萬事達 (MA) 2024 Q2 法說會逐字稿

Good morning. My name is Julianne, and I will be your conference operator today. At this time, I would like to welcome everyone to the Mastercard Incorporated Q2 2024 earnings conference call. (Operator Instructions) Thank you.

早安.我叫朱莉安，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 年第二季財報電話會議。 （操作員說明）謝謝。

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, Julianne. Good morning, everyone, and thank you for joining us for our second quarter 2024 earnings call. With me today are Michael Miebach, our Chief Executive Officer; and Sachin Mehra, our Chief Financial Officer.

謝謝你，茱麗安。大家早安，感謝您參加我們的 2024 年第二季財報電話會議。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。

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 a slide deck that accompany this call in the investor relations section of our website, mastercard.com.

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。

Additionally, the release was furnished with the SEC earlier this morning. 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.

此外，新聞稿已於今天上午早些時候提交給美國證券交易委員會。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準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。

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

最後，正如我們的財報中更詳細地闡述的那樣。我想提醒大家，今天的電話會議將包括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。

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

現在，我將把電話轉給我們的執行長 Michael Miebach。

Thank you, Devin, and good morning, everyone. The headline this quarter, we delivered very strong results powered by broad-based momentum across all aspects of our business. Second quarter net revenues were up 13% and adjusted net income up 24% versus a year ago on a non-GAAP currency-neutral basis. These results were underpinned by healthy consumer spending, including strong cross-border volume growth of 17% year-over-year on a local currency basis and value-added services and solutions net revenue grew 19% year-over-year on a currency neutral basis.

謝謝你，德文，大家早安。本季的頭條新聞是，在我們業務各個方面的廣泛勢頭的推動下，我們取得了非常強勁的業績。在非 GAAP 貨幣中性基礎上，第二季淨收入年增 13%，調整後淨利年增 24%。這些業績得益於健康的消費者支出，包括以當地貨幣計算的跨境交易量同比強勁增長 17%，以及按中性貨幣計算的增值服務和解決方案淨收入同比增長 19%基礎。

The macroeconomic environment remains mixed, and we continue to monitor the positives and negatives of future note strength in consumer spending continues to be supported by a solid labor market and wage growth are there some signs of labor market growth moderating. This is off very strong levels of job creation.

宏觀經濟環境仍然好壞參半，我們將繼續關注未來的積極和消極因素，注意消費者支出的強勁繼續受到勞動力市場穩健的支撐，而工資增長是否有勞動力市場增長放緩的跡象。這與創造就業機會的水平非常不符。

As an also inflation and interest rates remain in focus. You've seen inflation cool, but to varying degrees across carded and non-carded categories. Price levels are still elevated for many goods and services. Interest rates also remain elevated, but many central banks have started to ease and economic indicators support broader rate reductions, while tailwinds and headwinds to economic growth remain on balance, we remain positive about our growth outlook.

通貨膨脹和利率仍然是焦點。您已經看到通貨膨脹很酷，但在有卡和無卡類別中程度不同。許多商品和服務的價格水準仍然較高。利率也保持在高位，但許多央行已開始放鬆政策，經濟指標支持更廣泛的降息，而經濟成長的順風和逆風仍然平衡，我們對成長前景仍然持樂觀態度。

With that as a backdrop, we remain focused on executing our strategic priorities, which fuel our growth algorithm called payments, new payment flows and services. You may remember that we recently announced organizational changes to further increase our focus on these priorities, they included the realignment of both regional operations and payments and services to support our growth algorithm.

在此背景下，我們仍然專注於執行我們的策略重點，這推動了我們稱為支付、新支付流程和服務的成長演算法。您可能還記得，我們​​最近宣布了組織變革，以進一步加強對這些優先事項的關注，其中包括重新調整區域運營以及支付和服務，以支持我們的成長演算法。

These changes were designed to accelerate growth and unlock capacity to invest in long-term business opportunities. This also helps us continue to deliver positive operating leverage over the long term. For example, we plan to redeploy resources into growth markets with high cash levels either invest in opening acceptance and new verticals and we will continue to apply technology to help us realize even more of the shift to digital across both consumer and commercial.

這些變化旨在加速成長並釋放投資長期商業機會的能力。這也有助於我們持續提供長期積極的營運槓桿。例如，我們計劃將資源重新部署到現金水準較高的成長市場，或投資於開放接受和新的垂直領域，我們將繼續應用技術來幫助我們在消費者和商業領域實現更多的數位轉型。

We will also enhance and expand our value-added services such as in data analytics, fraud and cyber security, particularly as we further embed AI into our products and services. As a result of this organizational realignment, which positions us well for long-term growth, we expect to incur a one-time restructuring charge in the third quarter.

我們還將增強和擴展我們的增值服務，例如數據分析、詐欺和網路安全，特別是當我們進一步將人工智慧嵌入到我們的產品和服務中時。此次組織重組為我們的長期成長奠定了良好的基礎，我們預計將在第三季產生一次性重組費用。

Now moving onto an update on some specific elements of our growth algorithm. In payments were driving growth by winning and retaining deals, and we're tapping into the vast secular shift opportunity by expanding in new geographies and further digitizing the payments ecosystem.

現在我們更新增長演算法的一些特定元素。在支付領域，我們透過贏得和保留交易來推動成長，我們正在透過在新的地區擴張和進一步數位化支付生態系統來利用巨大的長期轉變機會。

Let's start with our continued deal momentum. I'm happy to announce that Varo bank will convert their debit and credit portfolios to MasterCard. And we're the first all-digital bank to receive a national charter in the United States. Varo chose MasterCard due to our differentiated data insights, merchant-funded offers platform and our ability to seamlessly integrate into their technology stack, extended our enterprise agreement with Wells Fargo and partner to launch the Attune World Elite MasterCard.

讓我們從持續的交易勢頭開始。我很高興地宣布 Varo 銀行將把他們的借記卡和信用卡組合轉換為萬事達卡。我們是美國第一家獲得國家許可的全數位銀行。 Varo 選擇萬事達卡是因為我們差異化的數據洞察力、商家資助的優惠平台以及我們無縫集成到其技術堆疊的能力，並延長了我們與富國銀行及合作夥伴的企業協議，推出了Attune World Elite萬事達卡。

This is our first proprietary consumer credit program with the bank. We also want to renew deals this quarter with key US prepaid partners, including H&R Block, Blackhawk Network relevant and Dash Solutions and aggregate these partnerships will drive meaningful increase in our US prepaid market share.

這是我們與銀行合作的第一個專有消費者信貸計劃。我們也希望在本季與美國主要預付費合作夥伴續約協議，包括 H&R Block、Blackhawk Network 相關和 Dash Solutions，這些合作夥伴關係的總和將推動我們美國預付費市場份額的大幅成長。

In Canada, we extended our long-standing partnership with the National Bank of Canada across consumer credit, commercial and prepaid for the next decade. And PostePay who already issues millions of MasterCard cards in Italy, it has expanded our collaboration to drive additional growth across debit and prepaid.

在加拿大，我們在未來十年擴大了與加拿大國家銀行在消費信貸、商業和預付領域的長期合作關係。 PostePay 已在義大利發行了數百萬張萬事達卡，它擴大了我們的合作範圍，以推動借記卡和預付費領域的進一步成長。

Let's deep dive into a few specific verticals and geographies. Travel is, of course, a key focus and a strong growth potential in a meaningful cross-border component. Travel is also a natural fit with our virtual card technology and our marketing, loyalty and consulting capabilities. We executed several new travel partnerships this quarter.

讓我們深入研究一些特定的垂直領域和地區。當然，旅行是一個重要的焦點，也是一個有意義的跨境組成部分的強大成長潛力。旅行也與我們的虛擬卡技術以及我們的行銷、忠誠度和諮詢能力完美契合。本季我們建立了幾項新的旅遊合作夥伴關係。

We signed a deal with global digital payments provider Checkout.com to enable them to deploy their virtual card issuance solution to their online travel agency customers. We also announced a multiyear agreements with Wells Fargo and Expedia to launch two new co-brand cards with a range of unique travel benefits. And we executed a new co-brand deal with Dashen Bank and Ethiopian Airlines, the largest airline in Africa. It's built on a co-brand deal (inaudible) and Rhonda X that we initiated earlier this year.

我們與全球數位支付供應商 Checkout.com 簽署了一項協議，使他們能夠向其線上旅行社客戶部署虛擬卡發行解決方案。我們也宣布與富國銀行和 Expedia 達成多年協議，推出兩款具有一系列獨特旅遊優惠的新聯名卡。我們也與大申銀行和非洲最大的航空公司埃塞俄比亞航空達成了一項新的聯名品牌協議。它建立在我們今年稍早啟動的聯名品牌交易（聽不清楚）和 Rhonda X 的基礎上。

I'm sure it wasn't lost on you that these two last deals I mentioned are in Africa. The continent is a great example of the vast secular opportunity in emerging markets. External sources estimate that approximately 90% of transactions in Africa are made in cash. We are committed to the digital transformation of the regions.

我相信你不會忘記我提到的最後兩筆交易都是在非洲進行的。非洲大陸是新興市場蘊藏著巨大長期機會的一個很好的例子。外部消息來源估計，非洲大約 90% 的交易都是以現金進行的。我們致力於該地區的數位轉型。

And we're doing so by ramping up our investments, developing new partnerships and rapidly expanding our acceptance footprint. For example, Africa is the world's largest adopter of mobile money accounts of partnerships with large telcos. Some of our network operators like Airtel, MTN, Vodafone Egypt and others, put us in a great position to accelerate inclusion and cash conversion.

為此，我們加大了投資力度，發展新的合作夥伴關係，並迅速擴大我們的接受範圍。例如，非洲是世界上最大的與大型電信公司合作的行動貨幣帳戶採用國。我們的一些網路營運商，如 Airtel、MTN、Vodafone Egypt 等，使我們在加速包容性和現金轉換方面處於有利地位。

On the acceptance front with more than tripled the number of acceptance locations in Africa over the last five years. We recently signed deals with the commercial bank of Ethiopia, the largest bank in the country and I&M bank in Kenya. These partnerships will enable us to increase share in both markets.

在接受方面，過去五年非洲的接受地點數量增加了兩倍多。我們最近與埃塞俄比亞最大的銀行埃塞俄比亞商業銀行和肯亞的 I&M 銀行簽署了協議。這些合作夥伴關係將使我們能夠增加在兩個市場的份額。

In Nigeria and Ghana, with partners boost our financial who will work with fintechs across the region to issue MasterCard cards. Also, our MasterCard move capabilities are the foundation for new cross-border money movement solution with Access Bank Group. Together, we are enabling businesses and consumers in several African markets to send and receive international payments across over 140 countries.

在奈及利亞和加納，合作夥伴將與該地區的金融科技公司合作發行萬事達卡，從而促進我們的財務發展。此外，我們的萬事達卡轉帳功能是 Access Bank Group 全新跨國資金轉帳解決方案的基礎。我們共同幫助多個非洲市場的企業和消費者在 140 多個國家/地區發送和接收國際付款。

Now this secular opportunity is not limited to Africa. We see opportunities around the globe, think about emerging markets in Latin America and Asia Pacific. Fully capitalizing on that secular trend requires that we continue to innovate to support the digital economy at scale, and we're doing just that.

現在，這種長期機會不僅限於非洲。我們看到全球各地的機遇，考慮拉丁美洲和亞太地區的新興市場。充分利用這一長期趨勢需要我們繼續創新以大規模支持數位經濟，而我們正在這樣做。

Enhancing the checkout experience and expanding our tap on phone acceptance capabilities. We're scaling our contactless technology in areas like transit, and we are driving the ongoing conversion of Maestro to Debit Mastercard

增強結帳體驗並擴大我們對電話受理能力的利用。我們正在交通等領域擴展我們的非接觸式技術，我們正在推動 Maestro 向萬事達借記卡的持續轉換

Let's dig into one. Online shopping, it must be simple. It must work on all devices and all channels. That's why we are leaning into a new area of one-click payments. We announced that we will phase out manual card entry for e-commerce payments in Europe by 2030 in favor of a one-click checkout button.

讓我們深入探討一下。網上購物，一定很簡單。它必須適用於所有設備和所有管道。這就是為什麼我們傾向於一鍵支付這一新領域。我們宣布，到 2030 年，我們將逐步淘汰歐洲電子商務支付的手動卡片輸入，轉而採用一鍵結帳按鈕。

There are three foundational components those effort all anchored on driving simplicity and security. First, tokenization. Tokenization replaces payment credentials with a digitally secure token when deployed fraud rates decrease and approval rates improve.

這些努力由三個基本組成部分組成，全部致力於推動簡單性和安全性。首先，代幣化。當部署的詐欺率降低且核准率提高時，令牌化會用數位安全性令牌取代支付憑證。

Since launching a decade ago, the technology has been broadly adopted around the world. In fact, we surpassed 22 billion tokenized transactions in the first half of 2024, up 49% versus a year ago. Second, as click to pay. Click to pay simplifies online guest checkout by eliminating the need to manually enter payment credentials.

自十年前推出以來，該技術已在世界各地廣泛採用。事實上，2024 年上半年我們的代幣化交易量超過了 220 億筆，比一年前成長了 49%。二是點擊支付。點擊付款無需手動輸入付款憑證，從而簡化了線上賓客結帳的過程。

Guest checkout becomes as easy as remembering your email address. It also makes checkout more secure using the token technology I just mentioned, we are working with our merchants and bank partners to drive adoption. Click to pay transactions more than doubled year over year in the first half of 2024.

賓客結帳變得就像記住您的電子郵件地址一樣簡單。它還使用我剛才提到的代幣技術使結帳更加安全，我們正在與商家和銀行合作夥伴合作以推動採用。 2024 年上半年，點擊支付交易量年增了一倍多。

And third, up payments passkeys. Passkeys is eliminate the need for passwords or text for onetime passcodes. They allow consumers to authenticate online purchases using a fingerprint or facial features that you use every day when opening your phone. When combined these powerful technologies and enabling us to deliver on our promise of a simple and secure one click online checkout experience for consumers.

第三，支付密碼。密鑰消除了對密碼或一次性密碼文字的需求。它們允許消費者使用您每天打開手機時使用的指紋或臉部特徵來驗證線上購買。將這些強大的技術結合起來，使我們能夠兌現為消費者提供簡單、安全的一鍵線上結帳體驗的承諾。

We also continue to enhance in-store checkout. For example, we are scaling our biometric checkout program to new regions. In Europe, the partnering with Polish fintech PayEye to allow shoppers to pay with a simple clients. And in Latin America, we are working with Ingenico so that consumers at participating supermarkets can pay with a wave. We're also working at pace to migrate my extra cards to debit MasterCards outside the United States.

我們也繼續加強店內結帳。例如，我們正在將生物辨識結帳計畫擴展到新的地區。在歐洲，與波蘭金融科技 PayEye 合作，讓購物者可以透過簡單的客戶端進行付款。在拉丁美洲，我們正在與 Ingenico 合作，以便參與活動的超市的消費者可以揮手付款。我們還在努力將我的額外卡片遷移到美國境外的萬事達金融卡。

Shifting to debit MasterCard is a critical element of our strategy as we see up to time spend lift on cards once they have migrated this primarily due to the ability to capture both cross-border and online spend on debit MasterCard. The first half of 2024, we converted over 14 million cards, which brings us to almost 300 million cards migrated since 2016.

轉向萬事達借記卡是我們策略的關鍵要素，因為我們看到，一旦銀行卡遷移到借記卡，我們的時間支出就會增加，這主要是因為能夠捕獲萬事達借記卡的跨境和在線支出。 2024 年上半年，我們轉換了超過 1,400 萬張卡，這使我們自 2016 年以來遷移了近 3 億張卡。

These innovations are examples of the investments we are making to differentiate the MasterCard experience versus other payment methods like P2P or local payment schemes. We also continue to capture the large secular opportunity in targeted new payment flows. Today, I will focus on commercial, starting with accounts payable payments. We are operating from a position of strength.

這些創新是我們為使萬事達卡體驗與 P2P 或本地支付方案等其他支付方式區分開來而進行的投資的例子。我們也繼續抓住有針對性的新支付流中的巨大長期機會。今天，我將重點討論商業問題，從應付帳款付款開始。我們的經營實力雄厚。

Our market leading virtual card capabilities have been deployed with over 90 issuers worldwide. Additionally, we are integrating our technology into four of the top five leading global procure-to-pay solution providers. Completed the integration of our virtual card technology into Oracle Cloud ERP and commenced invoice payments for the first HSBC corporate customer in our apps.

我們市場領先的虛擬卡功能已被全球 90 多家發卡機構部署。此外，我們正在將我們的技術整合到全球前五名領先的採購到付款解決方案提供者中的四家中。完成了我們的虛擬卡技術與 Oracle Cloud ERP 的集成，並開始在我們的應用程式中為第一個匯豐銀行企業客戶支付發票。

On supplier side, we signed several acquirers onto MasterCard receivables manages, this includes Eleva whose customers are using our AI powered platform to streamline the process of accepting virtual cards. We also continue to expand distribution of our virtual cards, signed new deals with Brex and Ant Group, world first.

在供應商方面，我們與萬事達卡應收帳款管理系統簽約了多家收單機構，其中包括 Eleva，其客戶正在使用我們的人工智慧平台來簡化接受虛擬卡的流程。我們也持續擴大虛擬卡的分銷，與 Brex 和 Ant Group 簽署了全球第一的新協議。

On commercial point of sale, we're increasing the distribution of our commercial card products worldwide. In the US, the Wells Fargo small business credit card portfolio migration is now complete. In Europe, extended our partnership with Virgin Money to continue growing our small business portfolio and our partnership with SAP Concur, which automatically integrates our corporate card data into Concur Expense is yielding results.

在商業銷售點方面，我們正在增加我們的商務卡產品在全球的分銷。在美國，富國銀行小型企業信用卡組合遷移現已完成。在歐洲，我們擴大了與 Virgin Money 的合作夥伴關係，以繼續發展我們的小型企業投資組合，並且與 SAP Concur 的合作關係（將我們的公司卡資料自動整合到 Concur Expense 中）正在取得成果。

Large insurer Score SE awarded their T&E card program for MasterCard based on the value delivered through this joint offering. And finally, we're executing against our strategy to penetrate new B2B verticals. This quarter, we signed an exclusive partnership with Latin America with CBC., the largest Pepsi distributor in the region, and the fintech enable yellow tech MeeGo payments. This partnership will provide card distribution acceptance and financial education to almost 2 million retailers.

大型保險公司 Score SE 根據透過此聯合產品提供的價值授予萬事達卡 T&E 卡計劃。最後，我們正在執行滲透新 B2B 垂直領域的策略。本季度，我們與拉美地區最大的百事可樂經銷商 CBC 簽署了獨家合作夥伴關係，金融科技賦能黃色科技 MeeGo 支付。此次合作將為近 200 萬零售商提供信用卡發行受理和金融教育。

These small businesses can now use the MasterCard small business cards to purchase inventory and other items. In the healthcare space, we signed an exclusive partnership with the Medical Tourism Association. They will now accept cards from consumers and utilize virtual cards to make cross-border payments to medical providers.

這些小型企業現在可以使用萬事達卡小型名片購買庫存和其他物品。在醫療保健領域，我們與醫療旅遊協會簽署了獨家合作關係。他們現在將接受消費者的銀行卡，並利用虛擬卡向醫療服務提供者進行跨境支付。

Separately, they're working with Square to broaden card acceptance amongst smaller healthcare providers in the UK. Now turning to services, payments, support, all services and vice versa. Service has played an important part in winning many of the deals I just mentioned.

另外，他們也與 Square 合作，擴大英國小型醫療保健提供者對銀行卡的接受程度。現在轉向服務、支付、支援、所有服務，反之亦然。服務在贏得我剛才提到的許多交易中發揮了重要作用。

The strong payments drivers helped fuel services growth that coupled with strong demand, drove 19% value-add services and solution net revenue growth in the second quarter on a year over year currency neutral basis. This is a powerful flywheel turning. I'm excited about our momentum and the future potential, whether it's deepening penetration of existing customers, launching new capabilities or distributing our services in new ways and across new customer and transaction types.

強勁的支付驅動力推動了服務成長，再加上強勁的需求，在貨幣中性的基礎上，第二季增值服務和解決方案淨收入年增了 19%。這是一個強而有力的飛輪轉動。我對我們的勢頭和未來潛力感到興奮，無論是加深現有客戶的滲透、推出新功能還是以新方式跨新客戶和交易類型分配我們的服務。

A few examples. First, our services help to improve MasterCard issuer portfolio performance, thereby supporting our customers' core business objectives. For example, at SEB in the Baltics is building their customer loyalty strategy together with MasterCard and Revolut is working with us to develop and execute the marketing strategy, launching campaigns across the UK., Ireland and Italy.

舉幾個例子。首先，我們的服務有助於提升萬事達卡發卡機構的投資組合績效，進而支持客戶的核心業務目標。例如，波羅的海國家的 SEB 正在與萬事達卡共同製定客戶忠誠度策略，Revolut 正在與我們合作制定和執行行銷策略，在英國、愛爾蘭和義大利開展行銷活動。

We're also deploying our services across non FIs, helping to diversify our business and capture a new set of growth opportunities. Customers as varied as paramount and McDonald's and Taiwan are using our Test & Learn capabilities to address core business needs, including media measurement and new product introductions.

我們也在非金融機構中部署我們的服務，幫助我們實現業務多元化並抓住一系列新的成長機會。派拉蒙、麥當勞和台灣等各種客戶都在使用我們的測試和學習功能來滿足核心業務需求，包括媒體評估和新產品推出。

And we're working with LATAM Airlines in Brazil to optimize their co-brand portfolio and develop innovative marketing campaigns. The partnering to distribute our capabilities in new and more efficient ways. Salesforce has integrated our dispute resolution services into its Financial Services Cloud. This enables banks and other financial institutions to handle disputes and prevent chargebacks more effectively.

我們正在與巴西的 LATAM 航空公司合作，優化他們的聯合品牌組合併開展創新的行銷活動。透過合作以新的、更有效的方式分配我們的能力。 Salesforce 已將我們的爭議解決服務整合到其金融服務雲端。這使得銀行和其他金融機構能夠更有效地處理糾紛並防止退款。

And KPMG Norway has partnered with the Norwegian government to distribute our risk recon capabilities. The solution will help hundreds of local governments evaluate their cyber risk posture and out of their suppliers.

畢馬威挪威公司已與挪威政府合作分配我們的風險偵察能力。該解決方案將幫助數百個地方政府評估其供應商的網路風險狀況。

Turning to open banking, we continue to make strong progress in scaling new use cases, I'll use our account opening and account linking use case as an example. Klarna in the US is now using MasterCard's open banking for this purpose. Paypal will leverage account linking balanced check and transaction history for their wallet in the US and Jack Henry will distribute these capabilities to streamline the account opening process for hundreds of issuers they support. So with that I'll wrap it up.

談到開放式銀行業務，我們在擴展新用例方面繼續取得巨大進展，我將使用我們的帳戶開設和帳戶連結用例作為範例。美國的 Klarna 目前正在使用萬事達卡的開放式銀行業務來實現此目的。 Paypal 將利用其在美國的錢包連接平衡支票和交易歷史的帳戶，而 Jack Henry 將分發這些功能，以簡化他們支持的數百家發卡機構的開戶流程。我就這樣結束它。

In summary, we delivered another strong quarter of revenue and earnings growth, but driving growth by winning and retaining deals, penetrating the substantial secular opportunity. And we continue to see strong demand for our services. Now differentiated capabilities, diversified business model and focused strategy position us well to capitalize on the significant opportunity ahead of us.

總而言之，我們實現了又一個強勁的季度收入和盈利增長，但透過贏得和保留交易來推動成長，抓住大量的長期機會。我們繼續看到對我們服務的強勁需求。現在，差異化的能力、多元化的業務模式和集中的策略使我們能夠充分利用眼前的重大機會。

Sachin, over to you.

薩欽，交給你了。

Thanks, Michael. Turning to page 3, which shows our financial performance for the second quarter. On a currency-neutral basis, excluding where applicable special items and the impact of gains and losses on our equity investments.

謝謝，麥可。翻到第 3 頁，其中顯示了我們第二季的財務表現。在貨幣中性的基礎上，不包括適用的特殊項目以及損益對我們股權投資的影響。

Net revenue was up 13%, reflecting continued growth in our payment network and our value-added services and solutions. Operating expenses increased 10%, including a minimal impact from acquisitions and operating income was up 15%, including a minimal impact from acquisitions.

淨收入成長 13%，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 10%，其中收購影響極小；營運收入成長了 15%，其中收購影響極小。

Net income and EPS increased 24% and 27%, respectively, both reflecting the strong operating income growth as well as a lower tax rate in the current quarter compared to Q2 2023, primarily due to a sizable discrete tax expense in the prior year as well as a change in the geographic mix of earnings.

淨利潤和每股收益分別增長 24% 和 27%，反映了本季營業收入的強勁增長以及與 2023 年第二季度相比較低的稅率，這主要是由於上一年的大量離散稅費作為收入地理組合的變化。

EPS was $3.59, which includes a $0.07 contribution from share repurchases. During the quarter, we repurchased $2.6 billion worth of stock and an additional $820 million through July 26, 2024.

每股收益為 3.59 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 26 億美元的股票，並在 2024 年 7 月 26 日之前額外回購了 8.2 億美元的股票。

So let's turn to page 4, where I'll speak to the growth rates of some of our key drivers for the second quarter on a local currency basis. Worldwide gross dollar volume or GDV increased by 9% year-over-year. In the US, GDV increased by 6% with credit growth of 6% and debit growth of 7%. Debit growth was aided by the conversion of a previously announced debit win in the US.

因此，讓我們翻到第 4 頁，我將在其中討論第二季以當地貨幣計算的一些主要驅動因素的成長率。全球總美元交易量（GDV）較去年同期成長 9%。在美國，GDV 成長了 6%，其中信貸成長 6%，借方成長 7%。借方成長得益於先前宣布的美國借方贏利的轉換。

Outside of the US, volume increased 11% with credit growth of 10% and debit growth of 11%. Overall, cross-border volume increased 17% globally for the quarter, reflecting continued strong growth in both travel and non-travel related cross-border spending.

美國以外地區的交易量增加了 11%，其中信貸成長了 10%，借記增加了 11%。總體而言，本季全球跨境交易量成長了 17%，反映出旅遊和非旅遊相關跨境支出持續強勁成長。

Turning to page 5. Switch transactions grew 11% year-over-year in Q2. Both card-present and card-not-present growth rates remained strong. Card-present growth was aided in part by an increase in contactless penetration as contactless now represents approximately 69% of all in-person switch purchase transactions.

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換購買交易的 69%。

In addition, card growth was 7%. Globally, there are 3.4 billion MasterCard and Maestro branded cards issued.

此外，信用卡成長率為7%。全球已發行 34 億張 MasterCard 和 Maestro 品牌卡。

Turning to slide 6 for a look into our net revenue growth rates for the second quarter discussed on a currency neutral basis. Payment network net revenue increased 9%, primarily driven by domestic and cross-border transaction and volume growth. It also includes growth in rebates and incentives, which were lower than anticipated, primarily due to the timing of planned deal activity.

轉向投影片 6，了解我們在貨幣中性基礎上討論的第二季淨收入成長率。支付網絡淨收入成長 9%，主要受到國內及跨國交易及交易量成長的推動。它還包括回扣和激勵措施的成長，其低於預期，主要是由於計劃交易活動的時間安排。

Value-added services and solutions net revenue increased 19%, primarily driven by growth in our underlying drivers. Strong demand for our consulting, data, analytics and marketing services and the scaling of our fraud and security and our identity and authentication solutions.

增值服務和解決方案淨收入成長了 19%，這主要是由我們的基本驅動因素的成長所推動的。對我們的諮詢、數據、分析和行銷服務以及我們的詐欺和安全以及身份和身份驗證解決方案的擴展需求強勁。

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.

現在讓我們翻到第 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。

Looking quickly at each key metric, domestic assessments were up 7%, while worldwide GDV grew 9%, primarily due to mix. Cross-border assessments increased 21%, while cross-border volumes increased 17%. the four PPT difference is primarily driven by mix and pricing.

快速審視每個關鍵指標，國內評估成長了 7%，而全球 GDV 成長了 9%，這主要是由於混合因素。跨國評估增加了 21%，跨國交易量增加了 17%。這四個 PPT 的差異主要是由組合和定價所驅動的。

Transaction processing assessments were up 13%, while switched transactions grew 11%. The two PPT difference is primarily due to mix and pricing. Other network assessments were $244 million this quarter. As a reminder, these assessments primarily relate to licensing implementation and other franchise fees. It may fluctuate from period to period.

交易處理評估增加了 13%，而轉換交易增加了 11%。兩個 PPT 的差異主要是由於組合和定價造成的。本季其他網路評估為 2.44 億美元。提醒一下，這些評估主要涉及許可實施和其他特許經營費用。它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 10%, which includes the 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 2023 earnings call. This was partially offset by the timing of advertising and marketing spend within the year.

翻到第 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 10%，其中包括收購帶來的最小影響。營運費用的成長主要是由於支持持續執行我們的策略計畫的支出增加以及我們在 2023 年第四季財報電話會議上討論的間接稅的增加。這被年內廣告和行銷支出的時間安排部分抵消。

Turning to page 9, let me comment on the operating metric trends in the second quarter and then through the first four weeks of July. As a reminder, our Q1 switch metrics include the impact of the leap year in 2024, which added just over one PPT to growth across each of switched volumes, switch transactions and cross-border volumes.

翻到第 9 頁，讓我評論一下第二季以及 7 月前四周的營運指標趨勢。提醒一下，我們第一季的轉換指標包括 2024 年閏年的影響，這為轉換量、轉換交易量和跨境交易量的增長增加了一個多於 PPT。

In addition, our switch metrics in Q1 and April were impacted by the timing of Easter, which occurred at the end of Q1 this year as compared to an April in 2023. After adjusting for the leap year, the timing of Easter and excluding the benefit from the US debit portfolio when I previously discussed, our switch metrics in Q2 were generally stable sequentially in the US and across the globe. Looking at the first four weeks of July, trends remain generally stable versus Q2.

此外，我們在第一季和4 月的切換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。除了福利從我之前討論的美國借記卡投資組合來看，我們第二季度的轉換指標在美國和全球範圍內總體上連續穩定。從 7 月的前 4 週來看，趨勢與第二季相比整體保持穩定。

Turning to page 10, I wanted to share our thoughts for the remainder of the year. As Michael said, there are a number of economic headwinds and tailwinds that we are monitoring and we remain focused on executing on our strategy. Business fundamentals remained strong as evidenced by the results we delivered this quarter across all aspects of our business.

翻到第 10 頁，我想分享我們對今年剩餘時間的想法。正如麥可所說，我們正在監測許多經濟逆風和順風，我們仍然專注於執行我們的策略。正如我們本季在業務各個方面交付的業績所證明的那樣，業務基本面依然強勁。

Our diversified business model, underpinned by healthy consumer spending, the continued secular shift to digital forms of payments and strong demand for our value-added services and solutions continues to position us well for the opportunities ahead. Overall, we remain positive about the growth outlook.

我們的多元化業務模式以健康的消費者支出、向數位支付形式的持續長期轉變以及對增值服務和解決方案的強勁需求為基礎，繼續使我們能夠在未來的機會中佔據有利地位。整體而言，我們對成長前景保持樂觀。

Now turning to Q3 2024. Year-over-year net revenue growth is expected to be at the high end of a low double digit range on a currency-neutral basis excluding acquisitions. Acquisitions are forecasted to have a minimal impact of this growth rate while we expect a one to two PPT headwind from foreign exchange for the quarter.

現在轉向 2024 年第三季。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一到兩個 PPT 的阻力。

From an operating expense standpoint, we expect Q3 operating expense growth to be at the low double digit range versus a year ago. Again, on a currency-neutral basis, excluding acquisitions and special items. We expect higher growth in advertising and marketing in Q3 compared to the first half of the year, primarily driven by the cadence of spend related to our sponsorship activities.

從營運費用的角度來看，我們預計第三季營運費用成長將低於去年同期的兩位數。同樣，在貨幣中性的基礎上，不包括收購和特殊項目。與上半年相比，我們預計第三季的廣告和行銷將出現更高的成長，這主要是由於與我們的贊助活動相關的支出節奏所致。

Acquisitions are forecasted to have minimal impact to this OpEx growth for the quarter, while we expect a zero to one PPT tailwind from foreign exchange. Separately, as Michael mentioned, as part of our recent reorganization, we expect to record a onetime restructuring charge in Q3 of approximately $190 million.

預計收購對本季營運支出成長的影響微乎其微，而我們預期外匯將帶來零到一的 PPT 推動力。另外，正如麥可所提到的，作為我們最近重組的一部分，我們預計在第三季記錄約 1.9 億美元的一次性重組費用。

This will be recorded as a special item and excluded from our non-GAAP metrics. We expect these actions will free up capacity to further invest in our strategic priorities as we continue to execute on our growth algorithm. We also expect that will contribute to delivering positive operating leverage over the long term.

這將被記錄為特殊項目，並排除在我們的非 GAAP 指標之外。我們預計，隨著我們繼續執行成長演算法，這些行動將釋放能力，進一步投資於我們的策略重點。我們也預計，從長遠來看，這將有助於提供積極的營運槓桿。

As it relates to the full year 2024, we expect net revenue to grow at the high end of a low double digits range on a currency-neutral basis excluding acquisitions. Acquisitions are forecasted to have a minimal impact for the year and foreign exchange is now expected to be a headwind of approximately one PPT for the year.

由於與 2024 年全年相關，我們預計在貨幣中性的基礎上（不包括收購）淨收入將在低兩位數範圍的高端增長。預計收購對今年的影響很小，而外匯目前預計將成為今年約一個 PPT 的阻力。

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 and foreign exchange are forecasted to have a minimal impact to this growth for the year. Other items to keep in mind. On other income and expenses in Q3, we expect an expense of approximately $100 million. 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.

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（不包括收購和特殊項目）以低兩位數範圍的低端增長。預計收購和外匯交易對今年成長的影響很小。其他需要記住的事項。關於第三季的其他收入和支出，我們預計支出約為 1 億美元。這是假設現行利率和債務水準持續不變，且不包括我們的股權投資損益，這些收益和損失不包括在我們的非公認會計準則指標中。

Finally, we expect the non-GAAP tax rate of between 17% and 18% for Q3 and 17% to 17.5% on a full-year basis, all based on the current geographic mix of our business.

最後，我們預計第三季的非公認會計準則稅率為 17% 至 18%，全年稅率為 17% 至 17.5%，所有這些都基於我們目前業務的地理組合。

One last point, I wanted to let you know that we are planning to host an Investor Day in New York on November 13. We look forward to discussing our future plans with you at that time.

最後一點，我想讓您知道，我們計劃於 11 月 13 日在紐約舉辦投資者日。

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

然後，我會將電話轉回德文。

Thank you, Sachin. Julianne, please open the call for questions.

謝謝你，薩欽。朱莉安，請打開提問電話。

(Operator Instructions)

（操作員說明）

Harshita Rawat, Bernstein.

哈希塔·拉瓦特，伯恩斯坦。

Good morning, Michael, can you talk about US merchant litigation, the settlement rejection and the path forward from here? How should we think about the range of outcomes? Thank you.

早安，邁克爾，您能談談美國的商業訴訟、和解被拒絕以及今後的發展道路嗎？我們應該如何考慮結果的範圍？謝謝。

Thanks, Harshita. You're not asking about the secular opportunity? Secondly merchant settlement. So the first thing I would say is on -- we're disappointed where this has landed for now, and I would describe it as we respectfully disagree with the court's ruling to reject the settlement.

謝謝，哈西塔。你不是問世俗的機會嗎？其次是商戶結算。因此，我要說的第一件事是——我們對目前的情況感到失望，我將其描述為我們恭敬地不同意法院拒絕和解的裁決。

This has been negotiated over many years across many parties, I think with best intentions and it would have produced some a lot of benefits for consumers for merchants and across all parties.

這是多方經過多年談判的結果，我認為這是出於最好的意圖，它會為消費者、商家和各方帶來許多好處。

So this is now not happening we are obviously ready and we will take all efforts to ensure that a solution it found for this goes to trial engage all parties. We've done this in previous scenarios before. It's difficult to speculate on outcomes at this point. But I think this intention to lean in and see how do we can provide more security predictability to merchants and to banks. And all parties here is what's driving us.

所以現在這種情況還沒有發生，我們顯然已經準備好了，我們將盡一切努力確保為此找到的解決方案能夠讓各方參與試驗。我們之前在之前的場景中已經這樣做過。目前很難推測結果。但我認為這種意圖是要向前看，看看我們如何為商家和銀行提供更多的安全可預測性。這裡的所有各方都是我們的動力。

So there's a number of defendants in this, and everybody will obviously take their own decisions here. But across the Board, obviously, there has to be a dialogue and to find the best outcome.

因此，這件事中有很多被告，顯然每個人都會做出自己的決定。但顯然，從整體來看，必須進行對話並找到最佳結果。

Trevor Williams, Jefferies.

特雷弗威廉斯，杰弗里斯。

Great. Thanks a lot. I wanted to ask on rebates and incentives growth. I think that came in a little bit better than you guys had been expecting for 2Q. So if you could just unpack some of the upside there relative to expectations? And then any help for what you're expecting for R&I growth over the next couple of quarters? Thanks.

偉大的。多謝。我想詢問有關回扣和激勵增長的問題。我認為第二季的情況比你們預期的要好一些。那麼，您能否分析出相對於預期的一些好處呢？那麼對於您預計未來幾季研發與創新的成長有何幫助？謝謝。

Sure, Trevor. So you're right. As I mentioned in my prepared remarks, our rebates and incentives did come in slightly lower than our expectations for the second quarter. I just want to kind of take it up a level just to kind of remind everybody. We're very active in the markets. We are constantly looking at what opportunities exist with existing customers and with who could be potential new customers.

當然，特雷弗。所以你是對的。正如我在準備好的演講中提到的，我們的回扣和激勵措施確實略低於我們對第二季的預期。我只是想把它提升一個層次，只是為了提醒大家。我們在市場上非常活躍。我們不斷關注現有客戶以及潛在新客戶存在哪些機會。

And we have a view on what our pipeline of activities is. So the vast majority of what we had in the nature of there are, I would say lower rebates and incentives in the second quarter were driven by some of those deals that deal activity not materializing in the second quarter. Still remains in the pipeline. It's still something we expect will occur as the year progresses.

我們對我們的活動管道有自己的看法。因此，我們所擁有的絕大多數內容，我想說，第二季較低的回扣和激勵措施是由一些交易活動在第二季未實現的交易所推動的。仍處於醞釀中。隨著時間的推移，我們仍然預計這將會發生。

And then more specifically, as it relates to Q3, we expect that our rebates and incentives as a percentage of our payment network assessments will be higher than it was in Q2. And it's essentially based on exactly what I just said, which is it's very rich. The deal pipeline that we have and again, this is more of a timing issue than anything else.

更具體地說，由於與第三季相關，我們預計我們的回扣和獎勵佔支付網路評估的百分比將高於第二季。它本質上正是基於我剛才所說的，那就是它非常豐富。我們擁有的交易管道，這更多的是一個時間問題。

It comes back to the point in the end, we want to be in the transaction flow. We want to be relevant to our customers. We want to be relevant in the eyes of the consumers that they have a MasterCard product in their hand, and we fight for the deals that we find strategic relevant that also meet our financial criteria. On in the end, it all has to add up in combination between payments and services and our net revenue yield develops positively and that we keep in focus.

最後回到正題，我們想要進入交易流程。我們希望與我們的客戶保持相關性。我們希望在消費者眼中保持相關性，讓他們知道他們手中有萬事達卡產品，並且我們爭取那些我們認為具有戰略相關性且符合我們財務標準的交易。最後，這一切都必須結合支付和服務，我們的淨收入收益率會積極發展，我們會繼續關注這一點。

Dan Perlin from RBC.

來自加拿大皇家銀行的丹‧佩林。

Thanks. Good morning. Can we just spend a second on the realignment of the organization a little bit. I know you talk about it to create capacity and drive incremental growth. I think the question I have is on how should we think about that and driving kind of new constituencies as you talk about new verticals and maybe expansion of data analytics? And then more specifically now, how does that open up the aperture of the network as we think about that going forward. Thank you.

謝謝。早安.我們可以花一點時間來稍微調整一下組織嗎？我知道您談論它是為了創造能力並推動增量成長。我認為我的問題是，當您談論新的垂直領域以及資料分析的擴展時，我們應該如何考慮這一點並推動新的支持者？現在更具體地說，當我們思考未來時，這將如何打開網路的孔徑。謝謝。

Thanks Dan. And so on, as I said earlier, the idea here is to accelerate growth. The idea is not to reposition our strategy. We've articulated our strategy. You'll hear more of that in the investor community meeting in November and how we see that play out in more detail across our core payment solutions, new flows and the services portfolio.

謝謝丹。等等，正如我之前所說，這裡的想法是加速成長。我們的想法不是重新定位我們的策略。我們已經闡明了我們的策略。您將在 11 月的投資者社群會議上聽到更多相關內容，以及我們如何看待這一點在我們的核心支付解決方案、新流程和服務組合中更詳細地發揮作用。

I purposefully stayed at the point on markets with high cash penetration. So here is, as I laid out in the context of Africa, but there's more and more other emerging markets around the world. There's a tremendous opportunity here. So we want to strengthen our frontline, but it's also clear that the recipe to particular to participate in the secular opportunity emerging markets isn't the same as in developed markets that we're investing in product and so forth.

我有目的地停留在現金滲透率較高的市場。正如我在非洲的背景下所闡述的那樣，世界各地還有越來越多的其他新興市場。這裡有一個巨大的機會。因此，我們希望加強我們的前線，但也很明顯，特別是參與新興市場的長期機會的秘訣與我們投資於產品等的已開發市場不同。

It's pretty clear that on the services side as far as the of areas of focus are concerned, we continue to be guided by underlying strong secular trends, and one of that is for really any of our corporate partners and B2B partners that they want to make sense of the enterprise data and make better decisions and how do we do that?

很明顯，在服務方面，就重點領域而言，我們繼續以潛在的強大長期趨勢為指導，其中之一是針對我們的任何企業合作夥伴和 B2B 合作夥伴，他們想要了解企業數據並做出更好的決策，我們如何做到這一點？

We do that by leveraging our artificial intelligence solution instead of assistance of, as I said, of fine tuning on how they could have more personalized suggestions to their end consumers, et cetera, et cetera. That's one part that help our customers make better decisions, not changing, but very specific solutions with a higher weightage to AI.

我們透過利用我們的人工智慧解決方案來做到這一點，而不是像我所說的那樣，對他們如何向最終消費者提供更個性化的建議等進行微調。這是幫助我們的客戶做出更好決策的一部分，而不是改變，而是非常具體的解決方案，對人工智慧有更高的權重。

And then on the security side and the cybersecurity side, all of this data has got has to be kept safe. We kept saying that for years, that's a strong secular trend in itself and making sure that we have fine-tuned our solutions here, we're going to move faster because know the bad guys also moving faster and they have the similar technology tools in their hands now.

然後在安全方面和網路安全方面，所有這些數據都必須保持安全。多年來，我們一直在說，這本身就是一個強大的長期趨勢，並確保我們在這裡微調我們的解決方案，我們將採取更快的行動，因為知道壞人也行動得更快，並且他們擁有類似的科技工具現在他們的手。

So leveraging artificial intelligence and the example I gave last quarter around Decision Intelligence probe. That's predicting what is the next call? It might be the product before it actually happens. Those kind of solutions provide significant lift to our customers in terms of preventing fraud, obviously giving peace of mind to their consumers and overall helping our business.

因此，利用人工智慧和我上個季度圍繞決策智慧探測給出的範例。這是預測下一個電話是什麼？它可能是在實際發生之前的產品。這些解決方案在防止詐欺方面為我們的客戶提供了重大幫助，顯然讓他們的消費者安心並總體上幫助我們的業務。

And it's a close link to our payments underlying payments business. So all of that, it's largely the same strategy, but we're really focusing on very specific assets aspects of that. And there are other aspects of our portfolio that we're going to dial down as a result of this effort comes.

它與我們的支付基礎支付業務密切相關。因此，所有這些基本上都是相同的策略，但我們真正關注的是非常具體的資產方面。隨著這項努力的到來，我們將減少我們投資組合的其他方面。

David Togut, Evercore ISI.

大衛·托古特，Evercore ISI。

Thank you. Good morning, Michael and Sachin. In Europe continues to be your largest geo by GDV and also highly differentiated growth There continues. Would appreciate your look forward on cash, digitization, opportunity, thoughts on the consumer and then the outlook also for cross border travel in and out of Europe.

謝謝。早上好，麥可和薩欽。以 GDV 計算，歐洲仍然是最大的地區，高度差異化的成長仍在繼續。感謝您對現金、數位化、機會、對消費者的看法以及進出歐洲跨境旅行的展望。

So let me start, I want to anchor on what you how you framed your question. It's been a strong growth story for us in Europe, that's Continental Europe as well as the UK. We've seen tremendous share growth there, and that's really focusing down and investing more locally in Europe have a better presence there, engaged with national governments as well as with European institutions was a view we feel very European in Europe.

那麼讓我開始吧，我想把重點放在你如何提出你的問題上。對於我們在歐洲（包括歐洲大陸和英國）來說，這是一個強勁的成長故事。我們在那裡看到了巨大的份額增長，這確實是在歐洲本地進行更多的關注和投資，在那裡擁有更好的影響力，與各國政府以及歐洲機構合作，這是我們在歐洲感覺非常歐洲化的觀點。

That's the first thing I would say from when I come back to the times of COVID is the worse large set of economies in Europe that were lagging. I would argue on the digitization front, I'm changing behaviors in the customers of have increased the pressure to digitize further and that has happened. So we've seen Europe catch up and obviously shows in our numbers. But back to the point of secular opportunity we just discussed.

當我回到新冠疫情時代時，我要說的第一件事是，歐洲大部分經濟體表現最差，表現落後。我認為在數位化方面，我正在改變客戶的行為，這增加了進一步數位化的壓力，而這種情況已經發生了。因此，我們已經看到歐洲迎頭趕上，並且明顯體現在我們的數據中。但回到我們剛才討論的長期機會這一點。

If you look at the economies in Germany in Italy, there's significant cash in the higher double digits that we're seeing that and we can go after and we will continue to go after. So I continue to expect a growth opportunity there, but it's also true that the markets that are so highly digitized to say today that the secular opportunity in itself is something that from cash to check isn't really happening.

如果你看看德國和義大利的經濟，我們會看到大量現金處於較高的兩位數，我們可以追求，我們將繼續追求。因此，我仍然預計那裡會有成長機會，但今天高度數位化的市場確實表明，從現金到支票的長期機會本身並沒有真正發生。

And you come to the point about what are the emerging business models in a highly digitized world. The Nordics is a good example of that as a whole new set of business models coming up and we're supporting those fintechs, which is why Europe is one of the geographies around the world where we have a tremendous position in fintech and other market leaders in those partnerships. So I'm excited about the Europe outlook, and we continue to invest there.

現在您談到了高度數位化世界中的新興商業模式是什麼。北歐就是一個很好的例子，隨著一套全新的商業模式的出現，我們正在支持這些金融科技，這就是為什麼歐洲是世界上我們在金融科技和其他市場領導者方面擁有巨大地位的地區之一在這些夥伴關係中。因此，我對歐洲的前景感到興奮，我們將繼續在那裡投資。

David, on your question around cross-border and out of Europe, a couple of thoughts around there. Look, I mean, globally, I would say we're well positioned from a cross-border standpoint, you could see that in our metrics some. And then as it relates to your back to what Michael just said, as we've been winning portfolios, you know, there's been a mix of portfolios we win there, some of which are high cross border and others are still lower from a cross-border standpoint.

大衛，關於你關於跨國和歐洲以外的問題，我有一些想法。聽著，我的意思是，在全球範圍內，從跨國的角度來看，我們處於有利地位，你可以在我們的一些指標中看到這一點。然後，因為這與邁克爾剛才所說的有關，因為我們一直在贏得投資組合，你知道，我們在那裡贏得了多種投資組合，其中一些是高跨境投資組合，另一些是跨境投資組合仍然較低-邊界立場。

The idea is to actually being the flow participate in greater opportunities for yourself to actually leverage our services, our loyalty assets in order to drive cross-border, whether it's Europe or anywhere else in the world. The last point I'll make is sensitivity to foreign exchange rates, right? Strong dollar certainly helps in terms of the inbound into Europe because you tend to see a lot more travelers from the US actually show up in Europe as part of that process. So again, we feel good about the cross-border opportunity, not only in Europe but globally for the company.

我們的想法是讓自己真正參與更多的機會中，真正利用我們的服務、我們的忠誠度資產來推動跨境業務，無論是在歐洲還是世界其他任何地方。我要說的最後一點是對外匯匯率的敏感性，對吧？強勢美元無疑有助於入境歐洲，因為作為這一過程的一部分，您往往會看到更多來自美國的遊客實際上出現在歐洲。因此，我們再次對公司的跨境機會感到滿意，不僅在歐洲，而且在全球範圍內。

And one last point to add on based on the financial frame that Sachin just put around it back to the R&I question. So in Europe, we really feel we are well positioned in the market from a share perspective. So this aspect of financial discipline as we continue to look for deals and partnerships in Europe, really rises to the top.

最後一點要補充的是，基於 Sachin 剛剛提出的 R&I 問題的財務架構。因此，在歐洲，從份額的角度來看，我們確實覺得自己在市場上處於有利地位。因此，當我們繼續在歐洲尋找交易和合作關係時，財務紀律的這一方面確實上升到了頂峰。

Darrin Peller, Wolfe Research.

達林佩勒，沃爾夫研究中心。

Hey, guys, thanks. It's good to see the stability into July in the US volume side. So if you could just help us understand a little more on the thing if there's anything from CrowdStrike or whether then I guess really, Michael, also more importantly, just the ability for you guys to win these portfolios? If you could help us just remind us understanding what the driving factors are, how much of it is, if there's any competitive pricing dynamics, how much of it might be just that and maybe a little bit more of what you see ahead?

嘿，夥計們，謝謝。很高興看到美國銷量在 7 月保持穩定。所以，如果你能幫助我們更多地了解這件事，如果有來自 CrowdStrike 的任何信息，或者我想，邁克爾，更重要的是，你們有能力贏得這些投資組合嗎？如果您能幫助我們提醒我們了解驅動因素是什麼，驅動因素有多少，是否存在任何有競爭力的定價動態，其中有多少可能只是驅動因素，也許還有更多您所看到的未來​​因素？

Why don't I take the first one and then question. Darrin, in terms of the trends we've seen for the first four weeks of July. It looks like they say -- look, I mean, general stability in drivers across the Board. And you can see that on page 9 of our presentation and really, I mean your question as to whether there was an impact from the events over with CrowdStrike or whether I mean the reality is the weather piece had a little bit of an impact.

我為什麼不先拿第一個然後再問問題。 Darrin，就我們在 7 月前四週看到的趨勢而言。看起來他們說——看，我的意思是，整個董事會的司機總體穩定。您可以在我們簡報的第 9 頁上看到，實際上，我的意思是您的問題是 CrowdStrike 事件是否產生了影響，或者我的意思是現實情況是天氣事件產生了一點影響。

And that's what I would actually mention, but it's kind of muted in terms of the context of you've got now four weeks worth of data. And so the reality is these things kind of happened that some it comes in a particular week. If you look at it, it may look lower higher and then that might be a catch-up factor which takes place as we extend I follow by and large, we feel good about what we're seeing from a consumer spending standpoint, and that's reflective of what you see on the metrics right here, right.

這就是我實際上要提到的，但就你現在擁有的四個星期的數據而言，它有點沉默。所以現實是這些事情發生了，有些是在特定的一週發生的。如果你看一下，它可能看起來更低更高，然後這可能是一個追趕因素，隨著我們的擴展，我遵循的總體而言，我們對從消費者支出的角度看到的情況感到滿意，那就是反映了您在此處看到的指標，對吧。

In the second part of your question, general markets in the US and same as Europe since we just talked about, that remains incredibly competitive. I think we haven't seen such elevated level of competition in payments that we're currently seeing on. You see a lot of movements in the market. You know, others, banks looking at network opportunities and so forth.

在你問題的第二部分，美國的一般市場以及我們剛才談到的歐洲市場仍然具有令人難以置信的競爭力。我認為我們還沒有看到目前支付領域的競爭如此激烈。你會看到市場上有很多變動。你知道，其他人、銀行也在尋找網路機會等等。

So there's a lot going on, but it's also true that for us, we continue to broaden our payment solutions and our service offerings and really that comes to that part of your question. I think what matters here at what matters is that we can help our customers run their business in a better way. So what are they trying to do and our solutions helping data inside cyber security certainly matter. The fact that cards isn't the best answer to all payments, but there is also a multi-rail set of solutions that customers are looking for. We have all of that.

因此，發生了很多事情，但對我們來說，我們繼續擴大我們的支付解決方案和我們的服務範圍也是事實，這確實涉及到您問題的這一部分。我認為這裡最重要的是我們可以幫助我們的客戶以更好的方式經營他們的業務。因此，他們想要做什麼以及我們幫助網路安全中的資料的解決方案當然很重要。事實上，卡片並不是所有支付的最佳答案，但客戶也在尋找一套多軌解決方案。我們擁有這一切。

So that puts us in a differentiated position. We're trying not to sell product, but really come in with solutions through our sales force that's working for us. That's pretty clear now we have to be financially competitive that always matters. But if you can have a conversation around the top line outcome with your customer vis-a-vis the cost of payments that changes the dialogue quite significantly.

因此，這使我們處於差異化的地位。我們試圖不銷售產品，而是透過為我們工作的銷售團隊真正提供解決方案。現在很清楚，我們必須保持財務競爭力，這一點始終很重要。但是，如果您能夠與客戶圍繞頂線結果以及支付成本進行對話，那麼對話就會發生相當大的變化。

So when I talk to CEOs and the customer side, that's what they're really interested in. So that's working on. That's a lot of value that we bring and we price for that. So we continue to price for that. You've heard us mention pricing changes in the last quarter. So we do that wherever we see the opportunity. Tokenization is a great example. We've invested in tokenization and weak needed to scale it up.

因此，當我與執行長和客戶方交談時，這才是他們真正感興趣的。我們帶來了很多價值，我們也為此定價。所以我們繼續為此定價。您已經聽我們提到上個季度的價格變化。因此，只要有機會，我們就會這樣做。代幣化就是一個很好的例子。我們已經投資了代幣化，但需要擴大規模。

Now we have an opportunity to build a whole set of services on top of the basic token that we can price for it and we feel we should price for because they drive a better outcome in terms of better approval rates, lower fraud and so forth for our customers.

現在，我們有機會在基本代幣之上建立一整套服務，我們可以為其定價，我們認為我們應該為其定價，因為它們在更高的批准率、更低的詐欺等方面帶來了更好的結果我們的顧客。

So I think we're well positioned in a very competitive market, and we're going to continue to trying to keep that edge.

因此，我認為我們在競爭非常激烈的市場中處於有利地位，並且我們將繼續努力保持這一優勢。

Dave Koning, Baird.

戴夫·科寧，貝爾德。

Yes, hey, guys. Thank you. And I guess my question on the cross border line. You've had a very nice positive divergence between for our constant currency revenues and constant currency volumes. This quarter was about 4% and I think for [13] quarters in a row, it's been nicely positive in prior years. It was pretty close to neutral sometimes even though negative. Why does it continue to be positive in how should we think of that going forward? Is that going to stay that nice positive divergence?

是的，嘿，夥計們。謝謝。我想我的問題是關於跨國的。我們的恆定貨幣收入和恆定貨幣交易量之間存在著非常好的正背離。本季約為 4%，我認為連續 [13] 個季度，前幾年的情況都非常積極。儘管有時是負面的，但有時它非常接近中性。為什麼我們應該如何看待未來，它仍然是正面的？這會保持良好的正背離嗎？

Yes, David. So look, I mean, it's like I said, right, it's been driven by favorable mix and a little bit of pricing in the second quarter. The reality is that the mix piece is really what's been actually causing the positive divergence you're talking about as you are aware, our cross-border volumes are real and we show you the metrics on this.

是的，大衛。所以，我的意思是，就像我說的那樣，這是由有利的組合和第二季的一點定價所推動的。現實情況是，正如您所知，混合因素確實導致了您所談論的積極分歧，我們的跨境交易量是真實的，我們向您展示了這方面的指標。

We have increased Europe cross-border and then we have other cross-border. In Europe is lower yielding, other cross-border is high yielding for us. And so as you think about this, if the other cross-border volumes are growing at a high faster pace than intra Europe, you tend to see that positive divergence.

我們增加了歐洲跨境，然後我們還有其他跨境。在歐洲收益率較低，其他跨國對我們來說收益率較高。因此，當你思考這一點時，如果其他跨國交易量的成長速度比歐洲內部的成長速度快，你往往會看到這種正面的差異。

I would remind you, during COVID, we actually had the reverse phenomenon take place. We had into Europe growing faster than other cross-border, and you actually had the reverse happening, which is you had cross-border assessments growing at a slower clip than the actual underlying driver growth. So that's really what we mean by mix there. And then, of course, there's pricing, which we do back to the point, Michael was making around the value we deliver, which is another contributing factor in the second quarter.

我想提醒大家，在新冠疫情期間，我們實際上發生了相反的現象。我們在歐洲的成長速度快於其他跨境市場，但實際上卻發生了相反的情況，即跨境評估的成長速度低於實際的潛在驅動力成長速度。這就是我們所說的混合的真正意義。當然，還有定價，我們回到這一點，邁克爾圍繞我們提供的價值進行定價，這是第二季度的另一個影響因素。

Sanjay Sakhrani, KBW.

桑傑·薩赫拉尼 (Sanjay Sakhrani)，KBW。

Thanks, good morning. And I was wondering such and could you just talk about the share gain benefits in the quarter and maybe what's on the horizon? I think you mentioned in the context of incentives and then just specific to some of the revenue items or revenue lines? When I look at metrics assessment revenue that kind of slowed from a trend line that we've seen that much stronger. I think some of it was FX, but was there anything else similar for other revenues, those were down a little bit. I know it's smaller line, but any callouts there?

謝謝，早安。我想知道這一點，您能否談談本季的股票收益收益以及即將發生的事情？我想你提到了激勵措施，然後只是具體到一些收入項目或收入線？當我查看指標評估收入時，我們看到的趨勢線有所放緩，而趨勢線則強得多。我認為其中一些是外匯收入，但其他收入是否有其他類似的收入，這些收入略有下降。我知道它的線較小，但是那裡有標註嗎？

So I'll take. I think there's three questions there. So I mean, I think all three of them, which is on domestic assessments, it's the delta you're seeing in terms of domestic assessments, growing at 7% compared to GDP, growing at 9% is primarily been driven by mix. I need to remind everybody that GDV and domestic assessments is not a perfect proxy just because in domestic assessments, there's a whole bunch of other stuff, which is there.

所以我會接受。我認為這裡有三個問題。所以我的意思是，我認為這三個因素都是基於國內評估，這是你在國內評估方面看到的三角洲，與 GDP 相比增長 7%，增長 9% 主要是由混合驅動的。我需要提醒大家，GDV 和國內評估並不是完美的替代指標，因為在國內評估中，還有一大堆其他東西。

You've got card fees, you got a bunch of stuff going on in there. So there's always going to be some level of pain, some difference in terms of growth rates there. But what we like to call out is what are the salient features of factors which are causing for that for the different growth rates between domestic assessments and GDV growth.

你有卡費，裡面有很多事情。因此，總是會有一定程度的痛苦，成長率也會有一些差異。但我們想指出的是，造成國內評估成長率與GDV成長率不同的因素有哪些顯著特徵？

And when I talk about mix there, just so that you're clear, I mean, the mix could come from a whole host of things. So for example, our GDV in foods, our cross-border volumes, our domestic assessments do not include cross-border related revenues and so what you've got is with GDV growing, you don't have the associated cross-border revenue, which is there which would come in in terms of domestic assessments.

當我在那裡談論混合時，只是為了讓你清楚，我的意思是，混合可能來自很多東西。例如，我們在食品方面的 GDV、我們的跨境銷售、我們的國內評估不包括跨境相關收入，所以隨著 GDV 的成長，你沒有相關的跨境收入，這將納入國內評估。

You could also have changes in geographic mix, you've got high-yielding and low-yielding regions and depending on the growth rate of regions, you might see that does come to the positive or the negative there. So that, Sanjay, is the domestic assessment fees

地理組合也可能發生變化，有高產區和低產區，根據地區的成長率，你可能會發現這確實會帶來正面或負面的影響。 Sanjay，這就是國內評估費

On the other arm, other payment network revenues, again, you look, I mean this is not something which we are necessarily focused in the business. That is it's one of the things which is required to run the network. It's a range of things from licensing fees, implementation fees, franchise fees, things of that sort and those things move around.

另一方面，其他支付網路收入，你看，我的意思是這不是我們必須關注的業務。這是運行網路所需的東西之一。其中包括許可費、實施費、特許經營費等一系列費用，以及這些費用。

So I wouldn't get too fussed about the fact that in one quarter it grows at an exceptional pace in the next quarter is actually going the opposite direction just because first, the number is fairly small. And second, is there a whole host of reasons why that might happen? For example, as customers get more compliant, you might have meant less than the national compliance fees that you're charging them. So that's a good thing for the network by the way over the long term.

因此，我不會對這樣一個事實感到太大驚小怪：在一個季度中它以驚人的速度增長，而在下一個季度實際上卻朝著相反的方向發展，因為首先，這個數字相當小。其次，是否有許多原因導致這種情況發生？例如，隨著客戶變得更加合規，您可能意味著向他們收取的費用低於國家合規費用。從長遠來看，這對網路來說是一件好事。

And then the last point you asked actually the first question you asked, which was around share gain benefits in the quarter. The one I called out really was around on the debit conversion in the US. And we previously announced this week we announced our win of the debit portfolio from citizens. We are super pleased with our relationship with citizens that conversion's going exceptionally well.

然後，您問的最後一點實際上是您問的第一個問題，即關於本季的股票收益。我真正指出的問題是關於美國的借記轉換。我們先前宣布，本週我們宣布贏得公民的借記投資組合。我們對與公民的關係非常滿意，轉換進展得非常順利。

That conversion for the most part was complete in the second quarter. So we had new cards which are sent out to customers. So there's a little bit of that, which is there again. But what I wanted to share was that when we're looking at drivers, right between Q2 and the first four weeks of July or for that matter between Q1 and Q2.

大部分轉換在第二季完成。因此，我們有新卡發送給客戶。所以有一點這樣的情況，又出現了。但我想分享的是，當我們專注於驅動程式時，就在第二季和 7 月的前四週之間，或是在第一季和第二季之間。

When you take out the impact of the share wins, there's still underlying stability in terms of consumer spending trends. On share gains, just so that you've got the overall picture right. So we've talked a little bit about that because we had the Webster when you've got a whole bunch of stuff which will roll on. And those will be multiyear kind of conversions, which will come through in particular, I'd call out UniCredit. So in UniCredit, we had announced this deal win in 2023. Well, that conversions underway. That will be over a multiyear kind of timeframe again.

當你除去份額獲勝的影響時，消費者支出趨勢仍然存在潛在的穩定性。關於股票收益，這樣您就可以正確了解整體情況。所以我們對此進行了一些討論，因為當你有一大堆可以繼續使用的東西時，我們就有了韋伯斯特。這些將是多年的轉變，尤其是聯合信貸銀行。因此，在裕信銀行，我們宣布將於 2023 年贏得這筆交易。這將再次經歷多年的時間框架。

Deutsche Bank, again, the conversions underway. It will take a couple of years before you actually start to see the completion of that or so all of these things will play out over time.

德意志銀行再次轉型。你需要幾年的時間才能真正開始看到這一切的完成，所以所有這些事情都會隨著時間的推移而發生。

Tien-Tsin Huang

黃天進

Thank you. Good results here. Just on the value-added services and solutions that accelerated. I know there's an easy comp from the first quarter, but any interesting trends in terms of composition of growth within VAS and any call us for a second half of the year in terms of best growth?

謝謝。這裡有好的結果。只是加速的加值服務和解決方案。我知道第一季的業績比較簡單，但是增值服務成長組成有什麼有趣的趨勢嗎？

Tien-Tsin, good to hear you. On 19% a strong growth rate for sure. On the usual suspects in terms of driving for growth is due to payments related part of this, particularly on the cybersecurity side. So that continues to grow and grow very well. So there's more need for more fraud solutions and that's one thing. And on the data analytics side, we continue to see great interest, as I laid out in remarks, test-and-learn, for example. So give you a number of examples how our customers are trying to figure out and what kind of campaigns makes sense or how can they serve their customers better and so forth. So no particular change there.

田津，很高興聽到你的聲音。 19% 無疑是一個強勁的成長率。就推動成長而言，通常的懷疑是由於與支付相關的部分，特別是在網路安全方面。所以它會繼續成長並且成長得很好。因此，我們更需要更多的詐欺解決方案，這是一回事。在數據分析方面，我們繼續看到人們的極大興趣，正如我在評論中指出的，例如測試和學習。因此，請給您一些例子，我們的客戶如何試圖弄清楚，什麼樣的活動才有意義，或者他們如何才能更好地為客戶服務等等。所以沒有特別的改變。

I think the fundamental tried a trend that I touched on earlier in an earlier response, more infusion of AI across the Board to make these products scale better and be more effective, that's certainly a trend. Overall, the whole mix of this is largely unchanged. We continue to invest in newer aspects of our services portfolio, particularly in the open banking side, I talked through a couple of use cases here. They still have to scale up in a significant way, but we feel very well positioned in Europe, Australia and the US, on the Open Banking side.

我認為基本面嘗試了我在先前的回應中提到的一種趨勢，即全面注入人工智慧，使這些產品能夠更好地擴展、更有效，這當然是一種趨勢。總體而言，整個組合基本上沒有變化。我們繼續投資於我們服務組合的新方面，特別是在開放銀行方面，我在這裡討論了幾個用例。他們仍然需要大幅擴大規模，但我們感覺在歐洲、澳洲和美國的開放銀行方面處於非常有利的位置。

So good to see. We said in the first quarter where we had a slightly lower growth rate. We're going to be higher quarter every single quarter for the rest of this year, and that is playing out as predicted. And so occasionally, you have tougher comps and so forth. But this is a pretty solid trend for us.

很高興看到。我們說第一季的成長率略有下降。在今年剩下的時間裡，我們每季的業績都會更高，這正如預期的那樣。所以有時候，你會遇到更艱難的比賽等等。但這對我們來說是一個相當穩固的趨勢。

Dan Dolev, Mizuho.

丹‧多列夫，瑞穗。

Hello, guys, morning. Thanks for taking my question. Last quarter, I believe you gave us a cadence on rebates and incentives growing slower in the second half versus the first half. Can you maybe give us a little bit a little bit more color onto the cadence of rebates and incentives this year and great results again. Thank you.

哈嘍，朋友們，早安。感謝您提出我的問題。上個季度，我相信您為我們帶來了下半年回扣和激勵措施成長速度較上半年放緩的節奏。您能否為我們介紹今年的回扣和激勵措施以及再次取得的出色成果。謝謝。

Hi, Dan. Yes, last quarter I shared with you at a point of view around what we thought rebates and incentives would look like in the second quarter. And what we had said is it would be flat to slightly lower for the second quarter. In the second quarter rebates and Incentives came in lower than the first quarter are lower than even what we had expected for the reasons which I mentioned earlier, which is the timing of deal activity.

嗨，丹。是的，上個季度我與您分享了我們對第二季回扣和激勵措施的看法。我們說過，第二季的情況將持平甚至略有下降。第二季度的回扣和激勵低於第一季度，甚至低於我們的預期，原因是我之前提到的，也就是交易活動的時機。

And then today I shared with you what I think will be rebates and incentives in the third quarter, which we expect that rebates and incentives as a percentage of payment network assessments will be higher in the third quarter compared to the second quarter. We really haven't shared much niche of rebates and incentives beyond that. And so really, just for clarification, that's what I want to share with you.

然後今天我與大家分享了我認為第三季的回扣和激勵，我們預計第三季的回扣和激勵佔支付網路評估的百分比將高於第二季。除此之外，我們確實沒有分享太多回扣和激勵措施。實際上，為了澄清起見，這就是我想與您分享的內容。

Andrew Jeffrey, William Blair.

安德魯傑弗裡，威廉布萊爾。

Hi, good morning. Thanks for taking the question. Michael, I wanted to ask about open banking and particularly in the US. We're hearing some conflicting things about the price of real-time payments, interchange and real-time payments, I guess, versus our debit, especially Durbin, regulated debit and perhaps the enthusiasm on consumers' behalf to pay from their bank accounts, but maybe some chargeback and customer service dispute issues that banks are facing.

早安.感謝您提出問題。邁克爾，我想問開放銀行業務，特別是在美國。我想，我們聽到一些關於即時支付、交換和即時支付的價格與我們的借記卡（尤其是杜賓）、受監管借記卡以及消費者代表從銀行帳戶付款的熱情的相互矛盾的事情，但銀行可能面臨一些退款和客戶服務糾紛問題。

I just wonder if you could maybe parse some of the puts and takes and give an outlook on the future of open banking, particularly in the US.

我只是想知道您是否可以分析一些看跌期權和看跌期權，並對開放銀行業的未來（尤其是在美國）做出展望。

All right. So on interesting, you call it out. I just mentioned that just before and I said it's not quite where I think most market participants would have wished open banking got to over the years. And that applies, I think, globally. Here in the United States when I look at open banking with a focus on it's on your particular services set of actions around account opening or account linking or data aggregation and things like that.

好的。所以有趣的話，你就說出來。我之前剛剛提到過，我認為這並不是大多數市場參與者多年來希望開放銀行業務達到的目標。我認為這適用於全球。在美國，當我專注於開放式銀行業務時，重點關注的是圍繞帳戶開設、帳戶連結或資料聚合等的特定服務操作集。

If we see good momentum. I talked about it earlier when it comes to payments, the payments side of open banking, yes, it's still true that the value that the card ecosystem brings a significant and you made a point on chargebacks that is not comfortable if there's a problem and then there is no established way to get your money back on cards, we do that.

如果我們看到良好的動力。我之前談到過支付方面，開放銀行的支付方面，是的，卡生態系統帶來的價值確實很大，而且您在退款問題上提出了一個觀點，如果出現問題，那麼退款會讓人感到不舒服，然後目前還沒有既定的方法可以讓您透過卡片取回資金，但我們會這樣做。

The same is for fraud protection. I think we know exactly how that works in the world of card payments. It's not so clear yet in the world of account-to-account payments. Nevertheless, it's our role as an ecosystem custodians to understand where emerging technologies are going, whereas customer interest going that consumers want to use our data footprint to get better services will absolutely.

對於詐欺保護也是如此。我認為我們確切地知道這在卡片支付領域是如何運作的。在帳戶到帳戶支付領域，情況還不是很清楚。儘管如此，作為生態系統管理員，我們的角色是了解新興技術的發展方向，而客戶的興趣是消費者希望使用我們的資料足跡來獲得更好的服務。

First of all, that starts with data protection and data consent management, which we invest a lot of energy on, but then say, all right, how could this kind of technology use. So we do invest in it, which is why we called out open banking as an element of kind of future oriented activity for us in investment what we currently see are those use cases that I mentioned, they are the most near term opportunity and this is around lending.

首先是從資料保護和資料同意管理開始，我們在這上面投入了很多精力，但接下來說，好吧，這種技術怎麼用。因此，我們確實對其進行了投資，這就是為什麼我們將開放銀行稱為投資中面向未來的活動的一個要素，我們目前看到的是我提到的那些用例，它們是最近的機會，這是圍繞貸款。

It's around account opening account linking asset verification and more recently around data aggregation. Our smart subscription solution is one example of that. That works really well for consumers. If you've got 15 subscriptions and you see them in one place and it makes a real difference. So I think it's evolving. It's evolving and we're at the forefront of evolving it, but we're also trying to make sure that it's understood that the value we bring through cards, it is really unparalleled.

它圍繞著開戶帳戶與資產驗證相關聯，最近又圍繞著資料聚合。我們的智慧訂閱解決方案就是其中之一。這對消費者來說非常有效。如果您有 15 個訂閱，並且您在一個地方看到它們，那就會產生真正的不同。所以我認為它正在發展。它正在不斷發展，我們處於發展的最前沿，但我們也在努力確保人們理解我們透過卡片帶來的價值，它確實是無與倫比的。

Fahed Kunwar, Redburn Atlantic.

法赫德·昆瓦爾（Fahed Kunwar），雷德伯恩大西洋公司。

Hi, both. Thanks for taking the question. And just wanted to ask about profitability. Obviously, there's a lot of various moving parts with VAS growing very nicely cross border and how you think about margin expansion, though versus kind of investing in all of these various product areas in distribution, the products themselves, should we expect margins to carry on expanding as they happen? Or will there be continued areas of investment that you think will kind of drive expenses higher from here. Thanks.

嗨，兩個。感謝您提出問題。只是想問一下獲利能力。顯然，有很多不同的移動部件，增值服務在跨境方面增長得非常好，以及你如何看待利潤擴張，儘管與在分銷、產品本身的所有這些不同產品領域進行投資相比，我們是否應該期望利潤率能夠持續下去當它們發生時會擴大嗎？或者您認為是否會有持續的投資領域會推高支出。謝謝。

Hi, Fahed. So couple of thoughts here view, which is number one, I think we mentioned in the past and this philosophy of ours remains unchanged, which is we aspire to deliver positive operating leverage, which is showing and driving that revenue growth at a faster clip than operating expense growth over the long term.

嗨，法赫德。因此，這裡有幾點想法，我認為我們過去提到過，我們的這一理念保持不變，即我們渴望提供積極的營運槓桿，這表明並推動收入增長速度比長期來看，營業費用增長。

So that's really what the aspiration is for how we're running the business. The most important thing to remember is we're running the business for top line growth and bottom line growth. And in order to do that, we keep a very close eye on making investments to drive growth in the near term, medium term and long term.

這就是我們經營業務的真正願望。最重要的是要記住，我們經營業務是為了實現收入成長和利潤成長。為了做到這一點，我們密切關注投資以推動近期、中期和長期的成長。

So yes, we are investing in things which will drive growth in the near medium and long term. That is super essential from our perspective, not only because that's what our shareholders desire, but also because we believe the set of opportunities in front of us are sizable. And so for us to leave those opportunities, underinvestment would be a bad move for the long-term health of our company. So we will continue to invest in the business.

所以，是的，我們正在投資那些能夠推動近中長期成長的事物。從我們的角度來看，這是非常重要的，不僅因為這是我們的股東所希望的，而且因為我們相信擺在我們面前的機會是巨大的。因此，如果我們放棄這些機會，投資不足對於我們公司的長期健康發展將是一個糟糕的舉動。因此，我們將繼續投資該業務。

We will do that with the strategic priorities which Michael has laid out with that focus. We will constantly look at those priorities to see how the market conditions are evolving and we will pivot as necessary. But the general kind of flow is, yes, we will continue to invest in the growth of our business because we see tremendous opportunity on a going-forward basis.

我們將按照邁克爾針對這一重點制定的戰略優先事項來做到這一點。我們將持續關注這些優先事項，以了解市場狀況如何演變，並根據需要進行調整。但總體情況是，是的，我們將繼續投資於我們的業務成長，因為我們看到了未來的巨大機會。

Paul Golding, Macquarie Capital.

保羅‧戈爾丁，麥格理資本。

Thanks so much for taking the question. I wanted to ask about AI in a fraud sense. I know that you're incorporating AI into your products and presumably as part of VAS to combat fraud, just wanted to ask what you're seeing in terms of the offense of fraud using AI and how that might accelerate the adoption of your new products and your investment in new products around AI to combat that. Thank you.

非常感謝您提出問題。我想問一下詐騙意義上的人工智慧。我知道你們正在將人工智慧融入你們的產品中，大概是作為增值服務的一部分來打擊欺詐，我只是想問一下你們在使用人工智慧的欺詐犯罪方面看到了什麼，以及這將如何加速你們新產品的採用以及您對人工智慧新產品的投資來應對這一問題。謝謝。

Right. So you know, with rapid digitization around the world, we've seen a lot of new entrants into the ecosystem. A lot of small businesses have digitized post COVID. As you see in emerging markets, a lot of people for the first time using digital solutions. So from digitalization is growing, vulnerabilities are growing and technology in the hands of fraudsters is also evolving.

正確的。所以你知道，隨著世界各地數位化的快速發展，我們看到了許多新進業者進入這個生態系統。新冠疫情後，許多小型企業已數位化。正如您在新興市場中看到的那樣，許多人第一次使用數位解決方案。因此，數位化不斷發展，漏洞不斷增加，詐欺者手中的技術也不斷發展。

So this makes for an environment where players like ourselves who oversee an ecosystem of franchise between banks and merchants and for the benefit of the end consumer need to really invest in safety and security. We've done that, and AI isn't actually anything new for us. So we've for the better part of a decade we've been using AI this is not a discrete machine learning technology to really predict where is the next problem and try and analyze data of that we have and the data that our customers have to prevent fraud. So that's been very successful.

因此，這創造了一個環境，​​讓像我們這樣監管銀行和商家之間的特許經營生態系統並為了最終消費者的利益的參與者需要真正投資於安全和保障。我們已經做到了這一點，而且人工智慧對我們來說實際上並不是什麼新鮮事。因此，十年來我們一直在使用人工智慧，這不是一種離散的機器學習技術來真正預測下一個問題在哪裡，並嘗試分析我們擁有的數據以及我們的客戶必須處理的數據。所以這是非常成功的。

And as far as generative AI is concerned, our evolving technology here, the so there's obviously an opportunity for us to understand more data in a quicker way. And we have used that initially to you to train our AI models are discriminate AI models using generative AI to create artificial dataset.

就生成人工智慧而言，我們不斷發展的技術，因此我們顯然有機會以更快的方式理解更多數據。我們最初使用它來訓練我們的人工智慧模型，即使用生成人工智慧來創建人工資料集的判別人工智慧模型。

So that was the first step. And then we went into putting out a new set of product, I mentioned Decision Intelligence grow Decision Intelligence is a product that we've had for a long time machine learning driven that was predicting fraud outcomes and now be using more data sets to that are externally available, stolen card data and so forth.

這是第一步。然後我們開始推出一套新的產品，我提到決策智能的發展決策智能是我們長期以來使用機器學習驅動的產品，它可以預測欺詐結果，現在正在使用更多的數據集來預測欺詐結果。可用的、被盜的卡片資料等等。

To understand where upfront vulnerabilities might be. The lift is tremendous, 20% we see in terms of its effectiveness out of that product. So we start to see demand for the whole reason of the vulnerabilities that I talked about. So we expect continued growth. We also expect the fraudsters to come up with new techniques themselves. We need to continue to evolve.

了解前期漏洞可能存在於何處。提升是巨大的，我們看到該產品的有效性提高了 20%。因此，我們開始看到對我談到的漏洞的全部原因的需求。因此我們預計持續成長。我們也期望詐欺者自己想出新技術。我們需要繼續發展。

So I believe that the penetration of generative AI and fraud and cybersecurity product set will only expand. Now I talked a lot about transaction related fraud vectors around cybersecurity, obviously much broader his prediction of fraud. It is what's the general cybersecurity posture of a company, our risk recon capabilities and so forth. We tried to cover the whole ecosystem and become a true strategic partner of our customers.

因此，我相信生成式人工智慧、詐欺和網路安全產品集的滲透只會擴大。現在我圍繞著網路安全談論了很多與交易相關的詐欺向量，顯然他對詐欺的預測更廣泛。這是公司的整體網路安全態勢、我們的風險偵察能力等等。我們試圖涵蓋整個生態系統，成為客戶真正的策略夥伴。

So if anything, this whole space is going to grow further and you're going to continue to see us invest in that area.

因此，如果有的話，整個領域將進一步成長，您將繼續看到我們在該領域進行投資。

We have time for one more question, Julianna

我們還有時間再問一個問題，朱莉安娜

Andrew Schmidt, Citi.

安德魯‧施密特，花旗銀行。

Hi, Michael. Hi, Sachin. Thanks squeezing me. And I just wanted to double click on macro viewpoint. If I hear the message correctly, it sounds like macro is mixed, but consumer spending trends are stable for the most part and if you could just double-click on that and let us know if there's any divergence amongst different consumer demographics and correspondingly what that might mean for debit versus credit transaction sizes anything like that, that'd be super helpful. Thanks so much.

嗨，邁克爾。嗨，薩欽。謝謝你擠我。我只想雙擊宏觀視角。如果我沒聽錯的話，聽起來宏觀上是好壞參半，但消費者支出趨勢在很大程度上是穩定的，如果你可以雙擊它，讓我們知道不同消費者群體之間是否存在任何差異，以及相應的差異可能意味著對於借方與貸方交易規模之類的任何東西，這將非常有幫助。非常感謝。

Right. So at the outset of my prepared remarks, I talked about the puts and takes on inflation on prices. On the bottom line there is that for now because the consumer is supported and that's pretty much irrelevant of income cohort is supported by a strong labor market. So that's fundamentally true, and that's fundamentally true around the world.

正確的。因此，在我準備好的演講開始時，我談到了價格通膨的看跌期權和看跌期權。歸根究底，目前是因為消費者得到了支持，而這與收入群體受到強大勞動市場的支持幾乎無關。所以這從根本上來說是正確的，在世界各地也是如此。

It's in aggregate, but it's not a uniform answer. The picture obviously plays out very differently, country by country. We have a very, very global business. So we look at what is the Central Bank of Japan doing. And we saw that today to raise rates. And in Europe, you see and Germany came through with actually got a small recession in the past quarter.

這是一個總體答案，但不是一個統一的答案。顯然，不同國家的情況截然不同。我們的業務非常非常全球化。那我們就來看看日本央行在做什麼。我們今天看到了升息。在歐洲，你看，德國在過去一個季度實際上經歷了小幅衰退。

So there's a lot of back and forth at that fundamental point that the consumer is supported by a strong labor market and some wage growth. I think that that's true and we don't expect any dramatic changes on that front. And that's why we remain positive about the about the outlook you.

因此，在消費者受到強勁的勞動市場和一定程度的薪資成長的支持這一基本點上，存在著許多反覆。我認為這是事實，我們預計這方面不會有任何重大變化。這就是為什麼我們對您的前景保持樂觀。

Peel the onion a bit further, you look into different cohorts. And it's pretty clear that when it comes to higher-income versus lower-income, if you spend on an expensive trip on experiences, during the summer, whatever you're trying to do, you have more income than you can do more of that and you have less income that you can do less of that.

進一步剝開洋蔥，你會看到不同的群體。很明顯，當談到高收入與低收入時，如果你在夏天花昂貴的錢去體驗旅行，無論你想做什麼，你的收入都會比你能做的更多。你可以做的事情也較少。

What we generally see though, as a function of the digital economy, the higher end consumer, but certainly the middle income and lower income consumer is much more empowered and powered by having more data and the ability to look for a better deal.

但我們通常認為，作為數位經濟的功能，高端消費者，但當然中等收入和低收入消費者，透過擁有更多數據和尋找更好交易的能力而擁有更多的權力和動力。

And that's what everybody is trying to do to make things add up and work for them that they still want to do that trip. So all of that together overall adds up to a picture that we feel are pretty good, at least about our side of the business. And why do I say that? Because inflation and prices cut across card and non-card it.

這就是每個人都在努力做的事情，讓事情加起來並為他們工作，他們仍然想做那次旅行。因此，所有這些總體上構成了一幅我們認為相當不錯的畫面，至少對於我們的業務而言是如此。我為什麼這麼說呢？因為通貨膨脹和物價會影響卡片和非卡片。

But we are obviously particularly our position and we're well positioned in Ocado target categories. We've seen these cycles go on post COVID have a lot of travel that's highly targeted. So you saw that rise and you know, right now, you see a lot of inflation in auto insurance and rent, that's not necessarily so much carded. So these are all the things that we think through comes back to down to the fundamental point in aggregate, we see healthy consumer spending and don't see that changing in the short term.

但我們顯然特別注重我們的定位，並且我們在 Ocado 目標類別中處於有利位置。我們已經看到這些週期在新冠疫情之後繼續發生，並且有許多針對性很強的旅行。所以你看到了這種上漲，你知道，現在，你看到汽車保險和租金的通貨膨脹率很高，這不一定是那麼嚴重。因此，這些都是我們思考的所有問題，總的來說，我們看到了健康的消費者支出，並認為這種情況在短期內不會改變。

And Andrew, I'll just add one point and Michael touched on this before, which is at the end of the day. Our diversified business model lends really well in different environments because at the end of the day rate, we are geographically diversified. We've got great diversification across seven quarters. We've got good diversification around channels of spend.

安德魯，我只想補充一點，邁克爾之前已經談到過這一點，那是在今天結束的時候。我們的多元化業務模式非常適合不同的環境，因為歸根結底，我們在地域上是多元化的。我們在七個季度實現了巨大的多元化。我們的支出管道實現了良好的多元化。

So the reality is when these puts-and-takes take place in certain sectors of the economy, $1 spent on one sector versus $1 spent on the other sector, we're relatively indifferent as long as it's carded spend. And that diversification really helps our business the way we are actually structured, which has not happened by chance, it's happened by design. And so that's something which is super important for us.

因此，現實情況是，當這些買賣發生在經濟的某些部門時，一個部門花費 1 美元，而另一個部門花費 1 美元，只要是卡片支出，我們就相對漠不關心。這種多元化確實有助於我們的業務實際結構，這不是偶然發生的，而是經過設計的。所以這對我們來說非常重要。

Thank you. On that I'll hand it back to Michael for any closing comments.

謝謝。關於這一點，我會將其交還給邁克爾以徵求結束意見。

All right. Thanks Devin. So everybody are passed on. We talked about the momentum and a good quarter. All of this obviously only happens because it takes the hard work of our colleagues at MasterCard's, I thank them.

好的。謝謝德文。所以大家都傳承下來了。我們談論了勢頭和一個好的季度。這一切顯然都是因為萬事達卡同事們的辛勤工作才得以實現，我感謝他們。

And I also want to thank you for your support of MasterCard. We're looking forward to speak to you in a quarter from now and hopefully see some of you at our Investor Day Community Meeting on November 13 in New York. Thank you very much.

我還要感謝您對萬事達卡的支持。我們期待在一個季度後與您交談，並希望在 11 月 13 日於紐約舉行的投資者日社區會議上見到你們中的一些人。非常感謝。

Concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議結束。感謝您的參與。您現在可以斷開連線。