(V) 2022 Q1 法說會逐字稿

Welcome to Visa's Fiscal First Quarter 2022 Earnings Conference Call. (Operator Instructions) Today's conference is being recorded.

歡迎參加 Visa 2022 財年第一季度收益電話會議。 （操作員說明）今天的會議正在錄製中。

I would now like to turn the conference over to your host from Investor Relations, Ms. Jennifer Como and Mr. Mike Milotich. Ms. Como, you may begin.

我現在想將會議轉交給投資者關係部的主持人 Jennifer Como 女士和 Mike Milotich 先生。科莫女士，你可以開始了。

Thanks, Jordan. Good afternoon, everyone, and welcome to Visa's Fiscal First Quarter 2022 Earnings Call. Joining us today are Al Kelly, Visa's Chairman and Chief Executive Officer; and Vasant Prabhu, Visa's Vice Chair and Chief Financial Officer. This call is being webcast on the Investor Relations section of our website at www.investor.visa.com. A replay will be archived on our site for 30 days. A slide deck containing financial and statistical highlights has been posted on our IR website.

謝謝，喬丹。大家下午好，歡迎參加 Visa 的 2022 財年第一季度財報電話會議。今天加入我們的是 Visa 董事長兼首席執行官 Al Kelly； Visa 副主席兼首席財務官 Vasant Prabhu。本次電話會議正在我們網站 www.investor.visa.com 的投資者關係部分進行網絡直播。重播將在我們的網站上存檔 30 天。包含財務和統計亮點的幻燈片已發佈在我們的投資者關係網站上。

Let me also remind you that this presentation includes forward-looking statements. These statements are not guarantees of future performance, and our actual results could differ materially as the result of many factors. Additional information concerning those factors is available in our most recent reports on Forms 10-K and 10-Q, which you can find on the SEC's website and the Investor Relations section of our website. For non-GAAP financial information disclosed in this call, the related GAAP measures and reconciliation are available in today's earnings release.

我還要提醒您，本演示文稿包含前瞻性陳述。這些陳述不是對未來業績的保證，我們的實際結果可能會因許多因素而產生重大差異。有關這些因素的更多信息，請參閱我們關於 10-K 和 10-Q 表格的最新報告，您可以在 SEC 網站和我們網站的投資者關係部分找到這些報告。對於本次電話會議中披露的非 GAAP 財務信息，相關的 GAAP 措施和對賬可在今天的收益發布中獲得。

And with that, let me turn the call over to Al.

有了這個，讓我把電話轉給 Al。

Jennifer, thank you and good afternoon to everybody, and thanks for joining us. Amidst much uncertainty this quarter resulting from the ongoing COVID pandemic, Visa's financial performance was very strong. Our net revenues grew 24% year-over-year. Non-GAAP EPS was $1.81, up 27%.

詹妮弗，謝謝大家，大家下午好，感謝您加入我們。由於持續的 COVID 大流行導致本季度存在很大不確定性，Visa 的財務表現非常強勁。我們的淨收入同比增長 24%。非美國通用會計準則每股收益為 1.81 美元，增長 27%。

And our financial performance was driven by record volumes, transactions and credentials. In Q1, we crossed the $60 billion payment transaction mark for the first time in history, up 26% from 2 years ago. Visa cards were used 28 million times per hour in the last quarter. And we also increased our card credentials to over 3.8 billion, up 10% in 1 year. I'm going to leave the rest of the details to Vasant as I want to focus on the future.

我們的財務業績受到創紀錄的交易量、交易和憑證的推動。第一季度，我們的支付交易額歷史上首次突破 600 億美元，比兩年前增長了 26%。上個季度，Visa 卡的使用量為每小時 2800 萬次。我們還將信用卡憑證增加到超過 38 億張，在 1 年內增長了 10%。我將把其餘的細節留給 Vasant，因為我想專注於未來。

As we look ahead, we expect accelerated revenue growth versus pre-COVID over the coming years, driven by our 3 strategic levers of consumer payments, new flows and value-added services. Many current trends in payments, including A2A, RTP, buy now pay later, crypto and wallets, are enabling new ways to pay. These represent opportunities for Visa, where we are extraordinarily well positioned to utilize our unique strength and global network to help them grow and scale.

展望未來，在我們的消費者支付、新流量和增值服務這 3 個戰略槓桿的推動下，我們預計未來幾年收入增長將比新冠疫情之前加速。當前的許多支付趨勢，包括 A2A、RTP、先買後付、加密貨幣和錢包，都在催生新的支付方式。這些代表了 Visa 的機會，我們非常有能力利用我們獨特的實力和全球網絡來幫助他們成長和擴大規模。

Let me start by talking about consumer payments. The opportunity to displace cash and check is enormous. At our last Investor Day, we said it was $18 trillion. In Q1, we saw our debit cash volumes at Visa grow 6%, while debit payment volumes grew 19%. While cash displacement is certainly a reality, global personal consumption expenditure of cash and check grew at a CAGR of 2% over the 10 years ending in 2019.

讓我先談談消費者支付。取代現金和支票的機會是巨大的。在我們上一個投資者日，我們說它是 18 萬億美元。在第一季度，我們看到我們在 Visa 的借記現金量增長了 6%，而藉記支付量增長了 19%。雖然現金置換肯定是現實，但在截至 2019 年的 10 年中，全球個人現金和支票消費支出的複合年增長率為 2%。

When we look at the opportunity ahead, if you assume global cash grows at 1% annually, industry-wide digital penetration of personal consumption expenditure wouldn't reach 90% for several decades. For example, in Latin America, until a few quarters ago, there was more cash volume than payments volume on Visa credentials. In fact, in the past year, there has been a nearly 6.5 point shift, and payments volume is now 55% of the total volume, even with cash in Latin America growing 10% this past quarter.

當我們展望未來的機會時，如果你假設全球現金以每年 1% 的速度增長，那麼整個行業對個人消費支出的數字化滲透率在幾十年內都不會達到 90%。例如，在拉丁美洲，直到幾個季度前，Visa 憑證的現金交易量都超過了支付量。事實上，在過去一年中，發生了近 6.5 個百分點的變化，支付量現在佔總交易量的 55%，即使拉丁美洲的現金在上個季度增長了 10%。

We have expanded acceptance locations in Latin America by almost 30% in the past year to 18.5 million locations, and we've grown credentials over 20%. This quarter, we signed an 8-year agreement with Santander-Chile, one of the largest issuers in the country. And in Brazil, we recently signed a deal with Banco XP, one of the country's largest digital banks with over 3 million customers. Brazil remains a growth market with payments volume growth up more than 1.5x historic levels in recent quarters.

在過去的一年裡，我們將拉丁美洲的接受地點擴大了近 30%，達到 1850 萬個地點，並且我們的資質增加了 20% 以上。本季度，我們與智利最大的發行人之一桑坦德智利簽署了一份為期 8 年的協議。在巴西，我們最近與擁有超過 300 萬客戶的巴西最大的數字銀行之一 Banco XP 簽署了一項協議。巴西仍然是一個增長型市場，最近幾個季度的支付量增長超過歷史水平的 1.5 倍。

The key to digitizing cash is that the on-ramps to our network have never been easier to access. Wallet providers have been rapidly issuing Visa credentials as they see value in an open-loop ecosystem. Naranja X is a rapidly growing Argentinian wallet using Visa cards with 2 million credentials issued between prepaid and debit over the last 2 years.

數字化現金的關鍵是我們網絡的入口從未如此簡單。錢包供應商看到了開環生態系統的價值，因此迅速發放 Visa 憑證。 Naranja X 是一個快速增長的阿根廷錢包，使用 Visa 卡，在過去 2 年中在預付和借記之間發行了 200 萬張憑證。

This quarter, we renewed our partnership with PayPay Bank, which enables accounts to PayPay wallet users. PayPay is one of the fastest-growing digital wallets in Japan with 42 million users, and the bank already has 4 million Visa debit users. We recently extended our partnership with Safaricom, the operator of M-PESA, to cover African markets outside of Kenya, where M-PESA has 50 million customers.

本季度，我們更新了與 PayPay 銀行的合作夥伴關係，該銀行為 PayPay 錢包用戶提供賬戶。 PayPay 是日本增長最快的數字錢包之一，擁有 4200 萬用戶，該銀行已經擁有 400 萬 Visa 借記卡用戶。我們最近擴大了與 M-PESA 運營商 Safaricom 的合作夥伴關係，以覆蓋肯尼亞以外的非洲市場，M-PESA 在肯尼亞擁有 5000 萬客戶。

We're also providing on-ramps for crypto players creating connectivity with fiat economies. There are over 65 crypto platforms and exchanges that have partnered to issue Visa credentials. This quarter, Visa credentials in crypto wallets had more than 2.5 billion in payments volume, which is already 70% of the payments volume for all of fiscal 2021.

我們還為與法定經濟建立連接的加密玩家提供入口。有超過 65 個加密平台和交易所合作發行 Visa 憑證。本季度，加密錢包中的 Visa 憑證的支付量超過 25 億，這已經是 2021 財年全年支付量的 70%。

In addition to embedding credentials in crypto platforms, we continue to innovate around our settlement and crypto API capabilities, which have been key differentiators for us for fintechs and financial institutions that are looking to extend crypto capabilities to their customers. We will continue to lean into the crypto space. And our strategy is to be a key partner to provide the connectivity, scale, consumer value propositions, reliability and security that is needed for crypto offerings to grow.

除了在加密平台中嵌入憑證外，我們還繼續圍繞結算和加密 API 功能進行創新，這對於希望將加密功能擴展到其客戶的金融科技公司和金融機構來說，這一直是我們的關鍵差異化因素。我們將繼續向加密領域傾斜。我們的戰略是成為關鍵合作夥伴，提供加密產品增長所需的連接性、規模、消費者價值主張、可靠性和安全性。

Earlier this month, we previewed CBDC payment APIs currently in development, which would enable central banks to connect their Ethereum-based CBDCs with Visa rails through a wallet with digital issuance capabilities, enabling consumers to spend with CBDCs at any Visa merchant. We partnered with ConsenSys to develop this concept, which was selected as one of the winning entries out of 300 ideas from 50 countries at the Global CBDC Challenge as part of the Singapore FinTech Festival judged by representatives from the IMF, the World Bank, the Bank of International Settlements and the central banks of Brazil, India, Kenya and Indonesia.

本月早些時候，我們預覽了目前正在開發的 CBDC 支付 API，這將使中央銀行能夠通過具有數字發行功能的錢包將其基於以太坊的 CBDC 與 Visa rails 連接起來，從而使消費者能夠在任何 Visa 商家處使用 CBDC 進行消費。我們與 ConsenSys 合作開發了這一概念，在新加坡金融科技節的全球 CBDC 挑戰賽中，它被選為來自 50 個國家的 300 個想法的獲獎作品之一，由國際貨幣基金組織、世界銀行、世行的代表評判國際清算機構和巴西、印度、肯尼亞和印度尼西亞的中央銀行。

In the face-to-face world, tap to pay continues to accelerate growth. Let me highlight progress in a few larger markets. In Brazil, the tap to pay penetration has increased from 5% to 24% in the past year. In India, where we have increased merchant locations 30% since fiscal year 2019 to $6 million at the end of fiscal year '21, the tap to pay penetration has nearly doubled to 16% in the same period. And all of these efforts have helped to fuel our 40%-plus year-over-year growth rate in payments volume in India this past quarter.

在面對面的世界中，點擊支付繼續加速增長。讓我強調幾個較大市場的進展。在巴西，水龍頭支付的普及率在過去一年從 5% 增加到 24%。在印度，自 2019 財年以來，我們已將商戶地點增加了 30%，到 21 財年末達到 600 萬美元，同期水龍頭支付滲透率幾乎翻了一番，達到 16%。所有這些努力都有助於推動我們上個季度在印度的支付量同比增長 40% 以上。

In the United States, we're nearing 20% tap to pay penetration with key metro cities showing even stronger growth. L.A., Seattle, Detroit, Orange County, Miami and Salt Lake City have all surpassed 25%. San Francisco, San Jose and Oakland are up over 30%, and New York has reached 45%.

在美國，我們的水龍頭支付滲透率接近 20%，主要大城市顯示出更強勁的增長。洛杉磯、西雅圖、底特律、奧蘭治縣、邁阿密和鹽湖城都超過了 25%。舊金山、聖何塞和奧克蘭上漲超過 30%，紐約已達到 45%。

E-commerce is also key to digitizing payments, and e-commerce merchants are certainly growing, as our relationships with them. We successfully closed a U.S. co-brand deal with Shopify, a key e-commerce platform with millions of global merchants and entrepreneurs. The Shopify Balance card will allow Shopify's U.S. merchants to access funds from sales by the next business day and receive cash back on everyday business expenses like shipping and marketing.

電子商務也是數字化支付的關鍵，電子商務商家肯定在增長，就像我們與他們的關係一樣。我們與 Shopify 成功完成了一項美國聯合品牌交易，Shopify 是一個擁有數百萬全球商家和企業家的重要電子商務平台。 Shopify Balance 卡將允許 Shopify 的美國商家在下一個工作日之前從銷售中獲得資金，並在運輸和營銷等日常業務費用中獲得現金返還。

Buy now pay later, or BNPL, continues to grow, and we're seeing more and more BNPL fintechs issuing Visa credentials. Visa is enabling their shift to open loop so that their value proposition to consumers can scale through Visa's broad acceptance.

先買後付，或 BNPL，繼續增長，我們看到越來越多的 BNPL 金融科技公司發行 Visa 憑證。 Visa 正在使他們轉向開放式循環，以便他們對消費者的價值主張可以通過 Visa 的廣泛接受來擴展。

Last quarter, I mentioned Klarna. And this quarter, I'm pleased to announce that Affirm has chosen Visa as their network partner for the Affirm Debit+ Card as well as renewing the virtual card business. We look forward to supporting Affirm's continued growth through Visa's wide acceptance and reach.

上個季度，我提到了 Klarna。本季度，我很高興地宣布，Affirm 已選擇 Visa 作為其 Affirm Debit+ 卡的網絡合作夥伴，並更新了虛擬卡業務。我們期待通過 Visa 的廣泛接受度和影響力來支持 Affirm 的持續增長。

BNPL fintechs are increasingly using Visa virtual cards to settle with merchants, driving triple-digit payments volume growth year-over-year in the United States. BNPL fintech consumers also continue to use their cards to pay off their installments with active cards growing 50% in the same period.

BNPL 金融科技公司越來越多地使用 Visa 虛擬卡與商家結算，推動美國支付量同比增長三位數。 BNPL 金融科技消費者也繼續使用他們的卡來支付分期付款，同期活躍卡增長了 50%。

For traditional issuers, we have a network installment solution called Visa Installments, which enables our financial institution clients to seamlessly offer BNPL capabilities through an existing credit credential on any Visa transaction. In Canada, one of the countries where we are launching the capability, we now have commitments from issuers and acquirers representing the majority of payments volume.

對於傳統發行人，我們有一個稱為 Visa 分期付款的網絡分期付款解決方案，它使我們的金融機構客戶能夠通過任何 Visa 交易的現有信用憑證無縫提供 BNPL 功能。在加拿大，我們正在推出該功能的國家之一，我們現在有來自發行人和收單機構的承諾，代表了大部分的支付量。

Credentials on our network of networks through BNPL, crypto, other fintechs and our traditional issuers bring compelling value propositions like identity protection, fraud prevention, dispute resolution, security, loyalty and more to consumers. This tremendous value motivates consumers to use their Visa credential online or in face-to-face versus cash, A2A, RTP or even blockchains.

通過 BNPL、加密貨幣、其他金融科技公司和我們的傳統發行人在我們的網絡網絡上的憑證為消費者帶來了令人信服的價值主張，例如身份保護、欺詐預防、爭議解決、安全性、忠誠度等。這種巨大的價值促使消費者在線或面對面使用他們的 Visa 憑證，而不是現金、A2A、RTP 甚至區塊鏈。

So to summarize, the opportunity in consumer payments is huge and has an incredible long-term runway. On-ramps to our network of networks have never been easier. We provide a compelling consumer value proposition, and the advances in new ways to pay are good for Visa and these payment providers. Visa is enabling utility and scale for BNPL, crypto and wallets and all other nuance entrants.

總而言之，消費者支付的機會是巨大的，而且有著令人難以置信的長期發展。進入我們的網絡網絡從未如此簡單。我們提供令人信服的消費者價值主張，新支付方式的進步對 Visa 和這些支付提供商都有好處。 Visa 正在為 BNPL、加密貨幣和錢包以及所有其他細微差別的進入者啟用實用程序和規模。

Now let me move to progress with use cases and new flows, which represents a $185 trillion opportunity, 10x that of consumer payments. We are seeing a large appetite from our partners and experiencing significant growth. A key driver is Visa Direct, which targets a $65 trillion opportunity across P2P, B2 small B, B2C and G2C. These are all use cases that Visa didn't really serve just 5 years ago. By aggressively pursuing these flows with our more compelling solution, Visa is seemingly displacing alternatives that rely on fragmented and dated technology, not the other way around.

現在讓我繼續推進用例和新流程，這代表著 185 萬億美元的機會，是消費者支付的 10 倍。我們看到合作夥伴的胃口很大，並且正在經歷顯著的增長。一個關鍵驅動因素是 Visa Direct，它瞄準了 P2P、B2 小 B、B2C 和 G2C 領域的 65 萬億美元機會。這些都是 Visa 在 5 年前還沒有真正服務的用例。通過我們更具吸引力的解決方案積極追求這些流程，Visa 似乎正在取代依賴零散和過時技術的替代方案，而不是相反。

Visa transaction growth was 35% this quarter. In the U.S., domestic P2P is currently our largest use case and also our lowest yielding one. As we scale and grow other geographies and use cases, especially those that are cross-border, we expect the revenue yield to increase. Regardless of the yield, Visa Direct is accretive given it mostly leverages our existing platforms and capabilities.

本季度簽證交易量增長 35%。在美國，國內 P2P 目前是我們最大的用例，也是我們收益最低的用例。隨著我們擴展和發展其他地區和用例，特別是那些跨境的，我們預計收入會增加。無論收益如何，Visa Direct 都是增值的，因為它主要利用了我們現有的平台和能力。

Usage is growing with banks signing on for global remittances using cards or accounts. Among them, the Qatar Islamic Bank, one of the largest banks in Qatar, and CIBC and Simplii Financial in Canada. Visa Direct is also enabling fintech Chime and neobank Varo in the U.S. for account-to-account money movement.

隨著銀行使用卡或賬戶簽署全球匯款，使用量正在增長。其中，卡塔爾最大的銀行之一卡塔爾伊斯蘭銀行，以及加拿大的CIBC和Simplii Financial。 Visa Direct 還在美國支持金融科技 Chime 和 Neobank Varo 進行賬戶到賬戶的資金流動。

Usage has also expanded across several other use cases this quarter, such as payouts to DoorDash Dashers in Canada. We also recently signed an agreement with Toast to leverage Visa Direct on several fronts. First, near instant cash flow access to daily sales and loan disbursements for their 48,000-plus restaurant customers; and second, for fast tip payout and earned wage access for their restaurant client employees.

本季度其他幾個用例的使用也有所擴大，例如支付給加拿大的 DoorDash Dashers。我們最近還與 Toast 簽署了一項協議，以在多個方面利用 Visa Direct。首先，為 48,000 多家餐廳客戶提供近乎即時的日常銷售和貸款支付的現金流；其次，為他們的餐廳客戶員工快速支付小費和獲得工資。

Visa Direct is a compelling capability because we offer incredible reach to more than 5 billion cards and accounts, global scale, a leading technology stack, world-class security and 24/7/365 reliability, all of which is easy to access through hundreds of partners across our global network of networks, reaching bank accounts through a combination of card, ACH and RTP systems in more than 175 countries.

Visa Direct 是一項引人注目的功能，因為我們提供了超過 50 億張卡和賬戶的驚人覆蓋範圍、全球規模、領先的技術堆棧、世界一流的安全性和 24/7/365 的可靠性，所有這些都可以通過數百個網站輕鬆訪問遍布我們全球網絡的合作夥伴，通過卡、ACH 和 RTP 系統的組合進入超過 175 個國家/地區的銀行賬戶。

In the B2B new flows opportunity, we expect future growth to have several vectors. Let me just highlight a couple. First, B2B carded issuance in both physical and virtual cards where we have a leading share. This quarter in India, after partnering with leading B2B neobank Open for several years, we signed a deal for credit and debit issuance as well as the implementation of Visa Direct.

在 B2B 新流量機會中，我們預計未來的增長將有幾個向量。讓我只強調一對。首先，我們在實體卡和虛擬卡中的 B2B 發卡都佔有領先地位。本季度在印度，在與領先的 B2B neobank Open 合作數年之後，我們簽署了信用和借記卡發行協議以及 Visa Direct 的實施。

In virtual card, we're expanding to new verticals. One recent example is health care. And this quarter, we signed an agreement with a direct health care company Nomi Health, a health care provider that serves 30,000 people per day across 10 U.S. states for its claims payment solution.

在虛擬卡方面，我們正在擴展到新的垂直領域。最近的一個例子是醫療保健。本季度，我們與一家直接醫療保健公司 Nomi Health 簽署了一項協議，該公司是一家醫療保健提供商，每天為美國 10 個州的 30,000 人提供其索賠支付解決方案。

A second vector of B2B growth is large ticket account-based cross-border payments through Visa B2B Connect, which links our global payments infrastructure with best-in-class capabilities to address the primary pain points of existing solutions. In Latin America, Visa B2B Connect is available in nearly 30 countries, and we've enrolled partners in more than 1/3 of those countries already.

B2B 增長的第二個載體是通過 Visa B2B Connect 進行的基於大額票據賬戶的跨境支付，它將我們的全球支付基礎設施與一流的能力聯繫起來，以解決現有解決方案的主要痛點。在拉丁美洲，Visa B2B Connect 可在近 30 個國家/地區使用，我們已經在其中超過 1/3 的國家/地區註冊了合作夥伴。

One partner is CIBanco, a leading bank in Mexico. Since enabling the solution in March of 2021, the bank has grown Visa B2B Connect volumes double digits every quarter and has processed thousands of payments and hundreds of millions of payments volume. We also recently added SberBank, the largest bank in Russia, Eastern and Central Europe, which will be live and processing transactions later this year.

一個合作夥伴是墨西哥領先的銀行 CIBanco。自 2021 年 3 月啟用該解決方案以來，該銀行每個季度的 Visa B2B Connect 交易量都實現了兩位數的增長，並處理了數千筆付款和數億筆付款。我們最近還增加了俄羅斯、東歐和中歐最大的銀行 SberBank，該銀行將在今年晚些時候上線並處理交易。

So to summarize new flows, the opportunity is 10x consumer payments. Our capabilities and value proposition are strong versus the competition, and we expect revenue yield to continue to improve as we scale and grow Visa Direct, especially in cross-border use cases.

所以總結一下新的流量，機會是 10 倍的消費者支付。與競爭對手相比，我們的能力和價值主張很強，我們預計隨著 Visa Direct 的規模和發展，收入收益率將繼續提高，尤其是在跨境用例中。

Now let's move to value-added services. In Q1, revenue grew over 20%, and we expect strong growth to continue. One example is with Visa Consulting & Analytics. In addition to our crypto offerings that I mentioned earlier, we recently launched a specialized global crypto advisory practice to help financial institutions eager to offer customers a crypto solution, retailers who are looking to delve into NFTs or central banks exploring digital currencies.

現在讓我們轉向增值服務。第一季度，收入增長超過 20%，我們預計將繼續強勁增長。 Visa Consulting & Analytics 就是一個例子。除了我之前提到的加密產品之外，我們最近還推出了一項專門的全球加密諮詢業務，以幫助渴望為客戶提供加密解決方案的金融機構、希望深入研究 NFT 的零售商或探索數字貨幣的中央銀行。

Another example is with the authentication. In Europe, we have tripled the use of Visa's new authentication technology, EMV 3DS, since the start of 2021. And this has coincided with a reduction in card-not-present fraud by 28%, and it has also positively impacted the transaction authorization rates.

另一個例子是身份驗證。在歐洲，自 2021 年初以來，我們將 Visa 的新身份驗證技術 EMV 3DS 的使用量增加了兩倍。與此同時，無卡欺詐減少了 28%，同時也對交易授權產生了積極影響率。

And we are launching new capabilities to build for the future. Visa Acceptance Cloud enables clients to move embedded payment processing software from individual devices to the cloud, eliminating the need for expensive terminals as well as the cost and time to certify the processing software. In addition, clients can access value-added services from fraud management to BNPL.

我們正在推出新的能力來構建未來。 Visa Acceptance Cloud 使客戶能夠將嵌入式支付處理軟件從單個設備移動到雲端，從而消除對昂貴終端的需求以及認證處理軟件的成本和時間。此外，客戶可以訪問從欺詐管理到BNPL的增值服務。

We also recently closed our acquisition of Currencycloud. We believe the combination of Currencycloud's APIs on the front end, which provide real-time foreign exchange capabilities, and our settlement capabilities across our network of networks, we will have a very compelling value proposition. Together, we can enable new use cases and payment flows, particularly as we expand the cross-border use cases we provide our clients, including B2B Connect and Visa Direct. We can extend our FX platform for easy connect -- easier connectivity for fintechs and nonfinancial institution partners, and we can offer real-time FX rates and improve transparency for our partner customers.

我們最近還完成了對 Currencycloud 的收購。我們相信，通過將 Currencycloud 的前端 API（提供實時外匯功能）與我們的網絡結算功能相結合，我們將擁有非常引人注目的價值主張。我們可以一起實現新的用例和支付流程，特別是在我們擴展我們為客戶提供的跨境用例時，包括 B2B Connect 和 Visa Direct。我們可以擴展我們的外匯平台以實現輕鬆連接 - 為金融科技和非金融機構合作夥伴提供更輕鬆的連接，我們可以為我們的合作夥伴客戶提供實時外匯匯率並提高透明度。

So to summarize value-added services, we will continue to bring Visa innovation to the payments ecosystem. We are diversifying our revenue mix, and this will help us retain and win business and grow revenue well into the future.

因此，總結增值服務，我們將繼續將 Visa 創新帶入支付生態系統。我們正在使我們的收入組合多樣化，這將有助於我們保留和贏得業務，並在未來很好地增加收入。

In conclusion, as I think about Visa's future, I'm extremely optimistic and energized. While much has been written about new payment types being potentially disruptive to Visa, we see a lot more opportunity than disruption. Our global infrastructure is providing connectivity through our network of networks to power more traditional payment types and newer ways to pay and move money. Our interconnectivity, security, reliability, consumer and fraud protections, risk management and other value-added services offer a superior experience. We expect to attract more and more transactions, which will continue to fuel our growth at an accelerated rate.

總之，當我想到 Visa 的未來時，我非常樂觀和充滿活力。儘管有很多關於新支付類型可能對 Visa 造成破壞的文章，但我們看到的機會遠多於破壞。我們的全球基礎設施正在通過我們的網絡網絡提供連接，以支持更傳統的支付類型和更新的支付和轉移方式。我們的互聯互通、安全性、可靠性、消費者和欺詐保護、風險管理和其他增值服務提供了卓越的體驗。我們預計會吸引越來越多的交易，這將繼續推動我們加速增長。

With that, let me turn it over to Vasant.

有了這個，讓我把它交給 Vasant。

Thank you, Al. Good afternoon, everyone. Our fiscal 2022 is off to an excellent start with net revenues up 24% and GAAP EPS up 29%. Non-GAAP EPS adjusted for items, including investment gains and the litigation accrual, was up 27%. In constant dollars, net revenue growth was approximately 1 point higher at 25% and non-GAAP EPS approximately 1.5 points higher at over 28%.

謝謝你，阿爾。大家下午好。我們的 2022 財年開局良好，淨收入增長 24%，GAAP 每股收益增長 29%。對包括投資收益和應計訴訟在內的項目進行調整的非公認會計原則每股收益增長了 27%。按固定美元計算，淨收入增長約高 1 個百分點，達到 25%，非公認會計原則每股收益增長約 1.5 個百分點，超過 28%。

A few key highlights. We had a very sharp recovery in cross-border travel in October and November as much of the globe ex China moved to reopen borders or announced timetables to open borders and lifted restrictions such as quarantines. As a result, card-present and card-not-present travel, which exited September at an index of 61 to 2019, rose steeply to hit an index of 72 for the first quarter.

幾個關鍵亮點。 10 月和 11 月，隨著全球除中國以外的大部分地區開始重新開放邊界或宣布開放邊界的時間表並取消隔離等限制，我們的跨境旅行出現了非常急劇的複蘇。結果，從 9 月開始到 2019 年的有卡和無卡旅行指數急劇上升，達到 72 的指數。

Border reopenings came sooner than we had anticipated. And as we've seen throughout 2021, consumers were very quick to act. As Omicron hit, some borders shut and some restrictions were reinstated. However, as we speak, borders are being reopened and restrictions lifted, and we expect the travel recovery to resume as we head into February.

邊境重新開放比我們預期的要早。正如我們在整個 2021 年所看到的那樣，消費者的行動非常迅速。隨著 Omicron 的到來，一些邊界關閉，一些限制被恢復。然而，正如我們所說的那樣，邊境正在重新開放，限制也在解除，我們預計隨著我們進入 2 月份，旅行恢復將恢復。

Payments volumes remained robust through the quarter globally, with indexed to 2019 stepping up relative to the prior quarter by 2 points in the U.S. and 6 points internationally. The credit recovery continued, and debit growth remained strong and stable. U.S. holiday retail spending was especially strong, more than 40% over 2019. E-commerce continued to gain share of retail spending, up 5 points since 2019.

全球支付量在本季度保持強勁，與上一季度相比，2019 年美國的支付量增長了 2 個百分點，國際增長了 6 個百分點。信貸繼續復甦，借方增長保持強勁穩定。美國假日零售支出尤其強勁，比 2019 年增長了 40% 以上。電子商務在零售支出中的份額繼續增加，自 2019 年以來增長了 5 個百分點。

The impact of Omicron on domestic volume has been modest. As the Omicron wave crests globally, we expect the impact to ease as it has in markets such as South Africa and the U.K., which were among the first to be hit.

Omicron 對國內銷量的影響不大。隨著 Omicron 浪潮在全球範圍內達到頂峰，我們預計其影響將緩解，因為它在南非和英國等市場最先受到衝擊。

Revenue growth was very strong across our 3 growth engines. Consumer payments and new flows net revenues grew in the mid-20% range, and value-added services revenues grew over 20%. We significantly stepped up the pace of our stock buybacks during the quarter. We acquired 19.4 million shares for $4.1 billion at an average price of $210. And our Board authorized a new $12 billion stock buyback program in December. Also in late December, we closed the Currencycloud transaction.

我們的三個增長引擎的收入增長非常強勁。消費者支付和新流量淨收入增長在 20% 左右，增值服務收入增長超過 20%。我們在本季度顯著加快了股票回購的步伐。我們以 210 美元的平均價格以 41 億美元的價格收購了 1940 萬股股票。我們的董事會在 12 月批准了一項新的 120 億美元的股票回購計劃。同樣在 12 月下旬，我們關閉了 Currencycloud 交易。

Now on to the details. In constant dollars, global payments volume was up 20% year-over-year and 26% versus 2019, each accelerating 3 to 5 points versus the last quarter, led by continued strength in debit as well as improving credit spending. Excluding China, total payments volume growth was 22% or 31% higher than 2019 and a 4 to 5 point acceleration from the fourth quarter. U.S. payments volume grew 22%, up 32% over 2019, both higher than Q4. Credit grew 27% and improved 6 points to 23% above 2019, helped by affluent consumer and small business spending. Debit grew 18% year-over-year and remained very strong at 43% above 2019, similar to the last quarter. As you can see, debit spend has remained resilient even as credit recovered.

現在談談細節。以固定美元計算，全球支付量同比增長 20%，與 2019 年相比增長 26%，與上一季度相比分別增長 3 至 5 個百分點，這主要得益於借方持續強勁以及信貸支出的改善。不包括中國，總支付量增長比 2019 年高 22% 或 31%，比第四季度加快 4 到 5 個百分點。美國支付量增長 22%，比 2019 年增長 32%，均高於第四季度。在富裕的消費者和小企業支出的幫助下，信貸增長了 27%，比 2019 年提高了 6 個百分點至 23%。借記卡同比增長 18%，與 2019 年相比仍保持強勁增長 43%，與上一季度相似。如您所見，即使信貸恢復，借方支出仍保持彈性。

U.S. card-present spend grew 25% and was 17% above 2019, improving 2 points at its highest level yet in the pandemic, driven by fuel, retail and entertainment spending. Card-not-present volume, excluding travel, grew 16%, 52% above 2019, similar to last quarter. E-commerce growth remains robust even as card-present spend continues to recover. U.S. retail spending during the holiday season grew double digits and more than 40% above 2019 levels, both of which are very strong by historical standards.

在燃料、零售和娛樂支出的推動下，美國的持卡消費增長了 25%，比 2019 年增長了 17%，比疫情期間的最高水平提高了 2 個百分點。不包括旅行在內的無卡交易量增長了 16%，比 2019 年增長了 52%，與上一季度相似。即使持卡消費繼續恢復，電子商務的增長依然強勁。假期期間的美國零售支出增長了兩位數，比 2019 年的水平高出 40% 以上，從歷史標準來看，這兩個數字都非常強勁。

The share of holiday card-present retail spending improved a few points from last year but was still 5 points lower than 2019 as the shift towards e-commerce over the past decade continues. Retail shopping is happening earlier in the holiday season than it used to, which is a trend that started last year. As a result, relative to 2019, November volumes were stronger than December. U.S. holiday spending trends are fairly consistent with other major markets around the world.

隨著過去十年向電子商務的轉變，假日卡零售支出的份額比去年提高了幾個百分點，但仍比 2019 年低 5 個百分點。零售購物比以往更早在假日季節發生，這是從去年開始的趨勢。因此，相對於 2019 年，11 月的交易量強於 12 月。美國的假期消費趨勢與世界其他主要市場相當一致。

International constant dollar payments volume, excluding China, grew 22% and was 29% above 2019, improving 7 points from the fourth quarter. A few regional highlights: Latin America was up 44% year-over-year and 66% above 2019, accelerating 8 points from the fourth quarter with robust performance across the region fueled by cash digitization and client wins. Our CEMEA region remained strong, up 31% and 58% from 2019 levels, accelerating 10 points from the fourth quarter, also fueled by cash digitization and client wins. Europe was up 17% and 23% from 2019, improving 3 points from the last quarter due to strong performance across Continental Europe. Asia Pacific, excluding China, remains our weakest region, up 16% both year-over-year and versus 2019, but the recovery is finally underway with an 11 point improvement from Q4 mostly due to relaxed restrictions. The largest improvements were in Australia, India, Southeast Asia and Japan.

不包括中國的國際固定美元支付額增長 22%，比 2019 年增長 29%，比第四季度提高 7 個百分點。一些地區亮點：拉丁美洲同比增長 44%，比 2019 年增長 66%，比第四季度增長 8 個百分點，在現金數字化和客戶贏得的推動下，整個地區的表現強勁。我們的 CEMEA 地區保持強勁，較 2019 年水平增長 31% 和 58%，比第四季度增長 10 個百分點，這也得益於現金數字化和客戶贏得。由於歐洲大陸的強勁表現，歐洲比 2019 年增長了 17% 和 23%，比上一季度提高了 3 個百分點。亞太地區（不包括中國）仍然是我們表現最差的地區，同比和 2019 年均增長 16%，但由於放寬了限制，最終開始復蘇，較第四季度提高 11 個百分點。最大的改善發生在澳大利亞、印度、東南亞和日本。

Global processed transactions were up 21% year-over-year and 26% over 2019, 2 points better than the fourth quarter, accelerating less than overall volume growth due to higher ticket sizes.

全球處理的交易量同比增長 21%，比 2019 年增長 26%，比第四季度高 2 個百分點，由於門票規模增加，增速低於整體交易量增長。

Constant dollar cross-border volume, excluding transactions within Europe, was up 51% year-over-year and was 1% above 2019 volumes, a 15 point improvement from the fourth quarter. Cross-border card-not-present volume growth, excluding travel, continued to strengthen, up 26% year-over-year and 50% above 2019, 7 points higher than the fourth quarter as consumer engagement continues to grow. Cross-border travel-related spending, excluding intra-Europe, grew 102% year-over-year and was 72% of 2019 levels, improving an extraordinary 14 points from the fourth quarter to the first quarter.

不包括歐洲境內交易的固定美元跨境交易量同比增長 51%，比 2019 年交易量高 1%，比第四季度提高 15 個百分點。隨著消費者參與度的持續增長，不包括旅行的跨境無卡交易量增長繼續加強，同比增長 26%，比 2019 年增長 50%，比第四季度高出 7 個百分點。不包括歐洲內部的跨境旅行相關支出同比增長 102%，是 2019 年水平的 72%，從第四季度到第一季度增長了 14 個百分點。

The recovery in the first 2 months of the quarter versus 2019 was very fast and broad-based with outbound travel from each of our regions improving more than 10 points relative to 2019 from September to November. Inbound travel to the U.S., Canada, CEMEA and Europe all improved about 20 points during that time, while Latin America and Asia each improved at least 5 points. This recovery was driven by a combination of border openings, the relaxing restrictions and pent-up demand. Countries such as the U.S., Singapore, Thailand, Australia, Chile, Argentina and many more reduced friction for inbound travelers. The U.S. to Europe corridor remained open. This steep travel recovery started to lose momentum in the last week of December as Omicron spread around the globe. We expect this to be short-lived.

與 2019 年相比，本季度前 2 個月的複蘇速度非常快且範圍廣泛，從 9 月到 11 月，我們每個地區的出境游與 2019 年相比都提高了 10 個以上。在此期間，前往美國、加拿大、CEMEA 和歐洲的入境旅行均提高了約 20 個百分點，而拉丁美洲和亞洲各提高了至少 5 個百分點。這種複蘇是由邊境開放、放寬限制和被壓抑的需求共同推動的。美國、新加坡、泰國、澳大利亞、智利、阿根廷等國家減少了入境旅客的摩擦。美國到歐洲的走廊仍然開放。隨著 Omicron 在全球範圍內的傳播，這種急劇的旅行複蘇在 12 月的最後一周開始失去動力。我們預計這將是短暫的。

Moving now to a quick review of first quarter financial results. Service revenues grew 19%, slightly better than the 18% nominal growth in Q4 payments volume, helped by increased utilization of card benefits and small pricing modifications. Data processing revenues grew 19%, slightly below the 21% processed transaction growth, mostly due to exchange rate changes. International transaction revenues were up 50%, consistent with nominal cross-border volume excluding intra-Europe. Other revenues grew 17%, led by consulting, data and marketing services as well as travel-related benefits.

現在快速回顧第一季度的財務業績。服務收入增長 19%，略好於第四季度支付量 18% 的名義增長，這得益於卡福利利用率的提高和小幅定價調整。數據處理收入增長 19%，略低於 21% 的處理交易增長，主要是由於匯率變化。國際交易收入增長 50%，與不包括歐洲內部的名義跨境交易量一致。在諮詢、數據和營銷服務以及旅遊相關福利的帶動下，其他收入增長了 17%。

Revenue growth was robust across our 3 growth engines. Consumer payments grew in the mid-20s, led by improving cross-border volumes and continued strong domestic volumes and transactions. New flows also grew in the mid-20s, driven by Visa Direct and the carded B2B recovery. Visa Direct transactions grew 35%. We're lapping very strong quarters from last year, which is moderating U.S. growth rates. Meanwhile, the international business is ramping fast, as is growth from use cases such as cross-border remittances, earned wage access and marketplace payouts.

我們的三個增長引擎的收入增長強勁。消費者支付在 20 年代中期有所增長，這主要得益於跨境交易量的提高以及國內交易量和交易量的持續強勁。在 Visa Direct 和卡片式 B2B 復甦的推動下，20 年代中期新的流量也有所增長。 Visa Direct 交易量增長了 35%。與去年相比，我們的季度表現非常強勁，這正在減緩美國的增長率。與此同時，國際業務正在快速增長，跨境匯款、工資准入和市場支付等用例也在快速增長。

Commercial or B2B volumes grew 28% year-over-year and up 26% over 2019, a 5 point improvement from the prior quarter, mostly in credit. The growth is helped by share gains and a portfolio of diverse spend categories that is not overly dependent on T&E. Value-added services revenue grew over 20%, led by risk and identity as well as consulting and data services. Growth was driven by new client adoption, increased usage among existing clients and international expansion.

商業或 B2B 交易量同比增長 28%，比 2019 年增長 26%，比上一季度提高 5 個百分點，主要來自信貸。增長得益於股票收益和不過度依賴 T&E 的多樣化支出類別組合。在風險和身份以及諮詢和數據服務的帶動下，增值服務收入增長超過 20%。增長是由新客戶的採用、現有客戶的使用增加和國際擴張推動的。

Client incentives were 25.1% of gross revenues, about 1 point below our expectations. This was a result of a significantly better revenue mix due to the faster-than-expected recovery of our cross-border business. As our revenue mix continues to normalize with the cross-border recovery, it will help this ratio.

客戶獎勵佔總收入的 25.1%，比我們的預期低約 1 個百分點。這是由於我們的跨境業務復甦快於預期，收入組合明顯改善。隨著我們的收入組合隨著跨境復甦而繼續正常化，這將有助於這一比例。

GAAP operating expenses grew 24%, inclusive of $145 million litigation provision associated with U.S. interchange multi-district litigation case. Non-GAAP operating expenses grew 16%, in line with our expectations. We recorded gains from our equity investments of $231 million. Excluding investment gains, non-GAAP nonoperating expense was $110 million. Our non-GAAP tax rate of 19.3% was in line with expectations. Our first quarter tax rate is typically a little lower than the full year rate.

GAAP 運營費用增長 24%，其中包括與美國互換多區訴訟案件相關的 1.45 億美元訴訟準備金。非美國通用會計準則運營費用增長 16%，符合我們的預期。我們的股權投資收益為 2.31 億美元。不計投資收益，非公認會計原則的營業外費用為 1.1 億美元。我們 19.3% 的非公認會計原則稅率符合預期。我們的第一季度稅率通常略低於全年稅率。

GAAP EPS was $1.83. Non-GAAP EPS was $1.81, up 27% over last year. Including our quarterly dividend of $0.375 per share and our stock buyback, we returned $4.9 billion of capital to shareholders in the quarter.

GAAP每股收益為1.83美元。非公認會計原則每股收益為 1.81 美元，比去年增長 27%。包括我們每股 0.375 美元的季度股息和我們的股票回購，我們在本季度向股東返還了 49 億美元的資本。

A few comments on our trends through the first 3 weeks of January. On a year-over-year basis, U.S. payments volume was up 13%, with debit up 4% and credit up 25%. As you assess these numbers, it is important to remember that there was a government stimulus disbursement, which caused the surge in debit spending in early January 2021. January spend growth versus 2019 was up 40%, with debit up a robust 52% and credit up 29%. These trends are relatively consistent with performance in our major markets around the world.

對我們 1 月前 3 週趨勢的一些評論。與去年同期相比，美國的支付量增長了 13%，其中藉方增長了 4%，貸方增長了 25%。在評估這些數字時，重要的是要記住政府的刺激支出，這導致 2021 年 1 月上旬借方支出激增。與 2019 年相比，1 月份的支出增長了 40%，借方增長了 52%，信貸增長了 52%。上漲 29%。這些趨勢與我們在全球主要市場的表現相對一致。

Processed transactions grew 17% year-over-year, up 37% versus 2019, lagging volume growth due to larger ticket sizes. Cross-border volume, excluding transactions within Europe, on a constant dollar basis grew 44% year-over-year and was 4% above 2019. Card-not-present nontravel growth remained strong at 67% above 2019, up 17 points from the first quarter. The cross-border travel recovery has stalled since late December due to Omicron, indexing at 72 to 2019, in line with the first quarter. Borders are reopening, and we expect the recovery to resume in February. Total cross-border volume was 14% above 2019.

已處理的交易同比增長 17%，與 2019 年相比增長 37%，由於票務規模較大，交易量增長滯後。跨境交易量（不包括歐洲境內的交易）按固定美元計算同比增長 44%，比 2019 年增長 4%。無卡非旅行增長保持強勁，比 2019 年增長 67%，比 2019 年增長 17 個百分點第一季度。由於 Omicron 的影響，跨境旅遊復甦自 12 月下旬以來一直停滯不前，與第一季度持平，2019 年的指數為 72。邊界正在重新開放，我們預計復甦將在 2 月恢復。跨境交易總量比 2019 年增長 14%。

Moving now to our outlook for the second quarter. Domestic volume growth has stayed robust and stable for the past 3 quarters. While Omicron has had some recent impact, it has been modest and will ease as the wave crests. This is also the case with e-commerce growth, both domestic and cross-border. We are assuming that these trends continue.

現在轉到我們對第二季度的展望。過去三個季度，國內銷量增長保持強勁和穩定。雖然 Omicron 最近產生了一些影響，但它一直是溫和的，並且會隨著波峰的到來而緩和。國內和跨境電子商務的增長也是如此。我們假設這些趨勢會繼續下去。

The swing factor is cross-border travel. As discussed, the cross-border travel recovery was very rapid in October and November as the U.S. border reopened and many countries eased restrictions or announced plans to do so. With Omicron surging, some restrictions were put back in place and some reopening plans were put on hold. However, restrictions are being eased and borders are reopening. We're assuming the cross-border travel recovery resumes in February.

搖擺因素是跨境旅行。如前所述，隨著美國邊境重新開放以及許多國家放鬆限製或宣布計劃這樣做，跨境旅行在 10 月和 11 月恢復得非常迅速。隨著 Omicron 的飆升，一些限制措施被重新實施，一些重新開放計劃被擱置。然而，限制正在放鬆，邊境正在重新開放。我們假設跨境旅行恢復在 2 月恢復。

As such, we expect net revenues to grow at the high end of high teens in the second quarter, including over 1 point of exchange rate drag. Incentives should grow at a similar rate as the first quarter, which as a percent of gross revenues will likely be in the 25.5% to 26.5% range based on volumes, renewal activity and cross-border performance. We expect organic non-GAAP operating expenses growth at the high end of mid-teens with some additional investment spend. The inclusion of Currencycloud will add another 1.5 points to non-GAAP operating expense growth. Tax rate is expected to come in at the high end of the 19% to 19.5% range.

因此，我們預計第二季度淨收入將在青少年的高端增長，包括超過 1 個點的匯率拖累。激勵措施應以與第一季度相似的速度增長，根據銷量、更新活動和跨境表現，佔總收入的百分比可能在 25.5% 至 26.5% 之間。我們預計有機非 GAAP 運營費用將在 10 歲左右的高端增長，並有一些額外的投資支出。 Currencycloud 的加入將使非 GAAP 運營費用增長再增加 1.5 個百分點。稅率預計將處於 19% 至 19.5% 範圍的高端。

We can also update some of the planning assumptions for the full year we had shared with you in October. Domestic payments volumes and cross-border e-commerce volumes as well as the associated transactions are largely in line with expectations. At the end of December, we were running significantly ahead on cross-border travel indexed to 2019 relative to our assumptions in the fall. As such, we are now assuming that the cross-border travel indexed to 2019, excluding intra-Europe, ends the fiscal year 10 points ahead of our prior assumptions or at 90%. Inclusive of intra-Europe travel, this would be back at 2019 levels.

我們還可以更新我們在 10 月份與您分享的全年計劃假設。國內支付量、跨境電商量及相關交易量基本符合預期。截至 12 月底，相對於我們在秋季的假設，我們在 2019 年的跨境旅行指數上顯著領先。因此，我們現在假設以 2019 年為指數的跨境旅行（不包括歐洲內部）在本財年結束時比我們之前的假設提前 10 個百分點或達到 90%。包括歐洲內部旅行，這將回到 2019 年的水平。

With these updated assumptions, net revenue for the full year would grow at the high end of high teens, including 1 point of exchange rate drag. Obviously, revenue growth would be higher if the cross-border recovery is more robust in the second half and more akin to what we saw in October and November. With revenue mix improving from higher cross-border volumes, incentives as a percent of gross revenues would range between 25.5% to 26.5% for the year.

有了這些更新的假設，全年的淨收入將在青少年的高端增長，包括 1 個點的匯率拖累。顯然，如果下半年跨境復甦更加強勁，並且更類似於我們在 10 月和 11 月看到的情況，收入增長將會更高。隨著跨境交易量的增加，收入組合得到改善，全年激勵措施佔總收入的百分比將在 25.5% 至 26.5% 之間。

We expect organic non-GAAP operating expenses growth at the high end of mid-teens. The inclusion of Currencycloud will add another point to non-GAAP operating expense growth. Tax rate is expected to be at the upper end of the 19% to 19.5% range.

我們預計有機非 GAAP 運營費用將在 10 歲左右的高端增長。 Currencycloud 的加入將為非公認會計原則的運營費用增長再添一筆。稅率預計將處於 19% 至 19.5% 範圍的上限。

On a GAAP and non-GAAP basis, the impact of Currencycloud is not material for the year. As a reminder, in our non-GAAP numbers, we make adjustments to exclude amortization of intangibles and nonrecurring acquisition-related costs.

在 GAAP 和非 GAAP 基礎上，Currencycloud 的影響在本年度並不重要。提醒一下，在我們的非公認會計原則數據中，我們進行了調整以排除無形資產的攤銷和非經常性收購相關成本。

In summary, FY '22 is off to an excellent start. We expect our growth this year will be well above the pre-COVID rate as cross-border recovers. This will likely continue into fiscal year '23.

總之，FY '22 開局良好。隨著跨境業務的複蘇，我們預計今年的增長將遠高於疫情前的水平。這可能會持續到 23 財年。

Beyond that, we are confident the business can sustain a revenue growth rate above pre-COVID levels for 3 reasons: first, an acceleration away from cash and check for merchant payments, both domestic and cross-border, as digitization becomes pervasive across consumers and businesses globally; second, acceleration of cash, check and wire transfer displacement as our new flows initiatives penetrate a broad range of new use cases with very large total addressable markets; third, sustainable high-teens growth across our value-added services, both from existing services and new offerings.

除此之外，我們有信心該業務能夠維持高於 COVID 之前水平的收入增長率，原因有 3 個：首先，隨著數字化在消費者和全球業務；其次，隨著我們的新流動計劃滲透到具有非常大的總潛在市場的廣泛新用例，現金、支票和電匯轉移的速度加快；第三，我們增值服務的可持續青少年增長，包括現有服務和新產品。

As new flows and value-added services become a larger part of our revenue mix, growing faster than consumer payments, the sustainable growth rate will continue to rise. We are and will continue to invest in the capabilities required to capture the extraordinary growth opportunity ahead of us.

隨著新流量和增值服務成為我們收入組合的重要組成部分，增長速度快於消費者支付，可持續增長率將繼續上升。我們正在並將繼續投資於捕捉我們面前非凡的增長機會所需的能力。

With that, I'll turn this back to Mike.

有了這個，我會把它轉回給邁克。

Thank you, Vasant. We're now ready to take questions.

謝謝你，瓦桑特。我們現在準備回答問題。

(Operator Instructions) Our first question comes from Darrin Peller from Wolfe Research.

（操作員說明）我們的第一個問題來自 Wolfe Research 的 Darrin Peller。

Nice job. Al, can you start off by revisiting what you see as the key sustainable factor that's probably accelerated somewhat as the pandemic progressed, whether that's services or it's just volume generally having shifted over faster? And then I guess on that note, as we get cross-border improving, you should get a pretty big pass-through to the bottom line. I'm just curious, your thought process around the potential for reinvestment versus rewarding shareholders.

不錯的工作。艾爾，您能否從重新審視您認為的關鍵可持續因素開始，隨著大流行的發展，該因素可能會有所加速，無論是服務還是只是數量通常更快地轉移？然後我想在那張紙條上，隨著我們的跨境改進，你應該會獲得相當大的收益。我只是好奇，你對再投資潛力與回報股東的思考過程。

Well, Darrin, I think first in the near term, I think the upside is going to come from continued recovery of travel and the affluent customer getting back in the mix of spending at the levels they were pre the pandemic. In terms of the sustained longer-term opportunities, I think they come in a number of places.

好吧，達林，我認為首先在短期內，我認為上行將來自旅行的持續復甦以及富裕的客戶將支出組合恢復到大流行前的水平。就持續的長期機會而言，我認為它們來自很多地方。

First, e-commerce adoption is going to be very sticky, and millions and millions of people around the world went to e-comm for the first time during the pandemic. Continued cash displacement is, without question, going to continue. There's just simply more ways to pay, which is going to drive volume. Geographic expansion for us is another area where we're going to get sustained growth over time. And then I think continuing to penetrate both in new flows and the opportunities that we have with Visa Direct, B2B Connect and other areas within B2B, plus our ability as we capture more transactions to be able to sell our value-added services. So I think there's a good number of levers that we can push that provide terrific growth for us going forward.

首先，電子商務的採用將非常具有粘性，全球數以百萬計的人在大流行期間首次使用電子商務。毫無疑問，持續的現金轉移將繼續下去。只是有更多的支付方式，這將推動交易量。對我們來說，地域擴張是我們將隨著時間的推移獲得持續增長的另一個領域。然後我認為繼續滲透到新的流程和我們在 Visa Direct、B2B Connect 和 B2B 內的其他領域所擁有的機會，以及我們在捕獲更多交易以銷售我們的增值服務時的能力。因此，我認為我們可以推動很多槓桿，為我們的未來提供巨大的增長。

In terms of your second question, I'll let Vasant weigh in as well. Look, Vasant talked about our updated planning assumption on cross-border, where we think we're going to be about 10 points better than our original planning assumption. And certainly, that is going to be helpful for us. As we look ahead, we're going to continue to, I think, be very balanced in our thinking. We're conscious about making sure that our level of investment is at the appropriate levels against the right initiatives to make sure that we are managing the business and being able to fund growth initiatives into the future. But we're also conscious of making sure that we're careful about our expenses as we go forward as well, Darrin.

關於你的第二個問題，我也會讓 Vasant 參與進來。看，Vasant 談到了我們更新的跨境規劃假設，我們認為我們將比我們最初的規劃假設好 10 個百分點。當然，這將對我們有所幫助。我認為，展望未來，我們將繼續保持非常平衡的思維。我們有意識地確保我們的投資水平處於適當的水平，以確保我們正在管理業務並能夠為未來的增長計劃提供資金。但我們也有意識地確保我們在前進的過程中也要小心我們的開支，達林。

Yes. I mean going back to your question about shareholders and returning cash to shareholders, we did step up our dividend. It's $1.50 per quarter now. We did that last quarter. And then as you saw, we accelerated our stock buybacks. Our stock buyback is programmatic, but when we see opportunities, we step it up. And clearly, our cash flows are better. We felt there was an opportunity, and we stepped up our buybacks.

是的。我的意思是回到你關於股東和向股東返還現金的問題，我們確實增加了股息。現在是每季度 1.50 美元。我們上個季度就這樣做了。然後正如你所見，我們加速了股票回購。我們的股票回購是程序化的，但當我們看到機會時，我們會加大力度。顯然，我們的現金流更好。我們覺得有機會，我們加大了回購力度。

As Al said, I mean, our first priority is investing in our core business. There's plenty of opportunity here for growth. Second would be acquisitions that enhance our capabilities like Currencycloud, and hopefully soon, we close on Tink. And then, of course, we've always been returning cash to shareholders, most of our free cash flow in the form of dividends and buybacks.

正如艾爾所說，我的意思是，我們的首要任務是投資於我們的核心業務。這裡有很多增長的機會。其次是收購可以增強我們的能力，比如 Currencycloud，希望很快，我們就關閉了 Tink。然後，當然，我們一直在向股東返還現金，我們的大部分自由現金流以股息和回購的形式出現。

Our next question comes from Rayna Kumar from UBS.

我們的下一個問題來自瑞銀的 Rayna Kumar。

So as you both highlighted, your debit volume remains very strong. Can you discuss how much of that strength is coming from Visa Direct and how sustainable that growth is in '22, of course, excluding the second quarter comp issue with the government stimulus?

因此，正如你們都強調的那樣，你們的借記量仍然非常強勁。您能否討論一下 Visa Direct 的這種優勢有多少，以及這種增長在 22 年的可持續性如何，當然，不包括第二季度與政府刺激計劃相關的問題？

Rayna, it's a couple of points, and it's been consistently that through the entire run of the pandemic.

Rayna，這是幾點，在整個大流行期間一直如此。

Our next question comes from Harshita Rawat from Bernstein.

我們的下一個問題來自 Bernstein 的 Harshita Rawat。

I want to ask about inflation. Vasant, can you remind us, how does inflation impact you? You obviously get benefits in purchase volumes. But how does it impact ticket sizes, consumer behavior in your view? And can you also talk about the cost and personal expense aspect of it?

我想問一下通貨膨脹。 Vasant，您能提醒我們一下，通貨膨脹對您有何影響？您顯然會在購買量方面受益。但在您看來，它如何影響門票規模和消費者行為？您還可以談談它的成本和個人開支方面嗎？

Sure. In terms of inflation as it relates to our revenues, as you know, our service fees, cross-border, et cetera, are denominated primarily in basis points on ticket size. So to the extent that there's inflation driving up ticket size, clearly, it's beneficial to us.

當然。如您所知，就與我們的收入相關的通貨膨脹而言，我們的服務費、跨境等，主要以票面大小的基點計價。因此，就通貨膨脹推高門票規模而言，顯然，這對我們有利。

When it comes to transactions processing, our fees are generally tied to number of transactions. Right now, of course, the size of the basket has gone up. Some of it is because of inflation. Some of it is because it's just gone up through the pandemic. Some of it has to do with the fact that some of the smaller transactions you've got in a normal world like people going and buying themselves lunch at work or a cup of coffee, we're losing some of those transit.

在交易處理方面，我們的費用通常與交易數量掛鉤。現在，當然，籃子的大小已經增加了。其中一些是因為通貨膨脹。其中一些是因為它剛剛經歷了大流行。其中一些與這樣一個事實有關，即在正常世界中進行的一些較小的交易，例如人們去工作並為自己買午餐或一杯咖啡，我們正在失去其中的一些交通。

And so that causes ticket size on a mix basis to go up, which will recover, and that will be good for our transactions business. And in general, when people are ordering in through e-commerce, basket sizes have tended to go up. So the basket size increase we see now is partially inflation. Partially, it's some elements like the ones I just went through. So net-net, I mean we are a beneficiary of inflation.

因此，這會導致混合票的規模增加，這將恢復，這將有利於我們的交易業務。一般來說，當人們通過電子商務訂購時，購物籃的大小往往會增加。所以我們現在看到的籃子規模增加部分是通貨膨脹。部分地，它是一些像我剛剛經歷過的元素。所以淨網，我的意思是我們是通貨膨脹的受益者。

And in terms of wage inflation, generally speaking, I mean, we expect some. Everybody is seeing it. But overall, I mean, it's reasonable at this point, and we'll update you as time goes by if it's more than we expected.

就工資通脹而言，一般來說，我的意思是，我們預計會有一些通脹。每個人都在看到它。但總的來說，我的意思是，在這一點上是合理的，如果超過我們的預期，我們會隨著時間的推移更新你。

Al, I'm sure you have things to add.

艾爾，我相信你有東西要補充。

No, I think it was a very complete answer, Vasant. The only other factor that you didn't mention relative to ticket sizes is something I said in answering, I think, Darrin's question that as the affluent segment, which is the segment that -- whose spending went down the most during the pandemic, comes back in, obviously, they tend to have higher ticket sizes as well. So there's a number of factors that drive ticket sizes. Actually, getting to precision on causality and what the different weighting of those different factors are is virtually impossible.

不，我認為這是一個非常完整的答案，Vasant。你沒有提到的與門票規模相關的唯一其他因素是我在回答達林的問題時所說的，我認為，作為富裕階層，這是在大流行期間支出下降最多的階層，來自顯然，他們也傾向於擁有更高的門票尺寸。因此，有許多因素會影響門票的大小。實際上，要精確確定因果關係以及這些不同因素的不同權重實際上是不可能的。

Our next question comes from Sanjay Sakhrani from KBW.

我們的下一個問題來自 KBW 的 Sanjay Sakhrani。

So Al, you talked about the many reasons in your opening that you expect the growth to be a significant tailwind with many of the partners and products that you cited. It's interesting because many of the doubters sort of speak to that as the reasons to be concerned about the outlook. I'm just curious what you think they're missing.

所以，Al，您在開幕式中談到了許多原因，您預計增長將成為您引用的許多合作夥伴和產品的重要推動力。這很有趣，因為許多持懷疑態度的人都認為這是擔心前景的原因。我只是好奇你認為他們缺少什麼。

And I just had a follow-up for Vasant. In terms of the updated cross-border guidance, does that assume that there's a gradual improvement after February or that people go back to traveling like you saw in November and December?

我剛剛對 Vasant 進行了跟進。就更新的跨境指南而言，這是否假設 2 月之後會逐漸改善，或者人們會像您在 11 月和 12 月看到的那樣重新開始旅行？

Sanjay, I'd say a couple of things. One is that much of the innovation that we have seen is coming in ways to pay. And we're a network that is agnostic to the different ways people want to pay. We're truly a global open network that is willing to embrace fintechs and bigger players who want to introduce new ways for consumers to pay. We're not going to decide who's a winner or a loser.

桑傑，我想說幾件事。一是我們所看到的大部分創新都是以支付方式出現的。而且我們是一個不知道人們想要支付的不同方式的網絡。我們是一個真正的全球開放網絡，願意擁抱希望為消費者引入新支付方式的金融科技公司和更大的參與者。我們不會決定誰是贏家或輸家。

I'm not here to predict how big BNPL will get or crypto will get. I don't know. But I think that our job is to lean in and support them and give them a chance to have their capabilities or their ways to pay run on our network. Ultimately, the consumer will decide who wins and loses based on the value that they believe that they're seeing as well as the user experience.

我不是來預測 BNPL 將獲得多大或加密將獲得多大。我不知道。但我認為我們的工作是支持他們，讓他們有機會在我們的網絡上發揮他們的能力或支付方式。最終，消費者將根據他們認為自己看到的價值以及用戶體驗來決定誰贏誰輸。

I also think that the fact of the matter is if you look out over time, open networks win over closed networks. And Visa is a truly open global network with incredible reach and scale. And what ends up happening in any kind of closed situation is that after the initial excitement, initial pop, people run into a wall where it gets much more difficult to scale their businesses.

我還認為，事實上，如果你仔細觀察，開放網絡會戰勝封閉網絡。 Visa 是一個真正開放的全球網絡，具有令人難以置信的影響力和規模。在任何一種封閉的情況下最終會發生的事情是，在最初的興奮、最初的流行之後，人們會遇到一堵牆，擴大他們的業務變得更加困難。

And when somebody comes in and does business with us where we can make our 80 million or really closer to 100 million merchants available to them and help bring scale instantly and prevent people from having to, for instance, go merchant by merchant in order to scale their business, we can do it much more quickly and much more efficiently for them. So I think that this kind of distinction between how to pay and a network like ours that is enabling multiple ways to pay is a distinction, I think, that people haven't fully appreciated.

當有人進來與我們做生意時，我們可以讓我們的 8000 萬甚至接近 1 億的商家可供他們使用，並幫助立即擴大規模並防止人們不得不，例如，為了擴大規模而逐個商家他們的業務，我們可以為他們更快，更有效地完成它。所以我認為，這種支付方式與像我們這樣支持多種支付方式的網絡之間的這種區別是一種區別，我認為，人們還沒有完全理解。

Going back to your second question on cross-border, I think what's become evident from multiple data points over the last 6 to 9 months is that when borders open, it's like a switch turning on. The reaction is almost immediate. There's massive pent-up demand and consumers are quick to act. And what we saw in October and November was really the world opening up ex China. And if it hadn't been for Omicron, that trend was quite extraordinary.

回到你關於跨境的第二個問題，我認為從過去 6 到 9 個月的多個數據點可以明顯看出，當邊界開放時，就像一個開關打開一樣。反應幾乎是立竿見影的。有大量被壓抑的需求，消費者迅速採取行動。我們在 10 月和 11 月看到的是真正開放的世界，但中國除外。如果沒有 Omicron，這種趨勢是非常不同尋常的。

Between September and November, we saw a very steep increase in cross-border travel driven by the opening of the U.S. border, the opening up of most borders in Europe. And what we started to see in October was many Asian countries, which have been the most restrictive, excluding China, of course, either open up or announce a timetable for opening up. So that tells you that opening borders, which is something that is hard to predict because governments control it, can have a sizable and immediate impact.

在 9 月至 11 月期間，我們看到由於美國邊境開放以及歐洲大部分邊境的開放，跨境旅行急劇增加。而我們在10月份開始看到的是許多亞洲國家，這些國家的限制是最嚴格的，當然不包括中國，要么開放，要么宣布開放時間表。所以這告訴你，由於政府控制它而難以預測的開放邊界可能會產生巨大而直接的影響。

In terms of your question as to what is our assumption, our assumption is for steady improvement through the year. But we know it won't be steady. I mean there will be periods when borders open and we could see some sharp improvements. And there may be occasional periods where if there is another variant, there may be some flattening out just as we saw in January. But the bottom line is it is very clear that when borders are open, things will move very fast to normalize.

關於您關於我們的假設是什麼的問題，我們的假設是全年穩步改善。但我們知道它不會穩定。我的意思是會有一段時間邊界開放，我們可以看到一些顯著的改善。並且可能偶爾會出現另一種變體，就像我們在一月份看到的那樣，可能會出現一些平坦化。但最重要的是，很明顯，當邊界開放時，事情會以非常快的速度走向正常化。

Our next question comes from Ken Suchoski from Autonomous Research.

我們的下一個問題來自 Autonomous Research 的 Ken Suchoski。

I wanted to follow up on the cross-border business. I mean some really solid results there, and I'm just curious to get your thoughts. Can you talk about whether this business gets back to pre-COVID trend growth? Or do you expect the cross-border business to get back to pre-COVID trend levels, meaning does cross-border revenue and volume eventually catch up to where it would have been had COVID not happened?

我想跟進跨境業務。我的意思是那裡有一些非常可靠的結果，我只是想知道你的想法。您能否談談這項業務是否會恢復到 COVID 之前的趨勢增長？或者您是否期望跨境業務恢復到 COVID 之前的趨勢水平，這意味著跨境收入和數量最終會趕上沒有發生 COVID 的情況嗎？

Well, I think the short answer is we fully expect to get back to pre-COVID trend levels, meaning whatever the trend line was, we will get back to that trend line. And at least initially, the mix will be a little different because the part of the business that is growing well above trend is the cross-border e-commerce business. The part of the business that right now is below trend -- below the trend line is the travel business.

好吧，我認為簡短的回答是我們完全期望回到 COVID 之前的趨勢水平，這意味著無論趨勢線是什麼，我們都會回到那個趨勢線。至少在最初，這種組合會有所不同，因為增長遠高於趨勢的業務部分是跨境電子商務業務。目前低於趨勢的業務部分——低於趨勢線的是旅遊業務。

The e-commerce business cross-border is clearly one that we think can sustain above-trend growth rates relative to pre-COVID. And if the travel business returns only to the pre-COVID growth rates, which we see no reason why it wouldn't, so let's assume it grows above pre-COVID growth rates, gets to the trend line and then begins to grow at pre-COVID trend rates, we see no reason why that isn't the case, there is a possibility because of the e-commerce business that the cross-border business in total can grow faster than pre-COVID growth rates after it gets back to the pre-COVID trend line. I assume that is sort of what you were asking.

跨境電子商務業務顯然是我們認為相對於疫情前能夠維持高於趨勢增長率的業務。如果旅遊業務僅恢復到 COVID 之前的增長率，我們認為沒有理由不這樣做，那麼讓我們假設它的增長率高於 COVID 之前的增長率，達到趨勢線，然後開始以之前的速度增長-COVID 趨勢率，我們認為沒有理由不是這種情況，因為電子商務業務，有可能在恢復到之後，跨境業務的總體增長速度可以超過 COVID 之前的增長率COVID 之前的趨勢線。我想這就是你要問的。

Yes. That's exactly right. I appreciate that.

是的。這是完全正確的。我很感激。

Our next question comes from Lisa Ellis from MoffettNathanson.

我們的下一個問題來自 MoffettNathanson 的 Lisa Ellis。

I had a couple strategic questions related to the Visa Acceptance Cloud announcement. First, is it open to all types of card payments? Or is it Visa only? And then second, how are you monetizing these Acceptance Cloud? And then the last one is, how should we think about the interplay between the Visa Acceptance Cloud and your ecosystem of acquirers and payment facilitators given that many of them have their own solutions in the POS space? I mean is this -- are they embracing it? Or is it potentially competitive with their solutions?

我有幾個與 Visa Acceptance Cloud 公告相關的戰略問題。首先，它是否對所有類型的卡支付開放？還是只有簽證？其次，您如何通過這些 Acceptance Cloud 獲利？最後一個問題是，鑑於他們中的許多人在 POS 領域都有自己的解決方案，我們應該如何考慮 Visa Acceptance Cloud 與您的收單機構和支付服務商生態系統之間的相互作用？我的意思是——他們接受了嗎？還是與他們的解決方案有潛在的競爭力？

Well, Lisa, first of all, it's early days with this. Our approach on this is to not charge for it because we think it's extremely valuable for the ecosystem to expand acceptance. And that's really the driving strategic force for us here, is to drive acceptance. And certainly, my expectation is that once we can get the transaction on our network, we'll have more opportunity to sell things like value-added services over time. But despite the fact that our network has the 100 million merchant locations, there is still a long tail of merchants around the world that are not accepting. And it's important that we do everything we can to bolster the acceptance footprint that we have around the world.

好吧，麗莎，首先，這還為時過早。我們對此的做法是不收費，因為我們認為擴大接受度對於生態系統來說非常有價值。這真的是我們這裡的戰略驅動力，是推動接受度。當然，我的期望是，一旦我們能夠在我們的網絡上進行交易，隨著時間的推移，我們將有更多機會銷售增值服務等產品。但是，儘管我們的網絡擁有 1 億個商家位置，但世界各地仍有一長串商家不接受。重要的是我們盡我們所能來加強我們在世界各地的接受度。

Our next question comes from Jason Kupferberg from Bank of America.

我們的下一個問題來自美國銀行的 Jason Kupferberg。

Just wanted to take your temperature a bit on the global regulatory landscape. Does it feel more or less risky than, say, where we were pre-pandemic? I mean just given the political climate in the U.S. There's still the merchant litigation in Brooklyn. The Fed is proposing some changes to the Durbin Amendment. There were some recent reports out of the U.K. from the payment system regulator there. So just wanted to see how you're thinking about that overall or any areas of risk we should be potentially mindful of.

只是想稍微了解一下全球監管環境。與大流行前的情況相比，它是否感覺風險更大或更小？我的意思是考慮到美國的政治氣候。布魯克林仍然存在商人訴訟。美聯儲正在提議對德賓修正案進行一些修改。英國支付系統監管機構最近發布了一些報告。所以只是想看看你是如何考慮我們應該注意的整體或任何風險領域的。

Jason, for as long as I've been involved in payments, there's always been regulatory issues and discussions that take place around the world. So it's really part of being in the business. I do not think there has been any material change in the environment in the last quarter or for that matter in the last year.

Jason，只要我一直參與支付，世界各地就一直存在監管問題和討論。因此，這確實是業務的一部分。我認為上個季度或去年的環境沒有任何重大變化。

I do think that the pandemic has helped governments recognize a couple of things though. One is the incredible importance of digitization because at a time when people around the world were locked down, they were able to continue to order food and order items delivered to their house because of digital -- the digital payment ecosystem that is reliable and secure around the world.

我確實認為，這場大流行已經幫助各國政府認識到了一些事情。一是數字化的重要性令人難以置信，因為在世界各地的人們被封鎖的時候，他們能夠繼續訂購食物和訂購送貨到家的物品，因為數字化是可靠和安全的數字支付生態系統。世界。

I also think that during this time, governments realize that they should become more digital. And we, during this period, helped a number of governments with the issuance of stimulus money or, in some cases, there was money to recognize the first responders and health care workers and those kinds of things. So I think there's more discussions going on with governments related to digital payments, and we're helping them more.

我還認為，在這段時間裡，政府意識到他們應該變得更加數字化。在此期間，我們幫助許多政府發行了刺激資金，或者在某些情況下，有錢來表彰急救人員和醫療保健工作者之類的東西。因此，我認為與政府就數字支付進行了更多討論，我們正在為他們提供更多幫助。

I'd also say that the subject of central bank digital currencies opens up and gives us an opportunity to talk to central bankers who, in many cases, are seeking our counsel as to what they should potentially be able to do. And I think that's a very good thing because it allows us to have an avenue to potentially talk about other things that they might be contemplating from a regulatory point of view.

我還要說，中央銀行數字貨幣的主題打開了，讓我們有機會與中央銀行家交談，在許多情況下，中央銀行家正在就他們應該能夠做的事情尋求我們的建議。我認為這是一件非常好的事情，因為它讓我們有機會談論他們可能從監管角度考慮的其他事情。

So I guess in sum, I'd say, regulatory attention is nothing new. There hasn't been any material change, and we continue to engage thoughtfully and frequently around the world with regulators.

所以我想總而言之，我會說，監管關注並不是什麼新鮮事。沒有任何重大變化，我們繼續深思熟慮地與世界各地的監管機構頻繁接觸。

Our next question comes from Tien-Tsin Huang from JPMorgan.

我們的下一個問題來自摩根大通的 Tien-Tsin Huang。

Just on the strong mid-20s revenue growth this quarter, I know it was nicely ahead of the high teens you talked about last quarter that you expected. Was it primarily cross-border that drove the upside or surprise? I'm just curious if there's any other callouts that you would point to because I know we've fielded a lot of cross-border questions.

僅就本季度 20 多歲中期的強勁收入增長而言，我知道它遠遠超過了您在上個季度談到的預期的高青少年。主要是跨境推動上漲還是驚喜？我只是好奇您是否會指出任何其他標註，因為我知道我們已經回答了很多跨境問題。

And then just quickly on rebates and incentives, I guess, the outlook 50 bps better than prior guidance, is that also primarily the result of cross-border? Any other impacts from pricing, et cetera?

然後很快就回扣和激勵措施，我猜，前景比之前的指導好 50 個基點，這也主要是跨境的結果嗎？定價等是否有其他影響？

Yes. You're right, Tien-Tsin. I mean the cross-border outperformance in the first quarter was primarily cross-border, but we also had value-added services performing quite a bit better than we expected. So strong value-add services was also a contributor. So those would be the sort of the 2 main drivers.

是的。你是對的，天津。我的意思是第一季度的跨境表現主要是跨境的，但我們也有增值服務的表現比我們預期的要好很多。因此，強大的增值服務也是一個貢獻者。因此，這將是兩個主要驅動因素。

As you know, when service -- when payments volumes outperform, we book the revenue with a lag. There was outperformance on payments volumes, too, but that doesn't show up in the quarter. It certainly wasn't anywhere on the order of magnitude as our cross-border performance, but there was -- there's definitely -- there would have been higher service revenues had there been no lag.

如您所知，當服務 - 當支付量表現出色時，我們會延遲預訂收入。支付量也有出色的表現，但這並沒有在本季度表現出來。它當然沒有我們的跨境表現在數量級上，但如果沒有滯後，肯定會有更高的服務收入。

The other part of your question was...

你問題的另一部分是......

Rebates and incentives.

回扣和獎勵。

Rebates and incentives, yes. We have been saying for a while that those numbers were going up because of the mix change away from cross-border. We thought coming into this quarter that we'd be somewhere in the region of 26%, the low end of the prior range we had. We were a whole point lower entirely because our mix improved because of cross-border, and the reduction in the range for the year is also driven by the improvement in the mix since we now expect the cross-border business to be stronger than we had originally expected.

回扣和獎勵，是的。一段時間以來，我們一直在說，這些數字正在上升，因為混合變化遠離了跨境。我們認為進入本季度，我們將在 26% 左右，這是我們之前範圍的低端。我們下降了一個百分點，完全是因為我們的組合因跨境而有所改善，而今年範圍的縮小也是由組合的改善推動的，因為我們現在預計跨境業務將比我們之前更強原本預期的。

Yes. So it's all mix. Glad to hear it.

是的。所以這一切都是混合的。很高興聽見。

Tien-Tsin, the only thing I would add is that I think the -- we also had a very strong holiday period. And as Vasant pointed out in his remarks or in answer to one of the questions, we've seen this phenomenon of the holiday season stretching. And it's no longer really Black Friday to Christmas Eve. It's really starting early in November, driven by the incredible increase in the adoption of e-commerce.

Tien-Tsin，我唯一要補充的是，我認為 - 我們也度過了一個非常愉快的假期。正如 Vasant 在他的講話中或在回答其中一個問題時所指出的那樣，我們已經看到了這種假期延長的現象。它不再是真正的黑色星期五到平安夜。在電子商務採用率的驚人增長的推動下，這實際上是在 11 月初開始的。

Our next question comes from David Togut from Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 David Togut。

Looking at the upgrade in your cross-border travel forecast for the rest of this year, does any of that include reopening of China? And if it doesn't, what impact would a China reopening have on the impact of -- on cross-border travel payments, obviously, depending on timing?

看看你今年剩餘時間跨境旅行預測的升級，其中是否包括中國的重新開放？如果不是這樣，中國重新開放會對跨境旅行支付的影響產生什麼影響，顯然，取決於時間？

Yes. I mean we don't sort of -- no one corridor accounts for a big chunk of our volume. So China opening or not don't have to make specific assumptions on that. We certainly expect some opening in Asia. The big surprise in October before Omicron hit was Asia was opening up faster than we expected.

是的。我的意思是我們沒有——沒有一條走廊占我們體積的很大一部分。所以中國開放與否不必對此做出具體假設。我們當然希望在亞洲有一些開放。在 Omicron 出現之前，10 月份的最大驚喜是亞洲的開放速度比我們預期的要快。

So for example, Thailand pretty much opened up all their resorts. Now they did pause, but they've reopened them again now that the Omicron wave seems to be passing. We saw Singapore announced a phased opening plan, and I believe they're still on track to do that. We even saw Indonesia, India ease restrictions. So more kinds of people can travel to India without -- and Indonesia without quarantines and things like that. China is completely shut, and it's hard to predict when it opens. So I would say on balance, we are not counting on a big recovery of the Chinese business. But otherwise, the big swing factor at this point is how quickly Asia opens and how restrictive is it after opening.

例如，泰國幾乎開放了他們所有的度假村。現在他們確實暫停了，但現在 Omicron 浪潮似乎正在過去，他們又重新打開了它們。我們看到新加坡宣布了分階段的開放計劃，我相信他們仍在按計劃進行。我們甚至看到印度尼西亞、印度放寬了限制。因此，更多種類的人可以在沒有隔離的情況下前往印度——而印度尼西亞則無需隔離和類似的東西。中國完全關閉，很難預測何時開放。所以我會說，總的來說，我們並不指望中國業務的大幅復甦。但除此之外，此時最大的搖擺因素是亞洲開放的速度以及開放後的限製程度。

Our final question comes from Dan Perlin from RBC Capital Markets.

我們的最後一個問題來自加拿大皇家銀行資本市場的 Dan Perlin。

The question I have is, you outlined a ton of great opportunities for future growth. But in many instances, there's like just so many, it's hard to kind of pull these things together. So when you take a higher kind of elevated look and you think about it from a secular growth versus cyclical mix of your revenues, where does it sit today versus maybe in the prior pandemic? And how should we be thinking about that mix shift to get you to that accelerated growth path?

我的問題是，你概述了未來增長的大量機會。但在很多情況下，有這麼多，很難把這些東西放在一起。因此，當您採取更高的眼光並從收入的長期增長與週期性組合來考慮它時，與之前的大流行相比，它今天處於什麼位置？我們應該如何考慮這種混合轉變以使您走上加速增長的道路？

Yes, I can start, and I'm sure Al will add. I mean look, in the short run, the cyclical recovery is by far the biggest driver of the growth. Having said that, I mean, underneath the cyclical recovery, which is most acute right now in cross-border, you can see that other components of the business are not only stable but also growing at an above-trend level.

是的，我可以開始，我相信 Al 會添加。我的意思是，從短期來看，週期性複蘇是迄今為止增長的最大推動力。話雖如此，我的意思是，在目前跨境最為嚴重的周期性複甦之下，你可以看到業務的其他組成部分不僅穩定，而且還在高於趨勢水平上增長。

So if you look at our payments volumes, credit is in a recovery mode, but debit is very resilient even as credit recovers and is at a growth rate. If you do a CAGR over the time period pre-pandemic, it's a higher CAGR than it was pre-pandemic. The same is true for e-commerce growth. You could say the same about our value-added services and new flows. So while the biggest driver of short-term growth being above trend is the recovery component, if you look below it, the underlying sustainable and secular growth trends are also above trend relative to where they were pre-pandemic.

因此，如果您查看我們的支付量，信貸處於恢復模式，但即使信貸恢復並處於增長速度，借方也非常有彈性。如果您在大流行前的時間段內進行複合年增長率，則其複合年增長率高於大流行前。電子商務的增長也是如此。對於我們的增值服務和新流程，您也可以這麼說。因此，儘管短期增長高於趨勢的最大驅動力是複蘇部分，但如果你往下看，潛在的可持續和長期增長趨勢也高於大流行前的趨勢。

Yes, I'd agree with all of that. And if we look at our growth by certain verticals, incredible growth in home improvement and food and drug. And a lot of that, I think, is because there's all kinds of new models. People are buying online and picking up or buying online and getting delivery. I mean a lot of these new ways of shopping and paying is going to help us drive growth in new ways going forward.

是的，我同意所有這些。如果我們從某些垂直領域來看我們的增長，家庭裝修、食品和藥品方面的增長令人難以置信。我認為，其中很大一部分是因為有各種各樣的新模型。人們在網上購買並取貨或在網上購買並獲得送貨。我的意思是，許多新的購物和支付方式將幫助我們以新的方式推動增長。

And with that, thank you, all of you, for joining us today. If you have additional questions, you can feel free to contact or e-mail Jennifer or I. We're happy to help you. And have a great evening. Thanks so much.

因此，感謝你們所有人今天加入我們。如果您還有其他問題，可以隨時聯繫或發送電子郵件至 Jennifer 或 I。我們很樂意為您提供幫助。並度過一個美好的夜晚。非常感謝。