Visa Inc (V) 2022 Q3 法說會逐字稿

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

歡迎參加 Visa 2022 財年第三季度收益電話會議。 （操作員說明）今天的會議正在錄製中。 （操作員說明）

I would now like to turn the conference over to your host, Ms. Jennifer Como, Senior Vice President and Global Head of Investor Relations. Ms. Como, you may begin.

我現在想將會議轉交給您的主持人，高級副總裁兼全球投資者關係主管 Jennifer Como 女士。科莫女士，你可以開始了。

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

謝謝，喬丹。大家下午好，歡迎參加 Visa 的 2022 財年第三季度財報電話會議。今天加入我們的是 Visa 董事長兼首席執行官 Al Kelly； Visa 副主席兼首席財務官 Vasant Prabhu。本次電話會議正在我們網站 www.investor.visa.com 的投資者關係部分進行網絡直播。重播將在我們的網站上存檔 30 天。包含財務和統計亮點的幻燈片已發佈在我們的投資者關係網站上。

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

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

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

有了這個，讓我把電話轉給 Al。

Jennifer, thank you, and good afternoon, everybody, and thank you for joining us. Before I talk about the quarter, I wanted to acknowledge the passing of Dee Hock, Visa's Founder and Chief Executive Officer Emeritus. The whole Visa family deeply mourns the loss of a true visionary and a great man.

詹妮弗，謝謝你們，大家下午好，謝謝你們加入我們。在談論本季度之前，我想感謝 Visa 的創始人兼名譽首席執行官 Dee Hock 的逝世。整個 Visa 家族都為失去一位真正有遠見的偉人而深感悲痛。

Even with several global and macro events from the war in Ukraine to inflation to concerns over a broader recession, Visa's business model has proven to be very resilient with strong financial performance. Net revenues grew 19% year-over-year, and non-GAAP EPS was $1.98, up 33%. Total Q3 payment volume was 136% versus 3 years ago, up 1 point from Q2. In the U.S., payments volume index to 2019 was 146% in the quarter. U.S. debit volumes were 155% and credit 138% of 2019, both up modestly from Q2. Card-not-present, excluding travel volumes in the U.S., remained significantly ahead of pre-pandemic levels at 170% of 2019, consistent with Q2.

即使發生了從烏克蘭戰爭到通貨膨脹再到對更廣泛衰退的擔憂等一系列全球和宏觀事件，Visa 的商業模式已被證明具有很強的彈性和強勁的財務表現。淨收入同比增長 19%，非公認會計原則每股收益為 1.98 美元，增長 33%。與 3 年前相比，第三季度的總支付量為 136%，比第二季度增加了 1 個百分點。在美國，截至 2019 年的季度支付量指數為 146%。 2019 年，美國的借方量為 155%，貸方量為 138%，均較第二季度小幅增長。不包括美國的旅行量，無卡在 2019 年的 170% 仍顯著領先於大流行前的水平，與第二季度一致。

International volume was 120% of 2019, down 1 point from Q2. Excluding China and Russia, it was 146% of 2019, up 6 points. Q3 cross-border volumes, excluding intra-Europe, were 123% versus 3 years ago, up 11 points from Q2, and this includes Russia in prior period numbers. Travel-related cross-border volumes rose 22 points from 82% of 2019 in Q2 to 104% in Q3 as we continue to see strong recovery in consumer and commercial travel. Process transactions were 139% versus 2019, 1 point above Q2. Credentials increased 8% year-over-year and are up 11%, excluding Russia.

國際交易量為 2019 年的 120%，比第二季度下降 1 個百分點。不包括中國和俄羅斯，為 2019 年的 146%，上升 6 個百分點。第三季度的跨境交易量（不包括歐洲內部）與 3 年前相比增長了 123%，比第二季度增長了 11 個百分點，其中包括前期數據中的俄羅斯。由於我們繼續看到消費者和商業旅行的強勁復甦，與旅行相關的跨境交易量從 2019 年第二季度的 82% 增長到第三季度的 104%，增長了 22 個百分點。與 2019 年相比，流程交易率為 139%，比第二季度高 1 個百分點。證書同比增長 8%，增長 11%，不包括俄羅斯。

Before I dive into the client wins and progress towards our strategy, I wanted to take a moment to discuss 2 topics: recession and inflation. On the first, we're not economic forecasters, so I'm not going to predict the future or a potential likelihood of a recession. Instead, let's focus on the facts. From the numbers I just reviewed relative to 2019 levels, growth has been stable or improving in overall domestic payment volume, credit, debit, card-present and card-not-present volumes. And this has been the case for most of 2022 with no indication of any slowdown, including in more recent weeks.

在深入探討客戶的勝利和我們的戰略進展之前，我想花點時間討論兩個主題：衰退和通貨膨脹。首先，我們不是經濟預測者，所以我不會預測未來或衰退的潛在可能性。相反，讓我們關注事實。從我剛剛回顧的相對於 2019 年水平的數字來看，國內整體支付量、信用卡、借記卡、有卡和無卡交易量的增長一直穩定或有所改善。 2022 年的大部分時間都是這種情況，沒有任何放緩的跡象，包括最近幾週。

In cross-border, of course, the recovery has continued to strengthen. While growth has been stable in aggregate, there have been shifts under the surface that continue to demonstrate the momentum of the recovery, first, from goods to services. Early in the pandemic, goods surpassed services, reversing the historic trend. Even as services have rebounded in the last 6 months, the percentage spending on goods in our payments volume still remains high, higher than the pre-pandemic levels. For example, while U.S. home improvement and retail goods spending during the third quarter grew only low single digits year-over-year, it remains well ahead of the pre-pandemic trend line.

當然，在跨境方面，復甦繼續加強。雖然增長總體上保持穩定，但表面下的變化繼續顯示出複甦的勢頭，首先是從商品到服務。在大流行初期，商品超過了服務，扭轉了歷史趨勢。儘管服務在過去 6 個月有所反彈，但在我們的支付量中，商品支出的百分比仍然很高，高於大流行前的水平。例如，儘管美國第三季度的家居裝修和零售商品支出同比僅增長了低個位數，但仍遠超大流行前的趨勢線。

Second, many discretionary segments have further strengthened. If you look at U.S. travel spend, it is now back -- it is not back to the pre-COVID trend line, but grew more than 40% versus last year. Third, the affluent spender continued to recover, particularly in the areas of restaurants, travel and entertainment. At the same time, nonaffluent spend remained relatively resilient. We mentioned the affluent spend returning to restaurants last quarter. That trend continued this quarter with affluent restaurant spend indexing in the 160% to 180% range versus 2019.

其次，許多可自由支配的細分市場進一步加強。如果你看看美國的旅行支出，它現在又回來了——它沒有回到 COVID 之前的趨勢線，但與去年相比增長了 40% 以上。第三，富裕消費者繼續復甦，尤其是在餐飲、旅遊和娛樂領域。與此同時，非富裕支出保持相對彈性。我們提到了上個季度重返餐廳的富裕支出。這一趨勢在本季度繼續，與 2019 年相比，富裕的餐廳支出指數在 160% 至 180% 的範圍內。

Similarly, in Europe in the last 6 months, luxury hotel payments volume and average ticket size outpaced growth in the overall hotel category versus 2019. At the same time, budget and mid-priced hotels saw modest improvements. Based on our numbers, we haven't seen any evidence of consumer pulling back spending in our markets.

同樣，在過去 6 個月中，歐洲的豪華酒店支付量和平均機票規模超過了整體酒店類別的增長速度與 2019 年相比。與此同時，經濟型酒店和中等價位酒店也出現了適度的改善。根據我們的數據，我們沒有看到任何證據表明消費者在我們的市場上縮減支出。

Now a few words on inflation. It's just too early to draw any definitive conclusions. A few observations, though, on inflation. One, keep in mind that the headline CPI inflation number does not necessarily apply to Visa as our basket of goods isn't the same. Consumers just don't buy homes or use cards with their Visa cards, for example. So we see a several point gap between headline inflation and inflation in card-related spend categories. Two, thus far, U.S. transaction growth relative to 2019 is strong and stable. Ticket sizes remain around 15 points above 2019 levels, as they had for much of the pandemic due to several factors. Three, historically, in the U.S., we have seen PCE growth, which is the most important metric that drives our growth, remains strong even during inflationary periods. That said, lastly, excessive and long-term inflation is not good for consumers or the overall economy. Looking ahead, we'll continue to monitor the potential impact of inflation to ticket sizes, transaction counts as well as volumes across spend categories.

現在談談通貨膨脹。現在下任何明確的結論還為時過早。不過，關於通貨膨脹的一些觀察。一，請記住，總體 CPI 通脹數字不一定適用於 Visa，因為我們的一攬子商品並不相同。例如，消費者只是不購買房屋或使用 Visa 卡。因此，我們看到總體通脹與卡相關支出類別的通脹之間存在幾個百分點的差距。第二，到目前為止，相對於 2019 年，美國的交易增長強勁且穩定。由於多種因素，門票規模仍比 2019 年的水平高出 15 個百分點左右，因為在大流行的大部分時間裡都是如此。第三，從歷史上看，在美國，我們看到 PCE 增長是推動我們增長的最重要指標，即使在通脹時期也保持強勁。話雖如此，最後，過度和長期的通脹對消費者或整體經濟都不利。展望未來，我們將繼續監測通脹對門票規模、交易數量以及支出類別交易量的潛在影響。

With all of that as backdrop, I'll now provide an update on progress with clients. Traditional issuers remain a key component of our consumer payments growth. And this quarter, we had several important partnership renewals globally. First, in China, we renewed our partnership with ICBC, the largest bank in the world in terms of assets and the biggest credit card issuer in China in terms of the number of cards. In Japan, we renewed one of the country's largest credit issuers, Credit Saison, and expanded our issuing relationship with Toyota Finance. In Australia, we extended our credit and debit issuing agreements with NAB and CBA, 2 of the largest banks in the country. And in the U.S., we recently renewed our relationship with Green Dot, a top 20 issuer in debit and a top 10 issuer in prepaid.

以所有這些為背景，我現在將提供與客戶有關的最新進展。傳統發行人仍然是我們消費者支付增長的關鍵組成部分。本季度，我們在全球範圍內進行了幾次重要的合作夥伴關係更新。首先，在中國，我們與全球資產規模最大的銀行、中國發卡量最大的信用卡發行商工商銀行續簽合作夥伴關係。在日本，我們續簽了日本最大的信貸發行機構之一 Credit Saison，並擴大了與豐田金融的發行關係。在澳大利亞，我們與該國最大的兩家銀行 NAB 和 CBA 延長了信用和借記卡發行協議。在美國，我們最近更新了與 Green Dot 的關係，Green Dot 是藉方排名前 20 位的發行人，也是預付業務排名前 10 位的發行人。

Fintechs are also key to our consumer payments growth. In Europe alone, we have more than 100 fintech programs that continue to deepen our relationship with these partners. Revolut is a great example. They already utilized a number of our capabilities, including Visa Direct and Currencycloud, and we just renewed our global issuing partnership. They also recently selected Tink for payment initiation services, which will allow users across Europe to seamlessly move money into their Revolut accounts.

金融科技也是我們消費者支付增長的關鍵。僅在歐洲，我們就有 100 多個金融科技項目繼續深化我們與這些合作夥伴的關係。 Revolut 就是一個很好的例子。他們已經利用了我們的許多功能，包括 Visa Direct 和 Currencycloud，我們剛剛更新了我們的全球發行合作夥伴關係。他們最近還選擇了 Tink 來提供支付啟動服務，這將允許歐洲各地的用戶將資金無縫地轉移到他們的 Revolut 賬戶中。

In many countries, the mobile operators are particularly important partners. We previously mentioned our partnerships with M-Pesa Africa and Safaricom, and I'm happy to report that we have begun issuance with these partners who are part of the Vodacom Group that cover 130 million customers in Sub-Saharan Africa.

在許多國家，移動運營商是特別重要的合作夥伴。我們之前提到了我們與 M-Pesa Africa 和 Safaricom 的合作夥伴關係，我很高興地報告我們已經開始與這些合作夥伴合作，這些合作夥伴是 Vodacom 集團的一部分，覆蓋撒哈拉以南非洲的 1.3 億客戶。

In a similar light, we also recently signed partnerships to issue Visa credentials, and in some cases, also enable Visa Direct with other mobile operators around the world: Mobily in Saudi Arabia with 10 million customers; Ooredoo in Qatar with around 2 million customers; Azercell in Azerbaijan with 5 million customers; and Orange Egypt with 27 million customers.

同樣，我們最近還簽署了合作夥伴關係以頒發 Visa 憑證，在某些情況下，還與世界各地的其他移動運營商啟用 Visa Direct：在沙特阿拉伯擁有 1000 萬客戶的 Mobily；卡塔爾的 Ooredoo 擁有約 200 萬客戶； Azercell 在阿塞拜疆擁有 500 萬客戶；和擁有 2700 萬客戶的 Orange 埃及。

I now want to dive a little deeper on 2 important markets: Brazil and India. Starting in Brazil, over the past 2 years, we have grown our business through issuing agreements with Itau, Mercado Pago, [PicPay] and Caixa, with a 70% increase in credentials. In addition to traditional credit card issuers, partners like Banco do Brasil have been growing their credit base by utilizing Visa's digital acquisition platform that allows them to instantly issue cards in a digital environment. Further, our fintech partners in Brazil, including Banco XP and Neo Pagamentos, have issued more than 20 million credentials over the past 2 years. On the acceptance side, we've doubled acceptance points since 2020, reaching more than 10 million merchant locations in Brazil. The results of our efforts over the past 8 to 10 quarters is evident in Brazil's payment volume, which in the third quarter was more than 200% of 2019 with e-commerce nearing 300%.

我現在想深入探討兩個重要市場：巴西和印度。從巴西開始，在過去的 2 年中，我們通過與 Itau、Mercado Pago、[PicPay] 和 Caixa 簽署協議來發展我們的業務，憑證增加了 70%。除了傳統的信用卡發卡機構，Banco do Brasil 等合作夥伴一直在通過利用 Visa 的數字獲取平台來擴大他們的信用基礎，該平台允許他們在數字環境中即時發卡。此外，我們在巴西的金融科技合作夥伴，包括 Banco XP 和 Neo Pagamentos，在過去 2 年中頒發了超過 2000 萬份憑證。在接受方面，自 2020 年以來，我們的接受點增加了一倍，覆蓋巴西超過 1000 萬個商家地點。我們在過去 8 到 10 個季度的努力成果在巴西的支付量中顯而易見，第三季度超過 2019 年的 200%，電子商務接近 300%。

In India, our efforts over the last few years are paying off and Q3 payments volume was 184% of 2019 with e-commerce above 300%. Building on that momentum, we had co-brand wins with 2 of the largest multibillion-dollar revenue Indian conglomerates that collectively represent millions of potential credentials: one, with Tata Neu, a super app for e-commerce financial services and loyalty programs across the Tata Group; two, with Aditya Birla Finance and SBI Cards, provide rewards for spending across all of their group companies. We also signed a co-brand with IndiGo, India's largest airline by number of passengers.

在印度，我們過去幾年的努力得到了回報，第三季度的支付量是 2019 年的 184%，電子商務超過 300%。在這一勢頭的基礎上，我們與兩家最大的數十億美元收入印度企業集團取得了聯合品牌的勝利，這些企業集體代表了數百萬的潛在憑證：一個是與 Tata Neu，一個用於電子商務金融服務和忠誠度計劃的超級應用程序。塔塔集團；二是通過 Aditya Birla Finance 和 SBI Cards 為其所有集團公司的支出提供獎勵。我們還與印度乘客人數最多的航空公司 IndiGo 簽署了聯合品牌。

And let me briefly touch on the U.S. where there's still great opportunity for cash digitization. We're excited about tap to pay, which has written now reached 24% of face-to-face transactions in Q3. We're seeing positive trends in terms of additional spend and transaction lift in the U.S. In 2021, the average contactless active debit cardholder had 2 more transactions and $65 in additional spend each month. We expect this trend to continue driving incremental payment volumes and transactions for contactless card issuers through faster, simpler POS experiences.

讓我簡單談談美國，那裡仍有很大的現金數字化機會。我們對 Tap to Pay 感到很興奮，它現在已經在第三季度達到了 24% 的面對面交易。我們看到美國在額外支出和交易量增加方面呈現積極趨勢。2021 年，非接觸式活躍借記卡持卡人平均每月增加 2 筆交易和 65 美元的額外支出。我們預計這一趨勢將通過更快、更簡單的 POS 體驗繼續推動非接觸式發卡機構的支付量和交易量增加。

Now moving to new flows, which in Q3 had over 20% revenue growth. In B2B, our Q3 commercial payments volume was 145% of 2019, up 6 points from Q2, driven by the return of travel. Q3 was the first quarter in which spend on business travel surpassed 2019 levels. This quarter, we're excited to have reached a significant multiyear agreement with WEX to enable their travel, health and corporate clients to make payments using Visa virtual card capabilities. WEX is a global leader in financial technology solutions for commercial payments, and we are proud to partner with them.

現在轉向新的流量，第三季度的收入增長超過 20%。在 B2B 方面，我們的第三季度商業支付量為 2019 年的 145%，比第二季度增長 6 個百分點，這主要是受旅遊回歸的推動。第三季度是商務旅行支出超過 2019 年水平的第一季度。本季度，我們很高興與 WEX 達成一項重要的多年協議，使他們的旅行、健康和企業客戶能夠使用 Visa 虛擬卡功能進行支付。 WEX 是商業支付金融技術解決方案的全球領導者，我們很自豪能與他們合作。

In the fleet space, we reached an agreement with M-Pesa, a fintech based out of Kenya. Their fleet and expense management digital platform will address the problem of paying cash in the African trucking business through Visa prepaid reloadable credentials.

在車隊領域，我們與總部位於肯尼亞的金融科技公司 M-Pesa 達成協議。他們的車隊和費用管理數字平台將通過 Visa 預付可重載憑證解決非洲貨運業務的現金支付問題。

Visa Direct is a powerful capability for many of our new flows. In this quarter, transactions grew 35%, excluding Russia. On the remittance side, Western Union has enabled Visa Direct for their U.S. customers to send money to select countries globally, expanding upon their initial rollout across Europe in 2021.

Visa Direct 是我們許多新流程的強大功能。本季度，不包括俄羅斯的交易量增長了 35%。在匯款方面，西聯匯款已為其美國客戶啟用 Visa Direct 匯款至全球選定國家/地區，並於 2021 年在歐洲首次推出。

We also expanded our agreement with Remitly, one of the world's premier digital service remittance companies to offer Visa Direct cross-border payments originating from Canada to bank accounts globally. Another Visa Direct P2P expansion is with LINE Pay in Japan. Already a large wallet issuer, 6 million Visa credentials, LINE Pay is now enabling Visa Direct for cross-border and domestic use cases such as remittances and cash outs.

我們還擴大了與 Remitly 的協議，Remitly 是全球首屈一指的數字服務匯款公司之一，可向全球銀行賬戶提供源自加拿大的 Visa Direct 跨境支付服務。 Visa Direct P2P 的另一個擴展是日本的 LINE Pay。 LINE Pay 已經是一家大型錢包發行商，擁有 600 萬張 Visa 憑證，現在正在為跨境和國內使用案例（例如匯款和兌現）啟用 Visa Direct。

On wage disbursement, Grubhub, a leading food ordering and delivery marketplace available in over 4,000 U.S. cities, will enable drivers to quickly send their earnings to their eligible debit cards using Visa Direct. We are excited for them to join our other food delivery platforms, including DoorDash and SkipTheDishes. We also reached an agreement with the U.S. tip enabler, Kickfin, to enable millions of tips disbursements to be pushed to employees' accounts through eligible debit cards at thousands of restaurant locations they serve. Per Kickfin, 90% of tips in the United States are still dispersed with cash today.

在工資支付方面，Grubhub 是美國 4,000 多個城市中領先的食品訂購和配送市場，它將使司機能夠使用 Visa Direct 將他們的收入快速發送到符合條件的借記卡。我們很高興他們加入我們的其他送餐平台，包括 DoorDash 和 SkipTheDishes。我們還與美國的小費推動者 Kickfin 達成了一項協議，通過他們服務的數千家餐廳地點的合格借記卡，將數百萬筆小費支付推送到員工的賬戶。根據 Kickfin 的說法，今天在美國，90% 的小費仍然是用現金分散的。

In Canada, we reached an agreement with a large fintech, Wealthsimple, for accounts funds in and funds out for their over 2 million clients. Finally, enablers are key to our success in Visa Direct, and we recently signed a deal with Finastra, one of the world's largest financial services software companies and open banking platforms with 8,600 customers and serving 90 of the world's top 100 banks. Together, we will offer Finastra's clients access to cross-border business, the small business at B2C payouts, to eligible accounts in multiple currencies and countries.

在加拿大，我們與一家大型金融科技公司 Wealthsimple 達成協議，為其超過 200 萬客戶的賬戶資金進出。最後，促成因素是我們在 Visa Direct 中取得成功的關鍵，我們最近與 Finastra 簽署了一項協議，Finastra 是全球最大的金融服務軟件公司之一，擁有 8,600 名客戶並為全球 100 強銀行中的 90 家提供服務的開放銀行平台。我們將共同為 Finastra 的客戶提供跨境業務，即 B2C 支付的小型企業，以及多種貨幣和國家的合格賬戶。

While the U.S. was one of our first markets to achieve scale for Visa Direct, we have many other countries and regions that are growing and scaling. For example, in Latin America, third quarter transactions quadrupled versus last year. We have over 20 domestic and cross-border P2P programs commercially launched or in pilot, such as PLIN and Yape in Peru, WhatsApp in Brazil and Cash across Central America, in addition to many other programs for other use cases.

雖然美國是我們首批實現 Visa Direct 規模的市場之一，但我們還有許多其他國家和地區正在發展壯大。例如，在拉丁美洲，第三季度的交易量是去年的四倍。我們有 20 多個國內和跨境 P2P 程序已商業啟動或試點，例如秘魯的 PLIN 和 Yape、巴西的 WhatsApp 和中美洲的 Cash，此外還有許多其他用例的程序。

Now let me move to value-added services, which had Q3 revenue growth of almost 20%. Our value-added services grow through new and existing clients, existing services, expanding geographically and adding new services both organically and through acquisitions. Today, I'll provide an update on recent wins with some of our acquired entities. First, one of our earlier acquisitions, CyberSource, recently added NCR and Global Payments as partners, both intend to offer CyberSource capabilities to their merchant clients. This is an important strategy as our merchant base utilizing CyberSource through acquirers is growing payments volume twice as fast as the rest of our CyberSource business.

現在讓我談談增值服務，其第三季度收入增長近 20%。我們的增值服務通過新的和現有的客戶、現有的服務、地理上的擴展以及有機地和通過收購增加新服務來增長。今天，我將提供我們收購的一些實體最近贏得的最新消息。首先，我們早期的收購之一 CyberSource 最近將 NCR 和 Global Payments 添加為合作夥伴，這兩家公司都打算為其商戶客戶提供 CyberSource 功能。這是一項重要的戰略，因為我們通過收單機構使用 CyberSource 的商家基礎的支付量增長速度是我們其他 CyberSource 業務的兩倍。

CardinalCommerce, our network-agnostic authentication capability, has grown transactions 30% globally year-to-date, with more than double that in Europe, where the secure customer authentication requirement has driven faster adoption of 3D Secure.

CardinalCommerce 是我們與網絡無關的身份驗證功能，今年迄今為止，全球交易量增長了 30%，其中歐洲的交易量增長了一倍以上，歐洲的安全客戶身份驗證要求推動了 3D Secure 的更快採用。

Verifi, our network-agnostic dispute resolution solution, recently extended its agreement with PNC for Verifi's cardholder dispute resolution network product.

Verifi 是我們與網絡無關的爭議解決解決方案，最近延長了與 PNC 就 Verifi 持卡人爭議解決網絡產品的協議。

YellowPepper, the network-agnostic connectivity platform, just signed BES, the Brazilian bank, that offers its 50 million corporate and individual clients worldwide trade, e-commerce, staff solutions, and most recently, an FX API platform. That will use YellowPepper's payment initiation services to enable cross-border money movement starting with Visa Direct to send payouts to eligible cards.

與網絡無關的連接平台 YellowPepper 剛剛簽署了巴西銀行 BES，該銀行為其全球 5000 萬企業和個人客戶提供貿易、電子商務、員工解決方案，最近還提供了一個外匯 API 平台。這將使用 YellowPepper 的支付啟動服務來實現從 Visa Direct 開始的跨境資金流動，從而將款項發送到符合條件的卡。

I mentioned Tink's recent win earlier. Our other acquisition from this fiscal year, Currencycloud, has signed more than 100 fintech clients since December to provide innovative foreign exchange solutions for cross-border payments.

我早些時候提到了 Tink 最近的勝利。我們本財年的另一項收購是 Currencycloud，自 12 月以來已簽約 100 多家金融科技客戶，為跨境支付提供創新的外匯解決方案。

And finally, the tokenization capabilities we acquired now called Token ID have been selected by several partners. First, Global Payments will use Visa's Token ID as their strategic go-forward solution for multiple EMV network tokenization services to reduce card-not-present fraud and realize operational efficiencies for their clients. Second, the Clearinghouse, the first U.S. real-time payment network, and one of 2 U.S. ACH networks, chose Visa's Token ID solution to power the Secure Token Exchange. This industry-first account tokenization solution in the United States is utilizing Visa's Token ID payment account tokenization technology to replace sensitive customer account data with unique tokens and reduce the amount of exposed payment data.

最後，我們獲得的代幣化功能現在稱為 Token ID，已被多個合作夥伴選中。首先，Global Payments 將使用 Visa 的 Token ID 作為其多個 EMV 網絡標記化服務的戰略性前進解決方案，以減少無卡欺詐並為其客戶實現運營效率。其次，美國第一個實時支付網絡和兩個美國 ACH 網絡之一的 Clearinghouse 選擇了 Visa 的令牌 ID 解決方案來支持安全令牌交換。這種在美國業界首創的賬戶令牌化解決方案正在利用 Visa 的 Token ID 支付賬戶令牌化技術，將敏感的客戶賬戶數據替換為獨特的令牌，並減少暴露的支付數據量。

Our internally developed value-added services are just as important. One very compelling solution is from Visa Consulting & Analytics. Together with FIS, we recently launched a risk-as-a-service solution powered by data and risk experts. Key components of progress over the past 12 months include our real-time monitoring through our AI-enabled platform has blocked over $2 billion in fraudulent payments volume. Our analysis of potential fraud for a proactive testing identified a $15 million exposure to clients. Our capabilities to proactively detect and mitigate cyber criminals attempts to inject payment skimming malware onto online merchant checkout pages has prevented over $10 million in e-commerce-related losses. And our ability to detect terminal cloning has successfully blocked $3 million in fraud from attempted downloads.

我們內部開發的增值服務同樣重要。 Visa Consulting & Analytics 提供了一個非常引人注目的解決方案。我們最近與 FIS 一起推出了由數據和風險專家提供支持的風險即服務解決方案。過去 12 個月取得進展的關鍵組成部分包括我們通過支持人工智能的平台進行的實時監控，阻止了超過 20 億美元的欺詐性支付量。我們針對主動測試的潛在欺詐分析確定了 1500 萬美元的客戶風險敞口。我們能夠主動檢測和減輕網絡犯罪分子試圖將支付竊聽惡意軟件注入在線商家結賬頁面的能力，避免了超過 1000 萬美元的電子商務相關損失。我們檢測終端克隆的能力已成功阻止了 300 萬美元的欺詐企圖下載。

In sum, we had a very strong quarter, and our results showed it. We made progress continuing to build relationships and solutions across consumer payments, new flows and value-added services that will fuel future growth around the globe. We remain vigilant in monitoring the trends in our business and the economy and confident on our strategy as we enable the movement of money globally.

總而言之，我們有一個非常強勁的季度，我們的結果表明了這一點。我們在消費者支付、新流程和增值服務方面繼續建立關係和解決方案方面取得了進展，這將推動全球未來的增長。我們在監控我們的業務和經濟趨勢方面保持警惕，並對我們的戰略充滿信心，因為我們能夠在全球範圍內實現資金流動。

With that, let me turn it over to Vasant.

有了這個，讓我把它交給 Vasant。

Thank you, Al. Good afternoon, everyone. Our fiscal third quarter results reflected continued strength in domestic spend and a robust recovery in travel with net revenues up 19% and GAAP EPS up 36%. Non-GAAP EPS was up 33%.

謝謝你，阿爾。大家下午好。我們的第三財季業績反映了國內支出的持續強勁和旅遊業的強勁復甦，淨收入增長 19%，GAAP 每股收益增長 36%。非公認會計原則每股收益增長 33%。

The ever strengthening dollar dragged down reported net revenue growth by almost 3 points and non-GAAP EPS growth by nearly 3.5 points. In constant dollars, net revenue growth was over 21% and non-GAAP EPS growth was 36%. Adjusting for Russia, constant dollar net revenue growth was 26%.

不斷走強的美元拖累報告的淨收入增長近 3 個百分點，非 GAAP 每股收益增長近 3.5 個百分點。按固定美元計算，淨收入增長超過 21%，非公認會計原則每股收益增長 36%。對俄羅斯進行調整後，美元淨收入增長為 26%。

A few key highlights. Global payments volumes growth has remained strong and stable relative to pre-COVID levels. In constant dollars, the U.S. index was 2 points higher than the second quarter, up 46% versus 2019. The international index, ex China and Russia, was up 6 points from the second quarter, also 46% above 2019.

幾個關鍵亮點。相對於 COVID 之前的水平，全球支付量增長保持強勁和穩定。以美元不變價計算，美國指數較第二季度上漲 2 點，較 2019 年上漲 46%。除中國和俄羅斯外的國際指數較第二季度上漲 6 點，也較 2019 年上漲 46%。

The robust cross-border travel recovery continued. Index to 2019, cross-border travel volume, excluding transactions within Europe, jumped from 94 in March to 112 in June. This was helped by much of Asia opening up at the beginning of the quarter, the U.S. inbound corridor picking up steam as well as strong growth in and out of Europe as we head into the peak summer travel season.

強勁的跨境旅遊復甦仍在繼續。截至 2019 年的指數，不包括歐洲境內交易的跨境旅行量從 3 月的 94 次躍升至 6 月的 112 次。這得益於本季度初亞洲大部分地區的開放、美國入境走廊的加速以及隨著我們進入夏季旅遊旺季而進出歐洲的強勁增長。

Our 3 growth engines, consumer payments, new flows and value-added services, all grew revenues around 20%. During the quarter, we bought back almost $2.5 billion in stock at an average price of $202.16. We also added $600 million to the MDL litigation escrow account. This had the same effect as a stock buyback at $200.25.

我們的 3 個增長引擎，消費者支付、新流量和增值服務，均實現了 20% 左右的收入增長。本季度，我們以 202.16 美元的平均價格回購了近 25 億美元的股票。我們還向 MDL 訴訟託管賬戶增加了 6 億美元。這與 200.25 美元的股票回購具有相同的效果。

We issued EUR 3 billion in debt, with maturities ranging from 4 to 12 years. We obtained attractive coupons on our inaugural eurobond issuance ranging from 1.5% to 2.375%, well below rates achievable on equivalent dollar-denominated debt. We have now prefunded debt maturities coming up in September and December.

我們發行了 30 億歐元的債務，期限從 4 年到 12 年不等。我們在首次發行歐元債券時獲得了有吸引力的票面利率，從 1.5% 到 2.375% 不等，遠低於同等美元計價債務的利率。我們現在已經為即將在 9 月和 12 月到期的債務提供資金。

Finally, as a reminder, we suspended operations in Russia late in the second quarter. As such, there are no volumes, transactions or revenues from Russia in our third quarter numbers. Any comparisons to prior periods include Russia unless otherwise noted.

最後，提醒一下，我們在第二季度末暫停了在俄羅斯的業務。因此，我們第三季度的數據中沒有來自俄羅斯的交易量、交易或收入。除非另有說明，否則與前期的任何比較都包括俄羅斯。

Now on to the details. In constant dollars, global payments volume was up 12% year-over-year and 36% of our 2019. Excluding China and Russia, total payments volume growth was 17% and 46% higher than 2019. In the U.S., credit grew 21% and improved 3 points to 38% over 2019, helped by travel and fuel spend. Debit grew 4% year-over-year, lapping the big spike from the stimulus last year. Relative to 2019, debit was up 55%, sustaining significantly above the pre-COVID trend line even as credit has recovered. Debit has benefited from accelerated cash digitization through the pandemic. U.S. card-present spend grew 13% and was 27% above 2019, up 6 points. Card-not-present volume, excluding travel, grew 7% and was 70% higher than 2019. Relative to 3 years ago, e-commerce levels remain well above the pre-COVID trend line, even as card-present spend continues to recover. International constant dollar payments volumes, excluding China and Russia, grew 24% and was 46% above 2019.

現在談談細節。按固定美元計算，全球支付量同比增長 12%，占我們 2019 年的 36%。不包括中國和俄羅斯，總支付量增長 17%，比 2019 年增長 46%。在美國，信貸增長 21%在旅行和燃料支出的幫助下，與 2019 年相比提高了 3 個百分點至 38%。借記卡同比增長 4%，超過了去年刺激措施的大幅增長。相對於 2019 年，借方增長了 55%，即使信貸已經恢復，仍顯著高於 COVID 之前的趨勢線。借方受益於大流行期間加速的現金數字化。美國持卡消費增長 13%，比 2019 年增長 27%，增長 6 個百分點。不包括旅行在內的無卡交易量增長 7%，比 2019 年高出 70%。與 3 年前相比，電子商務水平仍遠高於新冠疫情之前的趨勢線，儘管有卡消費繼續恢復.不包括中國和俄羅斯的國際固定美元支付量增長了 24%，比 2019 年增長了 46%。

A few regional highlights. Latin America was up 40% year-over-year and 107% higher than 2019 with robust performance across the region fueled by cash digitization and client wins. Our CEMEA region, excluding Russia, grew 34% year-over-year and 102% higher than 2019, led by client wins and cash digitalization. Europe was up 17% year-over-year and 37% higher than 2019, impacted by a portfolio conversion underway in the U.K.

一些區域亮點。拉丁美洲同比增長 40%，比 2019 年增長 107%，在現金數字化和客戶贏得的推動下，該地區表現強勁。在客戶贏得和現金數字化的帶動下，我們的 CEMEA 地區（不包括俄羅斯）同比增長 34%，比 2019 年增長 102%。受英國正在進行的投資組合轉換的影響，歐洲同比增長 17%，比 2019 年增長 37%。

Ex U.K., Europe volumes grew 37% year-over-year and was 66% above 2019, reflecting share gains in multiple markets. Excluding migrations, U.K. payment volumes have been stable in the third quarter, while Germany improved more than 15 points from the second quarter. Asia Pacific, excluding China, remains our weakest region but has improved significantly from the second quarter, up 24% year-over-year and 30% above 2019, up 5 points in the second quarter. Across Asia, most borders are open and domestic restrictions lifted. Only China remains mostly closed off, and Japan is gradually normalizing.

除英國外，歐洲的銷量同比增長 37%，比 2019 年增長 66%，反映了多個市場的份額增長。不包括移民，英國第三季度的支付量一直保持穩定，而德國比第二季度提高了 15 個百分點以上。亞太地區（不包括中國）仍然是我們最薄弱的地區，但較第二季度有顯著改善，同比增長 24%，比 2019 年增長 30%，第二季度增長 5 個百分點。在整個亞洲，大多數邊界都是開放的，國內限制也被取消。只有中國基本上處於封閉狀態，日本正在逐漸正常化。

Global processed transactions were up 16% year-over-year and 39% over 2019 levels. Since we did not processed domestic transactions in Russia, our reported processed transactions are not materially impacted by the suspension of Russia operations.

全球處理的交易量同比增長 16%，比 2019 年水平增長 39%。由於我們未在俄羅斯處理國內交易，因此我們報告的已處理交易不會因俄羅斯業務暫停而受到重大影響。

Now on to cross-border. Constant dollar cross-border volumes, excluding transactions within Europe, were up 48% year-over-year and 23% over 2019. Cross-border card-not-present volume growth, excluding travel and excluding intra-Europe, grew 4% year-over-year and 62% above 2019. Cross-border travel-related spend, excluding intra-Europe, grew 129% year-over-year and exceeded pre-COVID levels for the first time, indexing at 104 of 2019. The cross-border travel index went from the low 90s in March and April to 108% in May and 112% in June.

現在要跨界了。不包括歐洲內部交易的固定美元跨境交易量同比增長 48%，比 2019 年增長 23%。不包括旅行和歐洲內部的跨境無卡交易量同比增長 4% - 同比增長 62%，比 2019 年增長 62%。跨境旅行相關支出（不包括歐洲內部）同比增長 129%，首次超過疫情前的水平，指數為 2019 年的第 104 位。 ——邊境旅遊指數從 3 月和 4 月的 90 年代低點上升到 5 月的 108%和 6 月的 112%。

We continue to see a rapid ramp-up in travel as soon as borders reopen or restrictions are lifted. A few highlights. Canada removed testing requirements for vaccinated travelers in April. Travel inbound to the U.S. jumped 16 points in the third quarter to 86% of 2019 levels, helped by Canada, Europe and Asia. The lifting of testing requirements in June will hopefully help sustain the recovery of travel into the U.S.

一旦重新開放邊境或解除限制，我們將繼續看到旅行迅速增加。幾個亮點。加拿大在 4 月取消了對已接種疫苗的旅行者的檢測要求。在加拿大、歐洲和亞洲的幫助下，第三季度到美國的入境旅遊增長了 16 個百分點，達到 2019 年水平的 86%。 6 月取消測試要求有望幫助維持美國旅行的複蘇。

Travel into Latin America and the Caribbean has been very strong through the COVID years, especially to Mexico. With more countries, including Costa Rica and Jamaica, lifting COVID protocols in April, inbound travel to the region climbed nearly 20 points in the third quarter to 50% of our 2019 levels.

在 COVID 年代，前往拉丁美洲和加勒比地區的旅行非常強勁，尤其是前往墨西哥。隨著包括哥斯達黎加和牙買加在內的更多國家在 4 月取消 COVID 協議，該地區的入境旅行在第三季度攀升了近 20 個百分點，達到 2019 年水平的 50%。

European Union member states removed previous testing and vaccination requirements for non-European citizens in April and May, resulting in travel to Europe recovering a sizable 30 points in the third quarter with more than half of that from North America. Inbound travel to Europe was 21% above 2019. Central Europe, Middle East, Africa, CEMEA region, outbound travel increased 6 points in the third quarter despite the loss of Russia, driven by Ukraine and travel for religious holidays from the Middle East, and was 13% above 2019.

歐盟成員國在 4 月和 5 月取消了之前對非歐洲公民的檢測和疫苗接種要求，導致第三季度前往歐洲的旅行恢復了相當大的 30 點，其中一半以上來自北美。前往歐洲的入境旅遊比 2019 年增長 21%。中歐、中東、非洲、CEMEA 地區的出境旅遊在第三季度增長了 6 個百分點，儘管在烏克蘭和中東宗教假期旅遊的推動下俄羅斯有所損失，以及比 2019 年高出 13%。

In Asia, borders continue to open and travel restrictions eased for international travelers, resulting in inbound travel recovering 22 points in the third quarter to 58% of 2019 levels. Japan opened to tourists and increased the entry limit from 10,000 to 20,000 people per day. Australia dropped prearrival testing requirements in April. Several countries, including Malaysia and Vietnam, dropped testing requirements in May. The pace of travel recovery to and from Asia will be a key driver of the future trajectory of cross-border travel. Most Asian borders are now open, except for Mainland China and some restrictions in Taiwan and Japan. In the third quarter, travel into China indexed below 25% of 2019 and outbound from China below 40%.

在亞洲，邊境繼續開放，國際旅客的旅行限制有所放寬，導致入境旅遊在第三季度回升 22 個點，達到 2019 年水平的 58%。日本向遊客開放，並將入境限制從每天 10,000 人增加到 20,000 人。澳大利亞在 4 月放棄了抵達前的測試要求。包括馬來西亞和越南在內的幾個國家在 5 月份放棄了測試要求。往返亞洲的旅行複蘇步伐將是未來跨境旅行軌蹟的關鍵驅動力。除了中國大陸以及台灣和日本的一些限制外，大多數亞洲邊境現在都是開放的。第三季度，中國入境旅遊指數低於 2019 年的 25%，中國出境旅遊指數低於 40%。

Moving now to a quick review of third quarter financial results. Service revenues grew 13%, slower than the 14% nominal growth in Q2 payments volume. Reported Q2 payments volumes include Russia, whereas revenues in Q3 do not since we recognized second quarter service revenues for Russia before we suspended operations last year -- last quarter.

現在快速回顧第三季度的財務業績。服務收入增長 13%，低於第二季度支付量 14% 的名義增長。報告的第二季度支付量包括俄羅斯，而第三季度的收入沒有，因為我們在去年（上個季度）暫停運營之前確認了俄羅斯的第二季度服務收入。

Data processing revenues grew 8%, below the 16% processed transaction growth. Revenue growth lags transaction growth, primarily due to the suspension of Russia operations. As I mentioned earlier, Russia domestic transactions were not included in our reported processed transactions, and as such, the loss of Russia does not materially impact transactions growth. However, we did have data processing revenue from Russia transactions in prior periods, which we do not anymore. This negatively impacted data processing revenue growth by over 4 points. There was also about a 2-plus point exchange rate drag.

數據處理收入增長 8%，低於 16% 的處理交易增長。收入增長落後於交易增長，主要是由於俄羅斯業務的暫停。正如我之前提到的，俄羅斯國內交易不包括在我們報告的已處理交易中，因此，俄羅斯的損失不會對交易增長產生重大影響。但是，我們在之前的期間確實從俄羅斯交易中獲得了數據處理收入，但現在我們不再這樣做了。這對數據處理收入增長產生了超過 4 個百分點的負面影響。還有大約 2 點以上的匯率拖累。

International transaction revenues were up 51% versus the 38% increase in nominal cross-border volume excluding intra-Europe. Revenue growth was helped by high currency volatility and select pricing actions. Other revenues grew 26%, led by consulting services and travel benefits. Revenue growth was robust across our 3 growth engines, each growing around 20%. Consumer payments growth was led by the recovery in cross-border volumes, high currency volatility and continued strong domestic volumes and transactions.

國際交易收入增長了 51%，而不包括歐洲內部的名義跨境交易量增長了 38%。高匯率波動和選擇定價行動有助於收入增長。在諮詢服務和旅行福利的帶動下，其他收入增長了 26%。我們的 3 個增長引擎的收入增長強勁，每個增長引擎都增長了 20% 左右。跨境交易量回升、貨幣高度波動以及國內交易量和交易量持續強勁，帶動了消費者支付的增長。

New flows growth was driven by carded B2B recovery. Commercial or B2B volumes grew 27% year-over-year and are up 45% versus 2019. Growth was driven, in part, by increased travel and was broad-based globally across small and large businesses. Excluding Russia, Visa Direct transactions grew 35% due to strong growth outside the U.S. Value-added services growth was led by consulting services as well as risk and identity solutions. Revenue growth drivers include higher volumes from existing clients, greater client penetration and select pricing actions.

新流量增長由梳理的 B2B 復甦推動。商業或 B2B 交易量同比增長 27%，與 2019 年相比增長 45%。增長的部分原因是旅行增加，並且在全球範圍內廣泛應用於小型和大型企業。由於美國以外地區的強勁增長，不包括俄羅斯，Visa Direct 交易增長了 35%。增值服務增長由諮詢服務以及風險和身份解決方案引領。收入增長驅動因素包括來自現有客戶的更高銷量、更大的客戶滲透率和精選定價行動。

Client incentives were 26.1% of gross revenues below our expectations. This was primarily driven by the faster-than-expected recovery of higher-yielding cross-border volumes, which improved revenue mix. Currencycloud and Tink added about 0.5 point to revenue growth. Exchange rates were an approximately 3-point drag on reported revenue growth. The suspension of Russia operations reduced revenues by approximately 5 points.

客戶獎勵佔總收入的 26.1%，低於我們的預期。這主要是由於高收益跨境交易量的複蘇快於預期，從而改善了收入組合。 Currencycloud 和 Tink 為收入增長增加了約 0.5 個百分點。匯率對報告的收入增長造成了大約 3 個百分點的拖累。俄羅斯業務的暫停使收入減少了大約 5 個百分點。

GAAP operating expenses grew 51%, inclusive of a $716 million provision associated with the interchange multi-restrict litigation. Non-GAAP operating expenses grew 15%. The inclusion of Currencycloud and Tink added about 3 points. The suspension of Russia operations reduced expenses by about 3 points. Exchange rates were about a 2-point benefit.

GAAP 運營費用增長了 51%，其中包括與互換多重限制訴訟相關的 7.16 億美元撥備。非美國通用會計準則運營費用增長 15%。 Currencycloud 和 Tink 的加入增加了大約 3 分。俄羅斯業務的暫停使開支減少了約 3 個百分點。匯率大約有 2 個百分點的好處。

We recorded losses from our equity investments of $246 million. Excluding investment losses, non-GAAP nonoperating expense was $73 million. Our non-GAAP tax rate was 13.3%. GAAP and non-GAAP tax rates benefited by 6 points from the resolution of certain U.S. state and foreign tax matters related primarily through prior years. Our recurring tax rate remains in the 19% to 19.5% range. GAAP EPS was $1.60. Non-GAAP EPS was $1.98, up 33% over last year, inclusive of nearly 3.5 point drag from the stronger dollar. With a quarterly dividend of $0.375 per share and our stock buybacks, we returned $3.3 billion of capital to shareholders in the quarter.

我們的股權投資損失為 2.46 億美元。不計投資損失，非公認會計原則非營業費用為 7300 萬美元。我們的非公認會計原則稅率為 13.3%。 GAAP 和非 GAAP 稅率從主要與前幾年相關的某些美國州和外國稅收問題的解決中受益 6 個百分點。我們的經常性稅率保持在 19% 至 19.5% 的範圍內。 GAAP每股收益為1.60美元。非美國通用會計準則每股收益為 1.98 美元，比去年增長 33%，其中包括近 3.5 個百分點的美元走強拖累。憑藉每股 0.375 美元的季度股息和我們的股票回購，我們在本季度向股東返還了 33 億美元的資本。

Through the first 3 weeks of July, business trends have remained strong and stable. On a year-over-year basis, U.S. payments volume was up 12% with debit up 6% and credit up 18%. U.S. spend growth versus 2019 was up 46%, with debit up 55% and credit up 38%. These trends are consistent with the third quarter and with performance in major markets around the world. Processed transactions grew 14% year-over-year, up 40% versus 2019. Constant dollar cross-border volume, excluding transactions within Europe, grew 60% year-over-year and 29% over 2019. Card-not-present nontravel growth was 57% above 2019. Travel-related cross-border volumes were 16% above 2019.

在 7 月的前 3 週，業務趨勢保持強勁和穩定。與去年同期相比，美國的支付量增長了 12%，借方增長了 6%，貸方增長了 18%。與 2019 年相比，美國的支出增長了 46%，其中藉方增長了 55%，貸方增長了 38%。這些趨勢與第三季度以及全球主要市場的表現一致。處理的交易同比增長 14%，比 2019 年增長 40%。不包括歐洲境內的交易在內的固定美元跨境交易量同比增長 60%，比 2019 年增長 29%。無卡非旅行增長比 2019 年增長 57%。與旅行相關的跨境交易量比 2019 年增長 16%。

Moving now to our outlook for the fourth quarter. As Al indicated, we're seeing no evidence of a pullback in consumer spending. U.S. payments volumes have indexed in the mid-140 range versus 2019 since January through July 21. Excluding Russia and China, international payments volumes have also indexed about 140 since January. Processed transactions have been stable at around 140 versus 2019. As such, we are assuming that the trends we have seen in payments volumes and processed transactions will continue through the fourth quarter. We will, of course, stay vigilant and on the lookout for any changes caused by rising interest rates, high inflation and declining consumer confidence.

現在轉到我們對第四季度的展望。正如艾爾所說，我們沒有看到消費者支出回落的跡象。自 1 月至 7 月 21 日以來，與 2019 年相比，美國的支付量指數在 140 的中間範圍內。不包括俄羅斯和中國，自 1 月以來，國際支付量的指數也約為 140。與 2019 年相比，已處理交易穩定在 140 左右。因此，我們假設我們在支付量和已處理交易方面看到的趨勢將持續到第四季度。當然，我們會保持警惕，留意利率上升、高通脹和消費者信心下降帶來的任何變化。

Through July, the cross-border recovery has progressed faster and further than we had expected last October. For the fourth quarter, we're assuming stable growth versus 2019 in cross-border e-commerce and some improvement from travel in and out of Europe and into the U.S., especially from Asia. The next and perhaps the last leg of the cross-border travel recovery will have to await a full reopening in China, which we do not expect in the near future.

整個 7 月，跨境復甦的進展比我們去年 10 月的預期更快、更遠。對於第四季度，我們假設跨境電子商務與 2019 年相比保持穩定增長，並且進出歐洲和進入美國的旅行有所改善，尤其是來自亞洲的旅行。跨境旅行複甦的下一個，也許是最後一站將不得不等待中國全面重新開放，我們預計在不久的將來不會出現這種情況。

With these assumptions, fourth quarter net revenues could grow at the high teens to 20% range in constant dollars. This includes Tink and Currencycloud, which add approximately 0.5 point to net revenues, and the suspension of operations in Russia, which subtracts approximately 5 points. The dollar has continued to strengthen, significantly increasing the exchange rate drag, which we expect will reduce reported net revenue growth by 4 to 5 points.

有了這些假設，第四季度的淨收入可能會以固定美元增長在十幾歲到 20% 的範圍內。這包括 Tink 和 Currencycloud，淨收入增加約 0.5 個百分點，俄羅斯業務暫停，減少約 5 個百分點。美元繼續走強，顯著增加了匯率拖累，我們預計這將使報告的淨收入增長減少 4 至 5 個百分點。

Q4 client incentives are expected to range between 26% and 27% of gross revenues, driven primarily by anticipated strong volume performance across all regions. For the year, we now expect client incentives as a percent of gross revenues in the middle of the 25.5% to 26.5% range.

預計第四季度客戶激勵措施將佔總收入的 26% 至 27%，這主要是由於所有地區預期的強勁銷量表現。今年，我們現在預計客戶激勵佔總收入的百分比在 25.5% 至 26.5% 的中間範圍內。

We expect non-GAAP operating expenses in constant dollars to grow at the low end or high teens. This includes 2 points of added expense from Currencycloud and Tink, offset by 3 points from reduced costs due to Russia. Personnel costs will be higher since we are granting annual salary increases a quarter earlier than normal to all employees below the SVP level. This will add 3 points to Q4 operating expense growth. Exchange rates could reduce reported operating expense growth by about 2 points. Our tax rate is expected to stay in the 19% to 19.5% range.

我們預計非 GAAP 運營費用（以固定美元計）將在低端或高端增長。這包括來自 Currencycloud 和 Tink 的 2 點額外費用，以及因俄羅斯而降低的 3 點費用。人事成本將會更高，因為我們將比正常情況下的所有高級副總裁級別以下的員工提前四分之一的年薪增長。這將為第四季度的運營費用增長增加 3 個百分點。匯率可能會使報告的運營費用增長減少約 2 個百分點。我們的稅率預計將保持在 19% 至 19.5% 的範圍內。

While there's uncertainty, consumer spending remains strong. Growth has been stable across payments volumes, cross-border volumes and processed transactions globally. We have demonstrated our ability to adjust to different environments and are prepared to do so again if warranted. We will stay vigilant, flexible and agile. We are fortunate to have a resilient business with great momentum and extraordinary longer-term growth opportunities.

儘管存在不確定性，但消費者支出依然強勁。全球支付量、跨境交易量和已處理交易的增長一直穩定。我們已經證明了我們適應不同環境的能力，並準備在必要時再次這樣做。我們將保持警惕、靈活和敏捷。我們很幸運擁有具有強勁動力和非凡長期增長機會的彈性業務。

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

有了這個，我會把它轉回給詹妮弗。

Thanks, Vasant. And with that, we're ready to take questions, Jordan.

謝謝，瓦桑特。有了這個，我們準備好回答問題了，喬丹。

(Operator Instructions) Our first question comes from Sanjay Sakhrani with KBW.

（操作員說明）我們的第一個問題來自 KBW 的 Sanjay Sakhrani。

I know we're indexing well below where we normally would be if the pandemic didn't occur for cross-border travel. However, I guess there's a fear that we're seeing the strength partly because it's pent-up demand and then inflation. Could you help us think about how you feel about the risks associated with the drop-off in cross-border?

我知道，如果跨境旅行沒有發生大流行，我們的指數遠低於正常水平。然而，我猜有人擔心我們看到了這種力量，部分原因是需求被壓抑，然後是通貨膨脹。您能否幫助我們考慮一下您對跨境下降相關風險的看法？

And then, Vasant, you talked about Asia being the key. How much more strength can we see out of the non-China region?

然後，Vasant，你談到亞洲是關鍵。我們可以從非中國地區看到多少實力？

So I'll start, Sanjay. I actually think cross-border travel has come back very, very strongly and quicker than what we thought. And that's still with, as you suggested, Asia being quite low. You heard the numbers, both inbound and outbound, in Vasant's remarks. Plus inbound to the U.S., somewhat up until recently because of the COVID, required COVID test and now the strength of the U.S. dollar still has upside as well. So yes, for sure, there is some element of pent-up demand, but I think that, that demand is going to remain strong for some time. And I don't see people being deterred even by higher cost of airline tickets that people are experiencing. If anything, probably the experiential element of waiting in airports for a longer period of time because of understaffing that exists in a number of places around the world is probably the thing that weighs more on my mind, but I expect that to normalize at some point here soon.

所以我要開始了，桑傑。實際上，我認為跨境旅行的回歸比我們想像的非常、非常強烈、更快。正如您所建議的那樣，亞洲仍然很低。您在 Vasant 的講話中聽到了入站和出站的數字。再加上入境美國，直到最近，由於 COVID 的原因，需要進行 COVID 測試，現在美元的強勢仍然有上行空間。所以是的，當然，有一些被壓抑的需求因素，但我認為，這種需求將在一段時間內保持強勁。即使人們正在經歷的機票價格上漲，我也沒有看到人們被嚇倒。如果有的話，可能是由於世界上許多地方存在人手不足而在機場等待較長時間的體驗因素可能是我更關心的事情，但我希望這會在某個時候正常化很快就到了。

Vasant, do you want to add anything?

Vasant，你想補充什麼嗎？

Yes. Clearly, I mean, there's a variety of factors at play here. First, there has been a general shift in consumer preferences. You've heard this from other people, to move away from goods to experiences, and travel is very much a beneficiary of that. It's not just cross-border travel. As Al said in his remarks, it's all travel, including domestic travel. So it's a pretty broad-based desire to travel. The second is people are keen to travel. So as soon as restrictions are lifted, you see the reactions right away.

是的。顯然，我的意思是，這裡有多種因素在起作用。首先，消費者偏好發生了普遍轉變。你從其他人那裡聽說過，從商品轉向體驗，而旅行在很大程度上是其中的受益者。這不僅僅是跨境旅行。正如阿爾在他的講話中所說，這都是旅行，包括國內旅行。所以這是一個非常廣泛的旅行願望。二是人們熱衷於旅行。因此，一旦解除限制，您就會立即看到反應。

In terms of where the strength is, clearly, the recovery in Asia has been quite strong. You saw how much it improved this quarter, almost 20 points, if I remember right. And it is continuing. It's happening all across Asia, except for places like China, and they're still -- it's not that easy to get in and out of Japan and Taiwan. But elsewhere, it's very strong across Asia. There's a huge amount of interest in traveling to Europe and significant interest in European traveling out of Europe. So Europe has been also recovering very fast and is indexing at pretty high levels relative to pre-COVID volumes.

就實力所在而言，顯然亞洲的複蘇相當強勁。如果我沒記錯的話，你看到了本季度的進步，將近 20 分。它還在繼續。這種情況在整個亞洲都在發生，除了像中國這樣的地方，而且他們仍然——進出日本和台灣並不容易。但在其他地方，它在整個亞洲都非常強大。人們對去歐洲旅遊很感興趣，對歐洲人出歐洲旅遊也很感興趣。因此，歐洲也一直在快速復蘇，並且相對於 COVID 之前的交易量處於相當高的水平。

The other area that continues to surprise is Latin America. We told you that it was always quite high because Latin America stayed fairly open. But in the last quarter, it jumped another 20 points and is indexing in the 150 range for people traveling into Latin America. So as you look across it, this looks pretty durable. There's still recovery left to come, as you can see. Asia still was indexing well below '19 levels. The U.S. is still below '19 levels. So we don't think this ends anytime soon.

另一個繼續令人驚訝的地區是拉丁美洲。我們告訴過你，它總是很高，因為拉丁美洲保持相當開放。但在上個季度，它又上漲了 20 點，並在 150 範圍內為前往拉丁美洲旅行的人編制了指數。所以當你看過去時，這看起來很耐用。如您所見，仍有恢復空間。亞洲指數仍遠低於 19 年的水平。美國仍低於 19 年的水平。所以我們認為這不會很快結束。

Our next question comes from Lisa Ellis with MoffettNathanson.

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

Al, you had a number of callouts in the prepared remarks related to Visa Direct. I was hoping to get your perspective on the news that the CFPB is investigating the levels of fraud in Zelle and other domestic P2P services. Can you just comment a bit or give us a little bit of color on how the fraud protections associated with Visa Direct are different or similar to those services and sort of how that type of investigation might impact Visa Direct's role in P2P over the long term?

艾爾，您在準備好的與 Visa Direct 相關的評論中有許多標註。我希望得到您對 CFPB 正在調查 Zelle 和其他國內 P2P 服務的欺詐程度的消息的看法。您能否就與 Visa Direct 相關的欺詐保護與這些服務有何不同或相似之處，以及此類調查可能如何影響 Visa Direct 在 P2P 中的長期角色發表評論或給我們一點色彩？

Well, thanks, Lisa. One of the terrific things about Visa Direct is that it isn't running at a different new platform. It runs on VisaNet and, therefore, has the ability to utilize all of the same capabilities that we have on VisaNet, including those related to KYC and those related to fraud prevention. So certainly, this is something that we're well aware of and we'll continue to watch closely. I do think that consumers value this P2P capability in very, very big ways not just in the United States, but around the world, and I certainly expect it to be a use case that continues to grow around the world, and we'll just have to make sure that we're working closely with Zelle and other partners to make sure that we're contributing as much as we can to make sure that, that service is secure as can be because as you know, trust is a basic underpinning of money movement in every single use case around the world.

嗯，謝謝，麗莎。 Visa Direct 的一個了不起的事情是它沒有在不同的新平台上運行。它在 VisaNet 上運行，因此能夠利用我們在 VisaNet 上擁有的所有相同功能，包括與 KYC 相關的功能和與欺詐預防相關的功能。所以當然，這是我們很清楚的事情，我們將繼續密切關注。我確實認為消費者非常非常重視這種 P2P 功能，不僅在美國，而且在世界各地，我當然希望它成為一個在世界範圍內繼續增長的用例，我們將必須確保我們與 Zelle 和其他合作夥伴密切合作，以確保我們做出盡可能多的貢獻，以確保該服務是安全的，因為如您所知，信任是基本的基礎世界各地每個用例中的資金流動。

Our next question comes from Darrin Peller with Wolfe Research.

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

I really want to touch on your willingness and ability to manage expenses and margins going forward in different outcomes, different scenarios. You pulled forward, it looks like, salary increases. So does that pull forward some of the OpEx growth we normally see in fiscal '23? And then just thinking through if we were to see downturns economically, what kind of willingness and an ability do you have to really manage margins going forward?

我真的很想談談您在不同結果、不同情況下管理費用和利潤的意願和能力。你向前拉，看起來，薪水增加了。那麼這是否會推動我們通常在 23 財年看到的一些運營支出增長？然後想想如果我們要看到經濟衰退，你需要什麼樣的意願和能力來真正管理未來的利潤？

Yes. The pull forward of salary increases means that when we get to the fourth quarter of next year, we'll lap the increase that we have. So in that sense, yes, it moderates a little bit the impact on next year since some of it comes into this year. You've seen us in the past adjust based on external circumstances, and we will be monitoring trends and will stay flexible and move fast if we have to, again.

是的。加薪的提前意味著當我們到明年第四季度時，我們將完成我們的加薪。所以從這個意義上說，是的，它稍微緩和了對明年的影響，因為其中一些影響進入了今年。您過去曾看到我們根據外部情況進行調整，我們將監控趨勢，並在必要時再次保持靈活和快速行動。

That said, this is a business with tremendous long-term growth opportunities. We think the new use cases that are being developed in the new flows business and the opportunities we have across value-added services for global expansion, for deeper penetration of existing clients as well as adding new services are very significant. So we have to be keeping an eye on the long-term opportunity and not underinvesting.

也就是說，這是一項具有巨大長期增長機會的業務。我們認為，新流程業務中正在開發的新用例以及我們在增值服務方面為全球擴張、更深入地滲透現有客戶以及添加新服務的機會非常重要。因此，我們必須密切關注長期機會，而不是投資不足。

Having said that, if times get tough, we -- as we did during the pandemic, you prioritize, you sequence things, you pace things. You don't pull back on all the investment. You just try to do it based on a new reality. So during the pandemic, for example, we scale back in certain areas like cross-border where spending on marketing or things like that wouldn't have made any difference because borders were closed. And we'll try and do things like that if we have to again.

話雖如此，如果時間變得艱難，我們——就像我們在大流行期間所做的那樣，你優先考慮事情，你排序事情，你安排事情。您不會撤回所有投資。你只是試著根據一個新的現實去做。因此，例如，在大流行期間，我們在某些領域（例如跨境）縮減規模，在這些領域，營銷支出或類似的事情不會產生任何影響，因為邊境已關閉。如果必須再次這樣做，我們會嘗試做類似的事情。

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。

Very clear. The consumer is strong here. And I know, Al, you said you don't want to predict the macro, but I figured I'd ask if you can comment here on how resilient Visa might be now versus past recessions. Because on the one hand, I'm thinking of this broader credentials, acceptance, contactless or that would suggest more resilience. But on the other side, you have more value-added services revenue that might be more cyclical. So I know aside from shocks like the financial crisis and pandemic, your growth premium to PC has been clear. But what about now? Do you feel differently? Any new thinking on how Visa might be different versus past recessions.

非常清楚。消費者在這裡很強大。我知道，Al，你說你不想預測宏觀，但我想我想問你是否可以在這裡評論一下 Visa 現在與過去的衰退相比有多大的彈性。因為一方面，我正在考慮這種更廣泛的證書、接受度、非接觸式，或者這意味著更有彈性。但另一方面，您擁有更多可能更具週期性的增值服務收入。所以我知道，除了金融危機和大流行等衝擊之外，你對 PC 的增長溢價已經很明顯了。但是現在呢？你有不一樣的感覺嗎？關於 Visa 與過去的經濟衰退有何不同的任何新想法。

Well, thanks, Tien-Tsin. I think we're a very different company from any past recession, I guess, going back to 2008-2009 time frame. First of all, we're stronger -- much stronger in debit, which tends to be the vehicle, the card of choice for people in a slowdown period. We're stronger in everyday spend categories. We're stronger in e-commerce. We benefited from this acceleration in cash utilization that happened during the pandemic.

好吧，謝謝，天津。我認為我們是一家與過去任何衰退都非常不同的公司，我想，可以追溯到 2008-2009 年的時間框架。首先，我們更強大——借記卡更強大，借記卡往往是交通工具，是經濟放緩時期人們的首選卡。我們在日常支出方面更強大。我們在電子商務方面更強大。我們受益於大流行期間現金使用的加速。

Since the last recession, we've added Europe, which is a very important part of the company today and contributes to our growth. And then as you alluded to, we've added an emphasis on value-added services and new flows. Some of those value-added services are tied to volume. So the degree that some volumes might go down, those might go down as well. But on the other hand, for volumes that we will have today that we -- that will have the opportunity to sell more value-added services than we would have in the prior recession.

自上次經濟衰退以來，我們增加了歐洲，這是當今公司非常重要的一部分，為我們的增長做出了貢獻。然後正如你所提到的，我們增加了對增值服務和新流程的重視。其中一些增值服務與數量相關。因此，一些交易量可能下降的程度，那些也可能下降。但另一方面，對於我們今天擁有的數量，我們將有機會銷售比之前經濟衰退時更多的增值服務。

The last thing I would say is that it is very possible that today, people are changing what they're buying, but they're not changing how they're paying. And we fall into the latter category. And we see overall spending levels, as we talked about remaining high, and we continue to see people choosing to pay with Visa not depending on any change that they might be making in what they're buying or the baskets that they have.

我要說的最後一件事是，今天人們很有可能正在改變他們購買的東西，但他們並沒有改變他們支付的方式。我們屬於後一類。我們看到整體支出水平，正如我們所說的保持高位，我們繼續看到人們選擇使用 Visa 付款，而不是取決於他們可能對他們所購買的東西或他們擁有的購物籃做出的任何改變。

Our next question comes from Harshita Rawat with Bernstein.

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

So Al, I want to follow up on your comments on open banking. So now that you closed the Tink acquisition earlier this year, can you elaborate on your efforts in open banking and what role can just play? And just taking a step back, how excited are you about the opportunity that in open banking for Visa?

所以，Al，我想跟進您對開放銀行業務的評論。那麼，既然您在今年早些時候完成了對 Tink 的收購，您能否詳細說明您在開放銀行方面所做的努力以及可以發揮什麼作用？退一步說，您對 Visa 開放銀行業務的機會有多興奮？

Well, I think open banking is in its early days, but I think that we're quite well positioned. As you well know, that the ground zero for open banking happens to be Europe. We have a very good business there. And obviously, Tink has a footprint in 18 markets in Europe. It has a single API that allows customers, primarily developers that access financial data. It has connectivity to 3,400 banks and financial institutions and greater than 10,000 developers. And we believe the thesis for us is that takes capabilities with our capabilities and our relationships will allow Tink to be stronger where it already is, and we'll, with our help, we'll be able to broaden the footprint in which Tink operates. And that's certainly one of the things that we're in discussions internally with Tink as to where we go next in the world.

好吧，我認為開放式銀行業務還處於早期階段，但我認為我們處於有利地位。眾所周知，開放銀行的歸零地恰好是歐洲。我們在那裡有很好的生意。顯然，Tink 在歐洲的 18 個市場都有足跡。它有一個單一的 API，允許客戶，主要是開發人員訪問財務數據。它與 3,400 家銀行和金融機構以及 10,000 多名開發商建立了連接。我們相信對我們來說，我們的論點是能力與我們的能力相結合，我們的關係將使 Tink 變得更強大，在我們的幫助下，我們將能夠擴大 Tink 運營的足跡.這當然是我們在內部與 Tink 討論的事情之一，以了解我們在世界上的下一步發展方向。

We also think that our infrastructure and our cyber and fraud capabilities and our capabilities related to protecting the customers' transaction at all, the steps along the way is going to just help accelerate the adoption of open banking in Europe. So we're excited about the prospects of it. We think we're really well positioned. It's just going to be a matter of how quickly it takes off, but we're in good shape to the degree that it does.

我們還認為，我們的基礎設施、網絡和欺詐能力以及我們與保護客戶交易相關的能力，一路走來的步驟將有助於加速歐洲開放銀行業務的採用。所以我們對它的前景感到興奮。我們認為我們的定位非常好。這只是一個起飛速度的問題，但我們的狀態已經很好了。

Our next question comes from Bryan Keane with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bryan Keane。

I wanted to ask about the 3 key drivers, all growing over 20% in consumer payments, the new flows and value-added services. As we think about going forward and how this is likely to normalize some, I assume consumer payments growth will slow as cross-border eventually lap some tougher comps. But maybe new flows and value-added services still has some extra juice for growth. Just hoping maybe you could parse through some of the pluses and minuses for the 3 segments.

我想問一下 3 個關鍵驅動因素，它們在消費者支付、新流量和增值服務方面都增長了 20% 以上。當我們考慮前進以及這可能如何使一些正常化時，我認為消費者支付增長將放緩，因為跨境最終會遇到一些更艱難的競爭。但也許新的流量和增值服務仍有一些額外的增長動力。只是希望也許您可以解析這 3 個部分的一些優點和缺點。

Well, Bryan, that's been the thesis from the beginning that we want to make sure that we generate on a sustained ongoing basis attractive revenue growth. And you're certainly correct that at some point in time, depending upon the pace at which Asia cross-border comes back and U.S. inbound cross-border continues to come back, that will settle back into some more normal level growth rate for consumer payments.

好吧，布萊恩，從一開始就是這樣的論點，我們希望確保我們能夠持續產生有吸引力的收入增長。你肯定是對的，在某個時間點，取決於亞洲跨境回歸和美國入境跨境繼續回歸的速度，消費者支付的增長率將恢復到更正常的水平.

I'm not going to predict when that will be, whether that's in 2 quarters or 6 quarters or 7 quarters, but it will happen at some point in time. And our expectation and aspiration has been that value-added services and new flows will grow at numbers of percentage points higher than consumer payments that will, therefore, allow us to get to sustained revenue growth rate that we think, over time, will be attractive to the investors in the company.

我不打算預測什麼時候會發生，無論是 2 個季度、6 個季度還是 7 個季度，但它會在某個時間點發生。我們的期望和願望是增值服務和新流量的增長速度將比消費者支付高出幾個百分點，因此，這將使我們能夠實現我們認為隨著時間的推移將具有吸引力的持續收入增長率給公司的投資者。

Our next question comes from Don Fandetti with Wells Fargo.

我們的下一個問題來自富國銀行的 Don Fandetti。

I just want to confirm, so just given all the weakness of some of the retailers, you're not seeing any signs on the low-end consumer weakness. And then does your data historically show any correlation around a wealth effect for the more affluent U.S. consumers at Visa?

我只是想確認一下，鑑於一些零售商的所有疲軟，你沒有看到任何低端消費者疲軟的跡象。然後，您的數據歷史上是否顯示出與 Visa 中更富裕的美國消費者的財富效應有關的任何相關性？

Don, you're touching on -- there's a number of elements that impact our volumes. And we'll touch on a few of them. Affluent spenders are returning to the economy and their higher spending in restaurants and travel, among other categories. And this isn't necessarily inflation, but a mix shift. The impact of people working from home and hybrid work definitely continue to have impact on smaller tickets that are things that people buy in the mornings and at lunch time when they're actually commuting and working in an office environment. Certainly, small tickets, as a percentage of overall tickets, are still below pre-pandemic levels as a result. Last year, stimulus clearly drove ticket sizes up, particularly in discretionary categories, and we're kind of lapping that now.

唐，你談到了——有許多因素會影響我們的交易量。我們將討論其中的一些。富裕的消費者正在回歸經濟，他們在餐館和旅遊等領域的支出增加了。這不一定是通貨膨脹，而是混合轉變。人們在家工作和混合工作的影響肯定會繼續對小票產生影響，這些小票是人們在早上和午餐時間購買的東西，當時他們實際上是在辦公環境中通勤和工作。當然，小票占總票的百分比仍然低於大流行前的水平。去年，刺激措施明顯推動了門票規模的擴大，特別是在非必需品類別中，我們現在有點重複這一點。

What we don't know are what level of substitutions are taking place, where people might be buying more staples and less discretionary items but they're spending at the same level they did, or whether as some retailers have said, people are trading down from brands to private labels. But it's also difficult for us to understand consumption reduction. So for example, consumers could be buying less fuel, but spending at the same amount or buying smaller package sizes of things like snacks and yet spending the same amount.

我們不知道正在發生何種程度的替代，人們可能會購買更多的主食和更少的非必需品，但他們的消費水平與他們相同，或者是否正如一些零售商所說，人們正在降價購買從品牌到自有品牌。但我們也很難理解消費減少。例如，消費者可能會購買更少的燃料，但花費相同的金額，或者購買較小包裝尺寸的東西（如零食），但花費相同的金額。

So I think, Don, clearly, inflation is in our numbers. And people are likely to change making some changes on what they're buying. But as I said earlier, I think in response to Tien-Tsin's question, they're not changing how they're paying.

所以我認為，唐，很明顯，通貨膨脹在我們的數字中。人們可能會改變他們購買的東西。但正如我之前所說，我認為在回答 Tien-Tsin 的問題時，他們並沒有改變支付方式。

Yes. I mean going back to your question on whether we're seeing any slowdown in spending by lower income consumers. No, we're not. We keep looking for it because we've heard some other people say it, and we're not seeing any evidence of that.

是的。我的意思是回到你的問題，即我們是否看到低收入消費者的支出放緩。沒有，我們沒有。我們一直在尋找它，因為我們聽到其他人這麼說，但我們沒有看到任何證據。

Your second question, I presume was the wealth effect on affluent consumers of what's happening in the stock market and things like that. As Al said, I mean we're not seeing that. If anything, affluent spending has been on the rise and is one of the reasons why we've seen some of the robust growth we saw this quarter.

你的第二個問題，我認為是股市發生的事情和類似的事情對富裕消費者的財富效應。正如艾爾所說，我的意思是我們沒有看到這一點。如果有的話，富裕的支出一直在增加，這也是我們本季度看到一些強勁增長的原因之一。

Remember, we're lapping a very significant growth quarter last year that included sizable stimulus payments. And despite that, we had some very good growth this quarter. And a lot of that is driven by affluent consumers, by discretionary spending coming back and no evidence of a wealth effect that people are holding back.

請記住，我們去年經歷了一個非常顯著的增長季度，其中包括可觀的刺激支付。儘管如此，我們在本季度取得了一些非常好的增長。其中很大一部分是由富裕的消費者推動的，可自由支配支出的回歸以及沒有證據表明人們正在抑制財富效應。

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。

You've clearly been continuing to be very aggressive on share repurchase. But could you update us on your capital allocation priorities in this particular environment? We've seen obviously a pretty big pullback in valuations and payments. How is your acquisition appetite and pipeline changed today versus, let's say, a year ago?

顯然，您在股票回購方面一直非常積極。但是，您能否向我們介紹您在這種特定環境下的資本配置優先事項？我們顯然已經看到估值和付款大幅回落。與一年前相比，您今天的收購意願和渠道有何變化？

Yes. Capital allocation has -- approach has not changed. As we've said before, our first priority is investing in our core business. We generate a lot of free cash flow. Our first priority is to invest in what is a fabulous business we have, which has tremendous growth opportunities as we've discussed around some of the new use cases and new flows around value-added services and, of course, in our core consumer payments business.

是的。資本配置已經——方法沒有改變。正如我們之前所說，我們的首要任務是投資於我們的核心業務。我們產生了大量的自由現金流。我們的首要任務是投資於我們擁有的出色業務，正如我們圍繞增值服務的一些新用例和新流程以及我們的核心消費者支付所討論的那樣，該業務具有巨大的增長機會商業。

After that, clearly, it's how can M&A enhance what we do, and we can do that by buying something that expands our capabilities like we've done in the past, or something that gives us new capabilities like Tink does with open banking or like Currencycloud does with the capabilities they have that are geared towards real-time FX and serving the needs of newer enterprises, the fintechs rather than traditional companies. So we will continue to look for things that can enhance what we have.

在那之後，很明顯，這是併購如何增強我們所做的事情，我們可以通過購買一些可以擴展我們能力的東西來做到這一點，就像我們過去所做的那樣，或者像 Tink 那樣為我們提供新能力的開放銀行或類似的東西來做到這一點Currencycloud 使用他們擁有的面向實時外彙的功能，並滿足新興企業、金融科技公司而非傳統公司的需求。因此，我們將繼續尋找可以增強我們所擁有的東西的東西。

In terms of timing and opportunities. Clearly, as valuations have come back in, we've stayed disciplined when things are bubbly. We have a very strong balance sheet. We have tremendous capacity. We are definitely interested in acquisitions where the value is justified. Time will tell where the valuations in private markets get to levels that are attractive and companies have to be for sale. But clearly, M&A is an important component of our future. We have clear ideas on where we want to expand M&A-wise. And as they come up, we'll talk about it.

在時機和機會方面。顯然，隨著估值的回升，當事情出現泡沫時，我們一直保持自律。我們有一個非常強大的資產負債表。我們有巨大的能力。我們絕對對價值合理的收購感興趣。時間會告訴我們，私人市場的估值在哪里達到有吸引力的水平，公司必須出售。但顯然，併購是我們未來的重要組成部分。我們對擴大併購的方向有明確的想法。當他們出現時，我們將討論它。

Our next question comes from Rayna Kumar with UBS.

我們的下一個問題來自瑞銀的 Rayna Kumar。

In your remarks, you mentioned pricing actions helped your cross-border revenue. As you look across the breadth of your products and services, do you think there's still more opportunity to improve pricing in certain areas?

在您的發言中，您提到定價行為有助於您的跨境收入。當您審視您的產品和服務的廣度時，您認為在某些領域還有更多的機會來提高定價嗎？

Yes. Something that we will watch and be very thoughtful about over time. But we have -- we've got years and years of experience in pricing in the consumer payments business, and we're building our sophistication in terms of pricing in our newer lines of business in new flows and value-added services. As we said many times, our philosophy is that we want to make sure that we're pricing in a way that balances all the various parties within the ecosystem and ideally stimulates more and more cash digitization and more and more money movement across our network. So in short, we think there definitely is still more opportunity in the pricing lever.

是的。隨著時間的推移，我們會關注並深思熟慮的東西。但是我們有 - 我們在消費者支付業務的定價方面擁有多年和多年的經驗，並且我們正在為我們的新業務線在新流程和增值服務的定價方面建立我們的成熟度。正如我們多次說過的那樣，我們的理念是，我們希望確保我們的定價方式能夠平衡生態系統中的所有各方，並在理想情況下刺激越來越多的現金數字化和越來越多的資金在我們的網絡中流動。所以簡而言之，我們認為定價槓桿肯定還有更多機會。

Our next question comes from Ashwin Shirvaikar from Citi.

我們的下一個問題來自花旗的 Ashwin Shirvaikar。

Great quarter here. It's pretty clear based on your results and comments that the consumer seems unaffected so far. My question was are you seeing an impact in your conversations with enterprises, so basically banks, merchants and fintechs, given what's going on in terms of either the pace of decision-making or the types of products or services that they're seeking out now? If you could comment on that.

這裡很棒的季度。根據您的結果和評論很清楚，到目前為止，消費者似乎沒有受到影響。我的問題是，考慮到決策速度或他們現在正在尋求的產品或服務類型方面的情況，您是否看到與企業的對話產生了影響，所以基本上是銀行、商家和金融科技公司?如果你能對此發表評論。

I have not heard that from any clients or partners that I have talked to. Look, I think everybody is out there wondering whether we're going to or not going to face a recession. We're certainly undeniably in a high inflation environment right now. But given that, that was really driven by a shortage of workers leading to a shortage of production of goods and services, and then you throw the Ukrainian war on top of it, which had some impacts along the way, and all of this coming off of a pandemic, there really isn't a history that provides any kind of insight into exactly what might happen here.

我沒有從與我交談過的任何客戶或合作夥伴那裡聽說過。看，我想每個人都在想我們是否會面臨經濟衰退。不可否認，我們現在處於高通脹環境中。但考慮到這一點，這實際上是由工人短缺導致商品和服務生產短缺，然後你把烏克蘭戰爭拋在腦後，這在此過程中產生了一些影響，所有這一切都結束了關於大流行，真的沒有任何歷史可以提供任何關於這裡可能發生的確切情況的見解。

We're continuing to do 2 things. One is to make sure that we're smartly investing in the future to drive our 3 growth levers. And as Vasant alluded to in response to a question earlier, we're being very vigilant in looking into the numbers and seeing if we see anything that requires us to be proactive in any action that we might take. But at this point, as I think we've said a few times now, the level of consumer spending up through July 21, which we reported on in Vasant's remarks, have -- the consumer spending has remained very resilient. And for how long that will be, one, it remains to be seen. But again, I'd remind everybody that we don't have the same input costs and COGS as other businesses. And we're a company that facilitates payments. So regardless of whether people are consuming differently or substituting one good for another good, they still need to pay for it and they're utilizing our services to do that.

我們將繼續做兩件事。一是確保我們對未來進行明智的投資，以推動我們的三個增長槓桿。正如瓦桑特早些時候在回答一個問題時提到的那樣，我們在調查這些數字時非常警惕，看看我們是否看到任何需要我們在可能採取的任何行動中積極主動的事情。但在這一點上，正如我認為我們已經多次說過的那樣，截至 7 月 21 日的消費者支出水平（我們在 Vasant 的講話中所報導的）已經——消費者支出仍然非常有彈性。這將持續多久，一，還有待觀察。但是，我要再次提醒大家，我們的投入成本和銷貨成本與其他企業不同。我們是一家促進支付的公司。因此，無論人們是否以不同的方式消費或用一種商品代替另一種商品，他們仍然需要為此付費，並且他們正在利用我們的服務來做到這一點。

Our next question comes from James Faucette with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 James Faucette。

Great. Obviously, you can track quite well how the consumer is tracking now across all the different metrics, as we've talked a lot about. When you look at forward, can you talk a little bit about what you look at as potential indicators? And I guess, especially since as Sanjay started off the questions around travel, what are you seeing in things around forward bookings and any changes or indications there or elsewhere?

偉大的。顯然，您可以很好地跟踪消費者現在如何在所有不同的指標上進行跟踪，正如我們已經討論過的那樣。當你展望未來時，你能談談你認為的潛在指標嗎？我猜想，尤其是當桑傑開始提出有關旅行的問題時，您在提前預訂方面看到了什麼，以及那里或其他地方的任何變化或跡象？

Yes. As Al said, I mean we don't view ourselves as economic forecasters and don't want to get into that. And we've said before that we are not leading indicators. We are probably coincident indicators. If there's a change in spending, we'll see it as it happens.

是的。正如艾爾所說，我的意思是我們不將自己視為經濟預測者，也不想參與其中。我們之前說過，我們不是領先指標。我們可能是巧合的指標。如果支出發生變化，我們會看到它發生的變化。

The only area of our business where we see a little bit ahead is, as you said, in travel bookings, and those are holding up well. Whether it's cross-border bookings or domestic travel bookings, if you look at the card-not-present element of travel, which is where those bookings happen, there is really no change in trend. So at least looking out 30, 60 days, which is what the lead time is on those kinds of things, there is no change in trend.

正如您所說，我們業務中唯一領先的領域是旅行預訂，並且表現良好。無論是跨境預訂還是國內旅行預訂，如果您查看旅行的無卡元素，也就是這些預訂發生的地方，趨勢確實沒有變化。所以至少看看 30、60 天，也就是這類事情的提前期，趨勢沒有變化。

Other than that, a lot of what we see is quite intuitive. There's, as Al said, there's a shift towards discretionary purchases. There's a shift towards things people couldn't do before, during the pandemic, experiences around restaurants, entertainment and travel. As we said, while goods may not be growing as much as they were year-over-year, they're still well above the COVID -- pre-COVID trend line. So there's nothing there that is out of the ordinary at this point.

除此之外，我們看到的很多東西都非常直觀。正如艾爾所說，有一種轉向可自由支配的購買方式。在大流行期間，人們正在轉向人們以前無法做的事情，圍繞餐館、娛樂和旅行的體驗。正如我們所說，雖然商品的同比增長可能不如去年，但仍遠高於 COVID-COVID 之前的趨勢線。所以在這一點上沒有什麼不尋常的。

Our last question comes from Jason Kupferberg with Bank of America.

我們的最後一個問題來自美國銀行的 Jason Kupferberg。

I just wanted to come back to cross-border travel. Now that you were at, I think, 116% of 2019 levels in July, I know your prior target was to be at 100% by the end of the fiscal year. So what would be your new target there? And then can you just comment on inbound versus outbound U.S., kind of where that's tracking versus '19 levels and your thoughts going forward there just given the strength of the dollar?

我只是想回到跨境旅行。既然你在 7 月份達到了 2019 年水平的 116%，我知道你之前的目標是到本財年末達到 100%。那麼你在那裡的新目標是什麼？然後你能評論一下美國的入境與出境嗎，與 19 年的水平相比，你的想法只是考慮到美元的強勢嗎？

Yes. I mean outbound from the U.S. is very strong. It's been about '19 levels now for a few, if not weeks, a couple of months. Inbound to the U.S. we told you was indexing in the high 80s. So it's still below '19 levels. And we think that there's room for recovery there.

是的。我的意思是來自美國的出境游非常強大。現在已經有 19 個級別了，如果不是幾週，甚至幾個月。我們告訴你的入境美國是在 80 年代的高位指數。所以它仍然低於'19的水平。我們認為那裡有恢復的空間。

What we've seen on the cross-border side is a little bit of a stair step where you have periods where there's rapid growth. Like you saw in April and May and we saw in October and November, when a variety of countries remove restrictions, you see a huge amount of travel happening fairly quickly. And then you see a certain amount of stabilization after that, like we saw partly because of Omicron in December and January, and we saw in March and April.

我們在跨境方面看到的情況有點像階梯式的階梯，您有一段快速增長的時期。就像您在 4 月和 5 月看到的，我們在 10 月和 11 月看到的那樣，當多個國家/地區取消限制時，您會很快看到大量旅行發生。然後你會看到在那之後一定程度的穩定，就像我們在 12 月和 1 月看到的部分原因是 Omicron，以及我們在 3 月和 4 月看到的那樣。

As we look at the fourth quarter, most of the world is open. And so we are assuming steady improvement in travel out of Asia, steady improvement of travel into and out of Europe, improvement of travel into the U.S. But there are no big openings left, which is why we don't think there'll be a big stair step up in the fourth quarter. We'll wait and see.

當我們看第四季度時，世界大部分地區都是開放的。因此，我們假設出境亞洲的旅行穩步改善，進出歐洲的旅行穩步改善，進入美國的旅行改善。但沒有大的空缺，這就是為什麼我們認為不會有第四節大踏步前進。我們拭目以待。

The big openings left would be China, of course which we gave you the index. It's still very low. And there's recovery left in Japan because letting in 20,000 people is 1/5 of what the normal amount of people who go into Japan where it's more like 100,000 people. So there's a few left. So the short answer is a modest recovery in the fourth quarter, and we'll see what happens.

剩下的大空缺將是中國，當然我們給了你索引。它仍然很低。日本還有復蘇，因為讓 20,000 人入境是進入日本的正常人數的 1/5，而後者更像是 100,000 人。所以還剩幾個。因此，簡短的回答是第四季度溫和復蘇，我們將拭目以待。

And with that, we'd like to thank you for joining us today. If you have any additional questions, please feel free to call or e-mail our Investor Relations team. Thanks again, and have a great day.

有了這個，我們要感謝你今天加入我們。如果您有任何其他問題，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，祝您有美好的一天。

Thank you for your participation in today's conference. You may disconnect at this time.

感謝您參加今天的會議。此時您可以斷開連接。