總的來說，這種趨勢正朝著正確的方向發展。隨著更多容量的出現，我們預計會發生這種情況，對嗎？您往往會在我們的跨境旅行指標中看到這樣做的好處。再次，我想提醒你，從年率的角度來看，存在強大的價值支撐、年同比重疊問題。然後第三部分是我們在亞太地區有復甦的潛力。我想把整個事情都帶入畫面，超出你問的容量問題。

So hard to predict, but the fact is capacity isn't fully back. So that's one important aspect when we gave you the outlook later on.

很難預測，但事實是產能並未完全恢復。因此，這是我們稍後向您提供展望時的一個重要方面。

Understood. And just as a quick follow-up on Europe. Just your updated thoughts on the rollout of ACH payments in Europe under open banking would be appreciated.

明白了。就像對歐洲的快速跟進一樣。如果您對在開放式銀行業務下在歐洲推出 ACH 支付的最新想法將不勝感激。

Right, David. So let me take a look at that. Conversations in Europe have been going on for years on ACH systems. As you know, when the U.K. was part of the EU, I don't even know if it's Europe right now or not, but we invested in Vocalink. So we have an account-to-account systems in Europe for a long time. We're having some stakes in other P2P systems on the continent and so forth.

對，大衛。所以讓我看一下。在歐洲，關於 ACH 系統的對話已經進行了多年。如您所知，當英國還是歐盟的一部分時，我什至不知道現在是不是歐洲，但我們投資了 Vocalink。所以我們在歐洲有很長一段時間的賬戶對賬戶系統。我們在非洲大陸等地的其他 P2P 系統中持有一些股份。

The most late -- the most recent development here is the announcement around the European payment initiative, which is yet another effort in account to account. Europe is the land of domestic systems and domestic payment solutions. It's a very versatile competitive landscape, and there is more coming. We have found ways to partner. We have found ways to compete. And in the case of EPI, we are partnering with the owner banks to push our solutions. At the same time, we'll have to see where EPI goes, and then we stand ready to engage one way or another depending on their willingness. As you can see, Europe has been a source of share growth for us and revenue growth. So we know how to play this environment.

最近的——最近的發展是圍繞歐洲支付倡議的公告，這是又一次賬戶對賬戶的努力。歐洲是國內系統和國內支付解決方案的發源地。這是一個非常多才多藝的競爭格局，而且還會有更多。我們找到了合作的方式。我們找到了競爭的方法。就 EPI 而言，我們正在與所有者銀行合作以推動我們的解決方案。與此同時，我們必須了解 EPI 的發展方向，然後我們隨時準備根據他們的意願以一種或另一種方式參與進來。如您所見，歐洲一直是我們份額增長和收入增長的源泉。所以我們知道如何玩這個環境。

We'll go next to Ramsey El-Assal at Barclays.

我們將去巴克萊銀行的 Ramsey El-Assal 旁邊。

And best of luck to Warren in his future endeavors. My question is for Sachin. I wanted to ask -- you called out tax refunds a couple of times just weighing on U.S. volumes sort of more recently. Should we think about that as normalizing into Q2? Does it flip to more of a tailwind? And then I guess, secondarily, how do you see the spread, which is pretty wide between U.S. and worldwide metrics trending this year, ex Russia? Will it stay pretty wide? Will it tighten as maybe tax refunds normalize? How are you looking at it?

祝沃倫在未來的事業中好運。我的問題是給薩欽的。我想問 - 你最近幾次要求退稅只是對美國的交易量施加壓力。我們是否應該將其視為正常化到第二季度？它會轉向更多的順風嗎？然後我想，其次，你如何看待今年美國和全球趨勢指標之間的差異，不包括俄羅斯？它會保持很寬嗎？它會隨著退稅正常化而收緊嗎？你怎麼看？

Yes. Look, I mean, the data we look at for what we're seeing from a tax refund standpoint is what we see on the IRS website, right? And so you can take that for what it's worth because that's the insight we've kind of garnered. What we've seen is that the tax refunds tend to happen mostly in this window around, call it, March and going into April. So we view this impact of the lower tax refund to be relatively transitory.

是的。看，我的意思是，我們從退稅的角度來看我們所看到的數據就是我們在美國國稅局網站上看到的，對嗎？所以你可以把它當作它的價值，因為這是我們獲得的洞察力。我們所看到的是，退稅往往主要發生在這個窗口中，稱之為 3 月和進入 4 月。因此，我們認為較低退稅的影響是相對暫時的。

And I say that only because as the year progresses, if there were lower tax refunds, the implications of that would be minimal just because the vast majority of the refunds happen around the period we're talking about right now. So that's why we use them as being transitory.

我之所以這麼說，只是因為隨著時間的推移，如果退稅減少，其影響將微乎其微，因為絕大多數退稅發生在我們現在談論的時期左右。所以這就是我們將它們用作暫時性的原因。

The other thing to keep in mind is on account of some of the (inaudible) which have taken place, there are some states in the U.S., which have -- where from a federal tax standpoint, they've been given more latitude in terms of what the tax filing date is. And so that's the other thing to keep in mind in terms of what the potential might be for a catch-up on some of these lower tax refunds. Again, very hard to predict, but I want to kind of bring those 2 pieces out there.

要記住的另一件事是考慮到已經發生的一些（聽不清），美國有一些州，從聯邦稅收的角度來看，他們在條款方面有更大的自由度報稅日期是什麼時候。因此，就追趕其中一些較低的退稅款的潛力而言，這是另一件需要牢記的事情。同樣，很難預測，但我想把這兩件作品拿出來。

On your second question on U.S. versus rest of world trends. At the highest level, I'd tell you, I feel pretty good about what we are seeing on our overall operating metrics. I mean these are pretty compelling operating metrics from a growth rate standpoint. You've got 15% credit growth taking place in the U.S., is being driven in a large part by just consumers' desire to get back to experiences. Our portfolios, our co-branded portfolios, our travel portfolio are performing very well. And again, if you kind of were to think about the go forward, the reality comes back to the broader questions we were talking about how do we feel about drivers from a domestic spend standpoint and the cross-border spend standpoint, all of that will manifest itself in terms of what U.S. volumes look like going forward.

關於美國與世界其他地區趨勢的第二個問題。在最高級別，我會告訴你，我對我們在整體運營指標上看到的情況感到非常滿意。我的意思是，從增長率的角度來看，這些是非常引人注目的運營指標。美國出現了 15% 的信貸增長，這在很大程度上是由消費者恢復體驗的願望推動的。我們的產品組合、我們的聯合品牌產品組合、我們的旅遊產品組合表現非常好。再說一遍，如果你考慮一下未來，現實又回到了我們正在談論的更廣泛的問題上，從國內支出的角度和跨境支出的角度來看，我們對司機有何看法，所有這些都會體現在美國未來的交易量方面。

On the rest of the world side, obviously, we've got some really good metrics there as well, both across debit and credit. And you're seeing the impact of some of our market share wins in those metrics. As the year progresses, you're going to start to see the impact of that market share on some of the players start to tail off just because you'll be reaching the lapping stage on that. So you need to keep that in mind. That should help you kind of model out as to how the gap between the U.S. and the rest of the world plays out as we progress through the year.

顯然，在世界其他地區，我們也有一些非常好的指標，包括借方和貸方。你會看到我們在這些指標中贏得一些市場份額的影響。隨著時間的推移，你將開始看到該市場份額對一些參與者的影響開始減弱，因為你將達到這個階段。所以你需要記住這一點。這應該可以幫助您模擬出美國與世界其他地區之間的差距在我們這一年的進展中如何發揮作用。

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

我們將在 Truist Securities 的 Andrew Jeffrey 旁邊。

Michael, I'd like to ask you about the India opportunity and specifically the potential inclusion or inclusion of Mastercard credit products and UPI. I just wonder if you could frame that up so much talk about rest of world growth in cash-based economies and especially those in which perhaps account-funded wallets have moved to the 4. Can you just dimensionalize or give us an update on your India positioning?

邁克爾，我想問你關於印度的機會，特別是萬事達信用卡產品和 UPI 的潛在包含或包含。我只是想知道你是否可以把這麼多關於世界其他地區以現金為基礎的經濟體的增長，特別是那些賬戶資助的錢包可能已經轉移到 4 的經濟體的討論框起來。你能不能只是維度化或給我們介紹一下你的印度的最新情況定位？

Right. So India is a hugely important market for us. We have a large number of our employees based in India, serving the Indian market as well as other markets in Asia, deep engagements with customers there. It's interesting when you look at the market from where it has gone under the lead of India's government, they've built a tremendous digital economy. So the India tech stack has really opened up the digital economy at a much, much different scale than before, and we like that. That gives you opportunities for us to engage with our customers to many more Indian citizens.

正確的。所以印度對我們來說是一個非常重要的市場。我們在印度有大量員工，服務於印度市場以及亞洲其他市場，與那裡的客戶有深入的接觸。有趣的是，當你從印度政府的領導下觀察市場時，他們已經建立了一個巨大的數字經濟。因此，印度的技術堆棧確實以與以前大不相同的規模開放了數字經濟，我們喜歡這樣。這使您有機會與我們的客戶接觸更多的印度公民。

So we generally see that opportunity. It's also true, though, that today, everyday solution around debit and credit matter. And we have -- now we reached -- we're back to pre-embargo growth on the issuing side with our customers in India. So that is looking very, very positive. We're back in the market there. So we're playing both of that. It's a market where we'll see more innovation coming from us of the folks that are based there. So there isn't a financial inclusion opportunity. There's an everyday opportunity in credit and debit and it's not the most populous country in the world. So it's going to be the theater of the future, and we're excited to be involved there.

所以我們通常會看到這個機會。不過，今天，圍繞借方和貸方的日常解決方案也很重要。我們已經 - 現在我們達到了 - 我們與我們在印度的客戶在發行方面恢復了禁運前的增長。所以這看起來非常非常積極。我們回到那裡的市場。所以我們正在玩這兩個。在這個市場上，我們將看到更多來自我們當地人的創新。所以沒有金融包容性的機會。信用卡和借記卡每天都有機會，而且它不是世界上人口最多的國家。所以它將成為未來的劇院，我們很高興能參與其中。

Where is all the engagement going with the India tech stack? What does it mean for our will cards? And how will cards be linked into UPI and so forth? The details have yet to be seen, but we're active in those conversations. And in the end, when we have an opportunity to partner, then we will try to do that.

與印度技術堆棧的所有參與都去了哪裡？這對我們的遺囑卡意味著什麼？卡將如何鏈接到 UPI 等等？細節尚未公佈，但我們正在積極參與這些對話。最後，當我們有機會合作時，我們將嘗試這樣做。

Audra, we have a time for one more call.

奧德拉，我們有時間再打一個電話。

And we'll take that from Jason Kupferberg at Bank of America.

我們將從美國銀行的 Jason Kupferberg 那裡得到。

Maybe just building on that last question a little bit. You just talked about India to some extent. But which emerging geographies are you most excited about over, say, the next 5 years or so just in terms of the general cash-to-card opportunity?

也許只是在最後一個問題的基礎上稍微加了一點。你剛剛在某種程度上談到了印度。但是，就一般的現金轉卡機會而言，在未來 5 年左右的時間裡，您對哪些新興地區最感興趣？

Right, Jason. So here, the opportunity, I wouldn't really point to a particular geography. I think generally, the set of countries that have a lower digitization rate is a tremendous opportunity for us. We have learned how to drive digitization. Just look at Latin America, you take like a country like Mexico, a tremendous opportunity in terms of driving digitization up. And part of that we have seen in Brazil. So you can start to make those comparisons and you add that up across the wood that is a tremendous opportunity.

對，傑森。所以在這裡，機會，我不會真正指向特定的地理位置。我認為總體而言，數字化率較低的一組國家對我們來說是一個巨大的機會。我們已經學會瞭如何推動數字化。看看拉丁美洲，像墨西哥這樣的國家，在推動數字化方面擁有巨大的機會。我們在巴西看到了其中的一部分。因此，您可以開始進行這些比較，並將其加起來，這是一個巨大的機會。

In terms of large-scale country opportunities, we just talked about India and certainly not in the category of emerging markets, but China is a market that we are very engaged on today in the cross-border business, and you do know that we have a license application out there to participate in the domestic market and we stand ready to invest forward with the Chinese consumers and businesses. So we'll see where that one goes.

在大規模國家機會方面，我們剛剛談到了印度，當然不屬於新興市場範疇，但中國是我們今天在跨境業務中非常活躍的市場，你知道我們有在那裡申請參與國內市場的許可證，我們隨時準備與中國消費者和企業一起投資。所以我們會看看那個去哪裡。

Great. Thanks, Michael. Any final comments?

偉大的。謝謝，邁克爾。最後有什麼意見嗎？

I do have final comments. So I've made it a habit to thank the 30,000 people at Mastercard for what they did, what they all do. And I shall do that again for this quarter. I thought it was a good quarter, and it is reflective of their work. But I do want to thank you as well, Warren. So it's been fun 3 years for me and previously with Ajay. So thank you for everything that you did. I know we all talk about you. I do want to talk about Devin as well.

我有最後的評論。因此，我已經習慣於感謝 Mastercard 的 30,000 名員工所做的一切，感謝他們所做的一切。我將在本季度再次這樣做。我認為這是一個很好的季度，它反映了他們的工作。但我也想感謝你，沃倫。所以這 3 年對我來說很有趣，之前和 Ajay 在一起。所以感謝你所做的一切。我知道我們都在談論你。我也想談談德文。

So if you could picture us here in this room, here's Devin, and we're looking forward Sachin and I to work with you. And I do want to say, Warren has -- you have built a tremendous set of relationships with the folks on the call. And I look to those folks on the call, first of all, thanking you guys for your support, but also to give Devin, the same kind of support that you have in the past. With that, thank you very much and speak to you 1 quarter from now.

所以如果你能想像我們在這個房間裡，這就是 Devin，我們期待著 Sachin 和我與你一起工作。我確實想說，沃倫已經 - 你已經與通話中的人們建立了一套巨大的關係。我期待著電話會議上的那些人，首先，感謝你們的支持，同時也要給 Devin，和你們過去一樣的支持。有了這個，非常感謝你，從現在開始的一個季度與你交談。

Thank you.

謝謝。

And that does conclude today's conference. Again, thank you for your participation. You may now disconnect.

今天的會議到此結束。再次感謝您的參與。您現在可以斷開連接。