Visa Inc (V) 2021 Q3 法說會逐字稿

Welcome to Visa's Fiscal Third Quarter 2021 Earnings Conference Call.

歡迎參加 Visa 2021 財年第三季度收益電話會議。

(Operator Instructions) Today's conference is being recorded.

（操作員說明）今天的會議正在錄製中。

If you have any objections, you may disconnect at this time.

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.

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。

Ms. Como, you may now begin.

科莫女士，您現在可以開始了。

Thanks, Michelle.

謝謝，米歇爾。

Fiscal Third Quarter 2021 Earnings Call.

2021 財年第三季度財報電話會議。

Before we begin, we want to acknowledge the filing was a little later than usual due to an (inaudible) issue, but hopefully, you've had opportunity to review prior to the call.

在我們開始之前，我們要承認由於（聽不清）問題，提交文件比平時晚了一點，但希望您有機會在電話會議之前進行審查。

Joining us today are Al Kelly, Visa's Chairman and Chief Executive Officer; and Vasant Prabhu, Visa's Vice Chairman and Chief Financial Officer.

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.

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。

A replay will be archived on our site for 30 days.

重播將在我們的網站上存檔 30 天。

A slide deck containing financial and statistical highlights has been posted on our IR website.

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.

我還要提醒您，本演示文稿包含前瞻性陳述。

These statements are not guarantees of future performance, and our actual results could differ materially as a result of many factors.

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。

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.

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。

For non-GAAP financial information disclosed in this call, the related GAAP measures and reconciliation are available in today's earnings release.

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。

Thanks, Jennifer.

謝謝，詹妮弗。

Good afternoon.

下午好。

Thank you for joining us.

感謝您加入我們。

We had a really strong fiscal third quarter as payments volume, process transactions and cross-border volume all improved globally.

我們的第三財季表現非常強勁，因為全球支付量、處理交易和跨境交易量均有所改善。

In our time today, I will first cover our results and then discuss our performance to date across our 3 growth levers: consumer payments, new flows and value-added services.

今天，我將首先介紹我們的結果，然後討論我們迄今為止在 3 個增長槓桿上的表現：消費者支付、新流量和增值服務。

The first Q3 results.

第一個 Q3 結果。

Net revenue rose 27% or 39% if service revenues were recognized on the current quarter's payment volume.

如果在本季度的支付量中確認服務收入，則淨收入增長 27% 或 39%。

This growth far exceeded our expectations due to the strength in the U.S., improving cross-border volumes and lower-than-expected client incentives, largely due to deal timing.

這一增長遠遠超出了我們的預期，原因是美國的實力、跨境交易量的改善和低於預期的客戶激勵，主要是由於交易時機。

Non-GAAP EPS was $1.49, up 41%.

非公認會計原則每股收益為 1.49 美元，增長 41%。

As we look at volumes and transactions, keep in mind that year-over-year growth rates are less indicative of performance and the business trajectory due to the COVID-19 impact.

當我們查看交易量和交易時，請記住，由於 COVID-19 的影響，同比增長率不太能代表業績和業務軌跡。

So once again, we provide metrics compared to 2019 on a constant dollar basis as well as year-over-year growth rates.

因此，我們再一次提供與 2019 年相比的指標，以固定美元為基礎以及同比增長率。

Payments volume was 121% of 2019, which is up 5 points from the second quarter and represents a 34% year-over-year growth rate.

支付量為 2019 年的 121%，比第二季度增長 5 個百分點，同比增長 34%。

Cross-border volume, excluding intra-Europe, was 82% of 2019, 7 points better than the second quarter and up 53% year-over-year.

不包括歐洲內部的跨境交易量為 2019 年的 82%，比第二季度提高 7 個百分點，同比增長 53%。

Process transactions were 120% of 2019, up 4 points from Q2 and up 39% year-over-year.

流程交易為 2019 年的 120%，比第二季度增長 4 個百分點，同比增長 39%。

Vasant will provide more color on our results.

Vasant 將為我們的結果提供更多色彩。

So now let me transition to progress relative to our business strategy.

所以現在讓我過渡到與我們的業務戰略相關的進展。

Efforts across our 3 growth levers helped to fuel strong results while positioning us to capture future opportunities.

我們在三個增長槓桿上的努力有助於推動強勁的業績，同時使我們能夠抓住未來的機會。

In consumer payments this quarter, we saw a favorable secular trend and had a number of wins with large issuers, co-brands and fintechs.

在本季度的消費者支付方面，我們看到了有利的長期趨勢，並與大型發行人、聯合品牌和金融科技公司取得了一些勝利。

Cash displacement trends continued this quarter.

本季度現金轉移趨勢仍在繼續。

Globally, cash volume on Visa debit credentials, the dollar amount of cash taken out of ATMs, was 98% of 2019 levels, flat (technical difficulty) on Visa debit credentials was 140% of 2019 levels, up 5 points from Q2.

在全球範圍內，Visa 借記憑證的現金量，即從 ATM 中取出的現金美元金額，是 2019 年水平的 98%，Visa 借記憑證的持平（技術難度）是 2019 年水平的 140%，比第二季度增加了 5 個百分點。

While debit remained strong and has accelerated since Q2, credit spending is now also improving.

雖然借方保持強勁並自第二季度以來加速增長，但信貸支出現在也在改善。

Global credit payment volume was 104% of 2019, up 4 points from the second quarter.

全球信貸支付量為 2019 年的 104%，比第二季度增長 4 個百分點。

At the same time, face-to-face payments volume trends are stable to improving, while e-commerce or card-not-present remains elevated.

與此同時，面對面支付量趨勢穩定在改善，而電子商務或無卡支付仍處於高位。

When we average across our top markets where we process versus 2019, we see card-present improve 10 points, while card-not-present, excluding travel, improved 1 point in Q3 over Q2.

當我們在我們處理的主要市場與 2019 年進行平均時，我們看到有卡在第三季度比第二季度提高了 10 個百分點，而不存在卡（不包括旅行）提高了 1 個百分點。

Travel is starting to recover both domestically and in cross-border.

國內和跨境旅行開始復蘇。

Again, averaging across our top markets where we process versus 2019, domestic travel spending improved more than 20 points in Q3 over Q2.

同樣，與 2019 年相比，在我們處理的主要市場中，國內旅行支出在第三季度比第二季度增長了 20 多個百分點。

Globally, cross-border travel, excluding intra-Europe, versus 2019 improved 6 points in Q3 over Q2 and exited the quarter with June at 50% of 2019.

在全球範圍內，不包括歐洲內部的跨境旅行與 2019 年相比在第三季度比第二季度提高了 6 個百分點，並在 6 月份以 2019 年的 50% 結束了該季度。

Simply looking at the absolute levels, it was a record quarter for Visa with $2.7 trillion in payments volume and payment transactions per day globally, which is up 16 million per day from the last quarter and nearly 160 million transactions per day from a year ago.

僅從絕對水平來看，這是 Visa 創紀錄的一個季度，全球每天的支付量和支付交易額達到 2.7 萬億美元，比上一季度每天增加 1600 萬筆，比一年前每天近 1.6 億筆交易。

And we expect much more recovery to come, especially in the areas of credit and cross-border travel.

我們預計將會出現更多的複蘇，尤其是在信貸和跨境旅行領域。

Tap to pay is a key accelerator for many of these trends, including face-to-face spending in both credit and debit.

Tap to pay 是許多這些趨勢的關鍵加速器，包括信用卡和借記卡的面對面消費。

We continue to see countries increase in tap to pay limits.

我們繼續看到各國增加了自來水支付限額。

For example, in Brazil, the limit was doubled 5 months ago and the face-to-face tap to pay penetration has already more than doubled from 6% to 14% in that short period.

例如，在巴西，限額在 5 個月前翻了一番，而面對麵點擊支付的普及率已經在短時間內從 6% 增加到 14% 的兩倍多。

In the United States this quarter, we surpassed 370 million tap to pay-enabled cards, and we now have 3 cities above 25% face-to-face tap to pay penetration: New York, San Francisco and San Jose.

本季度在美國，我們的刷卡支付數量超過了 3.7 億張，現在我們有 3 個城市的面對面刷卡滲透率超過 25%：紐約、舊金山和聖何塞。

Merchant progress continued as well.

商家的進步也在繼續。

Target has doubled its tap to pay penetration in the last year to 2 out of every 5 face-to-face transactions, and Costco's U.S. gas stations have reached 40% penetration in tap to pay payments since enabling this feature approximately 6 months ago.

去年，Target 的點擊支付滲透率翻了一番，達到每 5 次面對面交易中的 2 次，自大約 6 個月前啟用此功能以來，Costco 的美國加油站的點擊支付滲透率已達到 40%。

Now shifting to clients.

現在轉向客戶。

We continue to win with large issuers globally.

我們繼續贏得全球大型發行人的青睞。

Let me share a few examples from the quarter.

讓我分享本季度的幾個例子。

In the United States, we are pleased to have renewed our long-standing partnership with Navy Federal Credit Union, the largest U.S. credit union with over 10.5 million members for a multiyear credit, debit and processing agreement.

在美國，我們很高興與海軍聯邦信用合作社續簽了長期合作夥伴關係，海軍聯邦信用合作社是美國最大的信用合作社，擁有超過 1050 萬會員，簽訂了一項多年期信用、借記和處理協議。

Also in the U.S., Google Pay introduced a Visa virtual card that links to U.S. Android users' Google Pay balances, enabling these users to spend their balances at stores.

同樣在美國，Google Pay 推出了與美國 Android 用戶的 Google Pay 餘額相關聯的 Visa 虛擬卡，使這些用戶能夠在商店消費餘額。

In Italy, we extended our agreement with Banca Sella, part of the Sella Group, the largest private and independent banking group in Italy, for the consumer credit and commercial portfolios with plans to launch a new innovative digital credit small business solution.

在意大利，我們延長了與意大利最大的私人和獨立銀行集團 Sella Group 旗下的 Banca Sella 就消費信貸和商業投資組合的協議，併計劃推出新的創新數字信貸小企業解決方案。

In Singapore, we're expanding our strong partnership with DBS, the largest bank in Southeast Asia.

在新加坡，我們正在擴大與東南亞最大銀行星展銀行的牢固合作夥伴關係。

We have [renewed] and we will continue to grow in the DBS debit portfolio.

我們已經[更新]並且我們將繼續在星展銀行借記組合中增長。

In Latin America, we renewed the HSBC debit portfolio, 1 of the top 5 portfolios in Mexico.

在拉丁美洲，我們更新了匯豐銀行的借方投資組合，這是墨西哥前 5 大投資組合之一。

In our CEMEA region, we won the consumer credit portfolio of Qatar National Bank, the largest financial institution in the Middle East and Africa.

在我們的 CEMEA 地區，我們贏得了中東和非洲最大的金融機構卡塔爾國家銀行的消費信貸組合。

And we renewed the credit portfolio of Saudi British Bank, one of the largest Saudi banks.

我們更新了沙特最大銀行之一沙特英國銀行的信貸組合。

We're also building momentum as a global leader in co-brands.

作為聯合品牌的全球領導者，我們也在建立勢頭。

In the U.S. alone, we have 7 of the top 10 co-brands.

僅在美國，我們就有 7 個排名前 10 的聯合品牌。

And this quarter, we're pleased to renew Hyatt in the U.S. and renew and grow the Williams-Sonoma co-brand, which will be relaunched with an expanded scope across the Williams-Sonoma brand, including Pottery Barn and West Elm.

本季度，我們很高興在美國續訂凱悅酒店，並續訂和發展 Williams-Sonoma 聯合品牌，該品牌將重新推出，擴大 Williams-Sonoma 品牌的範圍，包括 Pottery Barn 和 West Elm。

We secured a new co-brand relationship with PayPal in Australia and MercadoLibre, the largest e-commerce retailer in Latin America.

我們與澳大利亞的 PayPal 和拉丁美洲最大的電子商務零售商 MercadoLibre 建立了新的聯合品牌關係。

In partnership with Banco Itaú, we also won the co-brand business of Magalu, a major retailer with one of the largest co-brand portfolios in Brazil.

通過與 Banco Itaú 合作，我們還贏得了 Magalu 的聯合品牌業務，Magalu 是一家大型零售商，擁有巴西最大的聯合品牌組合之一。

Finally, in the Asia Pacific region, we have secured a significant part of LINE Pay's business with a partnership renewal in Taiwan, the largest co-brand program in the country.

最後，在亞太地區，我們通過在台灣的合作夥伴關係更新獲得了 LINE Pay 業務的重要部分，這是該國最大的聯合品牌計劃。

Fintechs are also core to our consumer payments growth.

金融科技也是我們消費者支付增長的核心。

In this quarter, we forged new partnerships and deepened relationships with onetime clients.

在本季度，我們與曾經的客戶建立了新的合作夥伴關係並加深了關係。

I just mentioned LINE Pay in Taiwan, and we also continue to see strong momentum in our partnership with LINE Pay in Japan and with LINE BK in Thailand.

我剛才提到了台灣的 LINE Pay，我們也繼續看到與日本 LINE Pay 和泰國 LINE BK 的合作勢頭強勁。

Over the last year, they have added more than 2 million Visa credentials across those markets.

去年，他們在這些市場增加了超過 200 萬張 Visa 憑證。

Likewise, in India, long-time partner, Paytm has issued 6 million virtual Visa debit cards.

同樣，在印度，長期合作夥伴 Paytm 已經發行了 600 萬張虛擬 Visa 借記卡。

In addition, they recently started to issue physical Visa debit cards, which they expect to ramp up over the coming months.

此外，他們最近開始發行實體 Visa 借記卡，預計未來幾個月將增加。

KakaoPay, one of the top 3 mobile wallet providers in Korea with more than 30 million users, recently signed on to issue Visa credit cards.

KakaoPay 是韓國三大移動錢包提供商之一，擁有超過 3000 萬用戶，最近簽約發行 Visa 信用卡。

In the Middle East, we're partnering with stc pay, the fintech subsidiary of Saudi Arabia's largest telecom operator to embed stc pay wallets.

在中東，我們與沙特阿拉伯最大的電信運營商的金融科技子公司 stc pay 合作嵌入 stc pay 錢包。

More than 1 million Visa credentials have been issued since September of '20.

自 20 年 9 月以來，已簽發超過 100 萬份簽證憑證。

Rappi, Latin America's super app with over 70 million users, have now started issuing Visa credit cards in Brazil, Mexico, Colombia and Peru with plans to expand to additional countries in coming months.

Rappi 是拉丁美洲擁有超過 7000 萬用戶的超級應用程序，現已開始在巴西、墨西哥、哥倫比亞和秘魯發行 Visa 信用卡，併計劃在未來幾個月內擴展到其他國家。

And in the crypto space, we recently signed 3 partnerships: one with Tala to partner on cryptocurrency solutions for the global unbanked; and two, with crypto exchanges, FTX and CoinZoom, to begin offering Visa cards.

在加密領域，我們最近簽署了 3 個合作夥伴關係：一個與 Tala 合作，為全球無銀行賬戶的人提供加密貨幣解決方案；第二，通過加密貨幣交易所 FTX 和 CoinZoom，開始提供 Visa 卡。

We now have more than 50 crypto wallet and platforms, up from 35 in Q1 and more than the next leading network.

我們現在擁有 50 多個加密錢包和平台，高於第一季度的 35 個，超過了下一個領先的網絡。

And collectively, they drove over $1 billion in payments volume in just (technical difficulty) represents a significant engine of growth.

總的來說，他們僅（技術難度）就推動了超過 10 億美元的支付量，這是一個重要的增長引擎。

The market opportunity in new flows is 10x greater, and we continue to make progress in our efforts.

新流量的市場機會增加了 10 倍，我們將繼續努力取得進展。

We had several capabilities within carded B2B that have been gaining traction.

我們在卡片式 B2B 中擁有多項功能，這些功能已獲得關注。

Our Freedom Solution enables corporates to control and monitor corporate card spending and expand to new use cases, including payables and virtual card capabilities.

我們的 Freedom 解決方案使企業能夠控制和監控公司卡支出並擴展到新的用例，包括應付賬款和虛擬卡功能。

Across Australia and New Zealand, we have renewed our long-standing partnerships with ANZ Bank for Freedom's expense management capabilities as well as NAB and BNZ to deliver expense management and payable solutions.

在澳大利亞和新西蘭，我們與 ANZ Bank for Freedom 的費用管理能力以及 NAB 和 BNZ 重新建立了長期合作夥伴關係，以提供費用管理和應付解決方案。

And in the United States, Wells Fargo will deliver these capabilities to their corporate clients as part of our partnership we announced earlier this year.

在美國，作為我們今年早些時候宣布的合作夥伴關係的一部分，富國銀行將向他們的企業客戶提供這些功能。

Visa's Commercial Pay, which offers a mobile app enabling virtual card issuance and management of business incidentals with enhanced data, will be part of OCBC Bank's virtual purchasing card offering in Singapore.

Visa 的 Commercial Pay 提供移動應用程序，可通過增強數據實現虛擬卡發行和業務雜費管理，將成為華僑銀行在新加坡提供的虛擬購買卡產品的一部分。

Visa Direct transaction growth remains robust with nearly $0.5 billion more transactions this quarter than in the third quarter of last year.

Visa Direct 交易增長依然強勁，本季度的交易量比去年第三季度增加了近 5 億美元。

We continue to see large banks enable Visa Direct payouts for their customers, including CIBC this quarter.

我們繼續看到大型銀行為其客戶啟用 Visa Direct 付款，包括本季度的 CIBC。

In the payroll category, ADP, a leading global technology company providing human capital management solutions recently integrated its Wisely offering with Visa Direct to provide ADP clients with a digitally-enabled, convenient and cost-effective solution for employee off-cycle payments.

在工資單類別中，提供人力資本管理解決方案的全球領先技術公司 ADP 最近將其 Wisely 產品與 Visa Direct 集成，為 ADP 客戶提供數字化、方便且具有成本效益的員工非週期支付解決方案。

In the P2P space, the WhatsApp payment feature powered by Visa Direct and Visa Cloud token framework launched in Brazil in May, and we're seeing early success with a significant number of Visa credentials enrolled and sizable growth in P2P money transfers.

在 P2P 領域，由 Visa Direct 和 Visa Cloud 令牌框架提供支持的 WhatsApp 支付功能於 5 月在巴西推出，我們看到了早期的成功，大量的 Visa 憑證註冊和 P2P 匯款的大幅增長。

PayPal announced instant transfers for merchant settlement and P2P via Visa Direct in Australia.

PayPal 宣佈在澳大利亞通過 Visa Direct 進行商戶結算和 P2P 即時轉賬。

We also developed new use cases this quarter for Visa Direct.

本季度我們還為 Visa Direct 開發了新的用例。

First, GoFundMe is integrating Visa Direct to soon launch funds disbursement to individuals and organizations.

首先，GoFundMe 正在整合 Visa Direct，以便盡快向個人和組織發放資金。

Second, Questrade, the Canadian brokerage platform, announced the launch of Instant Deposit, allowing investors to fund their trade accounts in seconds.

其次，加拿大經紀平台 Questrade 宣布推出 Instant Deposit，允許投資者在幾秒鐘內為他們的交易賬戶注資。

Let's now move to our third growth lever, value-added services, where revenue growth grew 28% in Q3.

現在讓我們轉向我們的第三個增長槓桿，即增值服務，第三季度的收入增長了 28%。

Let me discuss our efforts across a few of our capabilities.

讓我討論一下我們在一些能力方面所做的努力。

First, installments.

首先，分期付款。

In addition to investing in and partnering with numerous installment providers globally, we've also developed our own solution, which had some notable progress in the quarter.

除了在全球範圍內投資並與眾多分期付款提供商合作外，我們還開發了自己的解決方案，該解決方案在本季度取得了一些顯著進展。

In Canada, Scotiabank is extending their post-purchase installments offering to -- they're offering to eligible Visa retail credit clients.

在加拿大，Scotiabank 正在將其購買後分期付款服務擴展到——他們向符合條件的 Visa 零售信貸客戶提供服務。

CIBC is launching installments during purchase and Desjardin, North America's largest financial cooperative, will be offering during purchase installments for their eligible Visa customers.

CIBC 將在購買期間推出分期付款，而北美最大的金融合作社 Desjardin 將為其符合條件的 Visa 客戶提供購買期間的分期付款服務。

In addition, Global Payments is enabling our installment solution for their merchant customers.

此外，Global Payments 正在為其商戶客戶啟用我們的分期付款解決方案。

Second, CyberSource, our omnichannel gateway platform, has grown as a result of 3 drivers: one, increased e-commerce and omnichannel volumes; two, more business creating online and omnichannel presences while leveraging our risk tools; and three, more acquirers white labeling the solution.

其次，我們的全渠道網關平台 CyberSource 的增長得益於 3 個驅動因素：一是電子商務和全渠道業務量的增加；第二，更多的企業在利用我們的風險工具的同時創建在線和全渠道業務；第三，更多的收購方為解決方案貼上白標。

This past quarter, top 20 U.S. acquirer Paya and Qatar National Bank, both signed up to utilize CyberSource's capabilities.

上個季度，美國前 20 大收購方 Paya 和卡塔爾國家銀行都簽約使用 CyberSource 的功能。

Third, DPS.

第三，DPS。

I mentioned the processing agreement earlier with Navy Federal, they intend to utilize DPS.

我之前提到過與海軍聯邦的處理協議，他們打算使用 DPS。

In addition, Current, one of the fastest-growing U.S. fintechs with nearly 3 million members, have selected Visa DPS as its partner.

此外，擁有近 300 萬會員的美國發展最快的金融科技公司之一 Current 已選擇 Visa DPS 作為其合作夥伴。

Current will integrate with DPS' newest all digital processing solution called DPS Forward, which combines issuer processing capabilities with a new suite of APIs that integrate with modern digital banking players to create unique card programs and payment solutions.

Current 將與 DPS 最新的名為 DPS Forward 的全數字處理解決方案集成，該解決方案將發卡行處理能力與一套新的 API 相結合，與現代數字銀行參與者集成，以創建獨特的卡程序和支付解決方案。

Finally, Visa Consulting and Analytics.

最後，簽證諮詢和分析。

Our advisory teams have delivered nearly 1,000 projects year-to-date in 88 countries to help our clients be more successful.

迄今為止，我們的諮詢團隊已在 88 個國家/地區交付了近 1,000 個項目，以幫助我們的客戶取得更大的成功。

Let me just share a couple of examples.

讓我分享幾個例子。

In Latin America, we developed a digital acquisition platform and helped one of the top issuers in the region improve credit approval turnaround times from days to minutes while also better qualifying leads to reach a 4x improvement in approval rate compared their prior solution.

在拉丁美洲，我們開發了一個數字獲取平台，並幫助該地區的一家頂級發行人將信貸審批周轉時間從幾天縮短到幾分鐘，同時還更好地確定了潛在客戶，使其審批率與之前的解決方案相比提高了 4 倍。

Globally, we have launched a new program called Visa Portfolio Health Check, where we review client portfolios tracking 30-plus key performance indicators.

在全球範圍內，我們推出了一項名為 Visa Portfolio Health Check 的新計劃，我們在其中審查客戶投資組合，跟踪 30 多個關鍵績效指標。

Year-to-date, we have held health checks across 55 countries, identifying nearly 300 specific opportunities worth nearly $50 billion in incremental payment volume.

年初至今，我們在 55 個國家/地區進行了健康檢查，發現了近 300 個特定機會，價值近 500 億美元的增量支付額。

Before I close, let me touch briefly on the 2 recently announced acquisitions.

在結束之前，讓我簡要介紹一下最近宣布的兩項收購。

First, out of the open banking platform, Tink.

首先，走出開放銀行平台，Tink。

Visa's proven infrastructure and sustained investment in resilient cybersecurity and fraud prevention, combined with Tink's APIs, their technology and customer relationships is expected to help accelerate the adoption of open banking in Europe by ensuring a secure, reliable platform for innovation, which will help consumers and businesses.

Visa 久經考驗的基礎設施和在彈性網絡安全和欺詐預防方面的持續投資，再加上 Tink 的 API、他們的技術和客戶關係，有望通過確保一個安全、可靠的創新平台來幫助加速歐洲開放銀行的採用，這將幫助消費者和企業。

Second is the acquisition of Currencycloud, a global platform that enables banks and fintechs to provide their customer and business customers innovative foreign exchange solutions for cross-border payments around the world.

其次是收購 Currencycloud，這是一個全球平台，使銀行和金融科技公司能夠為其客戶和企業客戶提供創新的全球跨境支付外匯解決方案。

As part of our network of networks strategy, the combination of Currencycloud's capabilities on the front end of the transaction through their API and our settlement capabilities across VisaNet and other Visa networks, such as Plus, Earthport and Visa B2B Connect will be very compelling value propositions for our partners.

作為我們網絡戰略的一部分，Currencycloud 通過其 API 在交易前端的能力與我們在 VisaNet 和其他 Visa 網絡（如 Plus、Earthport 和 Visa B2B Connect）上的結算能力相結合，將是非常引人注目的價值主張為我們的合作夥伴。

In closing, as we look to finish our fiscal year, I'm very encouraged by the recovery trajectory across the board and pleased with the momentum in many of our key growth areas.

最後，當我們希望完成我們的財政年度時，我對全面復甦軌跡感到非常鼓舞，並對我們許多關鍵增長領域的勢頭感到高興。

Our recently launched new brand campaign describes Visa-as-a-Network working for everyone, and we are increasingly sitting at the center of enabling money movement.

我們最近推出的新品牌活動描述了為每個人服務的 Visa-as-a-Network，我們越來越處於促進資金流動的中心位置。

I'm confident that our strategy combined with -- our network-to-network strategy (sic) [network of networks strategy], combined with our 3 growth levers of consumer payments, new flows and value-added services remains more relevant than ever and positions us well as we look forward to a robust recovery.

我相信我們的戰略與我們的網絡到網絡戰略（原文如此）[網絡戰略]，以及我們的消費者支付、新流量和增值服務的 3 個增長槓桿相結合，仍然比以往任何時候都更加重要並使我們處於有利地位，因為我們期待強勁的複蘇。

With that, let me turn it over to Vasant.

有了這個，讓我把它交給 Vasant。

Vasant?

瓦桑特？

Thank you, Al.

謝謝你，阿爾。

Good afternoon, everyone.

大家下午好。

Fiscal third quarter results exceeded our expectations with net revenues up 27%, driven by robust growth in both credit and debit in the U.S., higher cross-border volumes from a faster-than-anticipated recovery in travel as well as a spike in cryptocurrency purchases and lower client incentives, largely due to deal timing.

第三財季業績超出我們的預期，淨收入增長 27%，這主要得益於美國信貸和借記卡的強勁增長、旅遊業復甦快於預期導致跨境交易量增加以及加密貨幣購買量激增以及較低的客戶激勵，主要是由於交易時機。

Had we recognized service revenues on current quarter payments volume, net revenue growth would have been 39%.

如果我們根據當前季度的支付量確認服務收入，淨收入增長將達到 39%。

The reason for this large difference in growth is a result of the significant quarter-over-quarter change in growth rates of payments volumes both last year and this year.

增長差異如此之大的原因是去年和今年的支付量增長率出現了顯著的季度環比變化。

The third quarter last year experienced the steepest drop in payments volume and third quarter this year has been our strongest growth quarter since the pandemic started.

去年第三季度的支付量下降幅度最大，今年第三季度是自大流行開始以來我們最強勁的增長季度。

When adjusted for the service fee recognition lag, net revenues for Q3 FY '20 are lower and net revenues for Q3 this year are higher.

調整服務費確認滯後後，20 財年第三季度的淨收入較低，而今年第三季度的淨收入較高。

GAAP EPS grew 10%, primarily due to a nonrecurring noncash step-up in deferred tax liabilities as a result of the recently announced increase in U.K. tax rates starting in 2023.

GAAP 每股收益增長 10%，主要是由於最近宣布從 2023 年開始提高英國稅率，導致遞延所得稅負債的非經常性非現金增加。

Non-GAAP EPS rose 41%, helped by lower-than-expected expense growth and a lower tax rate.

非美國通用會計準則每股收益增長 41%，這得益於低於預期的費用增長和較低的稅率。

Exchange rate shifts lifted net revenue growth by 1 point and EPS growth by 2 points.

匯率變動使淨收入增長提高了 1 個百分點，每股收益增長了 2 個百分點。

As we did last quarter, to help you better assess both the magnitude and the trajectory of the recovery, we have also provided key performance metrics relative to fiscal year '19.

正如我們上個季度所做的那樣，為了幫助您更好地評估復甦的幅度和軌跡，我們還提供了與 19 財年相關的關鍵績效指標。

In constant dollars, global payments volume was up 34%, led by continued strength in debit as well as improved credit spending.

以固定美元計算，全球支付量增長了 34%，這主要得益於借方持續強勁以及信貸支出的改善。

Compared to the third quarter of 2019, global payments volume was 21% higher, a 5-point acceleration from the second quarter with debit and credit improving by 5 points and 4 points, respectively.

與 2019 年第三季度相比，全球支付量增長了 21%，比第二季度加快了 5 個百分點，借方和貸方分別提高了 5 個百分點和 4 個百分點。

Excluding China, total payments volume growth was 38% or 25% higher than 2019 and a 5-point acceleration from the second quarter.

不包括中國，總支付量增長比 2019 年高出 38% 或 25%，比第二季度加快 5 個百分點。

Chinese domestic volumes continue to be impacted by dual-branded card conversion, which have minimal revenue impact.

中國國內銷量繼續受到雙品牌卡轉換的影響，這對收入的影響很小。

U.S. payments volume growth was 40% and up 30% over 2019, benefiting from economic impact payments in the first half of the quarter and then from the lifting of COVID-related restrictions across the country.

美國的支付量增長了 40%，比 2019 年增長了 30%，這得益於本季度上半季度的經濟影響支付，以及隨後在全國范圍內解除與 COVID 相關的限制。

Debit growth accelerated 4 points, up 48% from 2019, remaining strong throughout the quarter as the trend towards accelerated cash digitization and e-commerce was sustained even as the economy reopened.

借方增長加速 4 個百分點，比 2019 年增長 48%，在整個季度保持強勁，因為即使經濟重新開放，現金數字化和電子商務的加速趨勢仍在持續。

Credit growth improved 8 points, up 14 points from 2019.

信貸增速提高 8 個百分點，比 2019 年提高 14 個百分點。

The credit improvement was fueled by 2 interrelated factors: a significant acceleration in travel, entertainment and restaurant spending; as well as the resurgence of affluent cardholder spending.

兩個相互關聯的因素推動了信貸改善：旅遊、娛樂和餐飲支出顯著加速；以及富裕的持卡人消費的複蘇。

Card-present spend accelerated by 9 points to 12% about 2019, even as card-not-present volume, excluding travel, improved 4 points to 59% over '19.

大約 2019 年，有卡消費增長了 9 個百分點，達到 12%，儘管不包括旅行的無卡交易量比 19 年增長了 4 個百分點，達到 59%。

Online shopping habits acquired during the pandemic are persisting.

在大流行期間養成的在線購物習慣仍然存在。

As the U.S. reopen, travel and entertainment spending improved steadily through the quarter, both up about 25 points from the second quarter.

隨著美國重新開放，旅遊和娛樂支出在本季度穩步增長，均比第二季度增長約 25 個百分點。

Travel is approaching 2019 levels in July, while entertainment surpassed 2019 levels in May.

旅遊在 7 月接近 2019 年的水平，而娛樂在 5 月超過了 2019 年的水平。

Restaurant spending in the quarter was over 20% above 2019 levels.

本季度的餐廳支出比 2019 年的水平高出 20% 以上。

Growth across all other spend categories remain strong and stable.

所有其他支出類別的增長保持強勁和穩定。

International constant dollar payments volume growth improved 4 points from the second quarter, up 13% over 2019 levels.

國際固定美元支付量增長較第二季度提高 4 個百分點，較 2019 年水平增長 13%。

A few regional highlights.

一些區域亮點。

Growth in our CEMEA region remained strong, up 48% from 2019 levels, consistent with Q2, fueled by cash utilization and client wins.

在現金利用率和客戶贏得的推動下，我們的 CEMEA 地區的增長仍然強勁，比 2019 年的水平增長了 48%，與第二季度一致。

Latin America was also up 48% from 2019, accelerating 8 points from the second quarter with robust performance across the region, fueled by market share gains.

拉丁美洲也比 2019 年增長 48%，比第二季度增長 8 個百分點，在市場份額增長的推動下，整個地區表現強勁。

Brazil volumes are seemingly unaffected by the high level of COVID cases due to significant cash utilization and large increases in e-commerce adoption.

由於大量現金使用和電子商務採用率的大幅增加，巴西的交易量似乎不受高水平的 COVID 病例的影響。

We're also benefiting from our digital partnerships and client wins in Brazil.

我們還受益於我們在巴西的數字合作夥伴關係和客戶勝利。

Europe was up 17% from 2019, improving 9 points from the second quarter, the largest sequential acceleration among our regions.

歐洲比 2019 年增長 17%，比第二季度提高 9 個百分點，是我們地區中最大的環比增長。

Across Europe, restrictions were relaxed and in-store spending recovered while e-commerce spend remained strong.

在整個歐洲，限制有所放鬆，店內支出有所回升，而電子商務支出依然強勁。

Asia Pacific remains our weakest region, up 5% from 2019 and down 3 points from the second quarter, excluding China.

亞太地區仍然是我們最薄弱的地區，比 2019 年增長 5%，比第二季度下降 3 個百分點，不包括中國。

Performance across the region varied based on the level of infections and COVID-related restrictions.

該地區的表現因感染程度和與 COVID 相關的限製而異。

There were intermittent restrictions during the quarter in Australia, Japan and Singapore.

澳大利亞、日本和新加坡在本季度出現間歇性限制。

Much of Southeast Asia was significantly impacted by rising COVID infections and resulting lockdowns.

東南亞大部分地區受到 COVID 感染上升和由此導致的封鎖的嚴重影響。

In India, a sharp slowdown in spending starting in mid-April and through May was followed by a quick rebound with July spending well above 2019 levels.

在印度，從 4 月中旬到 5 月的支出急劇放緩，隨後迅速反彈，7 月的支出遠高於 2019 年的水平。

Global profit transaction growth was 20% over 2019, improving 4 points from the second quarter as transactions increased with volume across every region, except the U.S., where transaction growth still lags payments volume growth due to higher ticket sizes.

與 2019 年相比，全球利潤交易增長 20%，比第二季度提高 4 個百分點，因為每個地區的交易量都隨著交易量的增加而增加，但美國除外，由於門票規模增加，交易增長仍然落後於支付量增長。

Visa Direct transaction growth remained robust in the mid-50s.

Visa Direct 交易增長在 50 年代中期保持強勁。

The cross-border volume recovery continued as more countries open their borders.

隨著越來越多的國家開放邊境，跨境交易量繼續復甦。

Constant dollar cross-border volume, excluding transactions within Europe, was at 82% of 2019 volumes, a 7-point improvement from Q2, led by a steady increase in travel as well as a spike in cross-border cryptocurrency purchases from mid-April through the end of May.

不包括歐洲境內交易的美元跨境交易量為 2019 年交易量的 82%，比第二季度提高 7 個百分點，這主要是由於旅行穩步增長以及從 4 月中旬開始跨境加密貨幣購買量激增到五月底。

Cross-border card-not-present volume, excluding travel, continued to be very strong, up 56% from 2019, improving 12 points from the second quarter, with cryptocurrency purchases representing most of that acceleration.

不包括旅行的跨境無卡交易量繼續非常強勁，比 2019 年增長 56%，比第二季度提高 12 個百分點，其中加密貨幣購買佔了大部分增長。

We have seen more active cards and more spend per card in cryptocurrency purchases.

我們在加密貨幣購買中看到了更多的活躍卡和每張卡的更多支出。

We saw the normal seasonal uptick in cross-border travel spending during March and April.

我們看到 3 月和 4 月期間跨境旅行支出出現正常的季節性增長。

However, cross-border travel in May and June was stronger than the typical seasonal trend as many borders reopened or eased requirements.

然而，由於許多邊境重新開放或放寬要求，5 月和 6 月的跨境旅行強於典型的季節性趨勢。

Cross-border travel-related spend, excluding intra-Europe, was at 45% of 2019 levels, expanding 6 points in the second quarter, rising from 40% in 2019 April to 50% in June.

不包括歐洲內部的跨境旅行相關支出為 2019 年水平的 45%，第二季度擴大了 6 個百分點，從 2019 年 4 月的 40% 上升至 6 月的 50%。

The state of the cross-border travel recovery varies significantly across regions, depending on border openings, quarantines and other requirements as well as infection levels.

根據邊境開放、隔離和其他要求以及感染水平，不同地區的跨境旅行恢復狀況差異很大。

Outbound travel from the U.S. and Latin America was back to around 60% of 2019 levels in the third quarter, but as Europe and CEMEA were about halfway back.

第三季度，來自美國和拉丁美洲的出境旅行恢復到 2019 年水平的 60% 左右，但歐洲和中東、中東和非洲地區大約回落了一半。

Inbound travel has recovered the most into Latin America and CEMEA, with Latin America above 2019 levels due to Mexico, but as the U.S. and Europe are only about 1/3 of 2019 levels.

入境旅遊在拉丁美洲和中東、中東和非洲地區恢復最多，由於墨西哥，拉丁美洲高於 2019 年的水平，但美國和歐洲僅為 2019 年水平的 1/3 左右。

Asia Pacific cross-border travel, both in and out, has recovered the least still at around 1/4 of 2019 levels.

亞太地區的跨境旅行，無論是進出境，都恢復得最少，仍處於 2019 年水平的 1/4 左右。

We have seen immediate impacts when popular travel destinations open their bothers.

當受歡迎的旅遊目的地敞開心扉時，我們已經看到了直接的影響。

Greece opened borders in April and inbound card-present spend rose nearly 30 points by the end of June relative to 2019 levels.

希臘於 4 月開放邊境，與 2019 年的水平相比，到 6 月底，入境卡消費增長了近 30 個百分點。

France opened on June 9, and inbound card-present volume rose nearly 20 points by the end of June relative to 2019.

法國於 6 月 9 日開市，截至 6 月底，入境刷卡量較 2019 年增長近 20 個百分點。

Travel to Mexico has been strong for several quarters, while the third quarter accelerated further helped by travel from the U.S. amidst vaccination progress.

幾個季度以來，前往墨西哥的旅行一直很強勁，而第三季度在疫苗接種進展中來自美國的旅行進一步加速。

Since April, carp-present cross-border spend in Mexico from the U.S. rose nearly 50 points to over 170% of 2019 levels.

自 4 月以來，來自美國的墨西哥鯉魚跨境消費增長了近 50 個百分點，達到 2019 年水平的 170% 以上。

Moving now to a quick review of third quarter financial results.

現在快速回顧第三季度的財務業績。

Service revenues grew 17%, led by 11% growth in the second quarter constant dollar payments volume, helped further by favorable FX exchange rates and mix as well as small pricing modifications.

服務收入增長 17%，主要得益於第二季度固定美元支付量增長 11%，這進一步得益於有利的外匯匯率和組合以及小的定價調整。

Data processing grew 32% due to very strong domestic processed transaction growth, particularly outside the U.S. The 7 percentage point difference between revenue and processed transaction growth reflected the mix shift away from higher-yielding cross-border transactions.

由於國內處理交易增長非常強勁，特別是在美國以外地區，數據處理增長了 32%。收入與處理交易增長之間的 7 個百分點的差異反映了組合從高收益跨境交易的轉變。

In addition, while value-added services recorded in data processing revenues had strong and accelerating growth, this was lower than overall process transaction growth, which benefited from lapping effects.

此外，雖然數據處理收入中記錄的增值服務增長強勁且加速增長，但低於整體流程交易增長，這得益於重疊效應。

International transaction revenues were up 54%, 8 points lower than nominal cross-border volumes, excluding intra-Europe, due to lapping high currency volatility last year and a less favorable regional mix.

國際交易收入增長了 54%，比名義跨境交易量（不包括歐洲內部）低 8 個百分點，原因是去年貨幣波動較大以及區域組合不太有利。

Other revenues grew 31%, led by consulting and data services and helped by lapping COVID impacts last year.

其他收入增長了 31%，這主要得益於諮詢和數據服務，並得益於去年 COVID 的影響。

In total, value-added services revenue grew 28%.

總體而言，增值服務收入增長了 28%。

Of the 14-point acceleration from the second quarter, about 2/3 was due to COVID-related lapping effects.

在第二季度的 14 個點的加速中，約 2/3 是由於與 COVID 相關的重疊效應。

Client incentives were 25.8% of gross revenues, consistent with the second quarter but lower than our expectations due to both numerator and denominator effects.

客戶激勵佔總收入的 25.8%，與第二季度一致，但由於分子和分母效應，低於我們的預期。

A lower-than-expected numerator as some deals were delayed and are now expected for the fourth quarter, also higher incentives from U.S. outperformance were largely offset by lower incentives from underperformance in Asia Pacific.

分子低於預期，因為一些交易被推遲，現在預計將在第四季度進行，而且美國表現出色的激勵措施在很大程度上被亞太地區表現不佳的激勵措施減少所抵消。

A higher-than-expected denominator as we had stronger cross-border volumes and value-added services revenue, both of which don't have significant incentives associated with them.

高於預期的分母，因為我們有更強的跨境交易量和增值服務收入，這兩者都沒有與之相關的重大激勵措施。

Non-GAAP operating expenses grew 12%, below our expectations, mostly due to timing of some initiatives being pushed into Q4, particularly marketing spend and professional fees.

非 GAAP 運營費用增長 12%，低於我們的預期，這主要是由於一些舉措被推到第四季度的時機，特別是營銷支出和專業費用。

Marketing expenses did grow over 50% in the quarter as we lapped reductions in spending at the outset of COVID last year.

本季度營銷費用確實增長了 50% 以上，因為我們在去年 COVID 之初就削減了支出。

G&A expenses decreased year-over-year due to favorable foreign currency fluctuations and lower indirect taxes.

由於有利的外匯波動和較低的間接稅，G&A 費用同比下降。

We recorded gains from our equity investments of $439 million.

我們的股權投資收益為 4.39 億美元。

Visa has minority investments in over 50 strategic partners.

Visa 對 50 多個戰略合作夥伴進行了少數股權投資。

When there is a new financing round or an IPO, per the accounting rules, we mark our investments to market, which can result in gains or losses.

當有新的融資輪或首次公開募股時，根據會計規則，我們將我們的投資標記為市場，這可能會導致收益或損失。

Our investment portfolio has been performing very well.

我們的投資組合一直表現良好。

There were gains across several of our investments.

我們的幾項投資都有收益。

The gain recorded this quarter was largely driven by 1 partner's financing round and another partner's IPO.

本季度錄得的收益主要是由一位合夥人的融資輪次和另一位合夥人的首次公開募股推動的。

Excluding investment gains, non-GAAP nonoperating expense was $114 million in the fiscal third quarter.

不計投資收益，第三財季非公認會計原則的營業外支出為 1.14 億美元。

Our GAAP tax rate was 41.3% due to a $1 billion nonrecurring noncash tax charge pertaining to the remeasurement of deferred tax liabilities and the taxes related to investment gains.

我們的 GAAP 稅率為 41.3%，原因是與重新計量遞延所得稅負債和與投資收益相關的稅收有關的 10 億美元非經常性非現金稅費。

The non-GAAP tax rate was lower than expected at 17.9% due to the recognition of a tax benefit.

由於承認稅收優惠，非公認會計原則稅率低於預期，為 17.9%。

GAAP EPS was $1.18, non-GAAP EPS was $1.49, up 41% over last year.

GAAP EPS 為 1.18 美元，非 GAAP 每股收益為 1.49 美元，比去年增長 41%。

We bought 9.5 million shares of Class A common stock at an average price of $227.83 for $2.2 billion this quarter.

本季度我們以 227.83 美元的平均價格購買了 950 萬股 A 類普通股，價格為 22 億美元。

Including our quarterly dividend of $0.32 per share, we returned approximately $2.9 billion of capital to shareholders in the quarter.

包括我們每股 0.32 美元的季度股息，我們在本季度向股東返還了大約 29 億美元的資本。

Moving on to our outlook for the fourth quarter.

繼續我們對第四季度的展望。

I'll start with business trends through July 21.

我將從 7 月 21 日之前的業務趨勢開始。

U.S. payments volume growth was 31% above 2019, consistent with the third quarter, with debit up 46% and credit up 17% versus 2019.

美國支付量比 2019 年增長 31%，與第三季度一致，與 2019 年相比，借方增長 46%，貸方增長 17%。

As we've said before, weekly numbers can have noise in them.

正如我們之前所說，每週的數字可能會產生噪音。

For example, in the third week of July 2019, a major online retailer had their annual sales event, which impacted performance indexed to 2019, particularly e-commerce spending using credit.

例如，在 2019 年 7 月的第三週，一家大型在線零售商舉辦了年度銷售活動，這影響了 2019 年的業績，尤其是使用信貸的電子商務支出。

International payments volume trends versus 2019 are moderately about a third quarter, but in line with June.

與 2019 年相比，國際支付量趨勢在第三季度左右適度，但與 6 月持平。

Notable exceptions include improvements in India, Canada and Brazil, with modest slowdown in Australia and Japan.

值得注意的例外情況包括印度、加拿大和巴西的改善，澳大利亞和日本的放緩幅度不大。

Process transaction growth continued to improve, up 23% versus 2019.

流程交易增長持續改善，較 2019 年增長 23%。

Cross-border volume, excluding transactions within Europe on a constant dollar basis were 81% of 2019, which is 1 point below the third quarter in June.

跨境交易量（不包括按固定美元計算的歐洲內部交易）為 2019 年的 81%，比 6 月第三季度低 1 個百分點。

Travel-related spending versus 2019 improved 3 points compared to June, offset by lower e-commerce growth, mostly due to cryptocurrency purchases falling back to pre-April levels.

與 2019 年相比，與 6 月相比，與旅行相關的支出增加了 3 個百分點，但被電子商務增長放緩所抵消，這主要是由於加密貨幣購買量回落至 4 月前的水平。

The recent announcement by the U.K. and Canada regarding border openings in August should be helpful in the fourth quarter, while Asia Pacific remained largely closed to travelers.

英國和加拿大最近宣布的 8 月份邊境開放應該會對第四季度有所幫助，而亞太地區仍然基本上不對旅客開放。

Assuming July trends continue, fourth quarter net revenue growth is expected to be in line with the third quarter.

假設 7 月份的趨勢繼續下去，預計第四季度淨收入增長將與第三季度持平。

We expect the benefit from the service fee recognition lag and the cross-border travel recovery to be partially offset by cryptocurrency purchases falling back to pre-April levels as well as smaller year-over-year lapping benefits in transaction processing and value-added services revenues.

我們預計，服務費確認滯後和跨境旅行複蘇帶來的好處將被加密貨幣購買量回落至 4 月前的水平以及交易處理和增值服務的同比收益減少所部分抵消收入。

We expect client incentives as a percent of gross revenue to increase 0.5 point to 1 point versus the third quarter due to delays from the third quarter and the typical increase we see in Q4 due to the end of fiscal year-end deal closing -- end of fiscal year deal closings.

我們預計客戶激勵佔總收入的百分比將比第三季度增加 0.5 個百分點至 1 個百分點，原因是第三季度的延遲以及我們在第四季度看到的典型增長是由於財政年末交易結束 - 結束財政年度交易完成。

The third quarter was the first quarter of growth, relative to fiscal year '19, we have had since the pandemic started.

相對於 '19 財年，第三季度是第一季度的增長，自大流行開始以來我們一直在增長。

Based on current trends, we expect fourth quarter net revenue growth relative to fiscal year '19 to be in the same range as the third quarter.

根據當前趨勢，我們預計第四季度相對於 19 財年的淨收入增長將與第三季度處於同一範圍內。

Q4 operating expenses are expected to grow in the mid-teens inclusive of some expenses planned for the third quarter, which were pushed into Q4.

預計第四季度的運營費用將在十幾歲左右增長，其中包括計劃在第三季度進行的一些費用，這些費用被推到了第四季度。

Nonoperating expense is expected to be around $125 million.

營業外支出預計約為 1.25 億美元。

Our tax rate expectations are in the 19% to 19.5% range.

我們的稅率預期在 19% 到 19.5% 之間。

In summary, we had a stronger-than-expected third quarter as economies and borders reopen.

總之，隨著經濟和邊境的重新開放，我們的第三季度業績好於預期。

Even as card present spend recovered, e-commerce spend stayed strong.

即使在持卡消費有所回升，電子商務消費依然強勁。

Debit spending sustained high growth rates as cash digitization remains robust.

由於現金數字化依然強勁，借記卡支出保持高增長。

The cross-border travel recovery is gaining momentum.

跨境旅遊復甦勢頭強勁。

Our new flows and value-added services businesses continue to grow at high rates as they have all through the pandemic.

我們的新流量和增值服務業務在整個大流行期間繼續高速增長。

We are stepping up investments in key growth initiatives as we look ahead to several quarters of recovery and prepare to capture the exciting opportunities available to us in the post-COVID era.

我們正在加緊對關鍵增長計劃的投資，因為我們展望了幾個季度的複蘇，並準備在後 COVID 時代抓住我們可用的激動人心的機會。

With that, I'll hand it over to Mike for questions and answers.

有了這個，我會把它交給邁克來回答問題。

We're now ready to take questions, Michelle.

我們現在可以回答問題了，米歇爾。

(Operator Instructions) Our first question comes from Tien-Tsin Huang from JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Tien-Tsin Huang。

A lot I could ask, but let me ask on debit versus credit dynamics.

我可以問很多，但讓我問一下借方與貸方的動態。

I'm really focused on the U.S. here.

我在這裡真的很關注美國。

I'm just curious, Al, some of your views on relative growth between debit and credit changed based on what you've observed so far in the recovery and with all these fintech things, investing in card growth and card engagement, I think you mentioned current and some others.

我只是好奇，Al，您對借記卡和信用卡之間的相對增長的一些看法根據您迄今為止在復蘇中所觀察到的情況以及所有這些金融科技事物、投資於卡增長和卡參與度而發生了變化，我認為您提到電流和其他一些。

So just curious what your thinking is there on structural growth between [zip].

所以只是好奇你對 [zip] 之間的結構性增長有何看法。

I think what we're seeing now is, as you've seen in the numbers, debit has had indexing close to 150 pre-COVID level.

我認為我們現在看到的是，正如您在數字中看到的那樣，借記卡的索引已接近 COVID 之前的 150 水平。

That reflects really a huge step-up in the digitization of cash.

這確實反映了現金數字化的巨大進步。

It's evident all over the world.

這在全世界都很明顯。

You see that in CEMEA numbers, you see it on Latin America numbers.

您可以在 CEMEA 數字中看到這一點，您可以在拉丁美洲數字中看到它。

So debit is the engine of cash digitization.

所以藉方是現金數字化的引擎。

So structurally, debit is benefiting from cash digitization picking up as well as the move to e-commerce.

因此，從結構上講，借方正受益於現金數字化的加速以及向電子商務的轉移。

What you are seeing though is that credit is accelerating quite fast.

不過，您所看到的是信貸正在迅速加速。

And if you look at the numbers, the biggest quarter-over-quarter recovery has been quite significant in credit.

如果你看一下這些數字，最大的季度環比復甦在信貸方面是相當顯著的。

Structurally, I think what we're seeing is the affluent customer come back to spending because the economies have reopened and the plastic sectors that would benefit from reopening like restaurants, travel and entertainment, are also picking up.

從結構上講，我認為我們看到的是富裕的客戶重新開始消費，因為經濟已經重新開放，並且將從重新開放中受益的塑料行業（如餐館、旅遊和娛樂）也在回升。

There's so many things going on here that are, let's call it, recovery related or fundamental changes like cash digitization and e-commerce that it's too early to tell whether there is a significant structural change between the use of debit and credit.

這裡發生了很多事情，我們稱之為與復蘇相關的或根本性的變化，如現金數字化和電子商務，因此現在判斷借記卡和信用卡的使用之間是否存在顯著的結構變化還為時過早。

I think credit has got quite a few quarters to go of recovery, and the trend remains quite robust even as we look at July.

我認為信貸還有好幾個季度才能複蘇，即使我們看 7 月份，這種趨勢仍然相當強勁。

The only thing I would add, Tien-Tsin, is that we saw a major separation through the pandemic -- the part of the pandemic between credit and debit growth.

Tien-Tsin，我唯一要補充的是，我們在大流行中看到了重大分離——大流行中信貸和借方增長之間的部分。

And this quarter, the separation between them in the business was more like 6 points where we've seen quarters closer to 30 points.

而本季度，他們在業務中的差距更像是 6 個百分點，而我們看到的季度接近 30 個百分點。

So that's further indication of credit starting to rebound for the reasons that Vasant articulated.

因此，由於 Vasant 所闡述的原因，這進一步表明信貸開始反彈。

Our next question comes from Harshita Rawat from Bernstein.

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

Al, Vasant, can you talk about open banking and what it means for Visa in light of the accelerated activity there and also your recent acquisition of Tink?

艾爾，瓦桑特，你能談談開放銀行業務嗎？鑑於那裡的活動加速以及你最近收購了 Tink，這對 Visa 意味著什麼？

In what way Visa can participate in this global move towards open banking?

Visa 可以通過何種方式參與這一全球開放銀行業務？

And also, can you talk about the potential to take Tink's capabilities beyond Europe into other geos?

此外，您能否談談將 Tink 的能力從歐洲帶到其他地區的潛力？

Well, I'll start and Vasant can jump in.

好吧，我先開始，Vasant 可以加入。

The epicenter of open banking is Europe, which is what attracted us to Tink.

開放銀行的中心是歐洲，這也是 Tink 吸引我們的地方。

It is an open banking platform that has a footprint in 18 markets that allows, through a single API, customers, which are primarily developers, to access financial data.

它是一個開放的銀行平台，在 18 個市場擁有足跡，允許通過單一 API 的客戶（主要是開發人員）訪問金融數據。

And take that connectivity to about 3,400 banks and FIs and about 10,000 developers in Europe.

並將這種連接連接到歐洲約 3,400 家銀行和金融機構以及約 10,000 名開發商。

And it's one of 400 players.

它是 400 名玩家之一。

I mean, versus other markets, there's an awful lot of players in the open banking space in Europe because of the fact that it is in ground -- it is ground zero.

我的意思是，與其他市場相比，歐洲的開放銀行領域有很多參與者，因為它處於地面 - 它是零地面。

And we do think that the combination of our various capabilities and relationships, combined with Tink's technology and relationships, that's going to ideally accelerate the adoption of open banking in Europe.

我們確實認為，我們各種能力和關係的結合，再加上 Tink 的技術和關係，將理想地加速歐洲開放銀行業務的採用。

It's early days, but there is going to be an increased adoption of open banking, and we see making progress in Europe first, even beyond the 18 markets that take us in.

現在還為時尚早，但開放銀行業務的採用將會越來越多，我們首先看到歐洲取得了進展，甚至超出了我們進入的 18 個市場。

And there's no reason why we can't take the business to other parts of the world, particularly in Asia and CEMEA.

我們沒有理由不能將業務帶到世界其他地區，尤其是亞洲和 CEMEA。

Ramsey El-Assal from Barclays.

來自巴克萊的 Ramsey El-Assal。

Could you update us on B2B Connect and talk a little bit how your go-to-market strategy here is evolving?

您能否向我們介紹 B2B Connect 的最新情況，並談談您的市場營銷策略是如何演變的？

How is it ramping?

它是如何傾斜的？

And just give us a general update on what's happening with B2B Connect.

只需向我們提供有關 B2B Connect 正在發生的事情的一般更新。

Well, I think as we've talked in the past, the most important thing with B2B Connect is to continue to grow out the infrastructure.

好吧，我認為正如我們過去所說，B2B Connect 最重要的事情是繼續發展基礎設施。

And that requires both signing key partners.

這需要雙方簽署關鍵合作夥伴。

We had announced last quarter, I guess, the signing of Goldman Sachs transaction banking as a user of B2B Connect.

我猜我們上個季度已經宣布簽署高盛交易銀行業務作為 B2B Connect 的用戶。

And we're using bank integrators like ACI and Fiserv and Bottomline to help us as well in terms of driving more players in B2B Connect.

我們正在使用 ACI 和 Fiserv 和 Bottomline 等銀行集成商來幫助我們推動 B2B Connect 中的更多參與者。

At this point, that's our emphasis.

在這一點上，這是我們的重點。

Our emphasis is building out this -- the robustness of this network.

我們的重點是建立這個——這個網絡的穩健性。

So it has more endpoints and more clients.

所以它有更多的端點和更多的客戶端。

Again, we see this as a $10 billion opportunity, and we think that B2B Connect is -- has the capability to be a much better than Swift kind of alternative for driving payments without having to build -- cross-border payments without having to build out a corresponding banking network.

同樣，我們認為這是一個 100 億美元的機會，我們認為 B2B Connect 有能力比 Swift 更好的替代方案來推動支付，而無需構建 - 跨境支付無需構建出相應的銀行網絡。

So we've continued to sign players, and they've continued to do their infrastructure connections to us.

所以我們繼續簽下球員，他們繼續與我們建立基礎設施連接。

And we've started to drive transactions.

我們已經開始推動交易。

But at this point, when I have an update on B2B Connect, I'm much more interested in how we're doing in driving the robustness of the network versus being at a point where we're counting progress on the number of transactions that we're actually seeing flow over the network.

但在這一點上，當我對 B2B Connect 進行更新時，我更感興趣的是我們在推動網絡穩健性方面的表現，而不是我們正在計算交易數量的進展我們實際上看到了網絡上的流量。

Yes.

是的。

One other thing I might add to that is you may have seen the announcement of payout -- so Visa payout service.

我可能要補充的另一件事是，您可能已經看到了付款公告——因此是 Visa 付款服務。

Essentially, we're integrating both Visa Direct and B2B Connect to offer a single point for our customers to come to us for all kinds of cross-border payments, either business customers, B2B customers, whether they are low ticket, high volume, which we can handle through the Visa Direct capability and Earthport, or if they're high-value, low-volume transactions, which we can handle through B2B Connect.

從本質上講，我們正在整合 Visa Direct 和 B2B Connect，以便為我們的客戶提供一個單一的點來向我們提供各種跨境支付，無論是商業客戶、B2B 客戶，無論是低票價、高流量、我們可以通過 Visa Direct 功能和 Earthport 處理，或者如果它們是高價值、小批量的交易，我們可以通過 B2B Connect 處理。

So essentially, from a client standpoint, they don't -- they just interface with us.

所以本質上，從客戶的角度來看，他們沒有——他們只是與我們互動。

And whatever their needs are, we can meet in any form, whether it's through account or card or to any part of the world.

無論他們的需求是什麼，我們都可以以任何形式滿足，無論是通過賬戶或卡，還是到世界任何地方。

So it's important to note that it also sort of integrates well with our other capabilities to provide a single point of contact.

因此，重要的是要注意它還可以與我們的其他功能很好地集成以提供單點聯繫。

Our next question comes from Lisa Ellis with MoffettNathanson.

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

Wanted to dig in a little on value-added services and new flows, given the call out that value-added services grew 28%, I think you said in the quarter.

考慮到增值服務增長了 28%，我想你在本季度說過，我想深入研究增值服務和新流量。

Was peaking back at Investor Day, February 2020, which is, of course, a lifetime ago now.

在 2020 年 2 月的投資者日達到頂峰，當然，這已經是一生前的事了。

But at the time, you had kind of put this framework out that new flows and value-added services were around 23% of revenues growing in the high teens, and that was sort of the momentum expected going forward.

但當時，你已經把這個框架說成是新的流量和增值服務約佔青少年收入增長的 23%，這就是預期的發展勢頭。

Can you just kind of broadly talk about now 18 months later through the pandemic how your outlook for new flows and value-added services has evolved?

您能否在 18 個月後通過大流行廣泛談論您對新流量和增值服務的前景如何演變？

Do you now expect it to be faster and bigger, given both the secular shifts during the pandemic as well as some of the acquisitions you've made, maybe what's just changed in that outlook?

考慮到大流行期間的長期變化以及您進行的一些收購，您現在是否預計它會更快更大，也許這種前景剛剛發生了變化？

Well, Lisa, we remain extremely robust and are excited about the opportunities in value-added services and new flows.

好吧，麗莎，我們仍然非常穩健，並對增值服務和新流程的機會感到興奮。

Obviously, in some of our value-added services, we actually saw declines during the pandemic.

顯然，在我們的一些增值服務中，我們實際上在大流行期間看到了下降。

Certainly, people were buying less travel benefits from us.

當然，人們從我們這裡購買的旅行福利減少了。

There were less transactions in certain cases against which we could sell value-added services.

在某些情況下，我們可以出售增值服務的交易較少。

But as I said, we started to see transactions really roar back this quarter.

但正如我所說，我們開始看到本季度交易量真正回升。

For the first time ever, we averaged over 600 million transactions a quarter -- in the quarter -- and for every day in the quarter, I should say.

有史以來第一次，我們平均每個季度 - 在本季度 - 以及本季度的每一天，平均交易量超過 6 億，我應該說。

And that was up 160 from -- by more than 160 million transactions a day a year ago during the pandemic.

這比一年前大流行期間的一天交易量增加了 160 多倍。

So I think that as we start to get into what I believe is going to be a robust recovery and a continued growth in transactions, we're going to continue to see our platform type services, CyberSource, our issuer processing, our risk and identity services, which represent about 2/3 of our value-added services grow very nicely.

所以我認為，隨著我們開始進入我認為的強勁復甦和交易的持續增長，我們將繼續看到我們的平台類型服務、CyberSource、我們的發行人處理、我們的風險和身份服務，約占我們增值服務的 2/3，增長非常好。

I think we've continued to start to see recoveries on the other side in things like our consulting.

我認為我們在諮詢等方面繼續開始看到另一邊的複蘇。

And I think as travel comes back, our card benefits and travel-related card benefits will increase.

而且我認為隨著旅行的回歸，我們的卡福利和與旅行相關的卡福利將會增加。

So I think that while we went -- during the height of the pandemic, we got off our trajectory of where we wanted to be in 5 years, I feel like we're going to get right back on that trajectory and maybe even do better than we might have thought we would do.

所以我認為，當我們去的時候——在大流行最嚴重的時候，我們脫離了我們希望在 5 年後達到的軌跡，我覺得我們將回到那個軌跡，甚至可能做得更好比我們想像的要好。

In terms of new flows, I'd say a couple of things.

就新流程而言，我想說幾件事。

One is, obviously, Visa Direct continues to do very well.

一是，很明顯，Visa Direct 繼續做得很好。

I cited that it was almost 0.5 billion more transactions in the quarter than the prior year.

我指出，該季度的交易量比去年同期增加了近 5 億筆。

And I think in Vasant's remarks, he talked about mid-50s percent growth levels continuing.

我認為在 Vasant 的講話中，他談到了 50% 中期的增長水平仍在繼續。

And we've seen this for numbers of quarters now.

我們已經看到了好幾個季度。

And in the B2B space, we're starting to see some recovery.

在 B2B 領域，我們開始看到一些復甦。

The B2B space looks like the consumer credit space.

B2B 空間看起來像消費信貸空間。

So it's -- the commercial volumes kind of echoing or following that, mirroring that, although small business is obviously recovering quicker than large market.

所以它是 - 商業量有點呼應或跟隨，反映了這一點，儘管小企業顯然比大市場恢復得更快。

But as I think -- as people start to come back to work, as business travel starts to return, I feel good that the commercial volume will continue to come back as well.

但我認為——隨著人們開始重返工作崗位，隨著商務旅行開始回歸，我對商業量也將繼續回升感到高興。

So again, I would say that in the new flows area, while we, again, went off trajectory from what we would have said at Investor Day, the reality is I think we'll get right back on now as we're seeing a really -- a very good beginning to what I think will be a robust recovery.

因此，我要再說一次，在新的流動領域，雖然我們再次偏離了我們在投資者日所說的軌跡，但現實是我認為我們現在會重新開始，因為我們看到了真的 - 我認為將是強勁復甦的一個非常好的開始。

Our next question comes from Sanjay Sakhrani from KBW.

我們的下一個問題來自 KBW 的 Sanjay Sakhrani。

I guess my question is if you parse through the granular spending trends, I'm curious how much of the spend outperformance you're seeing is related to pent-up demand versus stimulus benefits.

我想我的問題是，如果您分析細化的支出趨勢，我很好奇您所看到的支出表現有多少與被壓抑的需求與刺激收益有關。

I'm just trying to think through how to run rate the outperformance.

我只是想通過如何評價跑贏表現。

And then specific to the fourth quarter expectations, maybe you could just speak, Vasant, to the -- your expectations relative to the third quarter, particularly on cross-border.

然後具體到第四季度的預期，也許你可以談談，Vasant，你對第三季度的預期，特別是在跨境方面。

Sure.

當然。

So as it relates to your -- the second part of your question, if you look at the trends in the first 3 weeks of July -- and I want to emphasize, as we've said before, that 3 weeks don't make a trend and you shouldn't read too much into it.

所以它與你的問題的第二部分有關，如果你看看 7 月前 3 週的趨勢，我想強調，正如我們之前所說，3 週不會一種趨勢，你不應該過多地閱讀它。

I told you that the third week of July in the U.S. was impacted by what happened in the third week of July in 2019 because that's sort of -- we often look at it as a clean year.

我告訴過你，美國 7 月的第三週受到了 2019 年 7 月第三週發生的事情的影響，因為那是——我們經常將其視為乾淨的一年。

But when you look at week-by-week numbers, there's always going to be unusual things about what happened in the same week in 2019 or what day of the week was when or what holidays impact were and so on.

但是，當您查看每週的數字時，總會有一些不尋常的事情發生在 2019 年同一周發生的事情，或者一周中的哪一天是什麼時候，或者假期的影響是什麼等等。

So setting that aside, what you saw in the first 3 weeks of July was quite a bit of stability on the cross-border side.

因此，撇開這些不談，您在 7 月的前 3 週看到的情況是跨境方面相當穩定。

And we think that's sort of the trend for the fourth quarter.

我們認為這是第四季度的趨勢。

We see some of the cryptocurrency cross-border purchases have fallen back to pre-April levels.

我們看到一些加密貨幣跨境購買已經回落到 4 月前的水平。

We had a spike in April and May, as we mentioned.

正如我們所提到的，我們在 4 月和 5 月出現了高峰。

So that will -- has pulled back in July, as you can see.

如您所見，這將在 7 月回落。

That was replaced by travel continuing to recover.

取而代之的是旅行繼續恢復。

And so that gave you a certain amount of stability.

所以這給了你一定程度的穩定性。

The big question mark is what kind of a summer travel improvement will we get in cross-border travel given that while borders have opened and substantially more borders are open than there were before, it's still not normal in that all borders are not open, and especially borders in Asia are not open.

最大的問號是，考慮到雖然邊境已經開放並且比以前開放的邊境要多得多，但我們在跨境旅行中會得到什麼樣的夏季旅行改善，這仍然是不正常的，因為所有邊境都沒有開放，並且尤其是亞洲的邊界不開放。

So I think our best sort of view of the fourth quarter as it relates to cross-border travel and cross-border in general is that cross-border in general, stays relatively stable with the third quarter with travel recovering and cryptocurrency purchases falling back a bit.

因此，我認為我們對第四季度與跨境旅行和一般跨境旅行相關的最佳看法是，跨境旅行總體上保持相對穩定，第三季度旅行複蘇，加密貨幣購買量回落少量。

And so on balance, we're at neutral.

等等，我們處於中立狀態。

In terms of the domestic businesses around the world, we provided you some color in the comments.

對於全球國內業務，我們在評論中為您提供了一些顏色。

Everything we're seeing so far, if you adjust for unique things that's happened in 2019 is a trend that either stable or slightly better in the U.S. and around the world, either stable or slightly better with no evidence right now anywhere of delta impact in the spending.

到目前為止，我們所看到的一切，如果您針對 2019 年發生的獨特事情進行調整，那麼美國和世界各地的趨勢要么穩定，要么略好，要么穩定，要么略好，目前沒有任何證據表明三角洲影響支出。

And an important correlation there is mobility.

一個重要的關聯是流動性。

Mobility is highly correlated with spending, we find.

我們發現，流動性與支出高度相關。

And mobility indexes in general, are either stable or climbing still even as infections are climbing in many parts of the world.

總體而言，流動性指數要么穩定，要么仍在攀升，儘管世界許多地方的感染人數正在攀升。

And even where infections have gone up a lot, mobility doesn't seem to be impacted yet.

即使在感染人數大幅增加的地方，流動性似乎也沒有受到影響。

No evidence of it, nor are we seeing any impact on spending.

沒有證據表明這一點，我們也沒有看到對支出的任何影響。

Sanjay, the only thing I would add is that, yes, and where there's been stimulus that has certainly impacted some spending, but it tends to drive spending for a couple of weeks and then wane over the third to fifth week.

桑傑，我唯一要補充的是，是的，刺激措施肯定會影響一些支出，但它往往會在幾週內推動支出，然後在第三到第五週減弱。

I might use a different phrase than pent-up demand.

我可能會使用與被壓抑的需求不同的短語。

I think it's a little bit of a return to normal.

我認為這有點恢復正常。

And I'd also bring back the -- we're starting -- gyms are open, people are going to sporting events.

而且我還會帶回 - 我們正在開始 - 健身房開放，人們將參加體育賽事。

And then I'd come back to something Vasant cited in response to one of the earlier questions, which is the affluent customers jumped back into the marketplace.

然後我會回到 Vasant 在回答之前的一個問題時引用的東西，那就是富裕的客戶跳回市場。

These are the people that drive up white table cloth restaurant spending, these are the people who make discretionary purchases, these are the people who are heading to Mexico and other places as borders open up.

這些人推動了白桌布餐廳的消費，這些人進行了隨意購買，這些人隨著邊境的開放而前往墨西哥和其他地方。

And so I think, again, I'd echo what Vasant said that mobility can continue to improve.

所以我想，我再次贊同 Vasant 所說的流動性可以繼續改善的話。

I think we just get closer and closer to returning to a more normal and therefore, feel like that there's going to be a good run here of a good recovery for the business.

我認為我們越來越接近恢復正常狀態，因此，感覺這裡的業務將會有良好的複蘇。

Our next question comes from Mr. Darrin Peller with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Darrin Peller 先生。

When we look at cross-border at 85% of 2019, travel still 50% to 60% in '19 levels, clearly, there's considerable room to the upside when that travel resumes, especially looking at how e-coms held up.

當我們觀察 2019 年 85% 的跨境旅行時，在 19 年的水平上，旅行仍然是 50% 到 60%，顯然，當旅行恢復時，還有相當大的上行空間，尤其是考慮到電子商務的表現。

Can we just revisit the incremental net revenue opportunity from that?

我們可以重新審視增加的淨收入機會嗎？

I know there's a lower correlation of rebates incentives from cross-border and it's a higher-margin business.

我知道跨境回扣激勵的相關性較低，這是一項利潤率較高的業務。

So maybe if you could just reconfirm that.

所以也許你可以重新確認一下。

And then would you let much of that pass-through for shareholders just given that we've missed out on 1.5 years of cross-border to the same magnitude we should have had?

那麼，考慮到我們已經錯過了 1.5 年的跨境交易到我們應該擁有的同等規模，您是否會讓大部分股東轉嫁給股東？

Well, if you do simple math and say that the cross-border business would have continued to grow at roughly 10% a year as it was growing pre-pandemic and we're indexing right now, as you said, around 82% of '19, I mean you can do the math yourself, right?

好吧，如果你做簡單的數學計算，並說跨境業務將繼續以每年大約 10% 的速度增長，因為它在大流行前正在增長，而我們現在正在編制索引，正如你所說，大約 82% 的' 19，我的意思是你可以自己做數學，對吧？

We would have been indexing closer to 120 or 121, I suppose, if you assume 10%.

我想，如果你假設 10%，我們的索引會接近 120 或 121。

And that delta between 82 and 121 gives you a sense.

82 到 121 之間的 delta 給你一種感覺。

If you apply that to our international revenues line, it gives you a sense of it.

如果您將其應用於我們的國際收入線，它會給您一種感覺。

Now we do have some additional cross-border revenues in the data processing line because that is -- there's data processing revenue associated with cross-border too.

現在，我們在數據處理線中確實有一些額外的跨境收入，因為那就是 - 也有與跨境相關的數據處理收入。

So if you do the math, I mean, you can see that it's a sizable amount of revenue.

因此，如果您進行數學計算，我的意思是，您可以看到這是一筆可觀的收入。

Yes, you're right, incentives are not generally tied to cross border.

是的，你是對的，激勵措施通常與跨境無關。

There are in some parts of the world, particularly Asia, where for travel-related portfolios, we may have some incentives tied to cross-border in those portfolios.

在世界某些地區，特別是亞洲，對於與旅行相關的投資組合，我們可能會在這些投資組合中設置一些與跨境相關的激勵措施。

So a fair chunk of it would flow through to the net revenue line.

因此，其中相當一部分將流入淨收入線。

And that's one of the reasons, in fact, why our incentives as a percent of gross revenues have climbed.

事實上，這就是為什麼我們的激勵措施佔總收入的百分比上升的原因之一。

It's because of this mix shift.

這是因為這種混合轉變。

As far as how that -- how much of that flows through to the bottom line, our approach has been we need to invest as much as we need to invest to grow the business.

至於如何 - 其中有多少流入底線，我們的方法是，我們需要盡可能多地投資以發展業務。

There are significant opportunities available.

有很多可用的機會。

We've already told you that our expenses will grow in the mid-teens in the fourth quarter.

我們已經告訴過您，我們的費用將在第四季度的十幾歲左右增長。

If cross-border recovers faster, that won't necessarily change our investment plans.

如果跨境復甦更快，那不一定會改變我們的投資計劃。

And we've never managed for margins.

而且我們從來沒有管理過利潤。

Margins are an outcome.

利潤是一個結果。

Our goal is to drive as much volume and revenue growth as we can and to invest what we need to, to drive that growth.

我們的目標是盡可能多地推動銷量和收入增長，並投資我們需要的東西，以推動這種增長。

Our next question comes from Bob Napoli from William Blair.

我們的下一個問題來自 William Blair 的 Bob Napoli。

Question, just following up on the Currencycloud acquisition and the growth of cross-border -- Visa's view on the growth of cross-border maybe ex physical travel.

問題，只是跟進 Currencycloud 的收購和跨境的增長——Visa 對跨境增長的看法可能不包括實體旅行。

With all the different marketplaces out in the world, it seems like there's been an acceleration potentially.

隨著世界上所有不同的市場，似乎存在潛在的加速。

So just any thoughts on the growth of cross-border long-term ex travel and the -- how Visa, in particular, is looking to get more deeply, I guess, engaged.

因此，對於跨境長期前旅行的增長以及 - 特別是 Visa 正在尋求更深入地參與的任何想法，我猜。

Well, I'll start then Vasant can pick up, Bob.

好吧，我會開始，然後 Vasant 可以接聽，鮑勃。

Look, the reality is the world is shrinking from the perspectives of how easy it is for people to buy from sellers in different countries and different regions around the world.

看，現實情況是，從人們從世界各地不同國家和不同地區的賣家那裡購買商品的難易程度來看，世界正在縮小。

And we've seen a dramatic increase, millions and millions of people shopping online during the pandemic, who never shopped online before.

而且我們已經看到了急劇增加，在大流行期間，數以百萬計的人在網上購物，他們以前從未在網上購物。

So our expectation is that you're going to continue to see very, very good growth in cross-border e-commerce going forward.

因此，我們的期望是，您將繼續看到跨境電子商務的非常非常好的增長。

I think that the whole e-commerce trend, both domestically and in terms of cross-border is something you're not going to be able to nor want to kind of go back to the way it was before.

我認為整個電子商務趨勢，無論是在國內還是在跨境方面，你都不能也不想回到以前的樣子。

I think that this is a fundamental change in how people shop, and it's going to continue to drive cash digitization that we've been talking about.

我認為這是人們購物方式的根本變化，它將繼續推動我們一直在談論的現金數字化。

Currencycloud, the acquisition we announced, I don't know, 1 week or 2 ago, I think builds on and extends our existing capabilities to provide better FX services and easier connectivity to fintechs, financial institutions and other partners, and they have a really cool set of APIs.

Currencycloud，我們在 1 週或 2 週前宣布的收購，我認為建立在並擴展了我們現有的能力，以提供更好的外匯服務和更輕鬆地與金融科技、金融機構和其他合作夥伴的連接，他們有一個真正的一組很酷的 API。

And we think the combination of Currencycloud's capabilities on the front end of a transaction via those APIs and our settlement capabilities across VisaNet and our other networks, B2B Connect, Earthport, Plus, et cetera, is going to create a very powerful combination.

我們認為，Currencycloud 通過這些 API 在交易前端的能力與我們在 VisaNet 和我們的其他網絡（B2B Connect、Earthport、Plus 等）上的結算能力相結合，將創建一個非常強大的組合。

So ultimately, our intention is to provide global reach here with simplicity and flexibility at competitive pricing.

因此，最終，我們的目的是以具有競爭力的價格提供簡單和靈活的全球影響力。

And we want to leverage our settlement scale and make sure that we're also leveraging our sophistication in managing risk.

我們希望利用我們的結算規模，並確保我們也在利用我們在管理風險方面的經驗。

So we like the asset in Currencycloud.

所以我們喜歡 Currencycloud 中的資產。

We like this to be a combination of Visa's capabilities and Currencycloud's capabilities.

我們希望這是 Visa 的功能和 Currencycloud 的功能的結合。

And we like the fact that from a dynamics perspective, we see cross-border travel continuing to come back over time.

我們喜歡這樣一個事實，從動態的角度來看，我們看到跨境旅行隨著時間的推移繼續回歸。

And we see the e-commerce cross-border continuing to be robust as we look forward.

正如我們所期待的那樣，我們看到電子商務跨境繼續保持強勁勢頭。

Yes.

是的。

And going back to your question about moving past sort of our traditional business of enabling payments to merchants cross-border.

回到您的問題，即超越我們為跨境商家支付的傳統業務。

You've heard us talk about the extraordinary progress we're making in remittances.

您聽說過我們在匯款方面取得的非凡進展。

For example, we signed up all the major remittance providers and we can provide a very flexible, very attractive proposition for their consumers at a very attractive cost.

例如，我們簽約了所有主要的匯款提供商，我們可以以極具吸引力的成本為他們的消費者提供非常靈活、非常有吸引力的提議。

And remittances is almost as big in volume as foreign direct investment, and it's not an area that we served before.

匯款的數量幾乎與外國直接投資一樣大，這不是我們以前服務過的領域。

Beyond that, you heard earlier about Visa payment service -- payout service, which is very valuable to pay the economy players around the world as well as it has a big role to play in marketplace payouts and so on.

除此之外，您之前還聽說過 Visa 支付服務——支付服務，它對支付全球經濟參與者非常有價值，並且在市場支付等方面發揮著重要作用。

The third one I would highlight is the partnerships we've signed with a whole range of cryptocurrency wallets, that enable the use of Visa credentials that they issue at 70 million merchants around the world.

我要強調的第三個是我們與一系列加密貨幣錢包簽署的合作夥伴關係，這使得他們能夠使用他們在全球 7000 萬商家發行的 Visa 憑證。

And a big chunk of that business is expected to be cross-border, too.

預計該業務的很大一部分也將是跨境的。

So our business in cross-border has gone well beyond the traditional, let's call it, C2B space to P2P cross-border to B2B cross-border, of course, and a significant chunk of B2C cross-border.

所以我們在跨境的業務已經遠遠超出了傳統的，我們稱之為C2B空間到P2P跨境到B2B跨境，當然還有很大一部分B2C跨境。

Our next question comes from Ashwin Shirvaikar from Citibank.

我們的下一個問題來自花旗銀行的 Ashwin Shirvaikar。

Vasant, I was hoping that you might be able to answer a framework question as investors think primarily about the fiscal '22 rather than 4Q.

Vasant，我希望你能回答一個框架問題，因為投資者主要考慮的是 22 財年而不是 4 季度。

As you're going through your budget planning process, how are you thinking about pricing?

在您進行預算規劃過程時，您是如何考慮定價的？

How are you thinking about expenses?

你是怎麼考慮開支的？

What would it take for you to say, return to providing a full year outlook?

你會說什麼，回到提供全年展望？

If you could kind of provide a framework of how you're thinking.

如果你能提供一個你思考方式的框架。

Yes, it's too early to give you a perspective on 2022.

是的，現在給你一個關於 2022 年的觀點還為時過早。

I think we'll save that for October.

我想我們會把它留到十月。

And whether we provide a full year outlook or do what we've done this quarter is to give you the best sense we have of what we see around us right now and how it might play out for a quarter or 2 or whether we go further than that, I think we'll assess as we go along.

無論我們提供全年展望還是做我們本季度所做的事情，都是為了讓您最好地了解我們現在看到的周圍環境以及它可能會如何發展一兩個季度，或者我們是否會走得更遠除此之外，我想我們會隨著我們的進展進行評估。

As we've said, we've already given you some indications of our posture as it relates to investment.

正如我們所說，我們已經向您說明了我們在投資方面的立場。

We are preparing for multiple quarters of recovery.

我們正在為多個季度的複蘇做準備。

You heard earlier about the conversation about the cross-border recovery that still remains ahead of us.

您之前聽說過關於跨境復甦的對話仍然擺在我們面前。

So clearly, there's plenty of recovery still to come.

很明顯，還有大量的複蘇即將到來。

And we are investing in preparation for a post-COVID world, where we see extraordinary opportunities in new flows and value-added services.

我們正在投資為後 COVID 世界做準備，在那裡我們看到了新流動和增值服務的非凡機會。

So we are stepping up investments and our expenses are growing in the mid-teens, and so on.

因此，我們正在加緊投資，我們的開支在十幾歲時增長，等等。

But in terms of projecting where revenues are going to be or what the volume trends are going to be, we'll save a lot of that discussion and pricing and our thoughts for that for October.

但在預測收入將在何處或銷量趨勢將如何方面，我們將在 10 月份節省大量討論和定價以及我們對此的想法。

Our next question comes from David Togut with Evercore ISI.

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

Recently, your U.S.-centric competitor sharply increased consumer rewards on one of its mass affluent credit cards.

最近，您的以美國為中心的競爭對手在其一張大眾富裕的信用卡上大幅增加了消費者獎勵。

And some of those reward increases were matched by Visa issuers.

其中一些獎勵增加與 Visa 發行人相匹配。

So I'm curious for your view on how this step-up in the rewards battle will impact credit card spending going forward, especially since many of these rewards are tied to travel and entertainment spend.

因此，我很好奇您對獎勵戰中的升級將如何影響未來的信用卡支出的看法，特別是因為其中許多獎勵與旅行和娛樂支出相關。

Well, I think what issuers are doing is getting ready for a return to travel being an important spend category.

好吧，我認為發行人正在做的是準備好讓旅行回歸成為一個重要的支出類別。

As you well know, many of these reward propositions in North America, both in the U.S. and in Canada are very tied to travel.

如您所知，在北美，無論是在美國還是在加拿大，許多此類獎勵提議都與旅行密切相關。

All the big airlines, all the big hotels have co-brand programs and even for other programs that are more -- reward programs that are more generic, a lot of their burn options are tied to travel.

所有的大航空公司，所有的大酒店都有聯合品牌計劃，甚至對於其他更多的計劃——更通用的獎勵計劃，他們的很多燒錢選擇都與旅行有關。

So I think that travel is going to -- has started to come back.

所以我認為旅行將會 - 已經開始回來。

It will continue to come back as mobility increases, as restrictions get lifted, et cetera.

隨著流動性的增加、限制的解除等，它將繼續回歸。

And I think issuers are trying to make sure that as that happens and as the affluent consumer and the middle market consumer starts to get in their car and get on airplanes more that their product will be top of wallet.

我認為發行人正在努力確保隨著這種情況的發生，以及隨著富裕消費者和中端市場消費者開始更多地乘坐汽車和乘坐飛機，他們的產品將成為錢包的首選。

And I think that's really what's driving the activity.

我認為這才是推動這項活動的真正原因。

We have time for 1 more question, Michelle.

我們還有時間再回答 1 個問題，米歇爾。

Dan Dolev from Mizuho.

瑞穗的丹·多列夫。

So I wasn't surprised to see the impact of crypto on April trends.

因此，我對加密貨幣對 4 月趨勢的影響並不感到驚訝。

Like can you maybe help us quantify a little more what drove the bump and how we should think about it in the future if we get into more sort of crypto volatility, just to get some more color because I don't think this was a big factor in the prior quarters?

就像你能不能幫助我們量化一下是什麼推動了這次沖擊，以及如果我們進入更多類型的加密貨幣波動性，我們應該在未來如何思考它，只是為了獲得更多色彩，因為我認為這不是一個大問題前幾個季度的因素？

We've seen a few months here and there of these kinds of spikes in purchases.

我們已經在這里和那裡看到了幾個月的此類購買高峰。

So essentially, most of the time, cryptocurrency impacts our business is when purchases go up.

所以本質上，大多數時候，加密貨幣影響我們的業務是在購買量增加的時候。

A lot of the people who buy crypto are buying them from entities that are non-U.

許多購買加密貨幣的人都是從非美國實體那裡購買的。

S. based, often based in Europe.

S. 基於，通常位於歐洲。

So these end up being cross-border transactions when they buy cryptocurrencies like Bitcoin.

因此，當他們購買比特幣等加密貨幣時，這些最終會成為跨境交易。

And so when there is a spike in buying activity, you will see that in some of our cross-border e-commerce numbers.

因此，當購買活動激增時，您會在我們的一些跨境電子商務數據中看到這一點。

In terms of quantifying how much it is, if you look at the -- our cross-border e-commerce business ex travel has been quite stable through several weeks and months.

在量化它是多少方面，如果你看一下——我們的跨境電子商務業務前旅行在幾周和幾個月內一直相當穩定。

You'll see a bump up in April and into May, and you can attribute a fair amount of that strictly to cryptocurrency purchases.

您會在 4 月和 5 月看到價格上漲，您可以將其中相當一部分嚴格歸因於加密貨幣購買。

We've had this before.

我們以前有過這個。

There was another spike when there was a big run-up in crypto prices and then a collapse, I don't know, must have been a year ago.

當加密貨幣價格大幅上漲然後崩盤時，又出現了一次飆升，我不知道，一定是一年前。

So it has happened before.

所以以前也發生過。

It has now fallen back to pre-April levels, although it's still running at a level that is higher than it was 6 months ago.

它現在已經回落到 4 月前的水平，儘管它的運行水平仍高於 6 個月前的水平。

But you can quantify it if you look at the numbers.

但是，如果您查看數字，則可以對其進行量化。

And that's all the time we have.

這就是我們所有的時間。

So thank you for joining us today.

所以，感謝您今天加入我們。

If you have additional questions, you can always feel free and call or e-mail Jennifer or myself.

如果您還有其他問題，您隨時可以隨時致電或發送電子郵件給 Jennifer 或我本人。

So thank you so much, and have a good evening.

非常感謝你，祝你晚上愉快。

And thank you.

謝謝你。

This concludes today's conference call.

今天的電話會議到此結束。

You may go ahead and disconnect at this time.

此時您可以繼續斷開連接。