萬事達 (MA) 2022 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the First Quarter 2022 Mastercard Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions) I would now like to hand the conference over to your speaker today, Mr. Warren Kneeshaw, Head of Investor Relations. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 2022 年第一季度萬事達卡收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）我現在想將會議交給您今天的演講者，投資者關係主管 Warren Kneeshaw 先生。請繼續。

Thank you, Jemiria. Good morning, everyone, and thank you for joining us for our first quarter 2022 earnings call. With me today are Michael Miebach, our Chief Executive Officer; and Sachin Mehra, our Chief Financial Officer.

謝謝你，傑米里亞。大家早上好，感謝您加入我們的 2022 年第一季度財報電話會議。今天和我在一起的是我們的首席執行官 Michael Miebach；和我們的首席財務官 Sachin Mehra。

Following comments from Michael and Sachin, the operator will announce your opportunity to get into the queue for the Q&A session. It is only then that the queue will open for questions. You can access our earnings release, supplemental performance data and 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.

根據 Michael 和 Sachin 的評論，接線員將宣布您有機會進入問答環節的隊列。只有到那時，隊列才會開放提問。您可以在我們網站 mastercard.com 的投資者關係部分訪問我們的收益發布、補充業績數據和本次電話會議隨附的幻燈片。此外，該新聞稿是今天早上早些時候向美國證券交易委員會提供的。

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，否則我們今天對財務業績的評論將基於非公認會計原則貨幣中性。新聞稿和幻燈片都包括非 GAAP 措施與 GAAP 報告金額的對賬。

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

最後，正如我們在財報中更詳細地闡述的那樣，我想提醒大家，今天的電話會議將包括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存在重大差異。有關可能影響未來業績的因素的信息在收益發布的結尾和我們最近提交給美國證券交易委員會的文件中進行了總結。該電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.

有了這個，我現在將把電話轉給我們的首席執行官邁克爾米巴赫。

Thank you, Warren. Good morning, everyone. Russia's invasion of Ukraine marked a somber start to 2022 as war returned to Europe for the first time in decades. Given these extraordinary circumstances, we decided to suspend our business operations in Russia. We did not take this decision lightly given that Mastercard has operated in Russia for more than 25 years. We are now focused on the orderly suspension of business operations in Russia and supporting the well-being of our employees and their families across the whole region.

謝謝你，沃倫。大家，早安。俄羅斯對烏克蘭的入侵標誌著 2022 年的一個陰暗開始，因為戰爭幾十年來首次重返歐洲。鑑於這些特殊情況，我們決定暫停在俄羅斯的業務運營。鑑於萬事達卡在俄羅斯經營超過 25 年，我們並沒有輕易做出這個決定。我們現在專注於有序地停止在俄羅斯的業務運營，並支持我們在整個地區的員工及其家人的福祉。

Even in the context of this challenging geopolitical environment, we're off to a strong start in 2022. We delivered robust revenue and earnings growth with further improvement in our underlying operating metrics, notably in cross-border travel.

即使在這種充滿挑戰的地緣政治環境中，我們在 2022 年也有一個強勁的開端。我們實現了強勁的收入和盈利增長，並進一步改善了我們的基本運營指標，尤其是在跨境旅行方面。

Quarter 1 adjusted net revenues were up 27% and adjusted operating income up 40% versus a year ago on a non-GAAP currency-neutral basis. On the macroeconomic front, consumer spending remains strong, particularly as economies across the globe continue to reopen and pandemic-related restrictions are lifted. Labor markets are firm with low unemployment rates and rising wages. Weighing against this healthy backdrop are a number of factors that they are monitoring, including inflationary pressures, supply chain constraints, geopolitical uncertainties and COVID with infection rates. We're monitoring these developments, including the Cisco, monetary, public health care and other policy responses.

在非 GAAP 貨幣中性基礎上，與一年前相比，第一季度調整後的淨收入增長了 27%，調整後的營業收入增長了 40%。在宏觀經濟方面，消費者支出依然強勁，特別是在全球經濟繼續重新開放和與大流行相關的限制措施解除的情況下。勞動力市場堅挺，失業率低，工資上漲。在這種健康的背景下，他們正在監測的許多因素，包括通貨膨脹壓力、供應鏈限制、地緣政治不確定性和感染率的新冠病毒。我們正在監控這些事態發展，包括思科、貨幣、公共醫療保健和其他政策反應。

Let's look at this from a geographic standpoint. U.S. retail spending remains healthy, aided in part by the buildup of excess savings during the pandemic. According to our quarter 1 spending pulse report, which is based on all payment types, including cash and check, U.S. retail sales ex auto, ex gas, were up 4.7% versus a year ago.

讓我們從地理的角度來看這個。美國零售支出保持健康，部分原因是在大流行期間積累了過剩儲蓄。根據我們基於所有支付類型（包括現金和支票）的第一季度支出脈搏報告，美國零售額（不包括汽車、不包括汽油）與一年前相比增長了 4.7%。

In Europe, spending trends are positive, although the invasion of Ukraine has introduced risks to economic growth looking ahead. Growth in Latin America continues to moderate following a strong rebound in 2021. Asia has generally lagged the recovery of other regions. We're seeing several countries relaxing COVID-related restrictions, while others are facing stronger measures. Asia continues to have significant upside potential.

在歐洲，支出趨勢是積極的，儘管入侵烏克蘭給未來的經濟增長帶來了風險。在 2021 年強勁反彈之後，拉丁美洲的增長繼續放緩。亞洲總體上落後於其他地區的複蘇。我們看到幾個國家放寬了與 COVID 相關的限制，而其他國家則面臨更強有力的措施。亞洲繼續具有巨大的上行潛力。

Looking at Mastercard spending trends. We continue to see strong growth. Domestic switched volumes or strength across a broad range of sectors, including retail, utilities and professional spend. We also saw strong growth in travel and entertainment, including spending with airlines, travel agencies, lodging and restaurants.

查看萬事達卡消費趨勢。我們繼續看到強勁的增長。包括零售、公用事業和專業支出在內的廣泛領域的國內交易量或實力。我們還看到旅遊和娛樂方面的強勁增長，包括與航空公司、旅行社、住宿和餐廳的支出。

In terms of cross-border, where the growth was particularly strong, the recovery continued this quarter led by travel. Cross-border travel reached 2019 levels as of March for the first time since the pandemic began. Geographically, the cross-border recovery has been broad-based with improvement across all regions. Cross-border card-not-present ex travel continues to be strong.

在增長特別強勁的跨境方面，本季度在旅遊的帶動下繼續復甦。自大流行開始以來，跨境旅行自 3 月以來首次達到 2019 年的水平。從地域上看，跨境復甦基礎廣泛，所有地區都有所改善。跨境無卡前旅行繼續保持強勁勢頭。

Our strategy is designed to enable and capitalize on these trends and we're executing against our 3 key strategic priorities: one, expanding in payments; two, extending our services; and three, embracing new networks. Here is an update on how we're progressing against each of those.

我們的戰略旨在支持和利用這些趨勢，我們正在執行我們的 3 個關鍵戰略優先事項：一，擴大支付；二、擴展我們的服務；第三，擁抱新網絡。以下是關於我們如何針對每一項取得進展的更新。

First, we're expanding in payments by continuing to grow card payments and leaning into innovation and new payment technologies to catch up other prioritized payment flows. We're driving growth in comp payments through new consumer, small business, co-brand and fintech wins. On the consumer and small business front, I'm excited to announce an enhanced partnership with Wells Fargo, which includes several new elements. Wells Fargo will now issue Mastercard small business credit cards and for the first time in almost a decade, consumer proprietary and co-brand credit products.

首先，我們通過繼續發展卡支付並傾向於創新和新的支付技術來擴大支付領域，以趕上其他優先支付流程。我們通過新的消費者、小企業、聯合品牌和金融科技的勝利來推動補償支付的增長。在消費者和小型企業方面，我很高興地宣布與富國銀行加強合作，其中包括幾個新元素。富國銀行現在將發行萬事達卡小型企業信用卡，以及近十年來首次發行消費者專有和聯合品牌信貸產品。

We're also excited to announce that we have deepened our relationship with our long-standing partner, Capital One. In addition to renewing our existing business, we will also be their issuing network for a larger number of new originations across both their consumer and small business products.

我們也很高興地宣布，我們加深了與長期合作夥伴 Capital One 的關係。除了更新我們現有的業務外，我們還將成為他們的發行網絡，為他們的消費者和小型企業產品提供大量新產品。

Further on the small business front, we are expanding our small business portfolio with First National Bank of Omaha. We're also partnering with the bank and Verizon to launch a new Verizon business Mastercard targeting Verizon's small business customers. In total, these partnerships will help us continue growing our U.S. small business market share.

在小企業方面，我們正在與奧馬哈第一國民銀行一起擴大我們的小企業組合。我們還與銀行和 Verizon 合作推出針對 Verizon 小企業客戶的新 Verizon 商業萬事達卡。總的來說，這些合作夥伴關係將幫助我們繼續擴大我們的美國小企業市場份額。

Outside the U.S., we're driving commercial card growth through new partnerships with leading B2B tech companies like Clara. We will be flipping Clara's business portfolio in Mexico to MasterCard and are working for them to launch new programs in 5 additional markets across Latin America.

在美國以外，我們正在通過與 Clara 等領先的 B2B 技術公司建立新的合作夥伴關係來推動商業卡的增長。我們將把 Clara 在墨西哥的業務組合轉移到萬事達卡，並正在幫助他們在拉丁美洲的另外 5 個市場推出新計劃。

Turning to co-brands. We've made substantial progress to ensure we are well-positioned to capitalize on the return of travel. We have renewed and expanded our exclusive partnership with American Airlines, one of the largest co-brand programs in the United States. American will continue to leverage our capabilities, including SessionM and will participate in our [star-powered] program to identify new tech partners who can help drive innovation across the airline.

轉向聯合品牌。我們已經取得了實質性進展，以確保我們能夠充分利用旅行的回報。我們已經更新並擴大了與美國航空公司的獨家合作夥伴關係，美國航空公司是美國最大的聯合品牌計劃之一。美國航空將繼續利用我們的能力，包括 SessionM，並將參與我們的 [明星驅動] 計劃，以確定可以幫助推動整個航空公司創新的新技術合作夥伴。

And in the U.K., we have launched 2 new Mastercard Avios cards with Barclays and International Airlines Group, Loyalty. Outside of travel, we've expanded our relationships with leading retailers, including a new co-brand program with Victoria's Secret and a renewal of our Ulta Beauty co-brand offering, both in partnership with [Red Financial].

在英國，我們與巴克萊銀行和國際航空集團 Loyalty 合作推出了 2 張新的萬事達卡 Avios 卡。除了旅行之外，我們還擴大了與領先零售商的關係，包括與維多利亞的秘密合作推出新的聯合品牌計劃，以及與 [Red Financial] 合作更新我們的 Ulta Beauty 聯合品牌產品。

We're also continuing to advance our leadership in the digital and fintech space through new product launches and new partnerships. We're partnering with BCA Digital, the digital banking arm of the largest private bank in Indonesia, to launch a digital-first Mastercard debit product catering to millennials.

我們還通過新產品發布和新合作夥伴關係繼續提升我們在數字和金融科技領域的領導地位。我們正在與印度尼西亞最大私人銀行的數字銀行部門 BCA Digital 合作，推出面向千禧一代的數字第一萬事達卡借記產品。

And in Latin America, we signed a regional partnership with global payment processing platform, Galileo. The partnership establishes Mastercard as Galileo's preferred partner across several markets in Latin America, and they will work to integrate and distribute several of our products and services to help their fintech customers.

在拉丁美洲，我們與全球支付處理平台 Galileo 簽署了區域合作夥伴關係。該合作夥伴關係使萬事達卡成為伽利略在拉丁美洲多個市場的首選合作夥伴，他們將努力整合和分銷我們的多種產品和服務，以幫助其金融科技客戶。

In addition to driving new wins, we are leveraging our services capabilities to execute against many of the large portfolio migrations that are in flight. In Europe, our consulting teams are engaging with our partners at Santander, NatWest and Deutsche Bank to ensure a smooth and timely transition and to identify opportunities to optimize those portfolios.

除了推動新的勝利之外，我們還利用我們的服務能力來執行許多正在進行的大型投資組合遷移。在歐洲，我們的諮詢團隊正在與我們在桑坦德銀行、NatWest 和德意志銀行的合作夥伴合作，以確保順利和及時地過渡，並尋找優化這些投資組合的機會。

Santander is the bulk of the way through a 9 million card migration and we expect it to be complete by early next year, while NatWest commenced the issuance of Mastercard at the end of last year and plans to migrate their entire 16 million card portfolio by the middle of 2023. Deutsche Bank's $10 million consumer and commercial credit and debit cards will be reissued as Mastercard-branded cards with a credit migration starting in quarter 4 of this year and a debit migration commencing early next year.

桑坦德銀行是完成 900 萬張卡遷移的主要部分，我們預計它將在明年初完成，而 NatWest 於去年年底開始發行萬事達卡，併計劃在2023 年年中。德意志銀行價值 1000 萬美元的消費和商業信用卡和借記卡將重新發行為萬事達卡品牌卡，從今年第 4 季度開始進行信用遷移，並從明年初開始進行借記卡遷移。

Similarly, our team in the U.S. is supporting key migrations, including Gap Inc., Merrick Bank and First Interstate Bank. All the migrations are on track with Gap Inc.'s scheduled to be completed this summer.

同樣，我們在美國的團隊正在支持關鍵遷移，包括 Gap Inc.、Merrick Bank 和 First Interstate Bank。 Gap Inc. 計劃於今年夏天完成所有遷移工作。

We're also expanding in payments by leaning into payments innovation in areas like installments and cryptocurrencies. Here are a few examples. Our [open-LEAF] Mastercard installments program has been very well received and is progressing according to plan. Remember, Mastercard installment is built into our network, making by Buy Now Pay Later available to millions of consumers and merchants worldwide.

我們還通過分期付款和加密貨幣等領域的支付創新來擴大支付領域。這裡有一些例子。我們的 [open-LEAF] 萬事達卡分期付款計劃非常受歡迎，並且正在按計劃進行。請記住，萬事達卡分期付款已內置於我們的網絡中，通過“先買後付”方式提供給全球數百萬消費者和商家。

We continue to add a wide array of new lender and fintech partners, including Amount, Deserve, i2c, Lithic and Sutton Bank. In this quarter, we announced several merchant partners who are excited to support Mastercard installments, including Bass Pro Shops and Cabela's, H&R Block, Saks Fifth Avenue and Walgreens. U.S. customers will begin offering Mastercard installments to consumers this quarter, and international expansion is planned for later this year.

我們繼續增加一系列新的貸方和金融科技合作夥伴，包括 Amount、Deserve、i2c、Lithic 和 Sutton Bank。在本季度，我們宣布了幾個很高興支持萬事達卡分期付款的商戶合作夥伴，包括 Bass Pro Shops 和 Cabela's、H&R Block、Saks Fifth Avenue 和 Walgreens。美國客戶將在本季度開始向消費者提供萬事達卡分期付款，併計劃在今年晚些時候進行國際擴張。

And we continue to build solutions to support the crypto economy with a principled approach focused on 3 key areas. First, helping consumers easily and safely purchase cryptocurrencies and NFTs. In addition, we are enabling consumers to spend their crypto holdings on card and cashing out their crypto wallets via Mastercard Send. Second, providing identity, cyber and consulting services for market participants, including engaging with central banks as they design and develop central bank digital currencies. Third, preparing our core network to directly support digital currencies.

我們繼續構建解決方案，以專注於 3 個關鍵領域的原則性方法來支持加密經濟。首先，幫助消費者輕鬆安全地購買加密貨幣和 NFT。此外，我們還讓消費者能夠通過 Mastercard Send 將他們持有的加密貨幣花在卡上並兌現他們的加密錢包。其次，為市場參與者提供身份、網絡和諮詢服務，包括與中央銀行合作設計和開發中央銀行數字貨幣。第三，準備我們的核心網絡直接支持數字貨幣。

Making substantial progress in each of these areas. This quarter, the Gemini Mastercard, which offers crypto rewards went live across the U.S. We're also fond of its Nexo to launch a new crypto card in Europe, one that uses consumers' digital assets as collateral to back their credit line. And we established several other international Crypto Card partnerships, including banks in Europe, and Abra, Invesco and Belo in Latin America. On the crypto services front, MercadoLibre will be leveraging CipherTrace's AI and cyber capabilities to bring security and trust to their digital wallet in Brazil.

在這些領域中的每一個領域都取得了實質性進展。本季度，提供加密獎勵的雙子座萬事達卡在美國上線。我們也喜歡它的 Nexo 在歐洲推出一款新的加密卡，該卡使用消費者的數字資產作為抵押品來支持他們的信用額度。我們還建立了其他幾個國際加密卡合作夥伴關係，包括歐洲的銀行，以及拉丁美洲的 Abra、Invesco 和 Belo。在加密服務方面，MercadoLibre 將利用 CipherTrace 的人工智能和網絡功能為其在巴西的數字錢包帶來安全和信任。

Now turning to our second strategic priority, services. As I've noted before, our services support can differentiate our core products and have played a critical role, enabling many of the wins I mentioned. We also continue to extend our services across multiple growth vectors through new payment platform capabilities, new verticals and new use cases.

現在轉向我們的第二個戰略重點，服務。正如我之前提到的，我們的服務支持可以使我們的核心產品脫穎而出，並發揮了關鍵作用，促成了我提到的許多勝利。我們還通過新的支付平台功能、新的垂直領域和新的用例繼續將我們的服務擴展到多個增長向量。

Here are a few examples. First, earlier this month, we completed our acquisition of Dynamic Yield. Now that the transaction is closed, we will combine Dynamic Yield personalization platform and decision engine within our SessionM loyalty platform and our test-and-learn experimentation software. The result will be a truly differentiated consumer engagement and loyalty hub for our customers.

這裡有一些例子。首先，本月早些時候，我們完成了對 Dynamic Yield 的收購。現在交易已經完成，我們將在我們的 SessionM 忠誠度平台和我們的測試和學習實驗軟件中結合 Dynamic Yield 個性化平台和決策引擎。結果將是為我們的客戶提供真正差異化的消費者參與和忠誠度中心。

Second, we announced that we're expanding our consulting services into 3 new practices dedicated to Open Banking and Open Data, crypto and digital currencies and ESG. We've seen increased customer demand and a growing portfolio of successful engagements in these areas. For example, we are supporting Handelsbanken and Intesa Sanpaolo design programs that advance their ESG priorities. We're helping Wirex explore innovations in crypto.

其次，我們宣布我們正在將我們的諮詢服務擴展到 3 種專門針對開放銀行和開放數據、加密貨幣和數字貨幣以及 ESG 的新實踐。我們已經看到客戶需求的增加和這些領域的成功參與組合不斷增加。例如，我們正在支持 Handelsbanken 和 Intesa Sanpaolo 設計項目，以推進其 ESG 優先事項。我們正在幫助 Wirex 探索加密領域的創新。

And finally, we're expanding the breadth of our customer base and deploying our capabilities to solve for a wider range of use cases. For example, we deployed our test and learn capabilities to help tailored brands optimize retail operations and improve marketing efficiency for the leading menswear brands. And we deployed our fintech capabilities with Santander in Spain to help streamline dispute resolutions and improve the customer experience.

最後，我們正在擴大客戶群的廣度，並部署我們的能力來解決更廣泛的用例。例如，我們部署了我們的測試和學習能力來幫助定製品牌優化零售運營並提高領先男裝品牌的營銷效率。我們在西班牙的桑坦德銀行部署了我們的金融科技能力，以幫助簡化爭議解決並改善客戶體驗。

Beyond expanding in payments and extending in services, our third key priority area is embracing new networks. Our current focus is on 2 areas: Open Banking and Digital Identity. Our Open Banking and multi-rail strategies are converging, enabling us to leverage our unique set of assets to address new flows in verticals like rent payments. For rent payments, the risk of ACH returns due to insufficient funds is a significant pain point in both renters and landlords. To address this challenge. We're launching a new suite of smart payment decisioning tools. These solutions use Finicity's open banking capabilities to recommend the optimal payment day and payment rail for each transaction based on cost, speed and risk.

除了擴展支付和服務之外，我們的第三個關鍵優先領域是擁抱新網絡。我們目前的重點是兩個領域：開放銀行和數字身份。我們的開放銀行和多軌戰略正在融合，使我們能夠利用我們獨特的資產集來解決租金支付等垂直領域的新流動。對於租金支付，由於資金不足而導致 ACH 回報的風險是租房者和房東的一大痛點。為了應對這一挑戰。我們正在推出一套新的智能支付決策工具。這些解決方案使用 Finicity 的開放銀行功能，根據成本、速度和風險為每筆交易推薦最佳付款日期和付款方式。

The Bill Payment Alliance, a collection of more than 2 million rental homes will be one of the first fintech partners to launch these capabilities. And we plan to expand these solutions across a broad range of bill payment verticals.

擁有超過 200 萬套出租房屋的賬單支付聯盟將成為首批推出這些功能的金融科技合作夥伴之一。我們計劃將這些解決方案擴展到廣泛的賬單支付垂直領域。

In addition, we continue to extend our open banking reach with Finicity and Aiia by penetrating new verticals and establishing new partnerships. We continue to enhance our capabilities at the mortgage vertical and are now expanding into the auto lending vertical.

此外，我們通過滲透新的垂直領域和建立新的合作夥伴關係，繼續擴大我們與 Finicity 和 Aiia 的開放銀行業務範圍。我們繼續增強我們在抵押貸款垂直領域的能力，現在正在擴展到汽車貸款垂直領域。

We're leading the way in terms of provisioning permission-based income, employment and asset verification information, and we've partnered with Stripe, who will be using our open banking capabilities for a variety of use cases. We're also extending our open banking reach through data access agreements with partners like Fiserv, which will enable direct API connectivity to thousands of FIs in the United States.

我們在提供基於許可的收入、就業和資產驗證信息方面處於領先地位，我們已與 Stripe 合作，後者將在各種用例中使用我們的開放銀行功能。我們還通過與 Fiserv 等合作夥伴簽訂的數據訪問協議來擴大我們的開放銀行業務範圍，這將使 API 能夠直接連接到美國數千家金融機構。

In the Digital Identity space, in contrast, continued its strong performance in quarter 1, securing deals with financial services companies, including Moneyline and several leading Buy Now Pay Later providers. In addition, we recently joined forces with Microsoft on a collaboration to improve digital transaction approval rates and reduce fraud. The solution enables issuers to optimize authorization decisions using network and merchant-specific authentication data.

相比之下，在數字身份領域，第一季度繼續保持強勁表現，與金融服務公司達成交易，包括 Moneyline 和幾家領先的 Buy Now Pay Later 提供商。此外，我們最近與 Microsoft 合作，共同提高數字交易批准率並減少欺詐。該解決方案使發行人能夠使用網絡和商家特定的身份驗證數據優化授權決策。

Combined, open banking and digital identity extend our value before and after the payment transaction and into new digital transactions. These are attractive and growing opportunities, and we are uniquely positioned to be successful in both.

開放式銀行業務和數字身份相結合，將我們在支付交易前後的價值擴展到新的數字交易中。這些都是有吸引力且不斷增長的機會，我們具有獨特的優勢，可以在這兩個方面取得成功。

In summary, our business fundamentals remain strong, and we delivered robust revenue and earnings growth again this quarter, which also reflects our disciplined approach to expense management. We're executing against our strategic priorities, notably expanding our share with key issuers. In addition, we've worked hard to expand our travel-oriented portfolios which positions us well to capitalize on a strong recovery in cross-border travel.

總之，我們的業務基本面依然強勁，本季度我們再次實現了強勁的收入和盈利增長，這也反映了我們嚴格的費用管理方法。我們正在執行我們的戰略重點，特別是擴大我們與主要發行人的份額。此外，我們努力擴大以旅遊為導向的投資組合，這使我們能夠很好地利用跨境旅遊的強勁復甦。

And last but not least, we want to reflect on what is most important. The safety and well-being of our employees and their families who have been impacted by the war. Our thoughts are with them and the people of Ukraine.

最後但並非最不重要的一點是，我們想反思什麼是最重要的。受戰爭影響的員工及其家人的安全和福祉。我們的想法與他們和烏克蘭人民同在。

Sachin, over to you.

薩欽，交給你了。

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

謝謝，邁克爾。轉到第 3 頁，它顯示了我們在貨幣中性基礎上的本季度財務業績，不包括特殊項目以及損益對我們股權投資的影響。

Net revenue was up 27%, reflecting the continued execution of our strategy and the ongoing recovery in spending. Acquisitions contributed 2 ppt to this group. These revenues were above expectation, primarily due to stronger-than-expected cross-border and domestic volumes, favorable cross-border mix and FX-related revenues.

淨收入增長 27%，反映了我們戰略的持續執行和支出的持續復甦。收購對該群體貢獻了 2 個百分點。這些收入高於預期，主要是由於跨境和國內交易量強於預期、有利的跨境組合和外匯相關收入。

Operating expenses increased 13%, including a 6 ppt increase from acquisitions. Operating income was up 40%, which includes a 1 ppt decrease related to acquisitions. Net income was up 61%, which includes a 20 ppt benefit due to the recognition of a one-time discrete tax benefit related to a U.S. tax regulation published in the current period and a 1 ppt decrease from acquisitions.

運營費用增加 13%，其中收購增加了 6 個百分點。營業收入增長 40%，其中包括與收購相關的下降 1 個百分點。淨收入增長了 61%，其中包括由於確認與本期公佈的美國稅收法規相關的一次性離散稅收優惠而帶來的 20 個百分點的收益，以及收購帶來的 1 個百分點的下降。

EPS was up 65% year-over-year to $2.76, which includes a $0.36 contribution from the one-time discrete tax benefit and a $0.05 contribution from share repurchases. During the quarter, we repurchased $2.4 billion worth of stock and an additional $599 million through April 25, 2022.

每股收益同比增長 65% 至 2.76 美元，其中包括一次性離散稅收優惠帶來的 0.36 美元貢獻和股票回購帶來的 0.05 美元貢獻。在本季度，我們回購了價值 24 億美元的股票，並在 2022 年 4 月 25 日之前再回購了 5.99 億美元。

So let's turn to Page 4, where you can see the operational metrics for the first quarter. Worldwide gross dollar volume or GDV increased by 17% year-over-year on a local currency basis. Of note, data related to sanctioned Russian banks was not reported to us and hence, such amounts are not included in Q1 2022.

因此，讓我們轉到第 4 頁，您可以在其中查看第一季度的運營指標。以當地貨幣計算，全球總美元交易量或 GDV 同比增長 17%。值得注意的是，與受制裁的俄羅斯銀行相關的數據沒有向我們報告，因此，這些金額不包括在 2022 年第一季度。

In the U.S., GDV increased by 14% with credit growth of 31% and debit growth of 1%, reflecting the recovery of credit spending on travel and the lapping of stimulus. Outside of the U.S. volume increased 19% with credit growth of 20% and debit growth of 18%. Cross-border volume was up 53% globally for the quarter with intra-Europe cross-border volumes up 50% and other cross-border volumes up 56%, reflecting continued improvement in travel-related cross-border. For the first time since the onset of the pandemic, cross-border volume was above 2019 levels for all regions and cross-border travel was above 2019 levels for the first time in March.

在美國，GDPV 增長 14%，信貸增長 31%，借方增長 1%，反映了旅遊信貸支出的複蘇和刺激措施的實施。美國以外的交易量增長 19%，信貸增長 20%，借方增長 18%。本季度全球跨境交易量增長 53%，其中歐洲內部跨境交易量增長 50%，其他跨境交易量增長 56%，反映出與旅行相關的跨境交易量持續改善。自大流行開始以來，所有地區的跨境運輸量首次高於 2019 年的水平，跨境旅行在 3 月首次高於 2019 年的水平。

Turning now to Page 5. Switched transactions grew 22% year-over-year in Q1 and were at 150% of 2019 levels. Card-present and card-not-present growth rates remain strong. Card-present growth was aided in part by increases in contactless penetration in several regions.

現在轉到第 5 頁。第一季度轉換交易同比增長 22%，達到 2019 年水平的 150%。有卡和無卡增長率保持強勁。一些地區的非接觸式滲透率的增加部分促進了卡片存在的增長。

With respect to card counts, as a result of the suspension of our business operations in Russia, cards issued by Russian banks are no longer active on our network and are therefore excluded from our card counts this quarter. Accordingly, card growth was lower at 4% this quarter. If you exclude Russian-issued cards from current and prior years, card growth would have been 9%. Globally, there are 2.9 billion Mastercard and Maestro-branded cards issued.

關於卡數，由於我們在俄羅斯的業務暫停，俄羅斯銀行發行的卡在我們的網絡上不再活躍，因此不包括在本季度的卡數中。因此，本季度信用卡增長率較低，為 4%。如果將俄羅斯發行的卡從當前和以往年份中排除，卡的增長率將是 9%。全球共發行了 29 億張萬事達卡和 Maestro 品牌卡。

Now let's look to Page 6 with our highlights on the revenue line items, again described on a currency-neutral basis, excluding special items, unless otherwise noted. The increase in net revenue of 27% was primarily driven by domestic and cross-border transaction and volume growth as well as growth in services, partially offset by growth in rebates and incentives. Acquisitions contributed approximately 2 ppt to this growth.

現在讓我們看一下第 6 頁，我們重點介紹了收入項目，除非另有說明，否則再次在貨幣中性的基礎上進行描述，不包括特殊項目。淨收入增長 27% 主要是由國內和跨境交易和交易量增長以及服務增長推動的，部分被返利和激勵措施的增長所抵消。收購對這一增長貢獻了大約 2 個百分點。

I'd also like to point out that in the first quarter, the suspension of business operations in Russia had a minimal impact to the overall growth rate of the company as the loss of volume was offset by a one-time benefit of lower rebates and incentives due to the absence of a customer incentive agreement renewal in Russia.

我還想指出，在第一季度，俄羅斯業務暫停對公司整體增長率的影響微乎其微，因為銷量損失被一次性降低迴扣的好處所抵消，由於在俄羅斯沒有續簽客戶激勵協議而產生的激勵。

Looking quickly at the individual revenue line items. Domestic assessments were up 21%, while worldwide GDV grew 17%. The 4 ppt difference is primarily due to unreported volumes from Russian-related sanction customers and a favorable mix. Cross-border volume fees increased 57%, while cross-border volumes increased 53%, both ahead of expectations. The full ppt difference is primarily due to favorable mix as higher-yielding ex intra-Europe cross-border volumes grew faster than intra-Europe cross-border volumes this quarter.

快速查看各個收入行項目。國內評估增長了 21%，而全球 GDV 增長了 17%。 4 個百分點的差異主要是由於來自俄羅斯相關製裁客戶的未報告數量和有利的組合。跨境交易量費用增長 57%，而跨境交易量增長 53%，均超出預期。完整的 ppt 差異主要是由於有利的組合，因為本季度歐洲內部跨境交易量的增長速度快於歐洲內部跨境交易量。

Transaction processing fees were up 27%, while switched transactions grew 22%. The 5 ppt difference is primarily due to favorable cross-border mix and FX-related revenues. Other revenues were up 20%, including a 7 ppt contribution from acquisitions. The remaining growth was driven by our Cyber & Intelligence and Data & Services solutions. Finally, rebates and incentives were up 30%, reflecting the strong growth in volumes and transactions and new and renewed deal activity. As a percentage of gross revenues, rebates and incentives were lower than expected primarily due to the absence of a planned customer incentive agreement renewal in Russia, a higher mix of cross-border revenues and the timing of new internode deals.

交易處理費增長 27%，而轉換交易增長 22%。 5 個百分點的差異主要是由於有利的跨境組合和外匯相關收入。其他收入增長 20%，其中收購貢獻了 7 個百分點。其餘的增長是由我們的網絡與情報和數據與服務解決方案推動的。最後，回扣和獎勵增加了 30%，反映出交易量和交易量以及新的和續訂交易活動的強勁增長。作為總收入的百分比，回扣和獎勵低於預期，這主要是由於俄羅斯沒有計劃中的客戶獎勵協議續簽、跨境收入的更高組合以及新的節點間交易的時機。

Moving to Page 7. You can see that on a currency-neutral basis, total operating expenses increased 13%, including a 6 ppt impact from acquisitions. Excluding acquisitions, operating expenses grew 7%, primarily due to increased spending on advertising and marketing, higher personnel costs to support the continued investment in our strategic initiatives and increased data processing costs.

轉到第 7 頁。您可以看到，在不考慮貨幣因素的情況下，總運營費用增加了 13%，其中包括 6 個百分點的收購影響。不包括收購，運營費用增長 7%，主要是由於廣告和營銷支出增加、支持我們戰略計劃持續投資的人員成本增加以及數據處理成本增加。

Turning to Page 8. Let's discuss the operating metrics for the first 3 weeks of April. For your reference to help you understand the trends in the business ex Russia, we have included an appendix later in this deck to show all the data points from the schedule if you excluded activity from Russian-issued cards from current and prior periods.

轉到第 8 頁。讓我們討論 4 月前 3 週的運營指標。作為參考，以幫助您了解除俄羅斯以外的業務趨勢，如果您排除當前和以前期間俄羅斯發行的卡的活動，我們在本組後麵包含一個附錄，以顯示時間表中的所有數據點。

Going through the metrics in turn. Starting with switched volumes. For the first 3 weeks of April, we grew 23% year-over-year, down 4 ppt versus Q1, primarily due to the cessation of activities in Russia. If you exclude Russia-related volumes from the current and prior periods, switched volumes grew 27%, down 1 ppt versus Q1.

依次檢查指標。從切換音量開始。在 4 月的前 3 週，我們同比增長 23%，與第一季度相比下降 4 個百分點，主要是由於在俄羅斯的活動停止。如果從當前和前期排除俄羅斯相關交易量，則轉換交易量增長 27%，比第一季度下降 1 個百分點。

Switched transactions grew 14% year-over-year through the first 3 weeks of April, down 8 ppt from Q1, again, driven primarily by the absence of Russia-related transactions. Of note, Russia has a relatively low average ticket size, which results in a larger relative impact to this metric. If you exclude Russia-related transactions from the current and prior periods, switched transactions grew by 25% year-over-year, up 1 ppt versus Q1.

在 4 月的前 3 週，轉換交易同比增長 14%，比第一季度下降 8 個百分點，這主要是由於缺乏與俄羅斯相關的交易。值得注意的是，俄羅斯的平均門票規模相對較低，這對該指標產生了較大的相對影響。如果從當前和前期排除俄羅斯相關交易，轉換交易同比增長 25%，比第一季度增長 1 個百分點。

Overall, cross-border volumes through the first 3 weeks of April grew 60% year-over-year, up 7 ppt versus Q1. Excluding Russia from the current and prior periods, cross-border volumes through the same period grew 65% year-over-year, up 13 ppt versus Q1.

總體而言，4 月前 3 週的跨境交易量同比增長 60%，比第一季度增長 7 個百分點。不包括當前和前期的俄羅斯，同期的跨境交易量同比增長 65%，比第一季度增長 13 個百分點。

Since the end of January, cross-border travel has rebounded quickly as border restrictions continue to be lifted and we distance ourselves from Omicron. In the first 3 weeks of April, cross-border travel was up 179% year-over-year, up 38 ppt versus Q1. Cross-border card-not-present, excluding travel, was up 5% year-over-year in April, a decrease of 8 ppt compared to Q1, reflecting in part the lapping of a strong comparable period a year ago. One point to emphasize is cross-border travel is now above pre-pandemic levels at 110% of 2019 levels.

自 1 月底以來，隨著邊境限制繼續解除，我們與 Omicron 保持距離，跨境旅行迅速反彈。 4 月前 3 週，跨境旅遊同比增長 179%，較第一季度增長 38 個百分點。 4 月份，不包括旅行的跨境持卡人同比增長 5%，與第一季度相比下降 8 個百分點，部分反映了去年同期的強勁可比期。需要強調的一點是，跨境旅行現在高於大流行前的水平，是 2019 年水平的 110%。

Turning to Page 9. I want to share our thoughts on the remainder of 2022. Let me start by saying that our business fundamentals remain strong as we continue to grow our customer relationships and expand our product and service offerings. As Michael mentioned, consumer spending remains robust, particularly as economies open further and pandemic-related restrictions are lifted. Having said this, we are monitoring a number of factors, including inflationary pressures, supply chain constraints, geopolitical uncertainties and COVID infection rates. At this stage, we have not seen any significant impact of these in consumer spending.

轉到第 9 頁。我想分享我們對 2022 年剩餘時間的看法。首先讓我說，隨著我們繼續發展我們的客戶關係並擴大我們的產品和服務範圍，我們的業務基礎仍然強勁。正如邁克爾所說，消費者支出仍然強勁，特別是隨著經濟進一步開放和與大流行相關的限制措施被取消。話雖如此，我們正在監測許多因素，包括通脹壓力、供應鏈限制、地緣政治不確定性和 COVID 感染率。在現階段，我們還沒有看到這些對消費者支出產生任何重大影響。

Cross-border travel is recovering rapidly as border restrictions ease. This is occurring faster than our earlier expectations. We are well-positioned to capitalize on this growth with our travel-oriented portfolios. Weighing against these positive trends are the impacts of the war in Ukraine and the suspension of our business operations in Russia.

隨著邊境限制的放鬆，跨境旅行正在迅速恢復。這比我們早先的預期發生得更快。我們以旅遊為導向的投資組合已做好充分準備利用這一增長。與這些積極趨勢相反的是烏克蘭戰爭的影響以及我們在俄羅斯的業務暫停。

So now taking all of this into account, we continue to expect net revenues for full year 2022 to grow at the high end of a high teens rate on a currency-neutral basis, excluding acquisitions and special items. So essentially, we are maintaining our growth expectations in the same range as the strong cross-border travel recovery and strength in consumer spending helped mitigate the loss of sizable revenues in Russia and Ukraine.

因此，現在考慮到所有這些因素，我們繼續預計 2022 年全年的淨收入將在不包括收購和特殊項目的貨幣中性基礎上以青少年高利率的高端增長。因此，基本上，我們將增長預期維持在同一範圍內，因為強勁的跨境旅行複蘇和消費者支出的強勁有助於減輕俄羅斯和烏克蘭的可觀收入損失。

Acquisitions are forecasted to add about 1 ppt to this growth, while foreign exchange is expected to be a headwind of 3 to 4 ppt for the year, primarily due to the strengthening of the U.S. dollar relative to the euro.

預計收購將使這一增長增加約 1 個百分點，而外匯預計將成為今年 3 至 4 個百分點的逆風，這主要是由於美元相對於歐元走強。

In terms of operating expenses, we are reducing our forecast for the year to reflect cost savings related to Russia. All year, we expect operating expenses to grow at a high single-digit rate on a currency-neutral basis, excluding acquisitions and special items. Acquisitions are forecast to add about 4 to 5 ppt to this growth, while foreign exchange is expected to be a tailwind of approximately 2 to 3 ppt for the year.

在運營費用方面，我們正在降低對今年的預測，以反映與俄羅斯相關的成本節約。在不考慮收購和特殊項目的情況下，我們預計全年運營費用將在不考慮貨幣中性的情況下以高個位數的速度增長。預計收購將為這一增長增加約 4 至 5 個百分點，而外匯預計將成為今年約 2 至 3 個百分點的順風。

With respect to the second quarter, year-over-year net revenue is expected to grow at the high end of a high teens rate, again, on a currency-neutral basis, excluding acquisitions. This reflects closely strong consumer spending, including continued improvement in cross-border travel spending relative to 2019; secondly, the discontinuation of revenues from Russia and a sequential reduction in revenues related to Ukraine; and finally, the lapping of a strong year and a good quarter that was aided by fiscal stimulus and the easing of pandemic-related restrictions as vaccination programs rolled out. Acquisitions are forecast to add about 1 ppt to this growth, while foreign exchange is expected to be a headwind of approximately 5 to 6 ppt for the quarter.

就第二季度而言，在不包括收購的貨幣中性基礎上，預計第二季度的同比淨收入將以青少年高增長率的高端增長。這反映了強勁的消費支出，包括相對於 2019 年跨境旅行支出的持續改善；其次，來自俄羅斯的收入中止以及與烏克蘭有關的收入連續減少；最後，隨著疫苗接種計劃的推出，財政刺激和與大流行相關的限制放寬，助推了強勁的一年和一個良好的季度。預計收購將使這一增長增加約 1 個百分點，而外匯交易預計將成為本季度約 5 至 6 個百分點的逆風。

From an operating expense standpoint, we expect Q2 operating expenses to grow at a high single-digit rate versus a year ago on a currency-neutral basis, excluding acquisitions and special items. Acquisitions are forecast to add about 4 to 5 ppt to this growth, including the acquisition of Dynamic Yield, which we are pleased to have just closed. Foreign exchange is expected to be a tailwind of approximately 3 to 4 ppt for the quarter.

從運營費用的角度來看，我們預計在不考慮收購和特殊項目的情況下，與一年前相比，第二季度運營費用將以高個位數的速度增長。預計收購將為這一增長增加約 4 至 5 個百分點，包括我們很高興剛剛完成的對 Dynamic Yield 的收購。預計本季度外匯將帶來約 3 至 4 個百分點的順風。

Other items to keep in mind, on the other income and expense line, we are at an expense run rate of approximately $115 million per quarter, given the prevailing interest rates and our recent debt issuance. This excludes gains and losses on our equity investments, which are excluded from our non-GAAP metrics. And finally, we expect a tax rate of approximately 18% to 19% for each of the remaining quarters of the fiscal year based on the current geographic mix of our business.

其他需要記住的項目，在其他收入和支出項目中，考慮到現行利率和我們最近的債務發行，我們每季度的支出運行率約為 1.15 億美元。這不包括我們的股權投資的收益和損失，這些收益和損失不包括在我們的非公認會計原則指標中。最後，根據我們當前業務的地理組合，我們預計本財年剩餘每個季度的稅率約為 18% 至 19%。

Before closing out, I want to briefly comment on our 3-year performance objectives for 2022 to 2024. Clearly, the elimination of Russia-related revenues and the reduction of those from Ukraine create a headwind to achieving these objectives. If this would continue, it would result in a headwind of approximately 2 ppt to our net revenue CAGR.

在結束之前，我想簡要評論一下我們 2022 年至 2024 年的 3 年績效目標。顯然，消除與俄羅斯有關的收入和減少來自烏克蘭的收入對實現這些目標構成了阻力。如果這種情況持續下去，將導致我們的淨收入複合年增長率下降約 2 個百分點。

Having said this, we are off to a strong start in 2022 with the recovery of cross-border travel ahead of expectations, as I previously mentioned. We remain focused on building long-term sustainable growth for the company. And net-net, it is really too early to adjust our 3-year performance objectives as we work to offset some or all of these headwinds.

話雖如此，正如我之前提到的，隨著跨境旅行的複蘇超出預期，我們將在 2022 年迎來強勁開局。我們仍然專注於為公司建立長期的可持續增長。和 net-net，現在調整我們的 3 年績效目標還為時過早，因為我們正在努力抵消部分或全部這些不利因素。

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

有了這個，我會把電話轉回給沃倫。

Thank you, Sachin. Jemiria, we are now ready for the question-and-answer session.

謝謝你，薩欽。 Jemiria，我們現在準備好進行問答環節了。

(Operator Instructions) Your first question will come from the line of Sanjay Sakhrani with KBW.

（操作員說明）您的第一個問題將來自 KBW 的 Sanjay Sakhrani。

I've got a question on inflation. I know the data suggests the consumer remains in good shape as we look across trends in the vertical as such. Are you seeing anything that sort of is seeing some kind of negative impact on consumer spending patterns as a result of inflation? I know we heard some comments on e-commerce. Maybe you could talk about that.

我有一個關於通貨膨脹的問題。我知道數據表明，當我們縱觀垂直趨勢時，消費者仍然處於良好狀態。您是否看到通貨膨脹對消費者支出模式產生某種負面影響？我知道我們聽到了一些關於電子商務的評論。也許你可以談談那個。

Sanjay, thanks for your question. So on the inflation side, as Sachin mentioned earlier, we have not seen anything yet in terms of changing consumer spending behaviors. But what we are seeing is in terms of the impact on vertical mix and so forth, there has been a 1% increase in our switched volume that's related to gas price increases. We're seeing some shifts in the airline. That is again under an inflationary pressure there from ticket prices perspective. So we have to see where it goes going forward.

桑傑，謝謝你的提問。所以在通脹方面，正如薩欽之前提到的，我們還沒有看到任何改變消費者支出行為的跡象。但我們看到的是對垂直組合的影響等等，我們的轉換量增加了 1%，這與天然氣價格上漲有關。我們看到航空公司發生了一些變化。從票價的角度來看，這再次面臨通脹壓力。所以我們必須看看它的發展方向。

I mean fundamentally, where I stand on this is the push by consumers into the digital space. They learn these habits, they're online. All that will continue. And we'll see where the underlying prices go. In the end, it comes back to what we've been saying all along.

我的意思是從根本上說，我的立場是消費者推動數字空間。他們學習這些習慣，他們在網上。這一切都將繼續。我們將看到基礎價格的去向。最後，它又回到了我們一直在說的話。

There's macro considerations in each country. That has to be considered here. One's monetary fiscal policy and then there is the micro aspects of the different verticals, which ones of those are carded, which ones we would see, which ones we wouldn't see. Could there be a crowding-out effect of rents or gas prices, particularly in Europe? Yes, there might be, but that's not something we can tell yet.

每個國家都有宏觀考慮。這必須在這裡考慮。一個人的貨幣財政政策，然後是不同垂直領域的微觀方面，其中哪些被梳理，哪些我們會看到，哪些我們不會看到。租金或汽油價格是否會產生擠出效應，尤其是在歐洲？是的，可能有，但這還不是我們能說的。

Your next question will come from the line of Harshita Rawat with Bernstein.

您的下一個問題將來自 Harshita Rawat 和 Bernstein 的觀點。

Michael, Sachin, I want to ask about cross-border travel, very strong recovery here. Is there a scenario where even if, let's say, China or other parts of Asia don't come back meaningfully, you can still kind of get back to this, like, normalized 30% to 40% kind of levels, above 2019, which is the kind of its run rate pre-pandemic because there's so much pent-up demand? Or does Asia and China need to come back for the next leveling of the cross-border recovery?

邁克爾，薩欽，我想問一下跨境旅行，這裡的複蘇非常強勁。有沒有一種情況，即使中國或亞洲其他地區沒有有意義地回歸，你仍然可以回到這個水平，比如，在 2019 年以上正常化 30% 到 40% 的水平，這大流行前的那種運行率是因為有太多被壓抑的需求嗎？或者亞洲和中國是否需要為跨境復甦的下一個水平回歸？

And Sachin, just a follow-up for you. Can you just talk about the sensitivity of your revenue guidance should macro consumer spend, like, to [degenerate] from here?

薩欽，只是你的後續行動。你能談談你的收入指導的敏感性，如果宏觀消費者支出，比如，從這裡[退化]？

Thanks, Harshita. So first, on your question on cross-border, you're absolutely right. Cross-border travel has actually come back stronger than our expectations, and there continues to be pent-up demand. And we -- in terms of how we're thinking about our guidance, we've kind of built in that improving recovery in cross-border travel on a going-forward basis as well. So I just want to kind of get that out there.

謝謝，哈希塔。所以首先，關於你的跨境問題，你是絕對正確的。跨境旅行的回歸實際上比我們的預期要強勁，並且繼續存在被壓抑的需求。而且我們 - 就我們如何考慮我們的指導而言，我們已經在某種程度上建立了在未來基礎上改善跨境旅行的複蘇。所以我只是想把它弄出來。

But to give you a little bit more color, right, on cross-border. So cross-border volumes are above 2019 levels across all regions for the first time. I would tell you that the top 20 destinations, which represented approximately 70% of our total cross-border travel pre-pandemic, and we're at 70% of 2019 levels when we discussed this at our Investor Community Meeting, are now at 85% in Q1 of 2022.

但是給你多一點色彩，對，就跨界。因此，所有地區的跨境交易量首次高於 2019 年的水平。我會告訴你，前 20 個目的地，約占我們大流行前跨境旅行總量的 70%，當我們在投資者社區會議上討論這個問題時，我們處於 2019 年水平的 70%，現在是 85 個2022 年第一季度的百分比。

Specifically, on your question around Asia Pacific, I think it's important to note that Asia Pacific has been slower to recover. The Asia Pacific opportunity as I see is as follows: Asia Pacific represented approximately 15% of total inbound cross-border travel volumes pre-pandemic, and we're at 40% of our 2019 levels in Q1. So as you can see from this number, right, that there is a fair amount of recovery still remaining to come from Asia Pacific. Obviously, it does matter in terms of how restrictions are lifted in that market.

具體來說，關於你關於亞太地區的問題，我認為重要的是要注意亞太地區的複蘇速度較慢。在我看來，亞太地區的機會如下：亞太地區約佔大流行前入境跨境旅行總量的 15%，而我們在第一季度達到 2019 年水平的 40%。因此，您可以從這個數字中看到，對，亞太地區仍有相當大的複蘇空間。顯然，就如何解除該市場的限製而言，這確實很重要。

Again, the point is at the end of the day, cross-border fundamentally is still very sound. This is something we've been talking about right through the pandemic where we felt like when restrictions are eased, volumes in cross-border will come back. We've seen that happen, and we continue to believe fundamentally that, that remains very much in place.

再說了，歸根結底，跨界基本上還是很穩健的。這是我們在大流行期間一直在談論的事情，我們覺得當限制放鬆時，跨境交易量將會恢復。我們已經看到這種情況發生了，我們仍然從根本上相信，這仍然非常有效。

On EV, in particular. A couple of thoughts in China. One, the -- both China -- both from an inbound and an outbound standpoint were not a very significant portion of our cross-border volumes prepandemic. In fact, I would argue that the outbound China was slightly higher than the inbound China. So when you think about recovery, you've also got to think about what restrictions are there in terms of people going into countries versus people coming out of countries. And I would tell you, outbound China has shown better improvement than inbound China for obvious reasons, as we all know, that there have been lockdowns in China and things of that sort.

特別是在電動汽車上。中國的一些想法。第一，從入境和出境的角度來看，無論是中國還是中國，都不是我們在大流行前的跨境交易量中非常重要的一部分。事實上，我認為出境中國略高於入境中國。因此，當您考慮復甦時，您還必須考慮在進入國家的人與離開國家的人方面存在哪些限制。我會告訴你，出境中國比入境中國表現出更好的改善，原因很明顯，眾所周知，中國出現了封鎖之類的事情。

So net-net, as I said back, and I think about this, I think about the fundamentals of cross-border being strong. I think about the potential for pent-up demand continue to contribute to improvements in cross-border travel spend. And again, the volume in the Pacific region still remains a fairly large opportunity on a going-forward basis.

所以net-net，就像我回過頭說的，我想這個，我想的是跨界做強的基本面。我認為被壓抑的需求潛力繼續有助於改善跨境旅行支出。再一次，太平洋地區的交易量在未來的基礎上仍然是一個相當大的機會。

Yes. If I can just build on that, we love cross-border. But while we love the trends, it's a lot of hard work. And over the last 2 years, I mean, the travel industry was hard hit from the outset of the pandemic.

是的。如果我能以此為基礎，我們喜歡跨界。但是，雖然我們熱愛潮流，但這是一項艱鉅的工作。我的意思是，在過去的兩年裡，旅遊業從大流行開始就受到了沉重打擊。

We have leaned in. And As I recall, over the last 2 years, JetBlue, Cathay Pacific, British Airways, LATAM, Aeroplan, Air Canada, you name it, it's a long list of where we have either expanded, renewed one additional volume. So we're participating in the trend in a very significant way. And we've always said it's going to happen this year, and we're ready for that.

我們已經靠攏了。我記得，在過去的兩年裡，捷藍航空、國泰航空、英國航空、拉丁美洲航空、Aeroplan、加拿大航空，你能說的到，這是一個長長的清單，列出了我們在哪些方面進行了擴展，或者續訂了一卷.因此，我們以一種非常重要的方式參與了這一趨勢。我們一直說它會在今年發生，我們已經為此做好了準備。

Your next question will come from the line of Rayna Kumar with UBS.

您的下一個問題將來自瑞銀的 Rayna Kumar。

It was really good to see the strong operating margin expansion in the quarter, 460 basis points. Can you discuss some of the underlying drivers outside of the return of cross-border and how sustainable you believe in upper 50% operating margin as going forward?

很高興看到本季度強勁的營業利潤率增長 460 個基點。您能否討論跨境回歸之外的一些潛在驅動因素，以及您認為未來 50% 以上的營業利潤率有多可持續？

Yes, Rayna. I'm happy to take that question. So look, I mean, at the end of the day, you know that the business, as we have, is a high operating leverage business, right? At the end of the day, incremental dollars of revenue typically flow to the bottom line, just given the nature of how we operate.

是的，蕾娜。我很高興接受這個問題。所以看，我的意思是，歸根結底，您知道我們擁有的業務是高運營槓桿業務，對嗎？歸根結底，僅考慮到我們運營方式的性質，增加的收入通常會流入底線。

So certainly, cross-border recovery is playing into the recovery in operating margins, but it's not just about cross-border. It's about, overall, strong consumer spending and cross-border travel recovery, all of which is contributing to the delivery of improved operating margins.

因此，可以肯定的是，跨境復甦正在影響營業利潤率的複蘇，但不僅僅是跨境。總體而言，強勁的消費者支出和跨境旅行複蘇，所有這些都有助於提高營業利潤率。

Helping that even further is the renewed strength in our services and everything we're doing along those parts. So it's everything which we are doing in terms of driving the fundamentals of our business back to the strategic priorities Michael was talking about, which is growing our payments, keeping on leaning in on services and then continuing to invest in the new network space, which is really, really important. So all of those factors are contributing factors to the expanding operating margins that you're seeing come through.

更進一步的幫助是我們的服務和我們在這些部分所做的一切的新力量。因此，我們所做的一切都是為了推動我們的業務基礎回到邁克爾所說的戰略重點，即增加我們的支付，繼續依靠服務，然後繼續投資新的網絡空間，這真的，真的很重要。因此，所有這些因素都是您所看到的不斷擴大的營業利潤率的促成因素。

The message I'd like to leave you with on this is the following: We continue to run the business for long-term sustainable growth, which means, effectively, that we're going to continue to invest in a disciplined manner to ensure that we are creating the right opportunities for ourselves to deliver this long-term top-line growth. And while we do that, you should see the impact of that come through in terms of operating margins.

我想給你的信息如下：我們繼續經營業務以實現長期可持續增長，這實際上意味著我們將繼續以有紀律的方式進行投資，以確保我們正在為自己創造合適的機會來實現這一長期的收入增長。在我們這樣做的同時，您應該看到它對營業利潤率的影響。

Your next question will come from the line of Darrin Peller with Wolfe Research.

您的下一個問題將來自 Wolfe Research 的 Darrin Peller。

When we look at the types of opportunities on cross-border that you're seeing right now, you clearly are positioned, as you said before, to take advantage of this upswing in travel. And historically, it's been very high pass-through without rebates and incentives having a cyber correlation.

當我們查看您現在看到的跨境機會類型時，正如您之前所說，您顯然處於利用這種旅行上升的優勢。從歷史上看，它一直是非常高的傳遞率，沒有回扣和激勵措施與網絡相關。

So first of all, just to be clear, I mean, should we still expect that to be the case? Or is there anything around the new business -- the relationships that Michael, you mentioned earlier, that would cause that growth yield, I guess, we can say, or net yield to be a little bit different going forward on this type of big pickup in resumption and spending on travel.

所以首先，要明確一點，我的意思是，我們還應該期待這種情況嗎？或者圍繞新業務是否有任何東西——邁克爾，你之前提到的，會導致增長收益的關係，我猜，我們可以說，或者淨收益在這種類型的大回升中有所不同在恢復和旅行支出方面。

And then, Michael, just more strategically, when we think about that, that industry in terms of cross-border payments. There's been so much change. And even you guys are trying to work through opportunities for more A-to-A and open banking opportunities across globally. And so does that change the ecosystem at all? Or is card-based really how you expect to see cross-border players stay really dominant for payments cross-border over time?

然後，邁克爾，當我們從跨境支付的角度考慮這個行業時，更具戰略意義。變化太大了。甚至你們也在努力在全球範圍內尋找更多 A-to-A 和開放銀行業務的機會。那麼這會改變生態系統嗎？或者，隨著時間的推移，您是否真的希望看到跨境玩家在跨境支付領域保持真正的主導地位？

Thanks, Darrin. I'll take the first part and then Michael will kind of address your second question. I guess the headline is the following, which is we're not seeing anything fundamentally changed in terms of the profile of our cross-border revenues. I mean net-net, things are going to move around depending on how much cross-border comes from intra-Europe versus volumes from outside of that intra-Europe corridor because as you know, intra-Europe is lower yielding and then other cross-border volumes are higher yielding. But fundamentally, I would tell you not much has changed.

謝謝，達林。我會講第一部分，然後邁克爾會回答你的第二個問題。我想標題如下，我們沒有看到跨境收入狀況發生任何根本性變化。我的意思是網絡，事情的發展取決於來自歐洲內部的跨境交易量與來自歐洲內部走廊以外的交易量，因為如你所知，歐洲內部的收益率較低，然後是其他跨境邊境卷的產量更高。但從根本上說，我會告訴你並沒有太大的變化。

I will make one point. You talked about rebates and incentives not being there with cross-border. I would say that there's a lower indexation of rebates and incentives to cross-border. There's always been some level of rebates and incentives, which have been associated with cross-border, and not nearly as high as what's there in the domestic volume environment. But we're not seeing fundamentally much change in that regard.

我要說明一點。您談到了跨境不存在的回扣和激勵措施。我想說的是，跨境回扣和激勵的指數化程度較低。總是有一定程度的回扣和激勵措施，這些都與跨境相關，而且遠沒有國內交易量環境那麼高。但我們在這方面並沒有看到根本性的變化。

Right. And strategically, so Darrin, here's what I'd say is similar lens that we took at Investor Day where we looked at different universes and different use cases. You got it at the P2M world where a card is well established domestically, but also certainly cross-border. The industry, and we, very specifically with our services propositions, have found a way to ensure that the risks associated with these cross-border transactions for merchants and for consumers are addressed. So the conversion rates and the approval rates have continuously increased. And there's a lot of value brought. So there isn't much of a problem to be resolved to payment for -- payments for goods on a cross-border basis.

對。從戰略上講，Darrin，我想說的是我們在投資者日拍攝的類似鏡頭，在那裡我們研究了不同的宇宙和不同的用例。您在 P2M 世界中得到了它，那裡的卡在國內很成熟，但也肯定是跨境的。該行業，尤其是我們，特別是我們的服務主張，已經找到了一種方法來確保與這些跨境交易相關的商家和消費者風險得到解決。所以轉化率和批准率不斷提高。並且帶來了很多價值。因此，在跨境支付商品方面沒有什麼問題需要解決。

Now where we're actively looking at -- it tends to participate in all relevant payment flows. We're saying what other payment volumes happening cross-border that we can contribute, too, with our technology, through our franchise and so forth. And here, the whole space of import-export, cross-border and accounts payable. That's a space where account-to-account solutions make sense for us, the whole -- we have specifically called out for you at the Investor Day, the focus on remittances. Again, that's a significant opportunity for us. That's all additive and expensive from a target market perspective, from an opportunity perspective.

現在我們正在積極關注 - 它傾向於參與所有相關的支付流程。我們說的是，我們還可以通過我們的技術、通過我們的特許經營等方式為跨境發生的其他支付量做出貢獻。在這裡，進出口、跨境和應付賬款的整個空間。這是一個賬戶到賬戶解決方案對我們整體有意義的空間——我們在投資者日特別呼籲您關注匯款。同樣，這對我們來說是一個重要的機會。從目標市場的角度來看，從機會的角度來看，這一切都是附加的和昂貴的。

Attractive growing opportunities. We have the technology on the cross-border remittances side, our Transfast acquisition, our buyout on the HomeSend side, all of that is coming together. It's a 100 country reach. So I think what we're bringing here is the multilateral network idea into this space that has been historically inefficient.

有吸引力的增長機會。我們擁有跨境匯款方面的技術，我們的 Transfast 收購，我們在 HomeSend 方面的收購，所有這些都融合在一起。這是100個國家的範圍。所以我認為我們在這裡帶來的是多邊網絡理念進入這個歷史上效率低下的領域。

So I look at it as a growth opportunity, while we're going to continue to power the cost side of the house.

因此，我將其視為一個增長機會，而我們將繼續為房屋的成本方面提供動力。

Your next question will come from the line of Lisa Ellis with MoffettNathanson.

您的下一個問題將來自 Lisa Ellis 與 MoffettNathanson 的對話。

Terrific. I was hoping to shine a spotlight on LatAm, specifically Brazil. Just taking a peak of the supplementals, Mastercard's volumes are up 40% to 50% in that region. But Brazil's also a market where you've got a local network like PIX gaining a lot of traction. Can you just use that as an example to talk a bit about how Mastercard coexist in a market like that with one of these domestic networks and is a player like PIX actually a customer or a potential customer of some of your open banking or fraud or identity services?

了不起。我希望把焦點放在拉美，特別是巴西。僅在補充品的高峰期，萬事達卡在該地區的交易量就增長了 40% 至 50%。但巴西也是一個市場，您可以在其中擁有像 PIX 這樣的本地網絡，獲得很大的吸引力。您能否以此為例談談萬事達卡如何與這些國內網絡之一在這樣的市場共存，並且像 PIX 這樣的玩家實際上是您的一些開放銀行或欺詐或身份的客戶或潛在客戶服務？

All right. So let me take that. So first of all, Brazil has been a market in focus, strategically important market for us for years. We're very well established on with the large banks out there, Itaú and others to mention. So I'm actually seeing the Brazilian country manager right after this call. So it's very much in focus. We're very happy with what's going on there. Overall, it's a market that drives a lot of innovation. Buy Now Pay Later has been a thing in Brazil forever. Open banking is on the rise. Real-time payments is on the rise. So a lot of movement there.

好的。所以讓我接受。因此，首先，巴西多年來一直是我們關注的、具有戰略意義的市場。我們與那裡的大型銀行建立了良好的合作關係，Itaú 和其他值得一提的銀行。所以我實際上是在這個電話之後見到了巴西國家經理。所以它非常受關注。我們對那裡發生的事情感到非常滿意。總體而言，這是一個推動大量創新的市場。 “先買後付”一直是巴西的傳統。開放式銀行業務正在興起。實時支付正在增加。所以那裡有很多運動。

And the P2P network that's been introduced by the Central Bank in the Brazil market is another push to further digitization in that market. So the whole digitization in Brazil is really seeing great momentum, and we're leaning right into that.

中央銀行在巴西市場推出的 P2P 網絡是該市場進一步數字化的又一推動力。因此，巴西的整個數字化勢頭真的很強勁，我們正朝著這個方向傾斜。

Now the kind of flow that PIX is going after, you see a lot of P2P flows and some B2B flows so that's not necessarily anything that we're particularly worried about, but it's also the kind of flows, as part of our multi-rail strategy, that we like to support ourselves and we have a whole set of technologies for that.

現在 PIX 所追求的那種流，你會看到很多 P2P 流和一些 B2B 流，所以這不一定是我們特別擔心的事情，但它也是那種流，作為我們多軌的一部分戰略，我們喜歡支持自己，我們為此擁有一整套技術。

WhatsApp page, just to point one out, which is a -- been first live in Brazil itself is set a market with innovation and a lot of momentum there. So here's our technology powering a social network as an alternative, which is an easy user experience, great adoption, 4.7 million users already on that platform.

WhatsApp 頁面，只是指出一點，它是第一個在巴西生活的地方，它本身就是一個充滿創新和動力的市場。因此，這是我們的技術為社交網絡提供支持作為替代方案，這是一種簡單的用戶體驗，廣泛採用，已經有 470 萬用戶在該平台上。

So I look at it as a market that's a lot to learn from, a market that we invest in. And where we chart past for the new additional flows beyond card flows very -- with specific local solutions considering the size of the market.

因此，我將其視為一個有很多值得學習的市場，一個我們投資的市場。我們在過去繪製了卡片流量之外的新額外流量 - 考慮到市場規模，採用特定的本地解決方案。

And I'll just add, Michael, a couple of thoughts on Brazil. One, you asked the question about the strong growth. Clearly, the -- it's a combination of the macro environment, but it's also the fact that we've been leaning in pretty heavily with our traditional issuers as well as our fintech partners in that space, which has been part of the reason why we've been seeing some of that growth come through in a decent manner, Lisa.

邁克爾，我想補充一下關於巴西的一些想法。一，你問了關於強勁增長的問題。顯然，這是宏觀環境的結合，但這也是我們在該領域一直非常依賴傳統發行人以及我們的金融科技合作夥伴的事實，這也是我們為什麼麗莎，已經看到一些增長以一種體面的方式實現了。

The second point I'd make, tying back to Michael's comments around PIX. The market has to be bifurcated in the context of both debit and credit. And on the credit side, we continue to see tremendous growth. PIX, which Michael said, is primarily catering to P2P and B2B flows, even if it were to actually proliferate a little bit into, call it, the smaller merchants from a P2M standpoint. We'll primarily be focused around the debit side of the equation. And so credit still remains the mainstay for us in Brazil as it stands.

我要提出的第二點是與 Michael 對 PIX 的評論有關。市場必須在藉方和貸方的背景下進行分叉。在信貸方面，我們繼續看到巨大的增長。 Michael 說，PIX 主要迎合 P2P 和 B2B 流量，即使從 P2M 的角度來看，它實際上會擴散到（稱之為）較小的商家。我們將主要關注等式的借方。因此，信用仍然是我們在巴西的支柱。

Your next question will come from the line of Tien-Tsin Huang with JPMorgan.

您的下一個問題將來自摩根大通的 Tien-Tsin Huang。

I wanted to check in on the, call it, balance of trade and this whole card volume coming in and out from wins and losses migrating. Given the update, I know you mentioned Wells and of course, Santander, NatWest and Deutsche Bank, are you gaining share when all is said and done? I'm just trying to get a better sense, especially in the short term with all the migrations in and out, where you stand in the share gain.

我想檢查一下貿易餘額，以及從輸贏遷移中進出的整個卡量。鑑於最新情況，我知道您提到了 Wells，當然還有桑坦德銀行、NatWest 和德意志銀行，當一切都說完之後，您是否獲得了份額？我只是想更好地理解，尤其是在短期內所有遷移進出的情況下，您在份額收益中所處的位置。

Thanks, Tien-Tsin. So everything we kind of talked about and Michael talked about earlier on in this conversation was about our expanding relationships with these issuers. And so with these issuers, we are gaining share. That's kind of the reality of the situation. Again, there are puts and takes in the market, right? So as I think about the new relationship, well, I should say new relationship, the expanded relationship we have with Wells, right, that's an increasing share position with Wells which is taking place, for example, there.

謝謝，天真。所以我們和邁克爾在這次談話中早些時候談到的一切都是關於我們與這些發行人擴大關係。因此，與這些發行人一起，我們正在獲得份額。這就是現實的情況。再說一次，市場上有看跌期權，對吧？所以當我想到新的關係時，我應該說新的關係，我們與 Wells 的擴大關係，對，這是與 Wells 的份額不斷增加，例如，那裡正在發生。

So the bottom line is the following, which is whether it's Wells, Capital One, what we're doing with Santander, NatWest, Deutsche, you name it, The Gap portfolio, all of these incrementally are helping us drive our volumes. From a holistic market standpoint, again, like I said, there are puts and takes, right? But we're very, very optimistic about how we are seeing business translate for us.

因此，底線如下，無論是 Wells、Capital One，還是我們與 Santander、NatWest、Deutsche 的合作，你能想到的，The Gap 投資組合，所有這些都在逐步幫助我們提高銷量。從整體市場的角度來看，就像我說的那樣，有看跌期權，對嗎？但我們非常非常樂觀地看到業務為我們帶來的轉化。

And as we mentioned at the Investor Community Day, we are growing market share across all regions and the market share growth, which we've seen in 16 of our top 20 markets, which is something we shared with you at the Investor Community Day is really the data points we put out so far.

正如我們在投資者社區日提到的那樣，我們在所有地區的市場份額和市場份額都在增長，我們已經在前 20 個市場中的 16 個看到了這一點，這是我們在投資者社區日與您分享的內容是真的是我們迄今為止發布的數據點。

And Tien-Tsin, I should add, I'm very happy to ask the question. I thought these news was just going to pass by with none of you asking about it, so it's much appreciated.

我應該補充一下Tien-Tsin，我很高興提出這個問題。我以為這些消息會在你們沒有人問的情況下過去，所以非常感謝。

Next question will come from the line of David Togut with Evercore ISI.

下一個問題將來自 Evercore ISI 的 David Togut。

Cross-border card-not-present ex travel growth was solid in Q1, but did slow throughout the quarter and into April against known very difficult comparisons. Can you unpack cross-border card-not-present ex travel growth by geography, especially in Europe and U.S. and how you see this playing out throughout this year, especially with the return of the consumer, the physical point of sale as vaccination rates go up? In other words, do you see a re-acceleration of e-com later this year? Or do you think the consumer is going to be more active at kind of physical bricks-and-mortar locations?

跨境無卡旅行前的增長在第一季度穩健，但在整個季度和四月份都放緩，與已知的非常困難的比較相比。您能否按地理位置（尤其是在歐洲和美國）解釋跨境無卡旅行前的增長情況，以及您如何看待今年全年的增長情況，尤其是隨著消費者的回歸，實體銷售點隨著疫苗接種率的下降向上？換句話說，您是否看到今年晚些時候電子商務會重新加速？還是您認為消費者會在實體實體店更加活躍？

Sure, David. So I think you're touching upon a couple of things which are there on that card-not-present ex travel. The reality is, as cross-border travel comes back, you do see some give-back in terms of cross-border card not travel -- card-not-present ex travel. That's a mouthful.

當然，大衛。因此，我認為您正在觸及那張無卡前旅行中的幾件事。現實情況是，隨著跨境旅行的回歸，您確實會看到跨境卡非旅行方面的一些回饋——即無卡旅行。那是一口。

So the point is, at the end of the day, right, there are a few factors you got to take into consideration when you're thinking about future growth rates for cross-border card-not-present ex travel. Number one, what's the pace of recovery on cross-border travel is going to be? Number two, what the prior year comps were on cross-border card-not-present ex travel? Because remember, these growth rates are all influenced by prior comps as well. And what was happening in the fluid environment last year, which might have caused what elevated levels of cross-border card-not-present ex travel. And number three, you do see fluctuations come in that number through as a result of crypto and crypto volumes, right? And so these 3 factors are kind of things you've got to take into consideration.

所以關鍵是，歸根結底，當您考慮跨境無卡旅行的未來增長率時，您必須考慮一些因素。第一，跨境旅遊的複蘇步伐將如何？第二，前一年無卡跨境旅行的補償是多少？因為請記住，這些增長率也都受到之前的組合的影響。以及去年在流動環境中發生的事情，這可能導致跨境無卡旅行的水平升高。第三，您確實看到由於加密和加密量而導致該數字出現波動，對嗎？所以這三個因素是你必須考慮的事情。

The point as an up level is the following, which is the consumer continues to spend in an omnichannel manner. When they can get out and spend in a physical environment, they do that. When they can spend in a card-not-present environment, they do that. We are ready to support them in both manners, whether it's through our omnichannel capabilities that we're offering our merchants. And the strength which we're seeing in card-not-present ex travel, from a cross-border standpoint, is something we expect that strength to actually stay going forward as well. There might be puts and takes for all the reasons I just mentioned, but largely, I think consumer behavior has changed in a manner where they've gone more digital, and you're going to see some strength come throughout there.

升級的要點如下，即消費者繼續以全渠道方式消費。當他們可以出去在物理環境中消費時，他們就會這樣做。當他們可以在沒有卡的環境中消費時，他們就會這樣做。我們準備以兩種方式支持他們，無論是通過我們為商家提供的全渠道能力。從跨境的角度來看，我們在無卡旅行中看到的力量是我們希望這種力量實際上也能繼續向前發展的力量。出於我剛才提到的所有原因，可能會有一些選擇，但在很大程度上，我認為消費者的行為已經發生了變化，他們變得更加數字化，你會看到一些力量貫穿其中。

Your next question will come from the line of Bryan Keane with Deutsche Bank.

您的下一個問題將來自德意志銀行的 Bryan Keane。

Just a couple of quick clarifications. On the Russia, Ukraine, I heard the 2 points to net revenue targets to the performance objectives, '22 to '24. Could you help us clarify the revenue and expense impact for the going forward quarters like the second quarter, third and fourth this year? Just trying to quantify that. And then the second question is just what level of cross-border recovery are you assuming in the guidance for '22?

只是幾個快速的澄清。在俄羅斯，烏克蘭，我聽說 2 點淨收入目標到績效目標，'22 到'24。您能否幫助我們澄清今年第二季度、第三季度和第四季度等未來季度的收入和支出影響？只是試圖量化它。然後第二個問題是您在 22 年的指導中假設的跨境復甦水平是多少？

Sure, Bryan. So first, I'll take your question on Russia and what we're assuming. So we have suspended operations in Russia. As a result of which, we're not earning any revenues related to Russian-issued cards. So as it relates to revenue for the rest of the year, we had mentioned that we put out an AP about how Russia represented roughly 4% of our revenues in 2021. And so we've assumed that, that 4% doesn't exist in any of the quarters going forward from a net revenue standpoint, right?

當然，布萊恩。所以首先，我會回答你關於俄羅斯的問題以及我們的假設。因此，我們暫停了在俄羅斯的業務。因此，我們沒有獲得與俄羅斯發行的卡相關的任何收入。因此，由於它與今年剩餘時間的收入有關，我們曾提到我們發布了一份關於俄羅斯如何在 2021 年占我們收入的大約 4% 的 AP。所以我們假設這 4% 不存在從淨收入的角度來看，在未來的任何一個季度，對吧？

Point number two. And again, like I said in my prepared remarks, there's some level of headwind which we're assuming in Ukraine as well. But the reality is that's a little bit of an uncertainty just because we're not entirely sure as to how the -- this -- the war in Ukraine evolves and what the implications of that are. So we built in some assumptions and that's what we've kind of given you in our overall thoughts.

第二點。再說一次，就像我在準備好的講話中所說的那樣，我們假設烏克蘭也存在一定程度的逆風。但現實情況是，這有點不確定，因為我們並不完全確定烏克蘭的戰爭是如何演變的，以及它的影響是什麼。所以我們建立了一些假設，這就是我們在整體想法中給你的。

From an expense standpoint, the Russia-related expenses represented roughly 2% of our operating expenses. And again, from an OpEx growth standpoint, kind of that's the way we think about it. As I mentioned, we have taken down, when we've shared with you our thoughts for full year 2022, we have taken down our OpEx growth rate on the next acquisition, currency-neutral basis, to reflect that very impact from a Russia standpoint.

從費用的角度來看，與俄羅斯相關的費用約占我們運營費用的 2%。再說一次，從運營支出增長的角度來看，我們就是這麼想的。正如我所提到的，當我們與您分享我們對 2022 年全年的想法時，我們已經降低了我們在下一次收購（貨幣中性的基礎上）的 OpEx 增長率，以從俄羅斯的角度反映這種影響.

Your next question will come from the line of Ramsey El-Assal with Barclays.

您的下一個問題將來自巴克萊銀行的 Ramsey El-Assal。

I was wondering if you could give us your latest view on what the kind of longer-term post-pandemic payment mix looks like for Mastercard. This is related to a prior question about how consumers might have changed their behaviors during the pandemic. Do you see a different longer-term mix of debit versus credit or any associated impacts to P&Ls or yields or anything that we should consider as we model out in the long term.

我想知道您是否可以就萬事達卡的長期大流行後支付組合的情況向我們提供您的最新看法。這與之前的一個問題有關，即消費者在大流行期間如何改變他們的行為。您是否看到借方與貸方的不同長期組合或對損益或收益率的任何相關影響或我們在長期建模時應考慮的任何事情。

Right. Ramsey, let me start off on that. So the structural changes that we are seeing, that we've been observing with our regular consumer engagement surveys over the last 2 years and that have transpired with our customers as well is less cash and checks, number one; anything digital more of, number 2. The whole -- this whole notion though has changed in the consumers' mind. A couple of things going on.

對。拉姆齊，讓我開始吧。因此，我們在過去 2 年中通過定期消費者參與調查觀察到的結構性變化以及我們的客戶也發生的結構性變化是現金和支票減少，排名第一；任何數字化的東西，第 2 號。整體——這整個概念雖然已經在消費者心中發生了變化。有幾件事正在發生。

First is consumers are really ready to move on with the pandemic. They want to go out there. They knock off their bucket list. They want -- pent-up demand. So there's a lot increased spending back into services. So it's not a structural feature of the years to come that it's all in goods. It's going to go back to services, and it's going to balance out. It's also not going to be only online as Sachin just said, it's going to balance out across multichannel: buy in-store, pickup, have delivered, do it the other way around, whatever works. I think consumers will go for more choices and that comes right down through our multi-rail strategy to enable basically all relevant choices that are out there. I think that's the right positioning. That's what we're going to see going forward.

首先是消費者真的準備好應對大流行。他們想出去。他們敲掉了他們的遺願清單。他們想要——被壓抑的需求。因此，重新投入服務的支出增加了很多。因此，這不是未來幾年的結構特徵，這一切都在商品中。它會回到服務上，並且會達到平衡。它也不會像 Sachin 剛才所說的那樣僅在線上，它將在多渠道之間取得平衡：在店內購買、取貨、已交付，反之亦然，只要可行。我認為消費者會尋求更多選擇，而這正是通過我們的多軌戰略來實現的，以實現基本上所有相關的選擇。我認為這是正確的定位。這就是我們將要看到的未來。

In terms of debit and credit, if you kind of get a little more granular over here. There was a period in the early parts of the crisis, people will not want to spend on credit if they can avoid it, more control around their finances. That was a big, big tailwind for debit. We see travel coming back, that's more credit-oriented, particularly because of the rewards around it.

在藉記卡和貸記卡方面，如果您在這裡更詳細一點。在危機的早期有一段時間，如果可以避免，人們不會想在信貸上花錢，更多地控制自己的財務狀況。這對借方來說是一個很大的順風。我們看到旅行回來了，這更加以信用為導向，特別是因為它周圍的獎勵。

You start to see, in the crypto space, there's a whole new set of credit propositions. We just talked about the Gemini roll outs and crypto rewards on that, the Nexo card. So there's a whole thing going on. I think in the end, it's going to be multiplicity around these different tools.

你開始看到，在加密領域，有一套全新的信用主張。我們剛剛談到了 Nexo 卡上的 Gemini 推出和加密獎勵。所以有一整件事正在發生。我認為最終，這些不同的工具將是多樣性的。

Your next question will come from the line of Dan Dolev for Mizuho.

您的下一個問題將來自瑞穗的丹·多列夫（Dan Dolev）。

My question is more specific. If I look at U.S. trends, debit versus your competitor, I mean, over the last few quarters, I'm seeing a downward trend in your share of the mix in debit and this picture in credit, is there anything to call out there? Is there an opportunity to improve in debit? Or am I just missing something very fundamental here. Again, just U.S. versus your large competitors.

我的問題更具體。如果我看看美國的趨勢，借方與你的競爭對手，我的意思是，在過去的幾個季度裡，我看到你在藉方和貸方的混合中所佔的份額呈下降趨勢，有什麼可以說的嗎？借方有機會改善嗎？或者我只是在這裡遺漏了一些非常基本的東西。同樣，只是美國與您的大型競爭對手。

Yes. So Dan, there's nothing fundamentally which is really changing as it relates to our debit business. I'll put that out there in the first place. Growth rates obviously are impacted by comps. I think you get that piece. I think you've got to take into consideration that there is a one portfolio, which is a debit portfolio, which is rolling off in the U.S., which was previously announced, which is probably impacting that comparative analysis that you're seeing. Because obviously, we're seeing the detriment of that comes through in our debit metrics, and that primarily started in the recent past and will go on through the course of this year. And the competitor is likely actually getting the benefit of that. So that's probably the reason you're seeing some of the divergence.

是的。所以丹，從根本上說，與我們的借記卡業務相關的事情並沒有真正發生變化。我會首先把它放在那裡。增長率顯然受到補償的影響。我想你會得到那塊。我認為你必須考慮到有一個投資組合，這是一個借方投資組合，它正在美國推出，這可能會影響你所看到的比較分析。因為很明顯，我們在藉方指標中看到了這種損害，這主要是從最近開始的，並將持續到今年。競爭對手很可能實際上從中受益。所以這可能是你看到一些分歧的原因。

Your next question will come from the line of Andrew Jeffrey with Truist Securities.

您的下一個問題將來自 Truist Securities 的 Andrew Jeffrey。

Michael, I actually have a question on other revenues, value-added services, in particular. Ex acquisition seems that it's decelling (sic) [decelerating] a little bit. I would have perhaps expect to see that growing faster and certainly approaching the growth in the card business. Can you just comment on kind of puts and takes there and what the long-term trajectory is for value-added services?

邁克爾，我實際上有一個關於其他收入的問題，特別是增值服務。前收購似乎正在減速（原文如此）[減速]一點點。我可能希望看到這種增長更快，並且肯定會接近卡片業務的增長。您能否就看跌期權的種類以及增值服務的長期發展軌跡發表評論？

Andrew, excellent questions. As you know, we love our services business. It drives growth for us. It's a differentiator. It's a margin increaser. It's all of that. And the key focus is on cyber solutions on one hand and data analytics and inside solutions.

安德魯，很好的問題。如您所知，我們熱愛我們的服務業務。它為我們推動增長。這是一個差異化因素。這是一個利潤增長。就是這樣。一方面，重點是網絡解決方案以及數據分析和內部解決方案。

This comes back to the structural trend, by the way. More data, more digital world, more digital work to be kept safe. More insights for all these new people that are having businesses online on the data analytics side. So fundamentally, there are sound trends here.

順便說一句，這又回到了結構性趨勢。更多數據，更多數字世界，更多數字工作需要安全。為所有這些在數據分析方面在線開展業務的新人提供更多見解。所以從根本上說，這裡有良好的趨勢。

If you just pick up this quarter and you do the -- unpacking the numbers that you have just laid out, that is simply timing. We are expecting our -- there's nothing to be said that there's anything changing on the growth rates of our business. So that will continue. Our teams are fully engaged and as we looked ahead in the guidance that Sachin gave, we assume a strong services growth.

如果您只是在本季度開始並進行了 - 解開您剛剛列出的數字，那隻是時間安排。我們期待我們的 - 沒有什麼可以說我們的業務增長率有任何變化。所以這將繼續。我們的團隊全力投入，當我們展望 Sachin 給出的指導時，我們假設服務增長強勁。

And I'll just add some -- a little bit more color on that just because I think it's important for you as you're thinking about your models going forward that, in fact, [let us in]

而且我會添加一些 - 更多的顏色只是因為我認為這對你很重要，因為你正在考慮你的模型，事實上，[讓我們進入]

When we talk about Russia revenues, there are a few things from a Russia revenue standpoint, which you might want to take into consideration. One of which relates to the fact that Services was well penetrated in the Russia and Ukraine markets and had strong growth. And so as you think about the model and the impacts across the different line items, you're going to see impact related to lost services revenue come through in other revenues in the ensuing quarters. That's kind of point number one.

當我們談論俄羅斯收入時，從俄羅斯收入的角度來看，您可能需要考慮一些事情。其中之一與服務在俄羅斯和烏克蘭市場的滲透率很高並且增長強勁有關。因此，當您考慮模型和不同項目的影響時，您將看到與服務收入損失相關的影響會在隨後幾個季度的其他收入中體現出來。這是第一點。

Few other salient pieces on Russia-related revenues as you think about the different line items. Yes, we will lose the volumes and transactions. Russia was a fast-growing market. It has no average ticket size, which I kind of mentioned earlier. There's a high degree of contactless penetration. Again, I think these are important things where you want to kind of keep in mind as you think about comps on a going-forward basis. And the cross-border issuing out of Russia was mostly higher-yielding into regional cross-border issuing. So also the strong remittances and disbursements market.

當您考慮不同的項目時，幾乎沒有其他關於俄羅斯相關收入的重要部分。是的，我們將丟失交易量和交易。俄羅斯是一個快速增長的市場。它沒有我之前提到的平均門票大小。非接觸式滲透率很高。同樣，我認為這些是您在考慮未來的比賽時需要牢記的重要事項。而從俄羅斯出境的跨境發行多為收益較高的區域性跨境發行。強大的匯款和支付市場也是如此。

Why am I sharing all of this with you? Because as you think about the various metrics we've shared across all of these aspects, those will get impacted as Russia starts coming into play in future quarters.

為什麼我要和你分享這一切？因為當您考慮我們在所有這些方面共享的各種指標時，隨著俄羅斯在未來幾個季度開始發揮作用，這些都會受到影響。

Your next question will come from the line of George Mihalos with Cowen.

您的下一個問題將來自 George Mihalos 與 Cowen 的對話。

Sachin, I wanted to ask, you called out currency volatility is obviously being a benefit to your first quarter results. Can you isolate what that benefit was in 1Q? Just -- I know it's still a volatile time, which is sort of 3 weeks into the next quarter. But how are you thinking about that looking into 2Q?

薩欽，我想問，你說貨幣波動顯然對你的第一季度業績有利。你能分離出第一季度的好處是什麼嗎？只是 - 我知道這仍然是一個不穩定的時期，大約是下個季度的 3 週。但是您如何看待第二季度的情況？

Yes. So look, George, I called it out because Q1 had unusually high foreign exchange volatility. I mean, the reality is we don't typically talk about this because these numbers kind of go back and forth from a volatility standpoint, but there was unusually high FX volatility in Q1.

是的。看，喬治，我之所以叫它，是因為第一季度的外匯波動性異常高。我的意思是，現實情況是我們通常不會談論這個，因為從波動率的角度來看，這些數字會來回波動，但第一季度的外匯波動率異常高。

The outcome, from a going forward standpoint, is really hard to say. I mean, this is one of those things where, I guess, as Michael jokes with me, "Sachin, you wouldn't be doing the job, if you knew where volatility was going on a forward basis for foreign exchange." So the point is, at the end of the day, we've taken our best assumptions on a holistic basis for our business share with you what our thoughts are from a full year and a Q2 basis on net revenue.

從未來的角度來看，結果真的很難說。我的意思是，這就是其中之一，我猜，正如邁克爾和我開玩笑的那樣，“薩欽，如果你知道外匯遠期波動性的去向，你就不會做這份工作。”因此，關鍵是，歸根結底，我們已經在整體基礎上對我們的業務分享做出了最佳假設，我們對全年和第二季度淨收入的想法是什麼。

Very hard to predict what the outlook going forward is going to be. Unusually high volatility does help us. The other thing to keep in mind is since it's related to cross-border volumes, as cross-border volumes come back, that combined with unusually high volatility has that much more of an impact.

很難預測未來的前景。異常高的波動性確實對我們有所幫助。要記住的另一件事是，由於它與跨境交易量有關，隨著跨境交易量的回歸，再加上異常高的波動性會產生更大的影響。

Jemiria, I think we have time for one more question.

Jemiria，我想我們還有時間再問一個問題。

Okay. Our final question will come from the line of Jason Kupferberg with Bank of America.

好的。我們的最後一個問題將來自美國銀行的 Jason Kupferberg。

It's a quick one. So just in terms of your expectation for cross-border travel relative to 2019 levels, last quarter, you were expecting to be at 100% by the end of this year. You're already at 110% in April. So what's your updated assumption on that?

這是一個很快的。因此，就您對跨境旅行的預期而言，相對於 2019 年的水平，上個季度，您預計到今年年底將達到 100%。 4 月份你已經達到了 110%。那麼您對此有何最新假設？

Jason, as I mentioned, we're assuming improving trends vis-a-vis compared to 2019 as we go forward. We're not sharing a specific number for what that looks like in the second quarter or the end of the year. We've built in our expectations in terms of the revenue guidance. I've shared with you our thoughts around how that trend takes place. The combination of that was consumer spending and what the improving trajectory in consumer spending is. It's all factored into the numbers.

傑森，正如我所提到的，我們假設隨著我們前進，與 2019 年相比，趨勢會有所改善。我們沒有分享第二季度或年底的具體數字。我們已經在收入指導方面建立了預期。我已經與您分享了我們對這種趨勢如何發生的看法。兩者的結合是消費者支出以及消費者支出的改善軌跡。這一切都計入了數字。

Can we get a directional sense on rebates and incentives just for the rest of the year?

我們能否對今年剩餘時間的回扣和獎勵有一個方向感？

So think I mentioned to you, on rebates and incentives, is the following, which is we have a rich pipeline of deals. We continue to execute on that, as you heard from Michael, in terms of some of the wins which we had recently. Obviously, you get the benefit of improving cross-border trends to play through in terms of lower amounts of business incentives impacting that. And the last point I'll make on rebates and incentives is, in Q1, we had this one-time benefit relating to the nonrenewal of our Russian customer agreement, which you should not expect the benefit of that to come through on a going-forward basis.

因此，我想我在回扣和激勵方面向您提到以下內容，這是我們擁有豐富的交易渠道。正如你從邁克爾那裡聽到的那樣，我們將繼續執行這一點，就我們最近取得的一些勝利而言。顯然，您可以通過降低影響跨境趨勢的商業激勵措施來改善跨境趨勢。關於回扣和獎勵，我要說的最後一點是，在第一季度，我們獲得了與我們的俄羅斯客戶協議不續簽有關的一次性利益，你不應該期望它的好處會持續-前進的基礎。

So net-net, I would tell you that a lot of this is going to be dependent on what the timing of deals are, how we put those new and old deals into play and what the recovery of cross-border is going to be.

所以net-net，我會告訴你，這在很大程度上將取決於交易的時機，我們如何將這些新舊交易發揮作用以及跨境復甦將是什麼。

Thanks, Sachin. Michael?

謝謝，薩欽。邁克爾?

All right. So thanks for your questions. Insightful questions, as always. Thank you for your support for the company.

好的。所以謝謝你的問題。有見地的問題，一如既往。感謝您對公司的支持。

Just a thought from me. Here we are. We're thinking that we're going to get out of Omicron and then a few days later, we have an invasion in Europe. So for our teams, it's -- around the world, it continues to be a never-ending marathon and I just want to extend the thanks to everybody in the Mastercard team. And with that, we'll see you next quarter. Thank you so much. Bye-bye.

只是我的一個想法。我們到了。我們正在考慮我們要離開 Omicron，然後幾天后，我們會入侵歐洲。因此，對於我們的團隊來說，它是——在世界範圍內，它仍然是一場永無止境的馬拉松，我只想向萬事達卡團隊中的每一個人表示感謝。有了這個，我們下個季度再見。非常感謝。再見。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。