Visa Inc (V) 2021 Q1 法說會逐字稿

Welcome to Visa's Fiscal First Quarter 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 2021 財年第一季度收益電話會議。 （操作員說明）今天的會議正在錄製中。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, Mr. Mike Milotich, Senior Vice President of Investor Relations. Mr. Milotich, you may now begin.

我現在想將會議轉交給您的主持人，投資者關係高級副總裁 Mike Milotich 先生。米洛蒂奇先生，您現在可以開始了。

Thank you, Michelle. Good afternoon, everyone, and welcome to Visa's Fiscal First Quarter 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. This call is being webcast on the Investor Relations section of our website at www.investor.visa.com. A replay will be archived on our site for 30 days. A slide deck containing financial and statistical highlights will be posted on our IR website.

謝謝你，米歇爾。大家下午好，歡迎參加 Visa 的 2021 財年第一季度財報電話會議。今天加入我們的是 Visa 董事長兼首席執行官 Al Kelly； Visa 副主席兼首席財務官 Vasant Prabhu。本次電話會議正在我們網站 www.investor.visa.com 的投資者關係部分進行網絡直播。重播將在我們的網站上存檔 30 天。包含財務和統計亮點的幻燈片將發佈在我們的 IR 網站上。

Let me 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.

讓我提醒您，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。

For historical 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歷史非公認會計原則財務信息，相關的公認會計原則措施和對賬可在今天的收益發布中獲得。

With that, let me turn the call over to Al.

有了這個，讓我把電話轉給 Al。

Thank you, Mike. And good afternoon, and thank you for joining us today. Even with vaccine proliferation on the horizon, COVID-19 infections really continue to rise, causing restrictions to be implemented in many parts of the world. Amidst the pandemic, Visa delivered strong financial results in our fiscal first quarter. And our strategy to enable money movement globally remains clear: pursuing growth through consumer payments, new flows and value-added services.

謝謝你，邁克。下午好，感謝您今天加入我們。即使疫苗即將擴散，COVID-19 感染確實繼續上升，導致世界許多地區實施限制措施。在大流行期間，Visa 在我們的第一財季取得了強勁的財務業績。我們在全球範圍內實現資金流動的戰略仍然很明確：通過消費者支付、新流動和增值服務來追求增長。

On our call today, let me discuss our Q1 results and then provide detail on our momentum this quarter with clients and the valuable solutions they utilize to drive money movement globally. As I review our Q1 results, recall we are going over a quarter where no one had ever heard of COVID-19.

在今天的電話會議上，讓我討論我們的第一季度業績，然後詳細介紹我們本季度與客戶的發展勢頭以及他們用來推動全球資金流動的寶貴解決方案。當我回顧我們的第一季度業績時，回想一下，我們正在經歷一個沒有人聽說過 COVID-19 的四分之一。

Payments volume, processed transactions and cross-border volume all improved from Q4. Payments volume improved 0.5 point, processing transaction growth improved 1 point and cross-border volume improved 8 points. Net revenues in the fiscal first quarter were $5.7 billion, a year-over-year decrease of 6%. Non-GAAP EPS was $1.42, a decrease of 3%. Through our dividends and buybacks, we returned $2.5 billion of capital to shareholders in Q1.

支付量、已處理交易和跨境交易量均較第四季度有所改善。支付量提高 0.5 個百分點，處理交易增長提高 1 個百分點，跨境交易量提高 8 個百分點。第一財季淨收入為 57 億美元，同比下降 6%。非公認會計原則每股收益為 1.42 美元，下降 3%。通過我們的股息和回購，我們在第一季度向股東返還了 25 億美元的資本。

Vasant will cover the spending in great detail, so I want to make a few high-level comments on holiday spending. U.S. holiday spending was quite different this year, but had a similar overall growth to the last 3 years of holiday season led by strong retail growth, somewhat offset by travel, entertainment and fuel. This year, in the U.S., we generally saw a continuation of the trends that have been occurring during COVID: strong debit and e-commerce and weaker credit and card presence. Outside the United States, holiday retail spending growth broadly accelerated, with growth in Canada, the U.K., Brazil and Australia all rising by 5 or more points over last year.

Vasant 將詳細介紹支出，因此我想就假期支出發表一些高級評論。今年美國的假日消費完全不同，但總體增長與過去 3 年的假日旺季相似，主要是由於強勁的零售增長，但在一定程度上被旅遊、娛樂和燃料所抵消。今年，在美國，我們普遍看到了在 COVID 期間出現的趨勢的延續：強勁的借記卡和電子商務以及較弱的信用卡和信用卡存在。在美國以外，假日零售支出增長普遍加速，加拿大、英國、巴西和澳大利亞的增長都比去年增長了 5 個或更多。

Now let me transition to our progress with clients. We continued to win and renew business as we transfer money movement globally through consumer payments, new flows and value-added services. In consumer payments, we continue to focus on digitizing the $18 trillion spent in cash and check globally by working with partners to grow end points and deepen customer engagement with innovation. We are growing credentials with traditional issuers, fintechs and wallets.

現在讓我過渡到我們與客戶的進展。隨著我們通過消費者支付、新流量和增值服務在全球轉移資金流動，我們繼續贏得和更新業務。在消費者支付方面，我們繼續專注於數字化全球 18 萬億美元的現金和支票支出，與合作夥伴合作以增加端點並加深客戶對創新的參與。我們正在增加與傳統發行人、金融科技公司和錢包的信譽。

Let me start with North America. We are very pleased to have renewed our long-standing partnership with Wells Fargo across consumer debit, credit, small business and commercial for the next 6 years. The Bank of Montreal, Canada's fourth largest bank and the only top 5 Canadian bank not previously issuing with Visa, announced a new partnership with us to issue 2 affluent-lifestyle credit card products in the Canadian market. These products are digital-first, targeting the affluent millennial segment and offer strong rewards and value to cardholders in a differentiated and innovative way.

讓我從北美開始。我們很高興在未來 6 年與富國銀行在消費者藉記卡、信貸、小型企業和商業領域續簽了長期合作夥伴關係。蒙特利爾銀行是加拿大第四大銀行，也是加拿大唯一一家以前未使用 Visa 發行的前 5 大銀行，它宣布與我們建立新的合作夥伴關係，在加拿大市場發行 2 種富裕生活方式的信用卡產品。這些產品是數字優先的，針對富裕的千禧一代，並以差異化和創新的方式為持卡人提供豐厚的回報和價值。

In our Asia Pacific region, we won the debit business of Malaysia's AmBank after winning the credit business just a quarter ago. Our relationship with LINE Pay also deepened this quarter on 2 fronts. First in Japan, LINE Pay is now issuing a Visa virtual prepaid card. And second, Visa secured an exclusive partnership with LINE BK, Thailand's first social banking platform, for issuance of Visa Debit cards. Within the first month, LINE BK issued 180,000 Visa Debit credentials.

在我們的亞太地區，我們在一個季度前贏得了信貸業務之後，又贏得了馬來西亞 AmBank 的借記業務。本季度我們與 LINE Pay 的關係也在兩個方面加深了。首先在日本，LINE Pay 現在發行了 Visa 虛擬預付卡。其次，Visa 與泰國首個社交銀行平台 LINE BK 達成獨家合作夥伴關係，以發行 Visa 借記卡。在第一個月內，LINE BK 發行了 180,000 個 Visa 借記憑證。

In Russia, YooMoney, one of the country's largest electronic payment services with more than 120,000 merchants worldwide and 40 million end points, signed on to issue Visa credentials in their wallet and enable Visa Direct.

在俄羅斯，YooMoney 是該國最大的電子支付服務商之一，在全球擁有 120,000 多家商戶和 4000 萬個端點，它簽署了在其錢包中籤發 Visa 憑證並啟用 Visa Direct 的協議。

In Europe, we had several notable wins as we continue to increase our business on the continent. Visa secured a business agreement with Santander Group, becoming the preferred partner in credit and commercial for Santander banks across 7 countries in Continental Europe. We also won the prepaid issuance of Mooney, the first proximity banking and payments company in Italy, which offers its services through both digital and retail channels with over 45,000 points of sale in rural and urban areas that can reach 20 million customers. Isbank, the largest private bank in Turkey with 20 million cards, has selected Visa for its consumer and commercial credit and debit portfolios. Last, we renewed 2 portfolios with a leading U.K. issuer, one for consumer credit and one for commercial charge card.

在歐洲，隨著我們繼續擴大在歐洲大陸的業務，我們取得了一些顯著的勝利。 Visa 與桑坦德集團達成商業協議，成為歐洲大陸 7 個國家的桑坦德銀行在信貸和商業方面的首選合作夥伴。我們還贏得了意大利第一家鄰近銀行和支付公司 Mooney 的預付發行，該公司通過數字和零售渠道提供服務，在農村和城市地區擁有超過 45,000 個銷售點，可覆蓋 2000 萬客戶。 Isbank 是土耳其最大的私人銀行，擁有 2000 萬張銀行卡，已選擇 Visa 用於其消費和商業信貸和借記卡組合。最後，我們與一家領先的英國發行商續簽了 2 個投資組合，一個用於消費信貸，一個用於商業借記卡。

We also continue to deepen engagement with our partners to find new ways to remove friction and enhance the client experience through innovation. Just yesterday, we announced the global partnership with TransferWise and the first use case of Visa Cloud Connect, a new way to securely connect to VisaNet through the cloud. The new platform will enable the expansion of TransferWise's multicurrency debit cards in Asia Pacific, Europe, the Middle East, the U.K. and the U.S. and deliver a range of financial services via a mobile app to their customers, including currency exchange and P2P payments, all linked to a Visa card.

我們還繼續深化與合作夥伴的合作，以尋找新的方法來消除摩擦並通過創新提升客戶體驗。就在昨天，我們宣布了與 TransferWise 的全球合作夥伴關係以及 Visa Cloud Connect 的第一個用例，這是一種通過雲安全連接到 VisaNet 的新方式。新平台將使 TransferWise 的多幣種借記卡在亞太地區、歐洲、中東、英國和美國得以擴展，並通過移動應用程序向客戶提供一系列金融服務，包括貨幣兌換和 P2P 支付等。與 Visa 卡相關聯。

Tap to pay continues to expand, representing almost 2/3 of all face-to-face transactions, excluding the United States. In the United States, we have approximately 300 million contactless cards in place now and have high single-digit penetration of face-to-face transactions. Even at this level, the U.S. is now the fourth largest country in the number of tap to pay transactions. Enablement continues to grow as all 500 of Costco's fuel locations and Chipotle and Nordstrom stores now except tap to pay. I'm also pleased to report that the New York City MTA has completed their rollout to all subways and buses. Processing is also a way to bring Visa's innovations to market, and we have made significant progress in Latin America this past quarter in Ecuador, Colombia and Peru and now have reached 100% processing penetration in Chile.

Tap to pay 繼續擴大，佔所有面對面交易的近 2/3，不包括美國。在美國，我們現在擁有大約 3 億張非接觸式卡，並且面對面交易的個位數滲透率很高。即使在這個水平上，美國現在也是觸碰支付交易數量的第四大國家。隨著 Costco 的所有 500 家加油站以及 Chipotle 和 Nordstrom 商店現在除了點擊支付之外，支持率繼續增長。我也很高興地報告，紐約市 MTA 已完成對所有地鐵和公共汽車的推廣。處理也是將 Visa 的創新推向市場的一種方式，上個季度我們在拉丁美洲的厄瓜多爾、哥倫比亞和秘魯取得了重大進展，現在在智利的處理滲透率達到了 100%。

As I close out the consumer payments section, I wanted to note the progress in India. We continue to grow credentials. The Amazon Pay ICICI Bank co-branded credit card in India has set a country record by issuing over 1 million cards in just 20 months. On the acceptance front, India now has 6.5 million acceptance points, including over 1 million QR points, up almost 20 percentage points from a year ago, and 65% of all terminals are tap to pay enabled. The Reserve Bank of India recently raised the contactless limit, which will soon cover 90%-plus of all transactions in India.

當我關閉消費者支付部分時，我想指出印度的進展。我們繼續增加憑據。印度的 Amazon Pay ICICI 銀行聯名信用卡在短短 20 個月內發行了超過 100 萬張卡，創下了國家記錄。在接受方面，印度現在有 650 萬個接受點，其中包括超過 100 萬個 QR 點，比一年前增加了近 20 個百分點，並且 65% 的所有終端都啟用了點擊支付功能。印度儲備銀行最近提高了非接觸式限額，很快將覆蓋印度所有交易的 90% 以上。

Visa has entered into new partnerships with leading acquirers, such as SBI Payments, to launch acceptance solutions such as Tap to Phone and contactless. And Visa is partnering with the largest acquirer in India, HDFC Bank, in the launch and scale-up of SmartHub, an app solution bundling payments, banking and value-added services to help small merchants grow their businesses. We're also contributing to India's Payment Infrastructure Development Fund to encourage growth of physical and digital acceptance in underpenetrated geographies by adding 1 million points of sale and 2 million QR points per year over the next 3 years. All of these efforts build on our leading credit and debit market share in India.

Visa 已與領先的收單機構（例如 SBI Payments）建立了新的合作夥伴關係，以推出諸如 Tap to Phone 和非接觸式的驗收解決方案。 Visa 正與印度最大的收單機構 HDFC 銀行合作推出 SmartHub 並擴大規模，SmartHub 是一款捆綁支付、銀行業務和增值服務的應用解決方案，可幫助小商戶發展業務。我們還向印度支付基礎設施發展基金捐款，通過在未來 3 年內每年增加 100 萬個銷售點和 200 萬個二維碼點，鼓勵在滲透率較低的地區提高實體和數字接受度。所有這些努力都建立在我們在印度領先的信用卡和借記卡市場份額之上。

Now on to the second lever of growth, new flows, which represents $185 trillion in opportunity. We are pursuing this opportunity with our traditional commercial card solutions as well as newer capabilities like Visa Direct and B2B Connect. While we're making progress across all new flows, I'll highlight a few advancements from this quarter.

現在進入第二個增長槓桿，即新流量，它代表著 185 萬億美元的機會。我們正在利用我們的傳統商業卡解決方案以及 Visa Direct 和 B2B Connect 等新功能來尋求這個機會。雖然我們在所有新流程上都取得了進展，但我將重點介紹本季度的一些進展。

In B2C, big economy payouts and Earned Wage Access continue to grow meaningfully in the wake of COVID. This quarter with DoorDash, we launched the DasherDirect business prepaid card in the U.S., offering the over 1 million Dashers on the DoorDash platform access to daily deposits of earned wages and rich card benefits. In Canada, SkipTheDishes, the country's largest food delivery network, rolled out their Visa Direct-enabled courier payouts called Fast Cash.

在 B2C 中，在 COVID 之後，大經濟體的支出和獲得的工資准入繼續顯著增長。本季度，我們與 DoorDash 一起在美國推出了 DasherDirect 商業預付卡，為 DoorDash 平台上超過 100 萬的 Dashers 提供了獲得工資的每日存款和豐富的卡福利。在加拿大，該國最大的食品配送網絡 SkipTheDishes 推出了支持 Visa Direct 的快遞支付方式，稱為 Fast Cash。

P2P, which represents $20 trillion of the flows was Visa Direct's first use case and continued to grow substantially. A key area of future growth is cross-border P2P or remittance. Four of the top 5 global money transfer operators were onboarded in fiscal year '20: TransferWise, Western Union, Remitly and MoneyGram, which noted a 500% increase year-over-year in real-time transfers in December alone.

代表 20 萬億美元流量的 P2P 是 Visa Direct 的第一個用例，並繼續大幅增長。未來增長的一個關鍵領域是跨境 P2P 或匯款。全球 5 大匯款運營商中有 4 家在 20 財年加入：TransferWise、Western Union、Remitly 和 MoneyGram，僅在 12 月，實時轉賬就同比增長 500%。

Our efforts to expand remittance also extends to fintechs and banks who can enable this capability. Zeepay, a fast-growing African fintech, will use Visa Direct to allow Africans to send money across European and North American corridors and soon will expand to all major corridors globally. TransferGo, a global money transfer company that supports migrant workers to send money back to their relatives without paying unnecessary bank fees, has enabled Visa Direct in 55 markets and has the potential to expand to a total of 178 countries in the future, with the upcoming additions such as the U.K., Italy and Nigeria. Across the globe, in the first quarter, Visa Direct transactions grew almost 60%.

我們擴大匯款的努力也延伸到能夠實現這種能力的金融科技和銀行。 Zeepay 是一家快速發展的非洲金融科技公司，它將使用 Visa Direct 讓非洲人能夠通過歐洲和北美走廊匯款，並將很快擴展到全球所有主要走廊。 TransferGo 是一家支持移民工人在不支付不必要的銀行費用的情況下將錢匯回親屬的全球匯款公司，它已在 55 個市場啟用 Visa Direct，未來有可能擴展到總共 178 個國家，即將推出的英國、意大利和尼日利亞等新增國家。在全球範圍內，第一季度，Visa Direct 交易增長了近 60%。

Now on to B2B. In cross-border, Goldman Sachs' Transaction Banking recently signed on to employ Visa B2B Connect for cross-border B2B money movement, offering its corporate clients the ability to transact in over 80 markets globally. We are very pleased that our partnership with Goldman continues to deepen on multiple fronts.

現在轉到 B2B。在跨境業務方面，高盛的交易銀行業務最近簽約使用 Visa B2B Connect 進行跨境 B2B 資金流動，為其企業客戶提供在全球 80 多個市場進行交易的能力。我們很高興我們與高盛的合作夥伴關係在多個方面繼續深化。

In the virtual card-based business, we've expanded our relationship with U.K.-based Conferma Pay to launch Visa Commercial Pay, which has 3 offerings: a mobile app enabling virtual card issuance and management for business incidentals; two, a solution to manage business travel spend with enhanced data; and three, an integrated payables platform that can seamlessly send payments to suppliers. Barclays has already launched this functionality for their commercial clients.

在基於虛擬卡的業務中，我們擴大了與總部位於英國的Conferma Pay 的合作關係，推出了Visa Commercial Pay，它提供3 個產品：支持虛擬卡發行和管理業務雜費的移動應用程序；二，通過增強數據管理商務旅行支出的解決方案；第三，一個集成的應付賬款平台，可以無縫地向供應商發送付款。巴克萊銀行已經為其商業客戶推出了這項功能。

Currently, essentially all of these new flows are transacted in traditional fiat currencies. But there's a growing interest in digital currencies, and I wanted to take a minute to talk about how Visa thinks about crypto in general and our approach.

目前，基本上所有這些新流量都以傳統的法定貨幣進行交易。但是人們對數字貨幣的興趣越來越大，我想花一點時間談談 Visa 對加密貨幣的總體看法以及我們的方法。

In this space, we see ways that we can add differentiated value to the ecosystem. And we believe that we are uniquely positioned to help make cryptocurrencies more safe, useful and applicable for payments through our global presence, our partnership approach and our trusted brand. We think of the crypto market in 2 segments. First, there are cryptocurrencies that represent new assets such as Bitcoin. Second, there are digital currencies or stable coins that are directly backed by existing fiat currencies.

在這個領域，我們看到了可以為生態系統增加差異化價值的方法。我們相信，通過我們的全球影響力、合作方式和值得信賴的品牌，我們具有獨特的優勢，可以幫助使加密貨幣更安全、更有用和更適用於支付。我們認為加密市場分為兩個部分。首先，有代表比特幣等新資產的加密貨幣。其次，有數字貨幣或穩定幣直接由現有的法定貨幣支持。

We see all currencies in that first segment as digital gold. They are predominantly held as assets that are not used as a form of payment in a significant way at this point. Our strategy here is to work with wallets and exchanges to enable users to purchase these currencies using their Visa credentials or to cash out onto our Visa credential to make a fiat purchase at any of the 70 million merchants where Visa is accepted globally. This is similar to our approach to connect closed-loop wallets such as LINE Pay and Paytm.

我們將第一部分中的所有貨幣都視為數字黃金。它們主要作為資產持有，目前並未大量用作支付方式。我們的策略是與錢包和交易所合作，使用戶能夠使用他們的 Visa 憑證購買這些貨幣，或者兌現我們的 Visa 憑證，以便在全球接受 Visa 的 7000 萬商戶中的任何一家進行法定購買。這類似於我們連接 LINE Pay 和 Paytm 等閉環錢包的方法。

For the second segment, fiat-backed digital currencies, including stable coins and central bank digital currencies, these are an emerging payments innovation that could have the potential to be used for global commerce, much like any other fiat currency. We think of digital currencies running on public blockchains as additional networks just like RTP or ACH networks, so we see them as part of our network of networks strategy.

對於第二部分，法定支持的數字貨幣，包括穩定幣和中央銀行數字貨幣，這些是一種新興的支付創新，有可能用於全球商業，就像任何其他法定貨幣一樣。我們將在公共區塊鏈上運行的數字貨幣視為額外的網絡，就像 RTP 或 ACH 網絡一樣，因此我們將它們視為我們網絡戰略的一部分。

Across both of these segments, we are the clear leader in this space. Today, 35 of the leading digital currency platforms and wallets have already chosen to issue Visa, including coin-based Crypto.com, BlackFi, Fold and BitPanda. These wallet relationships represent the potential for more than 50 million Visa credentials. The next leading network has a fraction of that. And it goes without saying, to the extent a specific digital currency becomes a recognized means of exchange, there's no reason why we cannot add it to our network, which already supports over 160 currencies today.

在這兩個領域，我們都是該領域的明顯領導者。如今，35 個領先的數字貨幣平台和錢包已經選擇發行 Visa，包括基於硬幣的 Crypto.com、BlackFi、Fold 和 BitPanda。這些錢包關係代表了超過 5000 萬個 Visa 憑證的潛力。下一個領先的網絡只是其中的一小部分。不言而喻，就特定數字貨幣成為公認的交換手段而言，我們沒有理由不能將其添加到我們的網絡中，該網絡今天已經支持 160 多種貨幣。

Let me now turn to our third growth lever, value-added services. Here, we saw our revenue grow at 19% in Q1, and let me name a few services with notable progress this quarter.

現在讓我談談我們的第三個增長槓桿，即增值服務。在這裡，我們看到我們的收入在第一季度增長了 19%，讓我列舉一些本季度取得顯著進展的服務。

As e-commerce explodes, interest in CyberSource remained strong for merchants as well as from fintechs and acquirers looking to leverage our capabilities to offer to their clients. This quarter, 2 additional leading acquirers signed on to use CyberSource: KBank in Thailand and NAB in Australia. As one of the largest debit and prepaid issuer processors, we've been looking to expand Visa DPS globally. In that vein, we are pleased to share that we're bringing our Visa Debit processing system to Europe. DKB, our largest issuing bank in Germany, has chosen DPS as its debit processor and recently processed Visa's inaugural European DPS transaction via their platform. DKB will also be able to take advantage of nearly 20 value-added services through this connection.

隨著電子商務的爆炸式增長，商家以及希望利用我們的能力為客戶提供服務的金融科技公司和收單機構對 CyberSource 的興趣依然濃厚。本季度，另外 2 家領先的收購方簽約使用 CyberSource：泰國的 KBank 和澳大利亞的 NAB。作為最大的借記卡和預付卡發卡機構之一，我們一直在尋求在全球範圍內擴展 Visa DPS。在這方面，我們很高興地分享我們正在將我們的 Visa Debit 處理系統帶到歐洲。 DKB 是我們在德國最大的發行銀行，已選擇 DPS 作為其借記卡處理器，並且最近通過其平台處理了 Visa 的首筆歐洲 DPS 交易。通過此連接，DKB 還將能夠利用近 20 種增值服務。

We have believed for years that installments represent an important opportunity in payments. To enable this capability, we offer our own network solution for issuers, merchants and fintech installment providers to use directly or also work with many -- and we also work with many installment providers to develop new solutions. This quarter, we have updates on both fronts.

多年來，我們一直認為分期付款是付款的重要機會。為了實現這一功能，我們為發行商、商家和金融科技分期付款提供商提供了我們自己的網絡解決方案，可以直接使用或與許多分期付款提供商合作——我們還與許多分期付款提供商合作開發新的解決方案。本季度，我們在這兩個方面都有更新。

We signed a global deal with Afterpay, extending our U.S. relationship to an additional 7 countries where Afterpay will use Visa technology to accelerate its global expansion. In addition, Visa and Afterpay will test and collaborate on the application of new technologies like tokenization and Visa Direct. We announced in July that Commerce Bank in the United States was piloting a network solution and has now -- it has now launched with over -- with about 300,000 customers live. Visa also signed Scotiabank as the first Canadian bank to launch a post-purchase installment pilot with employees in December with a full market rollout slated for mid-2021.

我們與 Afterpay 簽署了一項全球協議，將我們的美國關係擴展到另外 7 個國家，Afterpay 將在這些國家/地區使用 Visa 技術加速其全球擴張。此外，Visa 和 Afterpay 將在令牌化和 Visa Direct 等新技術的應用方面進行測試和合作。我們在 7 月宣布，美國商業銀行正在試行一種網絡解決方案，並且現在 - 它現在已經推出 - 擁有大約 300,000 名客戶。 Visa 還與豐業銀行簽約，成為第一家在 12 月與員工一起啟動購後分期付款試點的加拿大銀行，計劃於 2021 年年中全面推出市場。

All of these growth levers, consumer payments, new flows and value-added services, are driven by our network of networks strategy, which is enabling all forms of payments, utilizing all networks and providing the value-added services you would expect from Visa as we enable money movement.

所有這些增長槓桿、消費者支付、新流程和增值服務，都是由我們的網絡戰略推動的，該戰略支持所有形式的支付，利用所有網絡並提供您期望從 Visa 獲得的增值服務我們使資金流動。

In closing, a few points. Domestic volumes driven by debit and e-commerce are really holding up well. Holiday spending, while differing in terms of categories and timing, was quite good. Q1 overall was a very solid quarter and positive momentum continued, albeit we are still impacted by COVID-19. We are continuing to work very hard to balance expense management in recognition of the short-term realities and investing in an exciting set of growth opportunities as we always manage the business for the long term. We continue to be focused on our 3 growth levers, all of which are supported by our network of networks. And lastly, we are hopeful that as vaccines roll out and become more readily available, lockdowns, travel restrictions and capacity constraints will be lessened or eliminated, enabling travel, entertainment and other commerce to grow.

最後，幾點。借記卡和電子商務推動的國內銷量確實保持良好。假期消費雖然在類別和時間方面有所不同，但相當不錯。總體而言，第一季度是一個非常穩健的季度，並且繼續保持積極勢頭，儘管我們仍然受到 COVID-19 的影響。我們將繼續努力平衡費用管理，以認識到短期現實並投資於一系列令人興奮的增長機會，因為我們始終對業務進行長期管理。我們繼續專注於我們的 3 個增長槓桿，所有這些都得到我們網絡的支持。最後，我們希望隨著疫苗的推出和更容易獲得，封鎖、旅行限制和容量限制將減少或消除，從而使旅行、娛樂和其他商業得以增長。

With that, over to Vasant for more color on our volumes and our financials.

有了這個，到 Vasant 來了解我們的交易量和財務狀況。

Thank you, Al. Good afternoon, everyone. During our fiscal first quarter last year, COVID-19 was not yet a word in the English language. This will be the last quarter where our performance is compared to a quarter with no COVID impact whatsoever. As such, our results this quarter provide a clear picture of the state of the recovery.

謝謝你，阿爾。大家下午好。在我們去年的第一財季，COVID-19 還不是英語中的一個詞。這將是我們的業績與沒有任何 COVID 影響的季度進行比較的最後一個季度。因此，我們本季度的業績清楚地展示了復甦的狀態。

Overall the quarter was stronger than we expected with net revenue down 6%, largely due to the cross-border business. EPS declined only 3% helped by lower expenses and a lower tax rate. Exchange rate shifts versus last year increased reported net revenue growth by less than 0.5 point and EPS growth by less than 1 point.

總體而言，該季度比我們預期的要強，淨收入下降 6%，主要是由於跨境業務。由於費用減少和稅率降低，每股收益僅下降了 3%。與去年相比，匯率變化增加了報告的淨收入增長不到 0.5 個百分點，每股收益增長不到 1 個百分點。

As we approach the first anniversary of the pandemic, where do we stand across our key business drivers relative to where we might have been had the pandemic never happened? Global payments volume is 4 to 5 points short of where we might have been, debit has outperformed helped by accelerated cash displacement and credit is still a drag. In the U.S., we are actually back to our pre-pandemic growth trajectory with debit significantly ahead, offsetting credit underperformance.

當我們接近大流行一周年之際，相對於如果大流行從未發生過我們可能處於的位置，我們在關鍵業務驅動方面的立場如何？全球支付量比我們可能達到的水平低 4 到 5 個百分點，在加速現金置換的幫助下，借方表現優於信貸，而信貸仍然是一個拖累。在美國，我們實際上已經回到了大流行前的增長軌跡，借方顯著領先，抵消了信貸表現不佳的影響。

As you know, where we are well behind is in our cross-border business. In the first quarter of fiscal '21, our cross-border volumes were almost 40% lower, excluding intra-Europe volumes, than they might have been had the pandemic never happened, largely due to travel. Cross-border travel volume, both card-present and card-not-present, is still down almost 70% relative to where it might have been at this point.

如您所知，我們遠遠落後的地方是我們的跨境業務。在 21 財年第一季度，我們的跨境交易量（不包括歐洲內部的交易量）比大流行從未發生過（主要是由於旅行）可能低了近 40%。有卡和無卡的跨境旅行量仍比目前可能下降了近 70%。

Let's start with a review of the key business drivers in the fiscal first quarter. Global payments volume and transaction growth rates were modestly better than the prior quarter. The cross-border volume recovery continued even as most borders remain completely or partially closed. The trajectory of the domestic spending recovery varies across the globe. Some regions and countries are recovering fast, others are holding steady, while some have slowed in recent weeks as a result of new restrictions. What remains consistent globally is very strong debit and e-commerce spending, which is partially offset by weaker credit and in-store spending. Although constant dollar cross-border volume, excluding transactions within Europe, is still down 33%, there was an 8-point improvement from last quarter.

讓我們先回顧一下第一財季的主要業務驅動因素。全球支付量和交易增長率略好於上一季度。即使大多數邊境仍然完全或部分關閉，跨境交易量仍在繼續復甦。全球國內支出複甦的軌跡各不相同。一些地區和國家正在快速復蘇，而另一些則保持穩定，而最近幾週，由於新的限制措施，一些地區和國家的複蘇速度有所放緩。全球保持一致的是非常強勁的借記卡和電子商務支出，這部分被疲軟的信貸和店內支出所抵消。儘管不包括歐洲內部交易的固定美元跨境交易量仍下降了 33%，但比上一季度提高了 8 個百分點。

Payment volume on a constant dollar basis grew 4.5%. Debit was up 17%, 3 percentage points lower than last quarter. While credit declined 6%, up 3 percentage points from Q4. Growth excluding China was 7%, up almost 1 point as Chinese domestic volumes continue to be impacted by dual-branded card conversions, which have minimal revenue impact. U.S. volume growth -- U.S. payments volume growth was 8%, up 0.5 point from last quarter. Debit growth remained strong at 21%. Debit growth was 3 points lower than the fourth quarter, largely driven by a step-down in unemployment benefits distributed via Visa prepaid cards.

按固定美元計算的支付量增長了 4.5%。借方增長 17%，比上一季度低 3 個百分點。雖然信貸下降了 6%，但比第四季度上升了 3 個百分點。不包括中國的增長率為 7%，增長了近 1 個百分點，因為中國國內銷量繼續受到雙品牌卡轉換的影響，而雙品牌卡轉換對收入的影響很小。美國交易量增長——美國支付交易量增長 8%，比上一季度增長 0.5 個百分點。借方增長保持強勁，為 21%。借方增長比第四季度低 3 個百分點，主要是由於通過 Visa 預付卡分配的失業救濟金減少。

Credit spending declined 3% year-over-year, a 4-point improvement versus last quarter, driven by an acceleration in retail spending and some recovery in travel and restaurant spending. Card-not-present volume, excluding travel, continued to grow over 30% in the quarter, primarily driven by retail spending. The decline in card-present spending was consistent with last quarter. However, performance did deteriorate through the quarter as rising COVID cases led to further government-imposed restrictions in several states and cities. Card-present spending slowdowns were more significant in the restaurant segment as well as during the Thanksgiving holiday weekend across most segments.

信貸支出同比下降 3%，與上一季度相比提高 4 個百分點，這主要得益於零售支出加速以及旅遊和餐飲支出有所回升。不包括旅行在內的無卡交易量在本季度繼續增長 30% 以上，主要受零售支出的推動。持卡消費的下降與上一季度一致。然而，由於 COVID 病例的增加導致政府在幾個州和城市實施了進一步的限制，整個季度的業績確實惡化了。在餐飲領域以及感恩節假期週末期間，大多數領域的持卡消費放緩更為顯著。

Across 10 categories, growth was relatively consistent with the prior quarter. Categories which have been growing above their pre-COVID levels have remained elevated, including food and drugstores, home improvement and retail goods. For categories that are the hardest hit by this pandemic, including travel, entertainment, fuel and restaurants, spending remained depressed with year-over-year declines consistent with last quarter. International payments volume grew 2% in Q1, or 6% excluding China, both of which are up 1 point versus last quarter.

在 10 個類別中，增長與上一季度相對一致。增長超過新冠疫情前水平的類別仍然處於高位，包括食品和藥店、家居裝修和零售商品。對於受這一流行病打擊最嚴重的類別，包括旅行、娛樂、燃料和餐館，支出仍然低迷，同比下降與上一季度一致。第一季度國際支付量增長 2%，不包括中國，增長 6%，與上一季度相比均增長 1 個百分點。

A few regional highlights. CEMEA remains our best-performing region, growing 19% in constant dollars in the quarter, a more than 4-point improvement over Q4. The easing of COVID-related restrictions, particularly in the Middle East, and client wins drove the robust growth.

一些區域亮點。 CEMEA 仍然是我們表現最好的地區，本季度按固定美元計算增長了 19%，比第四季度提高了 4 個多點。與 COVID 相關的限制放寬，尤其是在中東，以及客戶的成功推動了強勁的增長。

Latin America grew 16% in constant dollars, a nearly 10-point acceleration from last quarter. This growth acceleration is fueled by limited COVID-related restrictions in most countries, elevated e-commerce spending compared to other regions and growing our market share with client wins in a few of the larger countries.

拉丁美洲以固定美元計算增長了 16%，比上一季度增長了近 10 個百分點。這種增長加速是由於大多數國家/地區與 COVID 相關的限制有限、與其他地區相比電子商務支出增加以及我們在一些較大的國家贏得了客戶而擴大了市場份額。

Europe grew 5% in constant dollars, a 4-point slowdown versus last quarter. This deceleration was driven partially by renewed restrictions in the second half of the quarter due to rapidly rising COVID infection rates, particularly in the U.K., France, Italy and Germany. And also, as you may remember, growth in Europe last quarter benefited from a nonrecurring event in the U.K. related to purchases of higher interest-bearing savings funds.

歐洲按固定美元計算增長 5%，比上一季度放緩 4 個百分點。這種減速的部分原因是由於 COVID 感染率迅速上升，特別是在英國、法國、意大利和德國，本季度下半年重新實施了限制措施。此外，您可能還記得，上個季度歐洲的增長得益於英國發生的與購買高息儲蓄基金相關的非經常性事件。

Asia Pacific declined 8% in constant dollars. Excluding China, Q1 spending was flat, a 4-point improvement since last quarter. There continued to be more COVID-related restrictions in effect across Asia than other parts of the world. However, several larger markets, such as New Zealand, Australia, Korea and Japan, have returned to growth.

亞太地區以不變價計算下跌 8%。不包括中國，第一季度支出持平，比上一季度提高了 4 個百分點。與世界其他地區相比，亞洲各地實施的與 COVID 相關的限制仍然更多。然而，新西蘭、澳大利亞、韓國和日本等幾個較大的市場已經恢復增長。

Processed transactions growth was 4%, up 1 point from last quarter. Growth accelerated faster than payments volume as transaction sizes continue to normalize ex Europe. Increased COVID-related restrictions in Europe are driving higher average ticket sizes, causing transactions growth to slow. Latin America is benefiting from processing wins in several countries, including Ecuador, Colombia, Peru and Chile.

處理的交易增長4%，比上一季度上升1個百分點。隨著歐洲以外的交易規模繼續正常化，增長速度快於支付量。歐洲增加的與 COVID 相關的限制正在推動更高的平均門票規模，導致交易增長放緩。拉丁美洲從厄瓜多爾、哥倫比亞、秘魯和智利等幾個國家的加工勝利中受益。

Visa Direct continues to perform very well, with transactions growing almost 60% globally this quarter. Growth remained strong in every region as we continue to launch new use cases; further penetrate existing use cases, such as Earned Wage Access and cross-border remittance; and expand existing use cases to new geographies.

Visa Direct 繼續表現良好，本季度全球交易量增長近 60%。隨著我們繼續推出新的用例，每個地區的增長都保持強勁；進一步滲透現有用例，例如賺取工資准入和跨境匯款；並將現有用例擴展到新的地區。

Constant dollar cross-border volume, excluding transactions within Europe, declined 33% in Q1, an 8-point improvement from the last quarter. Travel-related spend declined 64% but improved 6 points versus the fourth quarter. Card-not-present nontravel growth was 20%, up 3 points, fueled by strong retail spending in November and December. Constant dollar cross-border volume, including transactions within Europe, declined 21% in the quarter.

不包括歐洲境內交易的固定美元跨境交易量在第一季度下降了 33%，比上一季度提高了 8 個百分點。與旅行相關的支出下降了 64%，但與第四季度相比提高了 6 個百分點。在 11 月和 12 月強勁的零售支出推動下，無卡非旅行增長 20%，上升 3 個百分點。本季度，包括歐洲境內交易在內的固定美元跨境交易量下降了 21%。

Although cross-border travel performance improved steadily through the quarter, the travel improvement was concentrated in only a few markets where borders are open. Travel from the U.S. to several countries in Latin America remained strong, including Mexico and the Caribbean. The U.A.E. has been open to travelers, attracting people from Europe, Russia and other Gulf countries. Also, travel across countries within the former Soviet Union has been growing.

儘管本季度跨境旅行業績穩步改善，但旅行改善僅集中在少數幾個邊境開放的市場。從美國到拉丁美洲幾個國家的旅行依然強勁，包括墨西哥和加勒比地區。阿聯酋一直對遊客開放，吸引了來自歐洲、俄羅斯和其他海灣國家的人們。此外，跨越前蘇聯國家的旅行一直在增長。

Unfortunately, the majority of borders remain closed or imposed significant requirements on international travelers. The World Tourism Organization reported in December that out of 217 countries, 118 countries, or 54%, still had completely or partially closed their borders to foreign visitors. Of the remaining 99 countries, the majority are mandating COVID tests with quarantines. Very few countries have no COVID restrictions. Significant obstacles in crossing borders remain the single most important factor driving the slow recovery of cross-border travel.

不幸的是，大多數邊境仍然關閉或對國際旅行者提出了重大要求。世界旅遊組織 12 月報告稱，在 217 個國家中，有 118 個國家或 54% 的國家仍對外國遊客完全或部分關閉邊境。在其餘 99 個國家中，大多數國家都強制要求進行 COVID 測試並進行隔離。很少有國家沒有 COVID 限制。跨境旅行的重大障礙仍然是推動跨境旅行緩慢復甦的最重要因素。

A quick review of first quarter financial results. Net revenue declined 6%, better than our expectations, primarily due to stronger-than-expected cross-border volumes and lower client incentives. Value-added services continue to perform well, growing 19%. It's important to note that had we recognized service revenues on current quarter payments volume, it would have had minimal impact on our Q1 net revenue growth because payment volume growth was very similar across both quarters.

快速回顧第一季度的財務業績。淨收入下降 6%，好於我們的預期，主要是由於強於預期的跨境交易量和較低的客戶激勵措施。增值服務繼續表現良好，增長19%。重要的是要注意，如果我們在當前季度的支付量上確認服務收入，它對我們第一季度淨收入增長的影響將微乎其微，因為兩個季度的支付量增長非常相似。

Service revenues grew 5%, roughly in line, with nominal payments volume growth last quarter. Data processing grew 6%, with high teens value-added services growth continuing to be partially offset by the mix shift away from higher-yielding cross-border transactions. International transaction revenues were down 28%, 4 points better than cross-border volumes, excluding intra-Europe, due to favorable country mix and currency volatility benefits. Other revenues grew 5% led by value-added services but continue to be negatively impacted by declines in the usage of travel-related card benefits.

服務收入增長 5%，與上個季度的名義支付量增長基本持平。數據處理增長了 6%，青少年增值服務的高增長繼續被從高收益跨境交易的組合轉變部分抵消。由於有利的國家組合和貨幣波動的好處，國際交易收入下降了 28%，比跨境交易量（不包括歐洲內部）高 4 個百分點。其他收入在增值服務的帶動下增長了 5%，但繼續受到旅行相關卡福利使用量下降的負面影響。

Client incentives were 24.6% of gross revenues, approximately 1 point lower than expected. This was driven by 3 factors. First, a few large deals expected to be signed in the first quarter were delayed to the second quarter. Second, cross-border volume was better than we expected, particularly in the month of December. As we have said in the past, client incentives are mostly tied to payments volume, so outperformance in high-yielding cross-border volumes lowers our incentives as a percent of gross revenues. And third, payments volume growth only improved 0.5 point versus last quarter. As such, there was minimal impact on current quarter client incentives from current quarter volume.

客戶獎勵佔總收入的 24.6%，比預期低約 1 個百分點。這是由三個因素驅動的。首先，一些預計在第一季度簽署的大宗交易被推遲到第二季度。其次，跨境交易量好於我們的預期，尤其是在 12 月份。正如我們過去所說，客戶激勵措施主要與支付量掛鉤，因此高收益跨境交易量的出色表現降低了我們的激勵措施佔總收入的百分比。第三，支付量增長與上一季度相比僅提高了 0.5 個百分點。因此，當前季度的交易量對當前季度的客戶激勵影響很小。

On the operating expense front, we continue to benefit from actions we implemented last spring. Our head count is lower, our spending on external services has been scaled back, travel continues to be very restricted and some marketing spend has been curtailed. Both GAAP and non-GAAP operating expenses declined 10%, which was better than expected, partly due to timing shifts in client co-marketing as well as certain product and technology investments to later in the year.

在運營費用方面，我們繼續從去年春天實施的行動中受益。我們的員工人數減少了，我們在外部服務上的支出已經縮減，旅行仍然受到非常嚴格的限制，一些營銷支出也被削減了。 GAAP 和非 GAAP 運營費用均下降 10%，好於預期，部分原因是客戶聯合營銷的時間轉移以及某些產品和技術投資推遲到今年晚些時候。

Non-GAAP nonoperating expense was $112 million for the fiscal quarter. This was over $30 million lower than expected due to 2 nonrecurring items. First, investment income tied to deferred compensation was higher. This is offset in personnel costs and, therefore, income neutral. And second, an interest expense reserve was released due to the conclusion of certain tax audits. The non-GAAP tax rate was lower than expected at 16.6%. During the quarter, the conclusion of tax audits in certain jurisdictions resulted in an $81 million benefit. In addition to this specific benefit, our tax rate is typically lower in the first quarter due to the impact of employee equity vesting.

本財季非公認會計原則的營業外支出為 1.12 億美元。由於 2 個非經常性項目，這比預期低 3000 萬美元。首先，與遞延補償掛鉤的投資收益較高。這被人事成本所抵消，因此收入中性。其次，由於某些稅務審計的結論，利息費用準備金被釋放。非美國通用會計準則稅率為 16.6%，低於預期。在本季度，某些司法管轄區的稅務審計結束後產生了 8100 萬美元的收益。除了這一特定福利外，由於員工股權歸屬的影響，我們第一季度的稅率通常較低。

GAAP and non-GAAP EPS was $1.42, a decrease of 3%. We bought 8.7 million shares of Class A common stock at an average price of $202.30 for $1.8 billion this quarter. Our Board has authorized a new $8 billion share repurchase program, bringing total funds available for repurchases to over $11 billion. Including our quarterly dividend of $0.32 per share, we returned approximately $2.5 billion of capital to shareholders in the quarter. In December, we repaid $3 billion of debt upon maturity of senior notes issued 5 years ago.

GAAP 和非 GAAP 每股收益為 1.42 美元，下降 3%。本季度我們以 202.30 美元的平均價格以 18 億美元的價格購買了 870 萬股 A 類普通股。我們的董事會已授權一項新的 80 億美元股票回購計劃，使可用於回購的總資金超過 110 億美元。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 25 億美元的資本。 12 月，我們在 5 年前發行的優先票據到期時償還了 30 億美元的債務。

Moving on to some perspectives on the second fiscal quarter, starting with business driver trends through January 21. Through January 21, U.S. payments volume growth was 12%, with U.S. debit growing 30% and credit declining 6%. Debit growth is 10 points higher than the November, December run rate fueled by government stimulus payments distributed right around January 1. Weekly growth trends show a sharp step-up in growth in the first week of January and a step-down in week 3. January credit growth has slowed 3 points since December, which is more in line with the November trend.

繼續討論第二財季的一些觀點，從截至 1 月 21 日的業務驅動趨勢開始。截至 1 月 21 日，美國支付量增長 12%，美國借方增長 30%，信貸下降 6%。借方增長比 11 月和 12 月的運行率高出 10 個百分點，這得益於政府在 1 月 1 日左右發放的刺激支付。每週增長趨勢顯示，1 月的第一周增長急劇上升，而第 3 周則下降。 1 月信貸增速自 12 月以來放緩了 3 個百分點，更符合 11 月的趨勢。

While U.S. payments volume growth has accelerated, there are many countries where constant dollar growth is slowing due to increased restrictions as COVID infections rise. In Asia Pacific, Japan, Australia, India and Singapore payments volume growth has slowed 4 to 5 points versus December. In Europe, countries such as the U.K., Italy, Denmark and Germany all have at least 10 points slower growth in January. So far, growth rates are relatively steady in both CEMEA and Latin America.

儘管美國的支付量增長加速，但由於隨著 COVID 感染的增加，限制增加，許多國家的美元持續增長正在放緩。在亞太地區，日本、澳大利亞、印度和新加坡的支付量增長較 12 月放緩了 4 至 5 個百分點。在歐洲，英國、意大利、丹麥和德國等國 1 月份的增長都至少放緩了 10 個百分點。到目前為止，CEMEA 和拉丁美洲的增長率都相對穩定。

Through January 21, processed transactions growth remained at 4% with acceleration in the U.S., offset by slowing growth in Europe and Asia Pacific. Cross-border volume, excluding transactions within Europe on a constant dollar basis, declined 33%, in line with the first quarter but below the trends we saw in December.

截至 1 月 21 日，已處理交易的增長率保持在 4%，其中美國加速，但被歐洲和亞太地區增長放緩所抵消。跨境交易量（不包括按固定美元計算的歐洲內部交易）下降了 33%，與第一季度一致，但低於我們在 12 月看到的趨勢。

In a fast-changing environment, accurate forecasting remains difficult. How long will elevated spending driven by stimulus payments last? How long will stepped up restrictions and lockdowns persist? How will these 2 countervailing trends balance out country by country? Will cross-border travel sustain the slow recovery even as some new restrictions go into play? These are just some of the uncertainties as we look ahead to the next 3 months.

在瞬息萬變的環境中，準確的預測仍然很困難。由刺激支付推動的支出增加會持續多久？加強限制和封鎖將持續多久？這兩種抵消趨勢將如何在各個國家之間取得平衡？即使一些新的限制措施開始發揮作用，跨境旅行是否會維持緩慢的複蘇？這些只是我們展望未來 3 個月時的一些不確定性。

Based on the trends to this point, our best sense is that the second quarter gross revenue growth rate will recover to be flattish with last year with most of the improvement driven by international revenues. Growth in other -- in the other revenue lines is expected to have a small uptick due to easier year-over-year comparisons in the second half of March.

根據目前的趨勢，我們最好的感覺是第二季度總收入增長率將恢復到與去年持平，其中大部分改善是由國際收入推動的。由於 3 月下半月更容易進行同比比較，其他收入線的增長預計將小幅上升。

First quarter client incentives were 1 point below our expectations. Second quarter client incentives could be 1 point above the high end of the 25.5% to 26.5% range we expect for the year. This would put first half incentives right in the middle of the range. There are several reasons for the step-up of client incentives as a percent of gross revenues in the second quarter even with continued improvement in cross border.

第一季度的客戶激勵比我們的預期低 1 個百分點。第二季度客戶激勵可能比我們今年預期的 25.5% 至 26.5% 範圍的高端高出 1 個百分點。這將使上半年的激勵措施處於區間的中間。即使跨境業務持續改善，第二季度客戶激勵措施佔總收入的百分比也有所增加，這有幾個原因。

First, as I mentioned earlier, a few large deals moved from the first to the second quarter, one of which, Wells Fargo, was signed in January as Al noted. Second, as we told you in October, many clients did not meet certain volume thresholds in calendar year 2020 and, as such, did not earn corresponding incentives. As volume recovers in 2021, we expect clients will hit growth thresholds and earn these incentives. We accrue incentives accordingly, starting with the first quarter of the new calendar year. This quarter is a larger increase unique to the year of the recovery. And third, the impact of renewals we had already expected in the second quarter.

首先，正如我之前提到的，一些大宗交易從第一季度轉移到了第二季度，正如 Al 指出的那樣，富國銀行是其中之一。其次，正如我們在 10 月份告訴您的那樣，許多客戶在 2020 日曆年沒有達到特定的交易量門檻，因此沒有獲得相應的獎勵。隨著 2021 年銷量的回升，我們預計客戶將達到增長門檻並獲得這些激勵。從新日曆年的第一季度開始，我們相應地累積獎勵。本季度是複甦之年獨有的較大增長。第三，我們在第二季度已經預料到的續約的影響。

Due to the step-up in client incentives as a percent of gross revenue, the net revenue decline in the second quarter is expected to be comparable to the decline we reported in the first quarter even as the gross revenue growth rate continues to recover. Exchange rate shifts could benefit second quarter net revenue growth by less than 1 point.

由於客戶激勵佔總收入的百分比有所提高，即使總收入增長率繼續恢復，第二季度的淨收入下降預計與我們在第一季度報告的下降幅度相當。匯率變動可能使第二季度淨收入增長不到 1 個百分點。

We expect operating expenses to grow in the low to mid-single digits in the second quarter as we begin to lap the expense reductions implemented last year. We still plan to grow expenses in the double digits in the second half as we step up investments on key growth initiatives in anticipation of a return to normalcy by the end of fiscal 2021. Nonoperating expense should be $145 million approximately, which is similar to the first quarter, if you exclude the 2 nonrecurring items I mentioned earlier.

隨著我們開始實施去年實施的費用削減措施，我們預計第二季度的運營費用將以中低個位數增長。隨著我們加大對關鍵增長計劃的投資，預計到 2021 財年年底恢復正常，我們仍計劃在下半年以兩位數的速度增長費用。非營業費用應約為 1.45 億美元，與第一季度，如果您排除我之前提到的 2 個非經常性項目。

There is no change in our tax rate expectations. It is still too early to predict what impact the U.S. election will have on our taxes. As always, we will provide updates as the year progresses.

我們的稅率預期沒有變化。現在預測美國大選將對我們的稅收產生什麼影響還為時過早。與往常一樣，我們將隨著時間的推移提供更新。

In summary, as you can see, our business remains resilient. Both debit and e-commerce growth are sustaining well above pre-COVID levels as the accelerated shift to digital payments becomes a habit. Cross-border growth is poised to recover sharply once vaccines facilitate reopening of borders and we lap last year's steep declines. Our new flows and value-added services businesses have continued to grow robustly through the worst of the pandemic.

總之，如您所見，我們的業務保持彈性。隨著向數字支付的加速轉變成為一種習慣，借記卡和電子商務的增長都維持在遠高於 COVID 之前的水平。一旦疫苗促進邊境重新開放，跨境增長有望大幅恢復，並且我們會經歷去年的急劇下降。在疫情最嚴重的時期，我們的新流量和增值服務業務繼續強勁增長。

As Al indicated, we have stayed focused on our long-term growth initiatives, and we'll be stepping up the level of investment in the second half in anticipation of a post-COVID world with accelerating growth.

正如 Al 指出的那樣，我們一直專注於我們的長期增長計劃，我們將在下半年提高投資水平，以期待一個加速增長的後 COVID 世界。

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

有了這個，我會把它轉回給邁克。

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 James Faucette with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 James Faucette。

I just wanted to ask, strategically, how you're thinking about going forward post the Plaid deal that you decided to turn away from. And I guess I'm looking for just comments of how you feel your relationships are with regulators and what makes sense in the future for future technology acquisitions, et cetera.

我只是想從戰略上問一下，在你決定放棄的格子花交易之後，你是如何考慮繼續前進的。而且我想我正在尋找的只是關於您如何看待您與監管機構的關係以及未來對未來技術收購等有意義的評論。

Well, thanks, James. Well, first of all, let me answer the last part of the question. This was a single lawsuit brought by a single regulator about one specific M&A transaction, so I don't believe that this portends anything about the future and our ability to continue to try to acquire companies. As we said a couple of weeks ago, we ended up making the decision that this was just going to go on for too long. And we all know that the payments marketplace is moving with great speed on so many fronts. And the idea that we would tie ourselves up on this transaction, and frankly, the plan would tie themselves up through long-term litigation that could go all the way through an appeal, in and of itself was not appealing to us in terms of all the other things that we thought we could be investing in and spending management time on and spending our dollars on.

好吧，謝謝，詹姆斯。好吧，首先，讓我回答問題的最後一部分。這是由單一監管機構針對一項特定併購交易提起的單一訴訟，因此我不認為這預示著未來以及我們繼續嘗試收購公司的能力。正如我們幾週前所說，我們最終決定這只會持續太久。我們都知道，支付市場在許多方面都在以極快的速度發展。並且我們將在這筆交易中束縛自己的想法，坦率地說，該計劃將通過長期訴訟束縛自己，這可能一直通過上訴，就其本身而言，就所有方面而言，我們並沒有吸引力我們認為我們可以投資並花費管理時間和花錢的其他事情。

We're continuing to forge down a path of making sure that we are a real player in this space of open banking and believe that we have a lot of the assets already. What Plaid was going to do was going to get us into the -- specifically into the data extraction type of business, which would have added to our network of networks. But it doesn't, in and of itself, prevent us from doing more going forward. We also still have the ability in that space to partner with Plaid. We have the ability to partner with other players around the world. And in many cases, that might give us the ability to partner with players that understand the nuances of specific markets in which they do work.

我們正在繼續開闢一條道路，確保我們是開放銀行領域的真正參與者，並相信我們已經擁有大量資產。 Plaid 要做的是讓我們進入 - 特別是進入數據提取類型的業務，這將增加我們的網絡網絡。但它本身並不會阻止我們做更多的事情。我們仍然有能力在該領域與 Plaid 合作。我們有能力與世界各地的其他玩家合作。在許多情況下，這可能使我們能夠與了解他們所在的特定市場的細微差別的參與者合作。

We'll continue to look to make sure that we -- to the degree that any use cases are going to form here, the most -- the use case that probably would have the most chance of stepping out and being something that takes -- has some legs behind it would be account to account. And I think we're very well positioned there. We're positioned well to make sure that we can provide payment capabilities for the various fintechs that we are doing business with today, and we have the ability to continue to sell value-added services to all of those players. So I think that ultimately, as we have in the past, we will invest to grow internally, we will look to partner and we will look to buy. And it will be a combination of capabilities and approaches that will allow us to continue to be a player in this space.

我們將繼續努力確保我們 - 在任何用例將在這裡形成的程度上，最 - 可能最有可能走出並成為需要的用例 -背後有一些腿將是帳戶到帳戶。我認為我們在這方面的定位非常好。我們的定位很好，可以確保我們能夠為我們今天與之開展業務的各種金融科技公司提供支付能力，並且我們有能力繼續向所有這些參與者銷售增值服務。所以我認為最終，就像我們過去所做的那樣，我們將投資以實現內部增長，我們將尋求合作夥伴，我們將尋求購買。這將是能力和方法的結合，使我們能夠繼續成為這個領域的參與者。

That's great context, Al. And just a quick operational follow-up. Obviously, you've taken expenses out of the cost base in the last year as a result of the pandemic. How should we think about what components of that cost base are likely to flow back in as things return to normal versus what could be more permanent changes?

這是很好的背景，艾爾。並且只是一個快速的操作跟進。顯然，由於大流行，您在去年從成本基礎中扣除了費用。我們應該如何考慮成本基礎的哪些組成部分可能會隨著事情恢復正常而回流，而哪些可能是更永久的變化？

Well, I think when you look at our cost base, the big parts of our cost base are people, marketing and technology. And we do have -- well, we think we have the Tokyo Olympics coming up in the summer months. I mean there are some people who think that might be in some peril. At the moment, it's going forward. We held marketing to really set relatively modest levels in this past quarter, but I would certainly expect us to be driving marketing up. Basically, when we go to market in our business, it's a combination of putting people resources, our technology resources and our marketing muscle behind whatever we're doing. And so those are the areas that I would expect to see us grow going forward.

好吧，我認為當您查看我們的成本基礎時，我們成本基礎的主要部分是人員、營銷和技術。我們確實有——好吧，我們認為東京奧運會將在夏季舉行。我的意思是有些人認為這可能會有危險。目前，它正在向前發展。在過去的這個季度，我們將營銷保持在相對溫和的水平，但我當然希望我們能夠推動營銷增長。基本上，當我們在業務中進入市場時，我們將人力資源、技術資源和營銷力量投入到我們所做的一切背後。所以這些是我希望看到我們向前發展的領域。

And then, of course, I mean we really have dramatically curtailed T&E and professional services. And I think that to the degree that later in the year we begin to get some people back to offices and we begin to see some people get back on airplanes, we'll see some modest increases in those expense areas. But we've been really careful about both our people-level spending and our technology-level spending and our marketing-level spending. And I think as conditions warrant, we'll be dialing those up. Vasant gave you some insight into what -- where we think expenses are going to be in the second half. And we think there's some really good opportunities that I want to make sure that if, in fact, as we believe that we'll be in some form of normalcy by the end of this fiscal year, we want to make sure that we have good momentum going into fiscal '22.

然後，當然，我的意思是我們確實大幅縮減了 T&E 和專業服務。而且我認為，在今年晚些時候我們開始讓一些人回到辦公室，我們開始看到一些人回到飛機上，我們將看到這些費用領域的適度增長。但我們對人員層面的支出、技術層面的支出和營銷層面的支出都非常小心。而且我認為，如果條件允許，我們將撥打這些電話。 Vasant 讓您了解了我們認為下半年的支出情況。我們認為有一些非常好的機會，我想確保，如果事實上，因為我們相信我們將在本財政年度結束時處於某種形式的正常狀態，我們希望確保我們有良好的進入22財年的勢頭。

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

我們的下一個問題來自摩根大通的 Tien-Tsin Huang。

Appreciate all the color on the volume trends. I wanted to ask about value-added services. That was up in the high teens. Curious how sustainable that is, and if that growth could actually step up with the eventual recovery in volume? Just trying to understand how procyclical or not that business is.

欣賞成交量趨勢的所有顏色。我想問一下增值服務。那是在青少年時期。好奇這種情況的可持續性如何，以及這種增長是否真的能隨著銷量的最終復甦而加快？只是想了解該業務的順週期與否。

So Tien-Tsin, thank you. I guess a little bit of color for everybody. About 2/3 of our value-added services are in data processing, and they basically are transaction-based revenue streams. And that's CyberSource. That's our risk and identity products. That's DPS. And all of those will tend to continue to produce very good volumes, and they'll move with transactions as transaction tools. About 1/3 of our value-added services are split between services revenue, which tends to be card benefits that are offered as a package. And then in other revenue, we have volumes that are not -- I'm sorry, we have services not tied to volumes, things like consultants, our consulting practice and travel-related card benefits that obviously have been down. So I think as travel would be -- to come back at some point, that obviously would help that volume.

所以天津，謝謝。我想每個人都有一點顏色。我們大約 2/3 的增值服務是在數據處理方面，它們基本上是基於交易的收入流。這就是 CyberSource。這就是我們的風險和身份產品。那就是DPS。所有這些都將傾向於繼續產生非常好的交易量，並且它們將隨著交易作為交易工具而移動。我們大約 1/3 的增值服務是在服務收入之間分配的，這往往是作為套餐提供的卡福利。然後在其他收入中，我們的業務量與業務量無關——對不起，我們的服務與業務量無關，比如顧問、我們的諮詢業務和與旅行相關的信用卡福利顯然已經下降。所以我認為旅行會 - 在某個時候回來，這顯然會幫助這個數量。

So -- with that color we saw -- obviously, in a world where e-commerce and omni-commerce is becoming a big deal. Cyber volume was very, very good and grow revenue. We continue to have more and more customers engage with us on risk and identity services. And as I said earlier now, we're excited about the fact that we're going to take our debit processing system beyond the United States. And we've now got it -- starting to use it in Europe. I think that, that gives us a good platform for growth going forward as well.

所以 - 有了我們看到的那種顏色 - 顯然，在電子商務和全方位商務正在成為一個大問題的世界裡。網絡數量非常非常好，並且收入增長。我們繼續有越來越多的客戶在風險和身份服務方面與我們合作。正如我之前所說，我們很高興我們將把我們的借記卡處理系統帶到美國以外的地方。我們現在已經掌握了它——開始在歐洲使用它。我認為，這也為我們提供了一個良好的發展平台。

Our next question comes from Don Fandetti from Wells.

我們的下一個問題來自 Wells 的 Don Fandetti。

Al and Vasant, in terms of the cross-border improvement, I thought that was actually pretty decent Q-over-Q improvement on the growth rate. Did the U.S. -- during lockdown, you said it remained strong, but did it improve? Was that a factor in the overall improvement year-over-year?

Al 和 Vasant，就跨境改善而言，我認為這實際上是相當不錯的 Q-over-Q 增長率改善。美國 - 在封鎖期間，你說它仍然很強大，但它有改善嗎？這是整體逐年改善的一個因素嗎？

Don, it was really -- in Latin America, it was really U.S. to Mexico and U.S. to the Caribbean that drove the volume in North America. Beyond that, Dubai opened a bit. Now Dubai is having a little bit of resurgence and just went back into some restrictions earlier this week. But Dubai has been open, and there's been a decent amount of travel intra-Middle East. There's been a little bit of an opening amongst the countries in the former Soviet Union. And then there's been some improvement or some movement in inter-travel within South America. So those are kind of the spots where we've seen the improvements in cross-border. Most of the rest of the corridors around the world continued to be, as Vasant mentioned in his remarks, either closed or subject to, like, really tough restrictions that make it very difficult to -- for somebody to take on traveling.

唐，真的是——在拉丁美洲，真正推動北美銷量的是美國到墨西哥和美國到加勒比海地區。除此之外，迪拜開放了一點。現在迪拜正在復蘇，本週早些時候又恢復了一些限制。但迪拜已經開放，中東內部的旅行數量相當可觀。前蘇聯國家之間有一點開放。然後在南美洲的內部旅行中出現了一些改進或一些變化。所以這些是我們看到跨境改進的地方。正如瓦桑特在講話中提到的那樣，世界上其他大多數走廊要么關閉，要么受到非常嚴格的限制，這使得人們很難 - 進行旅行。

Then Al, as you look at these numbers, are you still feeling like the data points suggest there's a fair amount of pent-up demand when things do open up?

那麼，Al，當您查看這些數字時，您是否仍然覺得數據點表明當事情確實開放時存在相當多的被壓抑的需求？

Well, I think Don, as it relates to consumer travel, which is the vast majority of our payment volume in the travel sector over the years, I do think we're going to see some openings, for sure. I think there's a lot of pent-up demand. I mean there's a lot of people who haven't seen families, parents who haven't seen grandchildren, children who haven't seen parents, and are going to want to jump on planes. I also think a lot of people are stir-crazy and want to get out. And then you've got people who are true global citizens who are knocking things off their to-do lists in terms of places they want to go and places they want to see. So I think consumer travel at the right time, but we need to see these restrictions be mitigated or lessened in a pretty big way.

好吧，我認為唐，因為它與消費者旅行有關，這是我們多年來在旅遊行業支付量的絕大部分，我確實認為我們肯定會看到一些空缺。我認為有很多被壓抑的需求。我的意思是有很多人沒見過家人，沒見過孫子的父母，沒見過父母的孩子，都想跳飛機。我也認為很多人都瘋了，想出去。然後你有一些真正的全球公民，他們在他們想去的地方和想去的地方把事情從他們的待辦事項列表中剔除。因此，我認為消費者在正確的時間旅行，但我們需要看到這些限制在很大程度上得到緩解或減少。

I think it's going to come back quite strongly. I think it's going to take more time to see business travel come back. And frankly, it might take years for business travel to return to what it is. I mean we've all gotten accustomed to talking on video conferences, et cetera. I think we all probably realized that there are trips that we took or authorized in the past that when we look back on it today in the light of talking on video, we say, "Why did we send somebody to that meeting for a 1.5-hour presentation that they could have just as well done on video?" So that's the way I think about it going forward, Don.

我認為它會強勢回歸。我認為需要更多時間才能看到商務旅行的回歸。坦率地說，商務旅行可能需要數年時間才能恢復原狀。我的意思是，我們都已經習慣了在視頻會議上交談，等等。我想我們都可能意識到，過去我們參加或授權的一些旅行，當我們今天根據視頻討論回顧它時，我們會說，“為什麼我們派人去那個會議參加 1.5-一個小時的演示，他們可以在視頻上完成嗎？”所以這就是我對未來的看法，唐。

Our next question comes from Lisa Ellis with MoffettNathanson.

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

A follow-up question from me on Visa Direct, which you highlighted again grew almost 60% in the quarter. At your Investor Day last February, you had sized the B2C, G2C and P2P markets about 60 trillion in total payment volume. And I believe Visa Direct did about 350 billion last year, so about 0.5% of that. Can you talk about over time, as you're seeing Visa Direct develop, how much of those markets do you think is potentially addressable by Visa Direct? And any hint of the monetization level that we should be thinking about, something similar to domestic debit or different from that?

我在 Visa Direct 上提出的後續問題，您再次強調該問題在本季度增長了近 60%。在去年 2 月的投資者日，您將 B2C、G2C 和 P2P 市場的總支付量估計為約 60 萬億。而且我相信 Visa Direct 去年做了大約 3500 億次，所以大約是其中的 0.5%。您能否談談隨著時間的推移，隨著 Visa Direct 的發展，您認為這些市場中有多少可以通過 Visa Direct 解決？以及我們應該考慮的貨幣化水平的任何暗示，類似於國內借記卡或與之不同的東西？

Well, Lisa, thank you for the question. We -- Visa Direct has the ability to grow on a number of vectors. The 2 that I think are the most obvious is in terms of -- or 3 I'd say: continued penetration of current use cases; new use cases that get developed; and then thirdly, geographic expansion. And this is a business that we're still building out. There's still lots to do in all 3 of those categories. And to an earlier question I think Don asked, we're going to continue to invest in that area. And look, there's markets where we haven't even really laid any trap for Visa Direct. There's use cases where we haven't laid any traps, and our plan is to continue to do that.

好吧，麗莎，謝謝你的問題。我們——Visa Direct 有能力在多個載體上發展。我認為最明顯的 2 點是——或者我想說的 3 點：對當前用例的持續滲透；開發的新用例；第三，地域擴張。這是我們仍在建立的業務。在所有這三個類別中仍有很多工作要做。對於我認為唐問過的一個較早的問題，我們將繼續在該領域進行投資。看，有些市場我們甚至還沒有真正為 Visa Direct 設置任何陷阱。有些用例我們沒有設置任何陷阱，我們的計劃是繼續這樣做。

If we look at the very first Visa Direct use case which continues to grow substantially, P2P payments, there's still lots to do both in domestic P2P payments, but we think our key future growth area is in cross-border P2P and remittance, and we're beginning to take steps there to enable that. And I mentioned in my remarks the fact that we've got relationships with 4 of the 5 top global money transfer operators, and that's helping us quite a bit. I think Earned Wage Access really continues to be a real opportunity. And I touched a little bit on a few of those cases. But there's still lots of geographies and lots of organizations that we have the ability to penetrate to grow that.

如果我們看看第一個持續大幅增長的 Visa Direct 用例 P2P 支付，在國內 P2P 支付方面還有很多工作要做，但我們認為我們未來的關鍵增長領域是跨境 P2P 和匯款，我們'開始在那裡採取措施來實現這一點。我在講話中提到，我們與全球 5 家頂級匯款運營商中的 4 家建立了關係，這對我們幫助很大。我認為賺取工資准入確實仍然是一個真正的機會。我對其中一些案例進行了一些探討。但是我們仍然有能力滲透到許多地區和許多組織來發展它。

And then you've got on the B2C use cases, things like food and grocery delivery and online gaming and insurance claim payouts. So all of those are, I would say, in the early innings of a baseball game in terms of our ability to continue to make progress and drive those. So I continue to believe that this platform of which we can generate dozens and dozens of use cases will, for quite some, time be really important to us from a growth perspective.

然後是 B2C 用例，比如食品和雜貨配送、在線遊戲和保險索賠支付。因此，我想說，就我們繼續取得進步和推動這些方面的能力而言，所有這些都處於棒球比賽的早期階段。所以我仍然相信，從增長的角度來看，這個我們可以生成幾十個用例的平台在相當長的一段時間內對我們來說真的很重要。

Next question comes from Chris Brendler with Seaport Global.

下一個問題來自 Seaport Global 的 Chris Brendler。

Al, good to talk to you. I'd love to hear your thoughts on the buy now, pay later phenomenon that seems to be gathering steam, and I know you have a solution there and how big you think that solution could become. And is there any competitive threat from consumers choosing a different payment option in the checkout and when checking online?

阿爾，很高興和你談談。我很想听聽您對“現在購買，以後付款”現象的看法，這種現像似乎正在加速發展，我知道您有一個解決方案，以及您認為該解決方案可能有多大。消費者在結賬時和在線檢查時選擇不同的支付方式是否會帶來競爭威脅？

Well, Chris, this is a pretty interesting space, and I think we're in the early days in most markets. There's a number of different models. I think I've said before, I think Vasant said before, we're not in the business of picking winners and losers. We see our job as enablement no matter what the model is. But in some cases, the player is the actual lender. In some cases, they're sourcing a lender. In some cases, the installments are very short term, weeks at a time. In some cases, they're long term. Some providers only do installments. Some allow multiple payment options: pay now, pay on delivery, pay off on various numbers of installments. And then obviously, this is where it's exciting for us, multiple ways to pay off installments: virtual cards, debit cards, ACH. And it's also a payment model today that's heavily funded by the merchant.

好吧，克里斯，這是一個非常有趣的領域，我認為我們在大多數市場都處於早期階段。有許多不同的型號。我想我之前說過，我想 Vasant 之前說過，我們不是在挑選贏家和輸家。無論模型是什麼，我們都將我們的工作視為支持。但在某些情況下，玩家才是真正的貸方。在某些情況下，他們正在尋找貸款人。在某些情況下，分期付款是非常短期的，一次幾週。在某些情況下，它們是長期的。一些供應商只分期付款。有些允許多種付款方式：立即付款、貨到付款、分期付款。很明顯，這就是讓我們興奮的地方，有多種分期付款的方式：虛擬卡、借記卡、ACH。它也是今天由商家大量資助的支付模式。

Our strategy, Chris, is to be broad, to play with multiple third-party providers and offer a Visa platform to enable issuers to offer pay now -- buy now, pay now -- pay later capability. And we seek to work with all these options. And obviously, what we want to do is get virtual cards for Visa in place as one option for repayment. We also want to put Visa cards on file as another option. And I would remind you that these installments do break -- at its core, these installments break a transaction or a purchase into 3 or 4 or 5 payment transactions, which is good for us, because it gives us more transactions on which to earn fees.

Chris，我們的戰略是擴大範圍，與多家第三方供應商合作，並提供一個 Visa 平台，使發行人能夠提供現在支付——現在購買，現在支付——以後支付的能力。我們尋求與所有這些選項一起工作。顯然，我們想要做的是為 Visa 提供虛擬卡作為還款的一種選擇。我們還希望將 Visa 卡存檔作為另一種選擇。而且我要提醒您，這些分期付款確實會中斷 - 從本質上講，這些分期付款將交易或購買分成 3 或 4 或 5 次付款交易，這對我們有好處，因為它為我們提供了更多賺取費用的交易.

That's great. One quick follow-up if I might is, in places like Sweden where it's become the dominant tender share, did it actually -- do you actually see an impact on volume or are enough people choosing your cards that this will actually impact the volume given how much growth in buy now, pay later is taking place in that area?

那太棒了。如果我可能的話，一個快速的後續行動是，在像瑞典這樣的地方，它已成為主要的投標份額，實際上是否 - 你是否真的看到了對交易量的影響，或者是否有足夠多的人選擇你的卡，這實際上會影響給定的交易量現在購買，以後支付的增長有多大？

So there's only a -- there's a few countries, you mentioned Sweden, another one is Australia. There's not many, there's a few countries where this has really taken off. And I think it certainly had some impact on banks in those markets. But in many cases, because of the kind of payoff capabilities I talked about, card on file, virtual cards, et cetera, a lot of that buy is coming back to us in the form of repayments.

所以只有一個 - 有幾個國家，你提到了瑞典，另一個是澳大利亞。沒有多少，有幾個國家真正起飛了。我認為這肯定對這些市場的銀行產生了一些影響。但在許多情況下，由於我談到的那種支付能力，存檔卡、虛擬卡等，很多購買都以還款的形式回到我們身邊。

next question comes from Darrin Peller with Wolfe.

下一個問題來自 Darrin Peller 和 Wolfe。

Just one quick one for Vasant, and then Al, just a more structural one. So I'll just -- if I can just do them both at once. But Vasant, when we look at the incentive side, I know you guys said that it was timing related why it came in below the range this quarter, but it will come in high -- I think you said higher than the range or potentially could be for the next quarter. When we think about when you first guided to the 25.5% to 26.5% range, it was embedding cross-border activity similar to the September quarter, which was -- ended up being better. So I guess I just want to know, you're assuming now some deterioration or more conservatism in cross-border before maybe it gets better later in the year.

Vasant 只是一個快速的，然後是 Al，只是一個更具結構性的一個。所以我會——如果我能同時做這兩件事。但是 Vasant，當我們看激勵方面時，我知道你們說這與時間有關，為什麼它在本季度低於範圍，但它會很高——我認為你說高於範圍或可能可能下個季度。當我們考慮當您第一次引導至 25.5% 至 26.5% 的範圍時，它嵌入了類似於 9 月季度的跨境活動，最終變得更好。所以我想我只是想知道，你現在假設在今年晚些時候情況會好轉之前，跨境市場會出現一些惡化或更加保守的情況。

And then I guess, Al, maybe I could just squeeze in. Structurally, again, things like debit are seeming to be somewhat sustainable. It's not all just people using more nondiscretionary. I'm curious what you would identify now, after having seen about a year of the pandemic almost, where are the top 2 or 3 items you think structurally are impacting your business longer-term and here to stay potentially?

然後我想，艾爾，也許我可以擠進去。再一次，從結構上講，借記之類的東西似乎有點可持續。不僅僅是人們使用更多的非自由裁量權。我很好奇您現在會確定什麼，在經歷了大約一年的大流行之後，您認為從結構上對您的業務產生長期影響並可能繼續存在的前 2 或 3 個項目在哪裡？

Just taking the incentive question, we try to give you our best sense sort of range. And at this point, the visibility is greatest in the first half since we're halfway through it, and we think we'll be right in the middle of the range. There are many variables here that go into it in a time like this when things are moving around quite a bit. Certainly, cross-border doing better helps. Renewals will have an impact. Sometimes they happen when we expect, sometimes they don't.

僅考慮激勵問題，我們嘗試為您提供我們最好的感覺範圍。在這一點上，上半場的能見度最高，因為我們已經過了一半，我們認為我們會在範圍的中間。當事情發生相當大的變化時，這裡有很多變數會在這樣的時候進入它。當然，跨境做得更好會有所幫助。續訂會產生影響。有時它們會在我們預期的時候發生，有時它們不會。

There's also the year-over-year improvements that our clients have. As you know, last year, many clients, because of the pandemic, didn't hit certain thresholds. This year, if things are recovering faster, there could be -- we think they'll all make their thresholds and more. That has a year-over-year impact and it varies by client. So there's a bunch of these things moving around at the same time. And the good news is we think we're right in the middle of the range, and we'll give you more as we go through the year.

我們的客戶也有逐年改進。如您所知，去年，由於大流行，許多客戶沒有達到某些門檻。今年，如果情況恢復得更快，可能會有——我們認為他們都會達到他們的門檻，甚至更多。這會產生年復一年的影響，並且因客戶而異。所以有一堆這樣的東西同時在移動。好消息是我們認為我們正處於該範圍的中間，我們將在這一年中為您提供更多。

Darrin, on your second question, first of all, there's many reasons why debit has been a star here. Not -- you've got the stimulus payments that are on prepaid cards, which count in -- we count prepaid in our debit business. As e-commerce has moved into more everyday categories, people are using debit. People are more comfortable in tough situations, tough times, to use money they have versus borrow money that they don't have. But I think when I look ahead structurally, to answer your question, look, I think e-commerce adoption has probably accelerated 3 to 5 years in the last year. And I don't think that's going backward. I think that people who have gotten used to shopping on their phone or their tablet or their computer are going to continue to do that.

達林，關於你的第二個問題，首先，借記卡成為這裡的明星有很多原因。不是——你有預付卡上的刺激支付，這很重要——我們在藉記卡業務中計算預付。隨著電子商務進入更多日常類別，人們開始使用借記卡。人們更願意在艱難的情況下，艱難的時期使用他們擁有的錢而不是藉他們沒有的錢。但我認為，當我從結構上展望未來，回答你的問題時，看，我認為電子商務的採用可能在去年加速了 3 到 5 年。而且我認為這不會倒退。我認為習慣在手機、平板電腦或電腦上購物的人會繼續這樣做。

I think the other thing that I look at structurally that's really exciting is there's a great opportunity to continue to grow both sides of this 2-sided market of buyers and sellers. Wallet proliferation is continuing. And we're working really hard to get credentials in wallets, which just adds to the -- these wallets, in essence, of becoming issuers. And that helps generate more buyers. And the cost of acceptance is going down around the world as more and more players are getting into it, and that's going to grow the number of sellers on our network. And as that network grows, I think that's going to be a really positive thing for us.

我認為我在結構上看到的另一件真正令人興奮的事情是，有一個很好的機會繼續發展這個由買賣雙方組成的雙邊市場。錢包擴散仍在繼續。我們正在努力在錢包中獲取憑證，這只是增加了這些錢包，從本質上講，成為發行人。這有助於產生更多的買家。隨著越來越多的玩家參與進來，全球接受成本正在下降，這將增加我們網絡上的賣家數量。隨著網絡的發展，我認為這對我們來說將是一件非常積極的事情。

Obviously, e-commerce comes with the issue of no cash, but I think that people are getting increasingly concerned about cash. And the combination of tap to pay in the physical world where the card doesn't need to leave your hands to go to anybody else in order to transact and the fact that e-commerce doesn't -- cash is not an option, those are -- all of those things, I think structurally, are very positive for us. The thing -- on the flip side also, I mentioned that while business travel is a small piece of our overall travel, that will be one of those things that will be a little bit slower to come back and maybe never back at the level it was pre-COVID-19.

顯然，電子商務伴隨著沒有現金的問題，但我認為人們越來越關注現金。結合現實世界中的點擊支付，卡不需要離開你的手去給其他人進行交易，而電子商務則不需要——現金不是一種選擇，那些是 - 我認為從結構上講，所有這些事情對我們來說都是非常積極的。事情——另一方面，我也提到了，雖然商務旅行只是我們整體旅行的一小部分，但那將是那些回來會慢一點，也許永遠不會回到原來水平的事情之一是在 COVID-19 之前。

Bryan Keane from Deutsche Bank.

德意志銀行的布萊恩·基恩。

Vasant, I wanted to ask about cross-border. As that comes back, especially likely in this second half of this calendar year, how do we think about the higher yields and profitability, how that will flow to the bottom line versus additional investments you talked about? What would necessarily be those investments? Would it offset completely the benefit we'll see from that cross-border?

Vasant，我想問一下跨境。當這種情況再次出現時，尤其是在本日曆年的下半年，我們如何看待更高的收益率和盈利能力，與您談到的額外投資相比，這將如何影響利潤？這些投資必然是什麼？它會完全抵消我們從跨境中看到的好處嗎？

Well, I mean there's no question, cross-border coming back has a meaningful impact on our revenue line. You saw that already in the first quarter, our cross-border was better than we expected. And as a result, our revenues were also quite a bit better than we expected. We're saying that we will step up our investment in the second half and expect our expenses to grow double digits, but if the cross-border business comes back in a meaningful way, I mean that's clearly going to be much better growth on the top line than that double-digit increase in expenses that we're planning.

嗯，我的意思是毫無疑問，跨境回歸對我們的收入線產生了有意義的影響。您已經看到，在第一季度，我們的跨境業務比我們預期的要好。因此，我們的收入也比我們預期的要好很多。我們說我們將在下半年加大投資，預計我們的支出將增長兩位數，但如果跨境業務以有意義的方式恢復，我的意思是這顯然會比頂線比我們計劃的兩位數增加的費用。

Also, you should remember that we start lapping the declines in our expenses from last year. Our expenses last year declined by 5% or so in the second half. So when we grow them double digits this year, this fiscal year in the second half, over a 2-year period, we're only growing them about 5%. So net-net, I mean cross-border coming back is going to have a very positive impact on our business, especially if it comes back faster than we might be expecting. In any case, the comparisons get better, so you will begin to see growth in the cross-border business just because of what happened last year.

此外，您應該記住，我們從去年開始計算開支的下降。我們去年下半年的開支下降了5%左右。因此，當我們今年將它們增長兩位數時，本財年下半年，在兩年內，我們只會增長約 5%。所以net-net，我的意思是跨境回歸將對我們的業務產生非常積極的影響，特別是如果它的回歸速度比我們預期的要快。無論如何，比較變得更好，所以你會開始看到跨境業務的增長，只是因為去年發生的事情。

Our next question comes from Harshita Rawat from Bernstein.

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

I have a question on your volume metrics. If I compare your metrics relative to your closest peer, over the last 2 quarters, we have seen the reverse of your Europe and U.S. volume growth rate, has been faster than your peers. How should we think about that? Is it some deal flow coming in, your partnerships with fintech, the Visa Direct in the numbers? Any color there would be helpful.

我對您的音量指標有疑問。如果我將您的指標與您最接近的同行進行比較，在過去的兩個季度中，我們看到您的歐洲和美國的銷量增長率相反，比您的同行更快。我們應該怎麼想？是否有一些交易流進來，您與金融科技的合作夥伴關係，Visa Direct 的數字？那裡的任何顏色都會有幫助。

Well, it's always a variety of reasons depending on what your -- the component of the business you're looking at. I mean clearly, the mix of the business between debit and credit has an impact. You all know that debit has clearly outperformed as the primary driver of cash conversion globally. And then in those parts of the world like the U.S. where debit has been a mechanism for distribution of stimulus payments, it's also benefited from that. So mix of business makes a big difference. We are not seeing any reason why that it will not continue to outperform. And credit is recovering, and that's a positive trend.

好吧，這總是有多種原因，具體取決於您所關注的業務的組成部分。我的意思很清楚，借方和貸方之間的業務組合會產生影響。眾所周知，作為全球現金轉換的主要驅動因素，借記卡的表現明顯優於其他貨幣。然後在像美國這樣的世界上，借記卡一直是分配刺激支付機制的地方，它也從中受益。因此，業務的混合會產生很大的不同。我們沒有看到它不會繼續跑贏大盤的任何理由。信貸正在復蘇，這是一個積極的趨勢。

If you look at places around the world, I mean in Europe, the bulk of the slowdown from Q1 to Q2 was the growing of -- the fact that we had that benefit in the first quarter. We've had some small impact from restrictions. But unless restrictions are becoming more significant, this trend seems to be improving almost everywhere. You saw that in Latin America and CEMEA where we saw meaningful acceleration, and we're not seeing much impact on those trends from additional cases.

如果你看看世界各地的地方，我的意思是在歐洲，從第一季度到第二季度的大部分放緩是由於我們在第一季度獲得了這種好處。我們受到限制的一些小影響。但除非限制變得更加重要，否則這種趨勢似乎幾乎在所有地方都在改善。您在拉丁美洲和 CEMEA 看到了這一點，我們看到了有意義的加速，而且我們沒有看到其他案例對這些趨勢產生太大影響。

So overall the U.S., as I said in my comments, it's almost as if the pandemic didn't happen, right? We grew around 8% first quarter last year, we grew 8% again first quarter this year where, if you believe our growth rate is 8% or 9%, we're almost back on the growth rate. Internationally, we're getting there. And we think that, that trend is meaningfully improving, as you saw. Where we're lagging certainly, where the trend is still soft, is Asia where restrictions remain still significant. And in Europe, there's some increasing restrictions now, and we'll see how they play out.

所以總的來說，正如我在評論中所說，就好像大流行沒有發生一樣，對吧？去年第一季度我們增長了 8% 左右，今年第一季度我們再次增長了 8%，如果你認為我們的增長率是 8% 或 9%，我們幾乎恢復了增長率。在國際上，我們正在到達那裡。正如你所見，我們認為這種趨勢正在顯著改善。我們肯定落後的地方，趨勢仍然疲軟的地方，是限制仍然很重要的亞洲。在歐洲，現在有一些越來越多的限制，我們將看看它們是如何發揮作用的。

Ashwin Shirvaikar from Citi.

來自花旗的 Ashwin Shirvaikar。

I have questions on pricing. Wondering if -- and I know you price for value, but I'm kind of wondering if -- as the economy hopefully gets better, how do you think of pricing? Is there perhaps a catch-up in pricing? Or do you revert to normalized long-term pattern? Or do you just see a tougher environment for pricing within the interchange model? And then sort of the addendum to that, is there a natural benefit from Brexit news flow couple of days back about that? And how do you account for that?

我對定價有疑問。想知道 - 我知道你的價格是物有所值的，但我有點想知道 - 隨著經濟有望好轉，你如何看待定價？定價方面可能有追趕嗎？還是您恢復到正常化的長期模式？還是您只是看到互換模型中的定價環境更加艱難？然後補充一點，幾天前英國退歐的新聞流是否有自然的好處？你如何解釋這一點？

Well, I'll make a couple of comments, and Vasant could certainly add. Ashwin, on your last point, I'm not going to make any comment on the Brexit situation. We've not announced anything. Therefore, I don't think it's prudent to comment. I think that we made some decisions to delay pricing out of this past year because of the realities of COVID. But we're going to -- we plan to move ahead with previously delayed pricing increases in April of this year. We also have a small number of minor pricing changes. The impact won't be very big. And I think going forward, I think we'll continue to deliver the value that we want to deliver. I think that there's opportunity across all 3 of our growth strategies, core payments, new flows and value-added services, to look at pricing. Vasant, will you add anything?

好吧，我會發表一些評論，Vasant 當然可以補充。 Ashwin，關於你的最後一點，我不會對英國退歐的情況發表任何評論。我們還沒有宣布任何事情。因此，我認為不慎發表評論。我認為，由於 COVID 的現實，我們做出了一些決定來推遲過去一年的定價。但我們將——我們計劃在今年 4 月推進先前推遲的價格上漲。我們也有少量小的定價變化。影響不會很大。我認為展望未來，我認為我們將繼續提供我們想要提供的價值。我認為我們的所有 3 種增長戰略、核心支付、新流量和增值服務都有機會關注定價。 Vasant，你會添加什麼嗎？

No, nothing more to add.

不，沒有什麼要補充的了。

Thank you, everyone, for joining us today. If you have additional questions, please feel free to call or e-mail our Investor Relations team. Thanks again, and have a great evening.

謝謝大家，今天加入我們。如果您還有其他問題，請隨時致電或發送電子郵件給我們的投資者關係團隊。再次感謝，祝您有個愉快的夜晚。

And thank you. This concludes today's conference call. You may go ahead and disconnect at this time.

謝謝你。今天的電話會議到此結束。此時您可以繼續斷開連接。