萬事達 (MA) 2024 Q1 法說會逐字稿

Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the Mastercard Inc. Q1 2024 Earnings Conference Call. (Operator Instructions)

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 2024 年第一季財報電話會議。 （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 2024 earnings call. With me today are Michael Miebach, our Chief Executive Officer; and Sachin Mehra, our Chief Financial Officer. Following comments for Michael and Sachin, the operator will announce you opportunity to get into the queue for the Q&A session. There 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 2024 年第一季財報電話會議。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。在邁克爾和薩欽發表評論後，接線員將宣布您有機會進入問答環節的隊列。只有這樣，隊列才會開放供提問。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 would like to remind everyone that today's call will include forward-looking statements regarding Mastercard's future performance. Actual performance could differ materially from these forward-looking statements. Information about the factors that could affect future performance are summarized at the end of our earnings release and in our recent SEC filings. A replay of this call will be posted on our website for 30 days. With that, I will now turn the call over to our Chief Executive Officer, Michael Miebach.

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，正如我們的財報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, everyone. Our momentum continued this quarter as we once again delivered strong revenue and earnings growth. Quarter 1 net revenues were up 11% and adjusted net income up 16% versus a year ago on a non-GAAP currency-neutral basis. These results were powered by healthy consumer spending and strong cross-border volume growth of 18% year-over-year on a local currency basis. We had new deal wins in every region, and we're driving growth by scaling our innovative technologies. That's why people choose Mastercard, a simple, seamless and secure way to pay. With these strong results, we are reiterating our full year 2024 outlook for both net revenue and operating expense on a currency-neutral basis, excluding acquisitions and special items. On the macroeconomic front, the picture remains mixed. First, strong labor markets and solid wage growth remain in countries across the globe. This is supportive of healthy consumer spending. Second, inflation has been moderating with a path towards normalization of monetary policy in most countries. Persistent inflation in the United States could delay rate cuts here. And third, geopolitical uncertainty remains in several countries. In addition to these areas, we are closely monitoring the strength of the dollar, commodity prices and consumer balance sheet health. With tailwinds and headwinds to economic growth remain on balance, we are positive about the growth outlook. With this backdrop, we are focused on our strategic priorities: consumer payments, new flows and services and new networks. The recent realignment of our organizational structure will help our teams to execute on these priorities faster to deliver more value to our partners and customers.

謝謝你，德文。大家，早安。本季我們的勢頭繼續保持，我們再次實現了強勁的營收和獲利成長。在非 GAAP 貨幣中性基礎上，第一季淨收入年增 11%，調整後淨利年增 16%。這些業績得益於健康的消費者支出以及以當地貨幣計算的同比 18% 的強勁跨境交易量增長。我們在每個地區都贏得了新的交易，並且透過擴展我們的創新技術來推動成長。這就是人們選擇萬事達卡的原因，這是一種簡單、無縫且安全的支付方式。憑藉這些強勁的業績，我們重申了在貨幣中性的基礎上（不包括收購和特殊項目）對 2024 年全年淨收入和營運費用的展望。在宏觀經濟方面，情況仍然好壞參半。首先，全球各國勞動市場依然強勁，薪資成長穩健。這有利於健康的消費支出。其次，隨著大多數國家貨幣政策正常化，通膨一直在放緩。美國持續的通膨可能會推遲降息。第三，有些國家仍然存在地緣政治不確定性。除了這些領域外，我們還密切關注美元的強勢、大宗商品價格和消費者資產負債表的健康狀況。由於經濟成長的順風和逆風保持平衡，我們對成長前景持樂觀態度。在此背景下，我們專注於我們的策略重點：消費者支付、新流程和服務以及新網路。我們最近對組織結構的調整將幫助我們的團隊更快地執行這些優先事項，從而為我們的合作夥伴和客戶提供更多價值。

In payments, our growth algorithm consists of being in the flow to capture the natural growth of economies, accelerating the secular shift to electronic payments, further penetrating new flows, growing market share and optimizing our customer portfolios. I will address a few of those. Starting with the shift to digital for person to merchant payments, this secular opportunity has been a very important component of our growth algorithm across both volume and transactions. We are confident this will continue over the long term. Our acceptance footprint is a key competitive advantage, and we continue to expand our reach globally while enhancing the user experience for digital transactions through our technologies. Our fast and secure Contactless technology has been instrumental in displacing cash. Contactless now represents more than 2 of every 3 in-person [switch] purchase transactions, up from 1 in 3 prior to the pandemic. And our Tap on Phone capabilities are simply a cost-effective way for merchants of all sizes to accept digital card payments. We're now live in over 100 markets. In Brazil alone, the number of active devices is now over 1.5 million. And Apple continues to expand Tap to Pay on iPhone in markets like Brazil, where recently the solution was rolled out by fintechs, Stone, [NuBank], SumUp and Cloud Walk. As payments become more digital, there is an increasing demand from consumers and merchants for a simpler and more secure payment experience. Whether online or through a wallet provider, our tokens, deliver an elevated level of security and payment credentials are shared between the bank and the merchant. This improves the performance of a client's portfolio while supporting new ways to pay. This key differentiator creates a flywheel effect. Lower fraud, higher approval rates and a better consumer experience bring more transactions and volume to the MasterCard network, which in turn drives more payments revenue and brings more data. Tokens also create a streamlined way to accelerate the monetization of associated services to our customers.

在支付方面，我們的成長演算法包括抓住經濟的自然成長、加速向電子支付的長期轉變、進一步滲透新的流程、增加市場份額和優化我們的客戶組合。我將討論其中的一些問題。從個人對商家支付向數位化的轉變開始，這種長期機會一直是我們在數量和交易方面的成長演算法的一個非常重要的組成部分。我們相信這種情況將長期持續下去。我們的接受度是一個關鍵的競爭優勢，我們不斷擴大我們的全球影響力，同時透過我們的技術增強數位交易的用戶體驗。我們快速、安全的非接觸式技術在取代現金方面發揮了重要作用。現在，每 3 筆面對面 [switch] 購買交易中就有超過 2 筆是透過非接觸式方式進行的，而在疫情爆發之前，這一數字僅為三分之一。我們的 Tap on Phone 功能對於各種規模的商家來說都是一種經濟高效的接受數位卡支付的方式。我們現在遍佈 100 多個市場。僅在巴西，活躍設備數量現已超過 150 萬台。 Apple 繼續在巴西等市場拓展 iPhone 上的 Tap to Pay 服務，最近金融科技公司、Stone、[NuBank]、SumUp 和 Cloud Walk 在這些市場推出了這個解決方案。隨著支付變得更加數位化，消費者和商家對更簡單、更安全的支付體驗的需求越來越大。無論是在線上還是透過錢包提供商，我們的代幣都提供更高級別的安全性，並且支付憑證在銀行和商家之間共享。這提高了客戶投資組合的績效，同時支援新的支付方式。這關鍵的差異化因素產生了飛輪效應。更少的詐欺、更高的批准率和更好的消費者體驗為萬事達卡網路帶來了更多的交易和交易量，進而推動了更多的支付收入並帶來了更多的數據。代幣還創建了一種簡化的方式來加速為我們的客戶提供相關服務的貨幣化。

In quarter 1, tokenized transactions grew over 50% year-over-year with more room to go as only approximately 1 in 4 transactions on the MasterCard network are tokenized today. Further opportunity lies in the verticals traditionally underpenetrated by Card. Merchants are embracing solutions to simplify checkout, reduce missed payments and drive engagement. We are focused on segments such as housing and health care that have sizable spend and where our solutions can address the needs of providers and consumers. Rent payments is one vertical where we are working with aggregators to enable digital payments.

第一季度，代幣化交易年增超過 50%，還有更大的發展空間，因為目前萬事達卡網路上只有約四分之一的交易是代幣化的。進一步的機會存在於卡片傳統上滲透不足的垂直領域。商家正在採用各種解決方案來簡化結帳、減少錯過付款並提高參與度。我們專注於住房和醫療保健等支出可觀的領域，我們的解決方案可以滿足提供者和消費者的需求。租金支付是我們與聚合商合作實現數位支付的垂直領域之一。

In health care, we're partnering with several providers to grow acceptance in key markets like Germany. And we are playing in the gaming community or puns intended, with partners like global video game commerce company, Xsolla to improve the payment experience. The opportunity to bring more transactions onto the Mastercard network remains. We now switch approximately 2/3 of our total transactions worldwide, up from approximately 55% in 2018. Our actions in markets where switching penetration was historically low like Japan, Mexico, Colombia and Chile have increased this penetration, and we will continue to focus on this. My takeaway for you is the secular opportunity is large and it's lasting, and we are well positioned to go after it. Our momentum also continues with issuers and co-brand partners as we are winning new deals and retaining key business in every region.

在醫療保健領域，我們正在與多家提供者合作，以提高德國等關鍵市場的接受度。我們正在遊戲社群或雙關語中與全球電玩商務公司 Xsolla 等合作夥伴合作，以改善支付體驗。將更多交易引入萬事達卡網路的機會仍然存在。目前，我們在全球總交易中的轉換率約為2/3，高於2018 年的約55%。種滲透率，我們將繼續關注關於這一點。我對您的看法是，長期機會巨大且持久，我們有能力抓住它。隨著我們贏得新交易並保留每個地區的關鍵業務，我們與發行人和聯合品牌合作夥伴的勢頭也將繼續下去。

Starting in the Americas. In the fi quarter, we further solidified our position in Brazil. signing an agreement with Banco Bradesco, one of the largest banks in the market across credit, commercial and services. We're making great progress in converting the previously announced debit wins in the United States. The Fiserv Money Network card program for the California Employment Development Department has now gone live with Mastercard. On the conversions of Citizens and Webster, we are well underway. We're further strengthening our leadership position with retail co-brands in the U.S., Mastercard will be the exclusive network for the Citi issued Dillard's co-brand. We have also extended our long-standing partnerships with Target and the TJX companies. In Asia Pacific, Middle East and Africa, we signed a 10-year exclusive partnership with First Abu Dhabi Bank, the largest bank in the UAE. The agreement spans consumer and commercial issuance across UAE, Saudi Arabia, Oman and Egypt. We entered into a new exclusive co-brand agreement across the EMEA region with Global Hotel Alliance, the world's largest alliance of independent hotel brands. And in India, we signed a 10-year consumer credit issuance deal with Axis Bank. And finally, in Europe, we extended our long-standing partnership with (inaudible). The deal renews our payments relationship with one of the largest banks in the region while continuing to embed comprehensive marketing, consulting and loyalty solutions. These examples, like many others, are true partnerships. Our teams are invested in making them a win-win experience, and we will continue to use our innovative product capabilities and differentiated service offerings and our solution selling approach [produce] positive results for our customers and for Mastercard. Now you asked before, why are we winning? That's exactly why we're winning.

從美洲開始。第五季度，我們進一步鞏固了在巴西的地位。與市場上最大的信貸、商業和服務銀行之一布拉德斯科銀行簽署協議。我們在轉換之前宣布的美國借方贏款方面取得了巨大進展。加州就業發展部的 Fiserv Money Network 卡計畫現已與萬事達卡一起上線。關於公民和韋伯斯特的轉變，我們進展順利。我們正在進一步加強我們在美國零售聯合品牌的領導地位，萬事達卡將成為花旗發行的 Dillard 聯合品牌的獨家網路。我們也擴大了與 Target 和 TJX 公司的長期合作關係。在亞太、中東和非洲，我們與阿聯酋最大的銀行阿布達比第一銀行簽署了為期10年的獨家合作關係。該協議涵蓋阿聯酋、沙烏地阿拉伯、阿曼和埃及的消費者和商業發行。我們與全球最大的獨立酒店品牌聯盟全球酒店聯盟在歐洲、中東和非洲地區簽訂了新的獨家聯合品牌協議。在印度，我們與 Axis 銀行簽署了為期 10 年的消費信貸發行協議。最後，在歐洲，我們延長了與（聽不清楚）的長期夥伴關係。該交易更新了我們與該地區最大的銀行之一的支付關係，同時繼續嵌入全面的行銷、諮詢和忠誠度解決方案。與許多其他例子一樣，這些例子是真正的夥伴關係。我們的團隊致力於打造雙贏的體驗，我們將繼續利用我們的創新產品能力、差異化的服務產品以及我們的解決方案銷售方法，為我們的客戶和萬事達卡帶來積極的成果。現在你之前問過，為什麼我們會贏？這正是我們獲勝的原因。

Moving next to the new flows pillar of our growth algorithm. We continue to execute against our strategy to further penetrate the addressable market in targeted areas like commercial payments, and disbursements and remittances. Growth in commercial is about making sure we are connected to the right partners and have the right solutions to power growth. made great strides in securing key partnerships, including traditional banks, travel and ERP providers. We previously announced our expanded agreement with Wells Fargo in the U.S. As part of our small business relationship, I'm happy to share that we've made significant progress in the conversion of this card portfolio to the Mastercard network. Also this quarter, we won our first commercial credit issue deal with SBI Card in India. In commercial solutions [we're] components of the Banco Bradesco and First Abu Dhabi Bank deals I mentioned earlier.

接下來是我們成長演算法的新流量支柱。我們繼續執行我們的策略，進一步滲透商業支付、支付和匯款等目標領域的目標市場。商業成長的目的是確保我們與正確的合作夥伴建立聯繫，並擁有正確的解決方案來推動成長。在確保關鍵合作夥伴關係方面取得了長足進步，包括傳統銀行、旅遊和 ERP 提供者。我們之前宣布與美國富國銀行擴大協議。同樣在本季度，我們贏得了與印度 SBI 卡的首筆商業信貸發行交易。在商業解決方案中，我們是我之前提到的布拉德斯科銀行和阿布達比第一銀行交易的組成部分。

In addition to aligning with the right partners, it's also about having the right solutions to help commercial clients address their needs, like consumers, they want an easy and secure payment experience. Our new innovative mobile virtual card app enables commercial cards to be seamlessly added to digital wallets as we do as a consumer, but businesses can easily enable employees to pay for expenses with a click and a smile. At the same time, they can optimize back-office processes with robust spend controls, enhanced reconciliation data. HSBC Australia and Westpac will be the first financial institutions to offer this solution. The same principle applies to the open-loop commercial fleet space, where we are the market leader. Our differentiated capabilities have positioned us as a preferred partner with the market-leading fleet providers such as Corepay. And fleet fintech AtoB has announced they will now convert their commercial credit card program exclusively to the Mastercard network.

除了與合適的合作夥伴合作之外，還需要擁有合適的解決方案來幫助商業客戶滿足他們的需求，就像消費者一樣，他們希望獲得簡單、安全的支付體驗。我們全新的創新行動虛擬卡應用程式使商業卡能夠像我們作為消費者一樣無縫添加到數位錢包中，但企業可以輕鬆地讓員工透過點擊和微笑來支付費用。同時，他們可以透過強大的支出控制和增強的對帳資料來優化後台流程。澳洲匯豐銀行和西太平洋銀行將成為首批提供此解決方案的金融機構。同樣的原則也適用於開環商業車隊空間，我們是該領域的市場領導者。我們的差異化能力使我們成為 Corepay 等市場領先車隊供應商的首選合作夥伴。 Fleet Fintech AtoB 宣布，他們現在將把其商業信用卡計劃完全轉換為萬事達卡網路。

And sticking to new flows, disbursement and remittances, we continue to extend our reach to new markets. In quarter 1, we grew transactions by over 40%, [in combined], our portfolio of domestic and international money movement capabilities into 1 offering, Mastercard Move. It includes our Mastercard Send and cross-border services and reaches nearly 10 billion endpoints worldwide. This quarter, we extended our reach further in China with our connection to Alipay, in the U.S., we're partnering with Verituity to create a white label solution for banks to modernize their disbursements and remittances through a plug-and-play solution. And we will work with Sweden based Pagero to support account-based cross-border and domestic payments.

我們堅持新的流量、支付和匯款，繼續將業務範圍擴展到新市場。在第一季度，我們的交易量成長了 40% 以上，[總計]，我們將國內和國際資金流動能力組合為 1 個產品：Mastercard Move。它包括我們的萬事達卡發送和跨境服務，覆蓋全球近 100 億個端點。本季度，我們透過與支付寶的連結進一步擴大了我們在中國的業務範圍。我們將與瑞典 Pagero 合作，支援基於帳戶的跨境和國內支付。

Now shifting from payments to services and new networks, another important component of our growth algorithm. It starts with a powerful set of diversified solutions with best-in-class fraud capabilities, data analytics, consulting, marketing, loyalty, identity and open banking assets. These carefully curated assets help us grow and diversify our revenues and differentiate our payments. We drive growth in services and new networks across several vectors. First, remember, a portion of our services revenue is driven by payments. and these metrics continue to perform well. In addition, we're driving growth by increasing the penetration of existing customers. We're extending our services across new customers and new payment flows and we build and deploy new solutions.

現在從支付轉向服務和新網絡，這是我們成長演算法的另一個重要組成部分。它始於一套強大的多元化解決方案，具有一流的詐騙功能、數據分析、諮詢、行銷、忠誠度、身分和開放銀行資產。這些精心策劃的資產幫助我們成長收入並實現收入多元化，並使我們的付款方式與眾不同。我們推動多個領域的服務和新網路的成長。首先，請記住，我們的服務收入的一部分是由支付所驅動的。這些指標持續表現良好。此外，我們也透過提高現有客戶的滲透率來推動成長。我們正在將我們的服務擴展到新客戶和新支付流程，並建置和部署新的解決方案。

Here are a few examples of how we're executing against these. Starting with increasing penetration with existing customers, success in delivering our services, strengthen relationships and can generate opportunities for future service engagements. Our best-in-class conversion support is often an entry point. A great example is with Westpac in Australia and New Zealand, where we expanded our service offerings to include digital strategy, marketing solutions, innovation sprints and portfolio optimization campaigns. We have a diverse set of solutions to also help banks manage critical business needs outside of payments, take credit risk, for example, core to all banks. Our consultants are working with Ford Brazil to improve their credit policies and management.

以下是我們如何針對這些問題執行的一些範例。從提高現有客戶的滲透率開始，成功提供我們的服務，加強關係，並可以為未來的服務參與創造機會。我們一流的轉換支援通常是一個切入點。澳洲和紐西蘭的西太平洋銀行就是一個很好的例子，我們擴大了服務範圍，包括數位策略、行銷解決方案、創新衝刺和投資組合優化活動。我們擁有一套多樣化的解決方案，還可以幫助銀行管理支付以外的關鍵業務需求，承擔信用風險等所有銀行的核心業務。我們的顧問正在與福特巴西合作，改善他們的信貸政策和管理。

In a Saudi National Bank, we are enabling new credit risk modeling and scoring capabilities. There's still room to further penetrate services. Our top 50 services customers on average are using 2 to 3x more services than the balance of our issuing and acquiring customer base. We're also driving growth by extending our reach across multiple rails and networks outside of the Mastercard network. Mastercard Access provides customers with a single trusted connection to quickly and easily source a suite of services and we are seeing great traction. For example, Saudi National Bank will leverage Access to deploy a set of scheme-agnostic services across their portfolio. We also continue to innovate and develop new services and solutions. This helps us to meet the evolving needs of our clients while growing our addressable target market. Here's an example. Think about how people are shifting to streaming and other digital services. As they do, they're looking for 1 simple view of all their subscriptions. I think we've all been there. It's why we developed smart subscriptions. It's an open banking powered solution that puts a simple dashboard of all subscriptions regardless of network right into their consumer banking application. Cybercrime is a growing concern, last year alone, people in the United States lost over $12 billion to Internet scams. Scam Protect builds on the cybersecurity protections we have delivered for years, combines our identity biometric AI and open banking capabilities to identify and prevent scans before they occur. As part of this, we're partnering with organizations around the world, including Verizon, to collaborate on new solutions to protect consumers. By combining Mastercard's Identity Insights with Verizon's robust network technologies, new AI power tools will be designed to more accurately identify and block scammers. We continue to enhance our solutions with generative AI to deliver even more value, a world-leading real-time fraud solution, Decision Intelligence, has been helping banks score and safely approve billions of transactions, ensuring the safety of consumers and the entire payments networks for years. The next-generation technology, Decision Intelligence Pro is supercharged by generative AI to improve the overall score and boost fraud detection rates on average by 20%. So overall, there's a strong demand for our services and new networks across a diverse customer base. They continue to grow faster than the core, and we remain optimistic about the opportunity ahead. With that, I will wrap it up. In summary, we delivered another strong quarter of revenue and earnings growth. We are successfully executing against our strategy in realizing our growth algorithm. Our differentiated capabilities, our diversified business model and our focused strategy poses well to capitalize on the significant opportunity in front of us. Sachin, over to you.

在沙烏地阿拉伯國家銀行，我們正在啟用新的信用風險建模和評分功能。服務仍有進一步滲透的空間。我們的前 50 位服務客戶平均使用的服務比我們的發行和收單客戶群的餘額多 2 到 3 倍。我們也透過擴大萬事達卡網路以外的多個鐵路和網路的覆蓋範圍來推動成長。 Mastercard Access 為客戶提供了單一可信任的連接，可以快速輕鬆地獲得一套服務，我們看到了巨大的吸引力。例如，沙烏地阿拉伯國家銀行將利用 Access 在其投資組合中部署一組與方案無關的服務。我們也不斷創新和開發新的服務和解決方案。這有助於我們滿足客戶不斷變化的需求，同時擴大我們的目標市場。這是一個例子。想想人們如何轉向串流媒體和其他數位服務。當他們這樣做時，他們正在尋找所有訂閱的一個簡單視圖。我想我們都去過那裡。這就是我們開發智慧訂閱的原因。這是一個開放式銀行支援的解決方案，它將所有訂閱的簡單儀表板（無論網路如何）放入其消費者銀行應用程式中。網路犯罪日益受到關注，光是去年，美國民眾就因網路詐騙損失了超過 120 億美元。 Scam Protect 建立在我們多年來提供的網路安全保護的基礎上，結合了我們的身份生物識別人工智慧和開放銀行功能，可以在掃描發生之前識別並阻止掃描。作為其中的一部分，我們正在與包括 Verizon 在內的世界各地的組織合作，共同開發新的解決方案來保護消費者。透過將萬事達卡的身份洞察與 Verizon 強大的網路技術相結合，新的人工智慧工具將被設計為更準確地識別和阻止詐騙者。我們不斷利用生成式人工智慧來增強我們的解決方案，以提供更多價值，世界領先的即時詐欺解決方案決策智慧已幫助銀行對數十億筆交易進行評分和安全批准，確保消費者和整個支付網絡的安全多年。新一代技術 Decision Intelligence Pro 由生成式 AI 增強，可提高整體得分並將詐欺偵測率平均提高 20%。總的來說，不同的客戶群對我們的服務和新網路有強烈的需求。它們的成長速度繼續快於核心業務，我們對未來的機會保持樂觀。至此，我將結束它。總而言之，我們再次實現了強勁的季度營收和獲利成長。我們正在成功地執行我們的策略來實現我們的成長演算法。我們的差異化能力、多元化的業務模式和重點策略足以充分利用我們面前的重大機會。薩欽，交給你了。

Well, thank you, Michael. Turning to Page 3, which shows our financial performance for the first quarter on a currency-neutral basis, excluding where applicable, special items and the impact of gains and losses on our equity investments. In line with our outlook, net revenue was up 11%, reflecting continued growth in our payment network and value-added services and solutions. Operating expenses increased 9%, including a minimal impact from acquisitions. And operating income was up 12%, including a minimal impact from acquisitions. Net income and EPS increased 16% and 19%, respectively, both reflecting the strong operating income growth as well as [the] lower tax rate, primarily due to a change in geographic mix of earnings and discrete tax benefits related to share-based payments. EPS was $3.31, which includes a $0.07 contribution from share repurchases. During the quarter, we repurchased $2 billion worth of stock and an additional $815 million through April 26, 2024.

嗯，謝謝你，麥可。轉向第 3 頁，該頁顯示了我們在貨幣中性基礎上的第一季財務業績，不包括適用的特殊項目以及損益對我們股權投資的影響。與我們的預期一致，淨收入成長了 11%，反映出我們的支付網路以及增值服務和解決方案的持續成長。營運費用增加了 9%，其中收購帶來的影響很小。營業收入成長了 12%，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 16% 和 19%，均反映了強勁的營業收入增長以及較低的稅率，這主要是由於收益的地理組合變化以及與股份支付相關的離散稅收優惠。每股收益為 3.31 美元，其中包括股票回購的 0.07 美元貢獻。本季度，我們回購了價值 20 億美元的股票，並在 2024 年 4 月 26 日之前額外回購了 8.15 億美元的股票。

Let's turn to Page 4, where I'll speak to the growth rates of some of our key drivers for the first quarter on a local currency basis. Worldwide gross dollar volume or GDV increased by 10% year-over-year. In the U.S., GDP increased by 6% with credit growth of 6% and debit growth of 6%. Outside of the U.S. volume increased 13% with credit growth of 12% and debit growth of 13%. The Overall, cross-border volume increased 18% globally for the quarter, reflecting continued strong growth in both travel and non-travel related cross-border spending.

讓我們轉向第四頁，我將在其中討論第一季一些主要驅動因素（以當地貨幣計算）的成長率。全球總美元交易量（GDV）較去年同期成長 10%。在美國，GDP 成長 6%，其中信貸成長 6%，借方成長 6%。美國以外的交易量成長 13%，其中信貸成長 12%，借方成長 13%。總體而言，本季全球跨境交易量成長了 18%，反映出旅遊和非旅遊相關跨境支出持續強勁成長。

Turning now to Page 5. Switched transactions grew 13% year-over-year in Q1. 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 approximately 67% of all in-person, Switched to Purchase Transactions. In addition, card growth was 8%. Globally, there are 3.4 billion Mastercard and Maestro-branded cards issued.

現在翻到第 5 頁。有卡和無卡成長率均保持強勁。非接觸式滲透率的提高在一定程度上促進了持卡式成長，因為非接觸式交易目前約佔所有面對面轉為購買交易的 67%。此外，信用卡成長率為8%。全球已發行 34 億張萬事達卡和 Maestro 品牌卡。

Turning to Slide 6 for a look into our net revenue growth rates for the first quarter discussed on a currency-neutral basis. Payment network net revenue increased 8%, 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 15% despite tougher comps in Q1 2023. This growth was primarily driven by strong growth in our underlying drivers and continued demand for our Consulting and Marketing Services, Loyalty Solutions and Fraud and Security capabilities. This was partially tempered by slower relative growth in our other solutions.

請參閱投影片 6，以了解我們在貨幣中性基礎上討論的第一季淨收入成長率。支付網路淨收入成長 8%，主要受到國內和跨國交易和交易量成長的推動，還包括回扣和激勵措施的成長。儘管2023 年第一季的競爭更加嚴峻，但增值服務和解決方案的淨收入仍增長了15%。度解決方案以及欺詐和安全功能的持續需求所推動的。我們其他解決方案的相對成長速度較慢，在一定程度上緩解了這種情況。

Now let's turn to Page 7 to discuss key metrics related to the payment network. Again, all growth rates are described on a currency-neutral basis, unless otherwise noted. Looking quickly at each key metric. Domestic Assessments were up 10%, while Worldwide GDV also grew 10%. Cross-border Assessments increased 22%, while Cross-Border volumes increased 18%. The 4 ppt difference is primarily driven by favorable mix and pricing. Transaction Processing Assessments were up 12%, while Switched Transactions grew 13%. The 1 ppt difference is primarily due to lower revenues related to FX volatility versus the prior year, partially offset by favorable mix. Other Network Assessments were $226 million this quarter. As a reminder, these assessments primarily relate to licensing, implementation and other franchise fees and may fluctuate from period to period.

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。同樣，除非另有說明，所有成長率都是在貨幣中性的基礎上描述的。快速查看每個關鍵指標。國內評估成長了 10%，而全球 GDV 也成長了 10%。跨境評估增加了 22%，跨境交易量增加了 18%。 4 個百分點的差異主要是由有利的組合和定價所推動的。交易處理評估增加了 12%，而轉換交易增加了 13%。 1 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，部分被有利的組合所抵消。本季其他網路評估為 2.26 億美元。需要提醒的是，這些評估主要與許可費、實施費和其他特許經營費有關，並且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%, which includes a minimal impact from acquisitions. The growth in operating expenses was primarily due to increased spending to support the continued execution of our strategic initiatives as well as an increase in indirect taxes as discussed on our Q4 earnings call. This was partially offset by the timing of advertising and marketing spend.

轉到第 8 頁。營運費用的成長主要是由於支持持續執行我們的策略計劃的支出增加以及我們在第四季度收益電話會議上討論的間接稅的增加。這部分被廣告和行銷支出的時間所抵銷。

Turning to Page 9, let me comment on the operating metric trends in the first quarter and through the first 4 weeks of April. As a reminder, our Q1 Switched metrics include the impact of the leap year in 2024, which added just over 1 ppt of growth across each of Switched volumes, Switched Transactions and Cross-Border volumes. In addition, our Switched metrics in Q1 and in the first 4 weeks of April were impacted by the timing of Easter, which occurred at the end of Q1 this year as compared to in April in 2023. After removing the impact of those 2 items, our operating metric trends were generally stable for the quarter as well as when looking at the first 4 weeks of April. A few items to note. U.S. Switched volume and transaction growth benefited from the commencement of the conversion of the Citizens debit portfolio to Mastercard. Outside of the U.S., growth was negatively impacted primarily by the lapping of the conversion of the NatWest debit portfolio to Mastercard. Cross-border card-not-present, ex travel continues to show strength and cross-border travel growth was impacted by tougher comps as we continue to lap the recovery of travel, particularly in Asia Pacific, which opened up later from COVID restrictions than the rest of the world.

轉到第 9 頁，讓我評論一下第一季和 4 月前 4 週的營運指標趨勢。提醒一下，我們第一季的 Switched 指標包括 2024 年閏年的影響，其中 Switched 交易量、Switched 交易量和跨國交易量均增加了 1 個百分點以上。此外，我們在第一季和 4 月前 4 週的 Switched 指標受到復活節時間的影響，與 2023 年 4 月相比，復活節發生在今年第一季末。本季以及4 月前4 週的營運指標趨勢整體穩定。有幾點要注意。美國的轉換量和交易成長受益於公民金融卡組合開始轉換為萬事達卡。在美國以外，成長受到負面影響的主要原因是 NatWest 金融卡組合轉換為萬事達卡。無跨境卡的跨境旅行繼續表現強勁，跨境旅行增長受到更嚴格的比較的影響，因為我們繼續關注旅行的複蘇，特別是在亞太地區，該地區因新冠病毒限製而開放的時間晚於世界其他地區。

Turning to Page 10. I wanted to share our thoughts for the remainder of the year. Our business fundamentals remain strong and our diversified business model and momentum with customers position us well for the opportunities ahead. This is all underpinned by healthy consumer spending, the secular shift to digital forms of payment and strong demand across our value-added services and solutions offerings. As Michael said, there are a number of headwinds and tailwinds that we are monitoring, and we stand ready to manage investment levels as appropriate, while maintaining focus on the execution of our strategy. Overall, we remain positive about the growth outlook. As it relates to the full year 2024, our thoughts for net revenue and operating expenses remain unchanged on a currency-neutral basis, excluding acquisitions and special items. We expect net revenue to grow at the high end of a low double-digit range on a currency-neutral basis, excluding acquisitions. This reflects continued healthy consumer spending and higher value-added services and solutions growth in all quarters for the balance of the year as compared to Q1. Acquisitions are forecasted to have a minimal impact for the year. And foreign exchange is now expected to be a headwind of 1 to 2 ppt for the year, primarily driven by the recent appreciation of the U.S. dollar.

翻到第 10 頁。我們的業務基礎依然強勁，多元化的業務模式和客戶動力使我們能夠很好地抓住未來的機會。這一切都是由健康的消費者支出、向數位支付形式的長期轉變以及對我們的增值服務和解決方案產品的強勁需求所支撐的。正如邁克爾所說，我們正在監控許多不利因素和有利因素，我們隨時準備好適當管理投資水平，同時繼續關注我們策略的執行。整體而言，我們對成長前景保持樂觀。由於涉及 2024 年全年，我們對淨收入和營運支出的看法在貨幣中性的基礎上保持不變，不包括收購和特殊項目。我們預計，在貨幣中性的基礎上（不包括收購），淨收入將在兩位數區間的高端成長。這反映了與第一季相比，今年餘下的所有季度消費者支出持續健康，以及增值服務和解決方案成長。預計收購對今年的影響很小。目前預計今年外匯匯率將出現 1 至 2 個百分點的阻力，這主要是受到近期美元升值的推動。

In terms of operating expenses, our expectations for the full year are to grow at the low end of a low double-digit range on a currency-neutral basis, excluding acquisitions and special items. Acquisitions are forecasted to have a minimal impact to this growth rate for the year, while we expect a 0 to 1 ppt benefit from foreign exchange.

就營運支出而言，我們對全年的預期是在貨幣中性的基礎上以兩位數的低端增長，不包括收購和特殊項目。預計收購對今年成長率的影響很小，而我們預期外匯帶來 0 到 1 個百分點的收益。

Now turning to Q2 2024. Year-over-year net revenue growth is expected to be at the low double-digit range on a currency-neutral basis, excluding acquisitions. Acquisitions are forecasted to have a minimal impact to this growth rate, while we expect an approximately 2 ppt headwind from foreign exchange for the quarter. From an operating expense standpoint, we expect Q2 operating expense growth to be at the low end of a low double-digit range versus a year ago, again, on a currency-neutral basis, excluding acquisitions and special items. Acquisitions are forecasted to add 0 to 1 ppt to this OpEx growth and foreign exchange is expected to be a tailwind of approximately 1 ppt for the quarter.

現在轉向 2024 年第二季。預計收購對此成長率的影響微乎其微，而我們預計本季外匯交易將帶來約 2 個百分點的阻力。從營運費用的角度來看，我們預計第二季度營運費用成長將與一年前相比處於低兩位數範圍的低端，同樣是在貨幣中性的基礎上，不包括收購和特殊項目。預計收購將使營運支出成長增加 0 到 1 個百分點，而外匯交易預計將為本季帶來約 1 個百分點的推動力。

Other items to keep in mind, on other income and expenses in Q2, we expect an expense of approximately $85 million. This expense is higher than what we had in Q1, driven by lower forecasted net average cash balances in Q2, primarily due to higher working capital requirements as well as the geographic mix of cash. This assumes the prevailing interest rates and debt levels continue and excludes gains and losses on our equity investments, which are excluded from our non-GAAP metrics. Finally, we expect a non-GAAP tax rate of approximately 17% for both Q2 and on a full year basis, all based on the current geographic mix of our business. And with that, I will turn the call back over to Devin.

需要記住的其他事項，關於第二季的其他收入和支出，我們預計支出約為 8500 萬美元。該費用高於第一季的水平，原因是第二季預測的淨平均現金餘額較低，這主要是由於較高的營運資金需求以及現金的地理組合。這是假設現行利率和債務水準持續不變，且不包括我們股權投資的損益，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，我們預計第二季和全年的非公認會計準則稅率約為 17%，所有這些都基於我們目前業務的地理組合。然後，我會將電話轉回德文。

Thank you. [Audra], you may open up the line for Q&A now.

謝謝。 [Audra]，您現在可以開通問答專線了。

(Operator Instructions) And 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。

Yes. Sachin, just a question on the guide. I mean, it seems like a lot of the guide lower on revenues is just FX, but I'm just confirming when we look at the volume and yield trends, those seem to be doing fairly well, if not slightly better than expectations. And you mentioned the conversion beginning, just trying to think through as we look ahead, it seems like those trends seem constructive. I just want to make sure that's the way you're looking at it.

是的。 Sachin，只是關於指南的問題。我的意思是，看起來很多收入下降的指南只是外匯，但我只是確認，當我們查看交易量和收益率趨勢時，這些似乎表現得相當不錯，甚至比預期稍好一些。您提到了轉換的開始，只是在我們展望未來時試著思考一下，這些趨勢似乎具有建設性。我只是想確定一下你是這麼看待這件事的。

Sanjay, I think you said it exactly right. First of all, just to be very clear, like I said, our guide for the full year on a currency-neutral basis, excluding acquisitions, is unchanged relative to what we shared at the last earnings call. what we're seeing, generally speaking, is healthy consumer spending. These trends are very much in line with what we expected when we put the guide out in the first place. So nothing unusual to report from an overall spending trend standpoint. Obviously, the U.S. dollar has appreciated quarter-over-quarter. And what you're seeing is really our best reflection of what we think the impact of the strengthening U.S. dollar is going to be on our as reported numbers, which is what we shared with you. That's the only real update. Our guide otherwise is very much unchanged. And as it relates to your question on conversions, the conversions which are taking place are very much things which we had contemplated in our original guide. So that's very much part and parcel of what we had contemplated. So business as usual, I want to be very clear, there's nothing which has really changed from a guide standpoint, when you look at it on a currency-neutral basis, excluding acquisitions.

桑傑，我認為你說得完全正確。首先，要非常明確的是，就像我說的那樣，我們在貨幣中性的基礎上的全年指南（不包括收購）相對於我們在上次財報電話會議上分享的內容沒有變化。一般來說，我們看到的是健康的消費者支出。這些趨勢與我們最初發布指南時的預期非常一致。因此，從整體支出趨勢的角度來看，沒有任何異常的報告。顯然，美元逐季升值。您所看到的實際上是我們認為美元走強將對我們報告的數據產生影響的最佳反映，這也是我們與您分享的。這是唯一真正的更新。除此之外，我們的指南基本上沒有改變。由於它與您有關轉換的問題有關，因此正在發生的轉換在很大程度上是我們在原始指南中考慮過的事情。所以這在很大程度上是我們考慮的一部分。因此，一切如常，我想非常明確的是，從指導的角度來看，當你在貨幣中性的基礎上（不包括收購）看待它時，沒有什麼真正改變的。

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

我們將接任《金融時報》合夥人的克雷格毛雷爾 (Craig Maurer)。

Two questions. First, it looks in the April trends as if the most material slowdown was intra-Europe cross-border. Could you just confirm if that's the case and if that was really predominantly Easter like you suggested. Secondly, we should be coming up on the 6-month anniversary of your announcement of Chinese domestic market approval. When should we expect the first transaction to be processed? And have you been able to work out whether you'll be able to use existing issued cards in the domestic market after a workaround on the EMV code or will you have to reissue?

兩個問題。首先，從四月的趨勢來看，歐洲內部的跨國經濟放緩似乎最為嚴重。您能否確認一下情況是否如此，以及是否真的像您建議的那樣主要是在復活節。其次，我們即將迎來你們宣布批准中國國內市場的六個月週年紀念。我們應該什麼時候處理第一筆交易？您是否已經確定在解決 EMV 代碼後是否可以在國內市場使用現有發行的卡，還是必須重新發行？

Craig, I'll take the first question. Your observation on intra-Europe is exactly right. What you're seeing in the first 4 weeks of April is exactly what you said. It's related to the timing of Easter. Easter has actually a more pronounced impact in intra-Europe and that's why you're seeing a more exaggerated number out there. And then on your second question, as it relates to China, Michael is going to just take that right now.

克雷格，我來回答第一個問題。您對歐洲內部的觀察是完全正確的。您在 4 月的前 4 週所看到的情況正是您所說的。這與復活節的時間有關。復活節實際上對歐洲內部的影響更為明顯，這就是為什麼你會看到更誇張的數字。關於你的第二個問題，因為它與中國有關，麥可現在就回答這個問題。

So on China, we got the license in November, and we shared our excitement about that. So the excitement continues. The teams have been busy building out issuance relationships with our banking partners in China and building out the acceptance footprint. We're obviously not starting from 0 here. We had a strong cross-border business. So we have relationships in play that give us a heads up. There was a time line associated with the license, and we're expecting to go live with the first transactions to a very specific question here in the month of May. As far as using existing cards in China, I think the key question here behind that is -- how can you use existing acceptance in China and start to generate volume. And here, our approach is through the partnership with the digital wallets to have cards put into the digital wallet so they can be used at the whole wide range of merchants in China. So I do want to say we are excited. At the same time, it's clear we're going to start processing, (inaudible) transactions domestically, this is a medium- to long-term opportunity. In the short term, there's more work that we need to do to build out more acceptance and continue to get more card programs out, but we feel very encouraged about that. Our teams are very busy with that activity.

在中國，我們於 11 月獲得了許可，我們對此感到興奮不已。所以興奮還在繼續。這些團隊一直忙於與中國的銀行合作夥伴建立發行關係並擴大承兌足跡。我們顯然不是從 0 開始。我們擁有強大的跨境業務。因此，我們之間的關係可以為我們帶來提示。許可證有一個時間表，我們預計在五月針對一個非常具體的問題進行第一筆交易。至於在中國使用現有的卡，我認為背後的關鍵問題是——如何利用中國現有的受理並開始產生交易量。在這裡，我們的方法是透過與數位錢包的合作，將卡片放入數位錢包中，以便它們可以在中國的各種商家中使用。所以我想說我們很興奮。同時，很明顯我們將開始處理（聽不清楚）國內交易，這是一個中長期機會。從短期來看，我們需要做更多的工作來獲得更多的認可並繼續推出更多的信用卡項目，但我們對此感到非常鼓舞。我們的團隊非常忙於這項活動。

And Craig, I'll just add a couple of points as it relates to China. One, I think you might have seen in the press that the Chinese government is pushing hard to increase inbound cross-border travel by expanding acceptance of international cards. That's their way of making sure that they're encouraging tourism inbound into the country. And we're actively working on expanding our footprint there, just expanding on what Michael said. That's point number one, as it relates to how we're seeing the China play, play out. The second point I'll make on China is -- it's kind of interesting when you think about a MasterCard card issued in China going forward, that will probably be 1 of the few networks which is most widely accepted across the globe, just by virtue of the fact that those cards are now going to be accepted in China and they're already accepted across the globe, different from our competitors in many ways. So we like what we're doing in terms of pursuing our strategy down there. I just wanted to make sure I kind of brought those 2 points out as well.

克雷格，我只想補充幾點與中國有關的觀點。第一，我想你可能在媒體上看到，中國政府正在透過擴大對國際卡的接受程度來大力推動入境跨國旅行。這是他們確保鼓勵旅遊業入境的方式。我們正在積極努力擴大我們在那裡的足跡，只是擴大邁克爾所說的話。這是第一點，因為它關係到我們如何看待中國的比賽。我要就中國提出的第二點是——當你想到未來在中國發行的萬事達卡時，這很有趣，這可能是全球最廣泛接受的少數網絡之一，僅憑這一點事實上，這些卡現在將在中國被接受，並且它們已經在全球範圍內被接受，這在許多方面與我們的競爭對手不同。因此，我們喜歡我們在執行策略方面所做的事情。我只是想確保我也提出了這兩點。

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)。

Michael, how would you characterize or how do you think about the penetration rate of existing customers when it comes to value-added services. It's more important part of the growth algorithm, how do you measure -- how do you think about how mature the long-term opportunity is when it comes to cross-selling value-added services into your base?

Michael，當涉及增值服務時，您如何描述或如何看待現有客戶的滲透率。這是成長演算法中更重要的部分，您如何衡量——當涉及到向您的基礎交叉銷售增值服務時，您如何看待長期機會的成熟程度？

Ramsey, you are hitting on a really important point. value-added services, a key differentiator for our payment solutions, payment solutions. The link is pretty clear, more volume, more data, and I talked about the whole growth algorithm earlier on the call. Now this doesn't just naturally have to us. It requires really focused execution. To your point, we are all at any point in time, very clear what our cross-sell ratios are, what value we can offer to our customers and who we have it offered to and who we haven't offered it to. I give you a stat earlier that talked about that you have 2 to 3x more services with our top 50 customers. So there is tremendous potential in there. And our teams are very focused on that. Across the company, we have our existing relationship manager, sales force out there across the whole world, but we're also having a set of very specific more hunter-oriented sales forces that drive very specific new products with deep value that we drive into separate selling centers into these customers. So it's a pretty broad approach. At any point in time, we see that data, and we drive that because as you said, this is a near-term growth opportunity that we should leverage and we will.

拉姆齊，你說到了一個很重要的觀點。加值服務是我們支付解決方案的關鍵區別。這個連結非常清晰，更多的數量，更多的數據，我在電話會議的早些時候談到了整個成長演算法。現在這不僅僅是我們自然需要的。它需要真正專注的執行。就您的觀點而言，我們在任何時候都非常清楚我們的交叉銷售比率是多少，我們可以為客戶提供什麼價值以及我們向誰提供了它以及我們沒有向誰提供了它。我之前為您提供了一個統計數據，其中談到您為我們的前 50 位客戶提供的服務增加了 2 到 3 倍。所以那裡有巨大的潛力。我們的團隊非常關注這一點。在整個公司，我們現有的客戶關係經理、銷售隊伍分佈在全世界，但我們也有一組非常具體的、更以獵人為導向的銷售隊伍，他們推動我們推動的具有深刻價值的非常具體的新產品將銷售中心劃分為這些客戶。所以這是一個相當廣泛的方法。在任何時候，我們都會看到這些數據，並推動它，因為正如您所說，這是我們應該利用的近期成長機會，我們也會這樣做。

We'll go next to Harshita Rawat at Bernstein.

我們將前往伯恩斯坦的 Harshita Rawat 旁邊。

Michael, can you talk about the U.S. merchant class action settlement. I know this still needs to be approved by the courts, but how should we think about the implications from the changes proposed on surcharging for specific brands? And how do you think you stay down?

邁克爾，您能談談美國商人集體訴訟和解嗎？我知道這仍然需要得到法院的批准，但我們應該如何考慮針對特定品牌的附加費建議變更的影響？你認為你如何保持低調？

Right. Thanks, Harshita. So the first word, I would say, relief. This has been long standing, and we are happy that there was an agreement found with the merchant community as well as with Visa and this is behind us. So what this was about is the U.S. merchant rules class. So what was in focus here was the business rules that make up the Mastercard promise. And the conversation was around how can we provide opportunities to merchants to manage their cost of acceptance on 1 hand, at the same time, how do we keep the major promise to consumers of the Mastercard brand and that is, you can pay anywhere and you will not be discriminated against your payment. So that was the toggle over the years and an agreement was reached. And basically, what happens is we're going to have a mild reduction of interchange rates, number one. and we're providing more clarity and simplification around surcharging rules and discounting rules on the 1 hand. At the same time, we retain the promise of [to] honor all card rule out there. So that is what is out there. We don't expect any dramatic impact on the business from the interchange changes. And for merchants, they -- we will see what the choices they make on surcharging and on discounting. We've seen in the past that surcharging is not always clear to consumers. It's not always prepared, so we'll see what choices will come up. So broadly speaking, I don't expect a major impact on our business. In terms of financial impact, we have accounted for the legal fees associated with that. Otherwise, there is no impact directly on Mastercard. So all in, a very good outcome, and it proves 1 point. It proves the point that there is a lot of momentum and a lot of competition in the payments market and yet again another moving item and merchants agreed to this, and this is a good step forward for everybody.

正確的。謝謝，哈西塔。所以我想說的第一個字是解脫。這種情況由來已久，我們很高興與商家社群以及 Visa 達成協議，這一切都已經過去了。這就是美國商人規則階級的問題。因此，這裡的焦點是構成萬事達卡承諾的業務規則。談話的主題是我們如何為商家提供機會來管理他們的接受成本，同時，我們如何履行萬事達卡品牌對消費者的主要承諾，即您可以在任何地方付款您的付款不會受到歧視。這就是多年來的轉變並達成了一項協議。基本上，第一，我們將輕微降低匯率。一方面，我們對附加費規則和折扣規則進行了更清晰和簡化的規定。同時，我們保留遵守所有卡片規則的承諾。這就是外面的情況。我們預計交換站的變更不會對業務產生任何重大影響。對於商家來說，我們將看到他們在附加費和折扣方面所做的選擇。我們過去發現，消費者並不總是清楚附加費的情況。它並不總是做好準備，所以我們將看看會出現什麼選擇。總的來說，我預計這不會對我們的業務產生重大影響。就財務影響而言，我們已經考慮了與之相關的法律費用。否則，不會對萬事達卡產生直接影響。總而言之，這是一個非常好的結果，並且證明了1分。這證明了支付市場有很大的動力和很大的競爭，而且又一個行動項目和商家同意了這一點，這對每個人來說都是向前邁出的良好一步。

We'll take our next question from Dan Dolev at Mizuho.

我們將回答瑞穗銀行的 Dan Dolev 的下一個問題。

So rebates and incentives were a little bit higher than what we had expected in the first quarter. How should we think about the remainder of the year? And do we expect it to cool off a little bit?

因此，回扣和獎勵比我們第一季的預期要高一些。我們該如何思考今年剩下的時間？我們是否期望它能降溫一點？

So on rebates and incentives, very much in line with what I kind of shared in terms of our thoughts at the last earnings call, very much in line with our expectations as how we ended up in the first quarter. As it relates -- and you know what the usual puts and takes are as it relates to what drives this incentive, so I won't kind of repeat that. But the reality is, we continue to be out in the market, working to win business. We've got a strong pipeline of deals. We'll continue to execute on that. You hear about them on every earnings call. As it relates to the second quarter, as we see it right now, we expect rebates and incentives as a percentage of our payment network assessments to be roughly similar to slightly down from what we saw in the first quarter. So the reality is -- I want to kind of just make sure we put this in perspective, right? We do these rebates and incentives to bring more volume onto our network. When we bring more volume onto our network, it gives us the opportunity to optimize those portfolios to grow them at a faster pace, it helps us deliver more services, which helps us drive net revenue accretion from a yield standpoint. And so it's very much in line with our strategy, and that's what I've got in the nature of thoughts for the second quarter.

因此，在回扣和激勵方面，這與我在上次財報電話會議上分享的想法非常一致，也非常符合我們對第一季業績的預期。正如它所涉及的——你知道通常的看跌期權和賣出期權是什麼，因為它與驅動這種激勵的因素有關，所以我不會重複這一點。但現實是，我們繼續走出市場，努力贏得業務。我們擁有強大的交易管道。我們將繼續執行這一點。您在每次財報電話會議上都會聽到有關它們的消息。由於它與第二季度有關，正如我們現在所看到的那樣，我們預計回扣和激勵在我們的支付網路評估中所佔的百分比將大致與我們在第一季看到的略有下降。所以現實是——我想確保我們正確地看待這個問題，對嗎？我們提供這些回扣和激勵措施是為了為我們的網路帶來更多的流量。當我們為網路帶來更多流量時，我們就有機會優化這些投資組合，以更快的速度成長它們，幫助我們提供更多服務，從收益的角度來看，這有助於我們推動淨收入增長。因此，這非常符合我們的策略，這就是我對第二季度的想法。

Yes. It's a competitive marketplace. So we have to be competitive on the financial side. We clearly see the flywheel effect that Sachin just talked about between payments and services, more volume on, more ability to sell our services. But it's also clear that we are very, very focused on what deals we want to win. So we don't want to win every deal and we're very, very targeted here whatever meets our financial criteria and our strategic focus in certain markets and certain verticals.

是的。這是一個競爭激烈的市場。所以我們必須在財務方面具有競爭力。我們清楚地看到薩欽剛才談到的支付和服務之間的飛輪效應，更多的交易量，更多的能力來銷售我們的服務。但同樣明顯的是，我們非常非常專注於我們想要贏得的交易。因此，我們不想贏得每筆交易，我們在這裡非常非常有針對性，只要符合我們的財務標準以及我們在某些​​市場和某些垂直領域的策略重點。

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)。

Maybe we just hit on some specific travel trends. I mean, and really more broadly, consumer trends. If you could just give us a little more on what you're seeing from a travel dynamics standpoint. It did decel a bit into April. And I know Easter timing was a factor, but it seems like it could be a little more than that. So is there anything you're seeing behavior-wise that's impacting that? Do you expect that to rebound and then maybe just, Michael, if you can give us a sense of your view of where we are in the, the dynamic of conversion on to electronic payments for the consumer payment side. Any changes in patterns we're seeing in terms of the U.S. growth rate in particular and then more broadly.

也許我們只是偶然發現了一些特定的旅行趨勢。我的意思是，更廣泛地說，消費趨勢。您能否從旅遊動態的角度向我們提供更多有關您所看到的情況。到了四月份，它確實有所減速。我知道復活節時間是一個因素，但似乎可能不只如此。那麼您認為有什麼行為方面的因素會影響這一點嗎？你是否期望這種反彈，然後也許只是，邁克爾，如果你能讓我們了解一下你對我們所處的位置的看法，即消費者支付方面向電子支付的轉變動態。我們看到的模式的任何變化，特別是在美國成長率方面，然後是更廣泛的方面。

Sure. I'll take the first part of your question. As it relates to cross-border travel, really, what we are seeing is exactly what we said, which is the lower growth rate that you're seeing in the first 4 weeks of April, as we've seen and we've analyzed as being primarily driven by just the timing of Easter. There's nothing unusual to call out. The only thing I will say is when you think about cross-border travel, you should think about it in the context of also tougher comps, particularly as it relates to Asia because Asia was late to come out of the restrictions of COVID. So last year, you saw a strong recovery take place in terms of cross-border travel in Asia and then it just creates [for] tougher comps this year. But fundamentally, the value prop is very sound. We've got great portfolios, we continue to win portfolios which are travel leaning, cross-border travel leaning, and we're executing on this portfolio. So nothing unusual that I'm seeing, travel growth rates are very healthy, and they're actually, I would say, are running at a cliff, which is -- when I go back to the pre COVID days, it actually is running at a cliff, which is pretty comparable to what we used to see in the pre COVID days when adjusted for the timing of Easter and the comp impact.

當然。我將回答你問題的第一部分。因為它與跨境旅行有關，實際上，我們所看到的正是我們所說的，即 4 月前 4 週看到的較低增長率，正如我們所看到和分析的那樣主要是由復活節的時間推動的。沒有什麼不尋常的地方可以叫出來。我唯一要說的是，當你考慮跨境旅行時，你應該在更嚴格的競爭背景下考慮它，特別是因為它與亞洲有關，因為亞洲很晚才擺脫新冠病毒的限制。去年，您看到亞洲跨境旅行出現強勁復甦，而今年的競爭也更加激烈。但從根本上來說，價值支柱是非常合理的。我們擁有出色的投資組合，我們將繼續贏得偏向旅行、跨境旅行的投資組合，並且我們正在執行該投資組合。因此，我沒有看到什麼不尋常的地方，旅行增長率非常健康，而且我想說，它們實際上正處於懸崖邊，也就是說，當我回到新冠疫情之前的日子時，它實際上正在運行在根據復活節時間和補償影響進行調整後，這與我們在新冠疫情爆發前所看到的情況相當相似。

Right, just a last comment on travel and tourism in general. Sachin earlier mentioned that the Chinese government is really focused on driving inbound tourism. I just came back from a series of trips Indonesia, 1 of them, and you see yet another government that is driving inbound tourism. We see it in India. We see it in Spain and so forth. In order to work with governments and how to actually do that. There's a whole practice around our public sector business to build out, use the data that we have to create not -- in order to aid the portfolios that we have, create approaches with governments to promote their respective destinations. And all this comes hand-in-hand to a much more holistic approach that we're now seeing around travel vis-a-vis competitors out there. So that was 1 thing I wanted to add.

是的，最後一個關於旅行和旅遊業的評論。薩欽早些時候提到，中國政府確實專注於推動入境旅遊業。我剛從印尼一系列旅行回來，其中一次，你看到另一個正在推動入境旅遊業的政府。我們在印度看到了這一點。我們在西班牙等地看到了這一點。為了與政府合作以及如何實際做到這一點。圍繞著我們的公共部門業務，我們有一套完整的實踐來建立，使用我們必須創建的數據，而不是為了幫助我們擁有的投資組合，與政府一起制定方法來推廣各自的目的地。所有這一切都與我們現在在旅遊領域與競爭對手相比所看到的更全面的方法息息相關。這就是我想補充的一件事。

On the conversion piece and the shift to digital payments, you asked specifically about the United States. I want to hang it up a little bit broader. Starting off with -- there is a tremendous secular opportunity from a geographic perspective. So there is opportunity left here in the United States, but if you look around the world and you see some other countries, G7 economies like Italy, you have 45% cash. So tremendous opportunity even in developed opportunities to -- developed companies to go after that. I just mentioned Indonesia. In Indonesia, you have over 70% cash. So this is a country where the President has put out by 2045. They're going to be the fourth largest economy in the world, 280 million people. So there's the whole range across developed and developing economies for us to continue to go and push into.

關於轉換部分和向數位支付的轉變，您特別詢問了美國。我想把它掛得寬一點。首先——從地理角度來看，存在著巨大的長期機會。因此，美國還有機會，但如果你環顧世界，你會看到其他一些國家，例如義大利等七國集團經濟體，你有 45% 的現金。即使是發達的公司也可以追求如此巨大的機會。我剛才提到了印尼。在印度尼西亞，你有超過 70% 的現金。這是總統提出的國家到 2045 年的目標。因此，我們可以繼續涉足已開發經濟體和發展中經濟體的各個領域。

You heard us talk about changing behaviors post-COVID. People are ordering more takeout foods and doing more things generally online, and that is generally a preferential place for card transactions. So going into these verticals is important. We gave you the example on a number of occasions of takeout food. That's 1 transaction in the restaurants, but multiple transactions as you pay your platform, the platform pays the restaurant and so forth. But think about public transport is another example. Here, we're talking real scale around the globe. So that is multiple transactions as consumers get into open-loop systems multiple times a day. And when they get out of the station, they use that same tapping behavior as they buy a coffee and so forth. So there's tremendous transaction opportunity driven by change in behaviors of consumers. And there's whole new sectors, as I mentioned about in the prepared remarks, health care, rent and so forth. So the secular opportunity, this was not just a throwaway comment earlier when I say it's big and it's lasting. It goes up exactly in those layers, and we are very focused on each and every 1 of those layers. So this is around for a while.

您聽到我們談論新冠疫情後行為的改變。人們通常在網路上訂購更多的外帶食品並做更多的事情，這通常是卡片交易的優先場所。因此，進入這些垂直領域很重要。我們曾多次舉過外送食品的例子。這是餐廳中的 1 筆交易，但當您向平台付款、平台向餐廳付款等等時，會發生多筆交易。但想想公共交通是另一個例子。在這裡，我們談論的是全球範圍內的真實規模。因此，當消費者每天多次進入開環系統時，這就是多筆交易。當他們出站時，他們會使用與購買咖啡等相同的敲擊行為。因此，消費者行為的改變會帶來巨大的交易機會。正如我在準備好的發言中提到的，還有全新的領域，醫療保健、租金等等。所以，世俗的機會，這不僅僅是我之前說的一個一次性的評論，它很大而且很持久。它恰好在這些層中上升，我們非常關注其中的每一層。所以這已經存在了一段時間了。

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 wanted to ask on value-added services. The the outlook here. Can you just elaborate on the visibility for a faster growth beyond the first quarter? I know comps are -- is a big part of it. Just curious about visibility beyond the comps. And then is there potential to catalyze growth in the other category within value-added services?

只是想問一下增值服務。這裡的前景。能否詳細說明第一季之後更快成長的前景？我知道比較是其中的重要組成部分。只是對比賽之外的可見性感到好奇。那麼是否有潛力促進增值服務中其他類別的成長？

Sure. Tien-Tsin, I'll take that. So like I mentioned, right, I mean, first of all, our overall outlook and the demand we're seeing for our value-added services and solutions continues to be quite compelling and strong. I mean we're out there actively, as Michael mentioned earlier, driving and pushing harder across the various sectors, which we kind of talked about. So I won't repeat them. As it relates to the thoughts I shared as it relates to growth rates for value-added services and solutions for the remaining quarters of the year, which I said that the growth rates would be higher in each of the quarters compared to Q1. It's really based on what we're seeing in the nature of the pipeline, how we're seeing things shape up in terms of the cadence of how we're going to deliver on these value-added services and solutions, we feel pretty good about the outlook there, which is why we're sharing with you what we're thinking about in the nature of this higher growth relative to Q1 in each of the quarters.

當然。田津，我就接受了。正如我所提到的，我的意思是，首先，我們的整體前景以及我們看到的對增值服務和解決方案的需求仍然非常引人注目和強勁。我的意思是，正如邁克爾之前提到的那樣，我們正在積極推動各個領域的發展，我們也談到了這一點。所以我不會重複它們。因為它與我分享的想法有關，因為它與今年剩餘季度的增值服務和解決方案的增長率有關，我說與第一季相比，每個季度的增長率都會更高。這實際上是基於我們在管道的性質中看到的情況，以及我們如何看待事情的發展，以及我們將如何提供這些增值服務和解決方案的節奏，我們感覺很好關於那裡的前景，這就是為什麼我們與您分享我們對每個季度相對於第一季的更高成長的性質的思考。

The only other comment I'll make is it's a little bit of a reminder out here, which is, as we deliver on these value-added services and solutions, we're obviously generating revenue from the value-added services and solutions but that's also driving very compelling kind of cases for us to accelerate our payments growth, right? So that's part and parcel of the strategy. It's all kind of very independent, one or the other. On your other question, which was around other solutions growth, look, we continue to remain focused on growing the other solutions. It's primarily comprised of our real-time infrastructure assets as in our bill payment assets.

我要說的唯一的其他評論是，這裡有一點提醒，那就是，當我們提供這些增值服務和解決方案時，我們顯然是從增值服務和解決方案中產生收入，但這就是也為我們推動了非常令人信服的案例來加速我們的支付成長，對吧？所以這是該戰略的重要組成部分。兩者都是非常獨立的。關於您的另一個問題，即圍繞其他解決方案成長的問題，我們將繼續專注於發展其他解決方案。它主要由我們的即時基礎設施資產和帳單支付資產組成。

That inherently is slightly slower growth compared to what we've got in our safety and security solutions, our consulting and marketing, loyalty solutions, so we'll continue to drive on that. I don't necessarily expect that the growth rates there are going to get comparable to what we see on the safety and security side as well as in the consulting and marketing and loyalty solutions side, primarily because the opportunity which is there on Safety and Security and Consulting is a much larger TAM and it's a faster-growing TAM, and we're continuing to execute on it. The good news is -- the safety and security fees as well as the consulting and marketing and data analytics and insights component is the lion's share of what comprises our value-added services and solutions.

與我們在安全和安保解決方案、諮詢和行銷、忠誠度解決方案方面的成長相比，這本質上是稍微慢一些的成長，所以我們將繼續推動這一點。我不一定期望那裡的成長率能夠與我們在安全和安保方面以及諮詢、行銷和忠誠度解決方案方面看到的成長率相媲美，主要是因為安全和安保方面存在機會諮詢是一個更大的TAM ，也是一個成長更快的TAM，我們將繼續執行它。好消息是——安全和安保費用以及諮詢、行銷、數據分析和洞察部分是我們增值服務和解決方案的大部分。

(inaudible) back to the piece, Tien-Tsin, as we discussed earlier about existing customers and the cross-sell. So that's an opportunity. We laid out the drive into new customer segments. So that's pretty clear. In here, give you an example, on the personalization thing, our Dynamic Yield acquisitions dating back to [2020], you have a lot of high-end retail and commerce brands that I want to engage on that. Everybody is trying to cut through the clutter, take Saks Fifth Avenue, they're using our personalization services. So those are all opportunities to get into certain verticals that we're not even in today in a significant way. So that is what gives us great confidence, there's great demand as we look ahead into services, and that's why we're saying they're going to be higher than the first quarter.

（聽不清楚）回到文章《Tien-Tsin》，正如我們之前討論的現有客戶和交叉銷售的問題。所以這是一個機會。我們將精力投入新的客戶群。所以這很清楚。在這裡，給你一個例子，關於個人化的事情，我們的動態收益收購可以追溯到[2020]，你有很多高端零售和商業品牌，我想參與其中。每個人都在努力擺脫混亂，以薩克斯第五大道為例，他們正在使用我們的個人化服務。因此，這些都是進入某些垂直領域的機會，而我們今天甚至還沒有以一種重要的方式進入這些領域。這給了我們很大的信心，當我們展望服務時，需求很大，這就是為什麼我們說它們將高於第一季。

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

我們將接替 Evercore ISI 的 David Togut。

Are you seeing any change in competitive intensity in Europe, primarily for your payment network. Your primary competitor called out share gains local payment networks in the quarter that has long been a source of growth for Mastercard. So either changing competitive intensity from the principal competitor in Europe and/or any initiatives by local payment schemes to become more competitive themselves?

您是否看到歐洲的競爭強度有任何變化，主要是針對您的支付網路。你的主要競爭對手稱本季本地支付網路的份額增長，這長期以來一直是萬事達卡的成長來源。那麼，要么改變歐洲主要競爭對手的競爭強度和/或當地支付計劃採取任何措施來提高自身競爭力？

David, Europe's a fantastic growth story for Mastercard, starting off with some of the big shifts in debit in the U.K., some great wins on the continent. Earlier, I was talking about the renewal of (inaudible), some big deals that are still in flight on conversion if you think about UniCredit, 13 markets across the continent. So we're well positioned here. Obviously, Europe is in focus from a set of competitors that is local players as in local schemes and so forth, but we've long found a way to partner with them. we feel they have a great proposition on credit and debit to compete. At the same time, there are services partnerships that we drive across and then more traditional competitors, of course, we're all eyeing Europe. Europe is too much of a growth story overall for everybody to keep competing. But we, as I said earlier, we try to turn these relationships into win-win partnerships. UniCredit in the end decided to go with us because they feel we have shown better traction in serving their customer needs. So it comes down to that, and I feel pretty confident as I look across Europe. And it continues to be a growth opportunity. Back to this question about secular opportunity. Europe still has a lot to offer on that front, and we have a whole set of solutions to go after that.

大衛，歐洲對萬事達卡來說是一個奇妙的成長故事，首先是英國金融卡的一些重大轉變，以及歐洲大陸的一些偉大勝利。早些時候，我談到了續約（聽不清楚），如果你考慮一下 UniCredit，整個非洲大陸的 13 個市場，一些仍在進行中的大型交易。所以我們在這裡處於有利位置。顯然，歐洲是一系列競爭對手的焦點，這些競爭對手是本地參與者，如本地計劃等，但我們長期以來已經找到了與他們合作的方法。我們認為他們在信貸和借記方面有很好的競爭主張。同時，我們也建立了服務合作關係，然後是更傳統的競爭對手，當然，我們都把目光投向了歐洲。總體而言，歐洲的成長故事太多，以至於每個人都無法繼續競爭。但正如我之前所說，我們努力將這些關係轉變為雙贏的夥伴關係。聯合信貸銀行最終決定與我們合作，因為他們認為我們在滿足他們的客戶需求方面表現出了更好的吸引力。歸根結底，當我放眼整個歐洲時，我感到非常有信心。這仍然是一個成長機會。回到關於長期機會的問題。歐洲在這方面仍然可以提供很多東西，我們有一整套解決方案可以實現。

Just 1 more point I'll add, David, as it relates -- we've had this long-standing focus on conversion of Maestro to Debit Mastercard, and that's very much the case in Europe as well that we continue to execute on that. I feel like that's going to be one of those things which will continue to provide us a natural tailwind as we continue to execute on that capability. For example, in this quarter, we migrated or converted very roughly 7 million consumers from Maestro to debit Mastercard. And that's a global number. That's not just a Europe number, but I just want to share that with you as another piece of how we're executing in Europe.

David，我還要補充一點，正如它所涉及的那樣，我們長期以來一直關注將 Maestro 卡轉換為萬事達借記卡，歐洲的情況也是如此，我們將繼續執行這一點。我覺得這將成為我們繼續執行該功能時將繼續為我們提供自然順風的事情之一。例如，在本季度，我們將大約 700 萬消費者從 Maestro 遷移或轉換為萬事達金融卡。這是一個全球數字。這不僅僅是歐洲的數字，但我只是想與您分享這個數字，作為我們在歐洲執行情況的另一個部分。

We'll move next to James Faucette at Morgan Stanley.

我們將接任摩根士丹利的詹姆斯福塞特 (James Faucette)。

I'm wondering, you talked about strong cross-border and travel trends, et cetera. We've seen some more indications of uneven consumer spending development in other parts of the economy generally. I'm wondering if you can call out whether it be in the U.S. or in other markets, if there's anything discernible at your level in terms of consumer shifting, spending preferences or categories that are noteworthy. And if we should take in if there's anything that could impact Mastercard or other indications that we should be aware of?

我想知道，您談到了強勁的跨境和旅行趨勢等等。我們已經看到更多跡象顯示經濟其他領域的消費支出發展普遍不平衡。我想知道您是否可以指出無論是在美國還是在其他市場，在您的水平上，在消費者轉變、支出偏好或類別方面是否有任何值得注意的地方。我們是否應該考慮是否有任何可能影響萬事達卡的事情或我們應該注意的其他跡象？

All right. Let me start off on this and then Sachin can comment further. So you've seen the 18% growth, so this is strong. So there's a travel component to that, and there is an ex travel component to that. Ex travel continues to be particularly strong, it's cross-border e-commerce and the [likes]. On the travel side, if you break that down, we talked about the trends. I want to lift it up a little bit to the broader -- I think the broader angle of your question. So what are the various things that consumers think about as they make spending decisions, how did it make ends meet and travel has been strong ever since COVID, particularly strong from a recovery perspective and has been strong even for COVID because the seeking of experience is just a fundamental trend that hasn't gone away.

好的。讓我從這個開始，然後 Sachin 可以進一步發表評論。所以你已經看到了 18% 的成長，所以這是強勁的。所以其中有旅行的成分，也有前旅行的成分。旅遊領域持續表現強勁，包括跨境電子商務和[按讚]。在旅行方面，如果你仔細分析的話，我們討論了趨勢。我想把它提升到更廣泛的層面——我認為你的問題的更廣泛的角度。那麼，消費者在做出消費決定時會考慮哪些事情，如何實現收支平衡，自新冠疫情以來，旅行一直很強勁，從復甦的角度來看尤其強勁，甚至在新冠疫情期間也很強勁，因為對體驗的追求這只是一個尚未消失的基本趨勢。

So it's not one of those circular things. This is just a secular trend that we see. People are seeking services and experiences and travel is the top of the list. Now as you go and break this down into different countries, you're going to see different stages of inflation. You're going to see different monetary policy and fiscal policy, how governments and regulators are reacting to inflation and so forth. And that affects consumers in different ways. If you see inflation in non-carded verticals, that's going to impact your payment decisions or your spending decisions on carded verticals and so forth. So it's a pretty not uniform story around the world. that's why I come back to the fundamental trend. Travel is winning. People want to go out and make that trip. And hence, we remain pretty optimistic around that.

所以它不是那些圓形的東西之一。這只是我們看到的長期趨勢。人們正在尋求服務和體驗，而旅行是最重要的。現在，當你將其分解為不同的國家時，你將看到不同階段的通貨膨脹。你將看到不同的貨幣政策和財政政策，政府和監管機構如何應對通貨膨脹等等。這會以不同的方式影響消費者。如果您發現非刷卡垂直行業出現通貨膨脹，這將影響您的支付決策或刷卡垂直行業的支出決策等。所以這在世界各地都是一個非常不統一的故事。這就是為什麼我回到基本趨勢。旅行就是勝利。人們想要出去旅行。因此，我們對此保持相當樂觀。

As it relates to while we're on the topic of cross-border travel, I just wanted to kind of share where we are in terms of where we see potential for some recovery, which is particularly in Asia Pacific, which has got still some room to grow. [Case in point] would be China, where we've shared these metrics with you in the past, but I'll share with you what the Q1 metric was inbound and outbound of China. So in Q1, cross-border travel, inbound and outbound into and from China stood at approximately 80% of the pre-COVID level. So there's still room to recover. And granted China is going through a little bit of a slower period in terms of how the domestic economy is performing. But the reality is there still remains an opportunity over the medium to long term to see how this recovery comes through in the nature of travel even from that corridor, per se.

由於這與我們討論跨境旅行的話題有關，我只是想分享我們在哪些方面看到了復甦的潛力，尤其是在亞太地區，該地區仍有一些復甦的潛力。 [舉例] 以中國為例，我們過去曾與您分享過這些指標，但我將與您分享第一季中國入境和出境的指標。因此，第一季度，跨境旅行、進出中國的人數約為疫情前水準的80%。所以還有恢復的空間。當然，中國的國內經濟表現正經歷一段放緩時期。但現實是，從中長期來看，即使是從這條走廊本身出發，仍然有機會看到這種復甦如何在旅行的本質上實現。

We'll take our next question from Tim Chiodo at UBS.

我們將回答瑞銀集團 (UBS) 提姆奇奧多 (Tim Chiodo) 提出的下一個問題。

I want to talk a little bit about U.S. debit trends. So you mentioned the Citizens Bank beginning -- portfolio beginning to come through. But also on Reg II, more specifically, we've talked about it in the past as a small portion of your overall net revenue in terms of U.S. online debit. And often, we talk about the risk or the threat to that small portion. But could you also talk about the flip side to that, so the opportunity for Mastercard to gain the position on the back of the card for some of the Visa debit cards in the U.S.

我想談談美國金融卡趨勢。所以你提到了公民銀行的開始——投資組合開始出現。但更具體地說，關於 Reg II，我們過去曾將其視為美國線上借記卡整體淨收入的一小部分。我們經常談論那一小部分的風險或威脅。但您能否也談談另一面，即萬事達卡有機會在美國的一些 Visa 金融卡上獲得卡片背面的位置。

Right, so Tim, great point. We love to talk about debit. You saw the 6% growth rate. So this is good. We're doing well, and the impact of the conversions is felt. As far as it comes to routing and Reg II, this question comes up for now for a couple of calls. And I have to say where we are, we're seeing some impact, but it's not material. That comes to the bigger question that you raised, how do we look at that? So it's not material, that's great. That gives us even more reason to look at the opportunity side of this and you're fighting for back of card. And in the end, it comes down to the routing mandates, such as just distorting the market. I think what's happening here is it's ignoring the fact that in the end, a merchant will make a decision on the basis of a net economic outcome. And the net economic outcome is not just the cost of operating related to some routing costs but it is fraud costs, et cetera, the whole package altogether. And this is, I think, where we score well because we have a better proposition. Last 5 years, we've invested $7 billion into Safety and Security Solutions and that makes a competitive advantage for us. So -- and that makes for a competitive advantage for us. So I see the opportunity, our teams are out. They're talking to merchants that saying, "Here's what the net proposition is if you choice A versus choice B. And so far, that is an encouraging set of dialogues.

是的，提姆，說得好。我們喜歡談論借記卡。你看到了 6% 的成長率。所以這很好。我們做得很好，並且可以感受到轉換的影響。就路由和 Reg II 而言，這個問題目前在幾次通話中都會出現。我不得不說我們現在的情況，我們看到了一些影響，但不是實質的。這就牽涉到你提出的更大的問題，我們又該如何看待這個問題？所以這不是物質，這很好。這讓我們更有理由去關注機會的一面，而你正在為牌背面而戰。最終，這取決於路由指令，例如扭曲市場。我認為這裡發生的事情是它忽略了這樣一個事實：最終，商人將根據淨經濟結果做出決定。淨經濟結果不僅是與某些路由成本相關的營運成本，而且是詐欺成本等等，整個過程。我認為，這就是我們得分較高的地方，因為我們有更好的主張。過去 5 年，我們在安全和安保解決方案上投資了 70 億美元，這為我們帶來了競爭優勢。所以——這為我們帶來了競爭優勢。所以我看到了機會，我們的團隊出局了。他們與商家交談時說：「如果你選擇 A 與選擇 B，這就是最終的建議。到目前為止，這是一組令人鼓舞的對話。

Our next question comes from Bryan Bergin at TD Cowen.

我們的下一個問題來自 TD Cowen 的 Bryan Bergin。

I wanted to just ask about the change in the organizational structure. Any financial implications to be [aware] from that? Just how you're feeling about those early changes as you pursue the growth opportunities across the business.

我想問一下組織架構的變化。有什麼財務影響需要[注意]嗎？當您在整個企業中尋求成長機會時，您對這些早期變化的感受如何。

Right. So what we're doing here is you heard us talk about the growth algorithm, about our strategic priorities. In the end, what's happening here is we're realigning our portfolio of activities, always recognizing these are all interdependent. We're talking payments and services and altogether, it makes our competitive advantage position. But we basically say, we want to focus on core payments. We want to focus on new payment flows, and we want to focus on an integrated services set of offerings. And that is what is part of this announcement, plus we see tremendous opportunity on the AI side, particularly on the generative AI side, and we've created a central role for that. So these are 4 very seasoned leaders in the company that have tremendous experience around these topics. They're going to take this on and the whole idea is to move faster and drive more value to our customers. In terms of financial impact, what I hope to see is we kind of deliver the growth that we think is out there in terms of potential. That is the impact that I'm looking for. So that's really the play. There's nothing else to say beyond that. I'm looking -- talking to Craig, who's going to lead the services [saying], what is going to be on our product road map going forward? How do we drive even more services growth, et cetera. So that's the whole play. It's bringing structure strategy in line and move forward.

正確的。所以我們在這裡所做的就是你聽到我們談論成長演算法，談論我們的策略重點。最後，我們正在重新調整我們的活動組合，並且始終認識到這些都是相互依存的。我們談論的是支付和服務，總的來說，它使我們處於競爭優勢地位。但我們基本上說，我們希望專注於核心支付。我們希望專注於新的支付流程，並且我們希望專注於提供全面服務。這就是本公告的一部分，我們看到了人工智慧方面的巨大機遇，特別是生成式人工智慧方面，我們為此創造了一個核心角色。公司中有 4 位經驗豐富的領導者，他們在這些主題方面擁有豐富的經驗。他們將採取這一行動，整個想法是更快地採取行動並為我們的客戶帶來更多價值。就財務影響而言，我希望看到的是我們能夠實現我們認為具有潛力的成長。這就是我正在尋找的影響。所以這才是真正的戲。除此之外沒有什麼好說的了。我正在與將領導服務的克雷格交談，[說]我們未來的產品路線圖將是什麼？我們如何推動更多的服務成長等等。這就是整部劇。它使結構戰略保持一致並向前推進。

Next, we'll move to Bryan Keane at Deutsche Bank.

接下來，我們將請來德意志銀行的布萊恩‧基恩 (Bryan Keane)。

Just want to ask about the continued positive yields you're getting in cross-border, your major peer isn't seeing the same kind of positive yield and they talk about low currency volatility as part of the reason. So I think you mentioned Sachin pricing and mix and just helping us understand how much is sustainable of those changes for yield in cross-border and the differences maybe between your closest peer.

只是想問您在跨國業務中獲得的持續正收益，您的主要同行並沒有看到同樣的正收益，他們認為貨幣波動性較低是原因之一。因此，我認為您提到了 Sachin 的定價和組合，只是幫助我們了解跨境收益率的這些變化在多大程度上是可持續的，以及您最接近的同行之間可能存在的差異。

Sure. So first, I just want to quickly remind you that as it relates to the impact of FX volatility in our instance, that shows up in our transaction processing assessments. It doesn't show up in our cross-border assessment. So the impact of the, what I would say, the drag associated with FX volatility shows up in this transaction processing assessment line. It doesn't show up in our cross-border assessment line, point number one. Point number two, you're right about the yields. Our portfolios continue to perform well. It goes back to what Michael said earlier, we want to win not only every portfolio, but we want to win the right portfolios. And that's what we focused on doing over the last few years, which is winning the right portfolios for cross-border and what that's helped us do is see this favorable mix come through where we are seeing the inter cross-border grow at a more rapid pace than the intra-Europe cross-border.

當然。首先，我想快速提醒您，由於它與我們實例中外匯波動的影響有關，因此會出現在我們的交易處理評估中。它沒有出現在我們的跨境評估中。因此，我想說的是，與外匯波動相關的拖累的影響顯示在這條交易處理評估線中。它沒有出現在我們的跨國評估線中，這是第一點。第二點，你對收益率的看法是正確的。我們的投資組合持續表現良好。這又回到了麥可之前所說的，我們不僅希望贏得每一個投資組合，而且希望贏得正確的投資組合。這就是我們過去幾年專注於做的事情，即贏得正確的跨境投資組合，這幫助我們看到這種有利的組合得以實現，我們看到跨境業務以更快的速度增長速度高於歐洲內部跨境。

And you do know that the yields on the inter cross-border side are higher than the yields on intra cross-border, intra-Europe cross-border. So that certainly helps from a yield standpoint. And then as it relates to your question on pricing, look, we've always kind of done pricing for the value we deliver when we deliver value to our customers, whether it's on the issuing side of the acquiring side, we price for it. I called out that in this quarter, we had a little bit of a lift come through on pricing in the cross-border assessments line. And you'll see that come through the ensuing quarters as the year progresses as well.

而您確實知道，跨國方面的殖利率高於跨國內部、歐洲內部跨國的收益率。因此，從產量的角度來看，這肯定有幫助。然後，由於這與您關於定價的問題有關，請看，當我們向客戶提供價值時，我們總是為我們提供的價值進行定價，無論是在發行方還是收購方，我們都會為其定價。我指出，在本季度，我們在跨國評估系列的定價方面取得了一些進展。隨著時間的推移，您也會在接下來的幾個季度中看到這一點。

We'll take our next question from Dave Koning at Baird.

我們將回答貝爾德 (Baird) 的戴夫·科寧 (Dave Koning) 提出的下一個問題。

Nice job. I guess advertising is my question. It was the lowest in a long time by quite a bit, too. And I'm wondering if there's some correlation between how much you have to advertise and even rebates that if you're giving back some in dollars to your clients, you don't have to advertise quite as much. Is there a correlation there? And maybe just why is it down so much?

不錯的工作。我想廣告是我的問題。這也是很長一段時間以來的最低水準。我想知道你必須做多少廣告，甚至回扣之間是否存在某種相關性，如果你向客戶回饋一些美元，你就不必做那麼多廣告。這裡面有相關性嗎？也許只是為什麼它下降了這麼多？

Yes. Look, I mean, the A&M spend is typically -- it's a cadence of how we see the promotions we want to do. So let me just step back and kind of think a little bit about why we spend on A&M. You could do it at the brand level, but you could do it towards activation of sponsorships. And depending on when your sponsorship assets are in play is when you want to do the activation around those sponsorship assets. So that influences the cadence of spend on A&M. So you're right, we had lower A&M in the first quarter. I kind of mentioned in my prepared remarks about how it's the timing of A&M. What I was basically alluding to is that as the year progresses, we will be spending more on the advertising and marketing line.

是的。看，我的意思是，A&M 支出通常是——這是我們如何看待我們想要進行的促銷活動的節奏。因此，讓我退一步思考我們為什麼要在 A&M 上花錢。你可以在品牌層面上做到這一點，但你也可以在激活贊助方面做到這一點。取決於您的贊助資產何時發揮作用，您何時想要圍繞這些贊助資產進行啟動。因此，這會影響 A&M 支出的節奏。所以你是對的，我們第一季的 A&M 較低。我在準備好的發言中提到了 A&M 的時機。我基本上指的是，隨著時間的推移，我們將在廣告和行銷方面投入更多資金。

On the second part of your question as to the toggling factor between the expense line and what we might be giving in terms of marketing or marketing spend in terms of [contract]. There is an element of marketing, which we do give in terms of rebates and incentives to drive portfolio spend. We work very closely with our issuing partners on that. And so it's across both of those that we are looking to actually optimize from a marketing standpoint.

關於您問題的第二部分，關於費用線與我們在行銷或行銷支出方面可能提供的費用之間的切換因素（合約）。有一個行銷要素，我們確實以回扣和激勵的形式提供，以推動投資組合支出。我們與我們的發行合作夥伴在這方面密切合作。因此，我們希望從行銷的角度真正優化這兩個面向。

Right. The last comment I want to make on this. So we are a very large fintech, but we're not just a fintech. We have a massive consumer brand. It's a fast-moving brand. It's amongst the top 10 brands on Brand Z, so investing in marketing is absolutely critical. This is not a trade-off that we make to -- from quarter-over-quarter, it fluctuates at exactly the way that Sachin just talked about, when is the Champions League on? When is this on this on, when is that on, and we have a very carefully curated set of sponsorship assets and it drive a bit of the timing. But we love our brand, we invest in it. I think for the fifth year in a row, we have been the #1 Sonic brand in the world. So there's a lot going on, on the marketing side that we are very proud about. And I think that brings us to the end. What a great question to end the call on. Thank you so much. It is Labor Day in most parts of the world today. So when I thank our colleagues yet again, which I do in every call, on Labor Day, it makes even more sense. SO a big call out to the 33,000 at Mastercard, and thank you to you and our shareholders for your continued support. Thank you very much. Speak to you next quarter. Bye-bye.

正確的。我想就此發表最後的評論。所以我們是一家非常大的金融科技公司，但我們不只是一家金融科技公司。我們擁有龐大的消費品牌。這是一個快速發展的品牌。它是 Brand Z 中排名前 10 的品牌之一，因此行銷投資絕對至關重要。這不是我們所做的權衡——從季度到季度，它的波動方式正是薩欽剛才談到的，冠軍聯賽什麼時候開始？這個什麼時候開始，那個什麼時候開始，我們有一套非常精心策劃的贊助資產，它推動了一些時機。但我們熱愛我們的品牌，我們對其進行投資。我認為我們已連續第五年成為世界第一的索尼克品牌。因此，在行銷方面發生了很多讓我們感到非常自豪的事情。我想我們就到此結束了。這是一個多麼好的問題來結束通話。太感謝了。今天是世界大部分地區的勞動節。因此，當我在勞動節再次感謝我們的同事時（我在每次通話中都會這樣做），這就更有意義了。謹此向萬事達卡的 33,000 名員工致以崇高的敬意，並感謝你們和我們的股東一直以來的支持。非常感謝。下個季度再跟你談。再見。

Thank you.

謝謝。

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。您現在可以斷開連線。