(V) 2021 Q4 法說會逐字稿

Welcome to Visa's Fiscal Fourth Quarter and Full Year 2021 Earnings Conference Call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time.

歡迎參加 Visa 的 2021 財年第四季度和全年收益電話會議。 （操作員說明）今天的會議正在錄製中。如果您有任何異議，您可以在此時斷開連接。

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, Michelle. Good afternoon, everyone, and welcome to Visa's Fiscal Fourth Quarter and Full Year 2021 Earnings Call. Joining us today are Al Kelly, Visa's Chairman and Chief Executive Officer; and Vasant Prabhu, Visa's Vice Chairman and Chief Financial Officer.

謝謝，米歇爾。大家下午好，歡迎參加 Visa 的 2021 財年第四季度和全年財報電話會議。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。

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 90 days. A slide deck containing financial and statistical highlights have been posted on our IR website.

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 90 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 a 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 very much, and good afternoon, everyone, and thanks for joining us today.

詹妮弗，非常感謝大家，大家下午好，感謝今天加入我們。

In the fourth quarter and throughout fiscal 2021, Visa has delivered strong results against the backdrop of economic uncertainty and the lingering impacts of the COVID pandemic. In doing so, we demonstrated the resiliency of our business and validated our growth strategy as we continue to drive the rapid growth of digital payments and enable innovation in money movement globally.

在經濟不確定性和 COVID 大流行的揮之不去的影響的背景下，Visa 在第四季度和整個 2021 財年取得了強勁的業績。在此過程中，我們展示了我們業務的彈性並驗證了我們的增長戰略，因為我們將繼續推動數字支付的快速增長，並在全球範圍內實現資金流動的創新。

A quick summary of Q4 results. Fourth quarter payments volume was 121% of 2019, up about 0.8 points from Q3 and up 17% year-over-year. Despite the backdrop of a global pandemic, this quarter, we also set a record with total global payments volume of $2.8 trillion. Cross-border volume, excluding intra-Europe, was 86% of 2019, 4 points better than Q3 and up 46% year-over-year. And processed transactions were 124% of 2019, up 4 points from Q3 and up 21% year-over-year. Our net revenues grew 29% year-over-year, and non-GAAP EPS was $1.62, up 44%.

第四季度結果的快速總結。第四季度支付量為 2019 年的 121%，比第三季度增長約 0.8 個百分點，同比增長 17%。儘管在全球大流行的背景下，本季度我們還創下了全球支付總額 2.8 萬億美元的記錄。不包括歐洲內部的跨境交易量為 2019 年的 86%，比第三季度高 4 個百分點，同比增長 46%。處理的交易量為 2019 年的 124%，比第三季度增長 4 個百分點，同比增長 21%。我們的淨收入同比增長 29%，非公認會計原則每股收益為 1.62 美元，增長 44%。

In talking to many of you over the last few months, I know you're wondering what's ahead for Visa and the payments ecosystem as we emerge from the pandemic. So rather than doing my usual report card on the quarter, I'm going to speak more broadly today about the 4 key reasons why we believe that Visa is even better positioned for growth than before the pandemic. One, there's still enormous opportunity ahead in consumer payments. Two, we continue to enhance our network of networks capability to facilitate money movement more seamlessly and securely for all players in the ecosystem and accelerate the penetration of new flows. Third, value-added services simultaneously help our clients leverage our scale and sophistication while diversifying Visa's business and driving more volume. Four, we enable much of the disruption and innovation in the payments ecosystem, which helps to accelerate Visa's growth.

在過去幾個月與你們中的許多人交談時，我知道你們想知道隨著我們擺脫大流行，Visa 和支付生態系統的未來會怎樣。因此，今天我將更廣泛地談論我們認為 Visa 比大流行之前更能實現增長的 4 個關鍵原因，而不是像往常一樣做本季度的報告卡。一，在消費者支付方面仍有巨大的機會。第二，我們繼續增強我們的網絡能力，為生態系統中的所有參與者更無縫、更安全地促進資金流動，並加速新流量的滲透。第三，增值服務同時幫助我們的客戶利用我們的規模和成熟度，同時使 Visa 的業務多樣化並增加交易量。第四，我們促成了支付生態系統的大部分顛覆和創新，這有助於加速 Visa 的增長。

So let me start with number one, the enormous opportunity in consumer payments. We see that the pandemic has helped to further digitize cash. In the last 12 months, global debit cash volumes, which are primarily the amount of cash withdrawn from Visa debit cards, has increased 4%, while debit payments volume has grown 23%, both on a constant dollar basis. In 2021, the number of monthly active e-commerce credentials and spend per active credential continued to grow strongly. For example, in the United States, monthly active credentials and active spend per credential both grew by more than 20% on average versus 2019. We've grown credentials for both traditional and new players to 3.7 billion, up 7% year-over-year. After renewing client contracts that represented 55% of our payments volume in the previous 2 years, we renewed contracts that represented nearly 20% in 2021.

因此，讓我從第一個開始，即消費者支付的巨大機會。我們看到大流行有助於進一步數字化現金。在過去 12 個月中，全球借記現金交易量（主要是從 Visa 借記卡提取的現金金額）增長了 4%，而藉記卡支付量增長了 23%，兩者均按固定美元計算。 2021 年，每月活躍的電子商務憑證數量和每個活躍憑證的支出繼續強勁增長。例如，在美國，與 2019 年相比，月活躍憑證和每個憑證的活躍支出平均增長了 20% 以上。我們已將傳統和新玩家的憑證增加到 37 億，同比增長 7%。年。在續訂了過去 2 年占我們付款量 55% 的客戶合同後，我們在 2021 年續簽了佔近 20% 的合同。

Let me just highlight a few of those deals in Q4. In our Asia Pacific region, we renewed 3 of Visa's top 20 issuers, including China Merchants Bank and Bank of China. And in North America, we renewed 3 of the top 15 issuers. PNC renewed the prepaid consumer credit and debit, commercial credit and small business credit and debit portfolios. Regions also renewed the prepaid consumer credit and debit, commercial credit and small business credit and debit portfolios. And RBC and Visa have entered into a renewal of their agreement with respect to the issuance of credit, debit and prepaid cards in Canada.

讓我強調一下第四季度的一些交易。在我們的亞太地區，我們更新了 Visa 的前 20 家發行人中的 3 家，包括招商銀行和中國銀行。在北美，我們更新了前 15 家發行人中的 3 家。 PNC 更新了預付消費信貸和借記、商業信貸和小企業信貸和借記組合。各地區還更新了預付消費信貸和借記、商業信貸和小企業信貸和借記組合。 RBC 和 Visa 已就在加拿大發行信用卡、借記卡和預付卡續簽了協議。

Fintechs have also fueled our growth. In the last year, nearly 30% more fintechs issued Visa credentials, and they have more than doubled their payments volume. Furthermore, fintechs are scaling. We've also grown acceptance to more than 80 million merchant locations, up 14% year-over-year. And when you include small businesses behind players like Stripe and Square, the number is north of 100 million merchant locations.

金融科技也推動了我們的增長。去年，簽發 Visa 憑證的金融科技公司增加了近 30%，支付量增加了一倍多。此外，金融科技正在擴大規模。我們還增加了對超過 8000 萬個商戶地點的接受度，同比增長 14%。當你把像 Stripe 和 Square 這樣的小企業包括在內時，這個數字超過了 1 億個商家位置。

We've grown tap-to-pay to 70% of all face-to-face transactions globally. Excluding the United States, we have more than 70 countries with over 50% contactless penetration. U.S. penetration is now over 15%, more than double from just a year ago with 400 million cards, quadruple what we had 2 years ago. We know from other markets that tapping brings increased spending and transactions while digitizing cash.

我們已經將點擊支付增加到全球所有面對面交易的 70%。除美國外，我們在 70 多個國家/地區擁有超過 50% 的非接觸式普及率。美國的滲透率現在超過 15%，比一年前的 4 億張卡增加了一倍多，是兩年前的四倍。我們從其他市場了解到，在數字化現金的同時，挖掘會增加支出和交易。

We also continue to innovate to make it easier for partners to access and utilize our platforms and capabilities. One recent example is Visa Cloud Connect, which enables clients to connect to VisaNet via the cloud, eliminating the need for investment in local data centers, telecommunications infrastructure and any specialized payment hardware.

我們還不斷創新，讓合作夥伴更容易訪問和利用我們的平台和功能。最近的一個例子是 Visa Cloud Connect，它使客戶能夠通過雲連接到 VisaNet，從而無需投資本地數據中心、電信基礎設施和任何專門的支付硬件。

To summarize, consumer payments is an opportunity and it's Visa's credentials, acceptance and innovation that make us feel confident about our ability to accelerate growth in the future.

總而言之，消費者支付是一個機會，正是 Visa 的資質、接受度和創新讓我們對我們未來加速增長的能力充滿信心。

Moving now to our network of networks. We continue to enhance our capabilities to facilitate money movement seamlessly and securely for all players in the ecosystem while accelerating the penetration of new flows. The total new flows opportunity is $185 trillion. Payments infrastructure, regulations and settlement systems are all very local in nature, which creates a lot of complexity in a world of global trade. Our network of networks capability enables Visa as a single connection point to help clients to move value domestically and cross-border over all networks, including Visa's own networks, RTPs, ACHs and new networks in the future, like stable coins and public blockchains.

現在轉到我們的網絡網絡。我們繼續增強我們的能力，為生態系統中的所有參與者無縫、安全地促進資金流動，同時加速新流動的滲透。新的流動機會總額為 185 萬億美元。支付基礎設施、法規和結算系統本質上都是非常本地化的，這在全球貿易世界中造成了很多複雜性。我們的網絡網絡能力使 Visa 成為一個單一的連接點，幫助客戶在所有網絡上轉移價值，包括 Visa 自己的網絡、RTP、ACH 和未來的新網絡，如穩定幣和公共區塊鏈。

In FY '21, we continue to build out Visa Direct's global reach, surpassing 5 billion transactions across 500 programs and nearly 550 enablers, such as acquirers, processors, banks and fintechs. In the U.S. alone, nearly 120 million cards have sent or received funds using Visa Direct. Visa Direct is unique as it is more -- has more end points and more use cases compared to the next competitor and offers flexible technology.

在 21 財年，我們繼續擴大 Visa Direct 的全球影響力，在 500 個項目和近 550 個推動者（例如收單機構、處理機構、銀行和金融科技公司）中完成了超過 50 億筆交易。僅在美國，就有近 1.2 億張卡使用 Visa Direct 發送或接收資金。 Visa Direct 的獨特之處在於它更多——與下一個競爭對手相比，擁有更多端點和更多用例，並提供靈活的技術。

Our growth plan for Visa Direct focus is on 4 key levers. First, entrench existing use cases. P2P is our largest use case. And in FY '21, we surpassed 200 P2P programs globally. Insurance disbursements is another use case. In this quarter, we added Nationwide to begin distributing claims.

我們的 Visa Direct 增長計劃側重於 4 個關鍵槓桿。首先，鞏固現有用例。 P2P 是我們最大的用例。在 21 財年，我們在全球範圍內超過 200 個 P2P 程序。保險支出是另一個用例。在本季度，我們添加了 Nationwide 以開始分發索賠。

Second, we want to capture the cross-border opportunity. For cross-border P2P, during the fourth quarter, we added Paysend. And soon, Western Union's U.S. customers will be able to send funds to eligible Visa cards in the Philippines, Thailand, Colombia and Jamaica, followed by a robust expansion plan for other countries. Beyond remittances, we're also leveraging our cross-border capabilities for marketplaces, supplier payments, student tuition payments and more.

第二，我們要抓住跨界機會。對於跨境 P2P，我們在第四季度增加了 Paysend。很快，西聯匯款的美國客戶將能夠向菲律賓、泰國、哥倫比亞和牙買加的符合條件的 Visa 卡匯款，隨後將推出針對其他國家的穩健擴張計劃。除了匯款，我們還利用我們的跨境能力進行市場、供應商支付、學生學費支付等。

Our third lever to grow is scale the over 20 live use cases. Recent examples include tipping fundraising, brokerage account funding and airline vouchers. And in the fourth quarter, we added Yardi in the rental space area for property managers to distribute security deposits.

我們增長的第三個槓桿是擴展 20 多個實時用例。最近的例子包括小費籌款、經紀賬戶資金和航空公司代金券。並且在第四季度，我們在出租空間區域增加了 Yardi，供物業經理分配保證金。

Finally, scale new markets. Visa Direct has scaled rapidly in several markets, but there are many more where the market conditions are right for acceleration. For example, in Peru, we have a strong P2P footprint and are now adding new use cases like the innovative payroll solution, launched a partnership with [Tu Sueldo Y], a salary on-demand provider that also seeks to improve financial inclusion. Globally, we have more than quadrupled the number of earned wage access providers on our platform since 2019. In short, we are just scratching the surface on Visa Direct and expect to drive rapid growth in the years ahead to capture the $65 trillion market opportunity.

最後，擴大新市場。 Visa Direct 已在多個市場迅速擴展，但還有更多市場條件適合加速發展的市場。例如，在秘魯，我們擁有強大的 P2P 足跡，現在正在添加新的用例，例如創新的工資單解決方案，與 [Tu Sueldo Y] 建立了合作夥伴關係，後者是一家薪酬按需供應商，也致力於改善金融包容性。自 2019 年以來，在全球範圍內，我們平台上獲得工資的訪問提供商的數量增加了四倍多。簡而言之，我們只是在 Visa Direct 上觸及表面，並期望在未來幾年推動快速增長，以抓住 65 萬億美元的市場機會。

We also have many examples of partners utilizing Visa Direct and our B2B capabilities. This quarter, we're pleased that [BIM] will offer their 400,000-plus business customers the ability to make B2B payments via Visa Direct and through Visa virtual cards. We also have wins with Credorax in Europe for travel virtual cards and [Ignition] and Standard Bank in CEMEA in fleet and an exclusive agreement for physical and virtual cards with ramp of P2P, finance automation fintech here in the United States. We also continue to strengthen and expand our relationship with JPMorgan commercial card through a new commercial card agreement and through JPMorgan's participation in Visa's Commercial Pay solution. These initiatives will support virtual card capabilities, spur growth and new payment flows and drive incremental volume over time.

我們還有許多合作夥伴利用 Visa Direct 和我們的 B2B 能力的例子。本季度，我們很高興 [BIM] 將為其 400,000 多名企業客戶提供通過 Visa Direct 和 Visa 虛擬卡進行 B2B 支付的能力。我們還與歐洲的 Credorax 在旅行虛擬卡和 CEMEA 的 [Ignition] 和標準銀行的車隊中取得了勝利，並在美國就具有 P2P、金融自動化金融科技的物理卡和虛擬卡達成了獨家協議。我們還通過新的商業卡協議和摩根大通參與 Visa 的商業支付解決方案，繼續加強和擴大與摩根大通商業卡的關係。這些舉措將支持虛擬卡功能，刺激增長和新的支付流程，並隨著時間的推移推動交易量的增加。

Visa B2B Connect now operates in more than 100 markets and offers a multilateral network with distributed ledger technology that addresses the pain points of existing solutions, which include transparency and speed. We're also pleased to have launched a partnership with Citi to be a global settlement bank for Visa B2B Connect, which broadens the end points available for clients to include cities, business accounts for moving money cross-border and their clearing capabilities for banks that have not yet been integrated into the B2B Connect network. Given the size and breadth of Citi and our role in facilitating money movement, we're very excited about this capability to expand the Visa B2B Connect network.

Visa B2B Connect 現在在 100 多個市場開展業務，並提供採用分佈式賬本技術的多邊網絡，解決現有解決方案的痛點，包括透明度和速度。我們也很高興與花旗建立合作夥伴關係，成為 Visa B2B Connect 的全球結算銀行，這擴大了客戶可用的端點，包括城市、用於跨境轉移資金的商業賬戶及其為銀行提供的清算能力尚未集成到 B2B Connect 網絡中。鑑於花旗的規模和廣度以及我們在促進資金流動方面的作用，我們對這種擴展 Visa B2B Connect 網絡的能力感到非常興奮。

Looking ahead, open banking plays in a central role in the network of networks. We believe Visa can accelerate the adoption of open banking in Europe with our pending acquisition of Tink. Together, we can provide a secure, reliable platform for innovation that could be expanded globally. Whether it's leveraging account data for value-added services or facilitating account-to-account or pay-by-bank money movement, open banking creates opportunities for Visa to offer our clients and partners a one-stop shop for money movement, security, data and valuable customer experiences.

展望未來，開放銀行在網絡網絡中發揮著核心作用。我們相信，通過我們即將收購的 Tink，Visa 可以加速歐洲開放銀行業務的採用。我們可以共同為可以在全球範圍內擴展的創新提供一個安全、可靠的平台。無論是利用賬戶數據提供增值服務，還是促進賬戶到賬戶或銀行支付的資金流動，開放銀行為 Visa 創造了機會，為我們的客戶和合作夥伴提供資金流動、安全、數據的一站式服務和寶貴的客戶體驗。

Blockchains also will continue to expand our network of networks. Our settlement capabilities and our continued innovation around crypto APIs and services have been key to winning new partnerships. We have nearly 60 crypto platform partners with the capability to issue Visa credentials, and we're already capturing over $3.5 billion of payment volume in FY '21.

區塊鏈也將繼續擴展我們的網絡網絡。我們的結算能力以及我們圍繞加密 API 和服務的持續創新是贏得新合作夥伴關係的關鍵。我們擁有近 60 個能夠簽發 Visa 憑證的加密平台合作夥伴，我們已經在 21 財年獲得了超過 35 億美元的支付量。

The third reason we're even better positioned for growth post COVID is value-added services, where our scale and sophistication simultaneously help our clients be more successful while diversifying Visa's business and driving more value. Our value-added solutions differentiate Visa's network, enable our clients to adapt to the changing payments ecosystem and deliver valuable services across other rails, enhancing our network of network capabilities. In 2021, 40% of our clients used 5 or more value-added services and nearly 30% used 10 or more, which is up from 20% in 2020.

在 COVID 之後，我們能夠更好地實現增長的第三個原因是增值服務，我們的規模和成熟度同時幫助我們的客戶取得更大成功，同時使 Visa 的業務多樣化並創造更多價值。我們的增值解決方案使 Visa 的網絡與眾不同，使我們的客戶能夠適應不斷變化的支付生態系統並跨其他渠道提供有價值的服務，從而增強我們的網絡能力。 2021 年，我們 40% 的客戶使用了 5 項或更多增值服務，近 30% 的客戶使用了 10 項或更多，高於 2020 年的 20%。

Let me highlight a few services that have grown significantly in 2021. CyberSource added 28 new acquirer partners and 45,000 merchants as a result -- and as a result, we are growing payments volume twice as fast as our broader client base, and our risk solution on CyberSource called Decision Manager grew over 30%. We have doubled the number of tokens over the past year to 2.6 billion and enhanced the capabilities to manage them through Visa Cloud token. Across more than 8,600 issuers and 800,000 merchants, tokens have led to a 2.5% increase in approval rates and a 28% reduction in fraud rates. Visa Advanced Authorization and Visa Risk Manager utilize artificial intelligence and machine learning capabilities, which helped reduced fraud by $26 billion, screening 30% more transactions in 2021 than in 2020.

讓我重點介紹一些在 2021 年顯著增長的服務。CyberSource 因此增加了 28 個新的收單方合作夥伴和 45,000 家商戶——因此，我們的支付量增長速度是我們更廣泛的客戶群和風險解決方案的兩倍CyberSource 上稱為 Decision Manager 的增長超過 30%。過去一年，我們的代幣數量翻了一番，達到 26 億個，並增強了通過 Visa Cloud 代幣管理它們的能力。在超過 8,600 家發行人和 800,000 家商戶中，代幣使批准率提高了 2.5%，欺詐率降低了 28%。 Visa Advanced Authorization 和 Visa Risk Manager 利用人工智能和機器學習功能，幫助減少了 260 億美元的欺詐行為，2021 年篩選的交易比 2020 年多 30%。

All of our efforts in authentication, risk, identity and authorization optimization have led to cross-border card-not-present approval rates increasing by nearly 2% in the past year. Therefore, value-added services revenue grew 25% in Q4 and also drove additional volume. Since the pandemic began, our VAS revenue has averaged a quarterly growth rate in the high teens and was approximately $5 billion in FY '21.

我們在身份驗證、風險、身份和授權優化方面的所有努力使跨境無卡通過率在過去一年增加了近 2%。因此，增值服務收入在第四季度增長了 25%，也推動了銷量的增長。自大流行開始以來，我們的增值服務收入平均季度增長率處於青少年時期，在 21 財年約為 50 億美元。

Finally, the fourth reason that we believe we have great room to grow is that we can enable much of the disruption and innovation in the payments ecosystem, which helps accelerate Visa's growth. Visa's past, present and future are about fostering innovation and enabling new partners, capabilities and use cases. We enable the disruptors. We help them scale. Disruptors are good for payments and good for Visa. Given our role in the ecosystem, we don't pick winners and losers, and we're well positioned for growth across many potential outcomes.

最後，我們認為我們有很大增長空間的第四個原因是，我們可以在支付生態系統中實現大部分顛覆和創新，這有助於加速 Visa 的增長。 Visa 的過去、現在和未來都是關於促進創新和支持新的合作夥伴、能力和用例。我們啟用破壞者。我們幫助他們擴大規模。顛覆者有利於支付，也有利於 Visa。鑑於我們在生態系統中的角色，我們不會選擇贏家和輸家，而且我們已經為實現許多潛在成果的增長做好了準備。

Let's take wallets as an example. Wallets have done a tremendous job of building a user base, in some cases building acceptance. But at some point, they reach a point where they are seeking additional growth, and many of them are embedding Visa credentials in their wallets so the consumer can use it anywhere Visa is accepted as well as receive and send cross-border P2P payments. LINE Pay is an excellent example with 4 portfolios totaling 5.6 million Visa credentials across 3 countries, including a new co-brand in Thailand that was launched in the fourth quarter.

讓我們以錢包為例。錢包在建立用戶群方面做了大量工作，在某些情況下建立了接受度。但在某些時候，他們達到了尋求額外增長的地步，他們中的許多人將 Visa 憑證嵌入到他們的錢包中，這樣消費者就可以在任何接受 Visa 的地方使用它，以及接收和發送跨境 P2P 支付。 LINE Pay 就是一個很好的例子，它在 3 個國家擁有 4 個投資組合，總計 560 萬張 Visa 憑證，其中包括第四季度在泰國推出的一個新的聯合品牌。

Buy now pay later, or BNPL, is a newer example but, we think, will have a similar outcome. While installments are fast-growing, they're just a fraction of the total industry's payment volume estimated to be about $100 billion to $150 billion, but we are bringing scale to disruptors. We have a two-pronged strategy where we provide a network solution as well as solutions for our BNPL fintech partners. The network solution offers issuers the ability to extend installments to their existing credit clients and merchants to offer a seamless installment option to their customer with flexible terms. We continue to expand our partnerships in Q4 with HSBC in Malaysia; Moneris, Canada's largest payment processor by volume; and ANZ in Australia with 2022 large [payments].

現在購買以後付款，或BNPL，是一個較新的例子，但我們認為，會產生類似的結果。雖然分期付款正在快速增長，但它們只是整個行業支付總額（估計約為 1000 億至 1500 億美元）的一小部分，但我們正在為顛覆者帶來規模。我們有一個雙管齊下的戰略，我們為我們的 BNPL 金融科技合作夥伴提供網絡解決方案和解決方案。該網絡解決方案使發行人能夠將分期付款擴展到其現有的信貸客戶和商戶，從而以靈活的條款為其客戶提供無縫的分期付款選項。我們在第四季度繼續擴大與馬來西亞匯豐銀行的合作夥伴關係； Moneris，加拿大交易量最大的支付處理商；和澳大利亞的 ANZ 2022 年大筆 [付款]。

We also partner with fintechs in a number of ways. We generate revenue when customers pay their installments with a Visa card through virtual cards for B2B or consumer payments and through value-added services. The majority of the installment payoffs are on cards today. For example, in Canada, over the last year, the number of Visa cards used to repay installments has grown more than 300%.

我們還以多種方式與金融科技公司合作。當客戶通過用於 B2B 或消費者支付的虛擬卡以及通過增值服務使用 Visa 卡分期付款時，我們會產生收入。今天大部分的分期付款都在卡上。例如，在加拿大，去年用於分期還款的 Visa 卡數量增長了 300% 以上。

We believe we're currently experiencing BNPL 1.0. Individual fintechs and companies are cutting individual deals merchant by merchant. Eventually, we believe the business model will evolve to BNPL 2.0, where fintech partners issue Visa credentials to leverage our acceptance and platforms to overcome the difficulty of scaling acceptance globally, merchant by merchant. We're already seeing this evolution begin to take shape. Just this quarter, [a partner] signed a global brand deal to accelerate expansion and scale into several markets.

我們相信我們目前正在經歷 BNPL 1.0。個別金融科技公司和公司正在逐個商戶削減個人交易。最終，我們相信商業模式將演變為 BNPL 2.0，金融科技合作夥伴頒發 Visa 憑證以利用我們的接受度和平台來克服在全球範圍內逐個商家擴大接受度的困難。我們已經看到這種演變開始形成。就在本季度，[合作夥伴]簽署了一項全球品牌協議，以加速擴張並擴展到多個市場。

So to close, Visa is better positioned than before the pandemic to capture the opportunity ahead, supported by the strong growth in consumer payments, the scale of our platforms, network and capabilities and new flows and value-added services becoming a greater portion of our revenue. And as cross-border volumes return over the next 2 years, it will only help to further drive our growth. Furthermore, over the history of our company, we have demonstrated that our innovation, willingness to partner and compelling and competitive offerings have made our business resilient and successful.

因此，在消費者支付的強勁增長、我們的平台、網絡和能力的規模以及新流量和增值服務成為我們更大一部分的支持下，Visa 比大流行之前更能抓住未來的機會。收入。隨著未來 2 年跨境交易量的回升，這只會有助於進一步推動我們的增長。此外，縱觀我們公司的歷史，我們已經證明，我們的創新、合作意願以及引人注目且具有競爭力的產品使我們的業務具有彈性和成功。

With that, I'll now turn it over to Vasant to review Q4 and also provide a view of what we believe these -- all these opportunities mean for Visa's financial performance in the coming year. Vasant, over to you.

有了這個，我現在將把它交給 Vasant 來審查第四季度，並提供我們對這些看法的看法——所有這些機會對 Visa 來年的財務業績意味著什麼。瓦桑特，交給你了。

Thank you, Al. Good afternoon, everyone. Fiscal year 2021 was certainly a year of 2 very different halves. In the first half, net revenues declined 4% and non-GAAP EPS was down 2% as we lapped a pre-COVID first half of 2020. In the second half, the recovery was well underway and we were lapping some of the worst 2020 COVID impacts. As a result, net revenue grew 28%, and non-GAAP EPS was up 43%.

謝謝你，阿爾。大家下午好。 2021 財年無疑是兩個截然不同的年份。上半年，淨收入下降 4%，非公認會計原則每股收益下降 2%，因為我們在 2020 年上半年經歷了新冠疫情之前的情況。下半年，復甦進展順利，我們正在經歷 2020 年最糟糕的時期新冠病毒的影響。結果，淨收入增長了 28%，非公認會計原則每股收益增長了 43%。

Fiscal fourth quarter results were better than we expected, with net revenues up 29%, driven by strong U.S. domestic trends, robust value-added services growth and higher cross-border volumes from a faster-than-anticipated recovery in travel. Had we recognized service revenues on current quarter's payment volumes, net revenue growth would have been approximately 22%. GAAP EPS grew 70%, including equity investment gains and a onetime noncash tax expense last year. Non-GAAP EPS rose 44%, helped by a lower tax rate. Exchange rate shifts increased both net revenue and EPS growth by approximately 0.5 point.

第四財季業績好於我們的預期，淨收入增長 29%，這得益於強勁的美國國內趨勢、強勁的增值服務增長以及旅遊業復甦快於預期帶來的跨境交易量增加。如果我們根據當前季度的支付量確認服務收入，淨收入增長將約為 22%。 GAAP每股收益增長了70%，包括去年的股權投資收益和一次性非現金稅費。得益於較低的稅率，非美國通用會計準則每股收益增長了 44%。匯率變動使淨收入和每股收益增長均提高了約 0.5 個百分點。

In constant dollars, global payments volume was up 17%, led by continued strength in debit as well as improving credit spending. Compared to the fourth quarter of 2019, global payments volume was 21% higher, a 0.8 percentage point acceleration from Q3, with debit slowing 1 point and credit improving by 3 points versus Q3. Excluding China, total payments volume growth was 18% or 26% higher than 2019 and a 1 point acceleration from the third quarter. Chinese domestic volumes continue to be impacted by dual-branded cost conversion, which have minimal revenue impact. U.S. payments volume was up 30% over 2019, consistent with the third quarter.

以固定美元計算，全球支付量增長了 17%，這主要得益於借方持續強勁以及信貸支出的改善。與 2019 年第四季度相比，全球支付量增長 21%，比第三季度加快 0.8 個百分點，其中藉方放緩 1 個百分點，信貸改善 3 個百分點。不包括中國，總支付量增長比 2019 年高出 18% 或 26%，比第三季度加快 1 個百分點。中國國內銷量繼續受到雙品牌成本轉換的影響，這對收入的影響很小。美國的支付量比 2019 年增長了 30%，與第三季度一致。

Credit improved 3 points to 17% above '19, helped by consumer, small business and commercial spending. Debit slowed 4 points but remained very strong at 44% above 2019 without much benefit from economic impact payments. Card-present spend improved 3 points to 15% above 2019, its highest level yet in the pandemic, driven by higher fuel and restaurant spending. Card-not-present volume, excluding travel, slowed 6 points to 53% over 2019 as some food and drug spending shifted back to card-present and retail spend was not as strong without the benefit of stimulus payments.

在消費者、小企業和商業支出的幫助下，信貸比 19 年提高了 3 個百分點至 17%。借方放緩了 4 個百分點，但仍然非常強勁，比 2019 年高出 44%，沒有從經濟影響支付中獲得太多好處。在燃料和餐廳支出增加的推動下，持卡消費比 2019 年增長 3 個百分點至 15%，為疫情期間的最高水平。不包括旅行在內的無卡交易量比 2019 年下降 6 個百分點至 53%，因為一些食品和藥品支出轉回有卡支付，而零售支出在沒有刺激支付的情況下沒有那麼強勁。

International constant dollar payments volume improved 3 points from Q3, up 15% over 2019 levels. A few regional highlights. Latin America was up 58% from 2019, accelerated 10 points from the third quarter with robust performance across the region, fueled by cash digitization and client wins. Our CEMEA region remained strong, up 48% from 2019 levels, consistent with Q3, also fueled by cash digitization and client wins. Europe was up 20% from 2019, improving 3 points from Q3 due mostly to strong performance across Continental Europe. Asia Pacific remains our weakest region, up 5% from 2019 and consistent with Q3 excluding China. Many countries instituted restrictions in the quarter, including Australia, New Zealand, Japan and Singapore, but all have started to recover in the past few weeks. India payments volume has fully recovered from the severe COVID outbreak in Q3.

國際固定美元支付量較第三季度增長 3 個百分點，比 2019 年水平增長 15%。一些區域亮點。拉丁美洲較 2019 年增長 58%，較第三季度增長 10 個百分點，在現金數字化和贏得客戶的推動下，整個地區表現強勁。我們的 CEMEA 地區保持強勁，比 2019 年的水平增長 48%，與第三季度一致，這也得益於現金數字化和客戶贏得。歐洲比 2019 年增長 20%，比第三季度提高 3 個百分點，這主要是由於歐洲大陸的強勁表現。亞太地區仍然是我們最薄弱的地區，比 2019 年增長 5%，與除中國外的第三季度一致。許多國家在本季度實施了限制，包括澳大利亞、新西蘭、日本和新加坡，但在過去幾週都開始恢復。印度的支付量已從第三季度嚴重的 COVID 爆發中完全恢復。

Global processed transactions were 24% over 2019, improving 4 points from the third quarter as transactions improved faster than volume. Tap-to-pay penetration increased in many markets and ticket sizes started to return to normal in the U.S. Visa Direct transactions grew 35%, down from the 50s in the previous 3 quarters. This quarter, we lapped a very strong Q4 of fiscal year '20 when Visa Direct hit 1 billion transactions for the first time. Stimulus payments have ended, and we are lapping the COVID-related spike in P2P, which is moderating U.S. growth rates.

全球處理的交易量比 2019 年增長 24%，比第三季度提高 4 個百分點，因為交易量的增長快於交易量。 Tap-to-pay 在許多市場的滲透率都有所提高，美國的門票規模開始恢復正常。Visa Direct 交易增長了 35%，低於前三個季度的 50%。本季度，我們經歷了 20 財年第四季度的強勁表現，Visa Direct 首次達到 10 億筆交易。刺激支付已經結束，我們正在關注 P2P 中與 COVID 相關的飆升，這正在減緩美國的增長率。

Meanwhile, the international business is ramping nicely as well as growth from use cases such as cross-border remittances, earned wage access and marketplace payouts. The cross-border volume recovery continued as more countries open their borders while e-commerce spending, excluding travel, remains strong. Constant dollar cross-border volume, excluding transactions within Europe, was at 86% of 2019 volumes, a 4-point improvement from Q3 driven by the continued recovery in travel that started in May. Cross-border card-not-present volume, excluding travel, continued to be very strong at 43% above 2019, declining 13 points from the third quarter but consistent with Q2. As a reminder, the boost we saw in Q3 was primarily from cryptocurrency purchases.

與此同時，國際業務正在蓬勃發展，跨境匯款、工資准入和市場支付等用例也實現了增長。隨著越來越多的國家開放邊境，跨境交易量繼續復甦，而電子商務支出（不包括旅行）依然強勁。不包括歐洲境內交易的固定美元跨境交易量佔 2019 年交易量的 86%，比第三季度提高了 4 個百分點，這得益於 5 月開始的旅行持續復甦。不包括旅行的跨境無卡交易量繼續非常強勁，比 2019 年增長 43%，比第三季度下降 13 個百分點，但與第二季度持平。提醒一下，我們在第三季度看到的增長主要來自加密貨幣購買。

Cross-border travel-related spending, excluding intra-Europe, versus 2019, improved 13 points from Q3 to Q4. It has risen from 40% of 2019 in April to 50% in June to 61% in September. In terms of where travel-related spending is improving, aside from Asia Pacific, outbound spend in each region is indexing at similar levels versus 2019, and each improved by between 10 to 20 points in Q4 versus Q3. The largest improvements were in Canada, the Middle East and across Europe. Europe inbound spend improved by 24 points versus 2019 as popular travel destinations such as France and Italy relaxed their border restrictions. As we have seen consistently during the pandemic, there is pent-up demand for travel as bookings accelerate when a border is opened. Latin America remains by far the strongest destination, well over 2019 levels. U.S. to Mexico travel remained robust, with spend more than 60% above 2019 levels in Q4. Asia Pacific remains mostly closed and did not meaningfully improve in the fourth quarter, remaining below 30% of 2019, both inbound and outbound.

與 2019 年相比，不包括歐洲內部的跨境旅行相關支出從第三季度到第四季度增長了 13 個百分點。它已從 2019 年 4 月的 40% 上升到 6 月的 50% 到 9 月的 61%。就旅遊相關支出改善的地方而言，除亞太地區外，每個地區的出境支出指數與 2019 年的指數水平相似，並且在第四季度與第三季度相比，每個地區的出境支出均提高了 10 至 20 個百分點。最大的改善發生在加拿大、中東和整個歐洲。由於法國和意大利等熱門旅遊目的地放寬了邊境限制，歐洲入境消費與 2019 年相比增長了 24 個百分點。正如我們在大流行期間一直看到的那樣，隨著邊境開放時預訂加速，旅行需求被壓抑。拉丁美洲仍然是迄今為止最強勁的目的地，遠高於 2019 年的水平。美國到墨西哥的旅行依然強勁，第四季度的支出比 2019 年的水平高出 60% 以上。亞太地區大部分地區仍處於關閉狀態，第四季度沒有明顯改善，入境和出境均低於 2019 年的 30%。

Moving now to a quick review of fourth quarter financial results. Service revenues grew 41%, consistent with 39% nominal growth in third quarter payments volume and helped by small pricing modifications. Data processing grew 20%, in line with 21% processed transactions growth with a small impact from unfavorable country mix. International transaction revenues were up 41%, 7 points lower than nominal cross-border volumes, excluding intra-Europe, due to lapping high currency volatility last year and unfavorable regional mix. Other revenues grew 36%, led by consulting and data services as well as travel benefits. In total, value-added services revenue grew 25%, led by security and identity as well as consulting and data services with some benefit from COVID-related lapping effects. Client incentives were 26.7% of gross revenues, in line with our expectations. The 90 basis point increase from Q3 was primarily driven by strong performance in the U.S. and Latin America and fewer adjustments for underperformance in certain geographies, partially offset by improving cross-border volumes.

現在快速回顧第四季度的財務業績。服務收入增長 41%，與第三季度支付量的名義增長 39% 一致，並得益於小幅定價調整。數據處理增長 20%，與 21% 的處理交易增長一致，受不利國家組合的影響較小。國際交易收入增長了 41%，比名義跨境交易量（不包括歐洲內部）低 7 個百分點，原因是去年貨幣波動較大以及區域組合不利。在諮詢和數據服務以及差旅福利的帶動下，其他收入增長了 36%。總體而言，增值服務收入增長了 25%，主要是安全和身份以及諮詢和數據服務，其中一些受益於與 COVID 相關的重疊效應。客戶獎勵佔總收入的 26.7%，符合我們的預期。較第三季度增長 90 個基點的主要原因是美國和拉丁美洲的強勁表現以及某些地區對業績不佳的調整減少，部分被跨境交易量的改善所抵消。

Operating expenses grew 15%, in line with our expectations. Marketing expenses grew 58% in the quarter as we stepped up spending and also lapped reductions in Q4 last year. Personnel and professional services spend also accelerated as we continue to invest in our growth initiatives. We recorded gains from our equity investments of $101 million. Excluding investment gains, non-GAAP nonoperating expense was $118 million. Our non-GAAP tax rate of 16.5% was lower than expected due to the resolution of a tax matter. GAAP EPS was $1.65. Non-GAAP EPS was $1.62, up 44% over last year.

運營費用增長 15%，符合我們的預期。由於我們加大了支出並在去年第四季度進行了削減，本季度的營銷費用增長了 58%。隨著我們繼續投資於我們的增長計劃，人員和專業服務的支出也加快了。我們的股權投資收益為 1.01 億美元。不計投資收益，非公認會計原則的營業外支出為 1.18 億美元。由於稅務問題的解決，我們 16.5% 的非公認會計原則稅率低於預期。公認會計原則每股收益為 1.65 美元。非公認會計原則每股收益為 1.62 美元，比去年增長 44%。

We bought 13.2 million shares of class A common stock at an average price of $231.33 for $3.1 billion this quarter. Including our quarterly dividend of $0.32 per share, we returned over $3.7 billion of capital to shareholders in the quarter. On October 22, Visa's Board of Directors authorized a 17% increase in the quarterly dividend to $0.375 per share. For the full year, net revenues increased 10%, and non-GAAP EPS of $5.91 was up 17%. We returned $11.5 billion in capital to shareholders by repurchasing 39.7 million shares of class A common stock at an average price of $219.34 for $8.7 billion and by paying dividends of $2.8 billion.

本季度我們以 31 億美元的平均價格以 231.33 美元的價格購買了 1320 萬股 A 類普通股。包括我們每股 0.32 美元的季度股息在內，我們在本季度向股東返還了超過 37 億美元的資本。 10 月 22 日，Visa 董事會授權將季度股息提高 17%，至每股 0.375 美元。全年，淨收入增長 10%，非公認會計原則每股收益 5.91 美元，增長 17%。我們通過以 87 億美元的平均價格 219.34 美元回購 3970 萬股 A 類普通股並支付 28 億美元的股息，向股東返還了 115 億美元的資本。

Before we discuss the year ahead, let me share performance through the first 3 weeks of October. U.S. payments volume was up 32% above 2019, consistent with September, with debit at 44% and credit at 22% above 2019. Processed transactions were 26% above 2019. Cross-border volume, excluding transactions within Europe, on a constant dollar basis was 94% of 2019, which is up 8 points from Q4 and 2 points from September. Travel-related spending versus 2019 improved 4 points compared to September to 65% of 2019. Card-not-present non-travel was 49% above 2019, up 6 points from the fourth quarter and down 2 points from September.

在我們討論未來一年之前，讓我分享一下 10 月前 3 週的表現。美國支付量比 2019 年增長 32%，與 9 月一致，借方比 2019 年增長 44%，貸方比 22%是 2019 年的 94%，比第四季度上升 8 個百分點，比 9 月份上升 2 個百分點。與 2019 年相比，與 2019 年相比，旅行相關支出增加了 4 個百分點，達到 2019 年的 65%。無卡非旅行比 2019 年增加了 49%，比第四季度上升 6 個百分點，比 9 月下降 2 個百分點。

Looking ahead to fiscal year 2022. Our business has been on a recovery track for the past 3 to 4 quarters. However, we are not back to normal yet globally. There are many factors to consider as we project the trajectory of the recovery. Debit and e-commerce have outperformed and stayed resilient even as credit recovers and in-store shopping returns. The full impact of stimulus payments and support programs ending remains to be seen. Cross-border travel is recovering well but still well below pre-COVID levels with a pace of recovery dependent on cross-border -- on border openings. Asia has not reopened to the degree the rest of the world has. The timing of reopening in key countries across Asia, both domestically and for cross-border travel, is a key variable. Most importantly, COVID variants are still with us and vaccination rates remain low in large parts of the globe.

展望 2022 財年。過去 3 至 4 個季度，我們的業務一直處於復蘇軌道。但是，我們還沒有在全球範圍內恢復正常。在我們預測復甦的軌跡時，有許多因素需要考慮。即使在信貸恢復和店內購物回報的情況下，借記卡和電子商務也表現出色並保持彈性。刺激支付和支持計劃結束的全部影響仍有待觀察。跨境旅行恢復良好，但仍遠低於 COVID 之前的水平，恢復速度取決於跨境 - 邊境開放。亞洲尚未像世界其他地區那樣重新開放。亞洲主要國家重新開放國內和跨境旅行的時間是一個關鍵變量。最重要的是，COVID 變種仍在我們身邊，全球大部分地區的疫苗接種率仍然很低。

With these factors as the backdrop, forecasting the trajectory of the return to normalcy remains difficult. Visibility 4 quarters out, while improved, is still not great. For the past few quarters, we have been providing you our best sense of the business one quarter at a time, and we will continue that practice in fiscal year '22.

在這些因素的背景下，預測回歸常態的軌跡仍然很困難。 4 個季度的能見度雖然有所改善，但仍然不是很好。在過去的幾個季度中，我們一次一個季度地為您提供我們對業務的最佳了解，我們將在 22 財年繼續這種做法。

Assuming current trends are sustained through December, we would expect first quarter net revenue growth in the high teens. Client incentives as a percent of gross revenue are likely to be in the 26% to 27% range, in line with the fourth quarter of fiscal year '21. Sustained investment spending, combined with low comparables last year, leads to operating expenses continuing to grow in the mid-teens. Nonoperating expense is expected to be in the $120 million to $130 million range and tax rate in the 19% to 19.5% range.

假設目前的趨勢持續到 12 月，我們預計第一季度的淨收入增長將達到十幾歲。與 21 財年第四季度一致，客戶激勵佔總收入的百分比可能在 26% 到 27% 之間。持續的投資支出，加上去年的可比數據較低，導致運營費用在十幾歲左右繼續增長。營業外支出預計在 1.2 億美元到 1.3 億美元之間，稅率在 19% 到 19.5% 之間。

Looking 4 quarters out, projecting gross revenue growth poses the greatest challenge. It is significantly dependent on the pace of the cross-border travel recovery as well as the other factors I just mentioned. It is all a function of your assumptions for these variables. In order to be helpful, we will share the assumptions we are making for internal planning purposes. For domestic volumes and transactions, we are assuming no disruptions from COVID-related lockdowns. As such, we assume that the recovery trajectory underway in payments volume and processed transactions stays intact through fiscal year '22.

展望未來 4 個季度，預測總收入增長是最大的挑戰。這在很大程度上取決於跨境旅遊復甦的速度以及我剛才提到的其他因素。這完全是您對這些變量的假設的函數。為了提供幫助，我們將分享我們為內部規劃目的所做的假設。對於國內交易量和交易，我們假設與 COVID 相關的封鎖不會造成乾擾。因此，我們假設支付量和已處理交易的恢復軌跡在 22 財年保持不變。

For cross-border travel, we assume the recovery underway continues steadily through fiscal year '22 to reach 2019 levels in the summer of 2023. We assume the index to 2019 climbs from around 60 currently to around 80 by September 2022. We also assume the strong growth in cross-border e-commerce continues. We expect new flows and value-added services growth in the high teens. We expect client incentives as a percent of gross revenues to range between 26% to 27% for the year, consistent with the fourth quarter fiscal year '21 levels. Pre-COVID, this percentage increased by 50 to 100 basis points each year due to the impact of new deals and renewals.

對於跨境旅行，我們假設復甦將持續到 22 財年，並在 2023 年夏季達到 2019 年的水平。我們假設到 2019 年的指數從目前的 60 左右攀升至 2022 年 9 月的 80 左右。我們還假設跨境電子商務持續強勁增長。我們預計青少年會出現新的流量和增值服務增長。我們預計今年客戶激勵措施佔總收入的百分比在 26% 至 27% 之間，與 21 財年第四季度的水平一致。在 COVID 之前，由於新交易和續訂的影響，這個百分比每年增加 50 到 100 個基點。

In fiscal year '22, we expect to benefit from revenue mix improvement as cross-border travel continues to recover, partially offset by the lapping of incentive reductions we had in fiscal year '21 due to the COVID impact. These assumptions result in high end of mid-teens net revenue growth for fiscal year '22, including over 0.5 point of exchange rate drag from the strengthening dollar. First quarter growth in the high teens will moderate through the year as we lap the recovery in fiscal year '21. As I said, these are our assumptions for internal planning purposes. We will continue to provide our outlook for the business one quarter at a time through fiscal year '22.

在 22 財年，隨著跨境旅行繼續復甦，我們預計將受益於收入組合的改善，但部分被我們在 21 財年因 COVID 影響而減少的激勵措施所抵消。這些假設導致 22 財年中端淨收入增長的高端，包括美元走強對匯率造成的超過 0.5 個百分點的拖累。隨著我們在 21 財年復蘇，青少年第一季度的增長將在全年放緩。正如我所說，這些是我們出於內部規劃目的的假設。在 22 財年之前，我們將繼續一次提供一個季度的業務展望。

In terms of the other elements of the P&L, we expect operating expenses to grow in the low teens in fiscal year '22 as we step up investments across all 3 lines of business to lay the foundation for sustained higher growth post COVID. We have already increased marketing investment. We will invest heavily in our technology platforms to continue to enhance functionality, flexibility, security and reliability. We will invest to sustain the high growth we have in our new flows and value-added services business, and we will continue to add resources in market to help our clients utilize all of our new capabilities. Expense growth will be higher in the first half and moderate in the second half as we lap the resumption of investment spending in fiscal year '21. Nonoperating expense is expected to be in the $120 million to $130 million range each quarter, and our tax rate for the year is also expected to stay in the 19% to 19.5% range. None of these assumptions include Tink or Currencycloud, which we expect to close in the first half of the fiscal year. They will not be material to fiscal year '22 revenue or non-GAAP EPS.

就損益表的其他要素而言，我們預計 22 財年的運營費用將在十幾歲以下增長，因為我們加大了對所有 3 個業務線的投資，為 COVID 後持續更高的增長奠定了基礎。我們已經加大了營銷投入。我們將大力投資於我們的技術平台，以繼續增強功能、靈活性、安全性和可靠性。我們將投資以維持我們在新流量和增值服務業務中的高速增長，我們將繼續在市場上增加資源，以幫助我們的客戶利用我們所有的新能力。隨著我們在 21 財年恢復投資支出，上半年的支出增長將更高，而下半年的支出增長將放緩。每個季度的營業外支出預計在 1.2 億美元至 1.3 億美元之間，我們今年的稅率也預計將保持在 19% 至 19.5% 的範圍內。這些假設都不包括 Tink 或 Currencycloud，我們預計將在本財年上半年關閉。它們不會對 22 財年的收入或非公認會計準則每股收益產生重大影響。

Visa remains a network of choice for innovators and money movement. We enable the innovators and disruptors. We help them scale, and in turn, innovators drive our growth. We have continued to enhance the functionality and flexibility of our network to substantially expand the money movement use cases we serve, supporting the new generation of fintechs as well as driving growth in our new flows business. Our value-added services add differentiation and create more value for our clients than alternative networks can. Our network of network strategy substantially increases our nodes, which we believe can create more value for all network participants than any closed-loop or geographically limited network. As we said at our Investor Day, we have a 10x growth opportunity ahead of us, and we are well positioned to capture it. We ended fiscal year '21 with good momentum, a high-growth, resilient debit and e-commerce business, recovering credit and cross-border travel, and new flows and value-added services are newer growth engines driving further acceleration.

Visa 仍然是創新者和資金流動的首選網絡。我們支持創新者和顛覆者。我們幫助他們擴大規模，反過來，創新者推動我們的增長。我們繼續增強我們網絡的功能和靈活性，以大幅擴展我們服務的資金流動用例，支持新一代金融科技並推動我們新流量業務的增長。與其他網絡相比，我們的增值服務增加了差異化並為我們的客戶創造了更多價值。我們的網絡戰略大大增加了我們的節點，我們相信這可以為所有網絡參與者創造比任何閉環或地域有限的網絡更多的價值。正如我們在投資者日所說的那樣，我們面前有 10 倍的增長機會，我們有能力抓住它。我們以良好的勢頭結束了 21 財年，高增長、有彈性的借記和電子商務業務、恢復信貸和跨境旅遊，新的流量和增值服務是推動進一步加速的新增長引擎。

With that, I'll hand it over to Mike for Q&A.

有了這個，我會把它交給邁克進行問答。

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

謝謝你，瓦桑特。我們準備好回答問題了，米歇爾。

(Operator Instructions) Lisa Ellis from MoffettNathanson.

（操作員說明）來自 MoffettNathanson 的 Lisa Ellis。

Al, I wanted to follow up on #2 on your list that was related to Visa's network of networks. You highlighted open banking as one area that you view as a positive for Visa because it enables new flows and value-added services. It's often perceived, so actually, that open banking is a negative for Visa because it can shift volume away from debit. Can you just elaborate on this point and how Visa benefits from open banking?

艾爾，我想跟進您列表中與 Visa 網絡相關的第 2 項。您強調開放銀行業務是您認為對 Visa 有利的一個領域，因為它支持新的流程和增值服務。人們通常認為，實際上，開放式銀行業務對 Visa 不利，因為它可以將交易量從借方轉移。您能否詳細說明這一點以及 Visa 如何從開放銀行業務中受益？

Well, thank you, Lisa. Look, I think -- first of all, open banking, as you know, is in its early stages. We believe by jumping into the middle of it that we can help the ecosystem determine what is the best routing for different transactions. There are certainly are transactions that will lend themselves to A2A kind of approach, which we know is one of the things that people will think about as a threat. But there's an awful lot of transactions, many, many transactions, where people appreciate the protections that are provided by a network like Visa, dispute resolution, fraud, security and the like. When money is moved instantaneously, that's nice at one level. But if -- once it's moved, it's awfully hard to get it back. And it's much more about other elements than just speed.

嗯，謝謝你，麗莎。看，我認為——首先，如你所知，開放式銀行業務還處於早期階段。我們相信，通過跳入其中，我們可以幫助生態系統確定不同交易的最佳路由。肯定有一些交易適合 A2A 一種方法，我們知道這是人們將其視為威脅的事情之一。但是有大量的交易，很多很多的交易，人們很欣賞 Visa 等網絡提供的保護、爭議解決、欺詐、安全等。當資金瞬間轉移時，這在一個層面上很好。但是如果——一旦它被移動了，就很難把它找回來。它更多地與其他元素有關，而不僅僅是速度。

We also think by getting involved with Tink, where we're right at an -- where we have the opportunity to really learn as we go, and we think that there's an opportunity to potentially provide value-added services even on transactions that might route in -- over a different network. So I would say, Lisa, the bottom line is you could see some transactions that are incremental, that might move off VisaNet or off of our normal rails. But the way we look at it is by leaning in, we're going to learn more about it and we're going to be able to influence what's happening, and we'll also be able to make sure that we can provide other capabilities and value-added services to the various transactions.

我們還認為，通過參與 Tink，我們正處於一個——我們有機會邊走邊學的地方，我們認為即使在可能路由的交易中也有機會提供增值服務在——通過不同的網絡。所以我想說，麗莎，最重要的是你可以看到一些增量交易，可能會離開 VisaNet 或偏離我們的正常軌道。但我們看待它的方式是通過傾斜，我們將更多地了解它，我們將能夠影響正在發生的事情，我們也將能夠確保我們能夠提供其他能力為各種交易提供增值服務。

David Koning from Baird.

來自貝爾德的大衛·科寧。

One thing I noticed was the last 6 years, I looked at the fiscal years, and every year, U.S. volumes grew the same or faster than rest of the world volumes. Maybe discuss a little bit -- I know COVID, the last year, generated some of that. But as we look over the next 5 or even 10 years, a, does that reverse? And, b, as part of the U.S. growth, just all the new fintech stuff that's happened in the U.S., just creating a lift that is allowing kind of that outpacing.

我注意到的一件事是過去 6 年，我查看了財政年度，每年，美國的銷量增長都與世界其他地區的銷量相同或更快。也許討論一下——我知道去年的 COVID 產生了一些。但是，當我們展望未來 5 年甚至 10 年時，a，這會逆轉嗎？而且，b，作為美國增長的一部分，只是在美國發生的所有新的金融科技產品，只是創造了一種允許這種超越的提升。

Well, I think, David, it's a combination of things. It certainly is the explosion of some of the neobanks and fintechs, although you're seeing those really develop all the way around the world. I would also say though that our Visa Direct platform is much more mature in the United States than it is in other markets. Vasant somewhat alluded to that point in his remarks. And that has certainly helped spark some of the growth as well. I also think that the U.S., prior to the pandemic at least, was more advanced in e-commerce capabilities and was much -- adjusted even more quickly than other markets might have as we saw a rapid move towards cash digitization as COVID set upon us in March of 2020.

好吧，我認為，大衛，這是多種因素的結合。這當然是一些新銀行和金融科技的爆炸式增長，儘管你看到它們在世界各地真正發展起來。我還要說，我們的 Visa Direct 平台在美國比在其他市場成熟得多。瓦桑特在講話中多少暗示了這一點。這當然也有助於激發一些增長。我還認為，至少在大流行之前，美國在電子商務能力方面更先進，而且比其他市場調整得更快，因為我們看到隨著 COVID 襲擊我們而迅速向現金數字化邁進2020 年 3 月。

All that said, we are setting out to invest around the globe and we want our business to grow in all markets and territories in which we do work. We're more than happy to have the U.S. continue to grow. But I think as I look at the future of the business over the next 5 to 10 years, I expect still healthy growth in the United States, but I do expect our volumes to continue to grow in a nice way around the world. I mean you saw it this prior quarter. As good as the growth was in the U.S. in the quarter, both Latin America and CEMEA had very, very strong quarters. And international growth was really held back by Asia Pacific, which has really been hit very, very hard by lockdowns and restrictions as a result of the pandemic.

儘管如此，我們正著手在全球範圍內進行投資，我們希望我們的業務能夠在我們開展業務的所有市場和地區實現增長。我們非常高興美國繼續增長。但我認為，當我展望未來 5 到 10 年的業務未來時，我預計美國仍將保持健康增長，但我確實預計我們的銷量將繼續以良好的方式在全球範圍內增長。我的意思是你在上個季度看到了它。與本季度美國的增長一樣好，拉丁美洲和 CEMEA 都有非常非常強勁的季度。亞太地區確實阻礙了國際增長，由於大流行而受到封鎖和限制的嚴重打擊。

And the one other thing I might add as we look ahead, I mean all the things Al said, the reason international is a little held back right now is because Asia, which is almost 20% of our payments volume, is only growing at the levels -- the low single-digit levels because they're largely still not open. The one thing to think about as we look ahead, as we said earlier, as Al said in his comments, contactless payments are already 70% penetrated outside the U.S. So that's still a growth engine in the U.S. that is just beginning to take off. And given the size of the U.S., that will be a meaningful contributor to transactions growth. And we also know that tap-to-pay digitizes cash and allows us to capture a much larger share of transactions at the point of sale.

在我們展望未來時我可能會補充的另一件事，我的意思是 Al 所說的所有事情，國際現在有點退縮的原因是因為亞洲，幾乎占我們支付量的 20%，僅在水平——較低的個位數水平，因為它們基本上仍未開放。正如我們之前所說，正如 Al 在他的評論中所說，當我們展望未來時要考慮的一件事是，非接觸式支付已經 70% 滲透到美國以外的地區。所以這仍然是美國剛剛開始起飛的增長引擎。鑑於美國的規模，這將是交易增長的重要貢獻者。而且我們還知道，點擊支付將現金數字化，使我們能夠在銷售點獲得更大份額的交易。

James Faucette from Morgan Stanley.

摩根士丹利的詹姆斯·福塞特。

Al, I want to go back to one of the comments that you made as it relates to buy now pay later and the growth of that and how you see that as a growth avenue for Visa. Can you talk a little bit -- I think I conceptually get the idea of expanding acceptance and the advantages that Visa can provide there. But can you provide a little bit more color on like how you think that evolves and what those transactions will look like in a way that will benefit Visa?

艾爾，我想回到你發表的評論之一，因為它與現在購買以後付款有關，它的增長以及你如何看待它作為 Visa 的增長途徑。你能談談嗎——我想我從概念上得到了擴大接受度的想法以及 Visa 可以在那裡提供的優勢。但是，您能否提供更多的顏色，例如您認為它如何演變以及這些交易將以何種方式使 Visa 受益？

Well, I think in the short term, James, we're seeing many, many of these players use us and use our credentials, whether they're virtual cards or debit or credit cards, to actually pay off the various installments. And so we're getting -- instead of 1 transaction, we're getting 4 transactions. And certainly, that's very good for us.

好吧，我認為在短期內，詹姆斯，我們看到很多很多這樣的玩家使用我們並使用我們的憑證，無論是虛擬卡、借記卡還是信用卡，來實際支付各種分期付款。所以我們得到了——而不是 1 筆交易，我們得到了 4 筆交易。當然，這對我們來說非常好。

The point I was making is that in many ways, BNPL is a closed-loop capability somewhat akin to what wallets were 3 years ago. And closed loops just end up hitting a wall. They don't end up -- they end up hitting a wall where it's hard to scale. It's hard to bring the level of -- and depth of choice that you can to your customers. And so what I think is going to happen is that BNPL players will become issuers who will issue Visa credentials that will have the -- their value proposition for installments embedded within the product itself so that they can, therefore, scale very, very quickly by immediately having access to the 100 million merchants that I referenced in my remarks. And so that's what I believe, based on history, is going to happen. And that's what I'm referring to when I say BNPL 2.0.

我想說的是，在很多方面，BNPL 都是一種閉環能力，有點類似於 3 年前的錢包。閉環最終會撞到牆上。他們最終不會——他們最終會撞到難以擴展的牆。很難為您的客戶帶來您可以選擇的水平和深度。因此，我認為將會發生的是，BNPL 參與者將成為發行 Visa 憑證的發行人，這些憑證將具有 - 他們對嵌入產品本身的分期付款的價值主張，因此他們可以通過以下方式非常非常快速地擴展立即接觸到我在評論中提到的 1 億商戶。所以這就是我相信，基於歷史，將會發生。這就是我說BNPL 2.0 時所指的。

Sanjay Sakhrani from KBW.

來自 KBW 的 Sanjay Sakhrani。

So the reopening of the U.S. border should be a pretty big catalyst for you guys. I'm just curious if you guys are seeing anything in terms of bookings that's giving you any perspectives on the trajectory that you outlined and maybe what's assumed inside your expectations.

所以美國邊境的重新開放對你們來說應該是一個很大的催化劑。我只是好奇你們是否在預訂方面看到任何可以讓您了解您概述的軌蹟的任何觀點，以及您的期望中的假設。

Yes. The U.S. border, the inbound to the U.S., we refer to the fact that international revenues have not grown as much as international volumes. Part of the reason is the inbound travel has been quite strong into the CEMEA region in Latin America, which have been quite open. And it has improved quite a bit in Europe. And because of the U.S. being largely restricted for inbound travel other than for U.S. citizens, inbound to the U.S. is still -- it's better than Asia, but it is, I'd say, weaker than any of the other regions ex Asia. So that's a clear upside there. It is a higher-yielding corridor. And so clearly, there will be benefit there as the travel from Canada, travel from Europe is permitted. In general, I mean it's hard to predict the mix. It is incorporated in our views of how cross-border is going to improve. Cross-border travel, for it to go from what we said to the levels we're assuming at the end of fiscal year '22, you would have to assume improvement in inbound to the U.S., and that's all part of the equation.

是的。美國邊境，入境美國，我們指的是國際收入沒有像國際收入增長那麼多的事實。部分原因是進入拉丁美洲 CEMEA 地區的入境旅遊相當強勁，該地區相當開放。它在歐洲有了很大的改善。而且由於美國在很大程度上限制了除美國公民以外的入境旅行，因此入境美國仍然 - 它比亞洲要好，但我想說，它比亞洲以外的任何其他地區都要弱。所以這是一個明顯的好處。這是一條產量較高的走廊。很明顯，從加拿大旅行，從歐洲旅行是允許的，那裡會有好處。總的來說，我的意思是很難預測混合。它包含在我們對跨境將如何改善的看法中。跨境旅行，要從我們所說的水平達到我們在 22 財年末假設的水平，你必須假設入境美國的人數有所改善，而這都是等式的一部分。

Harshita Rawat from Bernstein.

來自伯恩斯坦的 Harshita Rawat。

Al, I want to follow up on your comments on enabling disruptors as a growth driver for Visa. As we are seeing this rise of 2-sided networks around the world, digital wallets, buy now pay later, the super apps, and you talked about them becoming issuers of Visa credentials and something that we're already seeing, do you think they also pose risk if they use account-to-account payments with open banking, the funding mix in terms of cards longer term?

艾爾，我想跟進你關於讓顛覆者成為 Visa 增長動力的評論。當我們看到世界各地的雙面網絡、數字錢包、先買後付、超級應用程序的興起時，你談到它們成為 Visa 憑證的發行者以及我們已經看到的東西，你認為它們如果他們使用開放銀行的賬戶對賬戶支付也會帶來風險，就卡而言，資金組合更長期？

Well, again, my view on all of these new players has always been that we assume they can be additive to the ecosystem and we assume that we can be helpful to them. And so we lean into all of these new players very, very early. It's one of the reasons why we have the position we have right now in crypto, where we have partnerships with over 60 players, because we leaned in right from the beginning. And all of them have the capability and many of them are already issuing Visa credentials. I think some of these players will help continue to digitize payments and take money away from cash. I think that it's extremely likely that some transactions will be A2A. But there's A2A transactions today. A lot of just regular bill pay, for all types of purpose, is A2A. So I'm not really sure it's that new, a big a deal.

好吧，再一次，我對所有這些新玩家的看法一直是，我們認為他們可以對生態系統有所幫助，並且我們認為我們可以對他們有所幫助。因此，我們很早就開始關注所有這些新玩家。這是我們現在在加密領域擁有地位的原因之一，我們與 60 多個參與者建立了合作夥伴關係，因為我們從一開始就傾向於。他們都有能力，其中許多人已經在簽發 Visa 憑證。我認為其中一些參與者將有助於繼續數字化支付並從現金中提取資金。我認為某些交易極有可能是 A2A。但是今天有 A2A 交易。對於所有類型的目的，很多只是常規的賬單支付都是 A2A。所以我不太確定它是不是那麼新，很重要。

But that said, we think that we're in a far better position by leaning in and working with these players. And if we don't actually have the transaction on our network or we're out of the processing of the transaction overall, there's still the possibility of providing other capabilities from our toolbox of solutions and value-added services to bring to the party. So how it's all going to play out, we'll have to see, but I'm optimistic that the position that we're taking, which is to lean into all of this, is going to put us in the best place to be successful.

但話雖如此，我們認為通過向這些球員傾斜並與他們合作，我們處於一個更好的位置。如果我們的網絡上實際上沒有交易，或者我們沒有處理整個交易，那麼仍然有可能從我們的解決方案和增值服務工具箱中提供其他功能，以提供給聚會。所以這一切將如何發展，我們必須拭目以待，但我樂觀地認為，我們所採取的立場，即傾向於所有這一切，將使我們處於最佳位置成功的。

Yes. And our approach -- our network of network strategy is fundamentally to go to people with solutions that can meet all their money movement needs. And we've told you about how we do it with a variety of players. Whether it's cross-border remittance providers, we allow them to do account to account, account to card, card to account, any which way they can. We make it easy for them with one connection to get their money wherever it needs to go. In effect, we get your money from point A to point B. The entire journey may not be on our rails. Maybe parts of the journey are on some other rails, but we can get it there. And we provide all the things you expect from Visa, which is the trust our brand brings, the reliability, the flexibility, the security, the dispute resolution and all those capabilities. So fundamentally, it's all about solution providing -- about providing solutions and not just about rails.

是的。而我們的方法——我們的網絡戰略網絡從根本上是為人們提供能夠滿足他們所有資金流動需求的解決方案。我們已經告訴過你我們是如何與各種玩家一起做的。無論是跨境匯款提供商，我們都允許他們進行賬戶對賬戶、賬戶對卡、卡對賬戶，任何方式都可以。我們讓他們通過一個連接輕鬆地把錢帶到任何需要去的地方。實際上，我們從 A 點到 B 點讓您的錢。整個旅程可能不在我們的軌道上。也許旅程的一部分在其他軌道上，但我們可以到達那裡。我們提供您對 Visa 的所有期望，即我們的品牌帶來的信任、可靠性、靈活性、安全性、爭議解決和所有這些能力。所以從根本上說，這都是關於解決方案的提供——關於提供解決方案，而不僅僅是關於軌道。

Darrin Peller from Wolfe Research.

來自 Wolfe Research 的 Darrin Peller。

It's kind of a two-sided question but first is on the medium to long term. When we look at debit being stronger, understanding obviously an acceleration on e-com and just the other structural positives you've seen with cross-border 94% of '19, even with travel at only 65%. Service is strong. I'd just be curious if you can touch on what you see structurally sustainable about these higher than probably what you'd expect pre-pandemic trends sustaining versus not.

這是一個雙向的問題，但首先是中長期。當我們看到借記卡變得更強大時，顯然可以理解電子商務的加速以及您在 19 年跨境 94% 中看到的其他結構性積極因素，即使旅行只有 65%。服務很強大。我只是很好奇，如果你能談談你認為這些在結構上可持續的程度，可能高於你所期望的大流行前趨勢維持與否的程度。

And then when you think about your '22 qualitative look, what would you say were the areas you tried to build in the most conservatism into the outlook in terms of macro assumptions?

然後，當您考慮 22 年的定性外觀時，您會說哪些領域是您試圖在宏觀假設方面最保守地構建前景的領域？

Yes, I'll take your first question first. So in terms of the structural changes that have happened that are sustainable, the cash digitization engine is clearly extremely healthy. And that is a big driver of debit because debit is the -- sort of the first gateway to digital payments that consumers use. And we've seen that debit has sustained its growth almost globally even as we've seen card-present come back and reopening happened and seamless payments go away. There's been quite a bit of resilience to debit strength helped by Visa Direct, too. So all indications are that the cash digitization engine, especially in emerging markets, has really taken off because habits are being formed and people have gotten used to using digital forms of payment. So we think there's quite a bit of resilience there, and there's evidence of that even as things have started to normalize.

是的，我會先回答你的第一個問題。因此，就已經發生的可持續結構變化而言，現金數字化引擎顯然非常健康。這是藉記卡的一大推動力，因為藉記卡是消費者使用的第一個數字支付通道。我們已經看到借記卡幾乎在全球範圍內保持了增長，即使我們已經看到卡存在又回來了，重新開放發生了，無縫支付消失了。在 Visa Direct 的幫助下，借方實力也有相當大的彈性。因此，所有跡像都表明，現金數字化引擎，尤其是在新興市場，已經真正起飛，因為習慣正在形成，人們已經習慣使用數字支付方式。所以我們認為那裡有相當大的彈性，即使事情已經開始正常化，也有證據表明這一點。

The shift to e-commerce, too, has been remarkably resilient. We've seen -- if you see the charts we send out with our press release, you can see card-present has a pretty decent recovery in the past few quarters. And if you look at how well e-commerce has held up, card-not-present has held up. Again, there's been quite a bit of resilience there. Many new categories, people have gotten used to doing -- using e-commerce. And the biggest thing is cross-border e-commerce. Cross-border e-commerce has been extremely resilient. If you look at it, it's indexing in the 140s. We saw a spike last quarter because of cryptocurrencies, but it's back into the 140s as it was in the second quarter, which is very hefty growth compared to its prior growth rate, and it has held up even as cross-border travel is coming back and even as card-present spending is coming back. So those 2 structural changes have shown quite a bit of resilience.

向電子商務的轉變也非常具有彈性。我們已經看到——如果你看到我們在新聞稿中發布的圖表，你會看到在過去幾個季度中，卡片出現的恢復相當不錯。如果你看看電子商務的表現如何，不存在卡片的表現就很好。再一次，那裡有相當多的彈性。許多新品類，人們已經習慣了——使用電子商務。而最大的就是跨境電商。跨境電子商務的韌性極強。如果你看一下，它的索引是 140 年代。由於加密貨幣，我們在上個季度看到了飆升，但與第二季度一樣回到了 140 年代，與之前的增長率相比，這是非常可觀的增長，即使跨境旅行回來了，它也一直保持下去甚至在刷卡消費又回來的時候。因此，這兩個結構性變化顯示出相當大的彈性。

Once you look past those, our value-added services have held up extremely well through the pandemic. If you look at the average growth in our value-added services over the past 6 to 8 quarters when we had the pandemic, it's been in the high teens. And our new flows businesses have been extremely high growth, too. We're expecting high teens next year. So those 2 newer growth engines have shown quite a bit of resilience all the way through the pandemic, and that clearly lays a great foundation for the future as they become a larger and larger part of our business if they're growing faster than our core consumer payments business. So that's a structurally higher growth rate because they're a larger part of our mix.

一旦你看過去，我們的增值服務在大流行期間表現得非常好。如果你看看我們在過去 6 到 8 個季度發生大流行時我們增值服務的平均增長，它一直處於高位。我們的新流量業務也實現了極高的增長。我們預計明年會有高齡青少年。因此，這兩個較新的增長引擎在大流行期間一直表現出相當大的彈性，這顯然為未來奠定了良好的基礎，因為如果它們的增長速度超過我們的核心，它們將成為我們業務中越來越大的一部分消費支付業務。所以這是一個結構上更高的增長率，因為它們在我們的組合中佔很大一部分。

Bryan Keane from Deutsche Bank.

德意志銀行的布萊恩·基恩。

Al, some of your peers have decided to buy the ACH rails, and Visa has decided not to take that strategy and rely more on Visa Direct. So I was just hoping you could give us your latest thoughts on not needing to own the ACH rails and how it stacks up competitively versus what you guys have on Visa Direct.

艾爾，您的一些同行已決定購買 ACH 導軌，而 Visa 已決定不採取該策略並更多地依賴 Visa Direct。所以我只是希望你能給我們你關於不需要擁有 ACH 軌道的最新想法，以及它如何與你們在 Visa Direct 上擁有的東西競爭。

Well, whether it's -- Bryan, whether it's ACH or RTP rails, they're -- it's available to us as they are to anybody else. And we don't believe that we have to operate them in order to be successful in our network of network strategies. We think there's other places to spend our time and our money.

好吧，無論是——Bryan，無論是 ACH 還是 RTP 導軌，它們都——我們可以使用它，就像其他任何人一樣。而且我們不認為我們必須運營它們才能在我們的網絡戰略網絡中取得成功。我們認為還有其他地方可以花費我們的時間和金錢。

And core to what our view is that we want to be the traffic cop and facilitator and enabler so that we -- a sender can provide us the funds and tell us where the destination is around the world. And through Visa Direct or B2B Connect and utilizing for the first or last mile an ACH network or an RTP network gives us a great capability to reach what we believe is an unprecedented level of end points around the world that we think is very, very much a differentiator. And Visa Direct, beyond its reach because we're using our VisaNet platform, offers incredible operating scale. It allows us to leverage our value-added services that operate on VisaNet. So -- and we've had great success in commercializing the capabilities through the various use cases that I referred to in my remarks. So we think the -- a place to invest is in the capabilities to move funds seamlessly with great transparency and good economics. And continuing to invest there is where -- we think is the smart thing to do.

我們觀點的核心是，我們希望成為交通警察、促進者和推動者，以便我們——發送者可以為我們提供資金並告訴我們目的地在世界各地。通過 Visa Direct 或 B2B Connect 並在第一英里或最後一英里使用 ACH 網絡或 RTP 網絡，讓我們擁有強大的能力，可以達到我們認為全球範圍內前所未有的端點水平，我們認為這是非常非常多的一個差異化因素。由於我們使用的是 VisaNet 平台，Visa Direct 提供了令人難以置信的運營規模。它使我們能夠利用在 VisaNet 上運行的增值服務。所以——我們在通過我在評論中提到的各種用例將功能商業化方面取得了巨大成功。因此，我們認為——投資的地方在於以極高的透明度和良好的經濟性無縫轉移資金的能力。繼續在那裡投資——我們認為這是明智之舉。

Just -- I might just try to perhaps clear up what may be a misconception in the question you asked. Most ACH rails are owned by bank consortiums or central banks around the world. You might be referring to -- if I think it's a competitor you're referring to, they -- that's the RTP rails you're talking about. And they don't own the rails. The RTP rails are typically always owned by bank consortiums or central banks. They are in the business of building the rails and then handing them over and then, in some cases, operating the rails, which by the way are, as Al said, open to everybody to use at regulated rates.

只是——我可能只是想澄清一下你提出的問題中可能存在的誤解。大多數 ACH 鐵路由世界各地的銀行財團或中央銀行擁有。你可能指的是——如果我認為你指的是競爭對手，他們——這就是你所說的 RTP 軌道。他們不擁有鐵軌。 RTP 軌道通常始終由銀行財團或中央銀行擁有。他們的業務是建造鐵軌，然後將其移交，然後在某些情況下運營鐵軌，順便說一下，正如艾爾所說，這些鐵軌對所有人開放，以規定的價格使用。

So the competitor you're referring to does not own RTP rails, to the best of my knowledge anywhere. They have, in some cases, the opportunity to operate them in return for building them. In some cases, they just build them and move on. And they're not proprietary rails. They're open to everybody, including us. And we looked at it hard, and we concluded that the business of building these rails is not an attractive business. And the business of using these rails and the business of adding value-added capabilities and intelligence to these rails is a good business, and that's the business that we choose to be in.

因此，據我所知，您所指的競爭對手並不擁有 RTP 導軌。在某些情況下，他們有機會運營它們以換取建造它們。在某些情況下，他們只是構建它們並繼續前進。而且它們不是專有的導軌。它們對所有人開放，包括我們。我們仔細研究了一下，得出的結論是，建造這些鐵路並不是一項有吸引力的業務。使用這些軌道的業務以及為這些軌道增加增值能力和智能的業務是一項很好的業務，這就是我們選擇從事的業務。

Trevor Williams from Jefferies.

傑富瑞的特雷弗·威廉姆斯。

I wanted to ask on yields in data processing. I know there are a few moving pieces in there, but was a little surprised, this quarter at least, to see those tick down by a few percent from the September quarter despite the improvement in cross-border. So I think it would be helpful just to get a sense of what the main variables were there. I think from Vasant's comment, it sounds like there was just some country mix. But as we look to 4Q and '22, just with the expectation that travel keeps working back towards the 2019 level like you guys have embedded, just -- I mean how much can that yield line benefit next year? And if there's any pricing that we should be thinking about rolling on next year with that.

我想問一下數據處理的收益率。我知道其中有一些動人的因素，但至少在本季度，儘管跨境業務有所改善，但看到這些因素比 9 月季度下降了幾個百分點，我感到有些驚訝。因此，我認為了解其中的主要變量是有幫助的。我認為從 Vasant 的評論來看，這聽起來像是一些國家組合。但是，當我們展望第四季度和 22 年時，只是期望旅行會像你們所嵌入的那樣繼續回到 2019 年的水平，只是——我的意思是，明年這條收益率線可以受益多少？如果有任何定價我們應該考慮在明年推出。

Yes. I'm not sure there was any yield impact. If you just look at -- first of all, on the data processing line, both volumes and revenues are -- there's no lag, right? So the revenue should move in line with volumes in the quarter, and it did this quarter. I believe it was 20% and 21% or something, volumes and net revenues. So they moved in line. So there really wasn't really any change in yield. Now clearly, the cross-border business is, relatively speaking, still recovering and below where it was. And therefore, the yields have been impacted by the mix shifting away from cross-border. And the mix improving is clearly helping the yields. But from one quarter to another, the yields were relatively stable. There was nothing unusual going on there. I'm sure after the call, if there's any confusion, Mike and Jennifer could clear it up. But my short answer would be the yields were just fine, and there was nothing unusual there.

是的。我不確定是否有任何產量影響。如果你只看——首先，在數據處理線上，數量和收入都是——沒有滯後，對吧？因此，收入應該與本季度的銷量保持一致，本季度也是如此。我相信這是 20% 和 21% 之類的，數量和淨收入。於是他們排成一列。因此，產量確實沒有任何變化。現在很明顯，跨境業務相對來說還在復蘇，低於原來的水平。因此，收益率受到了從跨境轉移的影響。組合改善顯然有助於提高產量。但從一個季度到另一個季度，收益率相對穩定。那裡沒有什麼不尋常的事情發生。我敢肯定，在通話後，如果有任何困惑，邁克和詹妮弗可以解決它。但我的簡短回答是產量還不錯，沒有什麼不尋常的地方。

Tien-Tsin Huang from JPMorgan.

摩根大通的黃天純。

I know it's getting late. I just want to ask, as you put your internal budget and investments together for fiscal '22, aside from cross-border recovering, what products or initiatives, Al and Vasant, are you most excited about this year? I know you led with the 4 points about bigger picture growth, but I'm thinking about just near-term products and initiatives that we should be focused on.

我知道已經很晚了。我只是想問一下，當您將 22 財年的內部預算和投資放在一起時，除了跨境復甦之外，Al 和 Vasant 哪些產品或舉措是您今年最興奮的？我知道你提出了關於大局增長的 4 點，但我正在考慮我們應該關注的近期產品和計劃。

Well, I'll go and let Vasant respond as well, Tien-Tsin. Look, I think each of the last 3 or 4 quarters, we've seen kind of the recovery take more shape. And I think there's -- I feel very good about the way the business is advancing right now. I think consumer payments is positioned to stay strong. But in response to the question a few questions ago, I think e-commerce is going to sustain. I think tap-to-pay is going to sustain. We're starting to see some of the benefits of our acceptance footprint in places like Latin America grow, and we're starting to see more of a shift to PV and away from cash throughout that region. So consumer payments is still bread and butter for our company and the growing credentials, growing acceptance points and continuing to work with our issuing partners on engagement and getting the most out of their existing customer base remain a very, very high priority for us.

好吧，我去讓 Vasant 也回應一下，Tien-Tsin。看，我認為過去 3 或 4 個季度中的每一個，我們都看到了復甦的形式。而且我認為有 - 我對目前業務發展的方式感覺非常好。我認為消費者支付的定位將保持強勁。但在回答幾個問題之前，我認為電子商務將會持續下去。我認為點擊支付將持續下去。我們開始看到我們在拉丁美洲等地的接受足蹟的一些好處在增長，我們開始看到更多地轉向光伏並在整個地區遠離現金。因此，消費者支付仍然是我們公司的生計，不斷增長的憑證、不斷增長的接受點以及繼續與我們的發行合作夥伴合作，並充分利用他們現有的客戶群仍然是我們非常非常優先考慮的事情。

And I think we've gotten really good traction on our 2 other revenue streams in new flows and value-added services. And we've got new flows, value -- Visa Direct. We've talked a bunch about and feel very good about that. And I think as the world starts to see people return to the office and travel start to return, I think that's going to help the B2B space. And I think a lot of what I commented on in terms of wins and advances in value-added services in fiscal '21 will continue into fiscal '22. So I think, in short, I like the fact that we've got a more diverse business model and more levers to pull. Of course, we want to continue to plant flags in geographies where the business is still -- or payments and money movement is a little bit more nascent. But all in all, I'm quite bullish on how the business looks as we enter fiscal '22. Vasant, do you want to add anything?

而且我認為我們在新流量和增值服務中的另外兩個收入流中獲得了非常好的牽引力。我們有新的流量和價值——Visa Direct。我們已經談了很多，對此感覺非常好。我認為隨著世界開始看到人們返回辦公室並開始旅行，我認為這將有助於 B2B 空間。我認為我在 21 財年就增值服務的勝利和進步發表的許多評論將持續到 22 財年。所以我認為，簡而言之，我喜歡我們擁有更多樣化的商業模式和更多槓桿的事實。當然，我們希望繼續在業務仍然存在的地區樹立旗幟 - 或者支付和資金流動更加新生。但總而言之，當我們進入 22 財年時，我非常看好該業務的前景。 Vasant，你想補充什麼嗎？

Sure. Tien-Tsin, just to sort of give you a sense of where all the investment money is going, I mean the broad theme is we have substantially expanded the services we offer, the use cases we serve. And so what that means is we are investing significantly to continue to make our network more flexible, add more functionality. Every day, our network is -- gets more flexible and adds more capability. We are -- we've got substantially more services now to sell to our clients, and there are many new types of issuers and new types of acceptance points. So we're significantly increasing the number of -- sort of the boots on the ground, closest to our clients. So there's a big investment in -- from the ground closest to clients to make our clients easily incorporate these services into their business and also to bring in all these new types of fintechs, if you want to call them, the innovators into our ecosystem.

當然。 Tien-Tsin，只是為了讓您了解所有投資資金的去向，我的意思是廣泛的主題是我們已經大大擴展了我們提供的服務，我們服務的用例。這意味著我們正在大力投資以繼續使我們的網絡更加靈活，添加更多功能。每一天，我們的網絡都變得更加靈活並增加了更多功能。我們 - 我們現在有更多的服務可以出售給我們的客戶，並且有許多新類型的發行人和新類型的接受點。因此，我們正在顯著增加最接近客戶的地面靴子的數量。因此，在最接近客戶的地方進行了大量投資，以使我們的客戶輕鬆地將這些服務納入他們的業務，並將所有這些新型金融科技（如果你想稱之為創新者）引入我們的生態系統。

The third dimension also is the broadening of our brand. You've seen our new brand positioning. If you have watched the Olympics, you couldn't have missed it. It reflects what the future of Visa is. It's not just about consumer payments. So there's clearly an investment in making sure that, that message gets across. So broadly speaking, it's enabling new use cases, new geographies, new clients and then repositioning the whole brand for essentially the leader in money movement.

第三個維度也是我們品牌的拓寬。您已經看到了我們的新品牌定位。如果你看過奧運會，你就不會錯過。它反映了 Visa 的未來。這不僅僅是關於消費者支付。因此，顯然需要進行投資以確保該信息得到傳達。從廣義上講，它支持新的用例、新的地域、新的客戶，然後重新定位整個品牌，使其基本上成為資金流動的領導者。

I did see the ad. Thank you both for the update.

我確實看到了廣告。謝謝你們倆的更新。

Timothy Chiodo from Credit Suisse.

瑞士信貸的蒂莫西·奇奧多。

I'll make this a little bit more of an industry question, but Al alluded to something you mentioned earlier in terms of consumer protections, charge-backs, dispute processes associated with card-based transactions. Maybe you could just talk a little bit broadly about in terms of -- of course, there are many account-to-account and bank-based payment methods that are out there globally. Generally speaking, what types of protections do they have, if any? And then the follow-up to that is, how can Visa potentially work with some of those account-to-account and/or bank-based payment methods to help add some of this in terms of the scheme, the process, the protections, security, et cetera?

我會讓這個問題更像一個行業問題，但 Al 提到了你之前提到的消費者保護、退款、與基於卡的交易相關的爭議流程方面的一些內容。也許你可以稍微廣泛地談論一下——當然，全球範圍內有許多賬戶對賬戶和基於銀行的支付方式。一般來說，他們有哪些類型的保護（如果有的話）？然後跟進的是，Visa 如何可能與其中一些賬戶對賬戶和/或基於銀行的支付方式合作，以幫助在計劃、流程、保護方面添加一些內容，安全等等？

Well, the protections are very important. People tend to -- the biggest consumer protections that we think about are obviously fraud and making sure that consumers are not liable for fraud and charge-back protection that if you order a red large shirt and you get a blue medium one that the ecosystem will stand behind you and either get you a replacement or get your money back. To the best of my knowledge, Tim, I don't think that the A2A options offer any of those kinds of protections to consumers today that I'm aware of. And I think we'll have to see as A2A advances and as we get deeper into open banking, particularly starting in Europe, which is really ground zero for open banking and obviously one of the reasons why we're excited about owning Tink, we'll have to see whether we think that there's a way for us to step in to try to help provide some of those protections for A2A or it could well be that A2A just ties to different profile of -- for the different profile of protections or lack thereof for those transactions versus transactions on -- that run on a network like Visa.

好吧，保護非常重要。人們傾向於——我們考慮的最大的消費者保護顯然是欺詐，並確保消費者不對欺詐和退款保護負責站在你身後，要么讓你換人，要么拿回你的錢。據我所知，蒂姆，我認為 A2A 選項不會為我所知道的今天的消費者提供任何此類保護。而且我認為隨著 A2A 的進步以及我們對開放銀行業務的深入了解，尤其是從歐洲開始，這對於開放銀行業務來說實際上是零基礎，顯然這也是我們對擁有 Tink 感到興奮的原因之一，我們'將不得不看看我們是否認為有一種方法可以讓我們介入以嘗試幫助為 A2A 提供一些保護，或者很可能 A2A 只是與不同的配置文件相關聯——對於不同的保護配置文件或這些交易與在 Visa 等網絡上運行的交易相比，缺乏這些交易。

Ashwin Shirvaikar from Citi.

來自花旗的 Ashwin Shirvaikar。

So I mean, Vasant, I think it was in your comments you mentioned sustained higher growth post COVID and you unpacked this along the lines of U.S. versus non-U.S. and some of the debit versus credit parts. So that was quite helpful. My question is, what does the margin structure look like as the revenue structure is first normalized and then possibly steps up beyond what was historical?

所以我的意思是，Vasant，我認為正是在你的評論中，你提到了在 COVID 之後持續的更高增長，你按照美國與非美國以及一些借方與貸方部分的關係來解開這一點。所以這很有幫助。我的問題是，當收入結構首先正常化，然後可能超出歷史水平時，利潤率結構是什麼樣的？

If you're looking at the average operating margin for the company, as we've said before, our general view is that our goal is to grow volumes and revenues based on the opportunities available, which, we -- as we've discussed, are significant. And then we invest what it takes to do that. Margins are an outcome. They're not an objective. Our business does tend to have a high fixed cost structure. The marginal transaction comes at low marginal cost. Our value-added services businesses have good margins. Our new flows businesses have good margins.

如果您正在查看公司的平均營業利潤率，正如我們之前所說，我們的總體觀點是，我們的目標是根據可用機會增加銷量和收入，正如我們已經討論過的那樣, 很重要。然後我們投資做這件事所需的一切。利潤是一個結果。他們不是一個目標。我們的業務確實往往具有較高的固定成本結構。邊際交易的邊際成本很低。我們的增值服務業務具有良好的利潤率。我們的新流量業務具有良好的利潤率。

Yields and margins are different. New flows businesses can have different yields than our core payments business. But given that it leverages the infrastructure and it's very much a scale business does come with very good margins. So you saw what happened to margins this year. We had a nice improvement from the drop we had in the COVID era. So net-net, I mean we don't see anything vastly different from a margin perspective in the future. It will still be driven by the same factors. As I said, it's an outcome, not an objective.

收益和利潤是不同的。新流量業務的收益可能與我們的核心支付業務不同。但考慮到它利用了基礎設施，而且它是一項規模很大的業務，確實帶來了非常好的利潤。所以你看到了今年的利潤率發生了什麼。與 COVID 時代的下降相比，我們有了很大的進步。所以淨淨，我的意思是我們在未來看不到任何從利潤角度來看有很大不同的東西。它仍將由相同的因素驅動。正如我所說，這是一個結果，而不是一個目標。

Well, thank you, everyone, for joining us today. If you have additional questions, feel free to reach out to myself or Jennifer, and we're happy to help you. And thanks again, and have a great evening.

好吧，謝謝大家今天加入我們。如果您還有其他問題，請隨時與我本人或 Jennifer 聯繫，我們很樂意為您提供幫助。再次感謝，祝您有個愉快的夜晚。

Thank you. This concludes today's conference. You may disconnect at this time.

謝謝你。今天的會議到此結束。此時您可以斷開連接。