萬事達 (MA) 2023 Q2 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. Q2 2023 Earnings Conference Call. (Operator Instructions)

早上好。我叫奧德拉，今天我將擔任你們的會議操作員。現在，我歡迎大家參加萬事達卡公司 2023 年第二季度收益電話會議。 （操作員說明）

Mr. Devin Corr, Head of Investor Relations, you may begin your conference.

投資者關係主管 Devin Corr 先生，您可以開始會議了。

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; and Sachin Mehra, our Chief Financial Officer. Following comments from Michael and Sachin, the operator will announce your opportunity to get into the queue for the Q&A session. It is only then that the queue will open for questions.

謝謝你，奧德拉。大家早上好，感謝您參加我們的 2023 年第一季度財報電話會議。今天與我在一起的有我們的首席執行官 Michael Miebach；以及我們的首席財務官 Sachin Mehra。在 Michael 和 Sachin 發表評論後，接線員將宣布您有機會進入問答環節的隊列。只有到那時，隊列才會開始提問。

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、補充業績數據以及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向美國證券交易委員會提供。

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，我們今天對財務業績的評論將基於非公認會計原則貨幣中性的基礎上。新聞稿和幻燈片均包括非公認會計原則措施與公認會計原則報告金額的調節。

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

最後，正如我們的收益報告中更詳細闡述的那樣，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財報末尾和最近向 SEC 提交的文件中進行了總結。本次電話會議的重播將在我們的網站上發布 30 天。

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

現在，我將把電話轉給我們的首席執行官邁克爾·米巴赫 (Michael Miebach)。

Thank you, Devin. Good morning, everyone. So starting with the big picture. Our momentum continued into the second quarter with net revenue up 15% and operating income up 16%, both versus a year ago on a non-GAAP currency-neutral basis, once again demonstrating the strong fundamentals of our business. Consumer spending has remained resilient with spend on experiences and travel remaining a focus.

謝謝你，德文。大家，早安。所以從大局開始。我們的勢頭持續到第二季​​度，淨收入增長 15%，營業收入增長 16%，與一年前（按非 GAAP 貨幣中性計算）相比，再次證明了我們業務的強勁基本面。消費者支出保持彈性，體驗和旅行支出仍然是焦點。

On the macroeconomic front, we continue to monitor a number of factors. First, the overall labor market remains strong, including wage growth, and consumers continue to be supported by credit and savings. These are key factors of consumer spending.

在宏觀經濟方面，我們繼續監測一些因素。首先，整體勞動力市場依然強勁，包括工資增長，消費者繼續得到信貸和儲蓄的支持。這些是消費者支出的關鍵因素。

Second, the efforts of central banks to curb inflation are showing signs of progress. Despite this, inflation remains elevated, and we are in a period of tight monetary policy across many countries. Economic growth will continue to vary country by country and sector by sector.

其次，央行遏制通脹的努力出現了進展跡象。儘管如此，通貨膨脹仍然居高不下，許多國家都處於貨幣政策緊縮時期。不同國家、不同行業的經濟增長將繼續存在差異。

Looking at our switched volume trends. Domestic volume growth remains healthy. We continue to see strength in T&E with some recent moderation in both inflation and spend in select international markets. Cross-border travel continues to show strength, reaching 154% of 2019 levels in the second quarter. We remain well positioned to capitalize on this trend with our travel-oriented portfolios and our initiatives in areas like loyalty and marketing. Cross-border card-not-present ex travel continues to hold up well.

看看我們的切換量趨勢。國內銷量增長保持健康。我們繼續看到差旅娛樂業的強勁勢頭，近期部分國際市場的通脹和支出有所放緩。跨境旅行繼續展現強勁勢頭，第二季度達到 2019 年水平的 154%。我們仍然處於有利地位，可以通過我們以旅行為導向的產品組合以及忠誠度和營銷等領域的舉措來利用這一趨勢。跨境無卡旅遊繼續保持良好勢頭。

We're monitoring the environment closely and are ready to adjust investment levels as appropriate while maintaining focus on our key strategic priorities. As a reminder, these priorities are: one, expanding in payments; two, extending our services; and three, embracing new networks.

我們正在密切監控環境，並準備適當調整投資水平，同時繼續關注我們的關鍵戰略重點。提醒一下，這些優先事項是：第一，擴大支付；二、延伸我們的服務；第三，擁抱新網絡。

First, we're expanding in payments by continuing to win deals with a diverse set of customers, powering growth and acceptance, capturing a prioritized set of new payment flows, and exploring new ways to ensure payment choice by leveraging multiple alternatives, including card rails, ACH, blockchain and open banking.

首先，我們通過繼續贏得與不同客戶群的交易、推動增長和接受度、捕獲一組優先的新支付流以及探索新方法來通過利用包括卡軌在內的多種替代方案來確保支付選擇來擴大支付業務、ACH、區塊鍊和開放銀行。

Back to the top of this list. We are winning deals across the globe through a combination of our innovative products, differentiated services and our solution-selling approach. I'll share a few examples from each region. Let's start in Europe, where we announced a significant win with UniCredit across all card products.

回到此列表的頂部。我們通過創新產品、差異化服務和解決方案銷售方法的結合，贏得了全球各地的交易。我將分享每個地區的一些例子。讓我們從歐洲開始，我們宣布與聯合信貸銀行在所有卡產品方面取得重大勝利。

We expanded our partnership and put in place a first-of-its-kind, single-card, multi-market strategy spanning 13 banks, 12 markets and 20 million cards. UniCredit selected Mastercard due to our innovative digital capabilities, shared focus on sustainability and proven ability to support their client needs.

我們擴大了合作夥伴關係，實施了首個單卡多市場戰略，涵蓋 13 家銀行、12 個市場和 2000 萬張卡。聯合信貸銀行選擇萬事達卡是因為我們具有創新的數字能力、對可持續發展的共同關注以及經過驗證的支持客戶需求的能力。

In Germany, the previously announced conversion of approximately 10 million of Deutsche Bank's credit and debit cards to Mastercard has now started. These wins build on our prior success in the U.K., where there are now 16 million NatWest Debit Mastercards live in market. When combined with the Santander and First Direct migrations, approximately 27 million debit cards have now shifted to Mastercard across these 3 portfolios in the U.K.

在德國，之前宣布的將大約 1000 萬張德意志銀行信用卡和借記卡轉換為萬事達卡的計劃現已開始。這些勝利建立在我們之前在英國取得成功的基礎上，目前英國市場上有 1,600 萬張 NatWest 萬事達借記卡。加上桑坦德銀行和 First Direct 的遷移，英國目前這 3 個投資組合中約有 2700 萬張借記卡已轉移至萬事達卡。

Turning to North America. Mastercard will partner with Fiserv's money network for all U.S. state and federal government benefit and wage disbursement debit programs. Up north, Coast Capital, Canada's largest Federal credit union, will be converting their consumer and small business portfolios to Mastercard. The partnership highlights our shared commitment to local communities with issuance through Collabria Financial Services.

轉向北美。萬事達卡將與 Fiserv 的貨幣網絡合作，開展美國所有州和聯邦政府的福利和工資支付借記計劃。在北部，加拿大最大的聯邦信用合作社 Coast Capital 將把其消費者和小型企業投資組合轉換為萬事達卡。此次合作凸顯了我們通過 Collabria Financial Services 發行債券對當地社區的共同承諾。

In addition, we have a new agreement with Tim Hortons, the largest quick-service restaurant brand in Canada. Tim Hortons will launch a new Mastercard credit card and will be using a broad set of Mastercard's digital, analytics and fraud services and technologies.

此外，我們還與加拿大最大的快餐品牌 Tim Hortons 簽訂了新協議。 Tim Hortons 將推出新的萬事達卡信用卡，並將使用廣泛的萬事達卡數字、分析和反欺詐服務和技術。

Our relationship with Santander in Latin America continues to grow. In Mexico, we established a long-term exclusive deal with Openbank, their new digital bank. We also renewed the Fiesta Rewards co-brand credit card, Santander's key offering within their consumer portfolio.

我們與拉丁美洲桑坦德銀行的關係持續發展。在墨西哥，我們與他們的新數字銀行 Openbank 建立了長期獨家協議。我們還更新了嘉年華獎勵聯名信用卡，這是桑坦德銀行在其消費者產品組合中的主要產品。

In Brazil, we will be Santander's exclusive partner across their commercial portfolio. And we've expanded our partnership with fast-growing Sicredi, one of Brazil's largest credit unions.

在巴西，我們將成為桑坦德銀行商業投資組合的獨家合作夥伴。我們還擴大了與快速發展的 Sicredi（巴西最大的信用合作社之一）的合作夥伴關係。

In Asia Pacific, we've extended our relationship with Standard Chartered Bank, which will enable us to grow our consumer credit presence across key markets in the region. We've also expanded our partnership with HSBC through the launch of the Travel One Card in Singapore, Malaysia and Vietnam. Travel One will provide instant in-app rewards redemption powered by the Mastercard Rewards system.

在亞太地區，我們擴大了與渣打銀行的合作關係，這將使我們能夠擴大我們在該地區主要市場的消費信貸業務。我們還通過在新加坡、馬來西亞和越南推出旅行一卡來擴大與匯豐銀行的合作夥伴關係。 Travel One 將提供由萬事達卡獎勵系統支持的即時應用內獎勵兌換。

With all of these cards, people do need a place to use them. We continue to power growth and acceptance by establishing new partnerships and scaling new technologies. This quarter, we announced partnerships with both Alipay and WeChat Pay to enable international travelers to easily link any Mastercard credit or debit card to Alipay and WeChat Pay digital wallets. The partnership allows visitors to make payments with tens of millions of QR code merchants across China.

對於所有這些卡，人們確實需要一個使用它們的地方。我們通過建立新的合作夥伴關係和擴展新技術來繼續推動增長和接受度。本季度，我們宣布與支付寶和微信支付建立合作夥伴關係，使國際旅客能夠輕鬆地將任何萬事達卡信用卡或借記卡連接到支付寶和微信支付數字錢包。通過此次合作，遊客可以與中國數千萬家二維碼商戶進行支付。

I just returned from China, where I saw firsthand how this is helping international travelers shop and pay in more places in a simple way. It's like paying like a local. And this will be valuable as inbound cross-border travel to China improves from approximately 50% of 2019 levels in the second quarter.

我剛從中國回來，親眼目睹了這如何幫助國際旅行者以簡單的方式在更多地方購物和支付。就像像當地人一樣付款。隨著第二季度中國入境跨境旅遊數量較 2019 年水平約 50% 有所改善，這將非常有價值。

In the online environment, we are scaling our Click to Pay capability to enhance the guest checkout experience. Click to Pay transactions grew over 70% year-over-year in the second quarter, and the technology is now live in 30 markets. In the quarter, we added Chile, Bahrain and Slovakia. And NatWest Group became the first bank in the U.K. to go live with Click to Pay push provisioning for cardholders.

在在線環境中，我們正在擴展“點擊支付”功能，以增強客人的結賬體驗。第二季度點擊支付交易量同比增長超過 70%，該技術現已在 30 個市場投入使用。本季度，我們添加了智利、巴林和斯洛伐克。 NatWest Group 成為英國第一家為持卡人提供“點擊支付”推送服務的銀行。

Shifting to New Payment Flows. We are making tangible progress in this area. In commercial point of sale, we've extended our partnership with Brex to support the international expansion of their commercial portfolios. We expanded our relationship with myPOS continuing to drive new merchant acceptance across more than 30 European markets while also migrating their small business debit portfolio to Mastercard. And we've established an exclusive partnership with Australian lender, Grow Finance, to introduce credit cards to their small business customers later this year.

轉向新的支付流程。我們正在這一領域取得切實進展。在商業銷售點方面，我們擴大了與 Brex 的合作夥伴關係，以支持其商業產品組合的國際擴張。我們擴大了與 myPOS 的關係，繼續推動 30 多個歐洲市場新商戶的接受度，同時還將他們的小型企業借記卡組合遷移到萬事達卡。我們還與澳大利亞貸款機構 Grow Finance 建立了獨家合作夥伴關係，將於今年晚些時候向其小型企業客戶推出信用卡。

In B2B accounts payable, we remain the market leaders in virtual card. We continue to drive growth by tapping into new use cases. For example, we established an exclusive partnership with EasyTransfer in Greater China. This competitive flip leverages our virtual card capabilities to support cross-border tuition payments for international students.

在 B2B 應付賬款領域，我們仍然是虛擬卡領域的市場領導者。我們繼續通過利用新的用例來推動增長。例如，我們與EasyTransfer在大中華區建立了獨家合作夥伴關係。這種具有競爭力的翻轉利用我們的虛擬卡功能來支持國際學生的跨境學費支付。

We're also making it easy for buyers and suppliers to integrate virtual cards into the technology platforms they already use. Building on our prior announcements with SAP and Coupa, we've recently partnered with GEP to integrate our virtual card technology into their payables platform.

我們還讓買家和供應商可以輕鬆地將虛擬卡集成到他們已經使用的技術平台中。基於我們之前與 SAP 和 Coupa 發布的公告，我們最近與 GEP 合作，將我們的虛擬卡技術集成到他們的應付賬款平台中。

And on the supplier side, we launched Mastercard Receivables Manager with Billtrust. The solution streamlines the processing of virtual card transactions for suppliers and automates the integration of reconciliation data into accounts receivable systems. This is a great solution. And it builds on partnerships with companies like Boost Payment Solutions, who have been working closely with Mastercard to expand and optimize commercial acceptance.

在供應商方面，我們與 Billtrust 合作推出了萬事達卡應收賬款管理器。該解決方案簡化了供應商虛擬卡交易的處理，並將對賬數據自動集成到應收賬款系統中。這是一個很好的解決方案。它建立在與 Boost Payment Solutions 等公司的合作夥伴關係的基礎上，這些公司一直與萬事達卡密切合作，以擴大和優化商業接受度。

And finally, in new flows, we continue to deploy our disbursement and remittances capabilities in new ways and across new geographies. In the U.S., we partner with top sports gaming processor, Interchecks, who will make Mastercard Send available to gaming operators for payouts.

最後，在新的流程中，我們繼續以新的方式、跨新的地區部署我們的支付和匯款能力。在美國，我們與頂級體育遊戲處理商 Interchecks 合作，後者將向遊戲運營商提供 Mastercard Send 支付服務。

Careem Pay, one of the largest digital wallets in UAE, will use Send to top up their wallets using Mastercard. And on the cross-border front, we partnered with Al Fardan Exchange in Qatar to facilitate remittance services and support cross-border travel.

Careem Pay 是阿聯酋最大的數字錢包之一，將使用 Send 為使用萬事達卡的錢包充值。在跨境方面，我們與卡塔爾的 Al Fardan Exchange 合作，以促進匯款服務並支持跨境旅行。

Our work in real-time ACH continues to support these new flows. Our circular approach has been to expand our infrastructure reach into new markets. Going forward, we will be focusing on delivering and scaling in the markets we already are serving while building applications and services in these key locations, in line with our overall strategic and financial objectives.

我們在實時 ACH 方面的工作將繼續支持這些新流程。我們的循環方法是將我們的基礎設施覆蓋範圍擴展到新市場。展望未來，我們將專注於在我們已經服務的市場中提供和擴展，同時根據我們的總體戰略和財務目標在這些關鍵地點構建應用程序和服務。

And in blockchain, we're introducing the MasterCard Multi-Token Network, MTN. MTN is a set of foundational capabilities designed to make transactions within digital asset and blockchain ecosystems, more secure, scalable and interoperable. We believe in the potential of blockchain technologies. However, regulated money, such as bank deposits and CBDCs, need to be part of the solution, and they should interoperate with traditional systems.

在區塊鏈方面，我們推出了萬事達卡多代幣網絡 MTN。 MTN 是一組基礎功能，旨在使數字資產和區塊鏈生態系統內的交易更加安全、可擴展和可互操作。我們相信區塊鏈技術的潛力。然而，銀行存款和 CBDC 等受監管的貨幣需要成為解決方案的一部分，並且它們應該與傳統系統進行互操作。

We can help with that. MTN is the natural evolution of the work we have already done in this space. The initial sandbox will kick off in the U.K. this summer.

我們可以提供幫助。 MTN 是我們在這個領域已經完成的工作的自然演變。最初的沙盒將於今年夏天在英國啟動。

Now turning to services. Our services inform decision-making of our customers. They help them create stronger connections and greater loyalty. Payments and services reinforce each other, multiplying our impact and the value we deliver to all our partners. Our services help many -- drive many of the wins I mentioned earlier. So here are a few additional examples.

現在轉向服務。我們的服務為客戶的決策提供信息。它們幫助他們建立更牢固的聯繫和更高的忠誠度。支付和服務相輔相成，擴大了我們的影響力以及我們為所有合作夥伴提供的價值。我們的服務幫助了許多人——推動了我之前提到的許多勝利。這裡還有一些額外的例子。

We recently launched our Consumer Fraud Risk solution, which leverages our latest AI capabilities and the unique network view of real-time payments I just mentioned to help banks predict and prevent payment scams. AI is a foundational technology used across our business and has been a game changer in helping identify such fraud patterns. We've partnered with 9 U.K. banks, including Barclays, Lloyds Bank, Halifax, Bank of Scotland, NatWest, Monzo and TSB to stop scam payments before funds leave a victim's account.

我們最近推出了消費者欺詐風險解決方案，該解決方案利用我們最新的人工智能功能和我剛才提到的實時支付的獨特網絡視圖來幫助銀行預測和防止支付詐騙。人工智能是我們整個業務中使用的基礎技術，在幫助識別此類欺詐模式方面已經改變了遊戲規則。我們已與巴克萊銀行、勞埃德銀行、哈利法克斯銀行、蘇格蘭銀行、國民西敏寺銀行、Monzo 和 TSB 等 9 家英國銀行合作，在資金離開受害者賬戶之前阻止詐騙付款。

TSB, one of the first banks to adopt the solution, indicated that it has already dramatically increased its fraud detection since deploying the capability.

TSB 是首批採用該解決方案的銀行之一，該銀行表示，自部署該功能以來，它已經大幅提高了欺詐檢測能力。

We're combining our loyalty, consulting, analytics and identity services in different ways to help our customers capitalize on the travel recovery. This quarter, we extended our broad-based partnership with Expedia Group. Together, we will combine Mastercard's loyalty solution with Expedia's extensive travel supply to enable Mastercard cardholders to book travel using loyalty points.

我們以不同的方式將我們的忠誠度、諮詢、分析和身份服務結合起來，幫助我們的客戶利用旅行複甦的機會。本季度，我們擴大了與 Expedia Group 的廣泛合作夥伴關係。我們將共同將萬事達卡的忠誠度解決方案與 Expedia 廣泛的旅行服務結合起來，使萬事達卡持卡人能夠使用忠誠度積分預訂旅行。

We also partnered with Thomas Cook in India to issue prepaid cards for international travel. The proposition includes cardholder access to over 450 cross-border travel offers through Mastercard Travel Rewards.

我們還與印度的 Thomas Cook 合作發行國際旅行預付卡。該提議包括持卡人通過萬事達卡旅行獎勵獲得超過 450 種跨境旅行優惠。

And earlier this month, I met with our partners at Deutsche Bank and Lufthansa in Frankfurt. We resigned our long-standing partnerships with Lufthansa Group for its Miles & More loyalty program and welcomed Deutsche Bank as the new issuing partner. In this enhanced relationship, you will see a combination of our loyalty solutions, personalization capabilities and digital user experiences help the partnership take off to the next level using airlines peak.

本月早些時候，我在法蘭克福會見了德意志銀行和漢莎航空的合作夥伴。我們終止了與漢莎航空集團 Miles & More 忠誠度計劃的長期合作夥伴關係，並歡迎德意志銀行成為新的發行合作夥伴。在這種增強的關係中，您將看到我們的忠誠度解決方案、個性化功能和數字用戶體驗的結合，幫助合作夥伴關係利用航空公司高峰邁向新的水平。

We're also leveraging our personalization in Test & Learn capabilities to help our partners across the ecosystem enhance the customer experience and improve acquisition and conversion rates. For example, the combined Dynamic Yields personalization capabilities with our marketing services to drive digital customer acquisition for Ecobank in Nigeria.

我們還利用個性化的測試和學習功能來幫助整個生態系統的合作夥伴增強客戶體驗並提高客戶獲取和轉化率。例如，將 Dynamic Yields 個性化功能與我們的營銷服務相結合，推動尼日利亞 Ecobank 的數字化客戶獲取。

In addition, HP Inc. has partnered with us to deploy personalized bank content for their consumers across Canada and Europe. And on the merchant side, we are working with 7-Eleven in Australia using our Test & Learn capabilities to support their rollout of new store concepts and evolve its food and beverage offerings.

此外，HP Inc. 還與我們合作，為其加拿大和歐洲的消費者部署個性化銀行內容。在商家方面，我們正在與澳大利亞的 7-11 合作，利用我們的測試和學習功能來支持他們推出新的商店概念並改進其食品和飲料產品。

Our third strategic priority area is embracing new networks with a focus on open banking and digital identity. We continued to make progress in open banking and established a series of new and expanded collaborations this quarter, including ones with Freddie Mac, Algon based out of France and Dapi in the UAE. These entities will leverage our smart and consumer permission data to drive increased financial inclusion and make digital interaction simpler and safer.

我們的第三個戰略優先領域是擁抱新網絡，重點是開放銀行和數字身份。我們在開放銀行業務方面繼續取得進展，並在本季度建立了一系列新的和擴大的合作，包括與房地美、法國的 Algon 和阿聯酋的 Dapi 的合作。這些實體將利用我們的智能和消費者許可數據來推動金融包容性的提高，並使數字交互更簡單、更安全。

Turning to digital identity. We're driving adoption across several new verticals, including travel, ticketing, retail and financial institutions. Travel provider, FlightHub, is using our identity solutions to help travelers book their new next adventure.

轉向數字身份。我們正在推動多個新垂直領域的採用，包括旅行、票務、零售和金融機構。旅行提供商 FlightHub 正在使用我們的身份解決方案來幫助旅行者預訂他們的下一次新冒險。

Sports teams across the U.S., including the New Jersey Devils, use these solutions to enable fans to buy tickets while reducing fraud on ticketing platforms. Major League Baseball used our NuDetect technology to ensure that All-Star votes were authentic for this year's All-Star game.

包括新澤西魔鬼隊在內的美國各地的運動隊都使用這些解決方案來幫助球迷購買門票，同時減少票務平台上的欺詐行為。美國職業棒球大聯盟使用我們的 NuDetect 技術來確保今年全明星比賽的全明星投票的真實性。

In retail, we partner with IKEA, who is using Ekata to help reduce friction and fraud. And financial institutions like Greenwood, a digital banking platform for Black and Latinx communities are using our capabilities to authenticate consumers in real time, making financial empowerment a reality for more people.

在零售領域，我們與宜家合作，宜家使用 Ekata 來幫助減少摩擦和欺詐。 Greenwood（一個針對黑人和拉丁裔社區的數字銀行平台）等金融機構正在利用我們的功能來實時驗證消費者身份，使更多人的金融賦權成為現實。

So in summary, we delivered another strong quarter of revenue and earnings growth, supported by resilient consumer spending, particularly in travel and experiences. Our strong deal momentum continues with new wins and expanded relationships powered by our services across a range of partners, including UniCredit, Fiserv, Tim Hortons, Brex and many more. Our differentiated capabilities, diversified business model and focused strategy positions us well to capitalize on the significant opportunity ahead.

總而言之，在彈性消費者支出（特別是在旅行和體驗方面）的支持下，我們實現了又一個強勁的季度收入和盈利增長。我們強勁的交易勢頭繼續保持著新的勝利和擴大的關係，這些合作夥伴包括聯合信貸銀行、Fiserv、Tim Hortons、Brex 等。我們差異化的能力、多元化的業務模式和專注的戰略使我們能夠充分利用未來的重大機遇。

Sachin, over to you.

薩欽，交給你了。

Thanks, Michael. So turning to Page 3, which shows our financial performance for the quarter on a currency-neutral basis, excluding special items and the impact of gains and losses on our equity investments. Net revenue was up 15%, reflecting resilient consumer spending and the continued recovery of cross-border travel as well as the continued growth in our value-added services and solutions.

謝謝，邁克爾。因此，請轉到第 3 頁，該頁顯示了我們在貨幣中性基礎上的本季度財務業績，不包括特殊項目以及損益對我們股權投資的影響。淨收入增長 15%，反映出消費者支出的彈性、跨境旅行的持續復甦以及我們的增值服務和解決方案的持續增長。

Operating expenses increased 13%, including a minimal impact from acquisitions. And operating income was up 16%, including a minimal impact from acquisitions. Net income and EPS increased 11% and 14%, respectively, both reflecting a sizable discrete tax expense this quarter related to foreign tax legislation enacted in Brazil.

運營費用增加了 13%，其中收購帶來的影響很小。營業收入增長了 16%，其中收購帶來的影響微乎其微。淨利潤和每股收益分別增長 11% 和 14%，均反映出本季度與巴西頒布的外國稅收立法相關的大量離散稅收支出。

EPS of $2.89 includes a $0.22 reduction due to the discrete tax expense I just mentioned and an $0.08 contribution from share repurchases. During the quarter, we repurchased $2.4 billion worth of stock and an additional $497 million through July 24, 2023.

每股收益 2.89 美元包括由於我剛才提到的離散稅費而減少的 0.22 美元以及股票回購帶來的 0.08 美元的貢獻。本季度，我們回購了價值 24 億美元的股票，並在 2023 年 7 月 24 日之前額外回購了 4.97 億美元的股票。

So let's turn to Page 4, where you can see the operational metrics for the second quarter. Worldwide gross dollar volume, or GDV, increased by 12% year-over-year on a local currency basis. In the U.S., GDV increased by 6% with credit growth of 8% and debit growth of 3%. Outside of the U.S., volume increased 16% with credit growth of 14% and debit growth of 17%.

讓我們翻到第 4 頁，您可以在其中看到第二季度的運營指標。按當地貨幣計算，全球總美元交易量 (GDV) 同比增長 12%。在美國，GDV 增長了 6%，其中信貸增長 8%，借方增長 3%。美國以外地區的交易量增長了 16%，其中信貸增長了 14%，借記增長了 17%。

Of note, we have now completed the NatWest debit migration in the U.K.

值得注意的是，我們現已在英國完成了 NatWest 借記卡遷移。

Overall, cross-border volume increased 24% globally for the quarter on a local currency basis, reflecting continued improvement in travel-related cross-border spending. While this is sequentially lower versus Q1, this is due to tougher comps as we opened up post-Omicron last year. When you look at the trend versus 2019, you see continued strength. For example, cross-border travel is at 154% of 2019 levels in Q2, which is up 6 ppt from the prior quarter.

總體而言，按當地貨幣計算，本季度全球跨境交易量增長了 24%，反映出與旅行相關的跨境支出的持續改善。雖然這一數字比第一季度有所下降，但這是由於去年我們在 Omicron 之後開放時的競爭更加激烈。當您對比 2019 年的趨勢時，您會看到持續的強勢。例如，第二季度跨境旅行率為 2019 年水平的 154%，較上季度增長 6 個百分點。

On the same basis, cross-border card-not-present excluding travel continues to hold up well in relation to 2019 levels, up 2 ppt from the prior quarter to 210%.

同樣的基礎上，不包括旅行在內的跨境無卡交易繼續保持在 2019 年的良好水平，比上一季度增長 2 個百分點，達到 210%。

Turning to Page 5. Switched transactions grew 17% year-over-year in Q2. Both card-present and card-not-present growth rates remained strong. Card-present growth was aided in part by increases in contactless penetration as contactless now represents over 60% of all in-person switched purchase transactions. In addition, card growth was 8%. Globally, there are 3.2 billion Mastercard and Maestro-branded cards issued.

翻到第 5 頁。第二季度的轉換交易量同比增長 17%。有卡和無卡增長率均保持強勁。非接觸式滲透率的提高在一定程度上促進了持卡式增長，因為非接觸式交易目前佔所有面對面交換購買交易的 60% 以上。此外，信用卡增長率為8%。全球已發行 32 億張萬事達卡和 Maestro 品牌卡。

Turning to Slide 6 for a look into our net revenues for the second quarter, which came in above our expectations. As a reminder, earlier this year, we revised our disaggregated revenue disclosure. Net revenues are now broken down into 2 new categories: payment network and value-added services and solutions. Now getting into the numbers described on a currency-neutral basis.

請參閱幻燈片 6，了解我們第二季度的淨收入，該收入超出了我們的預期。提醒一下，今年早些時候，我們修訂了分類收入披露。淨收入現在分為兩個新類別：支付網絡以及增值服務和解決方案。現在我們來看看在貨幣中性的基礎上描述的數字。

Payment network net revenue increased 15% primarily driven by domestic and cross-border transaction and volume growth and also includes growth in rebates and incentives. Payment network net revenue was higher than anticipated primarily due to higher revenues related to FX volatility and the timing of planned deal activity.

支付網絡淨收入增長了 15%，主要受到國內和跨境交易和交易量增長的推動，還包括回扣和激勵措施的增長。支付網絡淨收入高於預期，主要是由於與外匯波動和計劃交易活動時間相關的收入增​​加。

Value-added services and solutions net revenue increased 16% primarily due to the continued healthy growth of our Cyber & Intelligence solutions driven by our underlying driver growth and the demand for our fraud and security solutions, and strong demand for consulting and marketing services, which was partially offset by other solutions.

增值服務和解決方案淨收入增長 16%，主要是由於我們的網絡和智能解決方案在我們的潛在驅動力增長、對欺詐和安全解決方案的需求以及對諮詢和營銷服務的強勁需求的推動下持續健康增長，被其他解決方案部分抵消。

Now let's turn to Page 7 to discuss key metrics related to the payment network, again, described on a currency-neutral basis, unless otherwise noted. Looking quickly at each key metric. Domestic assessments were up 11%, while worldwide GDV grew 12%. The difference is primarily driven by mix. Cross-border assessments increased 29%, while cross-border volumes increased 24%. The 5 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.

現在，讓我們轉向第 7 頁，討論與支付網絡相關的關鍵指標，除非另有說明，否則同樣在貨幣中性的基礎上進行描述。快速查看每個關鍵指標。國內評估增長了 11%，而全球 GDV 增長了 12%。差異主要是由混合驅動的。跨境評估增加了 29%，跨境交易量增加了 24%。 5 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增長速度高於歐洲內部跨境交易量。

Transaction processing assessments were up 16%, while switched transactions grew 17%. The 1 ppt difference is primarily due to lower revenues related to FX volatility versus the prior year. Other network assessments related to licensing, implementation and other franchise fees were $270 million this quarter. As a reminder, these other network assessments may fluctuate from period to period.

交易處理評估增長了 16%，而轉換交易增長了 17%。 1 個百分點的差異主要是由於與上一年相比，與外匯波動相關的收入減少。本季度與許可、實施和其他特許經營費相關的其他網絡評估為 2.7 億美元。提醒一下，這些其他網絡評估可能會隨著時間的推移而波動。

Moving on to Page 8. You can see that on a non-GAAP currency-neutral basis, excluding special items, total adjusted operating expenses increased 13% primarily due to increased spending on personnel to support the continued execution of our strategic initiatives.

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，調整後運營費用總額增加了 13%，主要是由於支持持續執行我們的戰略計劃的人員支出增加。

Now turning to Page 9. Let me first comment on the operating metrics trends in the second quarter. Versus 2019, overall spending has remained resilient. When viewed year-over-year on a sequential basis, we are seeing some moderation in both inflation and spend in select international markets as well as more difficult comps.

現在翻到第9頁。首先讓我評論一下第二季度的運營指標趨勢。與 2019 年相比，總體支出保持彈性。當逐年連續觀察時，我們發現某些國際市場以及更困難的市場的通脹和支出有所放緩。

As it relates to the first 3 weeks of July, our metrics are holding up well, generally in line with Q2 when indexed to 2019. Just for your information, we have included all the data points from this schedule excluding activity from Russian-issued cards from current and prior periods in the appendix.

由於與 7 月的前 3 週相關，我們的指標保持良好，與 2019 年索引時的第二季度基本一致。僅供參考，我們包含了此時間表中的所有數據點，不包括俄羅斯發行的卡的活動附錄中的當前和前期數據。

Turning to Page 10. I want to share our thoughts on the remainder of the year. Let me start by saying that our business fundamentals continue to remain strong as overall consumer spending remains healthy and we continue to deepen our relationships with partners across the globe.

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，隨著整體消費者支出保持健康，我們的業務基本面繼續保持強勁，並且我們繼續深化與全球合作夥伴的關係。

Domestic spending patterns have broadly normalized postpandemic. Cross-border travel continues to grow at a healthy pace, now above 150% of 2019 levels. While the travel recovery has progressed well in most regions, there remain pockets of opportunity, notably into and out of China. We remain well positioned to capitalize on this continued growth with our travel-oriented portfolios and related service offerings. Cross-border card-not-present ex travel continues to hold up well.

疫情后國內支出模式已基本正常化。跨境旅行繼續以健康的速度增長，目前已超過 2019 年水平的 150%。儘管大多數地區的旅行複蘇進展順利，但仍然存在一些機會，特別是進出中國的機會。我們仍然處於有利地位，可以通過我們以旅行為導向的產品組合和相關服務產品來利用這種持續增長。跨境無卡旅遊繼續保持良好勢頭。

While we are monitoring a number of macro and geopolitical factors, our base case scenario for the year continues to assume consumer spending remains resilient, buoyed by strong labor market and reflects current spending dynamics and the ongoing recovery of cross-border travel.

雖然我們正在監測許多宏觀和地緣政治因素，但我們今年的基本情景仍然假設消費者支出在強勁的勞動力市場的推動下保持彈性，並反映了當前的支出動態和跨境旅行的持續復甦。

For the year, our outlook is broadly unchanged. We expect net revenue growth for the full year 2023 to remain in the low teens range on a currency-neutral basis excluding acquisitions and special items. As a reminder, this growth rate would have been approximately 1.5 ppt higher if you exclude Russia-related revenues from 2022.

今年，我們的展望基本沒有變化。我們預計，在貨幣中性的基礎上（不包括收購和特殊項目），2023 年全年的淨收入增長將保持在十幾歲左右。需要提醒的是，如果排除 2022 年與俄羅斯相關的收入，這一增長率將高出約 1.5 個百分點。

Foreign exchange is expected to be a tailwind of 1 ppt for the year, and we expect a minimal impact from acquisitions. Our expectations for operating expense for the year are also 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, and foreign exchange is expected to be a headwind of approximately 0 to 1 ppt for the year. As Michael mentioned, we are prepared to proactively adjust our operating expenses if we see meaningful changes to top line growth.

外匯預計今年將帶來 1 個百分點的推動力，我們預計收購帶來的影響微乎其微。我們對今年運營費用的預期也保持不變，在不包括收購和特殊項目的貨幣中性基礎上，預計增長將達到高個位數增長率的高端。收購預計將為這一增長增加約 1 個百分點，而外匯預計將成為今年約 0 至 1 個百分點的阻力。正如邁克爾提到的，如果我們看到營收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 third quarter, year-over-year net revenue is expected to grow at a low double-digit rate, again, on a currency-neutral basis excluding acquisitions and special items. Coming off a strong Q2, this sequentially reflects a lower anticipated contribution to growth from revenues related to FX volatility.

就第三季度而言，在不包括收購和特殊項目的貨幣中性基礎上，預計淨收入同比將再次以兩位數的速度增長。由於第二季度表現強勁，這反映出與外匯波動相關的收入對增長的預期貢獻較低。

Foreign exchange is expected to be a tailwind of approximately 3 ppt, and acquisitions are not expected to have much of an impact for the quarter. From an operating expense standpoint, we expect Q3 growth to be at the high 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 approximately 0 to 1 ppt to this growth, and foreign exchange is expected to be a headwind of approximately 1 to 2 ppt.

外匯預計將帶來約 3 個百分點的推動力，預計收購不會對該季度產生太大影響。從運營費用的角度來看，我們預計在不包括收購和特殊項目的貨幣中性基礎上，第三季度的增長率將高於去年同期的高個位數增長率。收購預計將為這一增長帶來約 0 至 1 個百分點，而外匯預計將成為約 1 至 2 個百分點的阻力。

Other items to keep in mind. First, on the other income and expense line, we forecast an expense of approximately $90 million for Q3. 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% and 19% for Q3 and Q4 based on the current geographic mix of our business and the recent U.S. tax guidance that allows for more tax credits to be claimed related to 2022 and 2023.

其他需要記住的事項。首先，在其他收入和支出方面，我們預測第三季度的支出約為 9000 萬美元。這不包括我們的股權投資收益和損失，這些收益和損失不包括在我們的非公認會計準則指標中。其次，根據我們當前業務的地理組合以及最近允許在 2022 年和 2023 年申請更多稅收抵免的美國稅收指引，我們預計第三季度和第四季度的非公認會計準則稅率將在 18% 至 19% 之間。

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

然後，我會將電話轉回德文。

Thank you, Sachin. Audra, we are now ready to begin the question-and-answer session.

謝謝你，薩欽。奧德拉，我們現在準備開始問答環節。

(Operator Instructions) We'll take our first question from Tien-Tsin Huang at JPMorgan.

（操作員說明）我們將回答摩根大通的黃天欽 (Tien-Tsin Huang) 提出的第一個問題。

Just want to ask on the UniCredit win there. That was a nice one just outside of the top 10, it looks like, in Europe. So you mentioned a multi-market strategies what they're going after, and I heard sustainability also as a reason for the win. I'm just curious, thinking about this as a case study, is this a new trend? Why are they employing the strategy now in the wake of a lot of the macro uncertainty, open banking, and there was a lot of talk about pan-European schemes and whatnot. So I'm -- just wanted to study this a little bit and if there's any comments on timing pricing as well.

只是想問一下聯合信貸銀行在那裡獲勝的情況。看起來，在歐洲，這已經是一個不錯的成績了，只是在前十名之外。所以你提到了他們正在追求的多市場戰略，我聽說可持續發展也是獲勝的一個原因。我只是好奇，將此作為一個案例研究，這是一個新趨勢嗎？為什麼他們現在在宏觀不確定性、開放銀行業務以及泛歐計劃等問題被廣泛討論之後採用這一策略。所以我只是想稍微研究一下這個問題，以及是否還有關於時間定價的任何評論。

Right. Tien-Tsin, thanks for the question. So this is a fantastic win. We're excited about that. As I laid out, it's very unique. This is a pan-European bank, so cutting across 13 banks in 12 markets. It's a wide strategy. Therefore, it's single card, multi-market and it cuts across a lot of our digital capabilities. So I think the breadth of our offering on the digital-first side as well as our services are a key aspect of us winning this particular portfolio.

正確的。田進，謝謝你的提問。所以這是一場美妙的勝利。我們對此感到興奮。正如我所闡述的，它非常獨特。這是一家泛歐銀行，橫跨 12 個市場的 13 家銀行。這是一個廣泛的戰略。因此，它是單卡、多市場的，並且跨越了我們的許多數字功能。因此，我認為我們在數字優先方面提供的產品和服務的廣度是我們贏得這一特定產品組合的關鍵因素。

The sustainability part, we see this across a whole range of customers who are all looking at climate as the question of the century to solve, what can be done, the consumption question in the context of payments. There's so many angles to it. Our Priceless Planet Coalition on tree planting itself plays into that. So that is particularly important to UniCredit. So here again, we had a meeting of the minds.

在可持續發展方面，我們在所有客戶中都看到了這一點，他們都將氣候問題視為本世紀需要解決的問題，可以做什麼，支付背景下的消費問題。它有很多角度。我們的無價星球聯盟植樹本身就發揮了作用。因此，這對聯合信貸銀行尤為重要。所以在這裡，我們再次達成了共識。

In the end, it comes down to as part of the migration, and you alluded to this in your question, do we stand ready to serve their needs from day 1 as the migration starts. We have proven this with Deutsche Bank, we've proven it with NatWest and so forth. So this is something that is not new to us. So we're excited to see this unfold over the near future.

最後，這歸結為遷移的一部分，您在問題中提到了這一點，我們是否準備好從遷移開始的第一天起滿足他們的需求。我們已經向德意志銀行、國民西敏寺銀行等機構證明了這一點。所以這對我們來說並不新鮮。因此，我們很高興看到這在不久的將來展開。

We'll go next to Harshita Rawat at Bernstein.

我們將前往伯恩斯坦的 Harshita Rawat 旁邊。

Michael, I want to ask about FedNow, which is now finally launched. I know you've commented on this before, and it's very early days and far from any sort of ubiquity or potential retail payment use cases. But you've had also a lot of experience working alongside real-time payments rails owning some TAM. So how are you thinking about FedNow and the risk (inaudible) involved.

Michael，我想問一下 FedNow，現在終於推出了。我知道您之前對此發表過評論，而且現在還處於早期階段，距離任何形式的普遍存在或潛在的零售支付用例還很遠。但您在擁有一些 TAM 的實時支付軌道方面也擁有豐富的經驗。那麼您如何看待 FedNow 以及所涉及的風險（聽不清）。

Thanks, Harshita. Yes, we're all monitoring what FedNow is doing. They are now going live. So this is clearly a milestone, a good opportunity to look at this topic again. Yes, our view on this really hasn't changed. So in the end, it comes down to what problem you are trying to solve.

謝謝，哈西塔。是的，我們都在監控 FedNow 的一舉一動。他們現在正在上線。所以這顯然是一個里程碑，是再次審視這個話題的好機會。是的，我們對此的看法確實沒有改變。所以最終，這取決於你想要解決什麼問題。

What are merchants looking for? Merchants are looking for reach to consumers. So scale matters. What are consumers looking for? Consumers are looking for safe ways to pay in a predictable fashion, ubiquity available. So those are all factors that haven't changed with this launch.

商家在尋找什麼？商家正在尋找接觸消費者的渠道。所以規模很重要。消費者在尋找什麼？消費者正在尋找一種可預測、無處不在的安全支付方式。所以這些都是這次發布後沒有改變的因素。

We built that acceptance. We have a brand, the 2 interlocking circles that represent trust so that addresses a lot of what merchants and consumers are looking for. And we strengthened the position -- the proposition over years, contactless, Tap on Phone, buy now, pay later, Mastercard Installments, Click to Pay and so forth. So that's good.

我們建立了這種接受度。我們有一個品牌，兩個代表信任的環環相扣的圓圈，可以滿足商家和消費者的很多需求。我們鞏固了這一地位——多年來的主張，非接觸式、電話點擊、立即購買、稍後付款、萬事達卡分期付款、點擊支付等等。所以這樣很好。

The Mastercard debit proposition is strong, and we keep evolving that. So it's well understood now. FedNow is launching. So as we look at that, we will obviously continue to compete and offer our services to our banking and issuing partners.

萬事達卡借記卡的主張很強大，並且我們不斷發展這一點。所以現在很好理解了。 FedNow 即將啟動。因此，當我們考慮這一點時，我們顯然將繼續競爭並向我們的銀行和發行合作夥伴提供我們的服務。

At the same time, in our experience, to your question, we have stayed close to these systems in various other countries in the end, ending up partnering with most of them. So here, we'll have to see where it goes live. Going live doesn't mean that it is broadly available yet. It is early days, as you said.

與此同時，根據我們的經驗，對於你的問題，我們最終與其他國家的這些系統保持了密切的聯繫，最終與其中大多數進行了合作。所以在這裡，我們必須看看它在哪裡上線。上線並不意味著它已經廣泛可用。正如你所說，現在還為時尚早。

It doesn't have features. It doesn't have a consumer platform as such. You can't access it through your mobile banking app. All of that is what our solution today provides. So we have to see where it goes. Head-on competition by the mindset of partnership where and when it makes sense for us and where this goes.

它沒有特點。它沒有這樣的消費者平台。您無法通過手機銀行應用程序訪問它。所有這些都是我們今天的解決方案所提供的。所以我們必須看看它會走向何方。在對我們有意義的時間和地點，以夥伴關係的心態進行正面競爭。

It is important to say that we do have solutions for these systems. If you look at the Chase Pay by Bank solution that we put into the market, so that's exactly leveraging these kind of flows that would run across these systems, generally B2B-focused. Some noncard penetration verticals run across these particular systems. So we see that as an opportunity. And Chase Pay by Bank app will be one of those ways to going after that. We've done similar kind of solutions in the U.K., in Europe and so forth. So more to come. We'll stay very close. At this point in time, I think we have a better solution in the market.

重要的是，我們確實有針對這些系統的解決方案。如果你看看我們投入市場的 Chase Pay by Bank 解決方案，就會發現它正是利用了跨這些系統運行的此類流程，通常以 B2B 為重點。一些非卡滲透垂直領域貫穿這些特定係統。所以我們認為這是一個機會。 Chase Pay by Bank 應用程序將是實現這一目標的方式之一。我們在英國、歐洲等地也採取了類似的解決方案。未來還會有更多。我們會保持非常親密的關係。目前，我認為我們在市場上有更好的解決方案。

We'll go next to Sanjay Sakhrani at KBW.

接下來我們將前往 KBW 的 Sanjay Sakhrani。

I had a question on the Fed routing rules on debit. I guess the card-not-present transactions went through in July. I'm just curious sort of how you see the opportunity there. It would seem like you're in a good position to take some share.

我對美聯儲借方路由規則有疑問。我猜無卡交易是在七月完成的。我只是好奇你如何看待那裡的機會。看來您處於有利位置，可以分享一些份額。

Right. So the clarification came to networks available as of 1st of July. So we put that in place and we said we would, and we're ready to do that. It's still early days. We have to see where that goes. But as you rightly said, Sanjay, we stand ready to compete. And that is certainly we will look for the opportunity, and I'm sure we will find it.

正確的。因此，截至 7 月 1 日可用的網絡已得到澄清。所以我們把它落實到位，我們說過我們會這樣做，我們已經準備好這樣做。現在還為時尚早。我們必須看看它會走向何方。但正如你所說，桑傑，我們已經做好了競爭的準備。我們肯定會尋找機會，我相信我們會找到它。

Next, we'll go to Lisa Ellis at MoffettNathason.

接下來，我們將採訪 MoffettNathason 的 Lisa Ellis。

Michael, in the prepared remarks, you highlighted that with Mastercard's real-time ACH strategy, you're sort of in the phase of transitioning from building out infrastructure to focusing more on building applications and services. Just kind of taking a step back, it's always been a big differentiator for Mastercard that you own infrastructure in fast ACH with Vocalink and Nets' Corporate Services. Can you just kind of comment a bit on the movie over the last 6 or 7 years? Like how has that helped differentiate Mastercard in the -- in terms of being able to capture account-to-account network payments, new flows, et cetera?

Michael，在準備好的發言中，您強調指出，通過萬事達卡的實時 ACH 策略，您正處於從構建基礎設施過渡到更多地關注構建應用程序和服務的階段。退一步來說，對於萬事達卡來說，擁有快速 ACH 基礎設施以及 Vocalink 和 Nets 企業服務始終是其一大特色。您能簡單評價一下這部電影在過去六七年的經歷嗎？比如，這如何幫助萬事達卡在捕獲賬戶到賬戶網絡支付、新流量等方面脫穎而出？

Thanks, Lisa. So real-time payments -- when the rise of real-time payments started 2016, '17 and so forth and we invested into Vocalink, it was clear at the time that we wanted to be in the infrastructure application services. That was a bit of the logic.

謝謝，麗莎。因此，實時支付——當實時支付在 2016 年、17 年等開始興起時，我們投資了 Vocalink，當時很明顯我們希望進入基礎設施應用服務領域。這是一個邏輯。

At the time, we needed the street cred and we needed the talent so we can participate in this trend from day 1. That was the first season of the movie, so to say, to stick with your analogy.

當時，我們需要街頭信譽，我們需要人才，這樣我們就能從第一天起就參與到這一趨勢中。可以說，那是電影的第一季，堅持你的類比。

Where we are today, we've built out an enviable and unique position in real-time payments, having a footprint in 13 of the top 50 GDP countries where we run and partially operate real-time payment infrastructure. Our strategy was we will be in the markets that matter and we don't win to be in the markets that don't matter. So we feel we've reached that point. And now it's really to drive up scale and use that infrastructure position. The business in itself of running these systems in these markets is attractive enough. As we pointed out, we're going to focus on building out a set of applications and services on top of that.

今天，我們在實時支付領域建立了令人羨慕的獨特地位，在 GDP 排名前 50 的國家中的 13 個國家中都有業務，我們在這些國家運營或部分運營實時支付基礎設施。我們的策略是我們將進入重要的市場，而我們不會贏得無關緊要的市場。所以我們覺得我們已經達到了這一點。現在真正的目標是擴大規模並利用基礎設施的地位。在這些市場上運行這些系統的業務本身就足夠有吸引力。正如我們所指出的，我們將專注於在此基礎上構建一組應用程序和服務。

If you recall from the prepared remarks where I talked about the scam -- the anti-scam solution in the U.K. with these non-U.K. banks, it's a fantastic example of how our expertise in these markets has positioned us to rally 9 banks around the table to come up with a market-wide solution.

如果你還記得我在準備好的發言中談到了這一騙局——英國針對這些非英國人的反詐騙解決方案。銀行，這是一個很好的例子，說明我們在這些市場的專業知識如何使我們能夠召集 9 家銀行共同製定市場範圍的解決方案。

Now not everything that we will do will be market-wide solutions. There will be individual customer solutions, but we feel we have muscle in this space. It's not going to go away. All these government payment systems out there, more and more real-time payment solutions will come up, and I think we will be in demand. And because we've done it for a long time, we'll have a seat at the table.

現在，我們所做的並不是所有事情都是市場範圍內的解決方案。將會有單獨的客戶解決方案，但我們認為我們在這個領域有實力。它不會消失。所有這些政府支付系統都會出現，越來越多的實時支付解決方案將會出現，我認為我們將會受到需求。因為我們已經這樣做了很長時間，所以我們將在談判桌上佔有一席之地。

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

我們將接任沃爾夫研究中心的達林·佩勒 (Darrin Peller)。

Could we touch on value-added services for a moment? I mean it's been a good tailwind for some time. I think it grew just about 1 point below transactions this time around. And you mentioned strength in cyber and some other categories, offset by -- that were offsetting others. So I'd be curious to get a little more detail as to what were the strengths and weaknesses of value-added services now, including the other. And then more importantly, just how much room do you think you have across those different categories to keep that growth alive and cross-sell well into your meaningful payments business?

我們能談談增值服務嗎？我的意思是，一段時間以來，這一直是一個很好的順風。我認為這一次的增長僅比交易量低約 1 個點。你提到了網絡和其他一些類別的實力，被其他類別所抵消。因此，我很想更詳細地了解現在增值服務（包括其他服務）的優點和缺點是什麼。更重要的是，您認為在這些不同類別中還有多少空間來保持增長活力並在有意義的支付業務中進行良好的交叉銷售？

Right. So let me start, and then Sachin can add a bit around the various dynamics around growth rates and so forth. So as I said in prepared remarks, payments and services complement each other. The strategy is the combination of both and we extend that into new networks. So that's the starting point. We remain convinced that, that is a key reason that all those wins I just talked about earlier are happening, so central to our strategy.

正確的。讓我開始吧，然後薩欽可以就增長率等各種動態添加一些內容。正如我在準備好的發言中所說，支付和服務是相輔相成的。該策略是兩者的結合，我們將其擴展到新的網絡中。這就是起點。我們仍然相信，這是我剛才談到的所有這些勝利正在發生的關鍵原因，對我們的戰略至關重要。

Our services in aggregate continue to grow faster than the core. So we continue to diversify our revenue base. We like that. We want to continue to do that. There's a whole range of services to choose from. We could do lots of things. We have pruned our strategy when it comes to processing because we didn't feel that was such a differentiator. But we felt that cybersecurity in a world that is rapidly digitizing is just going to drive the biggest demand, and we're seeing that coming through in the numbers when I look into our C&I business, which grow at a very healthy clip.

我們的服務總體增長速度繼續快於核心服務。因此，我們繼續實現收入基礎多元化。我們喜歡這樣。我們想繼續這樣做。有一系列的服務可供選擇。我們可以做很多事情。在處理方面，我們調整了我們的策略，因為我們認為這不是一個差異化因素。但我們認為，在快速數字化的世界中，網絡安全將推動最大的需求，當我研究我們的工商業業務時，我們看到數字中體現了這一點，該業務正在以非常健康的速度增長。

If you think about our D&S and data analytics business, here, we keep on building out the value chain. It's a vertically integrated value chain we have -- where we have Test & Learn, we have loyalty and you go all the way into personalization that is before, after, during the transaction, helping our customers run a better business.

如果您考慮一下我們的 D&S 和數據分析業務，我們會繼續構建價值鏈。這是我們擁有的垂直整合的價值鏈——我們有測試和學習，我們有忠誠度，您可以在交易之前、之後和期間進行個性化，幫助我們的客戶經營更好的業務。

I don't see an end to the demand. In fact, that is key to our segment diversification strategy. So running at a healthy clip. I don't see any moderation here. This is -- will continue to grow. And you should see us continue to build out across the key aspects of services in cybersecurity and data analytics insight. So we love this business, and we'll continue to nourish it.

我認為這種需求沒有盡頭。事實上，這是我們細分市場多元化戰略的關鍵。所以以健康的速度跑步。我在這裡沒有看到任何節制。這是——將繼續增長。您應該看到我們繼續構建網絡安全和數據分析洞察服務的關鍵方面。所以我們熱愛這個行業，並將繼續培育它。

Darrin, it's Sachin. A couple of additional thoughts. So Michael kind of covered off the strength we continue to see in our value-added services and solutions. And that's indeed the case. But you got to remember that growth rates move around quarter-to-quarter on this area. And so we should all focus on the longer-term trends out here.

達林，我是薩欽。還有一些額外的想法。因此，邁克爾掩蓋了我們在增值服務和解決方案中繼續看到的優勢。事實確實如此。但您必須記住，該領域的增長率會按季度變化。因此，我們都應該關注這裡的長期趨勢。

As it relates specifically to Q2, when you look at growth rates for value-added services and solutions in Q2 of 16%, I assume you're looking at the sequential trend out there. One point to keep in mind is that there was a 1 ppt drop in Q2 on account of acquisitions. So Q1 had the impact of acquisitions. Q2 doesn't have it because it kind of lapped that acquisition period. So that's one piece.

由於它與第二季度特別相關，當您查看第二季度增值服務和解決方案 16% 的增長率時，我假設您正在查看那裡的連續趨勢。需要記住的一點是，由於收購，第二季度下降了 1 個百分點。所以第一季度受到了收購的影響。第二季度沒有它，因為它有點過了那個收購期。所以這是一件。

And then specifically in my comments, I talked about that the strength in Cyber & Intelligence as well as in some of our Data & Services capabilities was offset by other solutions. And it's really all about what the growth rate trends are for Cyber & Intelligence and Data & Services relative to growth rates and things like real-time ACH, especially on the infrastructure level. So when we talk about other solutions, think about it in the context of things like real-time ACH, which tend to grow at a lower pace there.

然後，特別是在我的評論中，我談到網絡和情報以及我們的一些數據和服務能力的優勢被其他解決方案所抵消。這實際上是關於網絡與情報、數據與服務相對於增長率以及實時 ACH 等事物的增長率趨勢，尤其是在基礎設施層面。因此，當我們談論其他解決方案時，請在實時 ACH 之類的背景下考慮它，這些解決方案往往以較低的速度增長。

So historically, what we had spoken about was just services. Now we are talking about value-added services and solutions. When we think about services in the historical context, in Q2, that services growth rate was more like 18%. So just for a reference point beyond that.

所以從歷史上看，我們談論的只是服務。現在我們談論的是增值服務和解決方案。當我們在歷史背景下考慮服務時，第二季度的服務增長率更像是 18%。所以僅供參考。

We'll move next to Timothy Chiodo at Credit Suisse.

我們將搬到瑞士信貸銀行的蒂莫西·奇奧多 (Timothy Chiodo) 旁邊。

I want to dig in a little bit on another business that is important to your -- both your volume and your revenue growth algorithm over the medium term, which will be Mastercard Send. You touched a little bit on some of the cross-border use cases. I believe many of the initial use cases were much more domestic, but it's evolving over time. Maybe you could just dig in a little bit more to some of the cross-border use cases that are really gaining traction.

我想深入探討另一項對您來說很重要的業務——中期的業務量和收入增長算法，這將是萬事達卡發送。您觸及了一些跨境用例。我相信許多最初的用例更多的是國內的，但它隨著時間的推移而不斷發展。也許您可以進一步深入研究一些真正受到關注的跨境用例。

Right. So Timothy, let me start off with that. So our Send business domestic and cross-border together, that's how we look at it. There's a big chunk in there, which is cross-border disbursement remittances, as you rightly said. The way that we go after that is by adding new geographies. I gave you 3 markets that we've added this year, Chile Bahrain and Slovakia. So there is tremendous reach -- unparalleled reach in what we have in our cross-border proposition, 100 countries around the world.

正確的。蒂莫西，讓我從這個開始。所以我們把國內和跨境的發送業務放在一起，這就是我們的看法。正如你所說，其中很大一部分是跨境支付匯款。我們追求的方法是添加新的地理位置。我給大家介紹了今年新增的 3 個市場：智利、巴林和斯洛伐克。因此，我們的跨境主張具有巨大的影響力——無與倫比的影響力，覆蓋全球 100 個國家。

Then there's new ways to go after it, and that is the use cases. So earlier when I was talking about gaming payout, some of that is domestic, some of that is international. The whole workers' remittances piece, Al Fardan in Qatar, those are important corridors. We very specifically go after these corridors, Middle East into South Asia and so forth. So it's pretty methodological.

然後就有了新的方法來追求它，這就是用例。所以早些時候，當我談論遊戲支出時，其中一些是國內的，一些是國際的。整個工人的匯款，卡塔爾的阿爾法丹，這些都是重要的走廊。我們非常具體地關注這些走廊，從中東到南亞等等。所以這是非常有方法論的。

But there's another way that -- which I haven't talked about on how to accelerate this business, and this is how we make it easier for customers to onboard with us. So cross-border service express, which is kind of prepackaged solution around cross-border payments is another way for us to accelerate this business. So new geographies, new use cases, corridor-specific, great methodology. I think we have the right kind of assets here across our HomeSend integration, across our Transfast acquisition, the Mastercard proprietary system and our card reach.

但還有另一種方式——我還沒有談到如何加速這項業務，這就是我們如何讓客戶更容易加入我們。因此，跨境服務快遞，一種圍繞跨境支付的預先打包的解決方案，是我們加速這項業務的另一種方式。新的地域、新的用例、特定走廊、偉大的方法論。我認為我們在 HomeSend 集成、Transfast 收購、萬事達卡專有系統和我們的卡覆蓋範圍方面擁有正確的資產。

So all in, this is growing at a very healthy pace, and we like that business a lot. We are experts in cross-border, as you know, on the card side, and we're building that out here -- over here in cross-remittances and disbursements.

總而言之，它正在以非常健康的速度增長，我們非常喜歡這項業務。如您所知，我們是卡方面的跨境專家，我們正在這裡建立交叉匯款和支付方面的專家。

We'll go to our next question from Rayna Kumar at UBS.

我們將討論瑞銀 (UBS) 的 Rayna Kumar 提出的下一個問題。

Both of you in the past have discussed how B2B remains a large opportunity for Mastercard. Can you talk about what trends you're seeing in B2B payments in this macro environment, how you're progressing against capturing the TAM and if you're seeing any slowdown in corporate spending as companies potentially tighten their budgets?

你們兩位過去都討論過 B2B 如何仍然是萬事達卡的一大機遇。您能否談談您在當前宏觀環境中看到的 B2B 支付趨勢、您在獲取 TAM 方面的進展情況以及您是否發現由於公司可能收緊預算而導致企業支出放緩？

Thank you, Rayna. I'm noticing a lot of questions coming from me means that there isn't a lot of questions in the numbers, which is fantastic. And I love to talk about B2B. Let me take the lens, Rayna, that's a little bit broader here on commercial overall.

謝謝你，雷娜。我注意到我提出了很多問題，這意味著數字中沒有很多問題，這太棒了。我喜歡談論 B2B。讓我來談談，Rayna，這裡的商業整體範圍更廣一些。

So I feel like I'm repeating myself here, but we're choosing priorities because they are growing at a healthy clip, so is the story for commercial growing at a healthy clip. So this is -- we're seeing a quarter-over-quarter, year on -- quarter 2 year-over-year growth above the consumer side. There's particular strength in our international markets business. And we've sustained elevated levels of growth when we compare this back to 2019, all the noise of COVID out of it.

所以我覺得我在這裡重複了一遍，但我們選擇優先事項是因為它們正在以健康的速度增長，商業以健康的速度增長也是如此。因此，我們看到第二季度的同比增長高於消費者方面。我們的國際市場業務尤其具有優勢。當我們與 2019 年進行比較時，我們已經保持了較高的增長水平，所有的新冠肺炎噪音都消失了。

We have 2 main focuses in this area. One is commercial point of sale, and the other one is our B2B accounts payable business. Commercial point of sale, now this is a tremendous total market opportunity, massive TAM out there, and it's likely penetrated by cards today. The way we look at this is, this isn't really about building new systems. This is about penetrating with the tools that we have today, targeting SMEs and corporate T&E, purchasing fleet, all of that with our existing capabilities that we have plus our complementary solutions like smart data and easy savings and so forth.

我們在這個領域有兩個主要關注點。一是商業銷售點，二是我們的B2B應付賬款業務。商業銷售點，現在這是一個巨大的總體市場機會，存在大量的 TAM，並且今天很可能被卡滲透。我們看待這個問題的方式是，這並不是真正的構建新系統。這是關於利用我們今天擁有的工具進行滲透，針對中小企業和企業差旅、採購車隊，所有這些都利用我們現有的能力以及我們的補充解決方案，例如智能數據和輕鬆儲蓄等。

So a lot of cash and checks out there, a lot of opportunity with cards that we have today. So we leverage that. We built out a separate vertical in the company. We're focusing hard, and we're seeing the growth rewarding us for that.

因此，那裡有大量現金和支票，我們今天有很多使用信用卡的機會。所以我們利用這一點。我們在公司建立了一個獨立的垂直領域。我們正在努力專注，我們看到增長為我們帶來了回報。

On the B2B side, this is accounts payable, trusted relationships, this is invoice payments and so forth. This is an even larger TAM with a lot of clear pain points. Companies are looking to automate these processes, digitize these processes, get rid of the paper. And virtual cards is a solution that works tremendously well. We -- as I called it earlier, we are the leaders in virtual cards.

在 B2B 方面，這是應付賬款、可信關係、發票付款等等。這是一個更大的 TAM，有很多明顯的痛點。公司正在尋求自動化這些流程，數字化這些流程，擺脫紙張。虛擬卡是一種非常有效的解決方案。正如我之前所說，我們是虛擬卡領域的領導者。

But the solution isn't perfect. So we invest a lot of energy through our product teams to make it better and better. What I was saying earlier on Receivables Manager, this is a way to automate the acceptance of virtual card payments, build it into the accounts receivable system, automate it to get the benefits of virtual cards without some of the manual processes that we have to go through over the past year.

但解決方案並不完美。所以我們通過我們的產品團隊投入了大量的精力來讓它變得越來越好。我之前在應收賬款管理器上說過，這是一種自動接受虛擬卡付款的方法，將其構建到應收賬款系統中，使其自動化以獲得虛擬卡的好處，而無需我們必須執行的一些手動流程通過過去的一年。

So this is a real breakthrough. This business is going to be hugely important for us going forward. We called it out in November 2021 at our Strategy Day. It's one of our biggest growth opportunities. We feel we're ahead in the market, and we're seeing the healthy growth. And that will be remaining a focus for us.

所以這是一個真正的突破。這項業務對我們未來的發展非常重要。我們在 2021 年 11 月的戰略日上提出了這一點。這是我們最大的增長機會之一。我們覺得我們在市場上處於領先地位，並且我們看到了健康的增長。這將仍然是我們關注的焦點。

We'll go next to Ashwin Shirvaikar at Citi.

我們將前往花旗銀行的 Ashwin Shirvaikar。

Good quarter guys. Michael, since you said Sachin's not getting enough questions, maybe I'll ask a numbers question.

好季度伙計們。邁克爾，既然你說薩欽沒有得到足夠的問題，也許我會問一個數字問題。

Yes, please.

是的，請。

So I wanted to figure out sort of the cadence of operating expense. 3Q versus 4Q, it sort of looks like -- it looks like you're kind of exiting the year a little bit higher than the 3Q levels in terms of growth. So what's causing that as well as -- I know your cadence of spending tends to be longer term in nature, but are there product or service call-outs in terms of the types of investments that you're making that's most pertinent now?

所以我想弄清楚運營費用的節奏。第三季度與第四季度相比，看起來有點像——就增長而言，今年結束時的增長水平略高於第三季度的水平。那麼是什麼原因導致了這種情況——我知道您的支出節奏本質上往往是長期的，但是就您現在最相關的投資類型而言，是否有產品或服務的要求？

So look, what we shared with you is our thoughts around what we think operating expenses look like in the third quarter. And I've given you what the full year numbers -- or what our expectations for the full year numbers are. So I think you can kind of back into what our operating expense growth rate is going to be or is expected to be in the fourth quarter.

所以看，我們與您分享的是我們對第三季度運營費用的看法。我已經向您提供了全年數字，或者我們對全年數字的預期。因此，我認為您可以回顧一下我們第四季度的運營費用增長率將是多少或預計是多少。

There's nothing unusual going on from an OpEx standpoint in Q4. Honestly, I would tell you, if you look at it on a year-over-year basis growth rates, when you back into those numbers, you'll see there's nothing really unusual going on there.

從運營支出的角度來看，第四季度沒有什麼異常情況。老實說，我會告訴你，如果你看看逐年增長率，當你回到這些數字時，你會發現那裡沒有什麼真正不尋常的事情發生。

Broadly speaking, on OpEx, here's what I would say. We continue to remain focused on driving our operating expenses in what matters. It's the strategic priorities. It's making sure we're channeling our capital in the appropriate manner to drive growth both in the short, medium and long term. And that's what we'll continue to do.

從廣義上講，關於運營支出，我想說的是。我們繼續專注於在重要的事情上推動我們的運營支出。這是戰略重點。它確保我們以適當的方式引導我們的資本，以推動短期、中期和長期的增長。這就是我們將繼續做的事情。

As you know, we are a people business, to a large extent, because a lot of what we do from a tech development standpoint is around people. A lot of what we do from a sales standpoint is around people. So that's what we invest in. So when you see growth rates in terms of operating expenses, I tend to call out personnel as one of the line items essentially for that reason alone, which is the growth comes from people and people are the ones who actually bring the assets that are there for -- which allow us to deliver that revenue. But really nothing unusual going on from an OpEx standpoint as we exit the year.

如您所知，在很大程度上，我們是一家以人為本的企業，因為從技術開發的角度來看，我們所做的很多工作都是圍繞著人的。從銷售的角度來看，我們所做的很多事情都是圍繞著人。這就是我們投資的內容。因此，當您看到運營費用方面的增長率時，我傾向於將人員列為其中一項，本質上僅出於這個原因，即增長來自於人，而人是創造價值的人。實際上帶來了現有的資產——這使我們能夠實現收入。但從運營支出的角度來看，今年結束時確實沒有什麼不尋常的事情發生。

Yes. So we keep top and bottom line growth in mind. But there is a tremendous opportunity ahead of us right now. So we are using this tailwind that we're currently seeing to continue to invest. You see the list of wins, the growth momentum in B2B, the growth momentum in services. So this is the time to continue to nourish that business and invest, and you will see us do that in a very prudent and disciplined fashion.

是的。因此，我們牢記營收和利潤的增長。但現在我們面前有一個巨大的機會。因此，我們正在利用目前看到的這一順風車繼續投資。你可以看到勝利清單、B2B 的增長勢頭、服務的增長勢頭。因此，現在是繼續培育業務和投資的時候了，你會看到我們以非常謹慎和自律的方式做到這一點。

We'll go next to Dan Dolev at Mizuho.

我們將前往瑞穗的丹·多列夫 (Dan Dolev)。

Just a quick question on the guidance. Like obviously, results were very strong. You exceeded your second quarter guidance on revenue. Like what was the thought process of not boosting the guidance for the year?

只是關於指導的一個簡單問題。顯然，結果非常強勁。您超出了第二季度的收入指導。比如不提高今年指導的思考過程是怎樣的？

So Dan, a couple of thoughts here. One, again, remember, we shared guidance in terms of ranges, and that's what we've shared out here as well, right? And when you think about ranges, it -- that's what they are in essence.

丹，這裡有一些想法。再次記住，我們分享了範圍方面的指導，這也是我們在這里分享的，對嗎？當你考慮範圍時，它本質上就是它們。

Point number two is some of the beat, which we had in Q2, as I mentioned in my prepared remarks, was driven by what we call timing of deal activity. We still expect to be active in the markets. We still expect to vigorously compete in these markets. And so I kind of intentionally mentioned that as timing only because we do expect that as the year progresses, we will continue to be active in the market. So I think you should take that into consideration as well.

第二點是我們在第二季度的一些節奏，正如我在準備好的發言中提到的那樣，是由我們所說的交易活動時機驅動的。我們仍然期望在市場上保持活躍。我們仍然期望在這些市場上積極競爭。所以我故意提到這一點只是因為我們確實預計隨著時間的推移，我們將繼續活躍在市場上。所以我認為你也應該考慮到這一點。

And then my only other comment I'd make is, in Q1, we had modestly increased our thoughts relative to what we had shared right at the start of the year. So when you bring all of that together, right, that's kind of our thinking behind what we shared from a full year guidance standpoint.

然後我唯一要發表的評論是，在第一季度，相對於我們在年初分享的內容，我們適度增加了我們的想法。因此，當你將所有這些放在一起時，對吧，這就是我們從全年指導角度分享的內容背後的想法。

We'll go next to Bob Napoli at William Blair.

我們將前往威廉·布萊爾的鮑勃·納波利旁邊。

On open banking, Mastercard has been pretty aggressive in investing in open banking. But I just like some additional thoughts on maybe on how that's progressing and then how open banking maybe fits into other strategies like embedded finance and Banking as a Service.

在開放銀行業務方面，萬事達卡在開放銀行業務方面的投資相當積極。但我只是喜歡一些額外的想法，也許是關於它的​​進展情況，以及開放式銀行業務如何融入嵌入式金融和銀行即服務等其他戰略。

All right. So open banking, as you know, we specifically called that out as 1 of 2 opportunities in new networks. The trend is here to stay. That's pretty clear. This whole notion of people got to use their data footprint to avail better financial services. There's a lot more regulation coming around that. PSD3 in Europe is coming out. So this train is -- has left the station. That's good. We're on it.

好的。因此，正如您所知，開放銀行業務是新網絡中的兩個機會之一。這一趨勢將持續下去。這很清楚。人們必須利用他們的數據足跡來獲得更好的金融服務。圍繞這個問題還有更多的監管。歐洲的 PSD3 即將推出。所以這列火車——已經離開車站了。那挺好的。我們正在努力。

The way we look at it is we have to move beyond connectivity. We had a good start. We are well connected here in the U.S. through our Finicity asset and in Europe through our Aiia assets. And we're very busy now building use cases on top of that, and this is where we think the future is going.

我們看待這個問題的方式是我們必須超越連通性。我們有一個良好的開端。我們通過 Finicity 資產在美國建立了良好的聯繫，通過 Aiia 資產在歐洲建立了良好的聯繫。我們現在非常忙於在此基礎上構建用例，這就是我們認為未來的發展方向。

Initial demand of Finicity was very clearly in lending-oriented use cases and asset verification use cases. That feels that is where the demand is today. To Sachin's earlier point, where do we invest, we invest where we see the demand in the near-term event. So that is where we're optimizing.

Finicity 最初的需求在面向借貸的用例和資產驗證用例中非常明確。這感覺就是今天的需求所在。對於薩欽之前的觀點，我們在哪裡投資，我們就在我們看到近期事件需求的地方進行投資。這就是我們正在優化的地方。

But you're already starting to see as we're going beyond these lending use cases with our solutions like our Chase Pay by Bank solution here in the U.S. This is using a payment success indicator, which is using open banking data to tell a biller this is a good time when there is balance on an account, please now bill. That is what the payment success indicator does. That is powered by Mastercard's open banking technology.

但您已經開始看到，我們的解決方案（例如美國的 Chase Pay by Bank 解決方案）正在超越這些貸款用例。這是使用付款成功指示器，該指示器使用開放的銀行數據來告訴記賬人這是賬戶有餘額的好時機，請立即開具賬單。這就是支付成功指示器的作用。這是由萬事達卡的開放式銀行技術提供支持。

So near-term use case is clear. That's working. Connectivity, we're well positioned with our 2 assets, and we're very busy building out use cases. And obviously, we're excited to see Pay by Bank with Chase launch in the third quarter as we said to you.

因此，近期用例是明確的。這正在發揮作用。連接性，我們在這兩項資產上處於有利位置，並且我們正忙於構建用例。顯然，正如我們向您所說的那樣，我們很高興看到大通銀行在第三季度推出“Pay by Bank”。

We'll take our next question from David Togut with Evercore ISI.

我們將接受 Evercore ISI 的 David Togut 提出的下一個問題。

Cross-border volume growth remains very strong, but on Slide 9, clearly, there's a deceleration from April growth through June, especially in cross-border travel. So my question is for the second half, what growth rate in cross-border volume is embedded in your guidance?

跨境交易量增長仍然非常強勁，但從幻燈片 9 可以看出，從 4 月到 6 月，增長明顯放緩，尤其是跨境旅行。所以我的問題是，對於下半年，你們的指導中包含的跨境交易量增長率是多少？

And then if you could go a little bit under the hood, what do you see in cross-border travel volumes? Maybe a little more texture on what you're seeing by country in Europe. You gave kind of overall data and some thoughts on China.

如果您能深入了解一下，您在跨境旅行量中看到了什麼？也許對你所看到的歐洲國家的情況有更多的了解。您提供了一些總體數據以及對中國的一些想法。

Sure, David. So a couple of thoughts first. Let's start at the highest level, which is the value prop of cross-border travel still remains incredibly strong. So we've got a strong value prop. We have a strong presence in the market.

當然，大衛。首先有幾個想法。讓我們從最高層面開始，跨境旅行的價值支撐仍然非常強勁。所以我們有一個強大的價值支柱。我們在市場上擁有強大的影響力。

As you'll remember, as we were going through COVID, when everybody had stopped traveling, we used that as an opportunity to continue to bolster our position in cross-border. And that's paying dividends right now. The fact that we were building portfolios and winning portfolios at that point in time is helping us actually drive strong growth in cross-border, broadly speaking, but also in travel.

您可能還記得，當我們經歷新冠疫情時，每個人都停止旅行，我們以此為契機，繼續鞏固我們在跨境領域的地位。現在這正在帶來紅利。事實上，我們當時正在建立投資組合併贏得投資組合，這一事實正在幫助我們真正推動跨境業務的強勁增長，廣泛地說，而且在旅遊業也是如此。

Now specifically to your question around trends, I think you're looking at year-over-year growth rates when you are looking at what the cross-border travel trajectory is month-over-month, the declines you were talking about. I'd encourage you to look at the right-hand side of Slide 9, which talks about the numbers indexed to 2019. And there, you could see actually there's an accelerating trend in cross-border travel.

現在具體針對您關於趨勢的問題，我認為當您查看逐月跨境旅行軌跡時，您會看到同比增長率，即您所說的下降。我鼓勵您查看幻燈片 9 的右側，其中討論了 2019 年索引的數字。在那裡，您實際上可以看到跨境旅行的加速趨勢。

So said differently, you can see that in Q1, our cross-border travel as a percentage of 2019 was 148%. In Q2, that was 154%. In the first 3 weeks of July, that's 157%. The reason that's important is because the year-over-year growth rates are getting impacted by tougher comps from last year. And I think that's important to actually keep in mind.

所以換句話來說，你可以看到，在第一季度，我們的跨境旅行佔 2019 年的百分比是 148%。第二季度，這一比例為 154%。 7 月的前 3 週，這一比例為 157%。這很重要的原因是，同比增長率受到去年更嚴格的比較的影響。我認為牢記這一點很重要。

In terms of regional color, I would say that regions are performing well. Look, I mean the beauty of what we've got at Mastercard is a diversified business model. It's diversified across multiple dimensions, across payments and services, across products, across channels of sale, across regions. And the fact that we've got this presence -- strong presence across various regions helps us in the cross-border side as well.

就區域色彩而言，我認為各區域表現良好。聽著，我的意思是，萬事達卡的優勢在於多元化的商業模式。它在多個維度、跨支付和服務、跨產品、跨銷售渠道、跨地區實現多元化。事實上，我們在各個地區的強大影響力也有助於我們在跨境方面的發展。

And really, what we're seeing is good, sustained growth in cross-border, both on travel as well as nontravel, across the globe. We're seeing accelerating trends in Asia Pacific, which we had very much expected and spoken about. That's what you're seeing coming through in the nature of the numbers here.

事實上，我們看到的是全球跨境旅遊和非旅遊領域的良好持續增長。我們看到亞太地區的趨勢正在加速，這是我們非常期待和談論的。這就是您從這裡的數字本質中看到的情況。

We still think there are pockets of opportunity on a going-forward basis, in particular going into China and coming out of China. Just as a reference point, Michael talked about how cross-border travel inbound into China stood at approximately 50% of 2019 levels in Q2. That just goes to show what the opportunity remaining there is.

我們仍然認為未來存在一些機會，特別是進入中國和走出中國。作為參考，Michael 談到第二季度中國入境跨境旅遊數量約為 2019 年水平的 50%。這只是表明還存在哪些機會。

Conversely, cross-border travel outbound from China was approximately 70% in Q2. And so that -- both those numbers will give you an indication of where the opportunities lie on a going-forward basis. And as we continue to do what we're doing in terms of winning more portfolios, enriching our proposition, luring services such as our loyalty programs, that just helps us position us well on a going-forward basis. So that's the kind of color I'd like to share with you on this. Broadly speaking, I think we're in a very good place as it relates to cross-border.

相反，第二季度來自中國的跨境旅遊佔比約為 70%。因此，這兩個數字都會告訴你未來的機會在哪裡。當我們繼續做我們正在做的事情時，贏得更多的投資組合，豐富我們的主張，吸引我們的忠誠度計劃等服務，這只會幫助我們在未來的基礎上佔據有利的地位。這就是我想與大家分享的顏色。從廣義上講，我認為我們在跨境方面處於一個非常好的位置。

Maybe one thing to add here that is the current imbalance in the market between demand and supply. So there's still an unlock there as in airline capacity, airport capacity and all of that will unlock. So the combination of the underlying desire to travel, how that trend is coming through our position -- strong position in the travel industry with our portfolios, Expedia and Lufthansa, just to add, too, here, and this unlock of capacity over time will be a very good mix. This is an exciting space. People just want to be out there.

也許這裡需要補充的一件事是當前市場供需之間的不平衡。因此，航空公司運力、機場運力等方面仍然有待解鎖，所有這些都將解鎖。因此，我們對旅行的潛在渴望，以及這種趨勢如何通過我們的地位實現的結合——我們的投資組合 Expedia 和漢莎航空在旅遊業中的強大地位，在這裡也補充一下，隨著時間的推移，這種容量的釋放將是一個很好的組合。這是一個令人興奮的空間。人們只是想出去。

We'll go next to Dan Perlin at RBC.

接下來我們將採訪加拿大皇家銀行 (RBC) 的丹·佩林 (Dan Perlin)。

I just wanted to maybe dig a little deeper on the commentary around this moderation in inflation and spending, Sachin, that you called out. Particularly, what can you tell us about kind of the downdraft in average tickets during the current quarter?

薩欽，我只是想更深入地了解您所呼籲的有關通脹和支出放緩的評論。特別是，您能告訴我們有關本季度平均票價下降的情況嗎？

And then maybe more specifically, are you seeing any discernible signs or indications of trade-downs from the consumer that would be high corollaries to slightly weaker consumer spending as opposed to this resiliency that it sounds like you guys are continuing to talk about?

然後也許更具體地說，您是否看到任何明顯的跡像或跡象表明消費者進行了交易，這將是消費者支出略微疲軟的必然結果，而不是聽起來你們繼續談論的這種彈性？

Sure, Dan. So a couple of thoughts. I mean it's no surprise. I think you guys are all seeing that inflation, while still remaining at high levels, has started to moderate, right? So you're seeing that come through in terms of the nature of spend, right? We're a nominal value business. And at the end of the day, right, inflation -- declining inflation quarter-over-quarter will have an impact. So that was important to actually call out.

當然，丹。所以有幾個想法。我的意思是這並不奇怪。我想你們都看到通脹雖然仍處於高位，但已經開始放緩，對嗎？所以你看到了支出性質的變化，對嗎？我們是一家名義價值企業。歸根結底，通貨膨脹——逐季下降的通貨膨脹將會產生影響。因此，實際呼籲很重要。

And then I also talked about how there's a moderation in select markets -- international markets. The reality is when you look at markets -- and this is not broad-based, right? There are select markets where -- let's take a market like the U.K. At the end of the day, rising interest rates and high inflation levels, ultimately, will put a squeeze on people's ability to spend. That doesn't mean that the consumer isn't necessarily resilient. The consumer remains resilient on a more holistic basis.

然後我還談到了特定市場（國際市場）的放緩。現實情況是，當你觀察市場時，這並不具有廣泛的基礎，對嗎？在某些特定市場上——讓我們以英國這樣的市場為例，歸根結底，利率上升和高通脹水平最終將擠壓人們的消費能力。這並不意味著消費者不一定具有彈性。消費者在更全面的基礎上保持彈性。

But at the margin, right, what you start to see is as, say, for example, mortgages get reset, when mortgages get reset, they're getting reset at high interest rates. What it's doing is it's squeezing the wallet -- or share of wallet, which would be available for other discretionary categories of spend. So you're going to see a little bit of that trend come through, which is what we were kind of calling out.

但在邊際上，你開始看到的是，比如說，抵押貸款被重置，當抵押貸款被重置時，它們會以高利率重置。它所做的就是擠壓錢包——或者說錢包份額，這些錢包可用於其他可自由支配的支出類別。所以你會看到這種趨勢的一點點出現，這就是我們所呼籲的。

But all of that is factored into our thinking as we think about the rest of the year and in my full year guidance. So that's really, in essence, what we were kind of thinking about.

但當我們思考今年剩餘時間以及我的全年指導時，所有這些都已納入我們的思考中。所以從本質上講，這確實是我們正在考慮的事情。

So again, I'll summarize it by saying there's recent reductions in inflation. There's a little bit of moderation in select international markets. And really, we haven't seen this as being broad-based. We haven't seen this as something which is causing concerns for us. It's very much in line with what we've been thinking about from a guidance standpoint. And I'll remind you that at the end of the day, cross-border continues to be strong, back to the question which David just asked. So to kind of bring that all together, right, we feel good about what the strength of the consumer is.

所以，我再次總結一下，最近通脹有所下降。部分國際市場出現了一些放緩。事實上，我們還沒有看到這一點具有廣泛的基礎。我們並不認為這引起了我們的擔憂。從指導的角度來看，這非常符合我們一直以來的想法。我要提醒您的是，歸根結底，跨境仍然強勁，回到大衛剛才問的問題。因此，將所有這些結合在一起，對吧，我們對消費者的力量感到滿意。

I think we have time for one more question.

我想我們還有時間再問一個問題。

And we'll take that question from Bryan Keane at Deutsche Bank.

我們將回答德意志銀行的布萊恩·基恩 (Bryan Keane) 提出的問題。

Sachin, just want to ask about FX volatility and how it impacts the model. I know cross-border assessment revenue growth was above volume, so it had a positive yield. I think in your peers -- one of your peers' reports, it was actually negative, and they called out the lack of FX volatility. So just trying to understand how it impacts Mastercard's model.

Sachin，只是想問一下外匯波動性及其對模型的影響。我知道跨境評估收入的增長高於數量，因此它的收益率為正。我認為在你們的同行中——你們同行的一份報告實際上是負面的，他們指出外匯波動性不足。所以只是想了解它如何影響萬事達卡的模式。

Sure, Bryan. So first, the -- what -- when we talk about FX volatility, you see that in our numbers in transaction processing assessments, not in cross-border assessments. It is tied to the activity about clear and settle, which is why it sits in transaction processing assessments.

當然，布萊恩。首先，當我們談論外匯波動時，您會在交易處理評估的數據中看到這一點，而不是在跨境評估中。它與清算和結算活動相關，這就是它位於交易處理評估中的原因。

And what I called out was the higher growth rate in cross-border assessments relative to volume was driven by what we call favorable mix, which is the fact that our inter volumes, which is everything ex intra-Europe, right, are growing at a faster pace than intra-Europe. Inter volumes tend to be high yielding than -- as compared to intra. And that's the reason you had that positive kind of gap between where revenues were on cross-border assessments and where volumes were. And again, the volatility comment I made was tied to transaction processing assessments, which is where it sits.

我指出的是，跨境評估相對於交易量的較高增長率是由我們所謂的有利組合推動的，即我們的內部交易量（即歐洲內部的所有交易量）正在以較快的速度增長。速度比歐洲內部更快。與內部相比，內部交易量往往具有較高的收益率。這就是跨境評估的收入與數量之間存在正差距的原因。再說一次，我所做的波動性評論與交易處理評估有關，這就是它所在的位置。

Thank you. Michael, any closing comments?

謝謝。邁克爾，有什麼結束語嗎？

All right. Thanks, Devin. The first thing I want to say, you should all know that Warren sits in the other room and is listening to us. So this is the first time soloed by Devin, and we're delighted to -- with this next chapter now.

好的。謝謝，德文。我想說的第一件事，你們都應該知道沃倫坐在另一個房間裡，正在聽我們講話。這是德文第一次獨奏，我們很高興——現在開始下一章。

As always, I want to make a comment about all the people at Mastercard who make this happen, the 30,000 of us. I sent them a note earlier today with the results that, this is the value that you guys deliver every day. So I just wanted to share that with you.

一如既往，我想對萬事達卡所有促成這一切的人（我們 30,000 人）發表評論。我今天早些時候給他們發了一張紙條，結果是，這就是你們每天提供的價值。所以我只是想和大家分享一下。

And with that, thank you for your support, your questions today, and we'll talk to you soon. Take care. Bye-bye.

在此，感謝您的支持和今天提出的問題，我們很快就會與您交談。小心。再見。

Thanks, everyone.

感謝大家。

And this concludes today's conference call. Again, thank you for your participation. You may now disconnect.

今天的電話會議到此結束。再次感謝您的參與。您現在可以斷開連接。