萬事達 (MA) 2023 Q3 法說會逐字稿

Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the Mastercard Incorporated Q3 2023 Earnings Conference Call. (Operator Instructions) Mr. Devin Corr, Head of Investor Relations, you may begin your conference.

早安.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 年第三季財報電話會議。 （操作員指示）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 third 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. 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.

謝謝你，奧德拉。大家早安，感謝您參加我們的 2023 年第三季財報電話會議。今天與我在一起的有我們的執行長 Michael Miebach；以及我們的財務長 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。您可以在我們網站 mastercard.com 的投資者關係部分存取我們的收益發布、補充業績數據以及本次電話會議隨附的幻燈片。此外，新聞稿已於今天早上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. 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.

除非另有說明，我們今天對財務表現的評論將基於非公認會計原則貨幣中性的基礎上。新聞稿和投影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。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。

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

實際表現可能與這些前瞻性陳述有重大差異。有關可能影響未來業績的因素的資訊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。現在，我將把電話轉給我們的執行長 Michael Miebach。

Thank you, Devin. Good morning from New York, everyone. Let me start by acknowledging the recent terror attacks in Israel and the resulting war with Hamas and the growing humanitarian crisis in Gaza. We're deeply saddened by the suffering and the loss. Our focus is on the well-being of our people. Those who have been directly impacted and those in our teams around the world who are dealing with this terrible situation. We will continue to give them support while contributing to relief efforts. We will monitor the situation closely so we can take action as required.

謝謝你，德文。來自紐約的大家早安。首先，我要承認以色列最近發生的恐怖攻擊以及由此引發的與哈馬斯的戰爭以及加薩日益嚴重的人道危機。我們對苦難和損失深感悲痛。我們的重點是人民的福祉。那些受到直接影響的人以及我們世界各地團隊中正在應對這一可怕局勢的人。我們將繼續為他們提供支持，同時為救災工作做出貢獻。我們將密切關注事態發展，以便根據需要採取行動。

Turning to our results. Our quarter 3 results demonstrate the strong fundamentals of our business, our diversified model and the continued resilience in consumer spending. Quarter 3 net revenues were up 11%, and operating income was up 13%, both versus a year ago on a non-GAAP currency-neutral basis, excluding special items. On the macroeconomic front, there are a few factors we focus on. First, the labor market remains strong, which is a key driver of consumer spending. However, we continue to monitor aspects such as credit availability and savings behaviors.

轉向我們的結果。我們第三季的業績證明了我們業務的強勁基礎、多元化的模式以及消費者支出的持續彈性。在非 GAAP 貨幣中性基礎上（不包括特殊項目），第三季淨收入成長 11%，營業收入成長 13%，均較上年同期成長。在宏觀經濟方面，我們關注幾個因素。首先，勞動市場依然強勁，這是消費支出的關鍵驅動力。然而，我們將繼續監控信貸可用性和儲蓄行為等方面。

Second, although inflation levels have moderated, they remain elevated. As central banks continue to actively manage monetary policy, we expect the impacts to vary across countries and sectors. Also, geopolitical uncertainty remains a concern, further underscored by the recent events in the Middle East. We are monitoring these moving pieces and stand ready to manage the business accordingly. Looking at our switch trends this quarter, domestic volume growth remains healthy with some moderation in spend in select international markets.

其次，儘管通膨水準有所放緩，但仍處於高位。隨著各國央行繼續積極管理貨幣政策，我們預期不同國家和產業的影響會有所不同。此外，地緣政治的不確定性仍然令人擔憂，最近中東發生的事件進一步凸顯了這一點。我們正在監控這些活動，並準備好相應地管理業務。從我們本季的轉換趨勢來看，國內銷售成長仍然健康，部分國際市場的支出有所放緩。

Cross-border travel remains strong at 155% of 2019 levels in the third quarter. And cross-border card-present ex travel continues to hold up well at 209% of 2019 levels in the third quarter -- this is cross-border card-not-present ex travel. So overall, consumer spending remains resilient, and we remain focused on executing against our strategic priorities. We see substantial runway for growth through the long-term potential in person-to-merchant payments, the sizable opportunity to address new payment flows, our diverse suite of fast-growing service capabilities and our investments in areas of future growth like open banking and digital identity. Let's explore these in more detail. Starting with person-to-merchant payments, where we see a sizable long-term growth opportunity. We're winning deals with a diverse set of partners and investing in technology to further drive the shift to electronic forms of payment and capture new ways to pay.

第三季跨境旅行依然強勁，為 2019 年水準的 155%。第三季跨國持卡旅遊出行持續維持在 2019 年水準的 209%－這是跨國無卡旅遊出行。因此，總體而言，消費者支出仍然具有彈性，我們仍然專注於執行我們的策略重點。我們看到了巨大的成長空間，包括個人對商家支付的長期潛力、解決新支付流程的巨大機會、我們快速成長的多樣化服務能力以及我們對開放銀行和金融等未來成長領域的投資。數位身分。讓我們更詳細地探討這些。從個人對商家支付開始，我們看到了巨大的長期成長機會。我們正在贏得與各種合作夥伴的交易，並投資於技術，以進一步推動向電子支付形式的轉變並探索新的支付方式。

In the third quarter, our deal momentum across the globe continued. In the U.S., we are happy to announce that Webster Bank, a leading commercial bank in the Northeast has chosen Mastercard as their exclusive payment network. They selected us because of our marketing assets, safety and security tools and commitment to small business. This builds up on recent wins in the U.S. like the Citizens debit portfolio flip with the transition on track for 2024. These 2 wins are clear examples of the value we deliver through our partnerships and the reasons banks are willing to move their debit business to Mastercard. Further, we have partnered with Citi's wealth business to launch their ultra-high net worth credit proposition, targeting their private bank clients in Singapore and Hong Kong. And in East Africa, we signed a long-term deal with Equity Bank group that significantly increases our share across the 6 markets where they have presence.

第三季度，我們在全球範圍內的交易勢頭仍在繼續。在美國，我們很高興地宣布，東北部領先的商業銀行韋伯斯特銀行 (Webster Bank) 已選擇萬事達卡作為其獨家支付網絡。他們選擇我們是因為我們的行銷資產、安全工具以及對小型企業的承諾。這是建立在美國最近取得的勝利的基礎上的，例如公民借記卡投資組合翻轉，以及2024 年的過渡。這兩項勝利是我們透過合作夥伴關係提供的價值的明確例子，也是銀行願意將借記業務轉移到萬事達卡的原因。此外，我們也與花旗的財富業務合作，針對新加坡和香港的私人銀行客戶推出超高淨值信貸方案。在東非，我們與 Equity Bank 集團簽署了一項長期協議，顯著增加了我們在他們所涉足的 6 個市場中的份額。

On the co-brand front, we joined Barclays to launch Xbox first credit card in the United States. Building off our long-standing relationship with Microsoft, this product is an example of how we're tapping into the fast-growing gaming space. And of course, we continue to strengthen our travel-focused programs, renewing our Frontier Airlines program issued by Barclays as well as the Turkish Airlines program with Garanti BBVA. Winning deals positions us well to capture PCE and secular growth. There's a sizable opportunity across volumes and transactions, and we benefit from both. We're bringing together innovation, technology, the experience and trust that consumers want and expect in their daily lives, and that starts with our best-in-class digital solutions such as contactless and tokenization.

在聯合品牌方面，我們聯合巴克萊銀行在美國推出了第一張 Xbox 信用卡。該產品以我們與 Microsoft 的長期合作關係為基礎，是我們如何進入快速成長的遊戲領域的一個例子。當然，我們將繼續加強以旅行為重點的計劃，更新巴克萊銀行發行的邊疆航空計劃以及與 Garanti BBVA 合作的土耳其航空計劃。贏得交易使我們能夠很好地抓住 PCE 和長期成長。在數量和交易方面存在著巨大的機會，我們從兩者中受益。我們將消費者在日常生活中想要和期望的創新、技術、體驗和信任結合在一起，這始於我們一流的數位解決方案，例如非接觸式和標記化。

Contactless now represents 63% of our in-person switch purchase transactions and the convenience and security of our capabilities are helping us to further penetrate verticals like transit. By converting transit to open-loop, we gain access to more low-ticket, high-frequency transactions, both at the station and the surrounding merchants. In the last quarter alone, we launched open-loop programs with 2 of the largest transit systems in North America, Toronto and Philadelphia. We're now live with over 25 agencies in the U.S. and Canada. This year, in the Netherlands, we supported the launch of a nationwide contactless transit payment system. And in Pakistan, we're helping to digitize daily commutes in Karachi with issuance over 1 million prepaid open-loop cards. On tokenization, it has been 10 years since we first introduced the token standard to the industry. Today, it is foundational to the network, and it's performing exceptionally well.

目前，非接觸式交易占我們面對面交換購買交易的 63%，而我們能力的便利性和安全性正在幫助我們進一步滲透交通等垂直領域。透過將交通轉變為開環，我們可以在車站和周邊商家獲得更多低票價、高頻次的交易。僅在上個季度，我們就與北美最大的兩個交通系統多倫多和費城啟動了開環計劃。我們目前與美國和加拿大超過 25 家機構合作。今年，我們在荷蘭支持推出全國性非接觸式交通支付系統。在巴基斯坦，我們發行了超過 100 萬張預付費開環卡，幫助卡拉奇的日常通勤數位化。在通證化方面，距離我們首次向產業引入通證標準已經過了10年。如今，它已成為網路的基礎，並且效能非常出色。

The number of tokenized transactions has more than doubled over the past 2 years. We just processed over 3 billion tokenized transactions in 1 month. And this functionality is extending to new places to pay. For example, Mercedes-Benz customers in Germany can now pay for fuel directly from their vehicle using only their fingerprint. And Honda Motor America is enabling in-vehicle payments to parking with additional features and EV use cases to be enabled in the future.

過去兩年，代幣化交易的數量增加了一倍以上。我們在 1 個月內處理了超過 30 億筆代幣化交易。並且此功能正在擴展到新的支付場所。例如，德國的賓士客戶現在只需使用指紋即可直接從車輛支付燃油費用。本田汽車美國公司正在啟用車內停車支付功能，並在未來啟用更多功能和電動車用例。

Digital solutions are also key to migrating Maestro to Debit Mastercard. This conversion drives a better cardholder experience, including in many cases, the ability to shop online and across borders, which leads to incremental card spend. And prior to a full transition, we offer a virtual companion card to the current Maestro Cards for immediate online use. In Europe, we're in the process of sunsetting new issuance of Maestro, and we will continue to work with our issuers on the migration of well over 100 million cards over time. A lot happening in (inaudible) for sure. On to the second vector for growth, New Payments Flows, they are substantial untapped flows across commercial payments and the disbursements and remittance space. In commercial, we continue to see strong growth. We're expanding our market leading virtual card capabilities into new use cases. In the U.S. and Canada, our mobile payment solution is now live with BMO and fintech partner Extend bringing our virtual card capabilities to contactless business payments.

數位解決方案也是將 Maestro 遷移到萬事達金融卡的關鍵。這種轉變帶來了更好的持卡人體驗，包括在許多情況下，在線上和跨境購物的能力，從而導致卡片支出增加。在完全過渡之前，我們為目前的 Maestro 卡提供虛擬配套卡，以便立即在線上使用。在歐洲，我們正在停止發行新的 Maestro 卡，我們將繼續與我們的發行機構合作，逐步遷移超過 1 億張卡片。 （聽不清楚）肯定發生了很多事情。關於第二個成長向量，即新支付流量，它們是商業支付以及支付和匯款領域中大量未開發的流量。在商業領域，我們繼續看到強勁的成長。我們正在將市場領先的虛擬卡功能擴展到新的用例中。在美國和加拿大，我們的行動支付解決方案現已與 BMO 和金融科技合作夥伴 Extend 合作，將我們的虛擬卡功能引入非接觸式商業支付。

We also continue to expand our reach to corporates by partnering with Oracle to embed Mastercard virtual card capabilities into their Fusion Cloud ERP to enable supplier invoice payments and corporate purchases. And we are integrating our commercial payment and open banking capabilities into SAP Fioneer platforms to deliver an embedded payment and lending experience. There remains a significant opportunity to convert cash and check to commercial card products. We're signing deals across the globe to do just that. We're excited to announce that we have agreed a long-term deal with Citibank to forge a global commercial card partnership covering more than 60 markets. The deal extends our leadership position with Citibank and reinforces our efforts to modernize and grow B2B payment flows.

我們也與 Oracle 合作，將萬事達卡虛擬卡功能嵌入到其 Fusion Cloud ERP 中，以支援供應商發票付款和企業採購，從而繼續擴大我們對企業的影響力。我們正在將商業支付和開放銀行功能整合到 SAP Fioneer 平台中，以提供嵌入式支付和貸款體驗。將現金和支票轉換為商業卡產品的機會仍然很大。為此，我們正在全球範圍內簽署協議。我們很高興地宣布，我們已與花旗銀行達成一項長期協議，建立覆蓋 60 多個市場的全球商務卡合作夥伴關係。這筆交易鞏固了我們在花旗銀行的領導地位，並加強了我們在現代化和發展 B2B 支付流方面的努力。

We also signed our first ever commercial contract with Axis Bank in India, and a commercial deal with the biggest investment bank in Latin America, BTG Pactual. Now let's focus on disbursements and remittances. With access to more than 95% of the world's bank population, our reach spans more than 180 countries and more than 150 currencies, and we are seeing strong growth.

我們還與印度 Axis Bank 簽署了第一份商業合同，並與拉丁美洲最大的投資銀行 BTG Pactual 簽署了商業協議。現在讓我們專注於付款和匯款。我們的業務覆蓋全球 95% 以上的銀行人口，覆蓋 180 多個國家和 150 多種貨幣，並且成長強勁。

In the third quarter, transactions were up more than 30% on a year-over-year basis. To continue growing in this space, we're expanding into new use cases and geographies. A great example is our partnership with Remitly, one of the fastest-growing digital remittance platforms with over 5 million active users. Remitly will leverage our disbursement and remittance solutions to help make international payments faster, easier and more secure. We're also expanding our collaboration with Paysend in the U.K. to enhance cross-border payments for SMEs. Now our value-add services and solutions are another important driver for our growth. Collectively, this suite of capabilities is fast growing and provides a diversified revenue stream. We have invested thoughtfully to develop services focused on supporting our customers in areas of growing need.

第三季交易量較去年同期成長超過30%。為了在這個領域繼續發展，我們正在擴展到新的用例和地區。一個很好的例子是我們與 Remitly 的合作夥伴關係，Remitly 是發展最快的數位匯款平台之一，擁有超過 500 萬活躍用戶。 Remitly 將利用我們的支付和匯款解決方案來協助實現更快、更輕鬆、更安全的國際支付。我們也擴大了與英國 Paysend 的合作，以增強中小企業的跨國支付能力。現在，我們的加值服務和解決方案是我們成長的另一個重要驅動力。總的來說，這套功能正在快速成長，並提供多元化的收入來源。我們進行了深思熟慮的投資，開發專注於在需求不斷增長的領域為客戶提供支援的服務。

Cybersecurity threats are rising, a trend that will unfortunately persist. And there's an increasing demand for actionable insights and more personalized experiences. Our services, bolstered by our data-driven intelligence can help customers reduce fraud, grow their portfolios and better engage with their end customers. Take our cyber solutions which protect consumers and the payments ecosystem more broadly, one example is Safety Net, which in the past 12 months has prevented more than $20 billion in fraud. This is just one of our many fraud solutions that we're deploying to deliver more value and support continued growth. AI also continues to play a critical role powering our products and fueling our network intelligence. We're scaling our AI-powered transaction fraud monitoring solution, which delivers real-time predictive scores based on a unique blend of customer and network level insights.

網路安全威脅正在上升，不幸的是，這一趨勢將持續存在。人們對可操作的見解和更個人化的體驗的需求不斷增長。我們的服務在數據驅動的情報的支援下可以幫助客戶減少詐欺、擴大他們的產品組合併更好地與最終客戶互動。以我們更廣泛地保護消費者和支付生態系統的網路解決方案為例，Safety Net 就是一個例子，它在過去 12 個月內阻止了超過 200 億美元的詐騙行為。這只是我們部署的眾多詐欺解決方案之一，旨在提供更多價值並支援持續成長。人工智慧也繼續在為我們的產品提供動力和推動我們的網路智慧方面發揮關鍵作用。我們正在擴展由人工智慧驅動的交易詐欺監控解決方案，該解決方案根據客戶和網路層級洞察的獨特組合提供即時預測分數。

This powerful solution gives our customers the ability to take preventive action before the transaction is authorized. This quarter alone, we signed agreements in Argentina, Saudi Arabia and Nigeria with financial institutions and fintechs who will benefit from early fraud detection and with merchants who will experience less friction and higher approval rates. In the end, this all makes for a better consumer experience. We're also using our services, combining our data and expertise to help clients optimize and do more with their portfolios. This drives both direct services revenue and incremental payments revenue. Our consulting, marketing services and targeting analytics help clients design and execute portfolio migrations, drive incremental card acquisition and stimulate spend.

這項強大的解決方案使我們的客戶能夠在交易授權之前採取預防措施。僅本季度，我們就在阿根廷、沙烏地阿拉伯和奈及利亞與金融機構和金融科技公司簽署了協議，這些機構和金融科技公司將受益於早期詐欺檢測，而商家則將經歷更少的摩擦和更高的批准率。最終，這一切都會帶來更好的消費者體驗。我們也利用我們的服務，結合我們的數據和專業知識來幫助客戶優化他們的投資組合併做更多事情。這推動了直接服務收入和增量支付收入。我們的諮詢、行銷服務和目標分析可協助客戶設計和執行投資組合遷移、推動增量卡獲取並刺激支出。

For example, in Spain, we are working with Financiera El Corte Ingles to boost the migration of closed-loop clients to our new open-loop co-badge proposition. And we're working with Saudi National Bank to enable growth in their credit portfolio by increasing penetration from their debit base. So the headline for me is the power of our strategy to drive payment network and service revenue for Mastercard.

例如，在西班牙，我們正在與 Financiera El Corte Ingles 合作，推動閉環客戶遷移到我們新的開環聯合徽章提案。我們正在與沙烏地阿拉伯國家銀行合作，透過提高借記基礎的滲透率來實現其信貸投資組合的成長。因此，我的標題是我們推動萬事達卡支付網路和服務收入的策略的力量。

Service improved the performance of our client's portfolio, leading to incremental payment flows, which lead to more opportunities to use our services and so on and so on, it's a virtuous circle. We also had success in expanding our customer base and services through best-in-class personalization and our leading Test & Learn analytics capabilities. Don't just take our word for it. Gartner recognized the superior value proposition of Dynamic Yield personalization activities and selected as the leader in its 2023 Gartner Magic Quadrant for the third year in a row. That's why luxury brands like Saks Fifth Avenue work with us to create hyper-personalized experiences for their e-commerce customer.

服務提高了客戶投資組合的績效，從而增加了支付流量，從而帶來了更多使用我們服務的機會等等，這是一個良性循環。我們還透過一流的個人化和領先的測試和學習分析能力成功擴大了我們的客戶群和服務。不要只相信我們的話。 Gartner 認可 Dynamic Yield 個人化活動的卓越價值主張，並連續第三年被選為 2023 年 Gartner 魔力像限的領導者。這就是 Saks Fifth Avenue 等奢侈品牌與我們合作為其電子商務客戶創造超個人化體驗的原因。

This quarter, we extended our partnership with the merchant Aldi in both the U.S. and Australia to continue to leverage our Test & Learn platform to optimize category reviews, store hours and marketing spend. And we're working with Dunkin' International to enhance their foundational data analytics capabilities to improve operational efficiencies. Our best-in-class Solutions addressed the unique needs of a diverse set of customers, giving us ample opportunity to continue to grow across our value-add services and solutions.

本季度，我們擴大了與美國和澳洲商家阿爾迪的合作關係，並持續利用我們的測試和學習平台來優化品類評論、商店營業時間和行銷支出。我們正在與 Dunkin' International 合作，增強他們的基礎數據分析能力，以提高營運效率。我們一流的解決方案滿足了不同客戶的獨特需求，為我們提供了充分的機會繼續發展我們的增值服務和解決方案。

We have a strong foundation for growth in P2M as discussed new flows and services, and we are also embracing new opportunities for future growth. As digital adoption continues to rise, open banking remains a key opportunity. We have a powerful set of assets with connectivity to over 95% of deposit accounts in the U.S. and 3,000 banks across Europe.

正如所討論的新流程和服務，我們為 P2M 的成長奠定了堅實的基礎，我們也正在擁抱未來成長的新機會。隨著數位化採用率持續上升，開放式銀行業務仍是關鍵機會。我們擁有強大的資產組合，可連接美國 95% 以上的存款帳戶和歐洲 3,000 家銀行。

We're engaged with a broad set of partners who are increasingly interested in the scale and potential of the open banking solutions we bring. This includes the account-to-account bill payments use case. Our open banking solutions enhance existing ACH flows by providing a simple and secure experience, allowing consumers to seamlessly share data with trusted parties. Previously announced partnership with JPMorgan Payment's Pay by Bank is now live and Verizon plans to pilot this offering with the U.S. customers in the coming months. In addition to this, we're now collaborating with Worldpay to enable consumers to pay bills directly from their bank account. Our progress here continues.

我們與眾多合作夥伴合作，他們對我們帶來的開放銀行解決方案的規模和潛力越來越感興趣。這包括帳戶到帳戶的帳單支付用例。我們的開放式銀行解決方案透過提供簡單、安全的體驗來增強現有的 ACH 流程，使消費者能夠與可信任方無縫共享資料。先前宣布與摩根大通支付合作的 Pay by Bank 現已上線，Verizon 計劃在未來幾個月內向美國客戶試行這項服務。除此之外，我們現在還與 Worldpay 合作，使消費者能夠直接從他們的銀行帳戶支付帳單。我們的進展仍在繼續。

So in summary, our third quarter results reflect the strong fundamentals of our business and the continued resilience in consumer spending. Their substantial runway supported by opportunities to digitize person-to-merchant payments across both the with the dollar volume of flows and the number of transactions and opportunities to address new payment flows and extend our diverse suite of services, all while we continue to invest in future areas for growth. When you put it all together, our diversified business is well positioned for strong growth for years to come. Sachin, over to you.

總而言之，我們第三季的業績反映了我們業務的強勁基本面和消費者支出的持續彈性。他們的巨大跑道得到了將人對商家支付數位化的機會的支持，無論是美元流量還是交易數量，以及解決新支付流和擴展我們多樣化服務套件的機會，同時我們繼續投資未來的成長領域。綜上所述，我們的多元化業務已做好準備，將在未來幾年內實現強勁成長。薩欽，交給你了。

Thanks, Michael. Now turning to Page 3, which shows our financial performance for the quarter on a currency-neutral basis, excluding where applicable special items and the impact of gains and losses on our equity investments. Net revenue was up 11%, reflecting resilient domestic consumer spending and strong cross-border volume growth as well as the continued growth in our value-added services and solutions. Operating expenses increased 9%, including a 1 ppt increase from acquisitions and operating income was up 13%, including a minimal impact from acquisitions. Net income and EPS increased 21% and 24%, respectively, both reflecting the strong operating income growth as well as a net tax benefit, which was primarily discrete due to U.S. tax guidance released in the current period. EPS was $3.39, which includes a $0.09 contribution from share repurchases. During the quarter, we repurchased $1.9 billion worth of stock and an additional $475 million through October 23, 2023.

謝謝，麥可。現在轉到第 3 頁，該頁顯示了我們在貨幣中性基礎上的本季財務業績，不包括適用的特殊項目以及損益對我們股權投資的影響。淨收入成長 11%，反映出國內消費者支出強勁、跨境交易量強勁成長以及增值服務和解決方案的持續成長。營運費用成長 9%，其中收購增加 1 個百分點，營運收入成長 13%，其中收購影響極小。淨利潤和每股收益分別增長 21% 和 24%，均反映了強勁的營業收入增長以及淨稅收收益，而淨稅收收益主要由於本期發布的美國稅收指引而離散。每股收益為 3.39 美元，其中包括股票回購的 0.09 美元貢獻。本季度，我們回購了價值 19 億美元的股票，並在 2023 年 10 月 23 日之前額外回購了 4.75 億美元的股票。

So let's turn to Page 4, where you can see the operational metrics for the third quarter. Worldwide gross dollar volume or GDV increased by 11% year-over-year on a local currency basis. In the U.S., GDV increased by 5% with credit growth of 7% and debit growth of 4%. Outside of the U.S., volume increased 13% with credit growth of 13% and debit growth of 14%. Sequentially, the debit growth rate was primarily impacted by the lapping of the NatWest portfolio migration in the U.K. Overall, cross-border volume increased 21% globally for the quarter on a local currency basis, reflecting continued strong growth in both travel and non-travel related cross-border spending.

讓我們翻到第四頁，您可以在其中看到第三季的營運指標。以當地貨幣計算，全球總美元交易量 (GDV) 年增 11%。在美國，GDV 成長了 5%，其中信貸成長 7%，借方成長 4%。美國以外地區的交易量增加了 13%，其中信貸成長了 13%，借記增加了 14%。隨後，借記成長率主要受到英國 NatWest 投資組合遷移的影響。總體而言，本季全球跨境交易量以當地貨幣計算增長了 21%，反映出旅行和非旅行的持續強勁增長相關跨境支出。

While this is sequentially lower versus Q2, this is due to tougher comps as we lap the cross-border travel recovery from last year. When you look at the trend versus 2019, as Michael said, cross-border travel remained strong at 155% of 2019 levels in Q3, and cross-border card-not-present ex travel continues to hold up well. Turning now to Page 5. Switched transactions grew 15% year-over-year in Q3, both card-present and card-not-present growth rates remain strong. We also continue to increase the percentage of transactions we switch. This is strategically important for us as it presents a revenue -- growth opportunity in both payments and services. An example of this is in Japan, where we began switching domestic transactions last September. In Q3 2023, we switched over 65% of our total transactions worldwide. For historical context, this figure was approximately 55% in 2018.

雖然這一數字比第二季度有所下降，但這是由於隨著我們經歷了去年跨境旅行的復甦，競爭更加激烈。當你對比 2019 年的趨勢時，正如 Michael 所說，跨境旅行在第三季度仍然強勁，為 2019 年水平的 155%，並且跨境無卡旅行繼續保持良好勢頭。現在翻到第 5 頁。第三季的轉換交易量年增 15%，持卡交易和無卡交易的成長率仍然強勁。我們也繼續增加轉換交易的百分比。這對我們來說具有戰略意義，因為它提供了支付和服務的收入成長機會。日本就是一個例子，我們在去年九月開始轉換國內交易。 2023 年第三季度，我們的交易量佔全球總交易量的 65% 以上。就歷史背景而言，2018 年這一數字約為 55%。

In addition, card growth was 7%. Globally, there are 3.3 billion Mastercard and Maestro-branded cards issued. Turning to Slide 6 for a look into our net revenues for the third quarter discussed on a currency-neutral basis. Payment Network net revenue increased 10%, primarily driven by domestic and cross-border transaction and volume growth and also includes growth in rebates and incentives. Value-added Services & Solutions net revenue increased 14% relative to a strong Q3 a year ago. So let me give you a little bit of color. Our Cyber Intelligence solutions continued to grow at a healthy pace, driven by our underlying key drivers and demand for our fraud and security solutions, and we continue to see strong demand for our consulting and marketing services as well as our loyalty solutions which is partially tempered by other solutions.

此外，信用卡成長率為7%。全球已發行 33 億張萬事達卡和 Maestro 品牌卡。請參閱投影片 6，以了解我們在貨幣中性基礎上討論的第三季淨收入。支付網路淨收入成長 10%，主要受到國內和跨國交易和數量成長的推動，還包括回扣和激勵措施的成長。與去年第三季的強勁表現相比，增值服務和解決方案淨收入成長了 14%。所以讓我給你一點顏色。在我們的潛在關鍵驅動因素以及對詐欺和安全解決方案的需求的推動下，我們的網路情報解決方案繼續以健康的速度成長，並且我們繼續看到對我們的諮詢和行銷服務以及忠誠度解決方案的強勁需求，但需求放緩通過其他解決方案。

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 metric. Domestic assessments were up 10%, while worldwide GDV grew 11%. The difference is primarily driven by mix. Cross-border assessments increased 26%, while cross-border volumes increased 21%. The 5 ppt difference is primarily due to mix.

現在讓我們轉到第 7 頁來討論與支付網路相關的關鍵指標，除非另有說明，否則都是在貨幣中性的基礎上進行描述的。快速查看每個指標。國內評估成長了 10%，而全球 GDV 成長了 11%。差異主要是由混合驅動的。跨國評估增加了 26%，跨國交易量增加了 21%。 5 ppt 的差異主要是混合造成的。

Transaction processing assessments were up 11%, while switched transactions grew 15%. The 4 ppt difference is primarily due to lower revenues related to FX volatility versus the prior year. Our network assessments related to licensing, implementation and other franchise fees were $229 million this quarter. As a reminder, these other network assessments may fluctuate from period to period.

交易處理評估增加了 11%，而轉換交易增加了 15%。 4 個百分點的差異主要是由於與前一年相比，與外匯波動相關的收入減少。本季我們與許可、實施和其他特許經營費用相關的網路評估為 2.29 億美元。提醒一下，這些其他網路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 9%, including a 1 ppt impact from acquisitions. This increase was 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 貨幣中立基礎上，不包括特殊項目，調整後營運費用總額增加了 9%，其中包括收購帶來的 1 個百分點的影響。這一增長主要是由於為支持我們策略舉措的持續執行而增加的人員支出。

Now turning to Page 9. Let me comment on the operating metric trends in the third quarter and through the first 3 weeks of October. Starting with switched volume growth year-over-year. We lapped the NatWest migration early in the quarter and the commencement of switching in Japan late in the quarter. These factors are the primary drivers of sequential declines in both Q3 and into October. One point on the U.S., the sequential drop in October primarily relates to the timing of certain social security payments this year versus last. Switched transactions follow similar patterns. Looking at cross-border, cross-border travel growth is being impacted by tougher comps as we continue to lap the recovery of travel.

現在翻到第 9 頁。讓我評論一下第三季和 10 月前三週的營運指標趨勢。首先是銷量年增。我們在本季初完成了 NatWest 的遷移，並在本季結束時開始在日本進行轉換。這些因素是第三季和十月連續下降的主要驅動因素。就美國而言，10月份的環比下降主要與今年與去年相比某些社會安全支付的時間有關。交換交易遵循類似的模式。就跨境而言，隨著我們繼續關注旅行的復甦，跨境旅行的成長正受到更嚴格的競爭的影響。

When compared to the 2019 index, cross-border travel metrics remained strong. Cross-border card-not-present ex travel continues to show strength. Just for your information, we have included all the data points from the schedule, excluding activity from Russian issued cards from current and prior periods in the appendix. Turning to Page 10. I wanted to share our thoughts on Q4. So let me start by saying consumer spending remains resilient and that our diversified business model continues to position us well for the many opportunities ahead. That being said, we are closely monitoring the elevated macro and geopolitical concerns and stand ready to adjust expenses should circumstances warrant. Consumer spending patterns continue to normalize post pandemic, while pockets of opportunity remains for further recovery of cross-border travel, notably into and out of China. This will take some time as these corridors continue to face a variety of constraints.

與 2019 年指數相比，跨國旅行指標依然強勁。跨國無卡旅遊持續表現強勁。僅供參考，我們在附錄中包含了時間表中的所有數據點，不包括當前和前期俄羅斯發行的卡片的活動。翻到第 10 頁。我想分享我們對第四季的想法。首先，我要說的是，消費者支出仍然具有彈性，我們的多元化商業模式繼續使我們能夠在未來的許多機會中處於有利地位。話雖如此，我們正在密切關注宏觀和地緣政治擔憂的加劇，並準備在情況需要時調整開支。大流行後，消費者支出模式繼續正常化，而跨境旅行（特別是進出中國）的進一步復甦仍存在一些機會。這將需要一些時間，因為這些走廊繼續面臨各種限制。

Having said this, our base case scenario continues to assume consumer spending remains resilient, buoyed by strong labor markets and reflects recent spending dynamics. With respect to the fourth quarter, we expect year-over-year net revenue to grow at the low end of a low double-digit rate on a currency-neutral basis, excluding acquisitions. Acquisitions are expected to have a minimal impact to this growth. Due to the recent strengthening of the U.S. dollar in Q4, foreign exchange is now expected to be a tailwind of approximately 0 to 1 ppt for the quarter as compared to the 3 to 4 ppt benefit we had previously expected.

話雖如此，我們的基本情境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，並反映了近期的支出動態。就第四季而言，我們預期在貨幣中性的基礎上（不包括收購），年比淨收入將以較低的兩位數成長率成長。預計收購對這一成長的影響很小。由於近期美元在第四季度走強，目前預計外匯將為本季帶來約 0 至 1 個百分點的推動作用，而我們先前預期為 3 至 4 個百分點。

This follows the impact we saw in the third quarter where the stronger dollar led to a foreign exchange benefit of 2 ppt to revenue, down from our initial expectations of a 3 ppt benefit. From an operating expense standpoint, we expect Q4 operating expenses to grow at a high single-digit rate versus a year ago on a currency-neutral basis, excluding acquisitions and special items. Acquisitions are forecast to add about 1 ppt to this growth, and foreign exchange is expected to be a headwind of between 0 to 1 ppt for the quarter. Other items to keep in mind, on the other income and expense line, we forecast an expense of approximately $85 million for Q4. This excludes gains and losses on our equity investments, which are excluded from our non-GAAP metrics. Finally, we expect a tax rate of approximately 18% to 19% in Q4 based on the current geographic mix of our business. And with that, I will turn the call back over to Devin.

這是繼我們在第三季看到的影響之後，美元走強導致收入對外匯收益的影響為 2 個百分點，低於我們最初預期的 3 個百分點。從營運支出的角度來看，我們預計在貨幣中性的基礎上，第四季營運支出將比一年前以高個位數成長，不包括收購和特殊項目。收購預計將為這一增長增加約 1 個百分點，而外匯預計將成為本季 0 至 1 個百分點的阻力。需要記住的其他事項，在其他收入和支出項目上，我們預測第四季的支出約為 8,500 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。最後，根據我們目前業務的地理組合，我們預計第四季度的稅率約為 18% 至 19%。然後，我會將電話轉回德文。

Thank you, Sachin. Thank you, Michael. Audra, you can now open the call up for questions.

謝謝你，薩欽。謝謝你，麥可。 Audra，您現在可以開啟電話提問。

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

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

Sachin, when we look at that fourth quarter revenue deceleration, I think what the outlook implies, how much of it is like macro versus timing of incentives or something like that? I'm just curious what factors are sort of driving that and how we should think about that outlook if there's still moderating trends going forward?

薩欽，當我們看到第四季營收減速時，我認為前景意味著什麼，其中有多少是宏觀與激勵時機之類的？我只是好奇是什麼因素推動了這個趨勢，如果未來趨勢仍然緩和，我們該如何看待這個前景？

Sure, Sanjay. So a couple of thoughts. One, in the fourth quarter. You remember last year, we continued to experience elevated levels of FX volatility in the fourth quarter of last year. And those FX volatility levels are certainly moderated by a meaningful extent. You saw some of that come through in Q3. There's more that we would expect at current volatility levels in Q4. So that's certainly baked into our thinking. And then to your point around rebates and incentives, look, we continue to compete in this market, and we have a strong pipeline of deals. We continue to win, as you've seen in the nature of the various announcements we've put out. And I would say our planning -- for planning purposes, we're continuing to execute on the strong pipeline.

當然，桑傑。所以有幾個想法。一、第四季。您還記得去年，我們在去年第四季繼續經歷了較高的外匯波動。這些外匯波動水準肯定會在一定程度上得到緩解。您在第三季看到了其中的一些成果。根據目前第四季的波動水平，我們預計還會有更多情況。所以這肯定已經融入了我們的想法。然後就您關於回扣和激勵的觀點而言，我們繼續在這個市場上競爭，並且我們擁有強大的交易管道。正如您在我們發布的各種公告中所看到的那樣，我們將繼續獲勝。我想說的是我們的規劃——出於規劃的目的，我們將繼續在強大的管道上執行。

You would expect that contra sequentially would be up as a percentage of our assessment revenue in the fourth quarter, not too different than what you would see in any other year, we typically have higher contra levels in the fourth quarter when you look at them as a percentage of our assessment revenue. So really, that's what's there. And to your specific point around macro, it's like I said, our base case assumes a resilient consumer and that's very much what we're assuming going forward as well. There are always puts and takes depending on markets in question. But broadly speaking, we continue to see a strong consumer.

您可能會預計，第四季度的對銷額占我們評估收入的百分比將會上升，與您在任何其他年份看到的情況沒有太大不同，當您將其視為我們的評​​估收入的百分比。真的，那就是那裡的東西。至於你關於宏觀的具體觀點，就像我說的，我們的基本狀況假設消費者有彈性，這也是我們未來的假設。根據相關市場的不同，總是會有看跌期權和賣出期權。但總的來說，我們仍然看到強勁的消費者。

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

接下來我們將採訪摩根大通的黃天欽。

Just on the Europe front, I noted that it did slow a little bit, the 4 points, I think, sequentially year-on-year. Is that just the NatWest comp out? Is there anything else to call out? I'm curious if you saw any change in or interesting performance country by country in Europe?

就在歐洲方面，我注意到它確實有所放緩，我認為是同比下降了 4 個百分點。這只是 NatWest 的補償嗎？還有什麼要喊的嗎？我很好奇您是否看到歐洲各國的變化或有趣的表現？

Sure, Tien-Tsin. So a couple of thoughts. First, it's primarily the lapping effect of NatWest. So let's start there. There are always going to be puts and takes by country. I would say that, Michael talked a little bit about, in select international markets, we're seeing some level of moderation, I would say, in Europe, you're seeing that in the U.K. But largely, if you see the decel which you're talking about, that's largely driven by the lapping of our NatWest win last year.

當然可以，田津。所以有幾個想法。首先，這主要是國民威斯敏斯特銀行的研磨效應。那麼就讓我們從這裡開始吧。各國總會有不同的情況。我想說的是，麥可談到了一些，在某些國際市場，我們看到了一定程度的緩和，我想說，在歐洲，你在英國也看到了這一點。但在很大程度上，如果你看到經濟放緩你說的，這很大程度上是由我們去年 NatWest 的勝利所推動的。

We'll go next to Harshita Rawat at Bernstein.

我們將前往伯恩斯坦的 Harshita Rawat 旁邊。

I want to ask about regulation. There's been some unrelated activity recently with Fed proposing new debit interchange caps, like II implementation for card-not-present and the credit card competition bill. So Michael, taking a step back, how are you thinking about the regulatory environment in the U.S. and abroad?

我想問一下監管。最近，聯準會提出了一些不相關的活動，提出了新的金融卡互換上限，例如針對無卡和信用卡競爭法案的 II 實施。邁克爾，退後一步，您如何看待美國和國外的監管環境？

Harshita, thank you for directing that straight to me after a few questions on trends. But there is certainly a lot going on. So that's for sure true. You can -- there's a lot of activity, and they have been overlapping Reg II, CCCA, the Fed on debit. So all this is related in a way, but it's also not related in a way. And I think this is important for us to take them one by one. And without any particular order, let me start with CCCA which has been a topic on this call for a little while. This topic is garnering a lot of momentum across the -- our industry and industry participants. We are seeing a more united voice across banks and across merchants to address this point.

Harshita，謝謝你在問了我一些關於趨勢的問題後直接向我提出這個問題。但肯定有很多事情正在發生。所以這肯定是真的。你可以——有很多活動，它們與Reg II、CCCA、美聯儲借方重疊。所以所有這些在某種程度上都是相關的，但在某種程度上也是不相關的。我認為這對我們一一對待很重要。沒有任何特定的順序，讓我從 CCCA 開始，這已經成為本次電話會議的主題一段時間了。這個話題在我們的行業和行業參與者中獲得了巨大的推動力。我們看到銀行和商家之間更加團結的聲音來解決這個問題。

Senators, Durbin and Marshall, have been very active over the last -- since the last quarter since we last walked to attach this particular legislation proposal to other proposals and get a vote. They were not successful. And I think we actively use the time and productively use the time to bring across that this is not good for consumers. It is not good for a small business and it's not good for merchants, particularly those who are driving launch reward programs.

自從我們上次步行將這項特定的立法提案附加到其他提案並進行投票以來，參議員杜賓和馬歇爾在過去一個季度一直非常活躍。他們沒有成功。我認為我們積極地利用時間並有效地利用時間來讓消費者知道這對消費者不利。這對小型企業和商家都不利，尤其是那些推動推出獎勵計畫的商家。

So for all those reasons, we think this is going to -- is a misguided proposal, a misguided legislation, and we'll see where it goes going forward. But I've not been more optimistic on the industry pulling together to making those arguments understood than at this point.

因此，基於所有這些原因，我們認為這將是一個被誤導的提案，一個被誤導的立法，我們將看看它的未來發展。但我對整個產業齊心協力讓這些論點被理解的態度並沒有比現在更樂觀。

So this is CCCA. We're closely engaged on that. Now on Reg II. So we're in compliance with that. Have we seen any particular outcome? I think it was a question on last call. Do you see this as an opportunity or as a risk? At this point, neither. What I can tell you is we will compete. We have invested billions over the years in the security of our network proposition, and we think security is at the center of this whole debate. Can the merchant take away decisions from a consumer here and route this to the least cost and possibly the less least secure network, well, that is what we want to point out that, that shouldn't be the case.

這就是CCCA。我們正在密切關注此事。現在在Reg II。所以我們遵守這一點。我們看到了什麼特別的結果嗎？我認為這是上次通話時提出的問題。您認為這是機會還是風險？在這一點上，兩者都不是。我可以告訴你的是我們會競爭。多年來，我們在網路安全方面投入了數十億美元，我們認為安全是整個辯論的核心。商家是否可以剝奪消費者的決定並將其路由到成本最低且可能安全性較低的網絡，這就是我們想要指出的，但情況不應該如此。

We're leaning in on that. We haven't seen it yet at this point. So for us to just monitor and see what happens, we'll surely talk about it again next quarter. The Fed debit pricing, piece that was put out yesterday is going into a consulting period. Here again, the same kind of momentum across the industry, across the American Bankers Association, Electronic Payments Council put out a letter to the Fed on Friday night, along with 7 other trades, if I recall correctly, arguing that this is -- the price caps are generally driving market distortions.

我們正傾向於這一點。目前我們還沒有看到它。因此，為了讓我們監控並看看會發生什麼，我們肯定會在下個季度再次討論它。昨天發布的聯準會借記定價即將進入諮詢期。整個產業、美國銀行家協會、電子支付委員會再次出現了同樣的勢頭，週五晚上向聯準會發出了一封信，如果我沒記錯的話，還有其他 7 項交易，他們認為這是——價格上限通常會導致市場扭曲。

This is not a good thing. It's not a good thing for the consumer. Yet again, not a good thing for merchants who run reward programs and so forth. So we'll have to see where it goes. It is important, though, to point out that interchange is a balancing mechanism for the industry. It does not directly affect our P&L. So those are important things to keep in mind. For all of those, we see ourselves as an industry custodian to make sure that the arguments around safety and security and consumer choice are fully understood by all stakeholders.

這不是什麼好事。對消費者來說，這並不是好事。再說一遍，這對開展獎勵計畫等的商家來說並不是一件好事。所以我們必須看看它會去哪裡。但重要的是要指出，互換是行業的平衡機制。它不會直接影響我們的損益。因此，這些都是需要牢記的重要事項。對於所有這些，我們將自己視為行業託管人，以確保所有利益相關者充分理解有關安全保障和消費者選擇的爭論。

We'll go next to Craig Maurer at FT Partners.

接下來我們請聽聽《金融時報》合夥人的克雷格‧毛雷爾 (Craig Maurer)。

Actually 2. One, considering what we're seeing in the U.S. with deterioration in certain, should I say, credit quality buckets and so on and so forth. I'm curious if you could discuss how your spend in the U.S. is broken down between sort of the top 1% and the rest versus historical levels? Just Mike can help us understand how insulated spend is to the specific credit issues we might be seeing over the next 6 months? And secondly, we've seen some pretty strong rhetoric out of Asia regarding moving away from the global networks due to actions taken around Russia and other places. I was wondering if you could comment on how discussions with those markets might have changed in recent times.

實際上 2. 第一，考慮到我們在美國看到的某些信貸品質惡化的情況，我應該說，等等。我很好奇您是否可以討論一下您在美國的支出與歷史水平相比如何在前 1% 和其餘人群之間進行細分？只有麥克可以幫助我們了解支出與我們在未來 6 個月內可能遇到的具體信貸問題的隔離程度如何？其次，我們看到亞洲出現了一些關於由於俄羅斯和其他地方採取的行動而退出全球網路的相當強烈的言論。我想知道您是否可以評論一下最近與這些市場的討論可能發生的變化。

Craig, it's Sachin. I'll take your first question on the spending trends in the U.S. and particularly in light of what you're talking about on the deterioration of credit quality. The headline for you is the following. Our portfolio in the U.S. is actually a pretty well-diversified portfolio across all spectrums of the consumer base. If you look at our company 10 years ago, I would argue, it was a company which was more kind of weighted towards our credit portfolio.

克雷格，我是薩欽。我將回答你關於美國支出趨勢的第一個問題，特別是考慮到你所談論的信貸品質惡化。您的標題如下。我們在美國的投資組合其實是一個相當多元化的投資組合，涵蓋各個消費者群體。如果你看看 10 年前的我們公司，我會說，這是一家更注重信貸投資組合的公司。

We have got a better mix right now of credit and debit across the spectrum of consumers. And diversification has always been our friend, whether it's around products, whether it's around geographical markets, that's kind of the way we've kind of tried to drive the strategy of the business. I would tell you, I mean, if you look at the composition of the issuers in the U.S., right, so we have a decent amount of co-brand portfolios, which cater to the affluent. And hopefully, from a credit quality standpoint, they stand to actually hold up pretty well even in down markets.

我們現在已經在不同消費者群體中實現了更好的信貸和金融卡組合。多元化一直是我們的朋友，無論是圍繞產品，還是圍繞地理市場，這都是我們試圖推動業務策略的方式。我想告訴你，我的意思是，如果你看看美國發行人的組成，對吧，我們有相當數量的聯合品牌投資組合，迎合了富人的需求。希望從信用品質的角度來看，即使在市場低迷的情況下，它們實際上也能保持良好的狀態。

The other piece, I'd tell you, is that we like the fact that we have been recently investing in winning debit portfolios. We've talked about how we won Citizens. We talked about -- Michael just talked about how we won Webster. These are important portfolios because as you know, in up-and-down cycles, right, what happens with the diversified portfolios in down cycles, debit tends to be in favor because of the spend going towards these nondiscretionary categories of spend. So the headline I tell you is pretty well diversified across products and across the spectrum of consumers in the U.S.

我想告訴你的另一件事是，我們喜歡這樣一個事實：我們最近一直在投資獲勝的借記投資組合。我們已經討論過我們如何贏得公民。我們談論了——邁克爾剛剛談論了我們如何贏得韋伯斯特。這些都是重要的投資組合，因為如您所知，在上下週期中，對吧，在下行週期中多元化投資組合會發生什麼情況，借記卡往往會受到青睞，因為支出會流向這些非自由裁量的支出類別。因此，我告訴你的標題在美國的不同產品和不同消費者群體中都非常多樣化。

And as we were saying earlier, we're monitoring credit availability. Credit availability is not an issue as far as we can see in that point, it's beyond historic level -- it's below historic levels. So that's something that is part of our continuing efforts to understand where the dynamics are going. Now on Asia, you anchored the question on the strong rhetoric from Asia, I would probably word this differently and say, we're not seeing that. We're seeing -- this is an argument in a broader conversation around where value is coming from, the value of globalization and global connectivity.

正如我們之前所說，我們正在監控信貸可用性。就我們目前看來，信貸可用性並不是一個問題，它超出了歷史水平——低於歷史水平。因此，這是我們不斷努力了解動態發展方向的一部分。現在在亞洲，你把問題歸結為來自亞洲的強烈言論，我可能會用不同的措辭說，我們沒有看到這一點。我們看到，這是圍繞價值從何而來、全球化和全球互聯互通的價值的更廣泛對話中的爭論。

On the other hand, things like sanctions play into this, it's a very complex mix. And across the world, not just in Asia, there is a conversation around weighing all of that off. So it's important for you to understand that we have been partnering with countries around the world for years, just take Europe to start with. Early on, we talked about Maestro, Debit Mastercard. We're partnering with a whole range of local payment systems for years. And there are no particular concerns around that.

另一方面，制裁等因素也參與其中，這是一個非常複雜的組合。在世界各地，不僅僅是在亞洲，人們都在討論權衡所有這些問題。因此，您必須了解我們多年來一直與世界各國合作，首先是歐洲。早些時候，我們討論了 Maestro、萬事達金融卡。我們與一系列本地支付系統合作多年。對此沒有什麼特別的擔憂。

The same is in many other parts of the world. Where this is going, going forward, we'll have yet to see, but it is understood that as part of a globally connected economy and a world where some derisking plays into that, trusted cross-border data flows matter. People still want to travel. And all of that makes us an important player. Also, keep in mind that our capabilities across network level trusted solutions, cybersecurity solutions gets us a seat at the table.

世界許多其他地方的情況也是如此。未來的發展方向，我們還有待觀察，但據了解，作為全球互聯經濟的一部分，以及一個降低風險的世界，可信的跨境資料流很重要。人們仍然想要旅行。所有這些使我們成為重要的參與者。另外，請記住，我們在網路級可信任解決方案、網路安全解決方案方面的能力使我們在談判桌上佔有一席之地。

We're seen as a technology company and a global technology company, not necessarily as a U.S. payment brand when we have those conversations because we help across. We enable local payment solutions through those services. So I'm not overly worried about this, but it's an active dialogue where we are seeing some really good things coming out of that.

當我們進行這些對話時，我們被視為一家科技公司和全球科技公司，不一定被視為美國支付品牌，因為我們提供幫助。我們透過這些服務啟用本地支付解決方案。所以我並不太擔心這一點，但這是一次積極的對話，我們看到從中產生了一些真正好的東西。

Think about some of the advancements in financial inclusion when local government set up systems that reach consumers that haven't been reached before, that lifts everybody's boat. And that is good for the overall payments industry. So it is a broad topic. We've been engaging through the U.S. government, through other governments, multilateral organizations. And I personally spent quite a bit of time on that topic to ensure that we don't lose the benefit of a globally connected economy.

想想當地方政府建立了覆蓋以前從未覆蓋過的消費者的系統時，金融包容性取得了一些進步，這讓每個人都受益匪淺。這對整個支付產業來說是件好事。所以這是一個廣泛的話題。我們一直透過美國政府、其他政府和多邊組織進行參與。我個人在這個主題上花了相當多的時間，以確保我們不會失去全球互聯經濟的好處。

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

我們將接任高盛的威爾南斯 (Will Nance)。

I wanted to ask about some of the trends in value-added services. It sounds like the commentary this quarter was similar to last quarter, kind of tale of 2 Ss, relatively strong growth in services and maybe a little bit of drag from solutions. I was just wondering if you could talk on the drag in solutions. A little bit of color on what's driving that? And maybe for the outlook, how long should you -- should we kind of expect that drag to continue? And then what's sort of the outlook for the 2 buckets?

我想問一下增值服務的一些趨勢。聽起來本季的評論與上季類似，有點像 2 S 的故事，服務成長相對強勁，可能還有一點來自解決方案的拖累。我只是想知道你是否可以談談解決方案中的阻力。稍微解釋一下是什麼推動了這一點？也許就前景而言，我們應該預期這種拖累會持續多久？那麼這兩個桶子的前景如何？

Sure, Will. So a couple of thoughts first. Like we mentioned in my prepared remarks, value added services and solutions net revenue increased 14% this quarter. I will kind of emphasize that our Cyber Intelligence solutions continue to grow at a healthy pace. This obviously is driven by underlying drivers as well as demand for our various solutions which we offer. And we're seeing similar trends in terms of strong demand for our consulting marketing -- and marketing services and loyalty solutions.

當然，威爾。首先有幾個想法。正如我們在準備好的發言中所提到的，本季增值服務和解決方案淨收入增加了 14%。我想強調的是，我們的網路智慧解決方案繼續以健康的速度成長。這顯然是由潛在驅動因素以及對我們提供的各種解決方案的需求所驅動的。我們在諮詢行銷、行銷服務和忠誠度解決方案方面也看到了類似的趨勢。

To your point about the tempering effect of other solutions, that certainly is having a tempering effect. And when we have -- what we have in other solutions is the relative growth rates from real-time payments from what's going on from a bill payment standpoint. It's things of that nature, which are actually growing at a slower pace, which is candidly, I mean, something which we should expect.

就您對其他解決方案的緩和效果的觀點而言，這當然是具有緩和效果。當我們在其他解決方案中擁有的是從帳單支付的角度來看即時支付的相對增長率時。正是這種性質的事物，實際上正在以較慢的速度增長，坦白說，我的意思是，這是我們應該期待的事情。

The reality is we've always talked about services in the past. We haven't talked about value-added services and solutions. Now we're talking about value-added services and solutions, which is where you're seeing that tempering effect come through. I think if it's helpful, one of the things which I want to actually also share with you is that this overall growth rate can be impacted quarter to quarter by transaction growth, by comps and by timing. And just as a reference point, when including -- sorry, when excluding other solutions where -- which have the tempering effect, our value-added services have grown at 19% year-over-year on a year-to-date basis, excluding Russia.

事實上，我們過去一直在談論服務。我們還沒有談論增值服務和解決方案。現在我們談論的是增值服務和解決方案，這就是您看到緩和效果的體現的地方。我認為如果它有幫助的話，我實際上還想與您分享的一件事是，整體成長率可能會受到交易成長、比較和時機的影響。作為一個參考點，當包括——抱歉，當排除其他具有緩和效應的解決方案時，我們的增值服務今年迄今同比增長了 19%，不包括俄羅斯。

So I think what I'm kind of trying to share with you is, there is this tempering effect on other solutions. You should expect that tempering effect to continue. All of that being said, there is the overall strength we see in our C&I and D&S side, which we're actually very positive of. We're seeing good demand in that space.

所以我想我想與大家分享的是，其他解決方案也有這種緩和效果。您應該預期這種緩和效果會持續下去。話雖如此，我們在 C&I 和 D&S 方面看到了整體實力，我們實際上對此非常樂觀。我們看到該領域的需求良好。

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

我們將回答 Evercore ISI 的 David Togut 提出的下一個問題。

Given some of the tempering growth that you've highlighted, especially in VAS, how are you thinking about flexing expenses over the next 6 to 12 months? Where do you have a fair amount of discretion? And what are some of the areas, particularly like R&D, which would be sacrosanct?

鑑於您所強調的一些緩和成長，尤其是增值服務的成長，您如何考慮在未來 6 至 12 個月內調整支出？你在哪裡有相當的自由裁量權？哪些領域（尤其是研發）是神聖不可侵犯的？

Right. So what Sachin said, he wasn't really talking about tempering in VAS. He was talking about tempering in the other solutions. I just want to kind of get that straight out. I think there is potentially a little bit of confusion here with our revenue disaggregation and the definition here. We've talked about services in a particular way for years, and now we have a slightly different definition, as you know, which we shared with you. So I just want to put that out there first.

正確的。所以薩欽所說的，他並不是真正在談論 VAS 中的鍛鍊。他正在談論其他解決方案中的回火。我只是想把這個問題說清楚。我認為我們的收入分類和定義可能有點混亂。多年來我們一直以特定的方式討論服務，現在我們有一個稍微不同的定義，如您所知，我們與您分享了這個定義。所以我想先把它放在那裡。

To your question. So we continue to expect strong growth in value-added services and solutions, D&S and C&I as we said. As far as expenses go, I said it at the beginning, looking at macro, looking at everything that's going on around us, and we have demonstrated this through COVID, we have demonstrated through Russia, and we will continue to demonstrate as we have whole range of levers in a not particularly capital-heavy business to adjust our expenses. You've seen us managing for positive bottom line and top line growth over -- on a year-over-year basis. We're not managing this quarter by quarter, but that is always something that we keep in mind. So our financial discipline will continue here. We have no reason to change that. It's working well, and that is the disciplined way to do this.

對於你的問題。因此，正如我們所說，我們繼續預期增值服務和解決方案、D&S 和 C&I 的強勁成長。就費用而言，我一開始就說過，著眼於宏觀，著眼於我們周圍發生的一切，我們已經通過新冠疫情證明了這一點，我們已經通過俄羅斯證明了這一點，我們將繼續證明，因為我們有整體在資本不是特別密集的企業中使用一系列槓桿來調整我們的支出。您已經看到我們在同比基礎上實現了積極的利潤和收入成長。我們不會按季度進行管理，但我們始終牢記這一點。因此，我們的財務紀律將在這裡繼續下去。我們沒有理由改變這一點。它運作良好，這是執行此操作的嚴格方法。

And David, I'll just add, right, just as Michael said, I think our philosophy from an operations standpoint is to continue to deliver positive operating leverage over the long term. We will do that in a disciplined manner to continue to drive short, medium and long-term growth, and we will invest prudently. And we'll obviously keep an eye on what's going on, on the top line and kind of moderate on expenses as appropriate, as we've done historically. So I just want to reiterate exactly what Michael said there.

大衛，我想補充一點，正如麥可所說，我認為從營運角度來看，我們的理念是繼續長期提供積極的營運槓桿。我們將有紀律地這樣做，並繼續推動短期、中期和長期成長，我們將謹慎投資。我們顯然會密切注意營收情況，並酌情適度削減開支，就像我們過去所做的那樣。所以我只想重申邁克爾在那裡所說的話。

We'll move next to Bryan Keane at Deutsche Bank.

我們將搬到德意志銀行的布萊恩·基恩旁邊。

Sachin, just wanted to ask about more chunkier portfolios and the timing of it. Obviously, NatWest anniversary that might have surprised some people on the comps, but it's just an anniversary of that. So just thinking about Citizens or Webster or others, the timing on when they come on and any others out there?

Sachin，只是想詢問更多更厚重的作品集及其時機。顯然，國民威斯敏斯特銀行的周年紀念日可能會讓參加比賽的一些人感到驚訝，但這只是一個週年紀念日。那麼，想想《公民》、《韋伯斯特》或其他人，他們出場的時間以及其他人的出場時間？

Sure, Bryan. So on Citizens, the portfolio transition is on track for 2024. You should expect that, that will take place over a period of time as opposed to a flip-to-switch kind of environment. Webster, we just announced, which we are super excited about, right? And the portfolio transition will also begin in 2024 and will take place over a period of time. Santander has done NatWest, I already spoke about. The other one, actually, which I'd kind of point out is Deutsche Bank, right? And there, we had talked about conversion of 10 million cards. That conversion has started. It's a combination of debit and credit, it will happen over an extended period of time. Again, it's not a flip-to-switch kind of scenario.

當然，布萊恩。因此，在 Citizens 上，投資組合過渡將於 2024 年步入正軌。您應該預料到，這將在一段時間內發生，而不是翻轉切換式的環境。韋伯斯特，我們剛剛宣布，我們對此感到非常興奮，對吧？投資組合的過渡也將於 2024 年開始，並將持續一段時間。我已經談過，桑坦德銀行已經完成了國民威斯敏斯特銀行（NatWest）的業務。實際上，我想指出的是德意志銀行，對嗎？在那裡，我們討論了 1000 萬張卡的轉換。這種轉變已經開始。它是藉記和貸記的結合，會在很長一段時間內發生。再說一次，這不是一種翻轉開關的場景。

And the last one I'd mention is around UniCredit, which is something which will happen over multiple years. So this is not -- I mean I say multiple years, I literally mean you'll start in 2024, and this will work its way through over a few years. So that's what I can share with you in terms of at least the chunky ones. Obviously, there are a bunch of other portfolios, which we win all the time, but these are the bigger ones.

我要提到的最後一個是關於聯合信貸銀行的，這將在多年內發生。所以這不是——我的意思是我說多年，我的字面意思是你將從 2024 年開始，這將在幾年內完成。這就是我可以與您分享的至少是粗略的內容。顯然，還有很多其他投資組合，我們一直在贏，但這些是更大的投資組合。

Our next question comes from Tim Chiodo at UBS.

我們的下一個問題來自瑞銀集團的提姆·奇奧多。

I just wanted to take this as an opportunity to revisit some of the mechanics around rebates and incentives. If you could just provide a recap on the portions of rebates and incentives that are volume and performance based, some of the portions that are maybe more fixed and then the portions that are more cumulative over the course of a contract. I think that would be appreciated by all.

我只是想藉此機會重新審視一些有關回饋和激勵的機制。如果您可以回顧一下基於數量和績效的回扣和激勵部分，一些可能更固定的部分，然後是在合約過程中更多累積的部分。我想這會受到大家的讚賞。

Sure. So first, the reason we do rebates and incentives is to drive volume. I just want to be clear. That's kind of what drives -- what we're trying to do, which is to win preference, which allows us to generate revenue from the payment stream as well as to deliver services to drive our net revenue yield. So that's kind of the headline. Your specific question around rebates and incentives, right? It's a combination typically of fixed and variable. It depends on a deal-by-deal basis.

當然。首先，我們進行回扣和激勵的原因是為了提高銷售量。我只想說清楚。這就是我們正在努力做的事情，即贏得偏好，這使我們能夠從支付流中產生收入，並提供服務來提高我們的淨收入收益率。這就是標題。您關於回饋和獎勵的具體問題是嗎？它通常是固定和可變的組合。這取決於每筆交易的基礎。

If it's a fixed incentive, the fixed incentive is typically amortized over the life of the deal. Variable incentives are variable in nature. They vary with the volume, which are coming through, and they are timed with how the volume rolls on. So that's kind of at the highest level. The other piece I can share with you is rebates and incentives are typically more indexed towards domestic volumes, less indexed towards cross-border. So those are the salient pieces I've mentioned to you on rebates and incentives.

如果是固定激勵，則固定激勵通常在交易期間內攤提。可變激勵本質上是可變的。它們隨著音量的變化而變化，並且它們的時間與音量的滾動方式有關。所以這是最高等級的。我可以與您分享的另一件事是回扣和激勵措施通常與國內交易量更掛鉤，而與跨境交易量掛鉤較少。這些是我向您提到的關於回扣和激勵措施的重要內容。

We'll go next to Dan Dolev at Mizuho.

我們將前往瑞穗的丹‧多列夫 (Dan Dolev)。

Michael, I just want to give you a compliment first because this is close to my heart, and I appreciate you mentioning the terror attack on Israel. I think your competitor made it more like of a politically correct comment on their call, so I really appreciate it. And then to my question, a key European merchant acquirer called out like a big negative trend in Germany. And as you know, the whole market trended down.

邁克爾，我首先想向你表示讚揚，因為這很貼近我的心，我很感謝你提到以色列的恐怖攻擊。我認為你的競爭對手更像是對他們的電話發表了政治正確的評論，所以我真的很感激。然後針對我的問題，一家主要的歐洲商業收單機構大聲疾呼德國出現了巨大的負面趨勢。如您所知，整個市場呈下跌趨勢。

Can you make some specific comments how much of that was stuff that you're seeing? Because it seems like the trends are actually pretty solid and pretty resilient. So there's quite a bit of confusion in the market. We would appreciate some comments on the European macro trend.

您能否發表一些具體評論，其中有多少是您所看到的內容？因為看起來趨勢實際上非常穩固且非常有彈性。所以市場上存在相當混亂的情況。我們希望對歐洲宏觀趨勢發表一些評論。

Thanks, Dan. As you're going to appreciate, I keep a close eye on the German market very specifically, and we're not seeing that. Consumer spending remains pretty steady in Germany and generally, in Europe. Sachin talked a little bit about, one, the U.K., might have a couple of -- little bit of moderation here and there. But overall, we're not seeing that. So what we see on the other hand, as you know, is strong growth for us in Europe on all the migrations, on our debit Maestro migrations and so forth. So Europe has been a bright star, continues to be for us. So we don't quite relate to what others are reporting.

謝謝，丹。正如您所理解的，我非常密切地關注德國市場，但我們沒有看到這一點。德國乃至整個歐洲的消費者支出仍然相當穩定。薩欽談到了一點，其中一個，英國，可能會有一些——到處都有一點節制。但總的來說，我們沒有看到這一點。因此，正如您所知，另一方面，我們看到的是我們在歐洲的所有遷移、Maestro 借記遷移等方面的強勁增長。因此，歐洲一直是一顆明亮的星星，對我們來說仍然是。所以我們不太了解其他人的報道。

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

接下來我們將訪談沃爾夫研究中心的達林‧佩勒 (Darrin Peller)。

I just want to follow up a little bit more on the incentives and rebates. But first, just Michael, the number of portfolios that you guys are winning on the different parts of the world, really. But just talk a little bit about the competitive landscape whether it's UniCredit or now Citizens or others that you keep talking about, if anything has changed, and that kind of dovetails into incentives and rebates because the growth -- I mean, you're about 500, 600 basis points faster than gross revenues you're seeing in it.

我只是想進一步跟進一下激勵和回扣的情況。但首先，邁克爾，你們在世界不同地區贏得的投資組合數量確實如此。但只要談談競爭格局，無論是聯合信貸銀行還是現在的公民或你一直在談論的其他人，如果有什麼變化的話，這種情況與激勵和回扣相吻合，因為增長——我的意思是，你大約比您看到的總收入快 500、600 個基點。

Maybe that part is more for Sachin. And just it offsets some of the exciting opportunities we're seeing on gross revenue growth kind of in a few quarters in a row now. And so I just want to get a better sense of what you're seeing in terms of anything structural on rebates and incentives that's maybe a bit different and tied to winning business? Or is it just more business as usual? And just maybe some comments on that.

也許這部分更適合薩欽。它抵消了我們在連續幾個季度看到的總收入成長的一些令人興奮的機會。因此，我只是想更好地了解您在回扣和激勵方面所看到的任何結構性內容，這些結構可能有點不同並且與贏得業務有關？還是只是一切如常？也許只是對此的一些評論。

Let me start off here. So I want to reiterate what Sachin said before. We are trying to win portfolios that are important from a market relevance perspective for us to gain access to transactions to drive our services model and follow through on that virtuous circle that I talked about earlier in my remarks. So that's the whole idea. We keep net revenue yield in mind as we do all of this. That is the integrated payments and services model that we pursue.

讓我從這裡開始。所以我想重申薩欽之前說過的話。我們正在努力贏得從市場相關性角度來看非常重要的投資組合，以便我們能夠獲得交易來推動我們的服務模式，並遵循我之前在演講中談到的良性循環。這就是整個想法。在我們做所有這些事情時，我們都會牢記淨收入收益率。這就是我們追求的一體化支付和服務模式。

Now when you look at the competitive landscape, payments is competitive. There's a lot of players out on the landscape. We like competition, and we feel we have a truly unique proposition between our payments, digital solutions on one hand and our services on the other hand. So when you think about UniCredit. So why did they come to us? Well, they were looking at our proven track record in our engagement with UniCredit before the expanded relationships and supporting their customers. They like our sustainability agenda.

現在，當你看看競爭格局時，你會發現支付具有競爭力。現場有很多玩家。我們喜歡競爭，我們覺得我們在支付、數位解決方案和服務之間擁有真正獨特的主張。所以當你想到聯合信貸銀行時。那他們為什麼來找我們呢？嗯，在擴大關係和支持他們的客戶之前，他們正在研究我們與聯合信貸銀行合作的良好記錄。他們喜歡我們的永續發展議程。

On Citizens, it was a similar kind of mix and on Webster, yet again, it was a similar kind of mix. There's always something across the portfolio of services that sticks out. Citizens, I recall a conversation on open banking, for example, that is clearly one that mattered and the sustainability agenda yet again. So it's a mix. There is nothing particularly new here. We always weigh off the volume growth that we can see with the incentives that we give to make this whole equation work for us in a very disciplined manner. And there's a range of deals and portfolios that we really do not want to win. So we're very disciplined about that. And I don't see anything out of the ordinary here. But I want to hand over to Sachin to give us a little more color on that.

在《公民》中，這是一種類似的混合，而在《韋伯斯特》中，又是一種類似的混合。服務組合中總是有一些突出的內容。公民們，例如，我記得一次關於開放銀行業務的對話，這顯然是一個重要的對話，也是永續發展議程的對話。所以這是一個混合體。這裡沒有什麼特別新的東西。我們總是權衡我們可以看到的銷售成長和我們給予的激勵措施，以使整個方程式以非常嚴格的方式為我們服務。還有一系列我們確實不想贏得的交易和投資組合。所以我們對此非常自律。我在這裡沒有看到任何異常。但我想請 Sachin 為我們提供更多資訊。

Sure. So Darrin, I think Michael covered kind of the competitive landscape. I think to your specific question around the divergence -- not divergence, but the fact that gross revenues growing at a faster clip and rebates and incentives are actually impacting the growth on the net revenue side. The reality is in the growth business, right, you're investing in portfolios upfront, right?

當然。達林，我認為麥可涵蓋了競爭格局。我認為你關於差異的具體問題——不是差異，而是總收入以更快的速度增長以及回扣和激勵措施實際上正在影響淨收入方面的增長這一事實。現實是成長型業務，對吧，你是在預先投資投資組合，對吧？

Going back to the earlier question which was asked, right, when you're doing a combination of fixed and variable incentives, fixed incentives start to amortize the moment the deal goes live. That doesn't mean the volumes come on at full speed when the deal goes live, right? Because like we talk, we talk about conversions happening over multiple years. We talk about -- if a conversion happens right away, you get the volume right away and you start to see the associated impact from a revenue standpoint.

回到先前提出的問題，對吧，當你結合固定激勵和可變激勵時，固定激勵在交易生效的那一刻就開始攤提。這並不意味著交易生效後銷量會全速增加，對嗎？因為就像我們談論的那樣，我們談論的是多年來發生的轉變。我們談論的是——如果立即發生轉化，您會立即獲得銷量，並開始從收入的角度看到相關的影響。

So there is this lag which exists on the fixed incentives line between when we're recognizing the impact of those incentives and when we would expect that full ramp, the volume should come on as we win deals. But that's more of a technicality and how the math around that works. I think the bottom line still remains, which is we would rather be in the payment flow on a disciplined basis to be able to drive higher net revenue yield for our company than not be in the flow because you're not in the flow, you're not getting the benefit of PC, you're not getting the benefit of the shift -- the secular trends, which are moving from cash to electronic forms of payment and you're certainly not getting the ability to deliver certain levels of services which we got out there. So that's kind of the broad philosophy from a competitive standpoint that we've chosen to take here.

因此，在我們認識到這些激勵措施的影響和我們預期全面成長之間存在著固定激勵線的滯後，當我們贏得交易時，交易量應該會增加。但這更多的是一個技術細節以及圍繞它的數學原理。我認為底線仍然存在，那就是我們寧願在嚴格的基礎上處於付款流程中，以便能夠為我們公司帶來更高的淨收入收益率，而不是不在流程中，因為你不在流程中，你「你沒有從個人電腦中獲益，你也沒有從這種轉變中獲益——長期趨勢，支付方式正在從現金轉向電子支付形式，你當然沒有能力提供一定水平的服務我們得到了那裡。因此，從競爭的角度來看，這就是我們選擇採用的廣泛理念。

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

接下來，我們將邀請花旗銀行的 Ashwin Shirvaikar。

So I want to talk about Pay by Bank. It's live with JPMorgan. I mean, Verizon is piloting. Can you speak to the momentum you're seeing in the product? And given that you use a traditional ACH banking rails, could you maybe more broadly speak to the economic model for this and similar products that maybe tend to not use Mastercard (inaudible)?

所以我想談談銀行付款。摩根大通直播。我的意思是，Verizon 正在試行。您能談談您在該產品中看到的勢頭嗎？鑑於您使用傳統的 ACH 銀行軌道，您能否更廣泛地談談該產品以及可能不使用萬事達卡的類似產品的經濟模型（聽不清楚）？

Right. So this is a combination of bill pay of open banking. This is for us sitting in the new flow space. Very specifically, what we are addressing is trying to bring value to ACH flows. These are -- somebody paying a doctor or things like that and how do we add value to this is by plugging onto a flow that would take place and might not happen because of insufficient funds on an account.

正確的。所以這是開放銀行帳單支付的結合。這是為我們坐在新的流動空間中準備的。非常具體地說，我們正在努力為 ACH 流程帶來價值。這些是——有人付錢給醫生或類似的事情，我們如何增加價值，就是透過插入一個可能會發生但可能不會發生的流程，因為帳戶資金不足。

We're putting in our open banking connection to make it clear, is there a balance on the account. It's called the payment success indicator. That is the product. And it is a per-click fee related to the API call. So that is the model. That is bringing value to a part of the payments industry where there wasn't a particular problem to be solved and not anybody willing to pay for it.

我們正在建立開放式銀行連接，以明確帳戶是否有餘額。它稱為支付成功指示器。這就是產品。這是與 API 呼叫相關的每次點擊費用。這就是模型。這為支付產業的一部分帶來了價值，因為那裡沒有需要解決的特定問題，也沒有人願意為此付費。

I think we're finding -- starting to find these corners whether it's real value that we can bring. So for us, this is TAM expansion. This is new flows. And as said, where we bring our unique combination of services together, we are in real-time payments, and we are in digital identity, and we're in open banking. All of this is needed here to make the solution work. And this is why a player like JPMorgan comes to us to do this for us. And Verizon, to the point about momentum, we'll now be piloting it. So it would be a little early to talk about momentum, but we'll come back on that as that solution is then rolled out into the market, but it is now live. And that was an important point for us. It had to be built and put together, and we have done that.

我認為我們正在開始尋找這些角落是否是我們能夠帶來的真正價值。所以對我們來說，這就是 TAM 擴充。這是新的流量。正如所說，我們將獨特的服務組合在一起，我們正在實時支付，我們在數位身份，我們在開放銀行。所有這些都是使解決方案發揮作用所必需的。這就是為什麼像摩根大通這樣的參與者來找我們為我們做這件事。 Verizon，就勢頭而言，我們現在將進行試點。因此，現在談論勢頭還為時過早，但我們會在該解決方案隨後推出市場時再討論這一點，但它現在已經上線。這對我們來說很重要。它必須被建造和組裝，我們已經做到了。

We'll go next to Jeff Cantwell at Seaport Research.

接下來我們將採訪海港研究中心的傑夫‧坎特威爾 (Jeff Cantwell)。

I want to ask about your business update in October, specifically. We can see in the U.S., switched volume growth is 5%. So that's 200 bps lower versus the 7% you did this quarter. But can you talk a little more about how you see the holiday season developing this year? Because we've seen some estimates that consumer spend could increase by 5% versus last year, which sounds pretty good, all things considered. You highlighted resilience in consumer spend this quarter. So I just wanted to take your temperature on how the entire quarter might (inaudible), but specifically in the U.S.

我想具體詢問一下你們十月的業務動態。我們可以看到在美國，轉換量增加了 5%。因此，與本季的 7% 相比，下降了 200 個基點。但您能多談談您對今年假期季節發展的看法嗎？因為我們看到一些估計，消費者支出可能比去年增加 5%，考慮到所有因素，這聽起來相當不錯。您強調了本季消費者支出的彈性。所以我只是想了解整個季度的情況（聽不清楚），特別是在美國。

Jeff. So on the U.S., specifically, what you're seeing in the day 21 numbers is, like I said in my prepared remarks, right, it's primarily related to the timing of social security payments between this year and last year. So that's really what you're seeing in the nature of that 7% growth in Q3, which now shows at 5% in the first 3 weeks of October. So there's really, from an underlying standpoint, other than that, there's not much we're seeing in the nature of a trend shift in the U.S. in the first 3 weeks of October.

傑夫.所以在美國，具體來說，你在21日的數字中看到的，就像我在準備好的發言中所說的那樣，主要與今年和去年之間的社會安全支付時間有關。這就是您所看到的第三季 7% 成長的本質，而現在 10 月的前三週成長了 5%。因此，從根本上來看，除此之外，我們在 10 月的前三週內並沒有看到太多美國趨勢轉變的本質。

On your question around how we see Q4 shaping up, it's actually very much in line with what I shared, which is our base case scenario continues to be one of where the consumer remains resilient. I mean the reality is unemployment levels are at all-time record lows. When people have jobs, they hopefully are getting their paychecks, which they're hopefully using towards meeting their spending needs. You also saw GDP came out this morning and it came out pretty strong. I kind of generally think about this as saying our base case scenario around consumer strength and resilience is what we're assuming going into Q4.

關於我們如何看待第四季度的情況，這實際上與我分享的內容非常一致，即我們的基本情境仍然是消費者保持彈性的情況之一。我的意思是，現實情況是失業率處於歷史最低點。當人們有工作時，他們希望拿到薪水，並希望用這些薪水來滿足他們的支出需求。今天早上你也看到了GDP數據，結果相當強勁。我一般認為這是說我們圍繞消費者實力和彈性的基本情境是我們假設進入第四季的情況。

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

我們將前往巴克萊銀行的拉姆齊·阿薩爾 (Ramsey El-Assal)。

I wanted to follow up on Dan Dolev's question earlier. And basically, just ask about the sort of dislocation between your valuation in the marketplace and the valuation of your distribution channels, the acquirers and banks that sort of flow transactions to you. Can you give us your updated thoughts on the overall health and TAM penetration of this core kind of value chain.

我想早些時候跟進 Dan Dolev 的問題。基本上，只需詢問您在市場上的估值與您的分銷管道、收購者和銀行的估值之間的錯位，這些管道就會向您提供交易。您能否向我們介紹您對此核心價值鏈的整體健康狀況和 TAM 滲透率的最新想法？

When you look at the heritage distribution channels on both sides, are you seeing upheaval? Or are you seeing stability? In other words, is the market kind of getting the industry wrong at this point? Or are you seeing changes out there that are worth calling out?

當您觀察雙方的遺產分銷管道時，您是否看到了劇變？或是你看到穩定了嗎？換句話說，市場目前是否對該產業有所誤解？或者您看到了值得呼籲的變化？

Right. Ramsey. So let me start off on that. So if you look at how our distribution has evolved over the years, the whole theme of diversification across products and segments also applies here. So we're doing a whole number of things. I talked about our work on acceptance. That is part of our distribution, contactless, Tap on Phone, things like that, a whole range of new merchant groups scaling these kind of technologies with partners like Stripe. There's all going into areas that we haven't been in.

正確的。拉姆齊。那麼就讓我從這個開始吧。因此，如果你看看我們的分銷多年來是如何發展的，跨產品和細分市場的多元化主題也適用於此。所以我們正在做很多事情。我談到了我們在驗收方面的工作。這是我們分銷的一部分，非接觸式、電話點擊等，一系列新的商業集團與 Stripe 等合作夥伴一起擴展這些技術。一切都進入了我們沒有去過的領域。

Then you have other parts of our go-to-market. We talked about -- in B2B, we talked about Oracle and SAP, you go over into the world of acquirers. There's a whole range of acquirers, more traditional acquirers, which are our partners. So across the board, it's highly diversified. It's regionally highly diversified. So these blips here and there, I can't really talk about other people's business. But earlier on the question around what we're seeing in Europe, we're just not seeing it in our numbers because we have a highly diversified model. So whatever specific sector focus somebody has that is a partner of ours, doesn't necessarily flow through for us. So I don't know if the market got it wrong or not, we're not the Oracle, but we make sure we partner with everybody to drive the overall digital ecosystem.

然後您還有我們進入市場的其他部分。我們談論了——在 B2B 領域，我們談論了 Oracle 和 SAP，你進入了收購者的世界。有各種各樣的收購方，更傳統的收購方，他們都是我們的合作夥伴。所以總的來說，它是高度多元化的。它的區域高度多元化。所以這些點點滴滴，我真的不能談論別人的事。但早些時候，關於我們在歐洲看到的情況的問題，我們只是沒有在我們的數據中看到它，因為我們有一個高度多元化的模式。因此，無論我們的合作夥伴專注於哪個特定領域，都不一定適合我們。所以我不知道市場是否錯了，我們不是甲骨文，但我們確保與每個人合作來推動整個數位生態系統。

Next, we'll go to Bob Napoli at William Blair.

接下來，我們將前往威廉布萊爾的鮑伯納波利。

I wanted to follow up on commentary around the open banking, Banking as a Service and Mastercard also, I mean, you've done a great job of partnering with a lot of fintechs. We were just at Money20/20, and I would say this year, there were a lot more regulators than I remember in the past, and talking about open banking and how active they are and reviewing all the partners in those relationships. So just any thoughts on your outlook for your open banking investments and then how you think about the regulation, the growing regulation around open banking or Banking as a Service.

我想跟進開放銀行、銀行即服務和萬事達卡的評論，我的意思是，你們在與許多金融科技公司合作方面做得很好。我們剛剛參加 Money20/20，我想說今年的監管機構比我過去記得的要多得多，他們談論開放銀行業務以及它們的活躍程度，並審查這些關係中的所有合作夥伴。因此，您對開放銀行投資前景的任何想法，以及您如何看待監管、圍繞開放銀行或銀行即服務不斷加強的監管。

Right. So we continue to believe in the whole notion of open banking and open data at large, where people and businesses use their own (inaudible) to drive towards better services and propositions for them. So the idea stands. And I think the idea gets hold and hold. If you look at Europe with more regulation coming in looking at PSD3 and so forth, you're looking at the CFPB here in the United States putting out some thoughts on how regulation could look like. For us, I put this in context of the ideas understood how do you make it safer? What does that need?

正確的。因此，我們仍然相信開放銀行和開放資料的整個概念，人們和企業利用自己的（聽不清楚）來推動為他們提供更好的服務和建議。所以這個想法是成立的。我認為這個想法會一直持續下去。如果你看看歐洲在 PSD3 等方面有更多的監管，那麼你會看到美國的 CFPB 對監管的方式提出了一些想法。對我們來說，我將其置於所理解的想法的背景下，如何使其更安全？那需要什麼？

It needs trusted parties in the middle. If you can imagine a world full of a bunch of bilateral relationships where people exchange data in a not so safe way, that would be a bad world. That's what regulators want to prohibit. We're coming in and saying, we could be one of those parties that really bring the idea to life for consumers. I can use my data for better financial services. So when I look at what CFPB has put out, we largely support the idea. It aligns very well with our data responsibility principles that we put out. It's your data, the consumer, you benefit from it, you control it. It is our role as a company to keep it safe, and we're very good at that.

它需要中間值得信賴的各方。如果你可以想像一個充滿雙邊關係的世界，人們以不那麼安全的方式交換數據，那將會是一個糟糕的世界。這正是監管機構想要禁止的。我們進來並說，我們可以成為那些真正將這個想法變成消費者生活的團體之一。我可以利用我的數據提供更好的金融服務。因此，當我看到 CFPB 發布的內容時，我們基本上支持這個想法。它與我們提出的數據責任原則非常吻合。這是你的數據，消費者，你從中受益，你控制它。作為一家公司，我們的職責就是確保其安全，而且我們非常擅長這一點。

So our interlocking circles stand for trust. For open banking to work, you need trust. I think that is where we're going. So we're engaging. In fact, we're oftentimes in the room when these things are being talked about. Now in Europe, we were very much part of the dialogue on how data privacy in this context could look like.

因此，我們環環相扣的圓圈代表信任。要讓開放銀行發揮作用，您需要信任。我想這就是我們要去的地方。所以我們很投入。事實上，我們經常在房間裡談論這些事情。現在在歐洲，我們在很大程度上參與了有關這種情況下資料隱私的對話。

Last question, Audra.

最後一個問題，奧德拉。

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

我們將回答美國銀行 Jason Kupferberg 提出的最後一個問題。

Just wanted to flash back to the Analyst Day 2 years ago. I know you had shared a 3-year guide at the time for a revenue CAGR of high teens through 2024. And it looks like you'll basically be right there through the first 2 years of that forecast period. So I just wanted to take your temperature on that 3-year guide. It looks like we're exiting 23% more in the low double-digit range and really just trying to get a sense of how you're thinking about normalized top line growth going forward with the COVID noise essentially in the rearview mirror.

只是想回顧一下兩年前的分析師日。我知道您當時分享了一份關於 2024 年高中青少年收入複合年增長率的 3 年指南。看起來您基本上會在該預測期的前 2 年保持不變。所以我只是想透過這份三年指南來測量一下你的體溫。看來我們在低兩位數範圍內退出了 23%，實際上只是想了解您如何看待未來的正常化營收成長，而新冠噪音基本上已經成為後視鏡。

Yes, Jason. So look, we're not updating anything on the 3-year outlook at this point in time. It's like you said, the first year actually turned out to be a very nice year. Again, in the second year, we've delivered quite strongly year-to-date, and then we've shared with you what we think will happen from an expectation standpoint in Q4. The one thing I just want to kind of orient everybody too is when we had the Investor Day, it was in November of 2021. And the world has actually changed quite meaningfully since then, which is what I'm alluding to here is the invasion of Ukraine by Russia and our suspension of activities in Russia.

是的，傑森。所以看，我們目前沒有更新任何關於 3 年前景的資訊。就像你說的，第一年其實是非常美好的一年。同樣，在第二年，我們今年迄今為止的表現相當強勁，然後我們與您分享了我們從第四季度的預期角度來看將會發生的情況。我也想讓大家了解的一件事是，當我們舉辦投資者日時，那是在2021 年11 月。從那時起，世界實際上已經發生了相當有意義的變化，這就是我在這裡提到的入侵俄羅斯對烏克蘭的製裁以及我們暫停在俄羅斯的活動。

So that's something to keep in mind. We certainly keep in mind as part of the fact that what we're assuming at that point in time, included Russia right now. Obviously, we don't have revenues related to Russia, which are coming through. But beyond that, I have nothing really to share in terms of updated thoughts around our 3-year outlook.

所以這是需要記住的事情。我們當然要牢記這樣一個事實：我們當時的假設包括現在的俄羅斯。顯然，我們沒有與俄羅斯相關的收入，而這些收入是通過的。但除此之外，我對於我們的三年展望的最新想法沒有什麼可分享的。

Thank you, everyone, for joining today. .

謝謝大家今天的加入。 。

All right. So thank you for the questions today. Thanks for the trust in Mastercard. I always thank our people, and this is yet again the moment to do this. Times are not that easy for everybody, and they're leaning in and they're leaning in for our customers. So thank you to everybody at Mastercard, who's on the call, and thank you to all of you who listened in and asked questions. We'll Speak to you in 1 quarter from now. Thank you. Bye-bye.

好的。謝謝你今天提出的問題。感謝您對萬事達卡的信任。我始終感謝我們的人民，現在又是這樣做的時候了。時代對每個人來說都不是那麼容易，他們正在努力爭取我們的客戶。感謝萬事達卡參加電話會議的所有人，也感謝所有傾聽並提出問題的人。我們將在 1 個季度內與您聯繫。謝謝。再見。

Thank you.

謝謝。

And that concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。