萬事達 (MA) 2024 Q4 法說會逐字稿

Good morning.

早安.

My name is Julianne, and I will be your conference operator today.

我叫朱莉安，今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to the Mastercard Incorporated Q4 and Full Year 2024 Earnings Conference Call.

現在，我歡迎大家參加萬事達卡公司 2024 年第四季和全年財報電話會議。

(Operator Instructions)

（操作員指令）

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

投資者關係主管 Devin Corr 先生，您可以開始您的會議了。

Thank you, Julianne.

謝謝你，茱麗安。

Good morning, everyone, and thank you for joining us for our fourth quarter 2024 earnings call.

大家早安，感謝您參加我們的 2024 年第四季財報電話會議。

With me today are Michael Miebach, our Chief Executive Officer; and Sachin Mehra, our Chief Financial Officer.

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.

在 Michael 和 Sachin 發表評論之後，操作員將宣布您有機會加入問答環節的隊列。

It is only then that the queue will open for questions.

只有到那時，才會開放提問隊列。

You can access our earnings release, supplemental performance data and the slide deck that accompany this call in the Investor Relations section of our website, mastercard.com. Additionally, the release was furnished with the SEC earlier this morning.

您可以在我們網站 mastercard.com 的投資者關係部分存取我們的收益報告、補充業績數據和本次電話會議的幻燈片。此外，新聞稿已於今天早上提交給美國證券交易委員會 (SEC)。

Our comments today regarding our financial results will be on a non-GAAP currency-neutral basis unless otherwise noted.

除非另有說明，我們今天對財務業績的評論將以非 GAAP 貨幣中性為基礎。

Both the release and the slide deck include reconciliations of non-GAAP measures to GAAP reported amounts.

新聞稿和幻燈片均包含非 GAAP 指標與 GAAP 報告金額的對帳。

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.

最後，正如我們的收益報告中更詳細地闡述的那樣，我想提醒大家，今天的電話會議將包括有關萬事達卡未來業績的前瞻性陳述。

Actual performance could differ materially from these forward-looking statements.

實際表現可能與這些前瞻性陳述有重大差異。

Information about the factors that could affect future performance are summarized at the end of our earnings release and in our recent SEC filings.

有關可能影響未來業績的因素的資訊已在我們的收益報告末尾和最近的美國證券交易委員會文件中進行了總結。

A replay of this call will be posted on our website for 30 days.

本次通話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.

說完這些，我現在將電話轉給我們的執行長 Michael Miebach。

Thank you, Devin.

謝謝你，德文。

Good morning, everyone.

大家早安。

We finished the year strong.

我們圓滿結束了這一年。

Fourth quarter net revenues were up 16% and adjusted net income up 19% versus a year ago on a non-GAAP currency-neutral basis.

以非 GAAP 貨幣中性計算，第四季淨營收較去年同期成長 16%，調整後淨利成長 19%。

Our diverse capabilities in payments and services and solutions, including the acquisition of Recorded Future this quarter set us apart.

我們在支付、服務和解決方案方面的多樣化能力，包括本季對 Recorded Future 的收購，使我們脫穎而出。

They also position us well for long-term growth, as we outlined at our Investor Day.

正如我們在投資者日所概述的那樣，它們也為我們的長期成長做好了準備。

And this is what you will see and the new and expand the partnerships we will discuss this morning.

這就是你們將看到的以及我們今天上午將要討論的新的和擴大的夥伴關係。

The macroeconomic environment continues to perform well, and it is underpinned by healthy consumer spending as we've seen in today's news.

宏觀經濟環境繼續表現良好，並受到健康的消費者支出的支撐，正如我們在今天的新聞中看到的那樣。

The labor market is strong with low unemployment and continued wage growth.

勞動市場強勁，失業率低，薪資持續成長。

Inflation has moderated, but to varying degrees across categories and countries.

通貨膨脹有所緩和，但不同類別和國家之間的緩和程度不同。

Consumers remain engaged.

消費者仍參與其中。

Affluent consumers have benefited from the wealth effect, while the mass segment remains supported by the labor market.

富裕消費者受益於財富效應，而大眾消費者仍受到勞動市場的支撐。

Our Economics Institute expects a year of global economic expansion in 2025, defined by shifts in monetary and fiscal policy, or by geopolitical concerns remain.

我們的經濟研究所預計，2025 年將是全球經濟擴張的一年，其特徵是貨幣和財政政策的變化，或地緣政治問題仍然存在。

Overall, we remain positive about our growth outlook.

總體而言，我們對我們的成長前景仍然保持樂觀。

We will continue to monitor the external environment and stand ready to adjust if needed.

我們將繼續監測外部環境，並準備在必要時進行調整。

We remain hyper focused on successfully executing on what we can control.

我們仍然高度專注於成功執行我們能夠控制的事情。

Our strategic priorities, which fuel our growth algorithm. As we laid out in detail at our Investor Day, those three strategic priority areas include consumer payments, commercial and new payment flows, and services and solutions.

我們的策略重點推動了我們的成長演算法。正如我們在投資者日詳細闡述的那樣，這三個策略重點領域包括消費者支付、商業和新支付流程以及服務和解決方案。

A clear proof point on how we're executing is our steady drumbeat of share wins across products and geographies.

我們的執行力的一個明顯證明就是我們在各個產品和地區穩步贏得市場份額。

Now I often highlight our larger wins on these calls with you, but it's important to note that our local teams are competing for and winning deals of all sizes based on the differentiated value that we provide.

現在，我經常與您強調我們在這些通話中取得的更大勝利，但必須注意的是，我們的本地團隊正在根據我們提供的差異化價值競爭並贏得各種規模的交易。

Having a diverse portfolio with customers of all types is essential.

擁有涵蓋各類客戶的多元化投資組合至關重要。

It allows us to further expand our customer base and enables us to break into new areas where we can partner and grow together.

它使我們能夠進一步擴大客戶群，並使我們能夠進入可以合作、共同成長的新領域。

In 2024, we flipped or expanded hundreds of relationships globally.

2024 年，我們在全球範圍內轉變或擴展了數百個關係。

Let's first focus on the US where we have won several large flips over the last few years.

讓我們先關注美國，過去幾年我們在美國取得了幾場大的勝利。

That momentum continued this quarter.

本季這股勢頭依然延續。

ICBA payments, which serves thousands of community banks will significantly expand its partnership with Mastercard.

為數千家社區銀行提供服務的 ICBA 支付將大幅擴大與萬事達卡的合作夥伴關係。

This includes card issuance across their partner banks spreaded and debit portfolios.

這包括向其合作銀行發行分期付款卡和借記卡組合。

In Mid-Florida, a large credit union will migrate their credit and debit portfolios to us.

在佛羅裡達州中部，一家大型信用合作社將把他們的信用和借記組合轉移給我們。

Both partners highlighted our differentiated product suite, analytics capabilities and the expertise of our people as a key in their decision to expand their relationship with Mastercard.

兩位合作夥伴都強調，我們差異化的產品套件、分析能力和員工的專業知識是他們決定擴大與萬事達卡合作的關鍵。

In the public sector space, we renewed our long-standing relationship supporting the Direct Express program, one of the largest social benefit card programs in the world.

在公共部門領域，我們恢復了與 Direct Express 計劃的長期合作關係，該計劃是世界上最大的社會福利卡計劃之一。

Direct Express disperses benefits, including social security, veterans, and disability on to Mastercards held by over 3 million Americans.

Direct Express 將社會安全、退伍軍人和殘疾等福利發放到 300 多萬美國人持有的萬事達卡上。

And the momentum also continues into travel and retail verticals.

這種勢頭也延續到了旅遊和零售垂直領域。

Porter Airlines and Bank of Montreal, will launch a new co-brand program with us in Canada.

波特航空和蒙特利爾銀行將與我們在加拿大推出新的聯合品牌計劃。

In the US, we renewed our consumer and small business co-brand credit card partnership with IHG and Chase.

在美國，我們與洲際酒店集團（IHG）和大通銀行（Chase）續簽了消費者和小型企業聯名信用卡合作夥伴關係。

They will leverage our data analytics and loyalty assets to enhance their value proposition.

他們將利用我們的數據分析和忠誠度資產來增強他們的價值主張。

And we renewed our co-brand partnership with Sam's Club, we will continue to leverage our products and services.

我們與山姆會員店續簽了聯合品牌合作夥伴關係，我們將繼續充分利用我們的產品和服務。

Our success extends across all regions with several significant renewals and expansions.

我們的成功遍及所有地區，並實現了幾次重大的更新和擴展。

We secured long-term exclusivity on debit with Saudi National Bank.

我們與沙烏地阿拉伯國家銀行簽訂了長期借記卡獨家經營權。

We renewed and strengthened our partnership with New Bank.

我們更新並加強了與新銀行的合作關係。

We've extended our relationship with Banco Santander in the UK, and we successfully renewed our global premier credit card agreement with HSBC in over 20 countries.

我們延長了與英國桑坦德銀行的合作關係，並成功與匯豐銀行在 20 多個國家續簽了全球優質信用卡協議。

All these wins are a result of the successful execution of the strategic priorities we discussed at Investor Day.

所有這些勝利都是我們在投資者日討論的戰略重點成功執行的結果。

I will share a few highlights on each area, starting with consumer payments.

我將分享每個領域的一些亮點，從消費者支付開始。

Now these flows represent a long runway of opportunity for sustained growth.

如今，這些資金流動代表著持續成長的長期機會。

Today, there's over $11 trillion and 1.5 trillion transactions and cash and check around the world.

如今，全球的現金和支票交易總額已超過 11 兆美元和 1.5 兆美元。

We are capitalizing on the significant secular opportunity by expanding acceptance, reimagining checkout, opening closed-loop systems and enabling new verticals.

我們正在透過擴大接受範圍、重新構想結帳方式、開放閉環系統和啟用新的垂直領域來抓住重大的長期機會。

First up, we're positioned to be the most accepted payments network in the world with around 150 million acceptance locations globally today.

首先，我們的目標是成為世界上接受度最高的支付網絡，目前全球約有 1.5 億個接受地點。

Second, we are reimagining checkout.

其次，我們正在重新構想結帳方式。

And that with our 2030 global plan to phase out manual card and password entry online in favor of smiles and fingerprints.

我們的 2030 年全球計畫是逐步淘汰線上手動卡和密碼輸入，轉而採用微笑和指紋。

Not only is that a better experience, but it's also more secure and is fully aligned with our data privacy principles.

這不僅是一種更好的體驗，而且也更安全，完全符合我們的資料隱私原則。

And the online space needs that.

而網路空間需要這一點。

Fraud rates are 7 times higher online and in store.

網路和實體店的詐欺率高出 7 倍。

And approximately 25% of online shopping cards are abandoned because checkout is just too slow.

大約 25% 的線上購物卡因為結帳速度太慢而被放棄。

Our tokenization biometric capabilities sit at the heart of these solutions.

我們的標記化生物辨識功能是這些解決方案的核心。

Need proof?

需要證明嗎？

Well, in 2024, we tokenized about 4 billion transactions per month, which is up 40 times over the past six years.

嗯，到 2024 年，我們每月代幣化的交易量約為 40 億筆，在過去六年中增長了 40 倍。

As we have said in the past, there are many use cases for tokens.

正如我們過去所說的，代幣有很多用途。

Take, for example, the next click of our multi-option payment solutions.

以我們的多選項支付解決方案的下一步點擊為例。

We're rolling out the Mastercard One credential, which allows consumers the flexibility and control to set their payment preferences in their banking app for each transaction, if they so choose to, be it credit, debit, prepaid or buy now pay later, all behind one credential one token.

我們正在推出萬事達卡 One 憑證，讓消費者能夠靈活地在銀行應用程式中設定每筆交易的支付偏好，如果他們願意的話，無論是信用卡、金融卡、預付卡還是先買後付，所有一個憑證背後有一個令牌。

And the merchant the merchant accepts that through the same simple and secure digital connections as always, no added work.

並且商家接受這一點，透過與往常一樣簡單、安全的數位連接，無需額外工作。

Tokens provide tremendous value, and we offer a set of services on and around those tokens such as life cycle management and authentication, which enhance that value.

令牌提供了巨大的價值，我們在這些令牌上以及圍繞這些令牌提供了一系列服務，例如生命週期管理和身份驗證，從而提升了該價值。

Now while the growth of token makes the ecosystem safer and more secure, we also benefit on the natural tailwind associated with the growth of token usage.

現在，雖然代幣的成長使得生態系統更加安全，但我們也受益於代幣使用量成長帶來的自然順風。

Shifting gears.

換擋。

We're also driving incremental volume and transactions on our network by opening up closed-loop systems.

我們也透過開放閉環系統來推動網路的增量和交易。

Beyond the transit opportunities we talked about many times, we're also partnering with local wallet providers to create greater simplicity and access for the end consumer.

除了我們多次談到的交通機會之外，我們還與當地的錢包提供者合作，為最終消費者創造更大的簡單性和可訪問性。

In Sweden, we're working with Swish so that users can tap to pay and store both domestically and abroad by adding their Mastercard to the Swiss app.

在瑞典，我們正在與 Swish 合作，以便用戶透過將萬事達卡添加到瑞士應用程式中，即可在國內和國外進行支付和儲存。

In Latin America, we collaborated with Davivienda to co-create a digital-first debit product aimed at driving financial inclusion.

在拉丁美洲，我們與 Davivienda 合作創建了旨在推動金融包容性的數位優先借記產品。

We signed an exclusive partnership with them to launch the product on the DaviPlata digital app.

我們與他們簽署了獨家合作協議，在 DaviPlata 數位應用程式上推出該產品。

And our pay local service seamlessly connects with local digital wallets, enabling consumers who use Mastercard to make card payments across a broader set of local merchants.

我們的本地支付服務與本地數位錢包無縫連接，使使用萬事達卡的消費者能夠在更廣泛的本地商家進行卡片支付。

At the same time, merchants benefit from access to more consumers and the protections we provide.

同時，商家也可以從接觸更多消費者和獲得我們提供的保護中受益。

The solution supports local tourism, that market that we travel to where we couldn't pay, provides a seamless consumer experience and helps drive cross-border volumes.

此解決方案支援本地旅遊業，即我們前往無法支付的市場，提供無縫的消費者體驗，並有助於推動跨境交易量。

Building on partnerships with leading wallet providers like Alipay and GrabPay, several additional players in Asia Pacific will now open their wallets to cards.

在與支付寶和GrabPay等領先錢包提供者建立合作夥伴關係的基礎上，亞太地區的其他幾家公司現在將開放其錢包接受信用卡。

This include DANA in Indonesia, Touch 'n Go in Malaysia, Bakong in Cambodia, and LankaPay in SriLanka.

其中包括印尼的 DANA、馬來西亞的 Touch’n Go、柬埔寨的 Bakong 和斯里蘭卡的 LankaPay。

We're also capturing new verticals like consumer bill payments.

我們也正在涉足消費者帳單支付等新的垂直領域。

This quarter, we partnered with Bemobi in Brazil.

本季度，我們與巴西的 Bemobi 合作。

Bemobi will integrate Click to Pay into their bill payment platform, enabling fast and secure payments for recurring services like telecoms and utilities.

Bemobi 將把 Click to Pay 整合到其帳單支付平台中，從而實現對電信和公用事業等定期服務的快速、安全支付。

Now as a network company, we're focused on enabling the broader ecosystem, and that's exactly what we have been doing in the crypto sector.

現在，作為一家網路公司，我們專注於支援更廣泛的生態系統，這正是我們在加密領域一直在做的事情。

We have a well-planned, balanced strategy that serves financial institution, crypto players and, of course, consumers to drive growth and provide choice in this space.

我們有一個精心策劃的、均衡的策略，為金融機構、加密貨幣參與者以及消費者提供服務，以推動該領域的成長並提供選擇。

We're partnering with a wide range of crypto players to enable consumers to buy cryptocurrencies on card and spend their crypto balances anywhere that Mastercard is accepted.

我們正在與眾多加密貨幣參與者合作，使消費者能夠用卡片購買加密貨幣，並在任何接受萬事達卡的地方使用他們的加密貨幣餘額。

I'm very excited about new partnerships with Crypto.com and Metamask.

我對與 Crypto.com 和 Metamask 建立新的合作夥伴關係感到非常興奮。

Just a few of the many new players we have added in 2024.

這只是我們在 2024 年新增的眾多新球員中的一小部分。

And we're enthusiastic about the future of blockchain technology, but to reach its full potential, we believe there's a need for sound governance interoperability and real-world use cases.

我們對區塊鏈技術的未來充滿熱情，但要充分發揮其潛力，我們認為需要健全的治理互通性和現實世界的用例。

All this is a core competency of ours built over decades.

這是我們幾十年來建立起來的核心競爭力。

To meet these needs, we develop the multi token network, MTN.

為了滿足這些需求，我們開發了多代幣網路 MTN。

This quarter, we partnered with Conexus by J.P. Morgan, the firm's blockchain base unit to integrate MTN as a payment settlement solution.

本季度，我們與摩根大通的區塊鏈基礎部門 Conexus 合作，整合 MTN 作為支付結算解決方案。

By bringing together the power and connectivity of Mastercard's MTN with Canexus digital payments, we aim to unlock greater speed, transparency and faster settlement capabilities for cross-border B2B payments.

透過將萬事達卡 MTN 的強大功能和連接性與 Canexus 數位支付相結合，我們旨在為跨境 B2B 支付提供更快的速度、透明度和更快的結算能力。

And while it's early days, we're excited about the opportunities, which digital assets can bring to the world of payments as the space evolves, complementing our existing solutions.

雖然還處於早期階段，但我們對數位資產隨著支付領域的發展可以為支付領域帶來的機會感到興奮，並補充我們現有的解決方案。

Now while consumer payments offer a significant runway for growth, commercial flows represent an even larger $80 trillion serviceable addressable market.

現在，雖然消費者支付為成長提供了重要的管道，但商業支付代表著更大的 80 兆美元的可服務目標市場。

Only about $3 trillion is carded today.

如今，信用卡支付總額僅約 3 兆美元。

In 2024, our commercial credit and debit volumes represented 13% of our total GDV and grew at 11% year-over-year on a local currency basis, just to give you the latest stats.

2024 年，我們的商業信貸和借記量占我們總 GDV 的 13%，以當地貨幣計算年增 11%，這只是向您提供最新的統計數據。

On top of that, disbursements and remittances represent an additional $20 trillion in addressable market.

除此之外，支出和匯款也代表著另外 20 兆美元的潛在市場。

We're pursuing that opportunity with Mastercard Move, where transactions were up over 40% year-over-year in the fourth quarter.

我們正在利用 Mastercard Move 抓住這一機會，該卡第四季度的交易量同比增長了 40% 以上。

But let's dig into commercial.

但讓我們深入探討一下商業。

First, we're expanding our global leadership in virtual cards by expanding across use cases, geographies and verticals.

首先，我們透過擴展用例、地理和垂直領域來擴大我們在虛擬卡領域的全球領導地位。

For example, partnering with NatWest to distribute our new mobile VCN to UK companies and their employees.

例如，與 NatWest 合作，向英國公司及其員工分發我們的新移動 VCN。

We're deploying virtual cards with Citi in Argentina, the first deployment of ECN in that market.

我們正在與花旗銀行在阿根廷合作部署虛擬卡，這是該市場首次部署 ECN。

And then in the travel vertical we established new partnerships with Worldpay and Emirates NBD to offer virtual cards to their customers.

然後在旅遊垂直領域，我們與 Worldpay 和 Emirates NBD 建立了新的合作夥伴關係，為他們的客戶提供虛擬卡。

We're also leaning into our success in travel and applying into new high-potential verticals.

我們也傾向於將我們在旅遊業方面的成功應用於新的高潛力垂直領域。

For example, trade and logistics.

例如貿易和物流。

Building on our previous announcement of Dubai First World, we're driving continued growth in this sector.

在我們之前宣布迪拜第一世界的基礎上，我們將推動該領域的持續成長。

Global Fintech invoice Bazar will distribute new co-branded Mastercards to help digitize payments across the trade ecosystem.

Global Fintech 發票 Bazar 將分發新的聯名萬事達卡，以幫助整個貿易生態系統的支付數位化。

And similar in consumer packaged goods, we partner with Deem Finance and Prime Dash to enable small business in the Middle East to automate payments to Coca-Cola distributors.

在類似的消費包裝商品領域，我們與 Deem Finance 和 Prime Dash 合作，幫助中東的小型企業自動向可口可樂分銷商付款。

This builds on partnerships with leading beverage distributors in Latin America that I spoke about in previous calls.

這是建立在我在之前的電話會議中談到的與拉丁美洲領先飲料分銷商的合作夥伴關係的基礎上的。

They have good momentum on connecting small business in this space.

他們在連接該領域的小型企業方面有著良好的勢頭。

We're also driving small business growth through expanded issuer partnerships.

我們也透過擴大發行人合作夥伴關係來推動小型企業發展。

We signed an exclusive commercial deal with BNA, the state-owned bank in Argentina.

我們與阿根廷國有銀行BNA簽署了獨家商業協議。

AMP Bank in Australia will launch Mastercard debit cards for the new digital SME and consumer bank.

澳洲 AMP 銀行將為新的數位中小企業和消費者銀行推出萬事達金融卡。

And Ant International's WorldFirst will expand our partnership to now issue virtual cards for SMEs and new markets, including Singapore and Australia.

螞蟻國際的 WorldFirst 將擴大我們的合作夥伴關係，為中小企業和新市場（包括新加坡和澳洲）發行虛擬卡。

Now let me turn to our third strategic priority, Services & Solutions.

現在，我來談談我們的第三個策略重點—服務和解決方案。

As we outlined at our Investor Day, services represent a serviceable addressable market of at least $165 billion.

正如我們在投資者日所概述的，服務代表著一個至少 1,650 億美元的可服務目標市場。

We delivered almost $11 billion in services and solutions revenue in 2024, $11 billion.

2024年，我們的服務和解決方案收入達到近 110 億美元，即 110 億美元。

That's exciting.

這真令人興奮。

But it's equally exciting that we're less than 7% penetrated.

但同樣令人興奮的是，我們的滲透率還不到7％。

That's a significant runway for growth.

這是一個重要的成長平台。

We have a clear plan to execute against it.

我們有一個明確的執行計劃。

First, we're developing and launching differentiated products.

首先，我們正在開發和推出差異化產品。

This quarter, we launched new services to support customer acquisition, provide unique market insights, manage subscriptions and identify threats.

本季度，我們推出了新服務以支援客戶獲取、提供獨特的市場洞察、管理訂閱和識別威脅。

This includes closing on the acquisitions of both Minna Technologies and Recorded Future.

其中包括完成對 Minna Technologies 和 Recorded Future 的收購。

Let's stay right there.

我們就待在那兒吧。

Cyber criminals have been around for decades, but attacks and fraud attempts are increasing at high levels as commerce increasingly move online and as AI becomes more prevalent.

網路犯罪分子已經存在了幾十年，但隨著商業日益轉移到線上以及人工智慧變得越來越普遍，攻擊和詐欺企圖也在大幅增加。

Our investments, both organic and inorganic, are key to fighting fraud and protecting the ecosystem.

我們的投資，無論是有機投資或無機投資，都是打擊詐欺和保護生態系統的關鍵。

They also drive revenue growth.

它們還推動收入成長。

And add Recorded Future to this list.

並將 Recorded Future 添加到此列表中。

It is now part of Mastercard.

它現在是萬事達卡的一部分。

Recorded Future is the world's largest threat intelligence company with more than 1,900 customers across 75 countries.

Recorded Future 是全球最大的威脅情報公司，在 75 個國家/地區擁有超過 1,900 個客戶。

Customers include over 50% of the Fortune 100 and government agencies in 45 countries, including more than half of the G20.

客戶包括超過50%的財富100強企業和45個國家的政府機構，其中包括一半以上的G20國家。

We've been deploying AI at scale for well over a decade, so has Recorded Future.

我們已經大規模部署人工智慧十多年了，Recorded Future 也是如此。

They leverage AI-powered insights to analyze threat data from every corner of the Internet and customers gain real-time visibility and actionable insights to proactively reduce risks.

他們利用人工智慧洞察力來分析來自網路各個角落的威脅數據，客戶獲得即時視覺性和可操作的洞察力，以主動降低風險。

We now have an even more robust set of powerful intelligence, identity, dispute, fraud and scan prevention solutions.

我們現在擁有更強大的情報、身分、爭議、詐欺和掃描預防解決方案。

Together, these uniquely differentiated technologies will enable us to create smarter models, distribute these capabilities more broadly and help our customers anticipate threats before cyber attacks can take place.

總而言之，這些獨特的差異化技術將使我們能夠創建更聰明的模型，更廣泛地傳播這些功能，並幫助我們的客戶在網路攻擊發生之前預測威脅。

That means better protection for governments, businesses, banks, consumers the entire ecosystem and well beyond the payment transactions.

這意味著可以為政府、企業、銀行、消費者整個生態系統以及支付交易提供更好的保護。

We're also leveraging our distribution at scale to deepen market penetration of our services and solutions.

我們也利用我們的規模分銷來深化我們的服務和解決方案的市場滲透率。

For example, we provide a fraud solution that facilitates real-time information sharing between merchants, issuers and consumers to streamline disputes and reduce chargebacks.

例如，我們提供詐欺解決方案，促進商家、發行商和消費者之間的即時資訊共享，以簡化糾紛並減少退款。

This quarter, we announced a new partnership with Stripe who will offer these capabilities to their millions of users.

本季度，我們宣布與 Stripe 建立新的合作關係，他們將為其數百萬用戶提供這些功能。

In Latin America, Itau Unibanco will make them available across its digital channels to suborn millions of cardholders.

在拉丁美洲，伊塔烏聯合銀行將透過其數位管道向數百萬持卡人提供這些服務。

In loyalty, we partnered with Nordea to consolidate their loyalty offerings with Mastercard and launch new cashback offers across Norway and Sweden.

在忠誠度方面，我們與 Nordea 合作，將他們的忠誠度產品與萬事達卡整合在一起，並在挪威和瑞典推出新的現金回饋優惠。

And we're also selling into new buying centers with traditional customers, opening up a larger share of wallet.

而且我們也向傳統客戶的新採購中心銷售產品，以佔據更大的市場份額。

For example, you partner with the CISO at Webster Bank to deploy risk recon and Cyber Quant solutions.

例如，您與 Webster Bank 的 CISO 合作部署風險偵察和 Cyber​​ Quant 解決方案。

And finally, we're seeing strong demand for our services and solutions across a more diverse customer base, including online delivery services, gaming companies and travel partners.

最後，我們看到更多樣化的客戶群對我們的服務和解決方案的需求強勁，包括線上送貨服務、遊戲公司和旅遊合作夥伴。

For example, we expanded our partnership with DoorDash, who will use our insights and analytics to optimize business performance globally.

例如，我們擴大了與 DoorDash 的合作夥伴關係，他們將利用我們的洞察力和分析能力來優化全球業務績效。

Sony PlayStation.

索尼 PlayStation。

We leverage our capabilities to showcase digital receipt to cardholders and banking apps and provide purchase information to bank's call center agents.

我們利用我們的能力向持卡人和銀行應用程式展示數位收據，並向銀行的呼叫中心代理提供購買資訊。

In currency will incorporate our open banking capabilities to support Hilton's new debit co-brand offering.

貨幣將融入我們的開放銀行功能，以支持希爾頓的新借記卡聯合品牌產品。

Services & Solutions are a large and growing revenue opportunity.

服務和解決方案是巨大且不斷增長的收入機會。

They are essential, powerful virtuous cycle with our payments.

它們對我們的付款至關重要，並且形成強大的良性循環。

We're laser-focused on executing capitalized on the significant runway in services in front of us.

我們全心全意地利用眼前重要的服務跑道。

So in summary, we delivered another strong quarter, closed out another strong year.

總而言之，我們又度過了一個強勁的季度，又度過了一個強勁的一年。

There is significant opportunity ahead.

未來還有重大機會。

The fundamentals of our business are strong, so I'm very optimistic about the future for us, for us here at Mastercard.

我們的業務基礎強勁，因此我對萬事達卡的未來非常樂觀。

Our proven growth algorithm and differentiated solutions position us to deliver and to win as we've demonstrated time and time again.

正如我們一次又一次證明的那樣，我們經過驗證的成長演算法和差異化解決方案使我們能夠實現目標並取得勝利。

And with that, I'm going to hand it over to Sachin.

說完這些，我將把權力交給 Sachin。

Well, great.

嗯，很棒。

Thanks, Michael.

謝謝，麥可。

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

翻到第 3 頁，該頁顯示的是我們以貨幣中性基礎計算的第四季度財務業績，不包括適用的特殊項目以及損益對我們股權投資的影響。

Net revenue was up 16%, reflecting continued growth in our payment network and our Value-Added Services & Solutions.

淨收入成長 16%，反映了我們的支付網路和增值服務和解決方案的持續成長。

Acquisitions had a minimal impact to this growth.

收購對此成長的影響微乎其微。

Operating expenses increased to 15%, including a 1 ppt increase from acquisitions.

營業費用增加至 15%，其中收購費用增加了 1 個百分點。

And operating income was up 17%, which includes a minimal impact from acquisitions.

營業收入成長了 17%，其中收購的影響很小。

Net income and EPS increased 19% and 22%, respectively, driven primarily by the strong operating income growth and further aided by a discrete tax benefit recognized in the fourth quarter.

淨收入和每股盈餘分別成長了 19% 和 22%，這主要得益於強勁的營業收入成長，並進一步受益於第四季確認的單獨稅收優惠。

EPS was $3.82, which includes an $0.08 contribution from share repurchases.

每股收益為 3.82 美元，其中包括股票回購貢獻的 0.08 美元。

During the quarter, we repurchased $3.4 billion worth of stock and an additional $644 million through January 27 and of 2025.

在本季度，我們回購了價值 34 億美元的股票，並於 2025 年 1 月 27 日之前額外回購了 6.44 億美元。

So let's turn to page 4, where I'll speak to the growth rates of some of our key drivers for the fourth quarter on a local currency basis.

那麼讓我們翻到第 4 頁，我將在這裡討論我們第四季度一些關鍵驅動因素以當地貨幣計算的成長率。

Worldwide gross dollar volume, or GDV, increased by 12% year-over-year.

全球總美元交易額（GDV）較去年同期成長12%。

In the US, GDV increased by 9% with credit growth of 8% and debit growth of 11%.

在美國，GDP成長了9%，其中信貸成長了8%，借記增加了11%。

Credit and debit growth was aided by the conversions of the previously announced Wells Fargo Commercial Credit and Citizens debit migrations, respectively.

信用卡和金融卡的成長分別得益於先前宣布的富國銀行商業信用卡和公民金融卡遷移的轉換。

Outside of the US, volume increased 13% with credit growth 11% and debit growth of 14%.

在美國以外，交易量增加了 13%，其中信貸成長了 11%，借記增加了 14%。

Overall, cross-border volume increased 20% globally for the quarter, reflecting continued strong growth in both travel and non-travel related cross-border spending.

總體而言，本季全球跨境交易額成長了 20%，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.

翻到第 5 頁。

Switch transactions grew 11% year-over-year in Q4.

第四季度，Switch 交易量年增 11%。

We both card-present and card-not-present growth rates remained strong.

我們的刷卡和無刷卡成長率都保持強勁。

Card present growth was aided in part by an increase in contactless penetration as contactless now represents approximately 72% of all in-person switched purchase transactions.

信用卡支付的成長部分得益於非接觸式支付滲透率的提高，因為非接觸式支付目前佔所有面對面購買交易的約 72%。

In addition, card growth was 6%.

此外，信用卡成長了6%。

Globally, there are 3.5 billion Mastercard and Maestro-branded cards issued.

全球範圍內，萬事達卡和Maestro品牌卡的發行量已達35億張。

Turning now to slide 6 for a look into our net revenue growth rates for the fourth quarter discussed on a currency-neutral basis.

現在轉到第 6 頁，查看我們以貨幣中性為基礎討論的第四季度淨收入增長率。

Payment Network net revenue increased 15%, primarily driven by domestic and cross-border transaction and volume growth.

支付網絡淨收入成長 15%，主要得益於國內和跨國交易和交易量的成長。

It also includes growth in rebates and incentives.

它還包括回扣和獎勵的增長。

Value-Added Services & Solutions net revenue increased 17%.

增值服務和解決方案淨收入成長17％。

Acquisitions contributed approximately half of ppt to this growth.

收購為這一增長貢獻了約一半的百分比。

Growth was primarily driven by growth in our underlying drivers, strong demand for our consumer acquisition and engagement and business and market inside services, the scaling of our security, digital and authentication solutions and pricing.

成長主要得益於我們潛在驅動力的成長、對我們的消費者獲取和參與以及業務和市場內部服務的強勁需求、以及我們的安全、數位和身分驗證解決方案和定價的擴展。

Now let's turn to page 7 to discuss key metrics related to the payment network.

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。

Again, all growth rates are described on a currency-neutral basis, unless otherwise noted.

再次強調，除非另有說明，所有成長率均以貨幣中性為基礎描述。

Looking at each key metric, domestic assessments were up 10%, while worldwide GDV grew 12%.

從每個關鍵指標來看，國內評估值上漲了 10%，而全球 GDV 則成長了 12%。

The difference is primarily driven by cross-border mix.

這種差異主要由跨境混合造成。

Cross-border assessments increased 24%, while cross-border volumes increased 20%.

跨國評估增加了24％，跨國交易量增加了20％。

The 4 ppt difference is primarily driven by pricing in international markets.

4個百分點的差異主要是由國際市場定價造成的。

Transaction processing assessments were up 15%, while switch transactions grew 11%.

交易處理評估上漲了 15%，而轉換交易增加了 11%。

The 4 ppt difference is primarily due to favorable cross-border mix and pricing.

4個百分點的差異主要歸因於有利的跨國組合和定價。

Other network assessments were $239 million this quarter.

本季其他網路評估值為 2.39 億美元。

As a reminder, these assessments primarily relate to licensing, implementation and other franchise fees, and they fluctuate from period to period.

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，並且會隨時期而波動。

Moving on to page 8.

翻到第 8 頁。

You can see that on a non-GAAP currency-neutral basis, excluding special items, total adjusted operating expenses increased 15%, which includes a 1 ppt impact from acquisitions.

您可以看到，在非 GAAP 貨幣中性基礎上，不包括特殊項目，調整後總營業費用增加了 15%，其中包括收購帶來的 1 個百分點的影響。

Total adjusted operating expenses were higher than anticipated, primarily due to the impact of the acquisition expenses.

調整後總營業費用高於預期，主要由於收購費用的影響。

The acquisition of the Recorded Future closed earlier than expected in Q4 2024, versus originally expected in Q1 2025, and was therefore not part of our Q4 forecast.

對 Recorded Future 的收購於 2024 年第四季提前完成，而最初預計於 2025 年第一季完成，因此不屬於我們第四季預測的一部分。

Excluding acquisitions, the growth in operating expenses was primarily due to increased spending to support the continued execution of our strategic initiatives.

除收購外，營業費用的成長主要歸因於為支持我們繼續執行策略計畫而增加的支出。

Now turning to page 9, let me comment on the operating metric trends.

現在翻到第 9 頁，讓我來評論一下營運指標趨勢。

Starting with Q4, our switched volume metrics were strong with sequential increases versus the prior quarter, driven by healthy consumer and commercial spending.

從第四季開始，在消費者和商業支出健康的推動下，我們的轉換量指標表現強勁，與上一季相比連續成長。

As was the case with switched volumes, cross-border volumes also benefited from healthy spending, easier comps, as well as a pull forward of travel spend.

與轉換量的情況一樣，跨境量也受益於健康的支出、更容易的比較以及旅行支出的提前。

Specific to cross-border, card not present ex travel, we saw an uptick due to the purchases of cryptocurrency in Q4.

具體到跨國、無卡旅行，我們看到第四季度因加密貨幣購買而出現上升趨勢。

Of note, the timing of high-volume versus low-volume calendar days as well as the timing of Black Friday impacted switched volume and cross-border metrics within the quarter.

值得注意的是，日曆日的高交易量與低交易量的時間以及黑色星期五的時間影響了本季的交換量和跨境指標。

Transaction growth remained flat sequentially as compared to volumes due to higher average ticket sizes in Q4.

由於第四季平均票價較高，交易量成長與銷售量相比保持持平。

Now looking through the first four weeks of January, the metrics are holding up well and are generally in line with the fourth quarter.

現在回顧一月份的前四周，各項指標保持良好，基本上與第四季持平。

The increase in switched volume growth in the US was primarily driven by an easier comp.

美國交換量的成長主要得益於更容易的比較。

Specifically, severe weather events across the country negatively impacted volumes this year and last year.

具體來說，今年和去年全國各地的惡劣天氣事件對產量產生了負面影響。

However, the impact was more pronounced last year.

然而，去年的影響更為明顯。

As it relates to the decrease in intra-Europe cross-border volumes, this is primarily driven by the mix of calendar days and travel spend pull forward I just mentioned.

因為它與歐洲內部跨境流量的下降有關，這主要是由我剛才提到的日曆天數和旅行支出提前造成的。

Turning to page 10.

翻到第 10 頁。

I wanted to share our thoughts on fiscal year 2025.

我想分享我們對 2025 財年的想法。

Let me start by saying that the fundamentals of our business remain strong.

首先我要說的是，我們的業務基礎依然強勁。

And we are well positioned for the opportunities ahead, driven by a diversified business model, the significant opportunity for further secular shift to digital forms of payment in both consumer and commercial, and strong demand for our differentiated Value-Added Services & Solutions.

我們在多元化商業模式、消費者和商業支付進一步長期轉向數位化支付方式的重大機會、以及對我們差異化增值服務和解決方案的強勁需求的推動下，已經為未來的機遇做好了充分的準備。

The macro environment remains supportive of our base case, reflecting healthy consumer spending.

宏觀環境仍然支持我們的基本預測，反映出健康的消費者支出。

And we remain confident in our ability to successfully execute our strategy while maintaining a disciplined capital planning approach.

我們堅信我們有能力成功執行我們的策略，同時保持嚴謹的資本規劃方法。

Overall, we are positive about the growth outlook for the short, medium and long term.

整體而言，我們對短期、中期和長期的成長前景持樂觀態度。

As it relates to our expectations for full year 2025, we expect net revenues to grow at the high end of low double digits to low teens range on a currency-neutral basis, excluding acquisitions.

與我們對 2025 年全年的預期相關，我們預計淨收入將在貨幣中性基礎上以低兩位數至低十位數的高端範圍增長（不包括收購）。

We estimate a headwind of approximately 2 ppt from foreign exchange, while acquisitions are expected to add 1 to 1.5 ppt to this growth rate for the year.

我們預計外匯將帶來約 2 個百分點的阻力，而收購預計將為今年的成長率增加 1 至 1.5 個百分點。

From an operating expense standpoint, we expect growth to be at the low end of a low double digits range versus a year ago on a currency-neutral basis, excluding acquisitions and special items.

從營業費用的角度來看，我們預計，以貨幣中性計算，不包括收購和特殊項目，成長率將與一年前相比處於低兩位數範圍的低端。

We expect a tailwind of approximately 1 to 2 ppt from foreign exchange, while acquisitions are forecasted to increase the OpEx growth rate for the year by approximately 5 ppt.

我們預計外匯將帶來約 1 至 2 個百分點的順風，而預期收購將使今年的營運支出成長率提高約 5 個百分點。

To be clear, this impact of acquisition-related expenses was already contemplated in the three-year performance objectives that we shared with you last November at our Investor Community Meeting.

需要明確的是，我們在去年 11 月的投資者社群會議上與您分享的三年業績目標中已經考慮到了收購相關費用的影響。

Let's dig into the acquisition-related expenses a bit.

讓我們深入研究一下與收購相關的費用。

We closed the acquisition of Recorded Future and Minna Technologies at the very end of 2024.

我們在 2024 年底完成了對 Recorded Future 和 Minna Technologies 的收購。

And now we will see a full year impact in 2025.

現在我們將看到 2025 年的全年影響。

The 5 ppt impact can be broken down into three main components.

5ppt的影響可以分解為三個主要部分。

Slightly more than 2.5 ppt relates to the run rate expenses for operating the business.

略高於 2.5 個百分點的百分比與營運業務的營運費用有關。

Approximately 1 ppt is from the amortization of acquired intangible assets related to the purchase price allocation, and the remaining relates to integration costs and other onetime expenses.

約1個百分點來自與購買價格分配相關的收購無形資產的攤銷，其餘則與整合成本和其他一次性費用有關。

Now let me remind you about our acquisition philosophy.

現在讓我提醒你我們的收購理念。

As you know, our acquisitions are strategy-led.

如您所知，我們的收購是以策略為主導的。

We purchased companies that are complementary to our capability suite and they add to our addressable market.

我們收購了與我們的能力相輔相成的公司，它們擴大了我們的潛在市場。

These companies are primarily in earlier stages with modest revenues compared to Mastercard, albeit fast growing.

與萬事達卡相比，這些公司主要處於早期階段，收入雖然不高，但成長迅速。

At the same time, these companies are in investment mode to drive longer-term growth.

與此同時，這些公司正處於投資模式以推動長期成長。

Post acquisition, we look to scale revenues, drive synergies and ultimately deliver positive operating leverage over the medium term consistent with how we run our overall business.

收購後，我們希望擴大收入，推動協同效應，並最終在中期內實現積極的經營槓桿，與我們的整體業務經營方式保持一致。

Now turning to the first quarter of 2025.

現在轉向 2025 年第一季。

Year-over-year net revenue growth is expected to be at the low teens range on a currency-neutral basis, excluding acquisitions.

預計不包括收購在內的淨收入年增幅（以貨幣中性計算）將達到百分之十幾。

Acquisitions are forecasted to have a 1 to 1.5 ppt impact to this growth rate, while we expect a headwind of approximately 3 ppt from foreign exchange for the quarter.

預計收購將對該成長率產生 1 至 1.5 個百分點的影響，同時我們預計本季外匯將帶來約 3 個百分點的阻力。

From an operating expense standpoint, we expect Q1 growth to be in the low double digits range versus a year ago, again, on a currency-neutral basis, excluding acquisitions and special items.

從營業費用的角度來看，我們預期第一季的成長率將與去年同期相比處於低兩位數範圍內，同樣是基於貨幣中性基礎，不包括收購和特殊項目。

Acquisitions are forecasted to have a 4 to 5 ppt impact to this OpEx growth while we expect a tailwind of approximately 2 ppt from foreign exchange for the quarter.

預計收購將對營運支出成長產生 4 到 5 個百分點的影響，同時我們預計本季外匯將帶來約 2 個百分點的順風。

Other items to keep in mind.

其他需要注意的事項。

On other income and expenses, in Q1, we expect an expense of approximately $120 million, given the prevailing interest rates and debt levels.

關於其他收入和支出，考慮到現行的利率和債務水平，我們預計第一季的支出約為 1.2 億美元。

This excludes gains and losses on our equity investments, which are excluded from our non-GAAP metrics.

這不包括我們的股權投資收益和損失，這些收益和損失不包括在我們的非公認會計準則指標中。

Finally, we expect a non-GAAP tax rate in the range of 20% to 21% for the full year and approximately 20% for Q1 based on the current geographic mix of our business.

最後，根據我們目前業務的地理分佈，我們預計全年非 GAAP 稅率在 20% 至 21% 之間，第一季的非 GAAP 稅率約為 20%。

A lower forecasted tax rate for Q1 as compared to the balance of the year is consistent with prior years due to expected discrete tax benefits related to share-based payments in the first quarter.

與今年其他季度相比，第一季預測稅率較低，這與前幾年一致，原因是預計第一季將出現與股權支付相關的單獨稅收優惠。

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

說完這些，我將把電話轉回給德文。

Thank you, Sachin.

謝謝你，薩欽。

Thank you, Michael.

謝謝你，麥可。

Julianne, you may now open the line for questions.

朱麗安，現在你可以開始提問了。

(Operator Instructions) Andrew Schmidt, Citi.

（操作員指示）花旗銀行，安德魯‧施密特 (Andrew Schmidt)。

Good metrics across the board here.

這裡的各項指標都很好。

Great to see.

很高興看到。

If I could just dig into the cross-border piece, the month-to-date trends to Jan 28.

如果我可以深入研究跨國部分，本月迄今的趨勢截至 1 月 28 日。

Can you talk about just the drivers of the growth there, whether was relatively similar to the fourth quarter, and then your expectations for '25?

您能談談那裡的成長驅動力嗎？

And then if I could just sneak one more in, just thinking about '25.

然後，如果我可以再偷偷溜進去一次，只是想著'25。

We get a lot of questions on the Cap One, the Discover.

我們收到了很多關於 Cap One 和 Discover 的問題。

Maybe some thoughts about how you're thinking about that with respect to the model.

也許您可以就模型對此進行一些思考。

Sure.

當然。

No problem, Andrew.

沒問題，安德魯。

I'll take that question.

我來回答這個問題。

So from a cross-border volume standpoint, just at the highest level, what I'm going to remind you is the value prop we offer from a cross-border standpoint continues to be incredibly solid.

因此，從跨國交易量的角度來看，從最高層次來說，我要提醒你的是，我們從跨國角度提供的價值主張仍然非常穩固。

Our teams are out there.

我們的團隊就在那裡。

They're working hard.

他們正在努力工作。

They're winning various kinds of portfolios, some of which Michael spoke about, even today about, which is some of the co-brand programs we've got with various airlines, et cetera, et cetera.

他們贏得了各種各樣的投資組合，其中一些是邁克爾談到的，甚至是今天談到的，即我們與各航空公司合作的一些聯合品牌計劃，等等。

Specific to your question around the metrics.

具體針對您關於指標的問題。

Again, really good performance from a volume growth standpoint and cross-border at 20% for Q4.

再次，從銷售成長的角度來看，第四季的表現確實非常出色，跨國成長了 20%。

First of all, what you're seeing for the first four weeks of January is exactly that.

首先，一月前四周所看到的情況確實如此。

It's the first four weeks of January.

這是一月的頭四周。

And what you're seeing in the nature of the 20% going down to 18% is going back exactly the comments I made in my prepared remarks, which is at the end of the day, the vast majority of that you're seeing come through intra-Europe, which is primarily being driven by two factors.

而你所看到的從 20% 下降到 18% 的現象，恰恰與我在準備好的發言中所作的評論相吻合，也就是說，歸根結底，你所看到的絕大多數現像都來自通過歐洲內部，這主要受到兩個因素的推動。

One is a pull forward of travel spend into the month of December, and you can see those metrics because you'll see intra-Europe growth in December at about 23%.

一是將旅遊支出提前至12月份，你可以看到這些指標，因為12月份歐洲內部的成長率約為23%。

And then there's the calendarization of days, which I kind of mentioned to you as well.

然後還有日曆的編排，這個我也跟你提過。

Those are the two factors.

這就是兩個因素。

But fundamentally, the health of what we're seeing from an overall spend standpoint on cross-border continues to be excellent.

但從根本上來說，從整體跨境支出的角度來看，我們看到的健康狀況仍然良好。

We have no real reason to believe that going forward, that there's something going to change as it relates to the value prop.

我們沒有真正的理由相信，未來價值主張將會改變。

Obviously, the strength of cross-border as well as domestic spend is a function of how consumer health is.

顯然，跨境和國內消費的強勁程度取決於消費者的健康狀況。

And right now, we're seeing the consumer to be in very good shape.

目前，我們看到消費者的狀況非常好。

We also mentioned about how commercial is actually performing well, and you know that commercial actually also lends to our cross-border metrics.

我們也提到了商業實際上表現良好，而且您知道商業實際上也有助於我們的跨國指標。

So something to keep in mind are there as well.

因此，也需要記住一些事情。

All right.

好的。

On the Cap One, Andrew, let me start and then I happily hand it to Sachin for the model side of the question.

安德魯，關於第一章，讓我先開始，然後我很高興地把它交給薩欽來回答這個問題的模型方面。

But overall, the acquisition is in flight.

但總體而言，收購正在進行中。

As we know, it's going through the motions.

我們知道，它正在按部就班地進行。

I think it's fair to say the indications are positive that it will be approved.

我認為可以公平地說，有積極跡象表明它將獲得批准。

There's a whole range of examples where we have strategic partners will we also compete with on certain aspects of the business.

有許多例子表明，我們有策略夥伴，但在某些業務方面我們也會與之競爭。

Look in the acquiring space, for example.

例如，看看收購空間。

So this is not a new situation for us.

所以這對我們來說並不是一個新情況。

Now Capital One is a tremendous part to ours.

現在，Capital One 對我們來說是非常重要的一部分。

Highly strategic partner, tremendous growth that we've seen in our joint business.

高度策略性的合作夥伴，我們的聯合業務取得了巨大的成長。

They have been public about shifting debit volumes to the Discover network.

他們已經公開表示將簽帳卡量轉移到 Discover 網路。

Now we are a competing network, and we will continue to invest in our network and ensure that we have a leading and differentiated solution out there.

現在我們是一個競爭網絡，我們將繼續投資我們的網絡，並確保我們擁有領先的、差異化的解決方案。

At the same time, we've been growing together in credit in other parts of the business.

同時，我們在其他業務領域的信貸業務也共同發展。

So we value this partnership.

因此我們重視這項合作關係。

We'll continue along those lines.

我們將繼續沿著這個思路前進。

Fundamentally there is no surprises here to what we have said last time around.

從根本上來說，我們上次所說的並沒有什麼令人驚訝的。

Sachin?

薩欽？

Yes.

是的。

And I'll just add to what Michael said.

我只想補充一下麥可所說的話。

Like Michael said right now, right.

就像邁克爾現在說的一樣，對的。

I mean, they've talked about -- Capital One has talked about migrating the debit volumes over.

我的意思是，他們已經討論過——Capital One 已經討論過轉移借記卡金額。

I think you're aware about the fact that debit volume primarily on the Mastercard network.

我想您已經意識到借記卡數量主要集中在萬事達卡網路上。

And we built in our best assumptions both from a timing and a migration pace standpoint into the full year thoughts that I've shared with you today.

我們從時間和遷移速度的角度，將最佳假設融入我今天與大家分享的全年想法。

So again, things might move around, and they likely will just because ours is a forecast.

所以，情況可能會發生變化，而且可能只是因為我們的預測。

There's no predictability.

沒有任何可預測性。

The deal has got to get approved.

這筆交易必須得到批准。

Migrations have to start, but we've built in our best estimates as to how that's going to roll out.

遷移必須開始，但我們已經對其如何進行做出了最佳估計。

One last thing.

最後一件事。

I should add one more thing.

我應該補充一點。

I talked about it in my prepared remarks earlier.

我之前在準備好的發言中談到了這一點。

There's great momentum in debit, which we have created in the US.

我們在美國創造了簽帳卡的強勁發展勢頭。

So this isn't the only part that we have and we're building out a set of partnerships.

所以這不是我們唯一的部分，我們正在建立一系列合作關係。

Darrin Peller, Wolfe Research.

達林·佩勒（Darrin Peller），沃爾夫研究公司。

Nice job.

幹得好。

Just -- when we follow up on what we learned at your Investor Day, which was really helpful on the long-term trajectory of growth, if we could just take that and then put it into '25, what are you expecting more specifically around your value-added services in the year ahead of us that we're in right now versus the consumer payments just to triangulate with growth?

當我們跟進投資者日學到的知識時，這對長期成長軌跡確實很有幫助，如果我們能把這些知識運用到 2025 年，你對 2025 年的具體預期是什麼？ ，你們的增值服務與消費者支付相比有何不同，以便實現成長？

And maybe Sachin, also just as a reminder, we're exiting the year at a 16% constant currency growth.

也許 Sachin 也只是想提醒一下，今年我們的固定匯率成長率將達到 16%。

Obviously, Discover could be a factor.

顯然，發現可能是一個因素。

But what other comp compares are lapping?

但是還有哪些同類的產品能夠與之媲美呢？

Just remind us how much is in the outlook for lapping are other factors that could cause a deceleration from the exit rate down to the 12% to 13% from 16%.

只是提醒我們，在重疊的前景中，還有多少其他因素可能導致退出率從 16% 減速到 12% 至 13%。

Sure.

當然。

No problem.

沒問題。

So first, on your question around Value-Added Services & Solutions, look, I mean it goes back to what Michael said, Darrin, in his prepared remarks, which is we continue to invest in that space.

首先，關於您關於增值服務和解決方案的問題，看，我的意思是回到邁克爾·達林在他準備好的發言中所說的話，那就是我們將繼續在該領域進行投資。

It continued to build out excellent capabilities, which are going after what is a sizable and fast-growing addressable market.

它不斷打造卓越的能力，以追逐規模龐大且快速成長的潛在市場。

So again, we're not giving you a forecast as it relates to what we expect Value-Added Services & Solutions to grow in 2025, but the underlying fundamentals of what we're doing there continue to be very healthy.

因此，我們不會為您提供有關我們預期 2025 年增值服務和解決方案成長的預測，但我們在那裡所做工作的基本面仍然非常健康。

And again, remember, we gave you a little bit of color at Investor Day as to what the composition of those revenues are, what the drivers of those revenues are, including payment network drivers, including what we're doing from an overall safety and security standpoint with consumer engagement and acquisition standpoint.

再次提醒，請記住，我們在投資者日向大家介紹了一些收入的組成，收入的驅動因素，包括支付網絡驅動因素，以及我們從整體安全和角度所做的工作。獲取立場。

So there's a lot of good stuff going on.

因此有很多好事正在發生。

And this is broad-based.

這是廣泛存在的。

It is not region specific.

它不針對特定地區。

I just want to be clear.

我只是想說清楚。

Sometimes people think about this as highly US-centric or maybe US and Europe.

有時人們認為這是以美國為中心或可能是以美國和歐洲為中心。

The reality is across the globe.

這一事實遍布全球。

We're working hard.

我們正在努力工作。

The teams are working incredibly hard to actually keep pushing Value-Added Services & Solutions.

團隊正在非常努力地繼續推動增值服務和解決方案。

We close the year strong again there, right?

我們又一次以強勁勢頭結束了這一年，對嗎？

I mean now again, remember, Value-Added Services & Solutions is one of those things where quarter-over-quarter, you might see some level of variability.

我的意思是，現在再記住，增值服務和解決方案是那些你可能會看到季度間一定程度變化的事物之一。

But the reality is, overall, the fundamentals of the business continue to be very strong.

但事實上，整體而言，業務基本面仍然非常強勁。

Then your second question was around the fact that we closed Q4 exit rates at about 16% on a local currency basis, and you're kind of doing this compared with what the thoughts for 2025 are.

那麼您的第二個問題是，我們第四季的退出率以當地貨幣計算約為 16%，而您這樣做是與 2025 年的想法進行比較。

A few things to keep in mind.

需要記住幾件事。

Number one, there's a few things going on.

首先，有幾件事正在發生。

Number one, you've got basically -- the fact that -- you'll know we talked about pricing coming on, starting off Q2 2024 ramping up in Q3 and Q4.

首先，基本上，事實是，我們討論過定價問題，從 2024 年第二季開始，在第三季和第四季開始上漲。

You're going to start to see some level of lapping take place on that.

您將會開始看到某種程度的重疊發生。

We've had several significant wins in 2024, the likes of Citizens, the likes of Wells Fargo.

我們在 2024 年取得了幾項重大勝利，例如公民銀行、富國銀行等。

And these are -- and UniCredit.

這些是--和 UniCredit。

Now UniCredit will still continue to convert because it's a multiyear conversion.

現在 UniCredit 仍將繼續轉換，因為這是一個多年的轉換過程。

But some of those are going to start to lap as the year kind of progresses, right.

但隨著時間的推移，其中一些將會開始累積，對吧。

The other thing is, as I sit back and I just think about basic fundamentals.

另一件事是，當我坐下來時，我只是思考基本原理。

The point really is, you've got to kind of remember that overall, the consumer remains healthy.

事實上，你必須記住，總體而言，消費者仍然保持健康。

We factored that in.

我們已將這一點考慮在內。

The thoughts we shared for 2025 is a range which is high end of low double digits to low teens, right.

我們對 2025 年的看法是，成長率範圍從低兩位數到低十幾位，對吧。

So again, you got to keep that in mind.

所以，你一定要記住這一點。

In that, we're building in assumptions around FX volatility.

在此，我們建立有關外匯波動的假設。

FX volatility picked up in Q4.

第四季外匯波動加劇。

You saw that come through in the exit rate you're talking about.

您從您談論的退出率中就可以看出這一點。

Hard to predict what FX volatility looks like through the end of the year of 2025.

很難預測到 2025 年底外匯波動情況會如何。

We build in our best assumptions around that.

我們以此為基礎建立最好的假設。

But things could move around on that as well. So again, there are various factors which are actually influencing this.

但事情也可能因此改變。所以，其實有多種因素在影響這個情況。

But that's what I'd kind of tell you more holistically as to what's going on here.

但我想更全面地告訴你這裡發生的事情。

Harshita Rawat, Bernstein.

哈爾希塔·拉瓦特（Harshita Rawat）、伯恩斯坦。

I want to ask about stable coins.

我想問一下穩定幣。

It's likely that we get some regulatory clarity in the US this year.

我們很可能今年在美國獲得一些明確的監管規定。

I know a vast majority of stable coins usage is in crypto-native use cases and trading.

我知道絕大多數穩定幣的用途是在加密原生用例和交易中。

But are you seeing anything in the cross-border money movement fund?

但是你在跨國資金流動基金中看到什麼了嗎？

And more importantly, and Michael, I know you talked about kind of like the new settlement capabilities, and you've done a lot of work on crypto over the years.

更重要的是，邁克爾，我知道您談到了類似新的結算能力，而且多年來您在加密方面做了很多工作。

How are you positioned for the growth in the crypto ecosystem?

您如何定位加密生態系統的成長？

Right.

正確的。

Thank you, Harshita.

謝謝你，Harshita。

So overall, as I said in my prepared remarks, this is a space that we've been active in over a while.

總的來說，正如我在準備好的演講中所說的那樣，這是我們一直活躍於的領域。

Your question doesn't really talk about the crypto space as crypto as an investment on-ramp.

您的問題實際上並沒有談論加密空間作為加密投資的入口。

Off-ramp we've been doing it successfully.

我們在匝道方面一直做得非常成功。

Crypto.com, is clearly an exciting addition to the set of partnerships.

Crypto.com 顯然是合作夥伴關係中令人興奮的補充。

You were really talking more about the potential of the underlying technology and what can it do?

您實際上更多地談論的是底層技術的潛力以及它能做什麼？

And the cross-border use cases has been talking about for years now.

跨國用例已經討論多年了。

Now we've started to move beyond the proof-of-concept stage.

現在我們已經開始超越概念驗證階段。

There are real transactions that took place, The first one in Hong Kong, last year.

確實發生了交易，第一筆交易是去年在香港發生的。

So we're in the business of stable coin transactions.

所以我們從事穩定幣交易業務。

We're in the business of having the MTN live.

我們的業務是讓 MTN 直播。

It hasn't scaled yet.

它還沒有擴大規模。

That's also the reality.

這也是現實。

But we have a long belief that this is an interesting space for us, B2B cross-border payments, to get into.

但我們一直堅信，B2B跨境支付對我們來說是一個值得進入的有趣領域。

So I see as a net addition and upside opportunity for us.

因此我認為這對我們來說是一個淨增量和上行機會。

There's enough push now.

現在已經有足夠推動力了。

The crypto has gone mainstream with the ETFs.

加密貨幣已隨著 ETF 而成為主流。

And there's clearly a push from the incoming administration here in the US.

美國新一屆政府顯然也在推動這項進程。

So we'll see more momentum, and I feel we're well prepared and our strong partnerships with players like JPMorgan and other large settlement players -- settlement bank players will help us on that front.

因此，我們將看到更多的勢頭，我覺得我們已經做好了充分的準備，我們與摩根大通和其他大型結算機構——結算銀行機構——的強大合作夥伴關係將在這方面為我們提供幫助。

Now this isn't the only cross-border solution that's out there.

這並不是唯一的跨境解決方案。

There is real-time payments, where there's initiatives to potentially connect those systems.

有即時支付，其中有潛在連接這些系統的舉措。

It's important to keep in mind that we're in 12 of large RTP markets where we have a presence.

需要記住的是，我們在 12 個大型 RTP 市場都有業務。

So that's an interesting space for us to also watch.

所以這對我們來說也是一個值得關注的有趣領域。

In the end, it fundamentally comes down to choice.

歸根結底，這歸結為選擇。

Where do countries want to take this? Countries have looked at this as in potentially connecting in bilateral fashions.

各國希望將此帶到何處？各國均將此視為潛在的雙邊聯繫。

We've always been an advocate to saying multilateral approaches work better.

我們始終主張多邊方式更有效。

That's what we've proven on the card side.

這就是我們在卡片方面所證明的。

So that's a topic that we engage on when it comes to RTP side of things, but also from the stable coin side, again, interoperability between different kind of stable coins also matters, which is kind of the same concept.

因此，這是我們在討論 RTP 方面時所討論的話題，但從穩定幣方面來看，不同類型的穩定幣之間的互通性也很重要，這是一種相同的概念。

So exciting space.

如此令人興奮的空間。

Leaning in for now, we're powering on with cross-border payments on the card side, which worked really well.

目前，我們正在大力推動卡片方面的跨境支付，效果非常好。

Rayna Kumar, Oppenheimer.

雷娜‧庫馬爾 (Rayna Kumar)，奧本海默。

Could you give us an update on your progress in gaining market share in Europe and whether there are any particular countries that you're seeing stronger performance from?

您能否向我們介紹一下您在歐洲市場的進展以及哪些特定國家的表現更為出色？

Right.

正確的。

So Europe's has been a real success story for Mastercard.

因此，歐洲對於萬事達卡來說是一個真正的成功故事。

If I look back over the five -- last five, six years, we've seen tremendous growth on the continent.

如果我回顧過去五、六年，我們看到非洲大陸取得了巨大的成長。

Seen tremendous growth in the UK.

在英國看到了巨大的成長。

In the UK, we're market share leaders.

在英國，我們是市場佔有率的領導者。

Credit, prepaid and in debit, it's about a third of the cards, the debit cards that are now Mastercard, large conversions.

信用卡、預付卡和金融卡約佔卡片類的三分之一，現在的金融卡是萬事達卡，轉換率很高。

I just talked earlier about extending our partnership with Santander in the UK.

我剛剛談到延長我們與英國桑坦德銀行的合作關係。

So that's a growth story.

這是一個成長故事。

On the continent, I'm particularly excited about the strategic partnership with UniCredit.

在非洲大陸，我對與 UniCredit 建立的策略合作夥伴關係感到特別興奮。

That's 13 markets across continent.

這涉及整個大陸的 13 個市場。

So there is not that many pan-European players.

因此泛歐洲球員不多。

In fact, that is probably the most pan-European player there is.

事實上，他可能是最具泛歐洲特色的球員。

That's a fantastic partnership strategic in nature.

從本質上來說，這是一個非常棒的策略夥伴關係。

But other breakthroughs.

但還有其他突破。

Deeper in Italy, Banco Popular there, that's a large win.

在義大利，Banco Popular 取得了巨大勝利。

So big momentum.

勢頭這麼大。

I think that's the first thing to say.

我認為這是首先要說的事情。

The second thing to say is, in these markets, it's not just about shifting share.

第二件事是，在這些市場中，這不僅僅是份額的轉移。

It's also really taking advantage of the secular opportunity that still exists in Europe.

這也確實利用了歐洲仍然存在的長期機會。

If you take some of the large developed economic -- economies -- G7 economy like Italy, still significant amounts of cash to go after, and we're doing that very actively.

如果你看看一些大型已開發經濟體——比如義大利的七國集團經濟體，仍然有大量的現金可供追逐，而且我們正在非常積極地做這件事。

And we're doing that very actively also deploying our services in that space.

我們也正在非常積極地在該領域部署我們的服務。

Italy has historically been one of the most significant services opportunities for us.

從歷史上看，義大利一直是我們最重要的服務機會之一。

So with all the talk that's there about Europe, concerns about Europe, Europe's competitiveness, and Davos is a big theme.

因此，在所有有關歐洲的討論中，對歐洲的擔憂、歐洲的競爭力以及達沃斯是一個大主題。

Really important to remember that our business in Europe is in the European economy.

真正重要的是要記住，我們在歐洲的業務屬於歐洲經濟。

Overall, we're well positioned and growing parts of that economy.

總體而言，我們處於有利地位，並且正在推動經濟的成長。

And this is tremendous for us.

這對我們來說意義重大。

Now we've seen volumes grow in Europe at 16% level.

現在我們看到歐洲的銷售成長率為16%。

That's a tremendous growth rate for us.

對我們來說這是一個驚人的成長率。

So overall, I think we're pressing every button that is there to press for us to push ahead on that growth story.

所以總的來說，我認為我們正在竭盡全力推動這個成長故事。

Tien-Tsin Huang, J.P. Morgan.

黃天津，J.P. 摩根。

I want to stay in Europe if you don't mind, and ask about Mastercard 2030.

如果你不介意的話，我想留在歐洲，並詢問有關萬事達卡 2030 的情況。

I think the whole One Click payments initiative to get rid of manual card entry in Europe.

我認為整個“一鍵支付”計劃將在歐洲消除手動輸入卡的麻煩。

To me, it feels like eliminating signature, which ushered in growth in contactless.

對我來說，這感覺就像取消了簽名，從而帶來了非接觸式的成長。

Is that a fair analogy to think about Mastercard 2030 potentially pushing tokenization?

這是否是一個合理的類比，可以認為萬事達卡 2030 可能會推動代幣化？

I'm curious why Europe, why not more regions and what makes Europe special for you to set this goal up from Mastercard?

我很好奇為什麼是歐洲，為什麼不是更多的地區，以及歐洲有什麼特殊之處讓您選擇透過萬事達卡設定這個目標？

So tokenization in Europe, when I think of the evolution of the European payment markets from PSD1 to PSD2 to PSD3, the topic of security, the topic of consumer experience, the topic of a fair and level playing field have been seen throughout all of these regulations.

因此，當我想到歐洲支付市場從 PSD1 到 PSD2 再到 PSD3 的演變時，安全性、消費者體驗、公平和公平競爭環境等議題一直貫穿其中。

This is a market, in our view, that's ripe for the doing away with onetime passwords and keying in card numbers, I think all -- everything that is needed to make that successful, is there in Europe.

我們認為，這個市場已經成熟，可以取消一次性密碼和輸入卡號的方式，我認為，實現這一目標所需的一切條件都在歐洲具備。

And we want to prove it.

我們想證明這一點。

It's been a strategy of ours to have reference markets and show that an initiative works and we go where there is open arms and where we feel this is going to be successful.

我們的策略是建立參考市場並證明一項計劃是行之有效的，並且我們會去那些我們敞開懷抱的地方以及我們覺得這項計劃會成功的地方。

In Europe, we now have very relevant share position that makes us a strategic partner across markets because if you do this just in one country in Europe, then you know it's going to be problematic.

在歐洲，我們現在擁有非常重要的份額，這使我們成為跨市場的策略夥伴，因為如果你只在歐洲一個國家這樣做，那麼你就知道這會帶來問題。

So we have the regulation.

因此，我們有這樣的規定。

We have partnerships across the board, so that's good.

我們已與各領域企業建立了合作夥伴關係，這很好。

Now tokens are at the core of that.

現在，代幣就是其中的核心。

And as I said earlier, and biometrics, we have that technology deployed widely in Europe.

正如我之前所說，生物辨識技術已在歐洲廣泛應用。

And then we'll see where we take it from that.

然後我們看看能從哪裡得到它。

The wider use of tokens, the wider use of tokens is -- this sets us up for exactly that, and we'll be looking at other use cases and see what that can do for our company overall.

代幣的更廣泛使用，代幣的更廣泛使用——這為我們做好了準備，我們將研究其他用例，看看這對我們公司整體有何影響。

But it's a tremendous opportunity.

但這是一個巨大的機會。

And of course, this is not about just Europe.

當然，這不僅涉及歐洲。

You asked the question about Europe.

您問的是有關歐洲的問題。

This is a global goal.

這是一個全球目標。

This is what we can go after.

這就是我們所能追求的。

As I said earlier, it's a safer ecosystem that makes sense for everybody.

正如我之前所說，這是一個更安全的生態系統，對每個人來說都有意義。

In the world where there's government interest and payments and so forth.

在存在政府利息和付款等等的世界。

If we're seen as a responsible part need it drives overall payment ecosystem safety, that's a fantastic position for us as well, and I'm sure that received well globally.

如果我們被視為一個負責任的部分，需要推動整體支付生態系統的安全，這對我們來說也是一個很好的地位，我相信這在全球範圍內會得到很好的反響。

We'll go region by region whenever we feel is the right time.

只要我們認為時間合適，我們就會逐一地區進行調查。

Ramsey El-Assal, Barclays.

巴克萊銀行的拉姆齊‧埃爾-阿薩勒 (Ramsey El-Assal)。

Michael, I wanted to get your view on potential impacts of the sort of new political environment.

邁克爾，我想聽聽你對這種新的政治環境可能產生的影響的看法。

I'm just curious if you're expecting any, or are you seeing any tailwinds or headwinds from policy changes?

我只是好奇您是否期待任何變化，或者您是否看到政策變化帶來的順風或逆風？

And more specifically, if we do end up seeing kind of widespread tariff applied, which we may or may not, how would that impact your business?

更具體地說，如果我們最終看到大範圍徵收關稅，這有可能，也有可能不徵收，這會對您的業務產生什麼影響？

Ramsey, this is -- it's a question that I think is top of mind in many industries.

拉姆齊，我認為這是許多行業最關心的問題。

So here's how I would go about that.

因此，我會這樣做。

The new political environment, first of all, we've seen ways of political changes around the world.

新的政治環境，首先，我們看到了世界各地的政治變化方式。

I think at the earlier part of last year, we were looking into 2024 more than half of the population of the world was going to go to the polls.

我認為，去年早些時候，我們預測到 2024 年，全球將有一半以上的人口前往投票站。

From India to Europe and now in November in the United States.

從印度到歐洲，現在 11 月又到了美國。

So there is a lot of changes, a lot of volatility.

因此存在著許多變化，很多波動。

There is some political uncertainty.

存在一些政治不確定性。

But when we sit in our boardroom and we sit in our management team, and we talk about this, is payments will continue regardless because the economic -- we power the economy and we power, in particular, the digital economy.

但是，當我們坐在董事會會議室裡，坐在管理團隊裡討論這個問題時，無論怎樣，支付都將繼續，因為經濟——我們為經濟提供動力，特別是數位經濟提供動力。

And there is a fundamental underlying secular trend, as we discussed at our Investor Day that just keeps going on.

正如我們在投資者日所討論的那樣，存在著一個基本的長期趨勢，而且這種趨勢將持續下去。

So that's the fundamental starting point in response to your question.

這就是回答你的問題的基本出發點。

Now we have a new administration here in the United States.

現在美國有了新政府。

Confirmations haven't fully been done yet, but the Secretary of Treasury is confirmed and so forth.

確認尚未完全完成，但財政部長已經確認，等等。

So some of the key partners that we would normally engage with.

因此我們通常會與一些重要的合作夥伴合作。

And we have an administration coming in that is touting a business-friendly approach, and that's fundamentally good for us.

我們的新政府正在倡導一種商業友善政策，這對我們根本有利。

The conversation around tariffs and the intended -- intended use of tariffs that's been discussed.

圍繞關稅以及關稅的預期用途的討論。

We have to see how it plays out and what will happen.

我們必須看看事情會如何發展以及會發生什麼。

It's also clear, we're not in the import export industry.

同樣明顯的是，我們不從事進出口業。

So the way that we would be affected is really indirect ways and how potentially some of our customers and partners get affected by that.

因此，我們受到影響的方式實際上是間接的，並且我們的一些客戶和合作夥伴可能會受到影響。

So that's something that we'll come to when we get.

所以當我們得到答案時我們就會想到這一點。

I think the point that I just made before, fundamentally underlying drive of a digitizing world.

我認為我剛才提出的觀點從根本上來說是數位化世界的潛在驅動力。

Questions like digital trade are going to be important questions.

像數位貿易這樣的問題將成為重要的議題。

So how is the world dealing with digital trade and how digital trade policy will play out over the years, and we have been actively engaging here in the US, in Europe, in ASEAN and so forth.

那麼世界如何應對數位貿易，以及數位貿易政策在未來幾年將如何發揮作用，我們一直積極參與美國、歐洲、東協等地區的事務。

So an important topic for us to continue to watch in advance because that's good for all the economies around the world. So fundamentally, positive business outlook here from the US administration.

因此，這是我們需要繼續提前關注的重要議題，因為這對世界各地的經濟都有好處。因此從根本上來說，美國政府對商業的前景持樂觀態度。

And we see a Europe that is now in active conversations with the second term of Ursula von der Leyen to drive a more growth-oriented approach in Europe as well, which with our position in Europe should be a good thing.

我們看到，歐洲目前正在與第二任期的烏蘇拉·馮德萊恩進行積極對話，以推動歐洲採取更加以成長為導向的做法，這對我們在歐洲的地位來說應該是一件好事。

Dave Koning, Baird.

戴夫·科寧，貝爾德。

I guess my question, you mentioned FX volatility briefly.

我想我的問題是，您簡要地提到了外匯波動。

It got better kind of through Q4 and quite a bit better in January.

第四季的情況有所好轉，1 月的情況更是好轉不少。

I just want to refresh on that, that helps the transaction line, right in and it should help the transaction yield going forward?

我只是想重申一下，這有助於交易線路，並且它應該有助於未來的交易收益？

Should that be a nice accelerant factor to the transaction yield over the next quarter or two if it stays kind of where it is now?

如果殖利率維持在目前的水平，這是否會成為未來一兩個季度交易收益率的良好加速因素？

David.

大衛。

So yes, it's in our transaction processing assessments line.

是的，它屬於我們的交易處理評估線。

That's where it is.

就是在那裡。

So you got that right.

所以你說對了。

And again, volatility will be what volatility will be.

再次強調，波動性就是波動性。

But to the extent there's higher volatility, you get the impact come through in that line item, which impacts yields positively to the extent it kind of goes in the opposite direction, it has a negative impact on yield.

但如果波動性較大，就會對收益率產生正面影響，反之，就會對收益率產生負面影響。

But that's the line item where you'll see that.

但這就是您將看到的項目。

Bryan Bergin, TD Cowen.

布萊恩·伯金（Bryan Bergin），TD Cowen 公司。

Wanted to ask on rebates and incentives.

想詢問回扣和獎勵的問題。

Just how to think about the level of renewal activity here in '25.

只是如何思考'25年的更新活動水準。

And directionally, just any commentary you can share on how you expect R&I growth to progress versus how you finished in '24?

從方向上講，您可以就您預期的研發和創新成長將如何進行，以及與 24 年的成績相比，您能分享一些評論嗎？

Sure.

當然。

So Bryan, again, I think Michael kind of talked about this a little bit earlier.

所以布萊恩，我想邁克爾之前已經談過這個問題了。

We continue to compete out in the marketplace.

我們繼續在市場上競爭。

We are winning and we're winning the right kinds of portfolios, which is really important.

我們正在獲勝，並且贏得了正確的投資組合，這非常重要。

We're not going to win every portfolio.

我們不可能贏得每一個投資組合。

We're going to hopefully -- yes, and we don't want to.

我們希望如此——是的，但我們不想如此。

And -- but we want to win the right kinds of portfolios, which is what we've been doing, and that's the plan going forward as well.

而且——但我們希望贏得正確的投資組合，這就是我們一直在做的事情，這也是未來的計劃。

From a renewal activity standpoint, nothing unusual to call out in 2025 as there isn't like a lumpiness in terms of renewals in '25 versus prior years.

從續約活動的角度來看，2025 年沒有什麼不尋常的事情，因為與前幾年相比，2025 年的續約情況並沒有太大的變化。

So it's kind of business as usual.

因此，這就像正常的業務往來一樣。

Our teams are out there engaged with our customers, selling on the basis of the value we deliver across payments, but also across Value-Added Services & Solutions.

我們的團隊始終致力於與客戶溝通，不僅透過支付提供價值，還透過增值服務和解決方案提供價值。

And that's been a key enabler help us win on the payment side.

這也是我們在支付方面成功的關鍵因素。

So super important for us to continue to do that.

因此，對我們來說，繼續這樣做非常重要。

I'll tell you from an overall rebates and incentive standpoint.

我將從整體回扣和激勵的角度來告訴你。

You can see what the metrics are for Q4.

您可以查看第四季度的指標。

For Q1, we expect rebates and incentives as a percentage of payment network assessments to be roughly similar to what we saw in Q4.

對於第一季度，我們預計回扣和獎勵佔支付網路評估的百分比將與第四季度大致相同。

I'm not going to give you an outlook as it relates to the full year.

我不會給你全年的展望。

I mean that's really subject to what kind of deal flow and deal activity we see.

我的意思是，這實際上取決於我們看到的交易流程和交易活動的類型。

The most important thing to keep in mind is while we're all very focused on the level of rebates and incentives we pay, what we're even more focused on is driving an accretion in our net revenue yield.

需要牢記的最重要的事情是，雖然我們都非常關注我們支付的回扣和獎勵水平，但我們更關注的是推動淨收入收益率的成長。

And that is really important.

這確實很重要。

And that's what we'll continue to do from a strategy standpoint and an execution standpoint.

從策略和執行的角度來看，我們將繼續這樣做。

It comes back to the virtuous cycle between payments and services.

這又回到了支付和服務之間的良性循環。

We have to be -- we have to be relevant in payments.

我們必須—我們必須在支付方面保持相關性。

We have to be in the flow.

我們必須順應潮流。

So we can apply our payment solutions and our services solutions.

因此我們可以應用我們的支付解決方案和服務解決方案。

That is what's always in focus and our strategic portfolios to win and less strategic portfolio is to win, but importantly across the different spectrum of different types of wins, as I talked about smaller deals earlier.

這始終是我們關注的重點，我們的策略性投資組合和非策略性投資組合都要獲勝，但重要的是跨越不同類型的獲勝，正如我之前談到的小規模交易一樣。

The mix of all of that is always on the outcome of an attractive net revenue yield.

所有這些因素的結合總是會形成具有吸引力的淨收入收益。

That is the target in mind where we press all of them.

這就是我們心中的目標，我們要全力以赴。

Tim Chiodo, UBS.

瑞銀的 Tim Chiodo。

Just given the stronger dollar, there's been a lot of incoming questions around the hedging strategy, I just thought maybe be a good opportunity to recap some of the mechanics.

鑑於美元走強，圍繞對沖策略出現了很多問題，我只是認為這可能是回顧一些機制的好機會。

I understand you've talked about doing it on a net basis, a basket of roughly 30 currencies, but not hedging some of the functional currencies.

我知道您談到了以淨額為基礎進行操作，即以一籃子大約 30 種貨幣進行操作，但不對沖某些功能貨幣。

Maybe you could just recap the approach and some of the mechanics and how this all flows through to the income statement?

也許您可以簡單回顧一下這種方法和一些機制，以及這一切如何流入損益表？

Sure, no problem.

當然，沒問題。

So let me first define where the exposure arises from and then what the hedging strategy is. So you got to think about the exposure to foreign exchange rates coming across three primary areas.

因此，讓我先定義一下風險敞口來自何處，然後再定義一下對沖策略是什麼。因此，你必須考慮三個主要領域的外匯匯率風險。

One is what we call transaction exposures, which is when the transaction currency is different than the functional currency of the business unit in question.

一是所謂的交易風險，即交易貨幣與相關業務部門的功能貨幣不同。

The next is what we have in the nature of monetary assets and liabilities where the currency of those monetary assets and liabilities is different than the functional currency of the business unit in question.

接下來是貨幣資產和負債的性質，其中這些貨幣資產和負債的貨幣與相關業務部門的功能貨幣不同。

And the third is what we call translation exposure, which is the conversion of our overseas earnings into US dollars. So for example, we are euro functional for the European entities.

第三個是我們所謂的翻譯風險，即將我們的海外收入轉換成美元。例如，我們為歐洲實體提供歐元功能。

Those euro earnings are ultimately translated back to US dollars when we do our as-reported numbers.

當我們計算報告數字時，這些歐元收益最終會折算回美元。

So there are three levels over which we get this exposures.

因此，我們可以透過三個層面來獲得這種曝光。

We hedge layer number 1, which is transaction exposures.

我們對沖第一層，即交易風險。

We hedge them.

我們對它們進行對沖。

We have a philosophy around that.

我們對此有一個哲學。

We have hedge ratios, which vary by currency.

我們有對沖比率，其因貨幣而異。

They're generally in that range of, call it, somewhere in that 50% to 80% range in terms of what we hedge on a net basis, net of expenses.

就我們以淨額對沖（扣除費用）而言，它們通常處於這個範圍內，也就是 50% 到 80% 的範圍內。

So again, that's kind of the thinking there.

所以再說一遍，這就是那種想法。

There are some currencies which are not necessarily hedgeable just because the market is not liquid enough and we don't hedge those.

有些貨幣不一定可對沖，因為市場流動性不夠，所以我們不會對這些貨幣進行避險。

We also don't hedge right down to the smallest currency exposure, which is there.

我們也不對存在的最小貨幣風險進行避險。

So we exercised materiality thresholds on that.

因此，我們對此實施了實質門檻。

On the monetary assets and liabilities, similar to transaction exposures, we hedge those as well, right.

對於貨幣資產和負債，與交易風險類似，我們也對其進行對沖，對吧。

And again, it's based on what the forecasts are.

再次強調，這是基於預測的。

On the translation exposures, we do not hedge them.

對於翻譯風險，我們不進行避險。

And the reason you don't hedge them is we view our hedging strategy as being one of focused on driving the right economic outcome for the company.

你不對其進行對沖的原因是，我們認為我們的對沖策略是專注於為公司帶來正確的經濟結果。

So what we try and do is we hedge cash flow exposures where we expect cash movements to take place.

因此，我們嘗試做的是，在預計會發生現金流的地方對沖現金流風險。

In the instance of translation, there is no real cash movement taking place from a euro functional entity to a US dollar functional entity.

在翻譯實例中，從歐元功能實體到美元功能實體並沒有發生真正的現金流動。

The cash movement takes place when dividends are made and then we'll hedge the dividend payment at that point in time.

現金流動發生在支付股息時，然後我們會在那時對沖股息支付。

So that's kind of the philosophy as to how we go about hedging.

這就是我們進行對沖的哲學。

Also remember, on translation exposures, which are not hedged, which is what I just spoke about right now things move around, right?

還記得，關於翻譯風險，這些風險是沒有對沖的，這就是我剛才所說的，現在情況正在改變，對嗎？

I mean we all know that there's dollar strength in the last couple of months, and then there's Euro strength, or there is BRL strength, Brazilian real strength.

我的意思是，我們都知道，過去幾個月美元走強，歐元走強，巴西雷亞爾走強。

So these things tend to revert to the mean.

所以這些事情往往會回歸平均值。

We run the business for the fundamentals of the business in terms of driving underlying value.

我們經營業務時注重業務的基本面，以推動潛在價值。

Currencies will do what currencies do.

貨幣會按照貨幣的方式運作。

We hedge them on an economic basis, much like I just explained.

正如我剛才解釋的那樣，我們在經濟基礎上對沖它們。

And the one thing I would like to add to that is we love the fact that we have a geographically diversified business.

我想補充一點，我們非常喜歡我們的業務地理多元化這一事實。

So this comes with it.

所以這是隨之而來的。

This is a fundamental differentiator for us.

對我們來說，這是一個根本的區別因素。

And many of these markets around the world are fast-growing markets where that is where we find the biggest secular opportunity.

全球許多這樣的市場都是快速成長的市場，我們在這些市場中發現了最大的長期機會。

So the FX is the last thing that I think about.

因此，FX 是我最後才考慮的事情。

I think about the growth opportunity in those markets.

我考慮這些市場的成長機會。

Trevor Williams, Jefferies.

崔佛威廉斯 (Trevor Williams)，傑富瑞 (Jefferies)。

I wanted to go back to domestic assessments and the growth there relative to GDV and purchase volume.

我想回顧一下國內評估以及那裡相對於 GDV 和購買量的成長。

There's been a pretty consistent spread between those growth rates over the last few years.

過去幾年中，這些成長率一直保持相當穩定的差距。

And then Sachin, you called out cross-border mix as a driver of that spread this quarter.

然後 Sachin，您指出跨境組合是本季擴散的驅動因素。

If you could just unpack what that means.

如果你能解釋一下這意味著什麼。

And if we should interpret as meaning if cross-border volume is outgrowing GDV that we'll kind of see that mix headwind persist?

如果我們將其解釋為，如果跨境交易量的成長超過了 GDV，我們就會看到這種混合逆風持續存在嗎？

Sure.

當然。

So the first thing I'll mention in terms of the delta between what we see in domestic assessments and GDV is there's a rounding impact which is taking place there.

因此，關於國內評估和 GDV 之間的差異，我首先要提到的是，那裡存在著舍入效應。

So while you see the numbers as we've kind of talked about it as 10% and 12%.

因此，當您看到我們討論過的數字時，它們是 10% 和 12%。

The reality is the 10% is rounded down number, the 12% is a rounded up number.

實際情況是，10% 是向下捨去的數字，12% 是向上捨入的數字。

So the delta isn't as big as it kind of seems out there.

因此，差異並不像看起來那麼大。

But kind of that's by the way, just FYI.

但順便說一下，僅供參考。

On your question around the cross-border mix component, here's the reality.

關於您提到的跨境混合成分的問題，現實情況是這樣的。

By its very definition, domestic assessments does not include cross-border revenue.

從定義上來說，國內攤還不包括跨境收入。

GDV includes cross-border volumes.

GDV 包括跨境交易量。

And so what happens effectively is if GDV -- if cross-border volumes are growing at 20%, which is what we kind of reported for the fourth quarter, you've got the impact of that coming through in the GDP number.

因此，實際上的情況是，如果 GDV——如果跨境交易量以 20% 的速度增長，就像我們在第四季度報告的那樣，那麼就會在 GDP 數字中反映出這種影響。

You have no associated revenue coming through in domestic assessments.

您沒有透過國內評估獲得相關收入。

And that's what I mean by cross-border.

這就是我所說的跨境。

Will Nance, Goldman Sachs.

高盛的威爾·南斯。

Michael, I wanted to ask you about your thoughts on the European market following up on the kind of mid-teens growth you've been putting up in that geography more recently.

邁克爾，我想問您對歐洲市場的看法，您最近在歐洲市場實現了十五六%的成長率。

Just wanted to get your thoughts on the competitive dynamics with some of the local schemes being folded up into the European payments initiative, I think, including in your home market of Germany. Just any thoughts about how this kind of changes the landscape? And just remind us, kind of conceptually, how you think about the competitive dynamics in the continent?

我只是想聽聽您對一些被納入歐洲支付計劃的當地計劃（包括您的本土市場德國）的競爭動態的看法。您對於這種現象會如何改變景觀有什麼想法嗎？請從概念上提醒我們一下，您如何看待非洲大陸的競爭動態？

Right.

正確的。

So that's a great question.

這是一個很好的問題。

And I always love to talk about my home country. The -- I want to put a stat into your mind.

我總是喜歡談論我的祖國。 ——我想把一個統計數據放入你的腦海裡。

Earlier on, we talked about how we're driving payments growth by shifting volumes from domestic networks and closed-loop networks.

之前，我們討論瞭如何透過轉移國內網路和閉環網路的支付量來推動支付成長。

Over the years, we have driven up our switching ratio to 70%.

多年來，我們已將轉換率提高至 70%。

So that's important as a backdrop into this question.

因此，這對於這個問題的背景來說很重要。

So we have success and we know how to deal with domestic competitors and partners.

因此我們取得了成功，我們知道如何應對國內的競爭對手和合作夥伴。

Now on that backdrop, particularly in Europe, there has been, over the years, push to come up with local payment solutions as an alternative offer to consumers.

在這樣的背景下，特別是在歐洲，多年來，人們一直在努力推出本地支付解決方案，為消費者提供替代方案。

And there's a whole range of reasons why that is contemplated in Europe, partly sovereignty, partly more control, all of that.

歐洲考慮這項措施的原因有很多，部分是出於主權考慮，部分是出於加強控制，等等。

The fundamental truth though is that in the end, the consumer is a really deciding factor here.

但根本的事實是，最終消費者才是真正的決定因素。

What's a good user experience?

什麼是良好的使用者體驗？

How about availability?

可用性如何？

If you put a new app into a payment market, it has tons of choices already, it's going to be very hard to convince merchants and consumers to change.

如果你將一款新應用程式投放到支付市場，它已經有大量選擇，要說服商家和消費者改變將會非常困難。

We've seen it in the US with a bank-led app as well.

我們在美國也看到過銀行主導的應用程式。

So all in, we feel this is good for competition.

總的來說，我們認為這有利於競爭。

It motivates us to continue to compete and invest in our proposition across channels.

它激勵我們繼續在各個管道競爭並投資於我們的主張。

We talked about the token topic earlier on and how that makes checkout easier and so forth.

我們之前討論了令牌主題以及它如何使結帳變得更容易等等。

So right now, we are looking at particularly at Wero.

所以現在我們特別關注 Wero。

So Wero is currently an initiative of three countries.

因此，Wero 目前是三個國家的一項倡議。

This was multi-country in previous years, and now it's down to three.

前幾年這個數字是多個國家，現在減少到三個。

And the first transaction took in December, so there's proof-of-concept, pilot stage, and we'll see where it goes.

第一次交易是在 12 月進行的，因此目前還處於概念驗證和試點階段，我們將拭​​目以待其進展。

At this point in time, we don't see it as a material concern or threat to our business.

目前，我們並不認為這會對我們的業務造成重大擔憂或威脅。

But our approach has always been one of partnership.

但我們的做法一直是合作的方式。

We partnered with domestic schemes in many countries around the world, maybe on the services side, and we'll see how that goes over time.

我們與世界許多國家的國內計劃建立了合作夥伴關係，也許是在服務方面，我們將觀察其隨著時間的推移如何發展。

The more choice there is because it will generally bode for a level playing field on the competition side is which we like, and then we'd love to compete with our solutions.

選擇越多，通常意味著競爭環境越公平，這是我們喜歡的，而且我們願意用我們的解決方案來競爭。

Julianne, we can squeeze one more question in.

茱麗安，我們可以再問一個問題。

Sanjay Sakhrani, KBW.

桑傑薩克拉尼（Sanjay Sakhrani），KBW。

I just wanted to go back to the volume acceleration, Sachin.

我只是想回到音量加速問題，Sachin。

I mean I know you mentioned a bunch of different things, but as we look underneath it all, is it that the consumer is really gaining strength in that sort of what's driving the acceleration?

我的意思是，我知道您提到了許多不同的事情，但當我們深入研究時，是不是消費者真的在增強力量，從而推動這種加速發展？

Is it shared -- part of its share gains? I'm just trying to think about the acceleration in the fourth quarter, the sustained one in -- actually a further acceleration in the United States year-to-date.

它是共享的——其部分份額收益嗎？我只是試著思考一下第四季的加速，持續的加速——實際上是美國今年迄今的進一步加速。

Maybe you could just talk a little bit about that?

也許您可以稍微談論一下這個問題？

Sure, Sanjay.

當然，桑傑。

So I'll speak to the fact that the metrics you're talking about for the fourth quarter compared to the third quarter is the acceleration you're kind of alluding to.

所以我要說的是，你所說的第四季與第三季相比的指標就是你所暗示的加速。

I think at the highest level, we should all kind of take comfort in the fact that the consumer continues to be very healthy, and we're seeing strong consumer spending and good commercial spending as well.

我認為，從最高層面來說，我們都應該對消費者持續健康的生活狀況感到欣慰，我們也看到強勁的消費者支出和良好的商業支出。

So those are important.

所以這些很重要。

As it relates to whether it's driven by share or not driven by share, frankly, quarter-over-quarter, there is very minimal impact, which is there from a share standpoint because the wins which we've talked about have been helping our volume growth in the third quarter as they have in the fourth quarter.

至於它是否由份額驅動，坦率地說，與上一季度相比，影響非常小，從份額的角度來看，因為我們談到的勝利一直在幫助我們的銷量第三季度的增長與第四季度一樣。

So it's really the underlying trends of the consumer and the merchant spend, which is helping us.

因此，真正對我們有幫助的是消費者和商家支出的潛在趨勢。

There's a little bit of lift, which is coming from crypto, which we kind of talked about, right, which is there.

有一點點提升，這是來自加密的，我們之前討論過，對吧，它就在那裡。

And there's a little bit in the nature of the travel spend pull forward kind of which I spoke about in my prepared remarks.

這有點類似於我在準備好的發言中談到的旅行支出提前的性質。

But other than that, I got to tell you, I mean, look, I mean, when you do the right things in the market, you win the right portfolios and those portfolios grow at a good pace and there's a healthy consumer, you tend to see the kind of metrics you see, which is what we're kind of showing you.

但除此之外，我得告訴你，我的意思是，看，我的意思是，當你在市場上做正確的事情時，你贏得了正確的投資組合，而這些投資組合以良好的速度成長，並且有一個健康的消費者，你往往會查看您所看到的指標類型，也就是我們向您展示的內容。

Thank you, Sachin.

謝謝你，薩欽。

Michael, any closing remarks?

邁克爾，還有什麼要說的嗎？

Well, I'm happy we got Sanjay in even though we're over time, so excellent.

好吧，我很高興我們請來了桑傑，儘管時間已經加班了，但這太棒了。

Good conversation.

很好的談話。

Thank you very much for your support as always.

非常感謝您一如既往的支持。

This is -- there was a lot going on this quarter.

這是——本季發生了很多事情。

So it was good to overrun a little bit.

所以稍微超出一點是好事。

I still want to do, what I always do is thank the 34,000 colleagues at Mastercard for being out there with our customers every day and pushing in this business forward, and thank you to all of you for your support.

我仍然想做的是，我一直在做的是感謝萬事達卡的 34,000 名同事，感謝他們每天與我們的客戶在一起並推動這項業務向前發展，並感謝大家的支持。

We'll speak to you next quarter.

我們將在下個季度與您聯繫。

Thank you very much.

非常感謝。

Thanks, everyone.

謝謝大家。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。