萬事達 (MA) 2025 Q1 法說會逐字稿

Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the Mastercard Incorporated Q1 2025 earnings conference call. (Operator Instructions) Mr. Devin Corr, Head of Investor Relations, you may begin your conference.

早安.我叫奧德拉，今天我將擔任您的會議主持人。現在，我歡迎大家參加萬事達卡公司 2025 年第一季財報電話會議。（操作員指示）投資者關係主管 Devin Corr 先生，您可以開始會議了。

Thank you, Audra. Good morning, everyone, and thank you for joining us for our first-quarter 2025 earnings call. With me today are Michael Miebach, our Chief Executive Officer; and Sachin Mehra, our Chief Financial Officer. Following comments from Michael and Sachin, the operator will announce your opportunity to get into the queue for the Q&A session. It is only then that the queue will open for questions.

謝謝你，奧德拉。大家早安，感謝大家參加我們的 2025 年第一季財報電話會議。今天和我一起的還有我們的執行長 Michael Miebach；以及我們的財務長 Sachin Mehra。在 Michael 和 Sachin 發表評論後，操作員將宣布您有機會加入問答環節的隊列。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. Both the release and the slide deck include reconciliations of non-GAAP measures to GAAP reported amounts.

除非另有說明，我們今天對財務業績的評論將以非 GAAP 貨幣中性為基礎。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. Actual performance could differ materially from these forward-looking statements.

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。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. A replay of this call will be posted on our website for 30 days. With that, I will now turn the call over to our Chief Executive Officer, Michael Miebach.

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提交給美國證券交易委員會的文件中進行了總結。本次通話的重播將在我們的網站上發布 30 天。現在，我將把電話轉給我們的執行長 Michael Miebach。

Thank you, Devin. Good morning, everyone. Before I dive into the specifics from the quarter, a few themes stand out for me. First, we delivered a fantastic first quarter. Net revenues were up 17% and adjusted net income up 13% versus a year ago, as always, on a non-GAAP currency-neutral basis.

謝謝你，德文。大家早安。在深入探討本季的具體情況之前，我首先要關注幾個主題。首先，我們第一季取得了優異的成績。與去年同期相比，淨收入增長了 17%，調整後淨收入增長了 13%，這與往常一樣，以非 GAAP 貨幣中性為基礎。

Second, we are successfully executing against the significant secular opportunity in payments. It's a core part of our growth algorithm and an opportunity in any economic environment.

其次，我們成功地抓住了支付領域重大的長期機會。這是我們成長演算法的核心部分，也是任何經濟環境中的機會。

Third, we are at the forefront of digital transformation, delivering a diverse set of solutions that address the evolving needs of our customers, capabilities that make payments simple, smart and more secure, and services that go beyond our rails and beyond payments.

第三，我們處於數位轉型的前沿，提供多樣化的解決方案來滿足客戶不斷變化的需求，使支付變得簡單、智慧和更安全，並提供超越軌道和支付範圍的服務。

Now let's get into the details. We're operating in an uncertain environment. Consumer and business sentiment has weakened, primarily due to concerns surrounding the impact from tariffs and geopolitical tensions. On the other hand, so far this year, the fundamentals that support consumer spending have been solid and our drivers are generally stable. No matter what, it remains clear that we have intentionally embedded resiliency.

現在讓我們來了解一下細節。我們在一個不確定的環境中運作。消費者和企業信心減弱，主要原因是對關稅和地緣政治緊張局勢影響的擔憂。另一方面，今年到目前為止，支撐消費支出的基本面一直穩固，我們的驅動因素整體穩定。不管怎樣，很明顯我們已經有意嵌入了彈性。

We have a well-diversified business, both from a geographic and product perspective as well as across a wide range of discretionary and nondiscretionary spend categories. We closely manage our expenses and have leave us to pull, if needed. And we remain focused on executing against our short-, medium- and long-term objectives.

我們的業務非常多元化，無論是從地理和產品角度，還是從廣泛的可自由支配和非可自由支配支出類別來看。我們嚴格管理我們的開支，如果需要的話，我們會讓我們撤離。我們將繼續專注於實現我們的短期、中期和長期目標。

There's a substantial opportunity for us to drive sustainable growth across consumer payments, commercial and new payment flows and value-added services and solutions. That's what I will focus on today.

我們有很大機會推動消費者支付、商業和新支付流程以及增值服務和解決方案的永續成長。這就是我今天要關注的重點。

Starting with consumer payments. Our innovations, including contactless capabilities and tokenization have become a foundation for payments in today's digital economy. Today, 73% of all in-person switch transactions are contactless, and approximately 35% of all our switch transactions are tokenized. These technologies will continue to play an important role as we move forward into the next phase of digital commerce, such as agentic AI.

從消費者支付開始。我們的創新，包括非接觸式功能和標記化，已成為當今數位經濟支付的基礎。如今，73% 的面對面交易都是非接觸式的，大約 35% 的轉換交易都是標記化的。隨著我們進入數位商務的下一階段，這些技術（例如代理人工智慧）將繼續發揮重要作用。

We announced Mastercard Agent Pay, to leverage our agentic tokens as well as franchise rules, fraud and cybersecurity solutions. Combined, these will help partners like Microsoft facilitate safe, frictionless, and programmable transactions across AI platforms. We will also work with companies like OpenAI to deliver smarter, more secure and more personalized agentic payments.

我們宣布推出萬事達卡代理支付，以利用我們的代理代幣以及特許經營規則、欺詐和網路安全解決方案。綜合起來，這些將幫助微軟等合作夥伴促進跨人工智慧平台的安全、無摩擦和可編程的交易。我們也將與 OpenAI 等公司合作，提供更智慧、更安全、更個人化的代理支付。

The launch of Agent Pay is an important step in redefining commerce in the AI era. We are thrilled with these collaborations as we work together to scale and build trust in agentic commerce.

Agent Pay的推出是人工智慧時代重新定義商業的重要一步。我們對這些合作感到非常興奮，因為我們共同努力擴大代理商務並建立信任。

We also continue to advance crypto payments with an end-to-end approach, collaborating with cryptocurrency platforms to allow consumers to spend their cryptocurrencies, including stablecoins at more than 150 million Mastercard acceptance locations worldwide, Kraken, OKX and Bleep among our newest card issuance partners helping to connect the crypto economy to everyday spending.

我們也繼續以端到端的方式推進加密支付，與加密貨幣平台合作，讓消費者在全球超過 1.5 億個萬事達卡受理點使用加密貨幣（包括穩定幣），Kraken、OKX 和 Bleep 是我們最新的發卡合作夥伴，幫助將加密經濟與日常消費聯繫起來。

And behind the scenes, we have enabled stablecoin settlement on the Mastercard network itself. We are working with fintech acquire Nuvei to enable the option to settle payments and stablecoins for their merchants. And we help make these payments secure with crypto secure, now actively monitoring risks for hundreds of issuers globally. This is in addition to our work on blockchain technology to unlock faster and more transparent cross-border B2B payments with our multi token network, which we discussed last quarter.

在幕後，我們已經在萬事達卡網路本身上實現了穩定幣結算。我們正在與金融科技公司 Nuvei 合作，為其商家提供結算付款和穩定幣的選項。我們透過加密安全技術幫助確保這些支付的安全，目前正在積極監控全球數百家發行機構的風險。這是我們上個季度討論過的區塊鏈技術，旨在透過多代幣網路實現更快、更透明的跨境 B2B 支付。

Our consumer payment technologies also enable us to further capture the significant secular opportunity and expand into new markets. China, for example. As we approach the one-year anniversary of the first locally switched transaction, we launched domestic on-soil tokenization capabilities. These were developed through our joint venture to make online transactions more safe and secure. Additionally, we are working to scale commercial as well as consumer payments. Over the last year, we have launched 10 new small business programs.

我們的消費者支付技術也使我們能夠進一步抓住重大的長期機會並擴展到新的市場。以中國為例。在首次本地轉換交易即將迎來一週年之際，我們推出了國內本土代幣化功能。這些都是透過我們的合資企業開發的，旨在使網路交易更加安全可靠。此外，我們正在努力擴大商業和消費者支付規模。去年，我們推出了 10 個新的小型企業計畫。

We also continue to win and renew partnerships around the globe to drive growth in consumer payments. CIMB Niaga, Indonesia's second largest private bank has chosen to transition their international branded consumer card portfolio to Mastercard. We have embarked on this long-term partnership to help enhance customer acquisition and experiences through analytics and technology.

我們也繼續在全球範圍內贏得和更新合作夥伴關係，以推動消費者支付的成長。印尼第二大私人銀行 CIMB Niaga 已選擇將其國際品牌消費卡組合轉向萬事達卡。我們已開始建立這一長期合作關係，以幫助透過分析和技術來增強客戶獲取和體驗。

We're also expanding our partnership with one of the leading regional financial groups in Latin America, Grupo Promerica across eight countries. In addition to incremental card issuance, they will utilize our consulting and data analytic capabilities to drive growth. Such strategic partnership also play an important role unlocking cash and new consumers.

我們也在八個國家擴大與拉丁美洲領先的區域金融集團之一 Grupo Promerica 的合作夥伴關係。除了增加發卡量外，他們還將利用我們的諮詢和數據分析能力來推動成長。這種策略夥伴關係也在釋放現金和新消費者方面發揮著重要作用。

There's tremendous secular opportunity in Africa. One way we unlock it is by partnering with the mobile network operators across the continent. For example, we are partnering with MTN Mobile Money in Uganda to give their subscribers the option to pay using card credentials without the need for a physical card or a bank account.

非洲有著巨大的世俗機會。我們實現這一目標的方法之一是與整個非洲大陸的行動網路營運商合作。例如，我們與烏幹達的 MTN Mobile Money 合作，讓他們的用戶可以選擇使用卡片憑證付款，而無需實體卡或銀行帳戶。

And in the UAE, we're partnering with Al Etihad Payments to launch co-badge debit and prepaid cards with the domestic scheme Jaywan. This gives us access to a new set of consumers and flows in this large high-growth market.

在阿聯酋，我們正與 Al Etihad Payments 合作，與國內計劃 Jaywan 合作推出聯合徽章借記卡和預付卡。這使我們能夠在這個龐大的高成長市場中接觸到一批新的消費者和流量。

Travel remains an important vertical and one where we are seeing continued success. Our acceptance footprint and robust service offerings are key to capturing this category of spend. This quarter, we launched a new debit co-brand card with Wyndham Rewards. And we renewed our credit co-brand partnership with Spirit Airlines with an additional agreement to launch a new debit program with them in the future.

旅遊業仍然是一個重要的垂直行業，我們正在看到該行業持續取得成功。我們的接受範圍和強大的服務產品是吸引此類支出的關鍵。本季度，我們與溫德姆獎賞計畫聯合推出了新的金融卡聯名卡。我們與精神航空續簽了信用卡聯名合作夥伴關係，並達成附加協議，未來將與他們一起推出新的金融卡計畫。

Putting it all together, we are partnering in creative ways to win share and capture the secular shift. Our decades-long innovation and payments has placed us at the forefront of today's digital commerce. And now we're positioned to lead tomorrow's advancements such as agentic AI and crypto, as I mentioned earlier.

總而言之，我們正在以創造性的方式進行合作，以贏得市場份額並抓住長期轉變。我們數十年的創新和支付使我們處於當今數位商務的前沿。正如我之前提到的，現在我們已準備好引領未來的進步，例如代理人工智慧和加密技術。

Commercial new payment flows represent another large addressable market opportunity. This quarter, we launched two commercial point-of-sale solutions, each combine our product capabilities in a modular way to meet the specific needs of varied businesses. Our business builder product combines commercial cards and tools to help entrepreneurial clients launch and scale them ventures. b1BANK will be among the first issuers to offer the program.

商業新支付流程代表著另一個巨大的潛在市場機會。本季度，我們推出了兩款商業銷售點解決方案，每個解決方案都以模組化的方式組合我們的產品功能，以滿足不同企業的特定需求。我們的商業建設者產品結合了商業卡和工具，幫助創業客戶啟動和擴大他們的企業。 b1BANK 將成為首批提供該計劃的發行商之一。

We developed mid-market accelerator to address the critical needs of the largest and fastest growing commercial segment, mid-market, it combines our digital payment technology rewards and security solutions with custom selected features like cash flow and expense management tools. We're working with Citizens to bring this to market in the United States with plans to scale globally.

我們開發了中階市場加速器來滿足最大、成長最快的商業領域中端市場的關鍵需求，它將我們的數位支付技術獎勵和安全解決方案與現金流量和費用管理工具等客製化選擇的功能相結合。我們正在與 Citizens 合作將其推向美國市場，並計劃在全球推廣。

Beyond commercial point-of-sale solutions, we are working to unlock the substantial invoice payment opportunity by enhancing our capabilities. We entered into a new partnership with Corpay to enhance our current corporate cross-border payment solutions with industry-leading currency risk management and integrated large ticket capabilities. This will give our financial institution partners a simple connection to a comprehensive suite of cross-border payment offerings regardless of ticket size and geography.

除了商業銷售點解決方案之外，我們還致力於透過增強我們的能力來釋放大量發票支付機會。我們與 Corpay 建立了新的合作夥伴關係，以透過業界領先的貨幣風險管理和整合大額支付功能來增強我們目前的企業跨國支付解決方案。這將使我們的金融機構合作夥伴能夠輕鬆連接到全面的跨境支付服務，無論票據規模和地理位置如何。

At the same time, the partnership expands the distribution reach of Mastercard move. And this goes to a broader set of small and midsized businesses, including the existing Corpay customers. Finally, we extended our agreement for Corpay to exclusively offer Mastercard virtual card programs to its customers.

同時，此次合作也擴大了萬事達卡的分銷範圍。這適用於更廣泛的中小型企業，包括現有的 Corpay 客戶。最後，我們延長了與 Corpay 的協議，讓其獨家向其客戶提供萬事達卡虛擬卡計劃。

Furthermore, we're extending our leadership in virtual cards by making it easier for businesses to access and deploy. We launched B2B Rate Manager to equip Mastercard virtual card issuers with a faster and a more scalable way to implement and use flexible interchange rates. We're also streamlining the onboarding process for issuers to deliver embedded virtual card technology into partner platforms that end corporates use every day, such as HRS and Cvent.

此外，我們正在透過讓企業更輕鬆地存取和部署虛擬卡來擴大我們在虛擬卡領域的領導地位。我們推出了 B2B 費率管理器，為萬事達卡虛擬卡發行商提供更快、更具可擴展性的方式來實施和使用靈活的交換費率。我們也簡化了發卡機構的入職流程，以便將嵌入式虛擬卡技術引入最終企業每天使用的合作夥伴平台，例如 HRS 和 Cvent。

To further scale, we continue to embed our virtual card technology into widely used platforms. ERP software company, Odoo in collaboration with Stripe, will exclusively issue Mastercard Corporate Cards integrated into Odoo's expand module available for their users in more than 20 countries.

為了進一步擴大規模，我們繼續將虛擬卡技術嵌入廣泛使用的平台中。ERP 軟體公司 Odoo 將與 Stripe 合作，獨家發行整合到 Odoo 擴充模組的萬事達卡公司卡，供 20 多個國家的用戶使用。

We're also seeing strong demand for our Mastercard Move capabilities with transaction growth up more than 35% year over year this quarter. This solution has extensive reach and broad applicability to meet the ever-growing needs of customers and businesses. Let's look at some of the most interesting use cases here.

我們也看到市場對萬事達卡 Move 功能的需求強勁，本季交易量較去年同期成長超過 35%。此解決方案具有廣泛的覆蓋率和適用性，可滿足客戶和企業不斷增長的需求。讓我們看看這裡的一些最有趣的用例。

In the person-to-person space, we now facilitate domestic transfers by simply tapping your phone, partnering with Samsung to power their new wallet P2P offering. And we support near real-time person-to-person cross-border remittances adding partners like MoneyGram, InstaPay Technologies and Curfex this quarter. Mastercard Move also enables disbursements like gig economy wage payouts to offer more flexibility and speed to businesses and individuals.

在個人對個人領域，我們現在只需輕觸手機即可實現國內轉賬，並與三星合作為其新的錢包 P2P 產品提供支援。我們支援近乎即時的個人對個人跨國匯款，本季增加了 MoneyGram、InstaPay Technologies 和 Curfex 等合作夥伴。Mastercard Move 也支援零工經濟工資支付等支出，為企業和個人提供更大的靈活性和速度。

Checkout.com0 using Mastercard Move to help enable disbursement and payment use cases for the gig economy as well as for insurance and health care merchants. And our technology can also speed up purchase return payments within minutes rather than days or weeks, which is clearly something we can all benefit from.

Checkout.com0 使用 Mastercard Move 幫助零工經濟以及保險和醫療保健商家實現支付和付款用例。而且我們的技術還可以加快購買退貨付款的速度，只需幾分鐘而不是幾天或幾週，這顯然是我們所有人都能從中受益的。

Worldpay is now using this with multiple UK merchants to deliver faster refunds. Across commercial point of sale, invoice payments and Mastercard Move, we are expanding across use cases, while making it easier and more attractive to use our solutions.

Worldpay 目前正在與多家英國商家合作使用該技術來加快退款速度。在商業銷售點、發票支付和萬事達卡移動方面，我們正在擴展用例，同時使我們的解決方案更容易使用、更有吸引力。

The third pillar of our strategy is services and solutions. We've made targeted investments in diversified solutions in high-growth areas. As we said at the Investor Day last year, approximately 85% of our value-added services and solutions revenues are recurring in nature, providing a stable baseline for growth. And we are well positioned for future growth as we continue to scale by further penetrating existing customers and targeting new buying centers and new services.

我們策略的第三個支柱是服務和解決方案。我們對高成長領域的多元化解決方案進行了有針對性的投資。正如我們去年在投資者日所說的那樣，我們約 85% 的增值服務和解決方案收入屬於經常性收入，為成長提供了穩定的基礎。隨著我們繼續擴大規模，進一步滲透現有客戶並瞄準新的採購中心和新服務，我們已為未來的成長做好了準備。

We are leveraging a one-to-many distribution with global technology partners who can embed our services as part of their value proposition. Galileo will enable ethical alerts for most of their card portfolios and integrate our open banking powered capabilities onto their platform.

我們正在與全球技術合作夥伴建立一對多分銷關係，他們可以將我們的服務嵌入到他們的價值主張中。伽利略將為其大多數信用卡組合啟用道德警報，並將我們的開放銀行功能整合到他們的平台上。

Global cybersecurity company, VikingCloud, will distribute our risk warring and cybersecurity remediation capabilities to further enable their small business clients to protect against cyber crime. And financial crime prevention company, Feedzai is extending their use of Mastercard's consumer fraud risk solution. It's already live in the UK with 14 major banks, and this partnership streamlines our ability to scale account-to-account fraud solutions to new markets globally.

全球網路安全公司 VikingCloud 將分發我們的風險預警和網路安全補救功能，以進一步幫助其小型企業客戶防範網路犯罪。金融犯罪預防公司 Feedzai 正在擴大使用萬事達卡的消費者詐欺風險解決方案。它已經在英國與 14 家主要銀行合作上線，這種合作關係簡化了我們將帳戶對帳戶詐欺解決方案擴展到全球新市場的能力。

To further penetrate existing customers, we bring differentiated solutions that drive impact throughout their value chain. This can be across consumer onboarding, activation, and usage, all the while making payments safe and secure. Our services help balance a positive frictionless consumer onboarding experience with ensuring consumers are who they say they are.

為了進一步滲透現有客戶，我們提供差異化的解決方案，以影響他們的整個價值鏈。這可以涵蓋消費者的入職、啟動和使用，同時確保支付的安全。我們的服務有助於在積極無摩擦的消費者入職體驗與確保消費者身分真實之間取得平衡。

Tangerine Bank in Canada is using our account opening identity solutions to do just that. And bringing our identity attributes and open banking solutions together, we have helped experience, enhance their digital checking account offerings within experience smart money. Once those customers are onboarded, our assets can support their ongoing engagement and loyalty, resulting in improved customer satisfaction.

加拿大 Tangerine 銀行正在使用我們的開戶身分解決方案來實現這一目標。透過將我們的身份屬性和開放銀行解決方案結合在一起，我們幫助體驗並在體驗智慧貨幣中增強他們的數位支票帳戶產品。一旦這些客戶加入，我們的資產就可以支持他們持續的參與和忠誠度，從而提高客戶滿意度。

For example, we help power Sam's Club loyalty rewards program, and we're working with First Abu Dhabi Bank to develop an AI-powered concierge integrated into the bank's Mastercard offers platform. This innovative solution will help customers discover and access card offers and benefits in a contextual manner.

例如，我們幫助支持山姆會員商店的忠誠度獎勵計劃，並且我們正在與阿布達比第一銀行合作開發一個整合到該銀行萬事達卡優惠平台的人工智慧禮賓服務。這項創新解決方案將幫助客戶以情境化的方式發現和取得卡片優惠和福利。

Additionally, our business and market insight services help our customers with portfolio optimization. We've combined our consulting expertise and analytics insights to help customers like Intesa Sanpaolo to optimize the program performance.

此外，我們的業務和市場洞察服務可協助我們的客戶優化投資組合。我們結合諮詢專業知識和分析見解，幫助 Intesa Sanpaolo 等客戶優化計畫績效。

We also provide tools to protect our customers and the ecosystem more broadly. Last year, we enhanced our AI-powered decision intelligence to supercharge our fraud scoring and detection rates and it's working, detecting more than 40% more fraud versus quarter one last year.

我們還提供工具來更廣泛地保護我們的客戶和生態系統。去年，我們增強了人工智慧決策智能，以提高我們的詐欺評分和檢測率，並且效果顯著，與去年第一季相比，檢測到的詐欺行為增加了 40% 以上。

On the cybersecurity front, Recorded Future just unveiled malware intelligence. It's a new capability, enabling proactive threat prevention for any business using real-time AI powered intelligence insights. These are just two examples how we deploy AI.

在網路安全方面，Recorded Future 剛剛公佈了惡意軟體情報。這是一項新功能，可使用即時人工智慧智慧洞察為任何企業提供主動威脅預防。這只是我們部署人工智慧的兩個例子。

Taking a step back, AI is deeply ingrained in our business. We have access to an enormous amount of data, and this uniquely positions us to enhance our AI's performance resulting in greater accuracy and reliability. And we're deploying AI to enable many solutions in market today. In fact, in 2024, AI enabled approximately one in three of our products within value-added services and solutions.

退一步來說，人工智慧已經深深植根於我們的業務。我們可以存取大量數據，這使我們能夠增強人工智慧的效能，從而提高準確性和可靠性。我們正在部署人工智慧來實現當今市場上的許多解決方案。事實上，到 2024 年，人工智慧將使我們在增值服務和解決方案中的大約三分之一的產品成為可能。

Simply put, our services are focused on areas that truly matter to our customers, both in payments and beyond. And we're intentionally investing in areas like AI-powered threat intelligence that are right with opportunities for growth.

簡而言之，我們的服務專注於對客戶真正重要的領域，包括支付領域和其他領域。我們有意投資於人工智慧威脅情報等具有成長機會的領域。

Today, I've shared numerous wins, partnerships, and new product innovations. The execution is evident and our momentum continues.

今天，我分享了無數的勝利、合作夥伴關係和新產品創新。執行效果顯而易見，我們的勢頭還在繼續。

So I want to wrap up with some key takeaways for you. We delivered another quarter of very strong results. We are monitoring the macro environment and prepared to adjust as needed. We have a broad set of solutions that drive value for our customers with a strong, resilient, and diversified business model. And most importantly, we are focused on delivering our strategy and growth for the long term. Sachin, over to you.

因此，我想為大家總結一些關鍵要點。我們又取得了一個非常強勁的季度業績。我們正在監控宏觀環境並準備根據需要進行調整。我們擁有廣泛的解決方案，可透過強大、有彈性且多樣化的業務模式為客戶創造價值。最重要的是，我們專注於實現我們的長期策略和成長。薩欽，交給你了。

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

謝謝，麥可。翻到第 3 頁，該頁顯示了我們第一季的財務業績，以貨幣中性為基礎，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 17%, reflecting continued growth in our payment network and our value-added services and solutions. Acquisitions contributed 1 ppt to this growth. Operating expenses increased 14%, including a 4 ppt increase from acquisitions. And operating income was up 19%, which includes a 1 ppt headwind from acquisitions.

淨收入成長 17%，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。收購為此成長貢獻了 1 個百分點。營運費用增加了 14%，其中收購費用增加了 4 個百分點。營業收入成長 19%，其中包括收購帶來的 1 個百分點的阻力。

Net income and EPS increased 13% and 16%, respectively, driven primarily by the strong operating income growth, partially offset by a higher effective tax rate due to the impact of the global minimum tax rules commencing in the current period.

淨收入和每股收益分別增長 13% 和 16%，主要得益於強勁的營業收入增長，但受本期開始實施的全球最低稅規則的影響，有效稅率有所提高，部分抵消了這一增長。

EPS was $3.73, which includes an $0.08 contribution from share repurchases. During the quarter, we repurchased $2.5 billion worth of stock and an additional $884 million through April 28, 2025.

每股收益為 3.73 美元，其中包括股票回購貢獻的 0.08 美元。本季度，我們回購了價值 25 億美元的股票，截至 2025 年 4 月 28 日又回購了價值 8.84 億美元的股票。

Now turning to page 4. Let's first look at some of our key volume drivers for the first quarter on a local currency basis. Worldwide gross dollar volume or GDV increased by 9% year-over-year. In the US, GDV increased by 7% with credit growth of 6% and debit growth of 8%. This growth was impacted by the lapping of the Citizens debit portfolio migration to Mastercard, which commenced in Q1 2024.

現在翻到第 4 頁。讓我們先以當地貨幣為基礎來看第一季的一些關鍵銷售驅動因素。全球總美元交易量或GDV年增9%。在美國，GDP成長了7%，其中信貸成長了6%，借記增加了8%。這一增長受到了 2024 年第一季開始的公民借記卡組合向萬事達卡遷移的影響。

Outside of the US, volume increased 10% with credit growth of 9% and debit growth of 12%. Overall, cross-border volume increased 15% globally for the quarter, in line with expectations and reflecting continued growth in both travel and non-travel related cross-border spending.

在美國以外，交易量增加了 10%，其中信貸成長了 9%，借記增加了 12%。總體而言，本季全球跨境交易量成長了 15%，符合預期，反映出旅遊和非旅遊相關跨境支出的持續成長。

Turning now to page 5. Let's talk about switch transactions, which grew 9% year-over-year in Q1, 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 73% of all in-person switched purchase transactions. In addition, card growth was 6%. Globally, there are 3.5 billion Mastercard and Maestro-branded cards issued.

現在翻到第 5 頁。讓我們來談談轉換交易，第一季年增 9%，持卡人和無卡人的成長率都保持強勁。銀行卡支付的成長部分得益於非接觸式支付普及率的提高，因為非接觸式支付目前佔所有面對面購買交易的約 73%。此外，信用卡成長了6%。全球已發行 35 億張萬事達卡和 Maestro 品牌卡。

Turning to slide 6 for a look into our net revenue growth rates for the first quarter discussed on a currency-neutral basis. Payments network net revenue increased 16%, primarily driven by domestic and cross-border transaction and volume growth. It also includes growth in rebates and incentives.

請翻到投影片 6，以貨幣中性為基礎討論第一季的淨收入成長率。支付網絡淨收入成長 16%，主要得益於國內和跨國交易和交易量的成長。它還包括回扣和獎勵的增長。

Value added services and solutions net revenue increased 18%. This includes a 4 percentage point increase from acquisitions. The remaining 15% increase was driven primarily by the scaling of our security and digital and authentication solutions as well as demand for our consumer acquisition and engagement services. It was also driven by growth in our underlying drivers and pricing.

增值服務和解決方案淨收入成長18%。其中，收購帶來了 4 個百分點的成長。剩餘 15% 的成長主要得益於我們的安全和數位及身分驗證解決方案的擴展以及對我們的消費者獲取和參與服務的需求。這也受到我們潛在驅動力和定價成長的推動。

Now let's turn to page 7 to discuss key metrics related to the payment network. Again, all growth rates are described on a currency-neutral basis unless otherwise noted. Looking quickly at each key metric.

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。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。快速查看每個關鍵指標。

Domestic assessments were up 12%, while worldwide GDV grew 9%. The 2 ppt difference is primarily driven by mix and pricing. Cross-border assessments increased 18%, while cross-border volumes increased 15%. The 3 ppt difference is primarily driven by pricing in international markets.

國內評估值上漲了 12%，而全球 GDV 則成長了 9%。2個百分點的差異主要是由產品組合和定價所造成的。跨國評估增加了18%，跨國交易量增加了15%。3個百分點的差異主要是由國際市場定價造成的。

Transaction processing assessments were 17%, while switched transactions grew 9%. The 7 ppt difference is primarily due to revenue related to FX volatility, favorable cross-border mix and pricing. Other network assessments were $231 million this quarter. As a reminder, these assessments primarily relate to licensing, implementation and other franchise fees and may fluctuate from period to period.

交易處理評估為 17%，而轉換交易增加了 9%。7個百分點的差異主要是由於與外匯波動、有利的跨國組合和定價相關的收入。本季其他網路評估為 2.31 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，並且可能會隨時間波動。

Moving on to page 8. You can see that on a non-GAAP currency-neutral basis, excluding special items, total adjusted operating expenses increased 14%, which includes a 4 ppt impact from acquisitions. This growth was primarily driven by increased spending to support the continued execution of our strategic initiatives.

翻到第 8 頁。您可以看到，在非 GAAP 貨幣中性基礎上，不包括特殊項目，調整後的總營運費用增加了 14%，其中包括收購帶來的 4 個百分點的影響。這一增長主要得益於我們為支持繼續執行策略計劃而增加的支出。

Total adjusted operating expenses were lower than expected this quarter, primarily due to the cadence of expenses between the first quarter and the remainder of the year. Turning now to page 9. Let me comment on the operating metric trends for the first quarter and the first four weeks of April.

本季調整後的總營業費用低於預期，主要原因是第一季和今年剩餘時間之間的費用節奏。現在翻到第 9 頁。讓我評論一下第一季和四月前四周的營運指標趨勢。

Starting with Q1, we saw a healthy consumer and business spending. Our operating metrics remain generally stable after adjusting for the following three items: first, the leap year in Q1 2024, which reduced Q1 2025 growth by over 1 ppt across switch volumes, switched transactions, and cross-border volumes; second, the timing of Easter and other holidays. Easter occurred in April this year as compared to the end of Q1 in 2024. And finally, as it relates to cross-border travel, we saw a pull forward of spend into Q4 2024 from Q1 2025, as we mentioned on our last earnings call.

從第一季開始，我們看到消費者和企業支出表現良好。在調整以下三個因素後，我們的營運指標整體保持穩定：第一，2024 年第一季度是閏年，這導致 2025 年第一季的交換量、交換交易量和跨境量的增長率均下降了 1 個百分點以上；第二，復活節與其他節日的時間安排。今年的復活節發生在四月，而 2024 年第一季末。最後，就跨境旅行而言，正如我們在上次收益電話會議上提到的那樣，我們看到支出從 2025 年第一季提前到 2024 年第四季。

Now turning to the first four weeks of April, sequentially, switched volumes, switched transactions and trust border volumes also remained generally stable after adjusting for the points I just mentioned. Let me double-click on cross-border for a minute. Cross-border travel growth broadly remained strong, but we are seeing some moderation in select markets in the Middle East and Africa as they come off recent periods of extremely high growth.

現在轉向四月份的前四周，在調整了我剛才提到的點之後，轉換量、轉換交易量和信託邊界量也依次保持總體穩定。讓我雙擊一下跨國。跨境旅遊成長總體上保持強勁，但我們看到中東和非洲的部分市場有所放緩，因為它們剛剛經歷了近期的極高成長。

Cross-border card not present ex travel growth continued to be very strong. Summing it up, total cross-border continued to grow at a healthy clip, with 16% growth year-to-date through April 28 on a local currency basis.

跨境無卡旅行成長持續強勁。總而言之，跨境總額持續保持健康成長，截至 4 月 28 日，以當地貨幣計算，今年迄今成長了 16%。

Turning now to page 10. I wanted to share our thoughts for the remainder of the year. The headline is that our business remains strong and consumer spending remains healthy. On the macroeconomic front, the fundamentals that support consumer and business spending have been solid to date. Specifically, unemployment rates remain low and for the most part, wage growth continues to outpace the rate of inflation.

現在翻到第 10 頁。我想分享我們對今年剩餘時間的想法。標題是我們的業務依然強勁，消費者支出依然健康。在宏觀經濟方面，迄今為止，支持消費者和企業支出的基本面一直穩固。具體而言，失業率仍然很低，而且薪資成長大部分持續超過通貨膨脹率。

At the same time, increased economic and geopolitical uncertainty has weakened sentiment and creates risks. But remember, our business is diversified. And that is true across products and services, discretionary and nondiscretionary spend categories, domestic and cross-border spend, and countries and corridors.

同時，經濟和地緣政治不確定性的增加削弱了市場情緒並帶來了風險。但請記住，我們的業務是多樣化的。無論是產品和服務、可自由支配和非可自由支配的支出類別、國內和跨境支出，還是國家和通路，都是如此。

For example, when looking at cross-border corridor pairs, meaning the inbound and outbound flows between two countries, no cross-border corridor pair represented more than 3% of our total cross-border volume in 2024. This diversification brings resilience as does our disciplined approach to capital allocation. We will continue to monitor the external environment and have expense levers to adjust if necessary.

例如，當查看跨境走廊對（即兩個國家之間的入境和出境流量）時，沒有任何一條跨境走廊對占我們 2024 年跨境總流量的 3% 以上。這種多樣化帶來了彈性，就像我們對資本配置的嚴謹方法一樣。我們將繼續監測外部環境，並在必要時調整費用槓桿。

Now turning to our expectations for the full year 2025. Our base case assumes consumer spending remains healthy. We continue to expect net revenue to grow at the high end of a low double digits to low teens range on a currency-neutral basis, excluding acquisitions.

現在來談談我們對 2025 年全年的預期。我們的基本假設是消費者支出保持健康。我們仍然預計，扣除收購因素，淨收入將在匯率中性基礎上實現低兩位數至低十位數的高成長。

Acquisitions are expected to add 1 to 1.5 ppt to this growth rate for the year. Given recent currency fluctuations, we now estimate a minimal impact from foreign exchange. From an operating expense standpoint, we continue to expect growth to be at the low end of a low double-digits range versus a year ago on a current neutral basis, excluding acquisitions and special items. Acquisitions are forecasted to increase the OpEx growth rate for the year by approximately 5 ppt, while we expect a minimal impact from foreign exchange.

預計收購將使今年的成長率增加 1 至 1.5 個百分點。鑑於最近的貨幣波動，我們現在估計外匯的影響很小。從營運費用的角度來看，我們仍然預計，與去年同期相比，在當前中性基礎上（不包括收購和特殊項目），成長率將處於低兩位數區間的低端。預計收購將使今年的營運支出成長率提高約 5 個百分點，而我們預計外匯的影響將微乎其微。

Now turning to the second quarter of 2025. Year-over-year net revenue growth is expected to be at the low teens range on a currency-neutral basis, excluding acquisitions. Acquisitions are forecasted to have a 1 to 1.5 ppt impact to this growth rate while we expect a minimal impact from foreign exchange for the quarter.

現在轉向 2025 年第二季。預計年比淨收入成長（不包括收購）將達到低十幾個百分點（以貨幣中性計算）。預計收購將對這一成長率產生 1 至 1.5 個百分點的影響，而我們預計本季外匯的影響將微乎其微。

From an operating expense standpoint, we expect Q2 growth to be at the low end of a low double digits range versus a year ago, again, on a currency neutral basis, excluding acquisitions and special items. Acquisitions are forecasted to have a 4 to 5 ppt impact to this OpEx growth while we expect a minimal impact from foreign exchange for the quarter.

從營運費用的角度來看，我們預期第二季的成長率將與去年同期相比處於低兩位數區間的低端，同樣是基於貨幣中性基礎，不包括收購和特殊項目。預計收購將對營運支出成長產生 4 至 5 個百分點的影響，而我們預計本季外匯的影響將微乎其微。

Other items to keep in mind. On other income and expenses, in Q2, we expect an expense of approximately $135 million, given the prevailing interest rates and debt levels. This excludes gains and losses on our equity investments, which are excluded from our non-GAAP metrics.

其他需要注意的事項。關於其他收入和支出，考慮到現行利率和債務水平，我們預計第二季的支出約為 1.35 億美元。這不包括我們的股權投資的收益和損失，這些收益和損失不在我們的非公認會計準則指標之內。

.This expense is higher than the first quarter, primarily due to three factors: first, Q1 benefited from a onetime interest income impact related to a tax matter; second, we expect interest income to decrease in the second quarter due to expected lower average cash balance; and third, we expect incremental interest expense in Q2 related to our recent debt issuance.

該費用高於第一季度，主要由於三個因素：第一，Q1受益於與稅務問題相關的一次性利息收入影響；第二，我們預計第二季度利息收入將因預期平均現金餘額下降而減少；第三，我們預計第二季度與我們最近發行的債務相關的利息支出將增加。

Finally, we expect our non-GAAP tax rate to be at the 20% to 20.5% range for both Q2 and the full year based on the current geographic mix of our business. As a reminder, the Q1 tax rate was lower due to discrete tax benefits related to share-based payments in the first quarter. And with that, I will turn the call back over to Devin.

最後，根據我們業務的當前地理分佈，我們預計第二季和全年的非 GAAP 稅率將在 20% 至 20.5% 之間。提醒一下，由於第一季與股票支付相關的單獨稅收優惠，第一季的稅率較低。說完這些，我將把電話轉回給德文。

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

謝謝你，薩欽。謝謝你，麥可。奧德拉，現在您可以開始提問了。

(Operator Instructions) Harshita Rawat, Bernstein.

（操作員說明）Harshita Rawat，伯恩斯坦。

Sachin, can you give us more color on the composition of the cross-border business? I know you said no cross-border corridor is more than 3% this volume. Is it fair to say that travel is about two-third e-com remainder and within e-commerce, is there -- is the bulk of e-retail? I'm just trying to get a sense of like US inbound overall on travel and e-com? Thank you.

Sachin，您能否向我們詳細介紹跨境業務的組成？我知道您說過，沒有一條跨境走廊的運輸量超過這一水平的 3％。是否可以說，旅遊業佔電子商務剩餘部分的三分之二，而在電子商務中，旅遊業是否佔電子零售的大部分？我只是想了解美國入境旅遊和電子商務的整體情況？謝謝。

Sure, Harshita. So just a little bit of color. One of the reasons why we wanted to kind of share that statistic, which I did, which was around -- the fact that no cross-border corridor pair is greater than 3% of total cross-border volume in 2024 was essentially to share with you that we have a very diversified portfolio. There is no overdependence on any one corridor pair which actually is going to influence our numbers one way or the other. So that's kind of point number one.

當然，Harshita。所以只有一點點顏色。我們想要分享這項統計數據的原因之一，也就是我所做的那樣——事實上，到 2024 年，沒有一對跨境走廊的貿易額超過跨境總貿易額的 3%，這主要是為了告訴大家，我們擁有非常多元化的投資組合。我們不會過度依賴任何一條走廊，因為這實際上會以某種方式影響我們的數字。這就是第一點。

The second thing I'll mention to you is, I think we had shared some statistics back a few years ago as it relates to what our mix of cross-border travelers vis-a-vis cross-border (technical difficulty) and this was back -- I think it was during the COVID time frame, where we had mentioned that card-not present and card-present cross-border was roughly half and half and one-third of the card-not present was travel related. So we've kind of given you some general sense on that.

我要提到的第二件事是，我記得幾年前我們曾分享過一些統計數據，這些數據與我們的跨境旅客與跨境（技術難度）的組合有關，那是在 COVID 期間，我們曾提到無卡和有卡跨境的情況大約各佔一半，而三分之一的無卡情況與旅行有關。我們已經為你提供了一些關於這方面的一般概念。

And you should assume with the business of our size that things generally tend not to move around big time over cost a couple of years as it relates to the mix. So that's generally what we kind of shared with you there.

並且您應該假設，對於我們這種規模的企業來說，在組合方面，事情通常不會在幾年內發生很大的變化。這就是我們與你們分享的基本內容。

As it relates to the card-not present ex travel component, you continue to see some really solid growth there. You can see that in the metrics that we've got here. And look, I mean, when COVID happened, COVID changed a lot of things, right? I mean the world win more digital, merchants win more omnichannel, more people were shopping online, and this was true both in the domestic environment as well as in the cross-border environment. And you're kind of seeing that sustained growth come through even now.

由於它與無卡旅行部分相關，您會繼續看到那裡出現一些真正穩健的增長。您可以從我們這裡得到的指標中看到這一點。我的意思是，當 COVID 發生時，COVID 改變了很多事情，對吧？我的意思是，世界變得更加數位化，商家更加全通路，更多的人開始在線上購物，無論是在國內環境還是跨境環境中都是如此。並且現在你仍然可以看到這種持續的成長。

So net-net, what I'd tell you is I feel pretty good about how our portfolio is positioned. We continue to stay very focused in growing our portfolio, which is cross-border focused for all the right reasons. Not every portfolio is going to be ones we'll go after, but the ones we do go after, we see good promise for growth. And you're seeing that come through in the metrics which we've shared with you.

所以總體來說，我想告訴你們的是，我對我們的投資組合的定位感到非常滿意。我們將繼續高度重視擴大我們的投資組合，並且出於所有正確的理由，我們專注於跨國投資。我們不會投資每一個投資組合，但對於我們投資的投資組合，我們看到了良好的成長前景。您可以從我們與您分享的指標中看到這一點。

Andrew Jeffrey, Truist Securities

Truist Securities 的 Andrew Jeffrey

William Blair these days, fortunately. I appreciate it. I wonder if I could dig in a little bit on the economics of your tokenized offerings. Michael, I think you said they're 35% -- 35%, I guess, I'm assuming card-not-present transactions are now tokenized. Can you just speak to where you think that number can go? And what that means that economically for Mastercard over the next several years?

幸運的是，威廉布萊爾最近表現不錯。我很感激。我想知道我是否可以深入了解您的代幣化產品的經濟學。邁克爾，我想你說的是 35%——我猜是 35%，我假設無卡交易現在已經被標記化了。您能否說說您認為這個數字會達到多少？這對萬事達卡未來幾年的經濟意味著什麼？

Right. So first of all, this is our approach around tokenization, very important technology drives more security, makes the user experience. And we wanted to scale this. And you -- I gave you a stat earlier that 35% of our splits transactions are now tokenized. So initially, the strategy was put it out there and get a base level offering across the world.

正確的。首先，這是我們圍繞標記化的方法，非常重要的技術可以提高安全性，並改善使用者體驗。我們希望擴大這一規模。我之前給過你一個統計數據，我們 35% 的拆分交易現在都已代幣化。因此，最初的策略是將其推向市場並在全球範圍內提供基礎級別的服務。

And we said, okay, let's start to build solutions on top of our tokenization platform, and we put in life cycle management and the likes. And we started to price for that, because that is additional value that we put out, and we've seen the benefit of three-fourth of that pricing from our international markets.

我們說，好吧，讓我們開始在我們的標記化平台上建立解決方案，並加入生命週期管理之類的東西。我們開始為此定價，因為這是我們提供的附加價值，而且我們已經從國際市場上看到了四分之三的定價優勢。

So that is where we are today, and we're going to continue to monitor that as great demand and tokenization. And I gave you an update that even in China, we built a locally based developed solution to drive the same kind of impact in China for us.

這就是我們今天所處的位置，我們將繼續監測巨大的需求和標記化。我向你們通報了最新情況，即使在中國，我們也建立了本地開發的解決方案，以便在中國產生同樣的影響。

When you start to think about where we are going as we were talking about agentic commerce where, again, token technologies, it's the center of that. You can start to see there's a lot of value created and our pricing strategies, we always strive to recoup some of our investments and share in the value that we create for our customers. So that's the broad direction.

當你開始思考我們要去哪裡時，我們談論的是代理商務，而代幣技術又是代理商務的中心。您可以開始看到我們創造了很多價值，我們的定價策略始終致力於收回部分投資並分享我們為客戶創造的價值。這就是大致的方向。

Tien-Tsin Huang, JPMorgan.

摩根大通的黃天津。

Great results, of course, on the -- especially on the growth side. I just want to dig into the operating expenses and the cadence there. Sachin, I think you said slow start to some spending. I just want to understand the cadence a little bit more. And what's discretionary versus nondiscretionary growth versus maintenance?

當然，尤其是在成長方面，取得了巨大的成果。我只是想深入了解營運費用和節奏。薩欽，我認為你說的是一些支出開始緩慢增長。我只是想多了解節奏。那麼，可自由支配的成長、不可自由支配的成長和維持又是什麼呢？

And I think there's some one-timers for recorded future integration. So I just want to better understand that given it's running double digits overall. Thanks.

我認為有一些一次性事件可以記錄未來的整合。因此，我只是想更好地理解這一點，因為總體而言，它的成長率是兩位數。謝謝。

Sure, Tien-Tsin. So on OpEx, like I mentioned, operating expense in the first quarter came in slightly lower than what we had originally anticipated, primarily due to the cadence point which you were mentioning out here, which is specifically as it relates to there are several areas in which we were expecting to actually incur expense in the first quarter.

當然，Tien-Tsin。因此，就營運支出而言，正如我所提到的，第一季的營運費用略低於我們最初預期的水平，這主要是由於您在此處提到的節奏點，具體而言，它與我們預計第一季度實際產生費用的幾個領域有關。

For example, in A&M, we expect A&M advertising and marketing, which I know you know, was expected to be higher. It came in slightly lower. And again, it's not because we're not going to do the spend. It's just a question of timing based on when sponsorships take place. When we have to activate around those sponsorships, when we do the media around those sponsorship. So that's kind of one area.

例如，在 A&M，我們預計 A&M 的廣告和行銷將會更高。它稍微低一點。再說一次，這並不是因為我們不打算花錢。這只是一個基於贊助發生時間的時間問題。當我們必須圍繞這些贊助開展活動時，當我們圍繞這些贊助開展媒體活動時。這是一種領域。

But in addition to that, right, we do expect from a cadence standpoint, that as the year continues that you will see, particularly in the second half and increase in operating expenses, which will take place because we do have plans to make investments and there are several areas which we will make investments on such as investing in the great secular opportunity that Michael was talking about, right?

但除此之外，從節奏的角度來看，我們確實預計，隨著時間的推移，特別是在下半年，營運費用會增加，這是因為我們確實有投資計劃，而且我們將在幾個領域進行投資，比如投資邁克爾談到的巨大的長期機會，對吧？

I mean we've got this opportunity in front of us. We believe it's there in several markets across the globe. We do plan to invest in frontline resources to actually tap into that opportunity and that would be one area.

我的意思是我們面前有這個機會。我們相信它存在於全球多個市場。我們確實計劃投資一線資源來真正抓住這個機會，這將是一個領域。

The second area I would tell you is around hardening of infrastructure, right? This is something as a payment network, which is really important. It's important that we continue to invest in our infrastructure in order to deliver to our customers, what our customers expect from us. So that will be another area where we'll be focused from an expense standpoint.

我想告訴你的第二個領域是加強基礎設施，對嗎？這是一個支付網絡，非常重要。重要的是，我們要繼續投資於我們的基礎設施，以便向客戶提供我們期望的服務。因此，從費用角度來看，這將是我們關注的另一個領域。

And finally, I'll mention that we continue to see good growth from a services standpoint. And we'll continue to invest in areas from a services standpoint, from a product development and capabilities perspective. So several areas.

最後，我想說的是，從服務的角度來看，我們繼續看到良好的成長。我們將繼續從服務角度、產品開發和能力角度進行投資。有這麼幾個區域。

The cadence is, like you said, it was a little lower in the first quarter. We expect it to ramp up as we go through the remainder of the year. We've given you guidance on operating expenses for the second quarter. So I think you can back into what we expect in the second half based on what I've given you in full year guidance and but you kind of now have visibility for the first half of the year.

正如您所說，第一季度的節奏稍微低一些。我們預計，在今年剩餘時間內，這一數字將會上升。我們已為您提供第二季營運費用的指導。因此，我認為您可以根據我給出的全年指導來重新評估我們對下半年的預期，但您現在對上半年的情況已經有了大致的了解。

On your question on recorded future, again, we've shared with you what we think the impact of two acquisitions would be, which is Recorded Future and Minna. And Recorded Future being the larger of the two.

關於您對 Recorded Future 的疑問，我們再次與您分享了我們認為兩次收購（即 Recorded Future 和 Minna）的影響。其中 Recorded Future 是兩者中較大的一家。

And just as a reference point, at the last earnings call, we had shared with you on these acquisitions that roughly 2.5 percentage points of the growth we are talking about from acquisitions is run rate expenses. That is the expense to run the business.

作為參考，在上次收益電話會議上，我們與大家分享了這些收購的情況，我們所談論的收購帶來的增長中大約 2.5 個百分點是運行率費用。這就是經營業務的費用。

Approximately 1% relates to the amortization of intangibles and the remaining relates to onetime integration costs and other expenses, which we have to incur more in a onetime nature standpoint. And nothing's changed from what we shared with you three months ago on that.

約 1% 與無形資產攤銷有關，其餘則與一次性整合成本和其他費用有關，從一次性角度來看，我們必須承擔更多。與我們三個月前分享的內容相比，沒有任何改變。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

Thank you. Good morning, Michael and Sachin, and this might be a question for both of you. I know you're seeing resilience on the part of the consumer. But I'm just curious if you just peel back the onion a little bit. Is there anything that you're seeing that concerns you in terms of the health and the consumer and spending habits, especially with tariffs and such.

謝謝。早安，麥可和薩欽，這可能是你們兩個的問題。我知道您看到了消費者的韌性。但我只是好奇，如果你稍微剝一下洋蔥。您是否發現任何與健康、消費者和消費習慣相關的令人擔憂的事情，尤其是關稅等。

I know like this quarter seemed to come in a little bit stronger than expected, but you're not revising the outlook. Just want to make sure that there's nothing -- is that just prudence or something you're seeing? Thanks.

我知道本季的表現似乎比預期要強勁一些，但你不會修改前景。只是想確保沒有任何事情——這只是謹慎還是您所看到的？謝謝。

Let me start off and then Sachin always has plenty of detail to deep dive in. So overall, I mean, first of all, we have a very unique lens on consumer spending. This is across the world. So we have regional data to look at, and I'll give you some highlights around that.

讓我先說一下，Sachin 總是有很多細節可以深入探討。所以總的來說，首先，我們對消費者支出有非常獨特的看法。這是全世界的事。因此，我們需要查看區域數據，我將向您提供一些重點內容。

The second thing is, for us, we obviously look for trends and see what matters to consumers. And some of the fundamental truths that we put out into our 2025 economic outlook that we issued through the Mastercard Economics Institute was that we expect the consumer to remain engaged, that we expect the consumer to appreciate experiences and spend experiences.

第二件事是，對我們來說，我們顯然會尋找趨勢並了解消費者關心的事情。我們透過萬事達卡經濟研究所發布的 2025 年經濟展望中提出的一些基本事實是，我們期望消費者繼續參與，我們期望消費者珍惜體驗並消費體驗。

And the one thing that's to be said about an engaged consumer, it also means it's a consumer that is leveraging all the tools that the digital economy offers the consumer in terms of finding what's the best deal, looking for the best deal. So it's not so much about spending up and down, but it's also the choices -- so the engaged consumer is using all the tools of the digital economy to make expense decisions and decide between discretionary and nondiscretionary spending. So that's overall, none of this has changed.

關於參與型消費者，有一點要說，那就是消費者會利用數位經濟提供給消費者的所有工具來尋找最優惠的價格。因此，這不僅關乎支出的增加或減少，也關乎選擇——參與的消費者正在使用數位經濟的所有工具來做出支出決策，並在可自由支配的支出和非可自由支配的支出之間做​​出決定。整體來說，這一切都沒有改變。

In our data, we don't really see significant upfront -- upfronting of spending. So that's another trend that came through. That was your specific angle of your question.

在我們的數據中，我們並沒有真正看到大量的預付支出。這是另一個出現的趨勢。這是您提出問題的具體角度。

If I look across the Board, this isn't -- hasn't shown in any of the regions. In the US, we see generally stable spending. Europe, a bit more of a challenging environment, but also generally spending in Asia. If you look at another big region there, China came in a little bit ahead of what they said or they initially had projected under economic growth. And here, we see tremendous spending coming through our data, but it's really driven by share gain, which is also something always to distinguish.

如果我全面觀察，就會發現這並沒有在任何一個地區表現出來。在美國，我們看到支出大致穩定。歐洲的環境更具挑戰性，但亞洲的支出也普遍較高。如果你看看另一個大地區，你會發現中國的經濟成長速度比他們所說的或最初預測的要快一些。在這裡，我們透過數據看到了巨大的支出，但這實際上是由份額成長推動的，這也是需要始終區分的事情。

So overall, nothing particularly concerning at this point in time. The headline of our trends have generally remained stable, is very much on.

所以總的來說，目前沒有什麼特別值得關注的事。我們的趨勢整體保持穩定，非常準確。

Yeah. So, I just add a couple of points here. You kind of talked about the beat in Q1. So a couple of things which I wanted to share with you. The beat in Q1 was primarily driven by two factors: one was higher levels of FX volatility and lower rebates and incentives than what our expectations were.

是的。因此，我在這裡只補充幾點。您談到了第一季的節拍。有幾件事我想與你們分享。第一季業績超出預期主要受兩個因素影響：一是外匯波動性較高，而回扣和獎勵低於我們的預期。

And so when I kind of think about that and I think about the implications of the full year, I perfectly well expect that rebates and incentives because it's a timing issue as far as I'm concerned, will actually occur as it as the year goes along. We continue to remain very active in the market. We're going to continue to do the deals we need to do as part of that process. And as you and I both know, the FX volatility is super hard to predict. So you had the tailwind from FX volatility in Q1, and that's what we've got.

因此，當我考慮這一點並考慮全年的影響時，我完全可以預期回扣和獎勵會隨著時間的推移而實際發生，因為就我而言，這是一個時間問題。我們在市場上繼續保持非常活躍。作為這一進程的一部分，我們將繼續完成我們需要完成的交易。正如你我所知，外匯波動極難預測。因此，您在第一季獲得了外匯波動的順風，而這正是我們所得到的。

Other point I'll mention to you is you asked about what is the impact in addition to what Michael just mentioned, what we are seeing is inbound into the US. And in terms of cross-border travel, you are seeing some level of moderation take place there, no question about it. And this has been particularly true in the latter half of Q1 and going into the first four weeks of April.

我要向您提及的另一點是，您詢問除了邁克爾剛才提到的之外還有哪些影響，我們看到的是流入美國的商品。就跨境旅行而言，你會看到那裡出現了一定程度的緩和，這是毫無疑問的。這種情況在第一季後半段以及 4 月前四周尤為明顯。

That being said, what you are seeing is what is not coming into the US is going into other regions. So this is where the beauty of the diversified business model comes into play. So you are seeing actually better trends in terms of cross-border, for example, in Europe, for example, in the Middle East and Africa, Asia Pacific. And so again, that's why when you look at the numbers in the macro, it shows you stability, but there are puts and takes which take place as part of the process.

話雖如此，你所看到的是沒有進入美國的資金卻流向了其他地區。這就是多元化商業模式的魅力。因此，您實際上看到了跨境方面的更好趨勢，例如在歐洲、中東和非洲、亞太地區。所以，這就是為什麼當你查看宏觀數字時，它會顯示出穩定性，但作為過程的一部分，也會有投入和產出。

And as I mentioned, right, our concentration to any one currency corridor is less than 3% as it was in 2024. So we feel pretty good about the diversified nature of the business. Time will tell where the world takes us. I mean, obviously, there's a level of uncertainty and risk, which is out there, which we stand ready to actually not only monitor but act on as appropriate.

正如我所提到的，我們對任何一個貨幣走廊的集中度都低於 2024 年的 3%。因此，我們對業務的多元化性質感到非常滿意。時間會告訴我們世界將帶我們走向何方。我的意思是，顯然存在一定程度的不確定性和風險，我們隨時準備好不僅監控這些不確定性和風險，而且採取適當的行動。

So we will monitor the tariff side of the equation, but we will continue to monitor job creation. We will monitor employment rates and we will monitor wage growth, which are on the other side of the coin. So that's the approach, stay close and see where it goes and have the right solutions for our customers.

因此，我們將監控關稅方面的情況，但我們將繼續監控就業創造情況。我們將監測就業率，也將監測工資成長，這是硬幣的另一面。這就是方法，密切注意並觀察其發展方向，並為我們的客戶提供正確的解決方案。

Adam Frisch, Evercore ISI.

亞當‧弗里施 (Adam Frisch)，Evercore ISI。

Guys, good to be back with you. Two questions I had for you this morning. One, the potential impact of the Cap One Discovery deal. Trying to quantify the potential, let's just take the worst-case scenario to get that off the table. If their debit portfolio were to leave you guys, how should we think about that impact to your financials?

夥計們，很高興再次和你們在一起。今天早上我有兩個問題想問您。一是 Cap One Discovery 交易的潛在影響。為了量化這種可能性，我們只需考慮最壞的情況。如果他們的金融卡投資組合離開你們，我們該如何看待這對你們的財務狀況的影響？

And then the second question -- and that was the worst-case scenario. And then the second question is, how does China factor into being a contributor to your revenue projections in the near term? Is that still relatively small and not a major source? Or is it growing in importance in your future near-term projections?

然後是第二個問題——這是最糟糕的情況。第二個問題是，中國在短期內對您的收入預測有何貢獻？這是否仍然相對較小且不是主要來源？或者它在您未來的近期預測中的重要性是否日益增加？

Adam, welcome back. So on your question around Cap One and Discover, look, I mean, like I mentioned in the last earnings call, right, the guide we've given you as it relates to our full year numbers contemplates our best estimate of what we think the impact of that that transaction will be. I think Capital One has been fairly clear about their desire to migrate the debit portfolio over to the Discover network. And that's very much contemplated in what we are thinking about in terms of our outlook for the year.

亞當，歡迎回來。因此，關於您關於 Cap One 和 Discover 的問題，我的意思是，就像我在上次財報電話會議上提到的那樣，我們為您提供的與全年數據相關的指南考慮了我們對該交易的影響的最佳估計。我認為 Capital One 已經非常明確地表達了他們希望將借記卡組合遷移到 Discover 網路的願望。我們在考慮今年的前景時已經充分考慮了這一點。

Again, there's a level of uncertainty associated with the timing, and the reason I say that is because the transaction has been approved, it still needs to go through a period of getting into activity to actually make stuff happen there.

再次，時間安排存在一定程度的不確定性，我這樣說的原因是，儘管交易已經獲得批准，但仍需要經過一段時間的啟動才能真正實現。

So we'll keep you updated. If there's any meaningful change relative to our expectations as we've built into our full year guide on the Capital One Discover transaction. On your --

因此我們會及時向您通報最新情況。如果與我們的預期相比有任何有意義的變化，正如我們在 Capital One Discover 交易全年指南中所指出的那樣。在你的--

Just one point. So the relationship with Capital One has been a strong one for a number of years. We've grown together in the market. There are areas now in this setup where we'll continue to have a strong relationship. You have both organizations talk about that.

僅一點。因此，我們與 Capital One 的關係多年來一直很牢固。我們在市場上共同成長。在目前的這種安排下，我們將繼續在某些領域保持牢固的關係。兩個組織都討論過這個問題。

At the same time, there might be areas where we compete going forward. But that is not unique. We have many examples. You look in the acquiring space, for example, where we have great strategic partnerships on one hand and there will be a tenet of our business where we compete. So we continue to expect a strong relationship with Discover -- actually with Capital Markets Day.

同時，未來我們可能還會存在一些競爭領域。但這並不是獨一無二的。我們有很多例子。例如，在收購領域，我們一方面擁有良好的策略夥伴關係，另一方面也擁有競爭的業務原則。因此，我們繼續期待與 Discover 建立牢固的關係——實際上是與 Capital Markets Day。

And then on your question about China. Look, I mean, I think we've shared previously what our exposure to China was as it relates to both inbound and outbound from cross-border revenue standpoint. The lion's share of our revenue exposure to China is around cross-border. We do generate some amount of assessment revenue and our domestic volumes, which are there.

然後回答你關於中國的問題。你看，我的意思是，我認為我們之前已經分享過我們對中國的敞口，因為它從跨境收入的角度與入境和出境有關。我們在中國的收入大部分來自跨國。我們確實產生了一定金額的評估收入和國內收入。

So net-net, what I would tell you is, the impact of on revenues of the joint venture is still pretty small. I mean, it's still in ramp mode. It's still in invest mode, I would say, where we're investing in building out the programs Michael talked about and the acceptance infrastructure so on and so forth.

所以總的來說，我想告訴你的是，這對合資企業收入的影響仍然很小。我的意思是，它仍然處於斜坡模式。我想說，它仍處於投資模式，我們正在投資建立邁克爾談到的項目和接受基礎設施等等。

But then as it relates to the business we've always had as it relates to China, around cross-border and on domestic. It's been fairly small. Again, going back to the diversification theme we've been talking about and we continue to do what we need to do in terms of driving that business.

但這與我們一直在中國開展的業務有關，涉及跨境和國內業務。它相當小。再次回到我們一直在談論的多元化主題，我們將繼續做我們需要做的事情來推動這項業務。

Just one data point I'd share with you, as it relates to cross-border inbound and outbound from China because this is something which people can attract. And we follow this closely as well. Cross-border travel volume inbound into China is now north of 100% of pre-COVID levels, slightly north of 100%.

我只想與大家分享一個數據點，因為它與中國跨境入境和出境有關，因為這是人們可以吸引的東西。我們也密切關注此事。目前，進入中國的跨國旅遊量已超過新冠疫情前的 100%，略高於 100%。

And then outbound, the same metric outbound from China is running in the mid-80%s, close to approximately 85% of pre-COVID levels. So just in case you're interested in understanding what the recovery path might look like on a going-forward basis.

然後是出境遊，同樣的指標顯示，中國出境旅遊的成長率在 85% 左右，接近疫情之前水準的 85% 左右。因此，如果您有興趣了解未來的恢復路徑是什麼樣的。

Now, finally, to add, we now have a full tool set there. I mentioned tokenization capabilities. Obviously, we participate in contactless and online transactions there. Now earlier, there was a question about external environment. We obviously closely monitor our US-China relationships and all of this.

現在，最後要補充的是，我們現在有一套完整的工具。我提到了標記化功能。顯然，我們在那裡參與非接觸式和線上交易。剛才有一個關於外在環境的問題。我們顯然密切關注中美關係以及所有這些。

Trevor Williams, Jefferies.

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

Great, thanks very much. I just wanted to follow up on the full year guide, Sachin, if you could talk to you directionally, at least what you're building in for the rest of the year across switch volume and cross-border.

太好了，非常感謝。我只是想跟進全年指南，Sachin，如果你可以從方向性上跟你談談，至少談談你在今年剩餘時間在交換量和跨境方面將要做什麼。

You've talked about lapping Citizens and now that's a dynamic to keep in mind. But if there's any other underlying deceleration assumed relative to the current run rates when we kind of normalize for the holiday timing in March and April? And then just any comment on kind of what you're assuming for FX volatility?

您已經談到了超越 Citizens 的情況，現在需要牢記這一點。但是，當我們將三月和四月的假期時間正常化時，相對於當前的運行率是否還假設有任何其他潛在的減速？那麼，您對外匯波動性的假設有何評論？

Sure. Perfect. So a few thoughts for you on that. One, as I mentioned in my prepared remarks, we continue to assume our base case is that there's a strong consumer which continues to persist, right? I mean that's what the fact and the data shows us so far.

當然。完美的。對此我有一些想法。首先，正如我在準備好的發言中提到的那樣，我們繼續假設我們的基本情況是，有一個強勁的消費者持續存在，對嗎？我的意思是，這就是迄今為止事實和數據向我們展示的。

And while there's a level of uncertainty, which we talked about, that's what the current data is. So the base case is that the strength in consumer spending continues.

儘管存在一定程度的不確定性，正如我們所討論的，但這就是當前數據。因此，基本情況是消費者支出將持續保持強勁。

In terms of items which are unique to this year as we kind of go through the year, it's one is the fact which you mentioned, which is the lapping of the wins we had last year, which are going to start to come through as the year progresses.

就我們今年所經歷的獨特事項而言，其中之一就是您提到的事實，即我們去年所取得的勝利，這些勝利將隨著一年的進展而開始顯現。

It started in Q1. It will continue at a more accelerated pace in Q2, and then it'll go on for the quarters to come just because that -- that's the good news, pick as you want portfolios, you've got the revenue associated with that, but it does actually take down growth rate on a year-over-year basis.

它始於第一季。它將在第二季度繼續以更快的速度成長，然後在接下來的幾季中繼續成長，因為那是好消息，選擇你想要的投資組合，你會得到與之相關的收入，但它確實會降低同比成長率。

The other thing which you'll see is the lapping of certain amounts of pricing which was put in place last year. So that will also start to come through as the year progresses.

您會看到的另一件事是去年實施的一定金額的定價重疊。因此，隨著時間的推移，這個目標也將開始實現。

And the last point I'd make is around I mentioned earlier about R&I and about how we had lower R&I in the first quarter and that we expect for that to be something which will play out as the year progresses because we view that more as timing than anything else. So that should be very much part of how you're thinking about what we factored into the guidance.

我要說的最後一點是關於我之前提到的研發投入，以及我們在第一季度的研發投入如何較低，我們預計這種情況會隨著今年的發展而顯現出來，因為我們認為這更多的是一個時機問題。因此，這應該是您思考我們如何將其納入指導的一部分。

And the last point I'd mention is around FX volatility. On FX volatility, you will remember that last year in Q4, there were pretty high levels of FX volatility. So there's a tougher comp this year. I have no idea what FX volatility is going to look like.

我要提到的最後一點是關於外匯波動。關於外匯波動，您會記得，去年第四季度，外匯波動水準相當高。所以今年的比賽更加激烈。我不知道外匯波動會是什麼樣子。

We do our best estimate in terms of what we think will happen. But again, I'm proven wrong every day by my team about where that is going to actually show up, both to the upside and the downside. So we do our best estimates around that. We put that into our guidance. Again, our guidance range, right? So that's why we give you a range. And so you should actually think about it in that manner.

我們會盡力估計我們認為將要發生的事情。但我的團隊每天都在證明我錯了，無論是好的方面還是壞的方面。因此，我們會盡最大努力進行估算。我們將其納入我們的指導中。再次，我們的指導範圍，對嗎？這就是我們為您提供範圍的原因。所以你實際上應該以那種方式思考它。

Darrin Peller, Wolfe Research.

達林·佩勒（Darrin Peller），沃爾夫研究公司。

Can we just touch for a minute on pricing? I know you talked about tough comps into the second half on pricing given some moves you made last year around I think it was cross-border into organization. But when we think about the opportunities you have now into the second half. Maybe just give us a sense of the level?

我們可以稍微討論一下價格嗎？我知道您談到了下半年定價方面的艱難競爭，考慮到您去年採取的一些舉措，我認為這是跨境進入組織的。但是當我們考慮你現在進入下半場的機會。也許只是讓我們了解一下水平？

Is it something that -- do you see instituting new price opportunities that could be somewhat similar to what you did over the second half last year as the year progresses, even if it's not timed exactly?

您是否認為隨著時間的推移，會出現一些新的價格機會，這些機會可能與您去年下半年的做法有些類似，即使時間並不完全一致？

And then maybe just more holistically, what areas are you providing the value add that you think you can take more price from that you're most excited about on that front? Maybe in the backdrop of what the competitive dynamics look like these days.

然後也許更全面地講，您在哪些領域提供了增值服務，您認為您可以從中獲得更多的價格，在這方面您對此最為興奮？也許是在當今競爭動態的背景下。

All right, Darrin. So pricing, the first thing to put out there is it's obviously a competitive market. And we generally price to market. More importantly, we price to the value that we provide. And I believe we provide value across the whole range of our offerings. That's on the payment solutions as well as on the value-added services and solutions range of products that we put out there. So we will continuously look for ways to recoup some of the investments and price for the value we do.

好的，達林。因此，對於定價，首先要說明的是，這顯然是一個競爭激烈的市場。我們通常根據市場定價。更重要的是，我們根據所提供的價值來定價。我相信我們提供的所有產品都具有價值。這涉及支付解決方案以及我們推出的增值服務和解決方案系列產品。因此，我們將不斷尋找方法來收回部分投資並實現我們所做的價值。

On the price on the payment side, generally, the expectation should be as payments become more efficient and perform better that, that is an indicator of where the value is generated, on the value add -- value-added solutions and services, the approach really is to say, let's say, on safety and security, what is the reduction in fraud that the customer can expect.

在支付方面的價格方面，一般來說，隨著支付變得更加高效和表現更好，預期應該是，這是價值產生的地方的一個指標，在增值方面——增值解決方案和服務，方法實際上是說，在安全和保障方面，客戶可以預期欺詐行為的減少量是多少。

And those are some of the indicators that we use to actually when we sell these products to talk to our customers, well, here's the value you can expect and the same is for the customer engagement and insights tools, but again, we say you can engage your customer so much better, therefore, the ROI on your marketing spend is going to be improved and that is what we do.

這些是我們在銷售這些產品與客戶交談時實際使用的一些指標，嗯，這是您可以期待的價值，對於客戶參與和洞察工具也是如此，但同樣，我們說您可以更好地吸引您的客戶，因此，您的營銷支出的投資回報率將會提高，這就是我們所做的。

So to your question, Aaron, it's across the board. We will continue to look for those opportunities as a matter, of course, as we run our business. There is no specific spikes or events planned into our outlook on that.

所以對於你的問題，Aaron，這是全面的。當然，在經營業務的過程中，我們將繼續尋找這些機會。我們對此的展望中沒有計劃具體的高峰或事件。

Timothy Chiodo, UBS.

瑞銀的提摩西·奇奧多。

I want to talk a little bit about wins and migration in general as it relates to unit economics and some of the incentives timing just because it's topical given some of the lapping and conversions and whatnot. On the beginning of a contract, so we understand on the beginning and there's sort of a fixed component of R&I that hits before the portfolio fully ramps.

我想就勝利和遷移進行一些一般性討論，因為它與單位經濟和一些激勵時機有關，因為考慮到一些重疊和轉換等等，它是主題性的。在合約開始時，我們了解一開始就有某種固定的研發組成部分，在投資組合完全增加之前就會出現。

And then on the end of a contract when something is about to be converted away or migrated away like in the case of Capital One, we understand that sometimes the incentives can be either turned off or diminished during that time period. I was just hoping you could talk a little bit about the beginning and the end of those contracts in terms of incentives to fix the variable component and add any context there?

然後，在合約結束時，當某些東西即將被轉換或遷移時，就像 Capital One 的情況一樣，我們明白有時激勵措施可能會在那段時間內關閉或減少。我只是希望您能從激勵機制的角度談談這些合約的開始和結束，以修復可變部分，並添加任何背景資訊？

Sure. So I think you got it right. As it relates to -- when we get into a contract, and every contract is different. But when we get into a contract, we typically are incentivizing our customers to bring volume onto the system, right? That's kind of the starting point. And that could be a combination of fixed incentives or variable incentives or both and more often than not it's both. And there's rebates as well.

當然。所以我認為你的答案是對的。因為這與我們簽訂合約有關，而且每份合約都是不同的。但是，當我們簽訂合約時，我們通常會激勵客戶將大量產品納入系統，對嗎？這就是一個起點。這可以是固定激勵或可變激勵或兩者的組合，而且通常兩者兼而有之。還有回扣。

And rebates are just a component of -- when I say incentives, we just think about it as incentives in totality. The way it works is the variable component varies with volume. It's as simple as that, right? As volumes occur, you pay the related rebates and incentives. There are adjustments which take place to that because you have to make projections as to what you think. Your volume outlook is going to be, and you actually accrue your incentives on that basis.

回扣只是激勵措施的一個組成部分——當我說激勵措施時，我們只是將其視為整體激勵措施。其工作方式是變數分量隨體積而變化。就這麼簡單，對吧？隨著交易量的增加，您需要支付相關的回扣和獎勵。對此需要進行一些調整，因為你必須根據自己的想法做出預測。您的交易量前景將會如此，並且您實際上會在此基礎上累積您的獎勵。

On the fixed component, the amortization of fixed incentives commences when programs launch. That's kind of when it starts. And they're typically straight line over the life of the contract, right?

對於固定部分，固定激勵的攤銷從專案啟動時開始。一切就是這樣開始的。而且它們在合約有效期內通常是直線的，對嗎？

The second part of your question is, at the end of the contract, what happens? And the answer to that is, it depends on the customer. And it depends on the dialogue we're having with the customer. And the reason I bring that up is to the extent there's an opportunity, let's say, there's a contract which is expiring, and we don't end up renewing it. But there are, let's say, three other opportunities, which we could have with that customer.

你的問題的第二部分是，合約結束時會發生什麼？答案是，這取決於客戶。這取決於我們與客戶的對話。我之所以提起這一點，是因為如果有機會，比如說，有一份合約即將到期，而我們最終沒有續約。但是，我們還可以與該客戶一起擁有另外三個機會。

You might actually end up in a situation where you're having a negotiation around we're not going to get what we had in the past, so we're only going to get a portion of what we had in the past, but we're going to get three other things as part of the deal. And so you actually will have a brand new negotiation, which will take into consideration not only the incentives you're going to pay on the new volume you get, but also leverage a portion of what might be coming off in the nature of incentives you don't have to pay on the contract we just ended.

你最終可能會面臨這樣的情況：你在談判中不會得到我們過去所擁有的東西，所以我們只會得到過去所擁有的一部分，但作為交易的一部分，我們會得到另外三樣東西。因此，您實際上將進行一次全新的談判，這不僅會考慮您將為獲得的新數量支付的獎勵，還會利用您剛結束的合約中無需支付的獎勵性質的一部分。

So I'll give you an example. Back in -- I think it was the middle of sometime in 2014, 2015, right? When we started to migrate volume off of our network as it relates to Chase, at that point in time, there was a period of time when we went back to rack rates. In other words, we weren't paying incentives on the volumes there, right?

我給你舉個例子。回想一下——我想那是在 2014 年或 2015 年的某個時候，對嗎？當我們開始從與 Chase 相關的網路中遷移交易量時，有一段時間我們又回到了門市價格。換句話說，我們沒有根據那裡的交易量支付獎勵，對嗎？

There have been other instances where we've lost portfolios on one side, but one other portfolios where you kind of leverage your dialogue with the customer to have the benefit of being able to have a continuity, which is there. So you're not always going to see the ramp-up take place in terms of going to rack rate. It also depends, by the way, on the timing, right, depending on what level of readiness the customer has got from a migration standpoint.

在其他情況下，我們一方面失去了一些投資組合，但另一方面，你可以透過與客戶的對話來獲得連續性的好處，而這正是存在的。因此，您並不總是會看到貨架價格的上升。順便說一句，這也取決於時機，取決於客戶從遷移的角度來看的準備。

So the customer at the end of the contract needs, call it, 1 year, 1.5 years, 2 years, right, you might have an opportunity to actually work with the customer to try and see if there are opportunities there as well to either win new portfolios and/or potentially go to rack rate. So I know I'm not giving you the kind of answer you're looking for, which is give me an answer as to whether it's one or the other, it depends.

因此，客戶在合約結束時需要，稱之為 1 年、1.5 年、2 年，對吧，您可能有機會真正與客戶合作，嘗試看看是否也有機會贏得新的投資組合和/或可能獲得標準價格。所以我知道我沒有給你想要的答案，那就是告訴我是這個還是那個，這取決於情況。

And when you look at our relationships, earlier I was referencing in my prepared remarks, the term of strategic partnerships, and that's exactly how we look at it. It's not just a relationship. So if we grew with somebody in consumer payments, you know we have a real big focus on commercial and new payment flows. And this is how we toggle that. It's a long-term view in all cases.

當你審視我們的關係時，我之前在準備好的發言中提到了戰略夥伴關係這個詞，這正是我們看待它的方式。這不僅僅是一種關係。因此，如果我們與消費者支付領域的某個人一起成長，你就會知道我們非常關注商業和新的支付流程。這就是我們如何切換它。在所有情況下，這都是一個長遠的觀點。

And one other thing I would say is just remind everybody about the virtuous cycle of growth. More payment volume, it's always in focus for us. It's going to power more data and more data allows us to drive more services, so that is the other lens that we take when we look at all of this.

我想說的另一件事就是提醒大家注意成長的良性循環。更多的支付量始終是我們關注的重點。它將為更多的數據提供動力，更多的數據使我們能夠提供更多的服務，所以這是我們看待這一切時所採取的另一個視角。

Craig Maurer, FT Partners.

克雷格·莫雷爾（Craig Maurer），FT Partners。

Wanted to ask, as we look to help investors think about assets that can outperform in a slowing environment. I wanted to ask you, you guys what you thought. Were the idiosyncratic pieces of your business that might allow you to perform better than peers or competitors as things slow? What are the unique assets you have that could perform better in a slow environment versus others?

想問一下，因為我們希望幫助投資人思考在經濟放緩的環境中能夠表現優異的資產。我想問你們，你們的想法是什麼。在業務發展緩慢的情況下，您企業中是否存在一些特殊之處，可能使您的表現優於同業或競爭對手？與其他人相比，您擁有哪些獨特的資產可以在緩慢的環境中表現得更好？

Right. Great question. And I want to anchor it on the nature of our highly diversified business. And that is an answer that I would have given you even if you had asked after growth areas, in fast-growing environments and not only in slow-growing environments because the diversification helps us both ways. And I think that's important. Clearly, the economic picture isn't always even across the world. So we keep both of that in mind.

正確的。好問題。我想將其錨定在我們高度多元化的業務性質上。即使您詢問的是快速成長環境中的成長領域，我也會給您這樣的答案，而不僅僅是在緩慢成長的環境中，因為多樣化對我們雙方都有幫助。我認為這很重要。顯然，全球的經濟狀況並不總是均衡的。因此，我們會牢記這兩點。

Now another important aspect about our business is having payments and having a secular trend where payments move from cash and checks into digital is an underlying powerful secular trend that continues. And in ups and downs -- economic ups and downs, this will continue.

現在，我們業務的另一個重要方面是支付，支付從現金和支票轉向數位支付的長期趨勢是一個持續的強大的長期趨勢。無論經濟起伏如何，這種情況都將持續下去。

In fact, if you look into the commercial space, more and more firms are right now going and pushing digitized payments and particularly card payments because they provide them more data. So they can use that data to better serve their customers, optimize their processes, or improve their working capital usage.

事實上，如果你觀察商業領域，你會發現越來越多的公司正在推動數位化支付，特別是卡片支付，因為它們可以為他們提供更多的數據。因此，他們可以利用這些數據來更好地服務客戶、優化流程或改善營運資金的使用。

So an underlying powerful trend that survives the up and down of the overall economic picture at any given moment at some medium to long-term trend. And there's other such trends that we have very specifically targeted for our services solutions, take cybersecurity.

因此，在某個中長期趨勢中，無論整體經濟狀況在任何特定時刻發生起伏，潛在的強勁趨勢都會持續存在。我們的服務解決方案中也專門針對了其他類似的趨勢，例如網路安全。

We're in a world where the fraudsters, the scammers, the phishers are using artificial intelligence as much as we do. And this is a constant battle. And our customers are seeing that, financial institutions seeing that. governments are seeing that. So if anything, the rise of cybersecurity -- the need for cybersecurity measures has increased, so powerful underlying trend.

我們處在一個詐騙者、詐騙者和網路釣魚者與我們一樣使用人工智慧的世界。這是一場持續不斷的戰鬥。我們的客戶看到了這一點，金融機構也看到了這一點。各國政府都看到了這一點。因此，如果有什麼不同的話，那就是網路安全的興起——對網路安全措施的需求已經增加，這是一個強大的潛在趨勢。

And then last thing I should say is all of the -- pretty much all of our solutions do one thing for our customers. They provide more data for them to run their business better and make better decisions. Now, in a world of up and down cycles, you understand your customer better. You want to understand how you put possibly different solutions out there than you otherwise have.

最後我要說的是，幾乎所有我們的解決方案都為我們的客戶做一件事。它們為他們提供更多的數據，以便更好地經營業務並做出更好的決策。現在，在這個充滿起伏的世界裡，您可以更了解您的客戶。您想了解如何提出可能與其他解決方案不同的解決方案。

You want to understand how you perform against your competitor with even more rigor than before. And that is where we can help. That's another powerful trend, cybersecurity, data insights, and the underlying secular opportunity. Those are in addition to the fact that we are across discretionary, nondiscretionary spend, that we are across literally every part of the world makes us a very, very well diversified business in challenging economic times, but also in fast-growing times.

您想比以前更嚴格地了解自己與競爭對手的表現。這正是我們可以提供幫助的地方。這是另一個強大的趨勢，網路安全、數據洞察和潛在的長期機會。除此之外，我們的業務範圍還涵蓋了可自由支配的支出和非可自由支配的支出，我們的業務幾乎遍布世界各地，這使得我們在經濟困難時期和快速增長時期都成為一個非常多元化的企業。

Bryan Keane, Deutsche Bank.

德意志銀行的布萊恩·基恩。

Sachin, I wanted to ask high level, we were a net revenue growth of 16% in the fourth quarter, and we actually increased 1 point to 17% in the first quarter despite a little bit of a volume slowdown. Part of that is due to leap year, as you said. But the net revenue growth maintained at that high level. And it looks like transaction processing yields, in particular, jumped a little bit higher.

薩欽，我想問高層，我們第四季度的淨收入增長了 16%，儘管交易量略有放緩，但第一季我們的淨收入實際上增長了 1 個百分點，達到 17%。正如您所說，部分原因是閏年。但淨收入成長仍維持在較高水準。看起來交易處理收益率尤其有上升。

How much -- can you help us explain, despite volumes going down to make sure we understand the growth was maintained or even upticked a point into the first quarter. And it doesn't sound like FX vol would be all of it. And then just thinking about going forward into the second quarter, if some of those benefits volume to revenue and yields will continue.

您能否幫助我們解釋一下，儘管交易量下降，但我們了解第一季的成長仍得以維持，甚至有所上升。聽起來外匯波動率並不是全部。然後想想進入第二季度，這些收益對收入和收益的影響是否會持續下去。

Sure. So I think you kind of touched upon the answer to the question right there, which is the lift you saw in Q1 was driven by two factors. One is the FX volatility point which you just raised. I mean it was volatility levels were actually really high in the first quarter, and that certainly contributed.

當然。所以我認為你已經觸及了這個問題的答案，即你在第一季看到的成長是由兩個因素推動的。一個是您剛才提到的外匯波動點。我的意思是，第一季的波動性水平實際上非常高，這肯定是造成這一現象的原因之一。

And then the second was the point I made earlier in the call around our rebates and incentives came in lower than expected in the first quarter, which we expect will happen later in the year. But that's what we kind of saw come through.

第二點是我之前在電話會議上提出的觀點，我們的回扣和獎勵在第一季低於預期，我們預計這種情況將在今年稍後發生。但這就是我們所看到的結果。

The second part of your question as to the -- and remember also that 17% number actually has the impact of acquisitions in there. So you have to actually do it like kind from Q4 to Q1 with and without acquisitions.

您問題的第二部分是關於——還要記住，17% 這個數字實際上受到了收購的影響。因此，你必須像從第四季到第一季那樣實際地做這件事，無論是否進行收購。

Then as it relates to your question about Q1 versus Q2, the things to keep in mind out there are there is a ramp-up of the lapping of various wins we had last year, which again I spoke about. There's lapping of pricing, which is taking place. And reality is FX vols are really hard to predict, right?

然後，關於您關於 Q1 與 Q2 的問題，需要記住的是，我們去年的各種勝利都在不斷增加，我再次談到了這一點。存在定價重疊的情況。而現實情況是外匯波動率真的很難預測，對嗎？

And I'll tell you in the early part of April, you had recently high FX vols. We factor that into our thinking, which we've shared with you. And then they started to taper off. Now I don't know if they're going to go up again or come down again. We put our best estimates together, and that's how we think about it.

我會告訴你，在四月初，外匯波動率最近很高。我們將此納入我們的考慮之中，並已與你們分享。然後它們開始逐漸減少。現在我不知道它們是否會再次上升還是再次下降。我們將最好的估計放在一起，這就是我們的想法。

Just time for one more question, Audra.

還剩下時間再問一個問題，奧德拉。

Paul Golding, Macquarie.

麥格理銀行的保羅‧戈爾丁。

It seems based on the commentary that there's been added focus on crypto and enabling crypto tools. Just wanted to ask how you're thinking about the economics of incorporating those crypto partnerships, you're seeing acceleration there? And how that may or may not be impacting your relationship with traditional issuers as stablecoin has become a a bigger part of the story here in the last couple of quarters.

根據評論，似乎人們更加關注加密和啟用加密工具。只是想問一下，您如何看待合併這些加密合作關係的經濟效益，您是否看到了加速發展？而這可能會或可能不會影響您與傳統發行人的關係，因為穩定幣在過去幾季中已成為故事中更重要的一部分。

All right. So this -- it's a very interesting space. You heard us talk about digital assets and blockchain-based technology for years. We've been investing, but it's also true that it hasn't been a tremendously big part of our business.

好的。所以這——這是一個非常有趣的空間。多年來，您一直聽到我們談論數位資產和基於區塊鏈的技術。我們一直在投資，但事實上它還不是我們業務中非常重要的一部分。

We've seen the on-ramp and off-ramp part of facilitating investments into crypto assets and selling those investments for some time now, that was a fast-growing business. But the fundamental technology to put to work to optimize payments, for example, is something that's still relatively nascent. Stable coins is also relatively nascent. Why is that? Because there isn't yet sufficient regulatory clarity.

我們已經看到了促進加密資產投資和出售這些投資的入口和出口部分，這是一項快速成長的業務。但用於優化支付等的基礎技術仍處於相對新興階段。穩定幣也相對處於新興階段。這是為什麼？因為監管還不夠明確。

Now, in the United States, we know there's two bills that are being discussed around this space. In Europe, lawmaking is going on around the space. So we feel the ecosystem is ready. We have been engaging with partners in the financial institution side, to your question, to put out some pilots, particularly in the wholesale space.

現在，在美國，我們知道有兩項法案正在圍繞這一領域進行討論。在歐洲，圍繞太空的立法正在持續進行中。因此我們認為生態系統已經準備好了。針對您的問題，我們一直在與金融機構的合作夥伴合作，推出一些試點項目，特別是在批發領域。

There is private sector initiatives on stablecoin. One thing that's for sure true is if you look at the role that we play today in the traditional card payment space is we establish safety and security standards. We provide interoperability.

私營部門正在推動穩定幣的發展。有一點是肯定的，如果你看看我們今天在傳統卡支付領域所扮演的角色，你會發現我們建立了安全標準。我們提供互通性。

If you think about a world of stablecoin you could start to see there's a natural role emerging yet again for somebody like us who can provide trusted interoperability solutions, safety and security standards, and a need for our services across identity questions, AML, KYC, you name it, across the board. So it's a space that's still emerging at this point in time.

如果你考慮一個穩定幣的世界，你會開始看到，對於像我們這樣的人而言，一個自然的角色再次出現，我們可以提供值得信賴的互通性解決方案、安全標準，並且需要我們為身份問題、反洗錢、KYC 等提供全方位服務。所以這是一個目前仍在興起的領域。

We mentioned our multi token network, how will the economic model look like at this point in time. Early to say, it has to settle. We have to see how it grows once we have the regulatory clarity. Personally, I'm quite excited about it. Payment innovation is something that clearly the US government hasn't focused and many others do as well, and we're a trusted partner in that space.

我們提到了我們的多代幣網絡，此時的經濟模型將會是什麼樣子。早說來，這必須解決。一旦監管明確，我們就必須觀察它如何發展。就我個人而言，我對此感到非常興奮。支付創新顯然是美國政府尚未關注的領域，但其他許多政府也同樣關注這一領域，我們是該領域值得信賴的合作夥伴。

Any closing comments, Mike?

麥克，還有什麼結束語嗎？

The closing comment is, I'm delighted that Sachin and I are together in one room in New York again. We haven't had that for a long time, so that's fantastic. And of course, I do want to thank everybody at Mastercard for all the hard work that you do to produce such a strong quarter. We're looking into the new year with optimism -- into the rest of the year with optimism. I'm going to push on and speak to you in a quarter from now. Thank you very much.

最後我想說的是，我很高興我和薩欽再次在紐約共處一室。我們已經很久沒有經歷過這樣的事情了，所以這真是太棒了。當然，我要感謝萬事達卡的每一位員工，感謝你們的辛勤工作，這使得本季業績如此強勁。我們滿懷樂觀地迎接新的一年，也滿懷樂觀地迎接今年剩餘的時間。我將繼續努力，並在一個季度後與您交談。非常感謝。

Thank you very much.

非常感謝。

Thank you.

謝謝。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。