(V) 2022 Q4 法說會逐字稿

Welcome to Visa's Fiscal Fourth Quarter and Full Year 2022 Earnings Conference Call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time.

歡迎參加 Visa 的 2022 財年第四季度和全年收益電話會議。 （操作員說明）今天的會議正在錄製中。如果您有任何異議，您可以在此時斷開連接。

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

我現在想將電話轉給您的主持人，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, Holly. Good afternoon, everyone, and welcome to Visa's Fiscal Fourth Quarter and Full Year 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.

謝謝，霍莉。大家下午好，歡迎參加 Visa 的 2022 財年第四季度和全年財報電話會議。今天加入我們的是 Visa 董事長兼首席執行官 Al Kelly； Visa 副主席兼首席財務官 Vasant Prabhu。

This call is being webcast on the Investor Relations section of our website at www.investor.visa.com. A replay will be archived on our site for 30 days. A slide deck containing financial and statistical highlights has been posted on our IR website.

本次電話會議正在我們網站 www.investor.visa.com 的投資者關係部分進行網絡直播。重播將在我們的網站上存檔 30 天。包含財務和統計亮點的幻燈片已發佈在我們的投資者關係網站上。

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

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

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

有了這個，讓我把電話轉給 Al。

Jennifer, thank you. And good afternoon, everybody, and thank you for joining us.

詹妮弗，謝謝。大家下午好，感謝您加入我們。

Visa's performance in 2022 was very strong even with the uncertainty created by inflation, the war in Ukraine, COVID, the timing of cross-border travel recovery and a potential recession. On a full year basis, credentials increased 9% year-over-year and are up 13%, excluding Russia. We crossed 4.8 billion tokens, surpassing the number of card credentials and almost doubling from last year. Merchant locations, including locations from payment facilitators, grew 11%. Global tap to pay penetration grew 10% -- 10 points to 54% of face-to-face transactions, excluding Russia, and this was helped by 20 additional countries crossing over the 50% penetration mark. Excluding the U.S. and Russia, global tap to pay penetration was 71%. Visa's network processed 70% more tap to ride transactions on global transit systems in FY '22, surpassing 1 billion transactions for the first time ever.

儘管通貨膨脹、烏克蘭戰爭、新冠肺炎、跨境旅行複甦的時機和潛在的衰退帶來了不確定性，Visa 在 2022 年的表現仍然非常強勁。在全年的基礎上，憑證同比增長 9%，增長 13%，不包括俄羅斯。我們超過了 48 億個代幣，超過了卡憑證的數量，幾乎是去年的兩倍。商戶地點，包括支付服務商的地點，增長了 11%。全球點擊支付滲透率增長了 10%——面對面交易的 54%（不包括俄羅斯）增長了 10 個百分點，這得益於另外 20 個國家的滲透率超過 50%。不包括美國和俄羅斯，全球水龍頭支付滲透率為 71%。在 22 財年，Visa 的網絡在全球交通系統上處理的輕拍交易量增加了 70%，有史以來首次超過 10 億筆交易。

In FY '22, we signed over 400 commercial partnerships with fintechs globally from early-stage companies to growing and mature players. Visa Direct had 5.9 billion transactions, excluding Russia, across 60-plus use cases and over 2,000 programs, helped by more than 500 enablers. Over half of our clients utilized 5 or more value-added services in 2022, and 1/3 use 10 or more. All of this helped to drive fiscal full year net revenues up 22% year-over-year and non-GAAP EPS of $7.50, up 27%.

在 22 財年，我們與全球金融科技公司簽署了 400 多個商業合作夥伴關係，從早期公司到成長中和成熟的參與者。 Visa Direct 有 59 億筆交易（不包括俄羅斯），涉及 60 多個用例和 2,000 多個程序，由 500 多個推動者提供幫助。超過一半的客戶在 2022 年使用了 5 種或更多的增值服務，1/3 的客戶使用了 10 種或更多。所有這些都有助於推動財年全年淨收入同比增長 22%，非 GAAP 每股收益為 7.50 美元，增長 27%。

Now let me transition to our fourth quarter performance and key highlights and then make a few comments about 2023. Fourth quarter net revenues grew 19% year-over-year, and non-GAAP EPS was $1.93, up 19%. Total Q4 payments volume was up 10% year-over-year or 135% versus 3 years ago, down 1 point from Q3. Excluding Russia and China, payments volume was up 16% or 145% of 2019. U.S. Q4 payments volume was up 12% year-over-year or 145% of 2019, down 1 point. International volume was up 9% year-over-year or 126% of 2019, down 1 point versus Q3. Excluding Russia and China, international volume was up 20% or 146% of 2019, flat to Q3.

現在讓我過渡到我們第四季度的業績和主要亮點，然後對 2023 年發表一些評論。第四季度淨收入同比增長 19%，非公認會計原則每股收益為 1.93 美元，增長 19%。第 4 季度總支付量同比增長 10%，或與 3 年前相比增長 135%，比第 3 季度下降 1 個百分點。不包括俄羅斯和中國，2019 年支付量增長 16% 或 145%。美國第四季度支付量同比增長 12% 或 2019 年 145%，下降 1 個百分點。國際交易量同比增長 9%，或 2019 年的 126%，比第三季度下降 1 個百分點。不包括俄羅斯和中國，國際交易量比 2019 年增長 20% 或 146%，與第三季度持平。

Q4 cross-border volumes, excluding intra-Europe, were up 49% year-over-year and 130% versus 3 years ago, up 7 points from Q3. Excluding Russia, cross-border year-over-year growth was higher by about 5 points. Travel-related cross-border volumes rose 12 points from 104% of 2019 in Q3 to 116% in Q4 as travel continued to recover. Processed transactions were up 12% year-over-year or 140% versus 2019, and we processed 553 million transactions a day during the quarter.

不包括歐洲內部的第四季度跨境交易量同比增長 49%，與 3 年前相比增長 130%，比第三季度增長 7 個百分點。不包括俄羅斯，跨境同比增長率高出約 5 個百分點。隨著旅行繼續復甦，與旅行相關的跨境交易量從 2019 年第三季度的 104% 增長到第四季度的 116%，增長了 12 個百分點。處理的交易量同比增長 12%，或與 2019 年相比增長 140%，我們在本季度每天處理 5.53 億筆交易。

Now I'll provide an update on the drivers that propel this growth in consumer payments, new flows and value-added services. Our consumer payment strategy has 3 components to it: growing credentials, increasing acceptance and deepening engagement. Total consumer payments revenue for the fourth quarter and the year were both up more than 20% in constant dollars.

現在，我將介紹推動消費者支付、新流量和增值服務增長的驅動因素的最新情況。我們的消費者支付策略包含 3 個組成部分：不斷增長的憑證、提高接受度和加深參與度。第四季度和全年的消費者支付總收入均以固定美元計算增長超過 20%。

On the credentials side, we signed several significant deals with financial institution clients, co-brands and fintechs in the fourth quarter. Starting with financial institution clients in our Asia Pacific region. We signed with China Construction Bank, Bank of Communications and Shanghai Pudong Development Bank, leading banks in China. Throughout fiscal year 2022, we have renewed with 8 of our top China issuers.

在憑證方面，我們在第四季度與金融機構客戶、聯合品牌和金融科技公司簽署了幾項重大交易。從我們亞太地區的金融機構客戶開始。我們與中國領先的銀行中國建設銀行、交通銀行和上海浦東發展銀行簽約。在整個 2022 財年，我們與 8 家中國頂級發行人續約。

In our CEMEA region, we signed with National Bank of Kuwait, the largest bank in Kuwait; and ADIB, the largest Islamic issuer in the UAE. In Latin America, we renewed and expanded our partnership relationship with the second largest bank in Colombia, Banco Davivienda, including credit, debit, commercial and Visa Direct. Another key renewal in Latin America this quarter was with Dock, one of the reasons -- a few full-stack enablers providing BIN Sponsorship, issuer processing, acquiring as a service and program management via a single connection. Already servicing more than 100 fintechs in Brazil, Dock will expand across new markets, including Mexico, Colombia, Peru, Argentina, the Dominican Republic and Ecuador.

在我們的CEMEA地區，我們與科威特最大的銀行科威特國家銀行簽約； ADIB 是阿聯酋最大的伊斯蘭發行人。在拉丁美洲，我們更新並擴大了與哥倫比亞第二大銀行 Banco Davivienda 的合作關係，包括信貸、借記、商業和 Visa Direct。本季度拉丁美洲的另一個關鍵更新是 Dock，原因之一是一些全棧推動者通過單一連接提供 BIN 贊助、發行人處理、獲取即服務和項目管理。 Dock 已經為巴西的 100 多家金融科技公司提供服務，並將擴展到新市場，包括墨西哥、哥倫比亞、秘魯、阿根廷、多米尼加共和國和厄瓜多爾。

In Europe, we renewed and expanded our relationship with UBS, the largest issuer in Switzerland. We made excellent progress in Germany with our share growing significantly since 2018, adding more than 12 million debit credentials in the market. Visa Debit is now offered by 3 of the most significant banks in the market, ING, DKB and comdirect. And we're also pleased to announce that Santander Germany will begin issuance in 2023, making Visa the single scheme of choice for Santander in that country across debit and credit. Altogether, across the European continent, our quarterly active credentials were up 18% year-over-year.

在歐洲，我們更新並擴大了與瑞士最大發行人瑞銀的關係。自 2018 年以來，我們在德國取得了顯著進展，我們的份額顯著增長，在市場上增加了超過 1200 萬張借記憑證。 Visa Debit 現在由市場上 3 家最重要的銀行 ING、DKB 和 comdirect 提供。我們也很高興地宣布，德國桑坦德銀行將於 2023 年開始發行，使 Visa 成為該國桑坦德銀行在藉記卡和貸記卡方面的單一選擇。總之，在整個歐洲大陸，我們的季度活躍憑證同比增長 18%。

In the co-brand space, we continued to expand our position in several countries with 2 recent wins and an extension. First, in India with the Samsung co-brand card, targeting existing and prospective Samsung users. Second, in the U.S., Visa and Kohl's with Capital One as the issuer recently entered into an agreement to launch a Kohl's co-branded Visa credit card. And also in the U.S., we're excited to share that Visa signed a multiyear co-brand agreement extension with Disney for cards issued by JPMorgan Chase.

在聯合品牌領域，我們繼續擴大我們在幾個國家的地位，最近贏得了 2 場胜利並獲得了延期。首先，在印度與三星合作品牌卡，針對現有和潛在的三星用戶。其次，在美國，Visa 和 Kohl's 與 Capital One 作為發行人最近簽署了一項協議，將推出 Kohl's 聯名 Visa 信用卡。同樣在美國，我們很高興與大家分享 Visa 與迪士尼就摩根大通發行的信用卡簽署了一項多年的聯合品牌協議延期。

Now moving to fintech and wallet clients. In Egypt, mobile network operator Etisalat Egypt, with more than 28 million customers, has signed a deal for virtual and physical card issuance. The first digital bank in Iraq, these are Iraq Islamic banks seeking to digitize payments and drive a cashless society through Visa credit, debit and prepaid card issuance across their 400,000 customers.

現在轉向金融科技和錢包客戶。在埃及，擁有超過 2800 萬客戶的移動網絡運營商 Etisalat Egypt 簽署了虛擬和實體卡發行協議。伊拉克第一家數字銀行是伊拉克伊斯蘭銀行，它們尋求數字化支付，並通過在其 400,000 名客戶中發行 Visa 信用卡、借記卡和預付卡來推動無現金社會。

And large cryptocurrency exchange, FTX, with over 5 million registered users, has signed on to expand issuance of Visa credentials beyond the U.S. to over 40 countries, bringing our total number of issuing partnerships with crypto platforms to more than 70. Finally, GoHenry Group is a U.S., U.K. and Europe-based fintech that provides prepaid cards and a financial education app for children aged 6 to 18 to over 2 million members. They will be expanding their U.K. Visa issuance to Continental Europe and the U.S.

擁有超過 500 萬註冊用戶的大型加密貨幣交易所 FTX 已簽約將 Visa 憑證的發行範圍從美國擴展到 40 多個國家，使我們與加密平台的發行合作夥伴總數達到 70 多個。最後，GoHenry Group是一家總部位於美國、英國和歐洲的金融科技公司，為超過 200 萬會員提供 6 至 18 歲兒童的預付卡和金融教育應用程序。他們將把英國簽證發放範圍擴大到歐洲大陸和美國。

On the acceptance front, we signed an agreement with Flywire, a global payments enabler and software company that supports the higher education industry to grow card acceptance in Mainland China, Hong Kong and Korea. In Mexico, we renewed our relationship with Clip, an important payment facilitator, which will aid in the expansion of acceptance to micro, small and medium merchants. In Mexico, we have more than doubled acceptance since 2019 to nearly 3 million merchant locations.

在受理方面，我們與全球支付推動者和軟件公司 Flywire 簽署了一項協議，該公司支持高等教育行業在中國大陸、香港和韓國增加卡受理。在墨西哥，我們與重要的支付服務商 Clip 續簽了關係，這將有助於擴大對中小微商戶的接受度。在墨西哥，我們的接受度自 2019 年以來增加了一倍多，接近 300 萬個商戶地點。

Our efforts across Latin America to grow acceptance and win processing share has paid off. Outside of Brazil, we have expanded our processing penetration by more than 20 points since 2019 with the migrations of domestic transactions in Argentina, Chile, Ecuador, Colombia and most recently, Uruguay.

我們在整個拉丁美洲為提高接受度和贏得處理份額所做的努力取得了回報。在巴西以外，隨著阿根廷、智利、厄瓜多爾、哥倫比亞以及最近的烏拉圭國內交易的遷移，自 2019 年以來，我們的加工滲透率擴大了 20 多個百分點。

Customer engagement is very important, and tap to pay is one of the best ways to pay in the face-to-face environment. In Q4, the U.S. reached 28% penetration and saw more than 1 billion tap monthly transactions for the first time ever in July, surpassing the U.K. as the largest country for tap to pay transactions. And this is nearly double the number of transactions from last year and more than 5x the number of transactions from 2 years ago.

客戶參與度非常重要，點擊支付是面對面環境中的最佳支付方式之一。第四季度，美國的滲透率達到 28%，7 月份的點擊支付月交易量首次超過 10 億，超過英國成為點擊支付交易量最大的國家。這幾乎是去年交易數量的兩倍，是兩年前交易數量的 5 倍多。

Now moving on to new flows, which grew fourth quarter and full year revenue over 20% in constant dollars. Our B2B business had nearly $1.5 trillion in payments volume for the full year, growing 30% in constant dollars. In the fourth quarter, B2B payments volume was almost $400 billion, growing 21% year-over-year in constant dollars. Within B2B, our strategy is focused on card-based payments, cross-border payments and accounts receivable and accounts payable payments. And we've made progress across all 3 this quarter.

現在轉向新的流量，第四季度和全年收入增長超過 20%，以固定美元計算。我們的 B2B 業務全年支付量接近 1.5 萬億美元，按固定美元計算增長 30%。第四季度，B2B 支付額接近 4000 億美元，按固定美元計算同比增長 21%。在 B2B 中，我們的戰略專注於基於卡的支付、跨境支付以及應收賬款和應付賬款支付。我們在本季度的所有三個方面都取得了進展。

Visa has signed a long-term agreement with European payments-as-a-service provider, Modulr, to issue Visa virtual cards to support B2B travel clients issuing out of Europe. Also in Europe, Visa won the credit card portfolio, Crédit du Nord, encompassing Societe Generale in addition to renewing customer credit -- consumer credit and debit portfolios in both industries. We also recently reached a new fleet products partnership agreement with Edenred, I'm sorry, which is making their Edenred Essentials product available to commercial and public sector organizations with vehicles in the United States.

Visa 與歐洲支付即服務提供商 Modulr 簽署了一項長期協議，將發行 Visa 虛擬卡，以支持從歐洲發行的 B2B 旅遊客戶。同樣在歐洲，Visa 贏得了信用卡組合 Crédit du Nord，其中包括法國興業銀行，此外還更新了客戶信貸——兩個行業的消費信貸和借記組合。很抱歉，我們最近還與 Edenred 達成了一項新的車隊產品合作協議，該協議正在向在美國擁有車輛的商業和公共部門組織提供他們的 Edenred Essentials 產品。

In cross-border flows, we signed an agreement with Visa B2B Connect with TD Bank, our first bank in Canada. We also signed banks for the first time in Switzerland and Korea. And recently, our CEMEA region signed 5 banks across Kazakhstan, (inaudible) and Azerbaijan.

在跨境流動方面，我們與加拿大第一家銀行道明銀行簽署了 Visa B2B Connect 協議。我們還在瑞士和韓國首次與銀行簽約。最近，我們的 CEMEA 地區在哈薩克斯坦、（聽不清）和阿塞拜疆簽署了 5 家銀行。

In the accounts receivable and payable space, MineralTree, a U.S. automated invoice-to-payment solution provider for the middle market and enterprise businesses, recently enhanced their relationship with Visa to support cards for their payables customers.

在應收賬款和應付賬款領域，美國面向中間市場和企業業務的自動發票到支付解決方案提供商 MineralTree 最近加強了與 Visa 的關係，為應付賬款客戶提供信用卡支持。

For other new flows, Visa Direct grew transactions 36% this year, excluding Russia, reaching 5.9 billion transactions. In the fourth quarter, Visa Direct had 1.7 billion transactions and grew 42%, up 7 points from Q3.

對於其他新流量，Visa Direct 今年的交易量增長了 36%，不包括俄羅斯，達到 59 億筆交易。第四季度，Visa Direct 交易量為 17 億筆，同比增長 42%，較第三季度增長 7 個百分點。

In addition to growing the existing Visa Direct business, our strategy for growth includes, one, scaling new use cases with a particular focus on cross-border; two, expanding existing use cases to new geographies; and three, accelerating through enablers.

除了發展現有的 Visa Direct 業務外，我們的增長戰略還包括：一，擴展新的用例，特別關注跨境；二，將現有用例擴展到新的地區；第三，通過促成因素加速。

In terms of scaling new use cases, I'm pleased that eBay, one of the largest third-party marketplaces in the world, has enabled faster payouts for its sellers via Visa Direct in the U.S. We recently signed a deal in the U.S. with Gopuff, a consumer goods and food delivery service with millions of customers across hundreds of U.S. cities, to provide their delivery partners the ability to cash out their earnings balance in real time.

在擴展新用例方面，我很高興 eBay 是世界上最大的第三方市場之一，它在美國通過 Visa Direct 為其賣家提供了更快的付款。我們最近在美國與 Gopuff 簽署了一項協議，一種消費品和食品配送服務，在美國數百個城市擁有數百萬客戶，為他們的配送合作夥伴提供實時兌現收入餘額的能力。

In terms of bringing existing use cases to new geographies, in addition to some of the issuing deals I mentioned earlier, we have also signed Visa Direct deals with China Construction Bank and Etisalat Egypt. Other new geographies also include Norway. Norwegian mobile payment application, Vipps, will offer users access to Visa Direct for all domestic payments. This will improve the card-based experience for Vipps, roughly 4.3 million users, covering over 80% of Norway's population.

在將現有用例帶入新地域方面，除了我之前提到的一些發行交易外，我們還與中國建設銀行和埃及 Etisalat 簽署了 Visa Direct 交易。其他新的地區還包括挪威。挪威移動支付應用程序 Vipps 將為用戶提供所有國內支付的 Visa Direct 訪問權限。這將改善 Vipps 的卡式體驗，大約有 430 萬用戶，覆蓋挪威 80% 以上的人口。

On the enabler strategy, Square has expanded their instant transfers to Canada, offering their business as a way to have faster merchant settlement opportunities. U.S. money movement automation platform, Astra, is using Visa Direct to let developers add real-time transfer functionality to their applications. So millions of its end users can fund cards, wallets and demand deposit accounts with their eligible debit cards.

在推動者戰略上，Square 已將即時轉賬業務擴展到加拿大，為他們的業務提供更快的商戶結算機會。美國資金流動自動化平台 Astra 正在使用 Visa Direct 讓開發人員在他們的應用程序中添加實時轉賬功能。因此，其數百萬最終用戶可以使用符合條件的借記卡為卡、錢包和活期存款賬戶注資。

Visa Direct has extensive reach, including more than 3 billion cards and over 2 billion accounts. Recently, Visa Direct has signed with Singapore-based payments infrastructure platform, Thunes, with a network of mobile wallets across 44 countries and territories. Our partnership will add a send-to-wallet capability with Visa Direct through Thunes' B2B payment platform and provide access to 78 already integrated digital wallet providers, representing over 1.5 billion digital wallets globally. So with this partnership, we'll expand our total reach to nearly 7 billion endpoints, covering cards, accounts and wallets.

Visa Direct 具有廣泛的影響力，包括超過 30 億張卡和超過 20 億個賬戶。最近，Visa Direct 與總部位於新加坡的支付基礎設施平台 Thunes 簽署了協議，該平台擁有遍布 44 個國家和地區的移動錢包網絡。我們的合作夥伴關係將通過 Thunes 的 B2B 支付平台增加 Visa Direct 的發送到錢包功能，並提供對 78 家已經集成的數字錢包提供商的訪問，代表全球超過 15 億個數字錢包。因此，通過這種合作關係，我們將把我們的總覆蓋範圍擴大到近 70 億個端點，涵蓋卡、賬戶和錢包。

As part of new flows, aligned with our global network of network strategy, we're focused on building the infrastructure that enables our clients to deliver cross-border products and services for their customers. One of our newest capabilities in this space, Currencycloud, signed 35 new partnerships this quarter, including Paysend, a global end-to-end payment platform with over 7 million customers and 17,000 SMEs. Paysend intends to expand capabilities of its Paysend business platform for clients to collect and hold up to 34 currencies and seamlessly convert funds back to the required currency at competitive FX rates.

作為新流程的一部分，與我們的全球網絡戰略保持一致，我們專注於構建基礎設施，使我們的客戶能夠為其客戶提供跨境產品和服務。我們在這一領域的最新能力之一，Currencycloud，本季度簽署了 35 個新的合作夥伴關係，其中包括 Paysend，這是一個擁有超過 700 萬客戶和 17,000 家中小企業的全球端到端支付平台。 Paysend 打算擴展其 Paysend 業務平台的功能，讓客戶可以收集和持有多達 34 種貨幣，並以具有競爭力的匯率將資金無縫轉換回所需貨幣。

Now moving to value-added services, which had $6 billion in revenue for 2022, up 20% in constant dollars. For the fourth quarter, revenues were up $1.7 billion and grew 20% in constant dollars as well. Our strategy here is also threefold: one, to deepen client penetration of existing products; two, to build new products and launch new solutions; and three, to extend geographically.

現在轉向增值服務，該服務在 2022 年的收入為 60 億美元，按固定美元計算增長 20%。第四季度，收入增長了 17 億美元，按固定美元計算也增長了 20%。我們這裡的策略也是三重的：一是深化現有產品的客戶滲透；二、打造新產品，推出新解決方案；三是地理上的延伸。

On the first, deepen client penetration of existing products, let's explore 2 of our largest value-added services businesses, DPS, debit processing services, and CyberSource. DPS, our issuer processing business, hit a major milestone, exceeding $2 trillion in annual authorization volume in FY '22. DPS has also renewed with nearly 30 clients, representing over $600 billion in annual DPS processed authorization volume.

首先，深化對現有產品的客戶滲透，讓我們探索我們最大的兩個增值服務業務，DPS、借記處理服務和 CyberSource。我們的發行人處理業務 DPS 達到了一個重要的里程碑，在 22 財年的年度授權量超過了 2 萬億美元。 DPS 還與近 30 家客戶續簽，每年 DPS 處理的授權量超過 6000 億美元。

CyberSource remains a compelling gateway solution for merchants and most recently signed McDonald's, Little Caesars and JetBlue. We also continued to expand CyberSource relationships with acquirers, first with the Bank of New Zealand, New Zealand's largest acquirer.

CyberSource 仍然是吸引商家的網關解決方案，最近與麥當勞、Little Caesars 和 JetBlue 簽約。我們還繼續擴大 CyberSource 與收單機構的關係，首先是與新西蘭最大的收單機構新西蘭銀行。

Together with Japanese-acquired SMCC, CyberSource continues to provide payment processing solutions for more than 100,000 terminals in both card-present and card-not-present environments. SMCC is also leveraging CyberSource's capabilities for value-added services such as fraud management. Most recently, CyberSource is powering SMCC's expansion of the EMV transit acceptance and supporting commercial and pilot launches with 24 different transit operators across Japan. Deutsche Bank will offer CyberSource's Decision Manager to its merchants so that they can receive a risk value for each eCommerce transaction using rules and AI to help prevent online retail fraud.

與日本收購的 SMCC 一起，CyberSource 繼續為超過 100,000 個終端在有卡和無卡環境中提供支付處理解決方案。 SMCC 還利用 CyberSource 的增值服務功能，例如欺詐管理。最近，CyberSource 正在為 SMCC 擴大 EMV 交通接受度提供支持，並支持與日本 24 家不同交通運營商的商業和試點發射。德意志銀行將向其商家提供 CyberSource 的決策管理器，以便他們可以使用規則和人工智能獲得每筆電子商務交易的風險值，以幫助防止在線零售欺詐。

On the second strategy, build new products and launch great new solutions, our recently acquired capability, Tink, is a real example. Tink recently signed Adyen to offer a white-label, pay-by-bank open banking solution on its single platform. Adyen will utilize Tink's payment initiation technology, so businesses can enable account-to-account payments. Adyen's open banking integration will launch first in the U.K. with plans to expand to multiple markets during 2023.

關於第二個戰略，構建新產品並推出出色的新解決方案，我們最近獲得的能力 Tink 就是一個真實的例子。 Tink 最近與 Adyen 簽約，在其單一平台上提供白標、按銀行付款的開放式銀行解決方案。 Adyen 將利用 Tink 的支付發起技術，因此企業可以實現賬戶對賬戶的支付。 Adyen 的開放式銀行整合將首先在英國推出，併計劃在 2023 年擴展到多個市場。

Last quarter, I mentioned our newly developed risk-as-a-service capabilities powered by our network level data, AI capabilities and our risk experts. Recently, Navy Federal in the U.S. and several banks in CEMEA signed engagements for the service, which aims to deliver enhanced fraud prevention and management.

上個季度，我提到了我們新開發的風險即服務能力，這些能力由我們的網絡級數據、人工智能能力和我們的風險專家提供支持。最近，美國海軍聯邦和 CEMEA 的幾家銀行簽署了該服務的協議，旨在提供增強的欺詐預防和管理。

On our third strategy is to extend geographically, in many cases, through tailored solutions. Since our acquisition of Visa Europe, we have made significant effort to bring value-added services to our clients. Across Europe, clients enrolling onto Visa advance through authentication and Visa risk management products tripled between October 2019 and September 2022. And these clients span across 14 different European countries.

我們的第三個策略是在許多情況下通過量身定制的解決方案進行地理擴展。自從我們收購 Visa Europe 以來，我們一直在努力為我們的客戶帶來增值服務。在整個歐洲，通過身份驗證和 Visa 風險管理產品註冊 Visa 的客戶在 2019 年 10 月至 2022 年 9 月期間增加了兩倍。這些客戶遍布 14 個不同的歐洲國家。

In CEMEA, Visa Risk Manager launched a network-agnostic pilot with Emirates NBD, a leading issuer in the UAE. As part of Visa's network of network strategy, network-agnostic VRM will allow clients to manage card payment risk across their entire portfolio.

在 CEMEA，Visa Risk Manager 與阿聯酋領先的發行商阿聯酋航空 NBD 啟動了一項與網絡無關的試點。作為 Visa 網絡戰略的一部分，與網絡無關的 VRM 將允許客戶管理其整個投資組合中的卡支付風險。

We recently brought our buy now, pay later solution to Canada and have continued to make progress, adding some of Canada's largest merchants, including Simons and Canada Computers. And RBC and Visa have entered into an agreement to launch the Visa installment solution on eligible RBC consumer credit cards.

我們最近將現在購買，以後付款的解決方案帶到了加拿大，並繼續取得進展，增加了一些加拿大最大的商家，包括 Simons 和 Canada Computers。 RBC 和 Visa 已達成協議，在符合條件的 RBC 消費信用卡上推出 Visa 分期付款解決方案。

In conclusion, our 2022 performance was very strong and demonstrated that our strategy for each of our growth levers are delivering. We see new flows as a way to drive additional volumes and transactions and value-added services as a way to drive additional yield on existing volumes and transactions.

總之，我們 2022 年的表現非常強勁，表明我們每個增長槓桿的戰略都在發揮作用。我們將新流量視為推動額外交易量和交易的一種方式，而增值服務則是推動現有交易量和交易額外收益的一種方式。

Vasant is going to go into a lot more detail, but let me make 4 points about 2023. One, in the year ahead, I see significant opportunity for the business across all 3 of our growth areas, consumer payments, new flows and value-added services. Two, we faced some headwinds, in particular, lapping Visa and a challenging FX environment. Three, we did not factor a steep economic downturn or a recession into our numbers. To the one -- to the extent one occurs, it will have some impact. Four, we will continue to manage our business for the medium and long term, and we'll invest in initiatives that are compelling and will provide future growth. That said, we recognize that some economies around the world could face increased pressure, so we will be monitoring things very closely. We will, as we have in past periods, be flexible and prudent in the management of our expenses.

Vasant 將更詳細地介紹，但讓我對 2023 年提出 4 點意見。第一，在未來一年，我看到我們所有 3 個增長領域（消費者支付、新流量和價值）的業務都存在重大機遇——附加服務。第二，我們面臨一些不利因素，特別是對 Visa 的影響和具有挑戰性的外匯環境。第三，我們沒有將急劇的經濟衰退或衰退納入我們的數據中。對於一個——在一個發生的程度上，它會產生一些影響。第四，我們將繼續管理我們的中長期業務，我們將投資於具有吸引力並能提供未來增長的舉措。也就是說，我們認識到世界各地的一些經濟體可能面臨越來越大的壓力，因此我們將密切關注事態發展。我們將一如既往地靈活謹慎地管理我們的開支。

As a leadership team, we've demonstrated Visa's ability to manage through many different environments. And I remain confident that our strategy will continue to position Visa at the center of money movement for years to come.

作為一個領導團隊，我們展示了 Visa 在許多不同環境中的管理能力。我仍然相信，我們的戰略將在未來幾年繼續將 Visa 置於資金流動的中心。

With that, over to Vasant.

有了這個，到Vasant。

Thank you, Al. Good afternoon, everyone.

謝謝你，阿爾。大家下午好。

Our fiscal fourth quarter results reflect sustained strength in domestic spending and continued recovery in cross-border travel. Net revenues were up 19%, and GAAP EPS was up 13%. Non-GAAP EPS was up 19%.

我們的第四財季業績反映了國內支出的持續強勁和跨境旅行的持續復甦。淨收入增長 19%，GAAP 每股收益增長 13%。非公認會計原則每股收益增長 19%。

The strong dollar was a stiff headwind, dragging down reported net revenue growth by 4 points and non-GAAP EPS growth also by 4 points. Discontinuation of operations in Russia reduced net revenue growth by about 5 points.

強勢美元是一個強勁的逆風，拖累報告的淨收入增長 4 個百分點，非 GAAP 每股收益增長也下降 4 個百分點。停止在俄羅斯的業務使淨收入增長減少了約 5 個百分點。

A few key highlights. In constant dollars, global payments volume was up 10% year-over-year and 35% above 2019. Excluding China and adjusted for Russia, global payments volume was up 16% year-over-year and 45% higher than 2019. U.S. payments volume was up 12% year-over-year and 45% above 2019. In constant dollars, international payments volume, excluding China and Russia, was up 20% year-over-year and 46% above 2019.

幾個關鍵亮點。以固定美元計算，全球支付量同比增長 10%，比 2019 年增長 35%。不包括中國並經俄羅斯調整後，全球支付量同比增長 16%，比 2019 年增長 45%。美國支付交易量同比增長 12%，比 2019 年增長 45%。按固定美元計算，不包括中國和俄羅斯的國際支付量同比增長 20%，比 2019 年增長 46%。

The cross-border travel recovery continues. However, the pace of recovery has moderated as most borders are now open, except China. Index to 2019, cross-border travel volume, excluding transactions within Europe, rose 12 points in the fourth quarter versus a 22-point gain in the third quarter. Our 3 growth engines, consumer payments, new flows and value-added services, all grew revenues in excess of 20% in constant dollars.

跨境旅遊復甦仍在繼續。然而，復甦的步伐已經放緩，因為除了中國之外，大多數邊境現在已經開放。截至 2019 年的指數，不包括歐洲境內交易的跨境旅行量在第四季度增長了 12 個點，而第三季度則增長了 22 個點。我們的 3 個增長引擎，消費者支付、新流量和增值服務，按固定美元計算，收入增長均超過 20%。

In fiscal year '22, we bought back $11.6 billion of stock at an average price of $205.97. Contributions to the litigation escrow account, which have the same effect as a stock buyback, added another $850 million. We also paid out $3.2 billion in dividends.

在 22 財年，我們以 205.97 美元的平均價格回購了 116 億美元的股票。與股票回購具有相同效果的訴訟託管賬戶的捐款又增加了 8.5 億美元。我們還支付了 32 億美元的股息。

At the end of September, we had $5.1 billion remaining in our buyback authorization. In October, our Board authorized a new $12 billion stock buyback program and increased our dividend by 20%.

截至 9 月底，我們的回購授權中剩餘 51 億美元。 10 月，我們的董事會批准了一項新的 120 億美元的股票回購計劃，並將我們的股息提高了 20%。

Now on to the details. In the U.S., credit grew 17% year-over-year to 36% over 2019, helped by travel and entertainment spending. U.S. debit grew 7%. Relative to 2019, debit was up 54%, sustaining significantly above the pre-COVID trend line even as credit has recovered.

現在談談細節。在美國，在旅遊和娛樂支出的推動下，信貸同比增長 17% 至 2019 年的 36%。美國借記卡增長了 7%。相對於 2019 年，借方增長了 54%，即使信貸已經恢復，仍顯著高於 COVID 之前的趨勢線。

U.S. card-present spend grew 11% year-over-year and was 27% above 2019. Card-not-present volume, excluding travel, grew 10% year-over-year and was 68% higher than 2019. eCommerce spending remained well above the pre-COVID trend line even as card-present spend continued to recover.

美國持卡消費同比增長 11%，比 2019 年增長 27%。不包括旅行在內的持卡消費同比增長 10%，比 2019 年增長 68%。電子商務消費依然良好即使持卡消費繼續恢復，也高於 COVID 之前的趨勢線。

On the international front, Latin America was up 33% year-over-year and 109% higher than 2019. Our CEMEA region, excluding Russia, grew 32% year-over-year and was 105% higher than 2019. Growth in both regions was fueled by client wins, cash digitization and acceptance expansion.

在國際方面，拉丁美洲同比增長 33%，比 2019 年增長 109%。我們的 CEMEA 地區（不包括俄羅斯）同比增長 32%，比 2019 年增長 105%。兩個地區的增長贏得客戶、現金數字化和擴大接受度的推動。

Europe was up 12% year-over-year and 34% higher than 2019 impacted by a portfolio conversion underway in the U.K. Ex U.K., Europe volumes grew 30% year-over-year and was 67% above 2019, reflecting share gains in multiple markets. Asia Pacific, excluding China, continues to recover, up 26% year-over-year and 32% above 2019.

受英國正在進行的投資組合轉換的影響，歐洲同比增長 12%，比 2019 年增長 34%。除英國外，歐洲交易量同比增長 30%，比 2019 年增長 67%，反映了多個領域的份額增長市場。亞太地區（不包括中國）繼續復甦，同比增長 26%，比 2019 年增長 32%。

Global process transactions were up 12% year-over-year and 40% over 2019 levels. Constant dollar cross-border volume, excluding transactions within Europe, but including Russia in prior periods, were up 49% year-over-year and 30% over 2019. Excluding Russia, year-over-year growth was higher by approximately 5 points.

全球流程交易同比增長 12%，比 2019 年增長 40%。不包括歐洲內部交易但包括前期俄羅斯在內的固定美元跨境交易量同比增長 49%，比 2019 年增長 30%。不包括俄羅斯，同比增長約 5 個百分點。

Cross-border card-not-present volume growth, excluding travel and excluding intra-Europe, grew 12% year-over-year and was 60% above 2019. Cross-border travel-related spend, excluding intra-Europe, grew 101% year-over-year and is now 16% above 2019. The cross-border travel index to 2019 went from 112 in June, 115 in July to 118 in September. While the recovery continues, the rate of improvement from month-to-month has slowed as borders ex China are now open.

不包括旅行和歐洲內部的跨境無卡交易量同比增長 12%，比 2019 年增長 60%。跨境旅行相關支出（不包括歐洲內部）增長 101%與去年同期相比，現在比 2019 年高出 16%。到 2019 年的跨境旅行指數從 6 月的 112、7 月的 115 上升到 9 月的 118。雖然復甦仍在繼續，但隨著中國以外的邊境現已開放，逐月改善的速度有所放緩。

Travel in and out of Asia recovered sharply in the quarter, up 16 points from the high 15 to the mid-70s index to 2019. There is more recovery to come in Asia, especially when China starts to lift restrictions.

本季度亞洲出入境旅遊大幅回升，從 15 至 2019 年 70 年代中期的高位指數上漲 16 點。亞洲將迎來更多複蘇，尤其是在中國開始解除限制的情況下。

Summer travel in and out of Europe was also very strong, with a travel index to 2019 in the 130s, up 13 points from the third quarter. European travel appears to have benefited most from the strong dollar.

夏季出入歐洲的旅行也非常強勁，到 2019 年的旅行指數在 130 年代，比第三季度上升了 13 個點。歐洲旅行似乎從強勢美元中受益最大。

Travel outbound from the U.S. to all geographies continue to pick up steam, rising to the mid-130s index to 2019, up 10 points from the third quarter. However, the inbound travel recovery was sluggish, still indexing in the low 90s and up only 4 points. The strong dollar and delays in Visa issuance from some countries appear to be impacting travel into the U.S.

從美國到所有地區的出境游繼續升溫，到 2019 年升至 130 年代中期，比第三季度上升 10 個點。但入境旅遊復甦乏力，指數仍處於90年代低位，僅上漲4點。強勢美元和一些國家簽證簽發的延誤似乎正在影響前往美國的旅行。

Travel into Latin America and the Caribbean remained very strong and stable, indexing around 150 to 2019 levels. Finally, travel in and out of CEMEA indexed in the mid-120s relative to 2019, up 10 points in the quarter.

進入拉丁美洲和加勒比地區的旅行仍然非常強勁和穩定，指數約為 150 至 2019 年的水平。最後，相對於 2019 年，進出 CEMEA 的旅行指數在 120 年代中期，在本季度上升了 10 個百分點。

Moving now to a quick review of fourth quarter financial results. Service revenues grew 11% versus the 12% growth in Q3 constant dollar payments volume. Exchange rate drag more than offset growth from utilization of card benefits. Data processing revenues grew 10% versus the 12% process transaction growth. The primary reason is that our data processing revenues are impacted by Russia, however, our transactions growth is not. Adjusted for Russia, data processing revenues were up 15%.

現在快速回顧第四季度的財務業績。服務收入增長 11%，而第三季度固定美元支付量增長 12%。匯率拖累抵消了信用卡福利使用帶來的增長。數據處理收入增長 10%，而流程交易收入增長 12%。主要原因是我們的數據處理收入受到俄羅斯的影響，但我們的交易增長卻沒有。經俄羅斯調整後，數據處理收入增長了 15%。

International transaction revenues were up 52% versus the 49% increase in constant dollar cross-border volumes, excluding intra-Europe. Revenue growth was helped by high currency volatility and pricing actions more than offsetting the impact of the strong dollar. Other revenues grew 13% led by travel-related programs and pricing actions.

國際交易收入增長了 52%，而不包括歐洲內部的美元跨境交易量增長了 49%。收入增長得益於貨幣高波動性和定價行動，而不是抵消了強勢美元的影響。其他收入增長 13%，主要得益於與旅行相關的計劃和定價行動。

Client incentives were 26.9% of gross revenues, in line with expectations. Revenue growth was robust across our 3 growth engines, each growing more than 20% on a constant dollar basis. Consumer payments growth was led by the recovery in cross-border volumes, high currency volatility and continued strong domestic volumes and transactions. New flows growth was driven by carded B2B recovery. Commercial card volumes grew 21% year-over-year and are up 43% versus 2019. And excluding Russia, Visa Direct transactions grew 42%. Value-added services growth was driven by higher volume, increased client penetration and select pricing actions. Currencycloud and Tink added about 0.5 point to revenue growth.

客戶獎勵佔總收入的 26.9%，符合預期。我們的 3 個增長引擎的收入增長強勁，每一個增長都超過 20%，按固定美元計算。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。新流量增長由梳理的 B2B 復甦推動。商業卡交易量同比增長 21%，與 2019 年相比增長 43%。不包括俄羅斯，Visa Direct 交易增長了 42%。增值服務的增長受到銷量增加、客戶滲透率提高和精選定價行為的推動。 Currencycloud 和 Tink 為收入增長增加了約 0.5 個百分點。

GAAP operating expenses grew 20%. Non-GAAP operating expenses grew 18%. The inclusion of Currencycloud and Tink added about 3 points. Exchange rates were about a 4.5 point benefit.

GAAP 運營費用增長 20%。非美國通用會計準則運營費用增長 18%。 Currencycloud 和 Tink 的加入增加了大約 3 分。匯率大約有 4.5 個百分點的收益。

We stepped up investment in our business in the second half of the year as the recovery trajectory accelerated. Personnel costs were also higher due to annual salary increases granted a quarter earlier than our normal cycle and higher incentive compensation accruals.

隨著復甦軌蹟的加快，我們在下半年加大了對業務的投資。由於比我們的正常週期提前了四分之一的年薪增長和更高的激勵薪酬應計，人事成本也更高。

We recorded losses from our equity investments of $122 million. Excluding investment losses, non-GAAP nonoperating expense was $99 million, benefiting from higher interest income due to rising rates.

我們的股權投資損失為 1.22 億美元。不計投資損失，非公認會計原則的營業外支出為 9900 萬美元，受益於利率上升導致的更高利息收入。

GAAP EPS was $1.86. Non-GAAP EPS was $1.93, up 19% over last year, inclusive of a 4-point drag from the strong dollar. For the full year, net revenues increased 22%, and non-GAAP EPS of $7.50 was up 27%, with exchange rates reducing reported revenue and non-GAAP EPS growth by over 2 points each.

GAAP每股收益為1.86美元。非美國通用會計準則每股收益為 1.93 美元，比去年增長 19%，其中包括 4 個百分點的強勢美元拖累。全年，淨收入增長 22%，7.50 美元的非 GAAP 每股收益增長 27%，匯率降低了報告的收入和非 GAAP 每股收益增長 2 個百分點以上。

We are now in fiscal year 2023, and through the first 3 weeks of October, business trends have remained strong and stable. On a year-over-year basis, U.S. payments volume was up 11%, with debit up 9% and credit up 14%. U.S. spend growth versus 2019 was up 47%, with debit up 57% and credit up 39%. These trends are consistent with the fourth quarter and with performance in major markets around the world.

我們現在是 2023 財年，到 10 月的前 3 週，業務趨勢一直保持強勁和穩定。與去年同期相比，美國的支付量增長了 11%，借方增長了 9%，貸方增長了 14%。與 2019 年相比，美國的支出增長了 47%，其中藉方增長了 57%，貸方增長了 39%。這些趨勢與第四季度以及全球主要市場的表現一致。

Processed transactions grew 12% year-over-year, up 40% versus 2019. Constant dollar cross-border volume, excluding transactions within Europe, grew 42% year-over-year and was 33% over 2019. Card-not-present nontravel growth was 61% above 2019. Travel-related cross-border volumes were 18% above 2019.

已處理的交易同比增長 12%，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 42%，比 2019 年增長 33%。無卡非旅行比 2019 年增長 61%。與旅行相關的跨境交易量比 2019 年增長 18%。

Moving now to our perspectives for the coming year. Forecasting 4 quarters ahead has been difficult through the COVID years. While COVID impact is now largely behind us, as you all know, we are in a very uncertain macroeconomic and geopolitical environment.

現在轉到我們對來年的看法。在新冠疫情期間，預測未來 4 個季度一直很困難。眾所周知，儘管 COVID 影響現在已基本過去，但我們正處於一個非常不確定的宏觀經濟和地緣政治環境中。

As we've said before, we are not economic forecasters. Clearly, there's a high risk of a global recession, but we do not have a specific point of view on if, when or the kind of recession we might have.

正如我們之前所說，我們不是經濟預測者。顯然，全球經濟衰退的風險很高，但我們對是否、何時或可能發生衰退沒有具體的看法。

For internal planning purposes, we are assuming no recession. Of course, we will stay very vigilant, closely monitoring our trends day by day. We will stay very flexible. We will have contingency plans in place should we have an economic or geopolitical shock that impacts our business. And we will be prepared to act fast should we need to. So that is the context for our planning assumptions, which I will walk through now.

出於內部規劃目的，我們假設沒有衰退。當然，我們會保持高度警惕，每天密切關注我們的趨勢。我們將保持非常靈活。如果我們遇到影響我們業務的經濟或地緣政治衝擊，我們將製定應急計劃。我們將準備好在需要時迅速採取行動。這就是我們計劃假設的背景，我現在將介紹它。

Starting with revenue drivers. Payments volume and processed transaction indexed to 2019 have been very stable in the U.S. and globally for the past 3 quarters. In other words, we believe the recovery from COVID is behind us when it comes to domestic spending. We're assuming this stability sustains through fiscal year '23 with normal year-over-year growth rates in the low double digits for both business drivers.

從收入驅動因素開始。過去 3 個季度，美國和全球的支付量和處理的交易以 2019 年為索引一直非常穩定。換句話說，我們認為在國內支出方面，從 COVID 中復甦的過程已經過去。我們假設這種穩定性將持續到 23 財年，兩個業務驅動因素的正常同比增長率均處於兩位數的低位。

On payments volumes, Russia will impact growth rates in the first half. Russia will not impact reported processed transactions growth. Cross-border eCommerce trends have also been stable, especially when you adjust for Russia and crypto-related volatility. We're assuming cross-border eCommerce growth rate sustain in the mid-teens, excluding Russia and crypto, and in the low double digits with Russia and crypto impact included. Cross-border travel, excluding intra-Europe, has continued to recover but at a slower pace, up 6 points from 112 to 118 index to 2019 between June and September.

在支付量方面，俄羅斯將影響上半年的增長率。俄羅斯不會影響報告的已處理交易增長。跨境電子商務趨勢也很穩定，尤其是當您針對俄羅斯和與加密貨幣相關的波動進行調整時。我們假設跨境電子商務的增長率維持在十幾歲左右，不包括俄羅斯和加密貨幣，並保持在兩位數的低位，包括俄羅斯和加密貨幣的影響。跨境旅行（不包括歐洲內部）繼續復甦，但速度較慢，從 6 月至 9 月至 2019 年的 112 至 118 指數上漲 6 點。

For planning purposes, we are assuming that this recent month-to-month pace of recovery sustains through fiscal year 2023. As was the case last year, there will be periods of deceleration and acceleration. Hopefully, China starts easing restrictions as we enter calendar year 2023.

出於規劃目的，我們假設最近的逐月復蘇步伐將持續到 2023 財年。與去年一樣，將出現減速和加速時期。希望隨著我們進入 2023 日曆年，中國開始放寬限制。

Two variables will have a significant impact on our reported revenue growth in fiscal year '23, Russia and the dollar, which has strengthened to extraordinary levels through fiscal year '22. Since we discontinued operations in late March, Russia will reduce first half fiscal year '23 revenue growth by over 4 points, with 4 points in the first quarter and as much as 5 points in the second quarter. But as you might recall, we recorded 2 quarters worth of service fees in fiscal year '22. Russia will obviously have no impact in the second half. Russia will reduce full year net revenue growth by 5 points.

兩個變量將對我們在 '23 財年報告的收入增長產生重大影響，即俄羅斯和美元，美元在 '22 財年已升至非同尋常的水平。由於我們在 3 月下旬停止運營，俄羅斯將 23 財年上半年的收入增長減少 4 個百分點以上，第一季度為 4 個百分點，第二季度最多為 5 個百分點。但您可能還記得，我們在 22 財年記錄了價值 2 個季度的服務費。俄羅斯下半場顯然不會有什麼影響。俄羅斯將全年淨收入增長下調 5 個百分點。

We faced very stiff exchange rate headwinds as we enter fiscal year '23. Based on where the dollar is today and the forward curve, exchange rates will reduce reported net revenue growth in fiscal year '23 by around 4 points. Since the dollar strengthened through fiscal year '22, the impact is greater in the first quarter at around 5 points, around 4.5 points in the second quarter and moderate through the year.

當我們進入 23 財年時，我們面臨著非常嚴峻的匯率逆風。根據美元今天的位置和遠期曲線，匯率將使 23 財年報告的淨收入增長減少約 4 個百分點。由於美元在 22 財年走強，第一季度的影響更大，約為 5 個百分點，第二季度約為 4.5 個百分點，全年影響不大。

When you pull all this together, our planning assumptions get us to mid-teens constant dollar net revenue growth on a run rate basis, i.e., adjusted for Russia. With a 2-point Russia impact and a 4-point exchange rate headwind, reported nominal dollar fiscal year 2023 net revenue growth would be in the high single digits. Client incentives are expected to be in the 26.5% to 27.5% range as a percent of gross revenues.

當你把所有這些放在一起時，我們的計劃假設讓我們在運行率的基礎上實現了 10 美元左右的恆定美元淨收入增長，即針對俄羅斯進行了調整。由於受到 2 個百分點的俄羅斯影響和 4 個百分點的匯率逆風，報告的 2023 財年名義美元淨收入增長將達到高個位數。客戶激勵預計佔總收入的百分比在 26.5% 到 27.5% 之間。

With a 4-point Russia drag and a stiffer exchange rate headwind, first half reported nominal dollar net revenue growth is expected to be lower than the second half. Lowest growth in the second quarter, which has the largest Russia impact and stepping up in the third and fourth quarters with no Russia drag and hopefully a moderating exchange rate headwind.

受俄羅斯 4 個百分點的拖累和更強勁的匯率逆風，上半年報告的名義美元淨收入增長預計將低於下半年。第二季度增長最低，對俄羅斯的影響最大，第三季度和第四季度增長，沒有俄羅斯拖累，匯率逆風有望緩和。

Moving on to operating expenses. We are managing expense growth in line with our revenue growth expectations, rigorously prioritizing investment plans. As you know, this is a long cycle business. Investments we make today will have revenue growth 2 to 3 years out. It is important for us to continue to fund key growth initiatives across consumer payments, new flows and value-added services. As Al said, we have extraordinary growth opportunities and need to ensure we are investing to realize their potential.

繼續運營費用。我們根據收入增長預期管理費用增長，嚴格優先考慮投資計劃。如您所知，這是一項長周期業務。我們今天進行的投資將在 2 到 3 年後實現收入增長。對我們來說，繼續為消費者支付、新流程和增值服務等關鍵增長計劃提供資金非常重要。正如艾爾所說，我們擁有非凡的增長機會，需要確保我們正在投資以實現他們的潛力。

Our current plans are for low double-digit non-GAAP operating expense growth in constant dollars, high single digits in nominal dollars Tink and Currencycloud, which closed during fiscal year '22 at about 1 point to expense growth, offset by the discontinuation of Russia operations and exchange rate changes, which are expected to be about a 1.5 point benefit each. Non-GAAP operating expense growth will be higher in the first half for 2 reasons. First, Tink and Currencycloud add 2 points to expense growth in the first half. Also in the first half, we lapped a lower expense base last year since we stepped up investment spending through the year as the cross-border recovery accelerated.

我們目前的計劃是按固定美元計算的非 GAAP 低兩位數運營費用增長，以名義美元計算的高個位數 Tink 和 Currencycloud，在 22 財年以大約 1 個點的費用增長結束，被俄羅斯的停產所抵消運營和匯率變化，預計各帶來約 1.5 個百分點的收益。上半年非公認會計準則營業費用增長將更高，原因有兩個。首先，Tink 和 Currencycloud 為上半年的費用增長增加了 2 個百分點。同樣在上半年，我們去年的支出基數較低，因為隨著跨境復甦加速，我們全年加大了投資支出。

As such, non-GAAP expense growth in nominal dollars is expected to be in the low double digits in the first half and at the high end of mid-single digits in the second half. Highest in the first quarter, which is also impacted by the FIFA World Cup and moderating through the year.

因此，按名義美元計算的非公認會計原則費用增長預計將在上半年處於兩位數的低位，在下半年處於中個位數的高端。第一季度最高，這也受到國際足聯世界杯的影響，並在全年有所緩和。

Should there be a recession or a geopolitical shock that impacts our business, slowing revenue growth below our planning assumptions, we will, of course, adjust our spending plans by reprioritizing investments, scaling back or delaying programs and pulling back as appropriate in personnel expenses, marketing spend, travel and other controllable categories. In a business like ours, this always requires a careful balance between short- and long-term considerations.

如果出現影響我們業務的經濟衰退或地緣政治衝擊，收入增長放緩至低於我們的計劃假設，我們當然會調整我們的支出計劃，重新確定投資的優先順序，縮減或推遲項目，並酌情撤回人員開支，營銷支出、旅遊等可控品類。在像我們這樣的企業中，這始終需要在短期和長期考慮之間謹慎平衡。

As interest rates have risen, nonoperating expense will benefit from higher interest income from our cash balances. We currently expect nonoperating expense to be in the $200 million, $250 million range for fiscal year '23. We will provide quarterly updates through the year. Our tax rate is expected to remain in the 19% to 19.5% range in FY '23.

隨著利率上升，營業外費用將受益於我們現金餘額的更高利息收入。我們目前預計 23 財年的非營業費用將在 2 億美元到 2.5 億美元之間。我們將提供全年的季度更新。我們的稅率預計將在 23 財年保持在 19% 至 19.5% 的範圍內。

Honing in on the first quarter, based on everything I just walked through, we expect reported nominal dollar net revenue growth in the high single-digit range, with client incentives on par with the fourth quarter of fiscal year '22. Nominal dollar non-GAAP operating expense growth is expected to be in the low teens. The tax rate could be lower than the 19% to 19.5% range in the first quarter, depending on the resolution of some items.

在第一季度的磨練中，根據我剛剛經歷的一切，我們預計名義美元淨收入增長將在高個位數範圍內，客戶激勵措施與 22 財年第四季度持平。名義美元非 GAAP 運營費用增長預計將處於低位。稅率可能低於第一季度的 19% 至 19.5% 的範圍，具體取決於某些項目的解決方案。

Second quarter net revenue growth is expected to be lower than the first quarter because of the Russia impact, which is higher. Second quarter operating expense growth is also expected to moderate to the low end of double digits.

由於俄羅斯的影響，第二季度的淨收入增長預計將低於第一季度，後者更高。預計第二季度運營費用增長也將放緩至兩位數的低端。

In summary, we'll assume stable conditions through fiscal year '23 but are prepared to act fast should circumstances change. Regardless of near-term uncertainties, we remain as certain as we've ever been about our extraordinary long-term growth opportunity. There is still plenty of cash to digitize in core consumer payments. We are accelerating volume growth by vastly expanding the use cases we can serve through our new flows business while enhancing the yield on transactions in our network by layering on value-added services.

總之，我們將假設 23 財年的情況穩定，但準備好在情況發生變化時迅速採取行動。不管近期的不確定性如何，我們對我們非凡的長期增長機會的把握一如既往。核心消費者支付仍有大量現金需要數字化。我們正在通過大量擴展我們可以通過我們的新流量業務服務的用例來加速銷量增長，同時通過增值服務分層來提高我們網絡中的交易收益。

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.

謝謝，瓦桑特。

And with that, we're ready to take questions, Holly.

有了這個，我們準備好回答問題了，霍莉。

(Operator Instructions) Our first question comes from Lisa Ellis with MoffettNathanson.

（操作員說明）我們的第一個問題來自 Lisa Ellis 和 MoffettNathanson。

Al, I wanted to follow up on your comment in the prepared remarks about Visa now having 4.3 billion tokens, up doubling more than 2x year-on-year. Can you elaborate a bit on a couple of aspects of tokenization? First, have you made any progress or what level of progress have you made on selling your tokenization services as a value-added service into other networks, alternative networks? And then also on some of -- given that you don't monetize tokens directly, what -- how should we think about the indirect benefits of tokenization to Visa now that the number of tokens exceeds card credentials out there?

艾爾，我想在準備好的評論中跟進你的評論，關於 Visa 現在擁有 43 億個代幣，同比增長超過 2 倍。你能詳細說明一下標記化的幾個方面嗎？首先，您在將代幣化服務作為增值服務銷售到其他網絡、替代網絡方面是否取得了任何進展或取得了什麼進展？然後還有一些——鑑於你不直接將代幣貨幣化，什麼——既然代幣的數量超過了信用卡憑證，我們應該如何考慮代幣化對 Visa 的間接好處？

Yes. It was -- it's 4 point -- I think you said 4.3 billion, Lisa. It's 4.8 billion. We have had some but not a tremendous amount of success yet in terms of selling tokens into other networks. We view it as a -- we play a critical role in the ecosystem, and we view tokenization as critical to the security of the ecosystem and then, ultimately, the trust of the ecosystem as it relates to card transactions that convert -- their [pants] converted to token.

是的。是——4 分——我想你說的是 43 億，麗莎。是48億。在將代幣銷售到其他網絡方面，我們已經取得了一些但不是很大的成功。我們將其視為——我們在生態系統中發揮著關鍵作用，我們認為代幣化對生態系統的安全至關重要，然後，最終，生態系統的信任與卡交易相關——他們的 [褲子] 轉換為令牌。

So over time, we expect this to have very positive impacts on our issuers and merchants in terms of fraud. There are a few cases, the clearinghouse being one, global payments being another where I know that we are getting revenue today from the tokenization capability that we are building for them.

因此，隨著時間的推移，我們預計這將對我們的發行人和商家在欺詐方面產生非常積極的影響。在少數情況下，票據交換所是一個，全球支付是另一個，我知道我們今天從我們為他們建立的標記化能力中獲得收入。

Our next question is from David Togut with Evercore ISI.

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

Could you gauge the impact on processed transaction growth for FY '23 from U.S. Federal Reserve's enforcement of 2 unaffiliated networks to process every online U.S. debit transaction beginning July 1, 2023? And related to that, do you have any mitigation strategies to offset the impact, for example, potentially adjusting prices?

您能否衡量美聯儲從 2023 年 7 月 1 日開始強制執行 2 個非附屬網絡來處理每筆美國在線借記交易對 23 財年已處理交易增長的影響？與此相關，您是否有任何緩解策略來抵消影響，例如可能調整價格？

Yes, I'll answer the first part of the question. I'm sure Al will have more to add on the second part. Obviously, we have to wait and see the pace at which the second network is enabled on cards on eCommerce transactions. Our current expectation, given that our fiscal year, as you know, goes through September, is that the effect in 2023 will be minimal, if any, but we'll keep you posted.

是的，我將回答問題的第一部分。我相信 Al 會在第二部分添加更多內容。顯然，我們必須拭目以待，看看第二個網絡在電子商務交易卡上啟用的速度。如您所知，我們目前的預期是，我們的財政年度將持續到 9 月，2023 年的影響將是最小的（如果有的話），但我們會及時通知您。

More broadly, just in terms of our views about the impact longer term, people come to us because of the value we create, and that value comes in the form of having a dual message network and everything that goes with it, the security and the reliability we offer that is unmatched as well as the dispute resolution and other sets of services, tokenization, all our risk management services that we layer on. We've competed for business in the past, and merchants have chosen us based on the value we provide. And I'm sure, Al, you have more to add on this front.

更廣泛地說，就我們對長期影響的看法而言，人們來找我們是因為我們創造的價值，而這種價值以擁有雙重消息網絡的形式出現，以及隨之而來的一切、安全性和我們提供無與倫比的可靠性以及爭議解決和其他服務集、代幣化，以及我們所有的風險管理服務。我們過去曾為業務競爭，商家根據我們提供的價值選擇我們。我敢肯定，Al，你在這方面還有更多要補充的。

Yes. I think that our capabilities are just terrific. And in an eCommerce world, David, the liability for fraud sits with the merchant. So they're going to be very, very careful about who they do business with. And they've done business with us for years and know that we have very, very strong risk capabilities, very, very strong fraud prevention capabilities. And those are the types of things that in our experience since Durbin in 2010, that have a good amount of merchants who solely stick with us, they never route to the unaffiliated network because of those security and fraud capabilities we have.

是的。我認為我們的能力非常棒。在電子商務世界中，大衛，欺詐的責任在於商家。所以他們會非常非常小心與誰做生意。他們已經與我們開展業務多年，並且知道我們具有非常非常強大的風險能力，非常非常強大的欺詐預防能力。根據我們自 2010 年德賓以來的經驗，這些類型的東西有大量只與我們合作的商家，由於我們擁有的安全和欺詐能力，他們從不路由到非附屬網絡。

Plus, as Vasant alluded to the fact that we have the ability to be dual messaged, which makes a big difference in car rental, hotel. And in the online world, we'll make a big difference when people order multiple items from a merchant, it will allow the merchant to ship in different shipments as opposed to waiting until all the products are gathered and they can ship it. And they're forced to ship at one time if you're using a single messaging capability.

另外，正如 Vasant 所暗示的那樣，我們有能力發送雙重消息，這對汽車租賃和酒店產生了很大的影響。而在在線世界中，當人們從商家處訂購多件商品時，我們將產生很大的不同，它將允許商家分批發貨，而不是等到所有產品都收集好後再發貨。如果您使用單一消息傳遞功能，它們將被迫一次性發貨。

So I think we have a lot of history and a lot of important capability differences. And a lot of our merchants in the United States are very familiar with the strengths that they get from doing business with us.

所以我認為我們有很多歷史和很多重要的能力差異。我們在美國的很多商家都非常熟悉他們從與我們做生意中獲得的優勢。

Next question.

下一個問題。

And the next question is from Darrin Peller with Wolfe Research.

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

Your outlook and your budget you gave us was obviously helpful, and it -- I -- clearly underscores the resilience of the consumer so far, but just to touch on the what if for a minute. And I think you have about 1/3 of your revenues now coming from new flows, services, many of which that are early stages of growth. So putting that together with higher inflation, Al, would you expect any type of difference and set of outcomes on the top line if we were to see a notable downturn? And then, Vasant, just maybe you could touch on the flexibility you think you have on the expense side to help manage through any type of change.

您給我們的前景和預算顯然是有幫助的，而且它 - 我 - 清楚地強調了迄今為止消費者的彈性，但只是暫時談談假設。我認為你現在大約 1/3 的收入來自新的流量和服務，其中許多是增長的早期階段。因此，將其與更高的通脹結合起來，Al，如果我們看到明顯的低迷，您是否會期待任何類型的差異和一系列結果？然後，Vasant，也許你可以談談你認為在費用方面擁有的靈活性，以幫助管理任何類型的變化。

So Darrin, just to be clear, your 1/3 is about right for VAS plus new flows, not just new flows. As you alluded to, I mean, right now, we are seeing nothing but stability. And it's been true over the last numbers of quarters. And our business is very different than it was the last time there was a downturn. We're much more into everyday spend categories. eCommerce has evolved tremendously. There's been a lot more cash digitization. We have a very heavy debit portfolio, which tends to perform better during these downturns.

所以 Darrin，需要明確的是，您的 1/3 大約適合 VAS 和新流量，而不僅僅是新流量。正如你所提到的，我的意思是，現在，我們只看到穩定。在過去的幾個季度中，情況確實如此。我們的業務與上次經濟低迷時大不相同。我們更關注日常支出類別。電子商務已經發生了巨大的變化。有更多的現金數字化。我們有一個非常沉重的借方投資組合，在這些低迷時期往往表現更好。

And frankly, I don't think any of us know what the impact's going to be coming off of the pandemic, where there still seems to be a lot of pent-up demand for travel, for example, which is a highly discretionary purchase. And we're in an unusual time where employment has really held up. So we'll certainly watch if payment volumes are impacted in any kind of significant way.

坦率地說，我認為我們中的任何人都不知道大流行會產生什麼影響，例如，似乎仍然有很多被壓抑的旅行需求，這是一種高度可自由支配的購買。我們正處於一個不尋常的時期，就業確實得到了支撐。因此，我們當然會關注支付量是否受到任何重大影響。

Back to the core of your question, obviously, we will have some hit on our revenue line, but we'll continue to manage on the expense side, and I'll let Vasant take that half of the question.

回到你問題的核心，顯然，我們的收入線會受到一些影響，但我們將繼續在費用方面進行管理，我會讓 Vasant 回答那一半的問題。

Yes, I mean -- and continuing on revenue for a minute, I mean, clearly, we now have new flows and value-added services, which are businesses, which are in new use cases that are very different than we've had in past times when we had recessions. So -- and they're also ramping in many cases. And value-added services clearly is a whole range of new services that are not necessarily all tied to economic ups and downs. So clearly, there's a lot of differences from the past. But as Al said, recessions can come in all forms and shapes and sizes. And they could be global or regional. They could be deep or shallow. They could be recessions that have lesser impact on consumer spending and so on.

是的，我的意思是——繼續保持收入一分鐘，我的意思是，很明顯，我們現在有了新的流程和增值服務，這些都是業務，它們的新用例與我們以前的用例非常不同過去我們有經濟衰退的時候。所以 - 在許多情況下，它們也在增加。增值服務顯然是一整套新服務，不一定都與經濟起伏掛鉤。很明顯，與過去有很多不同。但正如艾爾所說，衰退可以有各種形式、形狀和大小。它們可以是全球性的或區域性的。它們可能很深，也可能很淺。它們可能是對消費者支出等影響較小的衰退。

As it relates to expenses, as I said in my comments on planning assumptions, I'd say 3 things. One, we're moderating expense growth as we go into the year. So expense growth is clearly coming down from the levels you've seen. For the year, our going-in planning assumption is nominal growth of about 9%. But I would just note that in the second half of the year -- the fiscal year, the growth is actually at the high end of mid-single digits. So it is moderating through the year, and we don't know when there will be a recession or if there will be a recession. But if you look at what all the various prognosticators are saying, it appears that most people think if there's going to be a recession, it's sometime next year, probably 6 months from now. Now that would put us in the second half of our fiscal year. So we already have expense growth moderating to the sort of the high end of mid-single digits.

正如我在對計劃假設的評論中所說的那樣，它與費用有關，我想說三件事。一，隨著我們進入這一年，我們正在減緩費用增長。因此，費用增長明顯低於您所看到的水平。對於這一年，我們的計劃假設是名義增長率約為 9%。但我只想指出，在下半年——即財政年度，增長實際上處於中個位數的高端。所以它全年都在緩和，我們不知道什麼時候會出現衰退，或者是否會出現衰退。但如果你看看所有不同的預言家所說的話，似乎大多數人認為如果會出現衰退，那就是明年的某個時候，可能是從現在開始的 6 個月。現在這將使我們進入財政年度的下半年。因此，我們的支出增長已經放緩到中個位數的高端。

Clearly, we will look to reprioritize, scale back, postpone, et cetera. And depending on the nature of the recession and the impact it's having on our revenue, we would seek to manage our expenses to be even better than what our planning assumptions might be and bring the rate -- growth rate down. So we will calibrate as we go along.

顯然，我們將尋求重新確定優先級、縮減規模、推遲等等。根據經濟衰退的性質及其對我們收入的影響，我們將設法管理我們的開支，使其比我們的計劃假設可能更好，並降低增長率——增長率。因此，我們將在進行過程中進行校準。

Next question.

下一個問題。

Our next question is from Bob Napoli with William Blair.

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

Al, I was wondering maybe just if you could give some thoughts on what are you most excited about as we head into '23 and '24 and what has surprised you and -- if anything. And Vasant, can you give us a little bit of color on goods versus services? Have you seen the -- what the trend on growth rates have you seen on those 2 items?

艾爾，我想知道你是否可以就我們進入 23 年和 24 年時最讓你興奮的是什麼以及讓你感到驚訝的是什麼以及——如果有的話。 Vasant，你能給我們一點關於商品與服務的顏色嗎？你有沒有看到 - 你看到這兩個項目的增長率趨勢是什麼？

So in terms of what we're excited about, look, I think in all 3 businesses, we're seeing some really terrific green shoots. And in the consumer payments, certainly excited about the realities of cash digitization getting more and more pronounced around the world. We're certainly excited about the continued progress we're seeing in tap to pay. The fact that our business in eCommerce has grown so much. Really like what we're seeing in the continent in Europe in terms of the growth that we're seeing there, which is really strong.

因此，就我們感到興奮的事情而言，看，我認為在所有 3 項業務中，我們都看到了一些非常棒的萌芽。在消費者支付方面，現金數字化的現實在全球範圍內變得越來越明顯，這當然令人興奮。我們當然對我們在自來水支付方面看到的持續進展感到興奮。事實上，我們在電子商務方面的業務增長如此之快。真的很像我們在歐洲大陸看到的，就我們在那裡看到的增長而言，這真的很強勁。

If we look at India, Brazil, Germany, Canada, Japan, all are growing at very, very good levels. There's very different dynamics in each of those markets, but they're all growing very well. I just recently took a trip to Nigeria and the Democratic Republic of the Congo. Africa is a place that's not going to help us in '23 or '24 necessarily, Bob. But the last -- we now have offices, I think, in 13 countries there in the last 5 or 6 offices we've opened there -- opened around the world in Africa.

如果我們看看印度、巴西、德國、加拿大、日本，它們都在以非常非常好的水平增長。每個市場都有非常不同的動態，但它們都發展得很好。我最近剛去了尼日利亞和剛果民主共和國。非洲是一個不一定會在 23 或 24 年幫助我們的地方，鮑勃。但最後一個——我認為，我們現在在 13 個國家/地區設有辦事處，過去我們在那裡開設了 5 或 6 個辦事處——在非洲的世界各地開設了辦事處。

In new flows, as we've organized that business as a single business, Oliver Jenkyn's bringing a great focus to it and making sure that we are driving new use cases around the globe, getting more and more enablers who help us drive those use cases. And we're putting a particular focus there on cross-border, where previously, a lot of the early use cases in new flows have been in the area of things like domestic like P2P and B2B.

在新流程中，由於我們將該業務組織為一個單一業務，Oliver Jenkyn 非常關注它，並確保我們在全球範圍內推動新的用例，獲得越來越多的推動者來幫助我們推動這些用例.我們特別關注跨境，以前，新流程中的許多早期用例都在 P2P 和 B2B 等國內領域。

And then in VAS, certainly, we're excited about the 2 recent acquisitions we made of Tink and Currencycloud. I think they're both going to bring some very interesting and good capabilities to us. And we're -- in both cases, we've spent a lot of time and planning sessions between the folks who are running those businesses and our folks, and I think there's a great opportunity ahead.

然後在 VAS 中，當然，我們對我們最近對 Tink 和 Currencycloud 進行的兩次收購感到興奮。我認為他們都會給我們帶來一些非常有趣和好的能力。而且我們 - 在這兩種情況下，我們都在經營這些業務的人和我們的人之間花費了大量時間和計劃會議，我認為前面有一個很好的機會。

Vasant, do you want to tackle the goods versus services question?

Vasant，您想解決商品與服務的問題嗎？

Yes. A few things on goods versus services. As you know, we tend to look at how various segments are performing versus the prepandemic level in 2019. It's a clean way to look at things. And while there's been a lot of talk about how goods are underperforming, most of the goods categories index for 2019 actually have done quite well, and they're holding quite stable. What it means is that they grew a lot faster in the early parts of the recovery and then haven't grown as fast as people shifted from goods to services. But overall, if you compare to 2019, the goods business has done very well, indexing very well to where it was and very much either on or above the pre-COVID trend line.

是的。關於商品與服務的一些事情。如您所知，我們傾向於查看各個細分市場的表現與 2019 年大流行前的水平相比。這是一種看待事物的干淨方式。儘管有很多關於商品表現不佳的討論，但 2019 年的大多數商品類別指數實際上表現相當不錯，並且保持相當穩定。這意味著它們在復甦的早期階段增長得更快，然後沒有像人們從商品轉向服務那樣快速增長。但總體而言，如果您與 2019 年相比，商品業務的表現非常好，指數非常好，並且非常接近或高於 COVID 之前的趨勢線。

More recently, even as services and restaurants, travel, entertainment, have continued to grow, we're starting to see goods do better. So they went through a period where they had very high growth, especially through the stimulus period and so on, recovered much faster than services, then services started to come back. We're starting to see some recovery on the goods side, too, now. But overall, goods is doing quite well on a 3-year index, too.

最近，即使服務和餐館、旅遊、娛樂持續增長，我們也開始看到商品做得更好。所以他們經歷了一個非常高增長的時期，特別是在刺激時期等等，恢復得比服務快得多，然後服務開始回升。現在，我們也開始看到商品方面的一些復甦。但總體而言，商品在 3 年期指數上的表現也相當不錯。

Next question.

下一個問題。

Our next question is from Harshita Rawat.

我們的下一個問題來自 Harshita Rawat。

Vasant, can you talk about and zoom in on cross-border revenues in 2023? I know there's still recovery to be had if you just look at like trend line on travel versus 2019, and also if you look at like metrics beyond spend, which is inflation in that. But on the flip side, this has very high beta to macro. U.S. dollar has strengthened a lot, which can impact cross-border inflows into the U.S. And FX volatility was a big benefit in revenue this year, but you're kind of against kind of tough comps next year. So lots of moving pieces. Can you -- how are you thinking about it?

Vasant，你能談談並放大2023年的跨境收入嗎？我知道，如果你只看一下旅行與 2019 年的趨勢線，以及如果你看一下支出以外的指標，也就是通貨膨脹，那麼仍有復甦的空間。但另一方面，這對宏有非常高的 beta 值。美元大幅走強，這可能會影響跨境流入美國的資金。外匯波動是今年收入的一大好處，但明年你會反對那種艱難的競爭。這麼多動人的片段。你能——你怎麼想的？

Yes, clearly, lots of moving pieces, as you pointed out, so I'll just go through them one by one. Yes, we did benefit from very high currency volatility in the second half of this year. And that does help us, as you know. It's in our international fees line, international revenue line.

是的，很明顯，正如你所指出的，有很多動人的部分，所以我將一一介紹。是的，我們確實受益於今年下半年非常高的貨幣波動。如您所知，這確實對我們有所幫助。它在我們的國際費用線，國際收入線中。

Any -- what volatility is going to be is anybody's guess. So for planning purposes, we assume that it starts to moderate through the year. It's still high, and we're assuming that it'll be maybe higher than normal in the first quarter and then moderates as we go through the year to what we've seen in the past to levels that are normal over a long period of time. So that's the impact of volatility.

任何 - 任何人都可以猜測波動性。因此，出於規劃目的，我們假設它在全年開始放緩。它仍然很高，我們假設它可能會在第一季度高於正常水平，然後隨著我們一年的過去而放緩到我們過去看到的長期水平正常水平時間。這就是波動的影響。

As it relates to the dollar and its impact on cross-border travel, we've told you that we've seen about a 2-point monthly improvement in that index in the last few months. And again, I mean, it's very hard to predict these things. You know we got it wrong last year. The recovery was a hell of a lot faster than we expected. We'll probably get it wrong again, but we've been very clear about our assumption, which is that the recovery we've seen for the past several months, we think, is probably the new rate of recovery. There will be accelerations and decelerations.

由於它與美元及其對跨境旅行的影響有關，我們已經告訴您，在過去幾個月中，我們看到該指數每月提高 2 個百分點。再說一次，我的意思是，很難預測這些事情。你知道我們去年弄錯了。復甦比我們預期的要快得多。我們可能會再次出錯，但我們已經非常清楚我們的假設，即我們認為過去幾個月看到的複蘇可能是新的複蘇速度。會有加速和減速。

And maybe if China opens up and lifts restrictions, there could be some acceleration. So that's sort of what we're assuming for travel. What impact of recession might have on it remains to be seen. As Al say, there's pent-up demand. And how much will that offset it, we'll wait and see.

也許如果中國開放並取消限制，可能會有一些加速。這就是我們對旅行的假設。經濟衰退可能對其產生什麼影響還有待觀察。正如艾爾所說，有被壓抑的需求。這將抵消多少，我們將拭目以待。

The main message is there's still recovery in cross-border happening, but we're also lapping much stronger cross-border levels from last year. As you know, cross-border travel really started to recover last September. And so we're now beginning to lap some really stronger periods last quarter. So the rate of growth inevitably has slowed, and it will continue to slow through the year, but it's still above the long-term trend line because we still are in recovery mode. So hopefully, that helps a bit.

主要信息是跨境活動仍在復蘇，但我們也比去年更強勁的跨境水平。如您所知，跨境旅游從去年 9 月才真正開始復蘇。因此，我們現在開始在上個季度經歷一些非常強勁的時期。因此，增長率不可避免地已經放緩，並且全年將繼續放緩，但仍高於長期趨勢線，因為我們仍處於復蘇模式。所以希望這會有所幫助。

Next question.

下一個問題。

Our next question is from Ashwin Shirvaikar with Citi.

我們的下一個問題來自花旗銀行的 Ashwin Shirvaikar。

From a headline perspective, I guess if you're seeing nothing but stability that has been the situation for a few months, as you mentioned, are there things to highlight on a more granular basis if there are particular areas of strength or weakness? So that's part one. But then it also seems that you're implying that the business as a whole is more resilient because you have new flows and value-added services in addition to consumer pay, and I kind of agree with that. But could you maybe talk about the new flows and value-added, what you might see in a downturn?

從標題的角度來看，我想如果您只看到幾個月來一直處於穩定狀態的情況，正如您所提到的，如果存在特定的優勢或劣勢領域，是否有更詳細的內容需要強調？這是第一部分。但是，您似乎也在暗示整個業務更具彈性，因為除了消費者支付之外，您還有新的流程和增值服務，我有點同意這一點。但是你能不能談談新的流動和增值，你可能會在低迷時期看到什麼？

First of all, Ashwin, we -- I'd say we've seen stable for more than a few months, but probably pretty close to the last 12 months, certainly in the last 9 months. Look, there's -- as I said, while there's stability, the reality is we do know that there's some changes in consumer behavior going on, but they're still spending the same amount of money, and they're still paying in the same way, which are critical to us.

首先，阿什溫，我們 - 我想說我們已經看到穩定了幾個月，但可能非常接近過去 12 個月，當然是過去 9 個月。看，有 - 正如我所說，雖然有穩定性，但現實是我們確實知道消費者行為正在發生一些變化，但他們仍然花費相同數量的錢，他們仍然支付相同的費用方式，這對我們至關重要。

So there -- we know there's some substitution going on where people are buying generics versus buying brands. We know that people are spending a certain amount on -- an increased amount on food and drug products, and that's causing them to have less money available for discretionary spending. But in -- and we're still seeing, as I highlighted, I think, last quarter, the affluent customer's still jumping back in the market, and that's a very, very good thing because of the amount of spend they do. And we're still seeing employment levels at a very healthy level. So just -- they're -- we know this stuff that is going on, but the reality is that while consumers might be altering a bit what they buy in different categories, the realities are that -- as I said, they're still spending the same amount of money and using the same ways to pay as they did before.

所以那裡 - 我們知道人們購買仿製藥而不是購買品牌的地方正在發生一些替代。我們知道人們在食品和藥品上的支出增加了一定數額，這導致他們可自由支配支出的資金減少。但是在 - 正如我強調的那樣，我們仍然看到，我認為，上個季度富裕的客戶仍然在市場上跳回，這是一件非常非常好的事情，因為他們的支出量很大。而且我們仍然看到就業水平處於非常健康的水平。所以只是 - 他們是 - 我們知道正在發生的事情，但現實是，雖然消費者可能會改變他們在不同類別中購買的東西，但現實是 - 正如我所說，他們是仍然像以前一樣花費相同的金額並使用相同的方式付款。

In terms of value-added services and new flows, obviously, value-added services is somewhat dependent on transactions. So we provide additional value on transactions. If those were -- transactions were to go down, that obviously impacts the value-added services business. The net flows business really took a bit of a hit because of the amount of business that we had in Russia. But as I reported it, it was up 42% in the fourth quarter, excluding Russia, which was up 7 points in the third quarter. So the momentum is very, very good there. And I think that, that has a lot to do with the fact that over the last 15 months, we've done a really good job of further diversifying that business in terms of use cases, enablers and geographies, and all of that's helped us a lot.

在增值服務和新流量方面，增值服務顯然有些依賴交易。因此，我們為交易提供附加價值。如果這些是——交易量下降，那顯然會影響增值服務業務。由於我們在俄羅斯的業務量，淨流量業務確實受到了一些打擊。但正如我報導的那樣，第四季度上漲了 42%，不包括俄羅斯，第三季度上漲了 7 個百分點。所以那裡的勢頭非常非常好。我認為，這與過去 15 個月中，我們在用例、促成因素和地域方面進一步多樣化業務方面做得非常出色，所有這些都對我們有所幫助很多。

Next question.

下一個問題。

Our next question is Timothy Chiodo with Credit Suisse.

我們的下一個問題是瑞士信貸的 Timothy Chiodo。

I want to talk about the Visa Direct decision. So by businesses, platforms, governments that are deciding to use Visa Direct relative to other alternatives like RTP systems around the world. And I fully appreciate that Visa Direct leverages many of these RTP and other ACH systems around the world. But what is it that is causing them to choose Visa Direct?

我想談談 Visa Direct 的決定。因此，對於決定使用 Visa Direct 的企業、平台和政府而言，相對於世界各地的 RTP 系統等其他替代方案而言。我非常感謝 Visa Direct 充分利用了世界各地的許多此類 RTP 和其他 ACH 系統。但是是什麼導致他們選擇 Visa Direct？

And as a follow-up, you've often talked about the pricing for Visa Direct, it's very use case-based. Maybe you could just give directional examples of what a higher-priced use case might be and what a lower price use case might be.

作為後續，您經常談到 Visa Direct 的定價，它非常基於用例。也許您可以只給出高價用例可能是什麼以及低價用例可能是什麼的定向示例。

On the -- let me first tackle the -- why Visa Direct. First of all, Visa Direct, its biggest advantage is that it uses the VisaNet platform, and therefore, it comes along with all the capabilities of the VisaNet platform. Second, we have incredible reach with Visa Direct, as I talked about, almost 7 billion endpoints, including accounts cards and wallets. And as you alluded to, we have become a bit agnostic of exactly how that flow happens. If the first or last mile is on an RTP network or an ACH network or a payment gateway, that's fine by us. And we're continuing to invest in capabilities as it relates to Visa Direct, and then you get a lot of the protections that you get 0 liability, charge-backs, dispute manage -- good, solid dispute management, the fact that you get the security and the monies that we spend on protecting consumer data as well as battling cybersecurity. .

關於 - 讓我首先解決 - 為什麼使用 Visa Direct。首先是Visa Direct，它最大的優勢是它使用了VisaNet平台，因此它具備了VisaNet平台的所有功能。其次，正如我所說，我們通過 Visa Direct 擁有令人難以置信的覆蓋範圍，包括賬戶卡和錢包在內的近 70 億個端點。正如你所提到的，我們已經變得有點不知道這種流動是如何發生的。如果第一英里或最後一英里在 RTP 網絡或 ACH 網絡或支付網關上，我們可以。我們將繼續投資於與 Visa Direct 相關的功能，然後您將獲得很多保護，即您獲得零責任、拒付、爭議管理——良好、可靠的爭議管理，事實上，您獲得我們花在保護消費者數據以及對抗網絡安全方面的安全和資金。 .

And all of those capabilities offer an awful lot of peace of mind to a consumer versus a transaction where the money is immediately moved from your bank account across an RTP network to pay somebody. And all of a sudden, if there's an issue, there's nobody to turn to. There's no rules governing what happens. There's nobody to help mediate what's happening. All those things are things that our network does that makes Visa Direct a really, really strong alternative to an RTP network.

與將資金立即從您的銀行賬戶通過 RTP 網絡轉移到支付給某人的交易相比，所有這些功能都讓消費者非常安心。突然之間，如果有問題，沒有人可以求助。沒有規則來管理髮生的事情。沒有人可以幫助調解正在發生的事情。所有這些都是我們的網絡所做的事情，這使得 Visa Direct 成為 RTP 網絡的非常非常強大的替代品。

And rather for your second question, maybe we'll give you 2 examples. At one end is a high-value use case, and that will be cross-border remittances. The use of Visa Direct gives you extraordinary flexibility. You can do it account to account, account to account, account to account, sitting at home, you don't have to go to someone to give them cash. It's also tremendous flexibility at the other end in terms of how someone receives the money. It's real time. It has all the other benefits Al mentioned. As you know, cross-border remittances have a very high cost right now. We can do all that for a lot less and still have a yield that is quite attractive relative to our traditional yield.

而對於你的第二個問題，也許我們會給你兩個例子。一方面是一個高價值的用例，那就是跨境匯款。 Visa Direct 的使用為您提供了非凡的靈活性。您可以坐在家裡進行帳戶對帳戶，帳戶對帳戶，帳戶對帳戶，而不必去找人給他們現金。另一方面，在某人如何收款方面，它也具有極大的靈活性。這是實時的。它具有 Al 提到的所有其他好處。如您所知，跨境匯款目前的成本非常高。我們可以以更少的成本完成所有這些工作，並且相對於我們的傳統收益而言，收益仍然非常有吸引力。

At the other end of the spectrum, P2P, very much a preferred way to do it is to have your debit credentials in there because it makes it a lot more secure and has all the value we can add. It's a high volume but lower yielding use case. And very often, it's the way we get going in most markets. So those are 2 examples. And in between, you have insurance disbursements, earn wage access, marketplace payouts and so on, all of which are different.

在頻譜的另一端，P2P，非常優選的方式是在其中保存您的借記憑證，因為它使其更加安全並且具有我們可以添加的所有價值。這是一個高產量但產量較低的用例。很多時候，這是我們在大多數市場中的發展方式。所以這是兩個例子。在這兩者之間，你有保險支付、賺取工資、市場支付等等，所有這些都是不同的。

Last question, please, Holly.

最後一個問題，請霍莉。

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

我們的最後一個問題來自摩根大通的 Tien-Tsin Huang。

Just 2 quick ones, if you don't mind, just on the other revenue line. I know services, you'd mentioned, there is some transactional element to it, but you did 20% growth at scale in fiscal '22. So any thoughts on how '23 might come together, assuming relative stability?

只需 2 個快速的，如果您不介意，就在另一條收入線上。我知道服務，你提到過，它有一些交易元素，但你在 22 財年實現了 20% 的規模增長。那麼，假設相對穩定，關於 '23 可能如何走到一起的任何想法？

And then I just wanted to clarify the base case on operating leverage. It looks like on a nominal basis, we should assume minimal operating leverage. I just want to make sure we're hearing that correctly and how that might flex if things change.

然後我只是想澄清關於經營槓桿的基本案例。看起來在名義上，我們應該假設最小的經營槓桿。我只是想確保我們聽到的是正確的，以及如果情況發生變化，它會如何變化。

Yes, on operating leverage, as we said, we are trying to balance the short term and the long term. As you've heard, we think there are extraordinary opportunities in new flows and value-added services, these are long-cycle businesses. You have to invest now for the future. So yes, we are choosing to invest in the business, and that reflects the expenses that we plan -- our expense growth plan relative to the revenue growth.

是的，正如我們所說，在經營槓桿方面，我們正在努力平衡短期和長期。正如您所聽到的，我們認為新流程和增值服務存在非凡的機會，這些都是長周期業務。你現在必須為未來投資。所以是的，我們選擇投資於業務，這反映了我們計劃的費用 - 我們相對於收入增長的費用增長計劃。

And the other part of the question was other revenues? Right. On other revenues, yes, there are some things there that will also have some sequential slowdown because there are things like car-related benefits and so on in the other revenue line that are linked to travel. And as you lap a stronger recovery of travel from last year, there will be some sequential slowdowns. There are also a few other value-added services there. So just like the overall business where there is a sequential slowdown because of the lapping effects and some currency impacts in Russia and so on, you'll see that in the other revenue line, too.

問題的另一部分是其他收入？正確的。是的，在其他收入方面，有些事情也會出現一些連續放緩，因為在與旅行相關的其他收入線中有汽車相關福利等。隨著您從去年開始更強勁的旅行複蘇，將會出現一些連續的放緩。那裡還有一些其他的增值服務。因此，就像由於俄羅斯的重疊效應和一些貨幣影響等導致整體業務連續放緩一樣，您也會在其他收入線中看到這一點。

Great. And with that, we'd like to thank you 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 day.

偉大的。有了這個，我們要感謝你今天加入我們。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，祝您有美好的一天。

And this concludes today's conference. Thank you for participating. You may disconnect at this time.

今天的會議到此結束。感謝您的參與。此時您可以斷開連接。