Visa Inc (V) 2023 Q1 法說會逐字稿

Welcome to Visa's Fiscal First Quarter 2023 Earnings Conference Call. (Operator Instructions) Today's conference is being recorded. (Operator Instructions) 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.

歡迎參加 Visa 2023 財年第一季度收益電話會議。 （操作員說明）正在錄製今天的會議。 （操作員說明）我現在想將會議轉交給您的主持人，高級副總裁兼投資者關係全球主管 Jennifer Como 女士。科莫女士，您可以開始了。

Thanks, Jordin. Good afternoon, everyone, and welcome to Visa's Fiscal First Quarter 2023 Earnings Call. Joining us today are Al Kelly, Visa's Chairman and Chief Executive Officer; Vasant Prabhu, Visa's Vice Chair and Chief Financial Officer; and Ryan McInerney, who will become the Chief Executive Officer of Visa next week. This call is being webcast on the Investor Relations section of our website at 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，喬丁。大家下午好，歡迎來到 Visa 2023 財年第一季度財報電話會議。今天加入我們的有 Visa 董事長兼首席執行官 Al Kelly； Visa 副董事長兼首席財務官 Vasant Prabhu；下週將成為 Visa 首席執行官的 Ryan McInerney。此電話會議正在我們網站 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。我們的 IR 網站上發布了包含財務和統計要點的幻燈片。

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 Form 10-K, 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因許多因素而存在重大差異。有關這些因素的更多信息，請參閱我們關於 10-K 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該表格。對於本次電話會議中披露的非 GAAP 財務信息，相關的 GAAP 措施和調節可在今天的收益發布中找到。

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

就這樣，讓我把電話轉給 Al。

Jennifer, thank you, and good afternoon, everybody, and thank you for joining us. Visa's performance in the first quarter of 2023 reflects stable domestic volumes and transactions and a continued recovery of cross-border travel. Total Q1 payments volume was up 7% year-over-year or 135% versus 3 years ago, flat with Q4. Excluding Russia and China, payments volume was up 12% or 146% of 2019. U.S. Q1 payments volume was up 9% year-over-year or 144% of 2019, down 1 point from Q4.

詹妮弗，謝謝你，大家下午好，感謝你加入我們。 Visa 在 2023 年第一季度的業績反映了穩定的國內交易量和交易以及跨境旅行的持續復甦。第一季度支付總額同比增長 7%，與 3 年前相比增長 135%，與第四季度持平。不包括俄羅斯和中國在內，支付量比 2019 年增長 12% 或 146%。美國第一季度支付量同比增長 9% 或 2019 年的 144%，比第四季度下降 1 個百分點。

International volume, excluding Russia and China, was up 15% or 147% of 2019, up 1 point from Q4. Q1 cross-border volumes, excluding intra-Europe, grew 31% year-over-year and 132% versus 3 years ago, up 5 points from Q4. Excluding Russia, cross-border year-over-year growth was higher by 4 points. Travel-related cross-border volumes rose 6 points from 112% of 2019 in Q4 to 118% in Q1, driven by Asia Pacific, helped by China lifting restrictions, continued modest improvements inbound into the United States and CEMEA benefiting from the FIFA World Cup.

不包括俄羅斯和中國在內的國際銷量比 2019 年增長了 15% 或 147%，比第四季度增長了 1 個百分點。第一季度跨境交易量（不包括歐洲內部）同比增長 31%，與 3 年前相比增長 132%，比第四季度增長 5 個百分點。不包括俄羅斯在內，跨境同比增長率高出 4 個百分點。與旅遊相關的跨境交易量從 2019 年第四季度的 112% 增長 6 個百分點至第一季度的 118%，這得益於亞太地區的推動，中國解除限制，美國和 CEMEA 受益於 FIFA 世界杯的入境繼續溫和改善.

Processed transactions were up 10% year-over-year or 139% versus 2019, and we processed 571 million transactions a day during the quarter. Although first quarter net revenues grew -- altogether, I should say, first quarter net revenues grew 12% year-over-year and non-GAAP EPS was $2.18, up 21%. In each of our growth levers, consumer payments, new flows and value-added services, we saw strong revenue growth. In our consumer payments business, we made significant progress this quarter through large deals with traditional issuers and co-brands. And with the pandemic largely behind us, we saw many businesses focused on payments through Visa's new flows capabilities. In addition, we continued to develop and expand our global value-added services globally.

處理的交易同比增長 10%，與 2019 年相比增長 139%，本季度我們每天處理 5.71 億筆交易。儘管第一季度淨收入有所增長——總的來說，我應該說，第一季度淨收入同比增長 12%，非 GAAP 每股收益為 2.18 美元，增長 21%。在我們的每一個增長槓桿、消費者支付、新流量和增值服務中，我們都看到了強勁的收入增長。在我們的消費者支付業務中，本季度我們通過與傳統發行人和聯合品牌的大型交易取得了重大進展。隨著大流行病基本過去，我們看到許多企業專注於通過 Visa 的新流量功能進行支付。此外，我們繼續在全球範圍內開發和擴展我們的全球增值服務。

Now let me explore each of these growth areas. In consumer payments, credentials grew 8% overall, 11% excluding Russia, with strong double-digit growth in the United States, India and Brazil. Tap-to-pay penetration of face-to-face transactions globally was 72%, excluding Russia and the United States. In the United States, we surpassed a notable 30%, with San Jose, San Francisco and New York City all above 50%. U.S. drugstores went above 40% for the first time in the United States, and nearly 65% of Costco's face-to-face credit transactions were made with a tap.

現在讓我逐一探討這些增長領域。在消費者支付方面，憑證總體增長了 8%，不包括俄羅斯在內增長了 11%，美國、印度和巴西實現了兩位數的強勁增長。全球面對面交易的點擊支付滲透率為 72%，不包括俄羅斯和美國。在美國，我們超過了顯著的 30%，聖何塞、舊金山和紐約市都超過了 50%。美國藥店首次突破 40%，Costco 近 65% 的面對面信用交易是通過水龍頭完成的。

In the United States, we had several important renewals. First, we renewed our partnership with Bank of America in the United States, maintaining our current debit and credit business, including their Cash Rewards, Travel Rewards, Premium Rewards and newly launched Premium Rewards Elite consumer credit cards. We're excited to continue to invest together in the growth of our joint business and to innovate with Bank of America to deliver enhanced capabilities and improved experiences for their customers.

在美國，我們進行了幾次重要的更新。首先，我們與美國銀行續簽合作夥伴關係，維持我們目前的借記和貸記業務，包括他們的現金獎勵、旅行獎勵、Premium Rewards 和新推出的 Premium Rewards Elite 消費信用卡。我們很高興繼續共同投資於我們聯合業務的發展，並與美國銀行一起創新，為他們的客戶提供增強的能力和改善的體驗。

Second, we renewed with Commerce Bank, a top 25 Visa U.S. issuer across their consumer and commercial portfolios. Finally, we also renewed our agreement with Capital One. In Australia, we renewed our agreement with the country's largest independent payment solutions provider, Costco, with over 4 million cardholders for debit and prepaid and also signed a new agreement for credit issuance. Also in the region, we extended our exclusive relationship with Kiwibank, the largest New Zealand-owned bank.

其次，我們與 Commerce Bank 續約，Commerce Bank 是其消費者和商業投資組合中美國排名前 25 位的 Visa 發行人。最後，我們還與 Capital One 續簽了協議。在澳大利亞，我們與該國最大的獨立支付解決方案提供商 Costco 續簽了協議，為超過 400 萬持卡人提供借記卡和預付卡，並簽署了新的信用發行協議。同樣在該地區，我們擴展了與新西蘭最大銀行 Kiwibank 的獨家合作關係。

In Latin America, we renewed with ICBC Argentina, one of the largest issuers in the country, and with Banco do Brasil, one of the largest Visa issuers in the region. In addition, we entered into a new agreement with one of the largest banks in Panama, Banco Nacional de Panamá. Also in Latin America, we reached a new strategic deal with fintech platform, Tigo Money, and parent company, Millicom, a leading provider of telecommunication services in the region. Visa and Millicom expect to offer Tigo Money's more than 5 million wallet users the ability to digitize their cash in an easy and secure way, making purchases wherever Visa is accepted with the Visa Tigo Money access card.

在拉丁美洲，我們與該國最大的發卡機構之一工銀阿根廷和該地區最大的 Visa 發卡機構之一巴西銀行續約。此外，我們還與巴拿馬最大的銀行之一巴拿馬國民銀行簽訂了一項新協議。同樣在拉丁美洲，我們與金融科技平台 Tigo Money 及其母公司 Millicom 達成了一項新的戰略協議，Millicom 是該地區領先的電信服務提供商。 Visa 和 Millicom 期望為 Tigo Money 超過 500 萬的錢包用戶提供以簡單安全的方式將現金數字化的能力，讓他們可以在任何接受 Visa 的地方使用 Visa Tigo Money 門禁卡進行購買。

Another strategic fintech deal was with NEO in India, a fast-growing cross-border-focused neobank with 5 million customers. We've extended our relationship from debit into credit to grow cross-border spending with affluent as well as corporate customers. We're also happy to share that we renewed and extended our global partnership with HSBC. Our agreement covers consumer and commercial and it will foster growth and digital acceleration. This deal also cuts across all of Visa's 5 regions.

另一項金融科技戰略交易是與印度的 NEO 達成的，這是一家快速發展的專注於跨境的新銀行，擁有 500 萬客戶。我們已將我們的關係從借方擴展到貸方，以增加與富裕客戶和企業客戶的跨境支出。我們也很高興與大家分享，我們與匯豐銀行續簽並擴展了全球合作夥伴關係。我們的協議涵蓋消費者和商業領域，它將促進增長和數字加速。這筆交易還涉及 Visa 的所有 5 個地區。

As you know, Visa is the leader in travel co-brands globally, and I'm happy to report that we recently reached agreements with 3 important travel relationships. First, Qatar Airways' Privilege Club, which today has a split portfolio across networks around the world, has signed a new 10-year exclusive partnership with Visa to enhance and expand its portfolio of co-branded payment initiatives with key financial partners across key markets worldwide. This expanded partnership creates a new world of opportunities for our Visa customers and Privilege Club members to collect and spend Avios, the rewards currency of Privilege Club.

如您所知，Visa 是全球旅遊聯合品牌的領導者，我很高興地向大家報告，我們最近與 3 家重要的旅遊合作夥伴達成了協議。首先，卡塔爾航空公司的 Privilege Club 與 Visa 簽署了新的 10 年獨家合作夥伴關係，以加強和擴展其與主要市場的主要金融合作夥伴的聯合品牌支付計劃組合，該俱樂部目前在全球網絡中擁有不同的組合全世界。這種擴大的合作夥伴關係為我們的 Visa 客戶和特權俱樂部會員創造了一個新的機會世界來收集和使用 Avios 積分，這是特權俱樂部的獎勵貨幣。

Second, with Southwest Airlines in the United States, Visa will continue to be the exclusive payment network for their co-brand credit card issued by JPMorgan Chase. It represents one of the largest co-brand partnerships in the world. Third, with Star Alliance and HSBC in Australia, this is the world's first credit card created with an airline alliance and is issued exclusively on Visa Credit. At the time of the launch, it brought together 7 Star Alliance carriers in a single credit card platform.

其次，在美國西南航空公司，Visa將繼續作為其摩根大通發行的聯名信用卡的獨家支付網絡。它代表了世界上最大的聯合品牌合作夥伴關係之一。第三，與澳大利亞的星空聯盟和匯豐銀行合作，這是世界上第一張與航空公司聯盟創建的信用卡，並在Visa Credit上獨家發行。推出時，它在一個信用卡平台上匯集了 7 家星空聯盟航空公司。

Also, we recently advanced our co-brand partnership with Flipkart, one of India's leading digital commerce entities with a registered customer base of 450 million. So whether it's with traditional issuers or co-brand partners, we are continuing to position Visa well for the future.

此外，我們最近推進了與 Flipkart 的聯合品牌合作夥伴關係，Flipkart 是印度領先的數字商務實體之一，擁有 4.5 億註冊客戶群。因此，無論是與傳統發卡機構還是聯合品牌合作夥伴，我們都將繼續為未來做好 Visa 的定位。

On to new flows, where this past quarter, new flows continued to grow with revenue up more than 20% in constant dollars led by strong growth in B2B payments volume and Visa Direct transactions. First, on the Visa Direct side, Visa Direct had 1.9 billion transactions in Q1, up 39% year-over-year, excluding Russia. We continue to grow globally. Non-U.S. Visa Direct transactions as a percentage of total transactions expanded nearly 20 points, excluding Russia, from Q1 '21 to Q1 '23. Building on the success of our remittance program with Standard Chartered Bank in Hong Kong, we recently launched Malaysia as an additional origination market spanning across 6 currency payers with more currencies to come.

關於新流量，上個季度，新流量繼續增長，在 B2B 支付量和 Visa Direct 交易強勁增長的帶動下，按固定美元計算的收入增長超過 20%。首先，在 Visa Direct 方面，Visa Direct 在第一季度有 19 億筆交易，同比增長 39%，不包括俄羅斯。我們繼續在全球範圍內發展。非美國從 21 年第一季度到 23 年第一季度，Visa Direct 交易占總交易的百分比增加了近 20 個百分點（不包括俄羅斯）。在我們與香港渣打銀行成功開展匯款計劃的基礎上，我們最近推出了馬來西亞作為一個額外的發起市場，涵蓋 6 種貨幣支付方，未來還會有更多貨幣。

We also continue to bring existing use cases to new markets. First, in Australia, Visa Direct is now enabling driver payouts with DoorDash. Second, we launched our inaugural P2P program in South Africa with FNB, one of the country's largest banks, to enable their 10 million active customers to move money within their mobile app using Visa Direct rails. Third, we launched our wallet cash payout program in Bangladesh with bKash. With this launch, the nearly 65 million bKash users can make wallet to money bank transfers, 24/7 in near real time using Visa Direct.

我們還繼續將現有用例帶入新市場。首先，在澳大利亞，Visa Direct 現在可以使用 DoorDash 為司機付款。其次，我們與該國最大的銀行之一 FNB 在南非啟動了我們的首個 P2P 計劃，使他們的 1000 萬活躍客戶能夠使用 Visa Direct rails 在他們的移動應用程序內轉移資金。第三，我們與 bKash 在孟加拉國推出了錢包現金支付計劃。通過此次發布，近 6500 萬 bKash 用戶可以使用 Visa Direct 近乎實時地 24/7 進行錢包到貨幣的銀行轉賬。

We are enabling several use cases, including seller payouts in the United States on Poshmark, a social media marketplace where more than 80 million registered users, and card top-offs with fintech GoHenry. As a follow-on to the issuance deal we announced last quarter with them, GoHenry is enabling its members to top up their child's prepaid Visa card with Visa Direct first in the U.K., with plans to expand this service across Europe in the future.

我們正在啟用多個用例，包括在美國 Poshmark（一個擁有超過 8000 萬註冊用戶的社交媒體市場）上的賣家付款，以及金融科技 GoHenry 的信用卡充值。作為我們上個季度與他們宣布的發行協議的後續，GoHenry 將首先在英國讓其會員使用 Visa Direct 為他們孩子的預付 Visa 卡充值，併計劃在未來將這項服務擴展到整個歐洲。

In addition to Visa Direct, we had noteworthy developments in the B2B space this past quarter, where commercial payments volume grew 15% in constant dollars. In traditional issuance, we signed an agreement with Raiffeisen Bank for a new commercial credit partnership in addition to renewing customer -- consumer credit across their 3 million clients in Austria. And in the United States, we renewed with UBS for consumer credit and debit as well as several business credit portfolios and Visa Spend Clarity for Business. Another issuing partnership was with Stone, one of the largest acquirers in Brazil focused on small businesses. Stone has recently become a Visa debit and credit issuer of cards that could be embedded digitally in its wallet.

除了 Visa Direct 之外，我們在上個季度的 B2B 領域也取得了值得注意的發展，商業支付量按固定美元計算增長了 15%。在傳統發行方面，我們與 Raiffeisen Bank 簽署了一項新的商業信貸合作夥伴關係協議，此外還為他們在奧地利的 300 萬客戶更新了消費者信貸。在美國，我們與瑞銀續簽了消費信貸和借記卡，以及一些商業信貸組合和 Visa Spend Clarity for Business。另一個發行合作夥伴是 Stone，它是巴西最大的專注於小型企業的收購方之一。 Stone 最近成為 Visa 借記卡和信用卡的發卡機構，這些卡可以以數字方式嵌入其錢包中。

On the virtual card front, for accounts receivable and payable, we completed several agreements. First, Divvy, an expense management platform owned by Bill, has renewed its agreement to offer Visa virtual cards for small and midsized businesses in the United States as part of its expense and vendor payment solutions. Second, Viewpost converts U.S.-based B2B check payments to Visa virtual cards. And together, we are expanding card opportunities for issuers and corporates by offering a solution that can be deployed easily to every commercial business that still produces checks.

在虛擬卡方面，對於應收賬款和應付賬款，我們完成了幾項協議。首先，Bill 旗下的費用管理平台 Divvy 已續簽協議，作為其費用和供應商支付解決方案的一部分，為美國的中小企業提供 Visa 虛擬卡。其次，Viewpost 將美國的 B2B 支票支付轉換為 Visa 虛擬卡。通過提供一種可以輕鬆部署到仍在生產支票的每個商業企業的解決方案，我們共同為發卡機構和企業擴大了卡片機會。

Third, we've reached an agreement with Plate IQ, a leading end-to-end accounts payable automation provider in the United States with direct integrations to accounting systems. Plate IQ will be offering a Visa virtual card solution to commercial partners across multiple industries including restaurants and hospitality, retail and accounting and bookkeeping among others. Fourth, in our Asia Pacific region, SUNRATE, a global payment and treasury management platform has launched Visa virtual cards as part of its solution for more than 1,000 B2B clients, including global online travel agencies and small business customers.

第三，我們已經與 Plate IQ 達成協議，Plate IQ 是美國領先的端到端應付賬款自動化提供商，可直接集成會計系統。 Plate IQ 將為餐飲、酒店、零售、會計和簿記等多個行業的商業合作夥伴提供 Visa 虛擬卡解決方案。第四，在亞太地區，全球支付和資金管理平台 SUNRATE 推出了 Visa 虛擬卡，作為其解決方案的一部分，面向 1,000 多家 B2B 客戶，包括全球在線旅行社和小型企業客戶。

Fleet issuance continues to grow as well. This quarter, we issued -- we signed with Zemo, a European fleet and mobility solutions provider to issue Visa open loop fleet and fuel commercial cards as they expand from 3 European markets to 10. In the United States, Highnote, a cloud-native card issuance and embedded finance platform, expanded its relationship with Visa with a 5-year card issuance agreement across credit, debit, virtual solutions and fleet. In addition, Highnote became certified as a Visa fleet card processor, which provides businesses with more specific product category level controls and more detailed and faster data for real-time decisions on new fleet and fuel card programs.

船隊發行量也在繼續增長。本季度，我們與歐洲車隊和移動解決方案提供商 Zemo 簽署了發行 Visa 開環車隊和燃料商業卡的協議，因為它們從 3 個歐洲市場擴展到 10 個。在美國，Highnote，一個雲原生卡發行和嵌入式金融平台，通過一項為期 5 年的信用卡發行協議擴大了與 Visa 的關係，協議涉及信用卡、借記卡、虛擬解決方案和車隊。此外，Highnote 還獲得了 Visa 車隊卡處理器認證，可為企業提供更具體的產品類別級別控制和更詳細、更快速的數據，以便實時決策新車隊和加油卡計劃。

B2B is an active space for fintechs, and Visa continues to partner with new players to drive innovation for businesses. A recent example is Konfio, a fintech in Mexico that has already issued approximately 50,000 Visa small business cards and recently expanded its agreement to issue Visa Business Infinite cards. In addition, they are positioned to grow acceptance in the market with their newly established acquiring business, Sr. Pago.

B2B 是金融科技的活躍空間，Visa 繼續與新參與者合作，推動企業創新。最近的一個例子是墨西哥的一家金融科技公司 Konfio，它已經發行了大約 50,000 張 Visa 小型商務卡，並且最近擴大了發行 Visa Business Infinite 卡的協議。此外，他們準備通過新成立的收單業務 Sr. Pago 提高市場接受度。

Now moving to value-added services, which had about $1.7 billion in revenue this first quarter, up more than 20% in constant dollars. Remember that our focus for value-added services is threefold: one, to deepen client penetration of existing products; two, to build and launch new solutions; and three, to expand geographically. CyberSource is a great example on all 3 areas of focus. First, on deepening client penetration of existing products. CyberSource's Decision Manager offering provides broad capabilities to existing CyberSource clients and has experienced strong growth throughout the pandemic, more than doubling transactions in the last 3 years. In Q1, transactions utilizing Decision Manager grew in the low teens year-over-year, demonstrating the continued demand for this solution even as we enter a post-pandemic environment.

現在轉向增值服務，第一季度的收入約為 17 億美元，按不變美元計算增長超過 20%。請記住，我們對增值服務的關注點有三個：一是加深客戶對現有產品的滲透；二、構建和推出新的解決方案；第三，地域擴張。 CyberSource 是所有 3 個重點領域的一個很好的例子。一是深化現有產品的客戶滲透。 CyberSource 的 Decision Manager 產品為現有 CyberSource 客戶提供了廣泛的功能，並且在整個大流行期間經歷了強勁增長，在過去 3 年中交易量翻了一番以上。在第一季度，使用 Decision Manager 的交易同比增長了十幾歲，表明即使我們進入大流行後環境，對該解決方案的持續需求也是如此。

Another area of growth we have mentioned is with acquirers who utilize CyberSource's capabilities to offer them to their merchant clients. In Q1, we signed agreements with several acquirers for gateway services, including Elavon in North America. In Saudi Arabia, Saudi British Bank has announced its strategic partnership with our CyberSource payment gateway and risk platform to enhance the overall capabilities of SABB's payment gateway with the aim of fostering the bank's growth in an evolving and dynamic e-commerce space.

我們提到的另一個增長領域是收單機構利用 CyberSource 的能力向他們的商業客戶提供服務。第一季度，我們與多家收購方簽署了網關服務協議，其中包括北美的 Elavon。在沙特阿拉伯，沙特英國銀行宣布與我們的 CyberSource 支付網關和風險平台建立戰略合作夥伴關係，以增強 SABB 支付網關的整體能力，以促進該銀行在不斷發展和充滿活力的電子商務領域的發展。

On extended geographically, we've continued our efforts to strengthen our global presence. Our non-U.S. CyberSource transactions have nearly quadrupled since the first quarter of 2019, and they now comprise the majority of our transactions led in particular by the Asia Pacific region. CyberSource has also created new offerings. While historically CyberSource has been an e-commerce capability, over the past few years, we have accelerated the product development of our card-present and omnichannel offerings, including with the acquisition of Payworks back in 2019. In the past quarter, we saw nearly 50% of year-over-year increase in card-present authorized CyberSource transactions.

在地域擴展方面，我們繼續努力加強我們的全球影響力。自 2019 年第一季度以來，我們在美國以外的 CyberSource 交易幾乎翻了兩番，現在它們占我們交易的大部分，尤其是在亞太地區。 CyberSource 還創建了新產品。雖然從歷史上看，CyberSource 一直是一種電子商務能力，但在過去幾年中，我們加快了我們的現卡和全渠道產品的開發，包括在 2019 年收購 Payworks。在過去的一個季度，我們看到近持卡授權 CyberSource 交易同比增長 50%。

Other value-added services highlights this quarter include our innovative dispute capability through Verifi, which saw nearly 40% growth in cases processed this quarter as we expanded globally with more than 1/3 of our cases from outside North America. This rapid dispute resolution solution automatically resolves disputes between merchants and issuers through the acquirer of rails, reduced the average time to resolve a dispute from 24 days to typically seconds.

本季度的其他增值服務亮點包括我們通過 Verifi 的創新爭議解決能力，隨著我們在全球範圍內擴張，超過 1/3 的案件來自北美以外地區，本季度處理的案件數量增長了近 40%。這種快速爭議解決方案通過rails的收單方自動解決商戶與發卡行之間的爭議，將解決爭議的平均時間從24天縮短到通常為幾秒。

And Tink, our open banking platform continue to deepen and develop relationships across Europe. Tink recently signed a master agreement with BNP Paribas to be their main open banking and money movement services provider for millions of customers across Europe. Tink is already live with several businesses in the group. 3 million customers use Tink's money management, data enrichment and transactions products at BNP Paribas Fortis in Belgium and BNL in Italy. Tink has also renewed and expanded its commitment with ABN AMRO to integrate Tink's money manager and data enrichment products into the bank's app for more than 3 million customers.

我們的開放銀行平台 Tink 繼續深化和發展整個歐洲的關係。 Tink 最近與法國巴黎銀行簽署了一項主協議，成為他們為歐洲數百萬客戶提供的主要開放銀行和資金流動服務提供商。 Tink 已經與集團中的幾家企業合作。比利時 BNP Paribas Fortis 和意大利 BNL 的 300 萬客戶使用 Tink 的資金管理、數據豐富和交易產品。 Tink 還更新並擴大了與 ABN AMRO 的承諾，將 Tink 的資金管理器和數據豐富產品集成到該銀行的應用程序中，供超過 300 萬客戶使用。

In conclusion, in the first quarter, Visa delivered very strong results and continued to effectively execute our growth strategy. Vasant will go into detail on our thoughts for the rest of the year, but I'd like to make a few other brief closing comments.

總之，在第一季度，Visa 取得了非常強勁的業績，並繼續有效地執行我們的增長戰略。 Vasant 將詳細介紹我們今年餘下時間的想法，但我想做一些其他簡短的結束評論。

We will continue to manage our business for the medium to long term, and we'll invest in initiatives that are compelling and will provide future growth, all while being very mindful of the current environment. I continue to see a bright future for Visa as we look ahead to the rest of this year and beyond, and I believe we have the right strategy to continue to deliver great results. As we announced in November, effective February 1, 2023, I'll be stepping down as CEO and assuming the full-time role as Executive Chairman. I'm exceedingly grateful to the Board and leadership of Visa in addition to all of our passionate 26,500 employee colleagues who help make this job so rewarding. I'm proud of all that we have accomplished together since I started in 2016.

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且將提供未來增長的計劃，同時非常關注當前環境。展望今年餘下時間及以後，我繼續看到 Visa 的光明前景，我相信我們擁有正確的戰略，可以繼續取得出色的成績。正如我們在 11 月宣布的那樣，自 2023 年 2 月 1 日起，我將辭去首席執行官一職，並全職擔任執行主席一職。我非常感謝 Visa 的董事會和領導層，以及我們所有充滿熱情的 26,500 名員工同事，是他們讓這份工作變得如此有意義。自 2016 年我開始工作以來，我為我們共同取得的成就感到自豪。

Ryan McInerney will become Visa's CEO, and I cannot think of a finer leader to continue to position Visa at the center of money movement in increasingly innovative ways. I worked side by side with Ryan for almost 6.5 years. He knows our business, our clients, and he is deeply respected by our employees. He and his team will do a great job, and I expect this transition to be totally seamless.

Ryan McInerney 將成為 Visa 的首席執行官，我想不出比他更優秀的領導者來繼續以越來越創新的方式將 Visa 置於貨幣流動的中心。我與 Ryan 並肩工作了將近 6.5 年。他了解我們的業務、我們的客戶，並且深受我們員工的尊重。他和他的團隊會做得很好，我希望這次過渡是完全無縫的。

With that in mind and as Jennifer alluded to, I've asked Ryan to join the Q&A portion of our call today. But before that, let me hand it over to Vasant to provide financial highlights for the quarter and our thoughts on the second quarter and beyond.

考慮到這一點，正如 Jennifer 提到的那樣，我已經邀請 Ryan 加入我們今天電話會議的問答部分。但在此之前，讓我把它交給 Vasant 來提供本季度的財務亮點以及我們對第二季度及以後的想法。

Thank you, Al. Good afternoon, everyone. Our fiscal first quarter results reflect sustained growth in domestic spending and continued recovery in cross-border travel. Net revenues were up 12%, GAAP EPS up 8%. Non-GAAP EPS was up 21%. The strong dollar dragged down reported net revenue growth by almost 3 points and non-GAAP EPS growth by approximately 3.5 points. Discontinuation of operations in Russia reduced net revenue growth by about 4.5 points. Adjusted for Russia, net revenues were up almost 20% in constant dollars. Net revenue growth exceeded our expectations as value-added services and new flows growth were very strong, currency volatility stayed high and client incentives were lower than anticipated.

謝謝你，艾爾。大家下午好。我們第一財季的業績反映了國內支出的持續增長和跨境旅行的持續復甦。淨收入增長 12%，GAAP 每股收益增長 8%。非 GAAP 每股收益增長了 21%。強勢美元拖累了報告的淨收入增長近 3 個百分點和非 GAAP 每股收益增長約 3.5 個百分點。俄羅斯業務的終止使淨收入增長減少了約 4.5 個百分點。針對俄羅斯進行調整後，按不變美元計算，淨收入增長了近 20%。淨收入增長超出我們的預期，因為增值服務和新流量增長非常強勁，貨幣波動居高不下，客戶激勵措施低於預期。

A few key highlights. In constant dollars, global payments volume was up 7% year-over-year and 35% above 2019. Excluding China and adjusted for Russia, global payments volume was up 12% year-over-year and 46% higher than 2019. U.S. payments volume was up 9% year-over-year and 44% over 2019. In constant dollars, international payments volume, excluding China and Russia, was up 15% year-over-year and 47% above 2019. U.S. holiday spending growth was in the high single digits on a year-over-year basis and up more than 41% versus 2019.

幾個關鍵亮點。按不變美元計算，全球支付量同比增長 7%，比 2019 年增長 35%。不包括中國並針對俄羅斯進行調整後，全球支付量同比增長 12%，比 2019 年增長 46%。美國支付交易量同比增長 9%，比 2019 年增長 44%。以不變美元計算，不包括中國和俄羅斯的國際支付量同比增長 15%，比 2019 年增長 47%。美國假期支出增長在與去年同期相比，高個位數增長超過 41% 與 2019 年相比。

E-commerce maintained its share of retail spending versus last year, up over 5 points since 2019. Spending continues to smooth out over the holiday season with Black Friday and Cyber Monday still significant shopping days but less important post pandemic. Holiday spending around the globe was generally consistent with U.S. trends.

電子商務在零售支出中的份額與去年相比保持不變，自 2019 年以來增長了 5 個百分點以上。假期期間的支出繼續平穩，黑色星期五和網絡星期一仍然是重要的購物日，但在大流行之後不那麼重要了。全球的假日消費與美國的趨勢基本一致。

The cross-border travel recovery continues. However, as expected, the pace of recovery has moderated as most borders are now open, including Japan in October and now China in January. As a reminder, we saw a very sharp cross-border travel recovery in October and November of 2021, which we are lapping. Index to 2019, cross-border travel volume, excluding transactions within Europe, rose 6 points in the first quarter versus a 20-point gain in the third quarter of fiscal year '22 and 10 points in the fourth quarter of fiscal year '22.

跨境旅行複蘇仍在繼續。然而，正如預期的那樣，隨著大多數邊境現在開放，包括 10 月份的日本和 1 月份的中國，復甦的步伐已經放緩。提醒一下，我們在 2021 年 10 月和 11 月看到了非常急劇的跨境旅行複蘇，我們正在應對。截至 2019 年的指數，不包括歐洲境內交易的跨境旅行量在第一季度增長了 6 個百分點，而 22 財年第三季度和 22 財年第四季度分別增長了 20 個百分點和 10 個百分點。

New plans and -- new flows and value-added services revenue sustained robust growth in excess of 20% in constant dollars. In the first quarter of fiscal year '23, we bought back approximately $3.1 billion in stock at an average price of $198.74. Contributions to the litigation escrow account, which have the same effect as a stock buyback, added another $350 million. We also distributed $945 million in dividends.

新計劃和——新的流量和增值服務收入以不變美元計算保持了超過 20% 的強勁增長。在 23 財年第一季度，我們以平均 198.74 美元的價格回購了約 31 億美元的股票。訴訟託管賬戶的捐款與股票回購具有相同的效果，又增加了 3.5 億美元。我們還派發了 9.45 億美元的股息。

Now on to the details. In the U.S., credit grew 10% year-over-year and 35% over 2019, lapping the credit recovery from last year and as compared sequentially to last quarter, impacted by retail spending and fuel prices. U.S. debit grew 8%, up sequentially over last quarter. Level with 2019, debit grew 55%, so standing significantly above the pre-COVID trend line even as credit has recovered. U.S. card-present spend grew 8% year-over-year, impacted by fuel prices and retail spend as compared sequentially to last quarter. U.S. card-present spend was 26% above 2019. U.S. card-not-present volume, excluding travel, grew 9% year-over-year and was 65% higher than 2019. E-commerce spend remains well above the pre-COVID trend line even as card-present spending has recovered.

現在來談談細節。在美國，受零售支出和燃料價格的影響，信貸同比增長 10%，比 2019 年增長 35%，延續了去年和上一季度的信貸復甦。美國借記增長 8%，比上一季度環比增長。與 2019 年持平，借方增長了 55%，因此即使信貸已經恢復，也明顯高於 COVID 前的趨勢線。與上一季度相比，受燃油價格和零售支出的影響，美國持卡消費同比增長 8%。美國持卡消費比 2019 年高出 26%。美國持卡消費（不包括旅行）同比增長 9%，比 2019 年高出 65%。電子商務支出仍遠高於 COVID 之前的趨勢即使持卡消費已經恢復。

On the international front in constant dollars, Latin America was up 25% year-over-year and 107% higher than 2019. Our CEMEA region, excluding Russia, grew 25% year-over-year and was 108% higher than 2019 as we saw all through FY '22 growth in both regions was fueled by client wins, cash digitization and acceptance expansion. Europe was up 10% year-over-year and 34% higher than 2019, impacted by a portfolio conversion that is now nearly complete in the U.K. Ex U.K., Europe volumes grew 28% year-over-year and was 71% above 2019, reflecting share gains in multiple markets. Ex portfolio conversions, volume trends in the U.K. remained stable.

在以不變美元計算的國際方面，拉丁美洲同比增長 25%，比 2019 年高出 107%。我們的 CEMEA 地區（不包括俄羅斯）同比增長 25%，比 2019 年高出 108%，因為我們在整個 22 財年，這兩個地區的增長都受到贏得客戶、現金數字化和接受擴張的推動。歐洲同比增長 10%，比 2019 年增長 34%，受英國（英國除外）現已接近完成的投資組合轉換的影響，歐洲銷量同比增長 28%，比 2019 年增長 71%，反映多個市場的份額增長。不考慮投資組合轉換，英國的交易量趨勢保持穩定。

Asia Pacific, excluding China, continued to recover, up 16% year-over-year and 34% above 2019. Global processed transactions were up 10% year-over-year and 39% over 2019 levels. Constant dollar cross-border volume, excluding transactions within Europe but including Russia in prior periods, were up 31% year-over-year and 32% over 2019. Excluding Russia, year-over-year growth was higher by about 4 points.

亞太地區（不包括中國）繼續復甦，同比增長 16%，比 2019 年增長 34%。全球處理的交易量同比增長 10%，比 2019 年水平增長 39%。恆定美元跨境交易量（不包括歐洲內部交易但包括前期俄羅斯交易）同比增長 31%，比 2019 年增長 32%。不包括俄羅斯，同比增長約 4 個百分點。

Cross-border card-not-present volume growth, excluding travel and excluding intra-Europe, grew 3% year-over-year and was 55% above 2019. Adjusted for cryptocurrency purchases and Russia, cross-border e-commerce spending grew in the low double digits. Cross-border card-not-present, excluding travel, represented over 40% of total cross-border volume in the first quarter. Cross-border travel spend, excluding intra-Europe, grew 63% year-over-year and is now 18% above 2019. Cross-border travel, excluding Europe, index to 2019 went from 114 in September to 121 in December.

不包括旅行和歐洲內部的跨境無卡交易量增長同比增長 3%，比 2019 年增長 55%。針對加密貨幣購買和俄羅斯進行調整後，跨境電子商務支出增長了低兩位數。跨境無卡交易（不包括旅行）佔第一季度跨境交易總量的 40% 以上。不包括歐洲內部的跨境旅行支出同比增長 63%，目前比 2019 年高出 18%。截至 2019 年，不包括歐洲的跨境旅行指數從 9 月的 114 升至 12 月的 121。

Travel in and out of Asia recovered sharply in the quarter by more than 12 points from the mid-70s index to 2019 to 85 for outbound and more than 90 for inbound helped by Japan. Japan alone improved by about 50 points since opening its borders in October. With China lifting restrictions on January 8, we expect more recovery to come. Europe inbound and outbound remained strong, with the travel index to 2019 in the 120s for outbound and 130s for inbound, both up slightly from the fourth quarter.

在日本的幫助下，本季度進出亞洲的旅行從 70 年代中期的指數到 2019 年大幅回升超過 12 個點，出境指數為 85，入境指數為 90 以上。自 10 月開放邊境以來，僅日本就提高了約 50 個百分點。隨著中國在 1 月 8 日解除限制，我們預計會有更多的複蘇。歐洲入境和出境保持強勁，到 2019 年的出境旅遊指數為 120，入境旅遊指數為 130，均較第四季度略有上升。

Travel outbound from the U.S. to all geographies continue to be strong in the low 140s index to 2019, up 6 points from the fourth quarter. Travel inbound to the U.S. approached 2019 levels and improved 4 points in the quarter, likely due to the weakening dollar. Travel into Latin America and the Caribbean remained very strong and stable, indexing around 150 to 2019 levels. Travel in and out of CEMEA indexed in the 130s and mid-120s, respectively, relative to 2019, with outbound up more than 10 points in the quarter and inbound by more than 15, helped by the FIFA World Cup.

到 2019 年，從美國到所有地區的出境旅遊指數在 140 低位繼續保持強勁，比第四季度上升 6 個百分點。入境美國的遊客接近 2019 年的水平，並在本季度提高了 4 個百分點，這可能是由於美元疲軟。進入拉丁美洲和加勒比地區的旅行仍然非常強勁和穩定，指數在 150 到 2019 年的水平左右。與 2019 年相比，進出 CEMEA 的指數分別在 130 和 120 左右，在 FIFA 世界杯的幫助下，本季度出境指數上升超過 10 個百分點，入境指數上升超過 15 個百分點。

Finally, some color on Mainland China post the removal of COVID-zero policies. The 40-day Spring Festival season is underway in Mainland China, the world's largest travel event. Domestic travel is rising sharply. From a revenue standpoint, this will not contribute much. In terms of outbound mainland Chinese travel, this will pick up steam as more flight capacity is available, ticket prices moderate, new passports and visas are obtained, and restrictions are lifted in some corridors. The initial destinations for mainland Chinese visitors look to be Hong Kong and Southeast Asia, in particular, Thailand, Singapore and Malaysia. Inbound travel to Mainland China has not increased much and may not until the COVID situation settles down.

最後，中國大陸的一些顏色發布了取消 COVID-zero 政策的消息。為期40天的春節假期正在中國大陸進行，這是全球最大的旅遊盛會。國內旅遊正在急劇上升。從收入的角度來看，這不會貢獻太多。就中國大陸出境游而言，隨著可用航班容量增加、機票價格適中、獲得新護照和簽證以及某些走廊的限制取消，這將加速。中國內地遊客的首選目的地是香港和東南亞，尤其是泰國、新加坡和馬來西亞。到中國大陸的入境旅遊並沒有增加太多，而且在 COVID 局勢穩定下來之前可能不會增加。

Moving now to a quick review of first quarter financial results. Service revenues grew 10% versus the 10% growth in fourth quarter constant dollar payments volume. Exchange rate drag was offset by growth from business mix, pricing and card benefits. Data processing revenues grew 6% versus the 10% process transactions 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 10%.

現在開始快速回顧第一季度的財務業績。服務收入增長 10%，而第四季度不變美元支付量增長 10%。匯率拖累被業務組合、定價和信用卡福利帶來的增長所抵消。數據處理收入增長 6%，而處理交易收入增長 10%。主要原因是我們的數據處理收入受到俄羅斯的影響。然而，我們的交易增長卻沒有。針對俄羅斯進行調整後，數據處理收入增長了 10%。

International transaction revenues were up 29% versus the 31% increase in constant dollar cross-border volumes excluding intra-Europe. Revenue growth was helped by high currency volatility, although lower than the fourth quarter and pricing actions, which were offset by exchange rate shifts.

國際交易收入增長了 29%，而不包括歐洲內部的固定美元跨境交易量增長了 31%。收入增長得益於貨幣的高波動性，儘管低於第四季度和定價行動，這被匯率變動所抵消。

Other revenues grew 31%, led by marketing and consulting services, pricing actions and acquisitions. Client incentives were 26% of gross revenues, below expectations due to some adjustments based on client performance and other items. For the year, we expect to renew about 20% of our payments volume with a good amount already completed in the first quarter.

在營銷和諮詢服務、定價行動和收購的帶動下，其他收入增長了 31%。客戶激勵佔總收入的 26%，低於預期，原因是根據客戶績效和其他項目進行了一些調整。今年，我們預計將更新約 20% 的付款量，而第一季度已經完成了大量付款。

Revenue growth was robust across our 3 growth engines. Consumer payments growth was led by the recovery in cross-border volumes, high currency volatility, and continued strong domestic volumes and transactions. New flows revenue growth was over 20% in constant dollars. Commercial card volumes grew 15% year-over-year and are up 45% versus 2019. Excluding Russia, Visa Direct transactions grew 39%. Value-added services revenue was also up over 20% in constant dollars, driven by higher volume, increased client penetration and select pricing actions. Currencycloud and Tink added about 0.5 point to revenue growth.

我們的 3 個增長引擎的收入增長強勁。跨境交易量的複蘇、貨幣的高波動性以及持續強勁的國內交易量和交易帶動了消費者支付的增長。按不變美元計算，新流量收入增長超過 20%。商務卡交易量同比增長 15%，比 2019 年增長 45%。不包括俄羅斯在內，Visa Direct 交易增長了 39%。增值服務收入也以不變美元計算增長了 20% 以上，這得益於銷量增加、客戶滲透率提高和選擇定價行為。 Currencycloud 和 Tink 為收入增長貢獻了大約 0.5 個百分點。

GAAP operating expenses grew 25%. Non-GAAP operating expenses grew 15%. Non-GAAP operating expense growth was higher than expected primarily due to a smaller exchange rate benefit. The primary drivers of expense growth were personnel costs from hiring activity in the second half of last year and into the first quarter as well as G&A expenses driven by lower exchange rate benefits, higher travel and expenses from new acquisitions. Marketing increased 18%, primarily driven by the FIFA World Cup spend and client marketing.

GAAP 運營費用增長了 25%。非 GAAP 運營費用增長了 15%。非 GAAP 營業費用增長高於預期，這主要是由於匯率收益較小。費用增長的主要驅動因素是去年下半年和第一季度招聘活動產生的人員成本，以及因匯率收益下降、差旅和新收購產生的費用增加而產生的 G&A 費用。營銷增長 18%，主要受 FIFA 世界杯支出和客戶營銷推動。

We recorded losses from our equity investments of $106 million. Excluding investment losses, non-GAAP nonoperating expense was $7 million, benefiting from higher interest income due to rising rates and some other items. Our tax rate was lower than expected due to the resolution of a tax initiative coming in at 16% GAAP and 16.5% non-GAAP. GAAP EPS was $1.99. Non-GAAP EPS was $2.18, up 21% over last year, inclusive of an approximately 3.5 point drag from the stronger dollar.

我們記錄了 1.06 億美元的股權投資損失。不計投資損失，非 GAAP 非運營費用為 700 萬美元，得益於利率上升和其他一些項目帶來的更高利息收入。由於以 16% GAAP 和 16.5% 非 GAAP 計算的稅收計劃決議，我們的稅率低於預期。 GAAP 每股收益為 1.99 美元。非 GAAP 每股收益為 2.18 美元，比去年增長 21%，其中包括美元走強帶來的約 3.5 個百分點的拖累。

Through the first 3 weeks of February, business trends have remained strong and stable. On a year-over-year basis, U.S. payments volume was up 14% with debit up 13% and credit up 14%. Lapping of Omicron-related weakness from last year has contributed to strong January month-to-date growth. The Omicron-related uptick will fade as we get into February. These trends are generally consistent with performance in major markets around the world. Processed transactions grew 14% year-over-year. Constant dollar cross-border volume, excluding transactions within Europe, grew 36% year-over-year and was 42% over 2019 and 32% over 2020. Card-not-present non-travel growth was 75% above 2019 and 52% above 2020. Travel-related cross-border volumes were 25% above 2019 and 20% above 2020.

在 2 月的前 3 週，商業趨勢一直保持強勁和穩定。與去年同期相比，美國支付量增長 14%，其中藉方增長 13%，貸方增長 14%。去年與 Omicron 相關的疲軟現象的出現促成了 1 月至今的強勁增長。隨著我們進入 2 月，與 Omicron 相關的上漲將消退。這些趨勢與全球主要市場的表現大體一致。已處理交易同比增長 14%。不包括歐洲境內交易的不變美元跨境交易量同比增長 36%，比 2019 年增長 42%，比 2020 年增長 32%。無卡非旅行增長比 2019 年增長 75%，比 2019 年增長 52% 2020 年。與旅遊相關的跨境交易量比 2019 年高出 25%，比 2020 年高出 20%。

We are now past the pandemic recovery stage on domestic volumes and transactions. As such, starting next quarter, we will no longer provide comparisons to 2019 for payments volumes and processed transactions. Since the cross-border recovery is still ongoing, we will continue to provide comparisons to 2019 for cross-border volumes through this calendar year.

我們現在已經過了國內交易量和交易量的大流行恢復階段。因此，從下個季度開始，我們將不再提供與 2019 年的支付量和已處理交易的比較。由於跨境復甦仍在進行中，我們將繼續比較本日曆年的跨境交易量與 2019 年。

Moving now to our outlook for the second quarter. For the second quarter, we are assuming that trends in domestic payments volume and processed transactions are sustained with some benefit from lapping Omicron in January last year. As a reminder, discontinuation of operations in Russia will impact reported payments volume growth rates in the second quarter. Russia will not impact reported processed transactions growth.

現在轉到我們對第二季度的展望。對於第二季度，我們假設國內支付量和已處理交易的趨勢得以維持，並從去年 1 月對 Omicron 的收購中受益。提醒一下，停止在俄羅斯的業務將影響第二季度報告的支付量增長率。俄羅斯不會影響報告的已處理交易增長。

Cross-border e-commerce trends have been stable, too, especially when you adjust for Russia and crypto-related volatility. We're assuming cross-border e-commerce growth rates sustained through the second quarter ex Russia and crypto. The cross-border travel recovery continued generally in line with our expectations in the first quarter. We are assuming recent trends to sustain into the second quarter. We expect most of the Mainland China travel recovery in the second half and beyond for reasons I outlined earlier. We expect outbound travel from Mainland China to recover first. The pace of inbound travel recovery will depend on the COVID situation.

跨境電子商務趨勢也一直很穩定，尤其是當你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增長率在第二季度持續（不包括俄羅斯和加密貨幣）。跨境旅遊的複蘇總體上繼續符合我們在第一季度的預期。我們假設最近的趨勢將持續到第二季度。由於我之前概述的原因，我們預計下半年及以後中國大陸的大部分旅行將恢復。我們預計中國大陸的出境游將率先復甦。入境旅行恢復的速度將取決於 COVID 情況。

Discontinuation of operations in Russia will reduce second quarter net revenue growth by almost 5 points since we recorded nearly 2 quarters' worth of service fees in the second quarter of fiscal year '22. Based on where the dollar is today and the forward curve, exchange rates will reduce reported net revenue growth in the second quarter by about 2 points. When you put all this together, our planning assumptions get us to mid-teens constant dollar net revenue growth in the second quarter on a run rate basis, i.e. adjusted for Russia. With an almost 5-point Russia impact and a 2-point exchange rate headwind, reported nominal dollar Q2 net revenue growth would be in the high single digits.

自從我們在 22 財年第二季度記錄了近兩個季度的服務費以來，停止在俄羅斯的業務將使第二季度淨收入增長減少近 5 個百分點。根據今天的美元匯率和遠期曲線，匯率將使第二季度報告的淨收入增長減少約 2 個百分點。當你把所有這些放在一起時，我們的計劃假設使我們在第二季度按運行率（即針對俄羅斯調整）實現了十幾歲的美元淨收入增長。受俄羅斯影響近 5 點和匯率逆風 2 點的影響，報告的名義美元第二季度淨收入增長將達到高個位數。

Client incentives were below our 26.5% to 27.5% range of gross revenues in the first quarter. Second quarter client incentives are expected to run higher at the upper end of the range, finishing the first half in the middle of the range. As we indicated in October, operating expenses growth rates will moderate through the year as we reduce the rate of increase as well as lap higher levels from last year.

第一季度，客戶獎勵低於我們 26.5% 至 27.5% 的總收入範圍。第二季度的客戶激勵措施預計將在該範圍的上端運行，上半年將在該範圍的中間結束。正如我們在 10 月份所指出的那樣，隨著我們降低增長率並超越去年的較高水平，全年運營費用增長率將放緩。

In the second quarter, non-GAAP operating expense growth in nominal dollars is expected to be 2 to 3 points lower than the first quarter expense growth. Our third quarter non-GAAP operating expense growth rate is expected to decline an additional 2 to 3 points, with a further 2 to 3-point reduction in the fourth quarter. Non-GAAP results exclude certain acquisition-related items and the litigation provision from the third quarter last year. We currently expect non-GAAP nonoperating expense to be in the $40 million to $50 million range in the second quarter, driven largely by higher interest income from our cash balances.

第二季度，以名義美元計算的非 GAAP 營業費用增長預計將比第一季度的費用增長低 2 至 3 個百分點。我們第三季度的非 GAAP 營業費用增長率預計將再下降 2 到 3 個百分點，第四季度將進一步下降 2 到 3 個百分點。非 GAAP 業績不包括某些與收購相關的項目和去年第三季度的訴訟準備金。我們目前預計第二季度非 GAAP 非營業費用將在 4000 萬至 5000 萬美元之間，這主要是由於我們現金餘額的利息收入增加所致。

Our tax rate is expected to be at the upper end of the 19% to 19.5% range for the rest of the year. With a non-GAAP 16.5% rate in the first quarter, the full year non-GAAP tax rate is now expected to range between 18.5% to 19%.

我們的稅率預計將在今年剩餘時間內處於 19% 至 19.5% 範圍的上限。根據第一季度非美國通用會計準則 16.5% 的稅率，預計全年非美國通用會計準則稅率將在 18.5% 至 19% 之間。

As we said last quarter, should there be a recession or a geopolitical shock that impacts our business, slowing revenue growth below our planning assumptions in the second half, 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. We have contingency plans in place and will activate them should we need to.

正如我們上個季度所說，如果經濟衰退或地緣政治衝擊影響我們的業務，下半年收入增長放緩至低於我們的計劃假設，我們當然會通過重新確定投資的優先順序、縮減或延遲來調整我們的支出計劃計劃並酌情縮減人員開支、營銷開支、差旅和其他可控類別。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取得謹慎的平衡。我們制定了應急計劃，並會在需要時啟動它們。

Our business has been resilient so far this year. Our first quarter performance has demonstrated strong consumer payments growth from cash digitization and client wins. New flows and value-added services momentum remains very strong. There is still much uncertainty from an economic standpoint in the months ahead. We will remain vigilant and ready to act. As we look past fiscal year '23, we remain as optimistic as we've ever been about the long-term growth potential of our business.

今年到目前為止，我們的業務一直保持彈性。我們第一季度的業績表明，現金數字化和贏得客戶帶來了強勁的消費者支付增長。新流量和增值服務勢頭依然強勁。從經濟的角度來看，未來幾個月仍有很多不確定性。我們將保持警惕並準備採取行動。回顧 23 財年，我們對業務的長期增長潛力一如既往地樂觀。

Before I finish, this is a sad day for me personally. It's Al's last week as CEO. Al has been the best CEO I've worked for, and I've worked for many in my career. Al is a wonderful human being, an exceptional leader with extraordinary business judgment. It has been an eventful 6 years. Despite a 3-year global pandemic, revenues have almost doubled, non-GAAP EPS is up over 2.5x, and our stock price has tripled during Al's tenure. I will miss you as CEO, Al, along with 26,500 or so others at Visa.

在我結束之前，這對我個人來說是悲傷的一天。這是艾爾擔任首席執行官的最後一周。 Al 是我共事過的最好的 CEO，在我的職業生涯中，我為很多人工作過。 Al 是一個了不起的人，一個具有非凡商業判斷力的傑出領導者。這是多事之秋的6年。儘管全球大流行已持續 3 年，但收入幾乎翻了一番，非 GAAP 每股收益增長了 2.5 倍以上，我們的股價在 Al 任職期間翻了三倍。作為首席執行官，我會想念你，Al，以及 Visa 的 26,500 名左右其他人。

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, Jordin.

謝謝，瓦桑特。有了這個，我們準備好接受提問了，Jordin。

(Operator Instructions)

（操作員說明）

Our first question comes from Sanjay Sakhrani with KBW.

我們的第一個問題來自 KBW 的 Sanjay Sakhrani。

Congratulations to Al and Ryan as well. Vasant, as we think about your baseline plan forecast, how are you factoring in the economy? I mean are we assuming resilient consumer, stable economy or are you assuming some mild downturn?

也祝賀 Al 和 Ryan。 Vasant，當我們考慮您的基準計劃預測時，您如何考慮經濟因素？我的意思是，我們是假設有彈性的消費者、穩定的經濟，還是你假設有一些溫和的衰退？

Well, we went through what we call our planning assumptions last -- on the last call for the full year, and we told you we had assumed no recession. As you can see, business trends have been remarkably stable. The spend levels just around the world, they've indexed in the mid-140s for almost 4 quarters right now, and there's no evidence of a change in trend. That's reflected in our second quarter outlook.

好吧，我們最後一次通過了我們所謂的規劃假設——在最後一次全年電話會議上，我們告訴過你我們假設沒有衰退。如您所見，業務趨勢非常穩定。世界各地的支出水平，他們現在已經將近 4 個季度的指數都在 140 年代中期，而且沒有證據表明趨勢發生了變化。這反映在我們的第二季度展望中。

At this point, we're not changing any expectations for the second half. I mean, clearly, the dollar has weakened a bit so that will change the exchange rate impact in the second half, but we're not changing any of our views in the second half. I mean they are planning assumptions. And if there is a slowdown, then we will react accordingly.

在這一點上，我們不會改變對下半年的任何預期。我的意思是，很明顯，美元有所走軟，這將改變下半年的匯率影響，但我們不會改變下半年的任何觀點。我的意思是他們正在計劃假設。如果出現放緩，我們將做出相應反應。

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。

So it's nice to see that -- it seems like from the trends you're seeing in Q1 and what you're guiding for, for Q2 is an element of conservatism based on the trends so far relative to what we could see in the second half, which I think is what the Street probably wanted. But when we just think about the underlying trends for a moment, I mean, some of the strength we're seeing, like debit being up still high single digits constant currency in the U.S. on really tough comps, combined with other services, maybe you could just touch on what's the driving forces of both of those metrics because they were a little better than we thought. And I don't know if it's Visa Direct in the debit side helping or it's other factors and share, and then if you could comment on other revenue also strength.

所以很高興看到這一點——從你在第一季度看到的趨勢和你的指導看來，第二季度是基於迄今為止相對於我們在第二季度看到的趨勢的保守主義元素一半，我認為這可能是華爾街想要的。但是，當我們暫時考慮一下潛在趨勢時，我的意思是，我們看到的一些力量，比如在美國非常艱難的情況下，借記卡仍然以高個位數的固定貨幣上漲，再加上其他服務，也許你可以談談這兩個指標的驅動力是什麼，因為它們比我們想像的要好一點。而且我不知道是藉方的 Visa Direct 幫助還是其他因素和份額，然後你是否可以評論其他收入也有實力。

Yes. On debit, it's what we told you earlier. In general, if you look at the -- looking at 2019 has kept us honest so to speak. It's a good view of what's going on. And there's -- in total spend, it's remarkable stability. What's happening is as good spending slowed down a bit, services spending really took up all the slack. And so consumers have just shifted their spending, but they're spending the same amount, and that's why debit has stayed resilient.

是的。在藉方，這是我們之前告訴你的。總的來說，如果你看看——看看 2019 年，可以說讓我們保持誠實。這是對正在發生的事情的一個很好的了解。而且 - 在總支出中，這是非常穩定的。正在發生的事情是，良好的支出有所放緩，服務支出確實彌補了所有不足。因此，消費者剛剛改變了他們的支出，但他們的支出是相同的，這就是藉記卡保持彈性的原因。

Debit has been the biggest beneficiary of the move to digitization that happened globally and including in the U.S., more e-commerce, more tap-to-pay, more people using digital credentials just about on any payment occasion. So some people were worried that when things settle down, that debit might start to see some slowdown. But as you've seen, debit has stayed resilient even as credit has recovered, which has kept our overall payment volumes very stable. Those would be the big trends. And the other question?

借記卡一直是全球（包括美國）數字化轉型的最大受益者，電子商務越來越多，點擊支付越來越多，越來越多的人幾乎在任何支付場合都使用數字憑證。所以有些人擔心，當事情穩定下來時，借記可能會開始放緩。但正如您所見，即使信貸已經恢復，借方仍保持彈性，這使我們的整體支付量保持非常穩定。這些將是大趨勢。另一個問題？

Other revenue.

其他收入。

And other revenue was helped by mostly marketing services and consulting revenue, a fair amount of that linked to the FIFA World Cup. There was a lot of client-related marketing and spending related to the World Cup. Clients ask us to activate a variety of programs and that certainly helped other revenue.

其他收入主要來自營銷服務和諮詢收入，其中相當一部分與 FIFA 世界杯相關。有很多與世界杯相關的客戶相關營銷和支出。客戶要求我們啟動各種程序，這肯定有助於增加其他收入。

Our next question comes from Will Nance with Goldman Sachs.

我們的下一個問題來自高盛的 Will Nance。

Wanted to kind of double click on some of the comments you made around China. It sounds like you guys are looking towards that region as being a fairly big driver of continued recovery in cross-border travel. I think we heard this morning from your competitor that those volumes in aggregate seem to only be something like 1% to 2% of overall cross-border volumes pre-COVID. So was wondering, given how much of a focus this is for investors as a driver of continued strong growth, can you put some guardrails around how we should be thinking about the magnitude of impact of China once it's fully reopened relative to kind of what we saw in the most recent quarter?

想雙擊你在中國發表的一些評論。聽起來你們正在將該地區視為跨境旅行持續復甦的相當大的推動力。我想我們今天早上從你的競爭對手那裡聽說，這些總量似乎只佔 COVID 之前跨境總量的 1% 到 2%。所以我想知道，鑑於這對投資者來說有多大的關注點作為持續強勁增長的驅動力，你能否為我們應該如何考慮中國完全重新開放後相對於我們的那種影響的程度設置一些護欄？最近一個季度看到了嗎？

Well, a couple of things. First, our numbers are fairly close to those of our competitor. We are -- as Vasant said, we really think that, first, we're going to see the travel be outbound from China to Southeast Asia. I think it's going to be still a bit of time before we're going to see a Chinese traveler back in Europe at the level of prepandemic or back in the United States at the level of prepandemic.

好吧，有幾件事。首先，我們的數字與我們的競爭對手相當接近。正如 Vasant 所說，我們真的認為，首先，我們將看到從中國到東南亞的旅行。我認為，我們還需要一段時間才能看到中國遊客在大流行前的水平上回到歐洲，或者在大流行前的水平上回到美國。

And I think it's going to -- people are going to wait and see what's happening with COVID within China. So Vasant talked about the fact that we're not counting on any kind of recovery back -- inbound into China into the second half of the year. But my personal expectation is that we'll see probably a spread of 3 to 5 quarters before -- starting in the second half before China gets back to a level of prepandemic or 2019.

我認為它會——人們將拭目以待，看看中國境內 COVID 的情況。所以 Vasant 談到了這樣一個事實，即我們不指望任何形式的複蘇——今年下半年進入中國。但我個人的預期是，在中國恢復到大流行前或 2019 年的水平之前，我們可能會看到 3 到 5 個季度的傳播——從下半年開始。

So it is -- for us, it's -- we have built our plan around pretty much what Vasant said in his remarks and what I just said. And if China comes back faster than what we're saying, then obviously, that will help us. If it comes back slower, it will have the opposite impact.

所以它是——對我們來說，它是——我們已經圍繞 Vasant 在他的評論中所說的和我剛才所說的內容制定了我們的計劃。如果中國比我們說的更快回來，那麼顯然，這將對我們有所幫助。如果它回來得更慢，則會產生相反的影響。

Yes. I mean in terms of thinking about the impact, you all and we all have been tracking how is our cross-border recovering relative to pre-COVID levels and are we back on the trend line and so on as you know. And we've told you now for a few quarters that many corridors, and I went through a lot of that, are well above the 2019 level. The 3 that were not and are still not, U.S. is approaching -- U.S. inbound is approaching 2019 levels and was held back by the strong dollar, but Asia is still, and I went through the numbers, quite a bit below 2019 levels.

是的。我的意思是，在考慮影響方面，你們所有人和我們都一直在跟踪我們的跨境恢復相對於 COVID 前水平的情況，我們是否回到趨勢線上等等，如你所知。幾個季度以來，我們已經告訴過你，許多走廊，我經歷了很多，都遠高於 2019 年的水平。 3 過去沒有，現在仍然沒有，美國正在接近 - 美國入境接近 2019 年的水平並受到強勢美元的阻礙，但亞洲仍然，我仔細研究了這些數字，遠低於 2019 年的水平。

Most of Asia is open. Only China isn't. So if Asia is going to get back to pre-COVID levels and back to the original trend line, that's where the China impact is going to be visible. And then you expect and we expect that cross-border travel index to keep improving through the year. For that to happen, we obviously need China to come back, so it is important.

亞洲大部分地區都是開放的。只有中國不是。因此，如果亞洲要回到 COVID 之前的水平並回到原來的趨勢線，那將是中國影響顯而易見的地方。然後你預計，我們預計跨境旅遊指數將在今年持續改善。為此，我們顯然需要中國回來，所以這很重要。

Our next question comes from Lisa Ellis with SVB MoffettNathanson.

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

I had a question about the evolution of Visa Direct. You highlighted the plus 39% year-on-year growth ex Russia in the quarter. Over the last few years, you've been talking a lot with tap-to-pay and contactless about there being sort of this inflection point dynamic where you reach a certain level of critical mass and then growth really accelerates. Is this similar dynamic true for Visa Direct? And can you give us a sense for sort of how we should think about that evolve over the next couple of years?

我對 Visa Direct 的發展有疑問。您強調了本季度俄羅斯以外的 39% 同比增長。在過去的幾年裡，你一直在談論點擊支付和非接觸式支付，有一種拐點動態，你達到一定的臨界質量水平，然後增長真正加速。 Visa Direct 是否也有類似的動態？您能否讓我們了解一下我們應該如何考慮未來幾年的發展？

Well, I think, Lisa, you're absolutely right. We're focused in Visa Direct at this point on extending into new geographies, new use cases and more cross-border. I would say those are our focuses. Initially out of the chute, Visa Direct in a country goes through Phase 1, which tends to be P2P before you then get into things like gig economy payouts and transactions like remittances or insurance payments, those kinds of things.

好吧，我認為，麗莎，你是完全正確的。在這一點上，我們專注於 Visa Direct 擴展到新的地域、新的用例和更多的跨境。我會說這些是我們的重點。最初，Visa Direct 在一個國家/地區會經歷第 1 階段，這往往是 P2P，然後您會進入零工經濟支付和匯款或保險支付等交易等事情。

So in the United States -- and every country is going to go through this kind of evolution where they'll start with P2P, get into things like gig economy payouts and then get into more -- and remittances and then more sophisticated use cases. And the United States is much further along that continuum. In other countries, we have made some good progress kind of in that first phase or 2 but haven't gotten into more sophisticated use cases. And then in other geographies, frankly, we're still not there.

所以在美國 - 每個國家都將經歷這種演變，他們將從 P2P 開始，進入零工經濟支付之類的東西，然後進入更多 - 匯款，然後是更複雜的用例。而美國在這個連續體上走得更遠。在其他國家/地區，我們在第一階段或第二階段取得了一些不錯的進展，但還沒有進入更複雜的用例。然後在其他地區，坦率地說，我們仍然不在那裡。

So I think there's a tremendous amount of gas left in the tank in Visa Direct when I look at the opportunities to take use cases to more sophisticated levels in more markets, to open up more markets and to put a real focus on cross-border Visa Direct transactions, which we'll have better yields to them as well. So I think your bottom line theory of your question is -- has some real legitimacy to it, although I would say that it will be probably a bit longer elevation -- a bit longer period of time before you meet the maturity simply because of the different amount of use cases, whereas tap-to-pay is really kind of a single type of initiative.

因此，當我看到機會在更多市場將用例提升到更複雜的水平、開拓更多市場並真正關注跨境 Visa 時，我認為 Visa Direct 的油箱中還有大量汽油直接交易，我們也會為他們帶來更好的收益。所以我認為你的問題的底線理論是 - 有一些真正的合法性，雖然我會說它可能會稍微長一點 - 在你達到成熟之前需要更長的時間只是因為不同數量的用例，而點擊支付實際上是一種單一類型的計劃。

Our next question comes from Dave Koning with Baird.

我們的下一個問題來自 Baird 的 Dave Koning。

Good job. I guess my question, rest of world debit is the 1 place where, I guess, numbers were a little weaker than we had thought, negative 2% constant currency. Is that just a function of portfolio deconversions, Russia, some of the one-off things? And when does that kind of inflect back into positive territory?

做得好。我想我的問題是，世界其他地區的借記是第一個地方，我想，數字比我們想像的要弱一些，固定貨幣為負 2%。這是否只是投資組合去轉換的一個功能，俄羅斯，一些一次性的事情？什麼時候這種情況會回到積極的領域？

I think, Dave, when you look at it ex China and ex Russia, it grew over 10%. And then, yes, the U.K. migrations, in particular, are happening at a faster pace than we thought. And as Vasant said in his remarks, they're almost fully migrated, so certainly, that is having a dragging impact on the growth as well.

我認為，戴夫，當你從中國和俄羅斯出發時，它增長了 10% 以上。然後，是的，尤其是英國移民的發生速度比我們想像的要快。正如 Vasant 在他的評論中所說，他們幾乎完全遷移了，所以當然，這也對增長產生了拖累影響。

Our next question comes from Ramsey El-Assal with Barclays.

我們的下一個問題來自巴克萊銀行的 Ramsey El-Assal。

Al, could you give us your latest thoughts on sort of balance sheet deployment, M&A strategy, what you might be looking for, whether this environment is yielding more potential opportunities or deals? Or is it time maybe to not pursue additional deals as the macro environment remains volatile?

Al，你能告訴我們你對資產負債表部署、併購戰略的最新想法嗎？你可能正在尋找什麼，這種環境是否會產生更多潛在的機會或交易？還是因為宏觀環境仍然動盪，是時候不再尋求額外的交易了？

Nothing has changed in our strategy. We're focused, first and foremost, on organic growth and then growing through M&A, and then from there, dividend and share buybacks in that order. Clearly, there's been a little bit of a burst of the balloon in terms of some of the valuations, in particular, in the fintech world. That is -- that's a helpful characteristic of the environment right now. But I think we will continue to look for capabilities and management teams that would bring more value to Visa than we could bring to ourselves organically.

我們的戰略沒有任何改變。我們首先關注有機增長，然後通過併購實現增長，然後從那裡開始，按順序進行股息和股票回購。顯然，就某些估值而言，特別是在金融科技領域，已經出現了一點點膨脹。也就是說 - 這是當前環境的一個有用特徵。但我認為，我們將繼續尋找能夠為 Visa 帶來比我們有機地為自己帶來更多價值的能力和管理團隊。

And we're in constant evaluation of options. We have a very good corporate development team. It's something that Ryan and Vasant, in particular, spent a good deal of time on. And when we see something that we think will make us better as a company and has a fair value attached to it, we're not afraid to go after it.

我們正在不斷評估各種選擇。我們有一個非常優秀的企業開發團隊。 Ryan 和 Vasant 尤其在這方面花費了大量時間。當我們看到我們認為可以使我們公司變得更好並且具有公允價值的東西時，我們會毫不畏懼地去追求它。

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。

Thanks for all the work and effort, Al, over time, and I wanted to address kind of a bigger picture question for you and maybe for Ryan, is that one of the questions we get a lot from investors is how do we think about kind of the challenges as we eventually reach some level of maturation of card penetration, especially in the U.S. and developed markets and especially given some of the preferences we've seen in other countries for them to develop domestic schemes or at least favor domestic schemes. So just wondering if you can provide a little bit of reflection on what we've seen, thus far, and maybe, Ryan, some ideas on how we should think about kind of maturation and expansion issues going forward.

感謝所有的工作和努力，Al，隨著時間的推移，我想為你和 Ryan 解決一個更大的問題，我們從投資者那裡得到的很多問題之一是我們如何看待隨著我們最終達到一定程度的卡滲透成熟度，尤其是在美國和發達市場，尤其是考慮到我們在其他國家/地區看到的一些偏好，讓他們制定國內計劃或至少支持國內計劃，我們面臨的挑戰。所以只是想知道你是否可以對我們到目前為止所看到的情況進行一些反思，也許，Ryan，關於我們應該如何考慮未來的成熟和擴展問題的一些想法。

I'll start, and then certainly Ryan can add. First, I would say that I believe deeply that there is tremendous opportunity in the card -- traditional card world, both in the consumer space as well as in the B2B space. There are still hundreds and hundreds of millions of people to bring into the financial mainstream. There are still trillions of dollars spent on cash and check. And when you look in the B2B space, we see a total addressable market of about $120 billion across carded opportunities, cross-border and payables and receivables, where I talked a bunch about a number of examples that we have worked on over the course of the last quarter.

我會開始，當然 Ryan 可以補充。首先，我要說的是，我深信卡片——傳統卡片世界，無論是在消費領域還是在 B2B 領域，都存在著巨大的機遇。仍有數以億計的人需要進入金融主流。仍有數万億美元花在現金和支票上。當你審視 B2B 領域時，我們看到一個總計約 1200 億美元的可尋址市場，涵蓋信用卡機會、跨境以及應付賬款和應收賬款，我在其中談到了很多我們在整個過程中處理過的例子最後一個季度。

RTP systems are helping to digitize money movement. That's a good thing. If you look at the disruption caused by monetization in India, it ended up being extraordinarily positive in terms of what it's done in terms of growth in card credentials as well as acceptance, which, by the way, I also should have said, in the traditional world, there's still a tremendous opportunity to grow our acceptance footprint from the level that it's at today.

RTP 系統正在幫助數字化貨幣流動。這是好事。如果你看一下印度貨幣化造成的破壞，它最終在信用卡憑證的增長和接受度方面所做的工作非常積極，順便說一句，我也應該說，在傳統世界，仍然有巨大的機會將我們的接受度從今天的水平提高到現在的水平。

These RTP systems are also helping us and we're leaning into them. They're helping us extend the reach of Visa Direct as we utilize them as part of our network-of-network strategies. They're helping us with open banking through Tink, where we can facilitate greater access to more developers on one end and more financial institutions on the other end. I think RTPs represent an opportunity for us to sell value-added services.

這些 RTP 系統也在幫助我們，我們正在依賴它們。他們正在幫助我們擴大 Visa Direct 的覆蓋範圍，因為我們將它們用作我們網絡戰略的一部分。他們通過 Tink 幫助我們開展開放式銀行業務，我們可以通過 Tink 促進更多開發人員和另一端更多金融機構的接觸。我認為 RTP 代表了我們銷售增值服務的機會。

And I still think the advantages of -- and the capabilities associated with the carded space are still far superior to account to -- account the consumer protections, et cetera. And if you look at Pix in Brazil, you look at UPI in India, these things developed and were put in the marketplace, and we're seeing a fair amount of -- hearing a lot from clients in terms of fraud associated with these networks. And in many ways, that makes sense. They haven't spent the decades and hundreds of millions of dollars that Visa has to build security, fraud capability, risk management capabilities that help keep the ecosystem secure and trusted by consumers. And I think we have the opportunity over time in the A2A space to bring some of those capabilities and earn some good revenue and yield from them. So Ryan, what would you add or delete?

而且我仍然認為優勢 - 以及與卡片空間相關的功能仍然遠遠優於 - 考慮消費者保護等。如果你看看巴西的 Pix，你看看印度的 UPI，這些東西被開發並投放市場，我們看到了相當多的——從客戶那裡聽到了很多與這些網絡相關的欺詐行為.在很多方面，這是有道理的。他們沒有花費 Visa 花費數十年和數億美元來建立安全、欺詐能力、風險管理能力，以幫助保持生態系統的安全和消費者的信任。而且我認為隨著時間的推移，我們有機會在 A2A 領域帶來其中的一些能力，並從中獲得可觀的收入和收益。那麼 Ryan，你會添加或刪除什麼？

Not a lot to add to that, Al. It's great. I mean, James, just in short, we still see a ton of runway. We love our products. We love our people. We love our brand. We love our position and all these markets, whether they're mature or emerging around the world, so tons of runway.

沒什麼可補充的，艾爾。這很棒。我的意思是，詹姆斯，簡而言之，我們仍然看到大量跑道。我們喜歡我們的產品。我們愛我們的人民。我們熱愛我們的品牌。我們熱愛我們的地位和所有這些市場，無論它們是成熟的還是新興的，所以有很多跑道。

Our next question comes from Dan Perlin with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Dan Perlin。

Al, I just wanted to ask a question about how, when you look at the new business that you've won, let's say, in the past 12, maybe even 18 months or so, how that kind of sets Visa up as we think about the next -- I would say the next 2 years, not really much beyond that. But the question really here is, is it tilting to take advantage more of debit trends, credit trends, global hospitality. And I'm kind of asking because Mastercard kind of called it out this morning as their positioning in travel, and it sounds like you were also kind of hinting at some positioning for your business. So I would just be interested to know what that new business pipeline that you brought in suggests over the course of the next 2 years for your company.

Al，我只是想問一個問題，當您查看您贏得的新業務時，比方說，在過去 12 個月，甚至 18 個月左右，這如何像我們認為的那樣設置 Visa關於接下來——我想說的是接下來的 2 年，除此之外不會太多。但真正的問題是，它是否傾向於更多地利用借方趨勢、信貸趨勢和全球熱情好客。我之所以這麼問，是因為萬事達卡今天早上將其稱為他們在旅行中的定位，聽起來你也在暗示你的業務定位。因此，我只想知道您引入的新業務管道在未來 2 年內對您的公司有何建議。

Well, I'd say a couple of things, Dan. Number one, on the travel front, it's been a focus for us for a long time. And I think we have about 650 co-brands around the world. Many of them are travel co-brands, and I think we're the leading co-brand player on the planet. I think that when I look around the world, there's certainly opportunities with traditional issuers. We've made a lot of inroads in markets like Brazil and Chile, the Netherlands, Germany, Japan over the past year. We've had some great renewals in the United States over the last couple of years from JPMorgan Chase to Wells to the ones I talked about today in terms of Bank of America, Cap One, Commerce Bank.

好吧，我想說幾件事，丹。第一，在旅遊方面，長期以來一直是我們關注的焦點。我認為我們在全球擁有大約 650 個聯合品牌。其中許多是旅遊聯合品牌，我認為我們是這個星球上領先的聯合品牌公司。我認為當我環顧世界時，傳統發行人肯定有機會。在過去的一年裡，我們在巴西和智利、荷蘭、德國、日本等市場取得了很大進展。在過去的幾年裡，從摩根大通到富國銀行，再到我今天談到的美國銀行、Cap One、商業銀行，我們在美國進行了一些重大的更新。

But we've also made great inroads with fintechs and neobanks. We have had a great track record of wins in the last 24 to 36 months. And a lot of these people are getting to scale in their particular markets. And I think, for us, we have to have a wider lens in terms of who can provide services. We're trying to get our -- make sure we have -- get Visa cards in as many wallets as we can around the world.

但我們也在金融科技和新銀行方面取得了巨大進展。在過去的 24 到 36 個月裡，我們取得了很好的勝利記錄。這些人中有很多人正在他們的特定市場中擴大規模。而且我認為，對於我們來說，我們必須在誰可以提供服務方面擁有更廣泛的視角。我們正在努力讓我們的——確保我們有——在世界各地盡可能多的錢包裡裝上 Visa 卡。

And then I'm going to come back to acceptance. One of the great ways to continue to grow our business is to grow our acceptance footprint, which still requires a lot of growth around the world. One of the places we've concentrated on that in the last 1.5 years is Latin America. And if you look at the ratio of spending in Latin America that went from -- moved from cash to PV in the last couple of years, back in full year 2020, only 46% of Latin America's volume was PV, with 54% being cash.

然後我要回來接受。繼續發展我們的業務的一個好方法是擴大我們的接受足跡，這仍然需要在世界範圍內大量增長。在過去的 1.5 年裡，我們關注的地方之一是拉丁美洲。如果你看一下過去幾年拉丁美洲從現金轉向光伏的支出比例，回到 2020 年全年，拉丁美洲只有 46% 的數量是光伏，其中 54% 是現金.

This past quarter, we just finished 59% of their PV -- [69%] of their volume was purchase volume, so there was a 13-point swing in the Latin America region in the last not even quite 3 years. And that's a combination of winning with traditional FIs, winning with fintechs, having a localized market-by-market approach with a lot of good -- really good progress in countries in South -- in Latin America like Brazil and Chile.

上個季度，我們剛剛完成了他們 PV 的 59%——[69%] 的交易量是購買量，因此在過去不到 3 年的時間裡，拉丁美洲地區出現了 13 個百分點的波動。這是與傳統金融機構取勝，與金融科技公司取勝，採用本地化逐個市場方法的組合，在南美國家（如巴西和智利）取得了很多很好的進展。

Our next question comes from Harshita Rawat with Bernstein.

我們的下一個問題來自伯恩斯坦的 Harshita Rawat。

Al, best wishes to you, and we'll miss hearing from you on this call. Ryan, congratulations. Can you talk about how this growth strategy and organization have evolved under your leadership? Are you planning to focus more or less on certain things or do some things differently? And Vasant, very quickly, can you comment under your decel from your fourth fiscal quarter to 1Q? You talked about some of the dynamics. But how is that relative to your initial expectations?

Al，向你致以最良好的祝愿，我們會想念你在這次電話會議上的消息。瑞安，恭喜你。您能談談這種增長戰略和組織在您的領導下是如何演變的嗎？您是否打算或多或少地專注於某些事情，或者以不同的方式做一些事情？ Vasant，很快，你能對你從第四財季到第一季度的減速發表評論嗎？你談到了一些動態。但這與您最初的期望相比如何？

Harshita, I don't think we got the second half of your question, so maybe we can knock that off, and then Ryan can talk...

Harshita，我認為我們沒有得到你問題的後半部分，所以也許我們可以解決這個問題，然後 Ryan 可以談談......

[I heard it].

[我聽說了]。

You did?

你做到了嗎？

I think you were asking about -- you said decel, I'm assuming you meant deceleration between the first and the second.

我想你是在問——你說的是減速，我假設你的意思是第一次和第二次之間的減速。

Yes.

是的。

Yes. I mean just a couple of things. The Russia impact is a little larger in the second quarter because we had almost 2 quarters' worth of service fees last year. Remember, we recognize service fees with a lag, so the service fees recognized in the first quarter were based on Q4 growth rates. So sequentially, Q1 was a little lower, so Q2 service fees will be impacted by that.

是的。我的意思是兩件事。俄羅斯的影響在第二季度略大一些，因為我們去年有近兩個季度的服務費。請記住，我們會滯後確認服務費，因此第一季度確認的服務費是基於第四季度的增長率。因此，按順序，第一季度略低，因此第二季度服務費將受到影響。

Also, currency volatility is moderating as we speak. It has been moderating for a few weeks. And incentive growth is a little higher as you saw. So you put it all together. We were a little better than we expected. As you know, we thought we would be high single digits in the first quarter. We were higher for the reasons I mentioned, will be high single digits in the second quarter. That's our expectation right now.

此外，正如我們所說，貨幣波動正在緩和。它已經緩和了幾週。如您所見，激勵增長略高。所以你把它們放在一起。我們比我們預期的要好一點。如您所知，我們認為第一季度會是高個位數。由於我提到的原因，我們更高，第二季度將是高個位數。這是我們現在的期望。

Ryan?

賴安？

Yes, on the first part of your question, I've been a President now for close to 10 years, so I've been shoulder to shoulder with Al and Vasant and the rest of our team as we've made all of our key decisions, as we've developed our strategy, as we've executed our strategy. So it probably won't or shouldn't surprise you, I'm going to continue to focus on the 3 growth pillars that we've laid out: consumer payments, new inflows and value-added services.

是的，關於你問題的第一部分，我已經擔任總裁近 10 年了，所以我一直與 Al 和 Vasant 以及我們團隊的其他成員並肩作戰，因為我們已經完成了所有關鍵任務決策，因為我們已經制定了我們的戰略，因為我們已經執行了我們的戰略。所以它可能不會或不應該讓你感到驚訝，我將繼續關注我們已經制定的 3 個增長支柱：消費者支付、新資金流入和增值服務。

And my priorities are going to be focused on doing everything that we can to accelerate our progress and accelerate our momentum. So how do we go to market? How do we work with clients? How do we ship product faster? How do we sell solutions more effectively to our clients and to part of your question, how do we organize? So earlier this month, I announced a new organizational structure that really reflects our strategy that we talked with all of you about all the time. And we believe it's going to help us accelerate our progress in all 3 of those growth factors.

我的優先事項將集中在盡我們所能來加速我們的進步和加快我們的勢頭。那我們怎麼去市場呢？我們如何與客戶合作？我們如何更快地運送產品？我們如何更有效地向客戶銷售解決方案以及您的部分問題，我們如何組織？所以本月早些時候，我宣布了一個新的組織結構，它真正反映了我們一直與大家討論的戰略。我們相信這將幫助我們加快在所有 3 個增長因素方面的進展。

To give you a quick sketch of that, Oliver Jenkyn, long-time Visa veteran, who many of you know, is going to lead a new global markets organization that includes driving our consumer payments growth in all of our markets around the world. So our 5 regional presidents will report to Oliver. Chris Newkirk, who formerly led our strategy organization, is going to lead our new flows business unit, reporting directly to me. Antony Cahill, who is our former Deputy CEO of Europe, is going to lead our value-added services business unit, reporting directly to me. So our global markets team, our value-added services business unit, our new flows business unit all will report directly to me.

為了讓您快速了解這一點，Oliver Jenkyn 是 Visa 的資深老手，你們很多人都知道，他將領導一個新的全球市場組織，其中包括推動我們在全球所有市場的消費者支付增長。所以我們的 5 位地區總裁將向奧利弗匯報。 Chris Newkirk 曾領導我們的戰略組織，他將領導我們新的流量業務部門，直接向我匯報。我們前歐洲副首席執行官安東尼·卡希爾 (Antony Cahill) 將領導我們的增值服務業務部門，直接向我匯報。因此，我們的全球市場團隊、增值服務業務部門、新的流量業務部門都將直接向我匯報。

And then just to round that out a little bit, Jack Forestell, who also many of you know, will become our Chief Product and Strategy Officer and will partner closely with our President of Technology, Rajat Taneja. And the 2 of them are focused on delivering a robust product and innovation road map, shipping world-class products and services that help our clients grow their businesses and deepen their relationships with their customers. So that gives you a sense of where we are with strategy and the organization.

然後，Jack Forestell（你們很多人都知道）將成為我們的首席產品和戰略官，並將與我們的技術總裁 Rajat Taneja 密切合作。他們兩個專注於提供強大的產品和創新路線圖，交付世界一流的產品和服務，幫助我們的客戶發展業務並加深與客戶的關係。這樣您就可以了解我們在戰略和組織方面的進展情況。

Our next question comes from Ken Suchoski with Autonomous Research.

我們的下一個問題來自 Autonomous Research 的 Ken Suchoski。

Congrats to Al and Ryan. I think you mentioned earlier that you're keeping the second half guidance unchanged. Can you just remind us what that guidance was from either a volume or a net revenue standpoint? Just because I think we have only the prior kind of full year guidance, and I know there's FX that's becoming less of a headwind as you get into the second half.

恭喜艾爾和瑞安。我想你之前提到過你將保持下半年的指導不變。您能否從數量或淨收入的角度提醒我們該指導是什麼？只是因為我認為我們只有之前的全年指導，而且我知道隨著你進入下半年，外彙的逆風正在變得越來越小。

Yes. When we talked to you last quarter, we said, for the full year, revenue growth would be somewhere in the mid-teens on a constant dollar basis adjusted for Russia. And then when you adjust for Russia and you adjust for a full year impact at that time of about 2 points on FX, it was going to be high single digits in nominal dollars. And so you know sort of where we are in Q1 and Q2. And exchange rates have moved around some, so you can do some of the math.

是的。當我們上個季度與您交談時，我們說過，對於全年，收入增長將在針對俄羅斯調整後的固定美元基礎上保持在十幾歲左右。然後當你針對俄羅斯進行調整併針對當時對外彙的大約 2 點的全年影響進行調整時，名義美元將達到高個位數。所以你知道我們在第一季度和第二季度的位置。匯率已經變動了一些，所以你可以做一些數學計算。

We're basically not changing any views on the second half right now because trends have been still fairly stable. The only thing you might want to change is what the exchange rate impact in the second half might be based on where these are right now. I also gave you fairly clear operating expense expectations. We were about 15% growth in the first quarter. We said growth will be 2 to 3 points lower in nominal dollar terms in the second quarter, another 2 to 3 points lower in the third quarter and another 2 to 3 points lower in the fourth quarter.

我們現在基本上不會改變對下半年的任何看法，因為趨勢仍然相當穩定。您可能唯一想改變的是下半年的匯率影響可能基於目前的情況。我還給了你相當明確的運營費用預期。我們在第一季度增長了約 15%。我們說第二季度以名義美元計算的增長率將下降 2 到 3 個百分點，第三季度再下降 2 到 3 個百分點，第四季度再下降 2 到 3 個百分點。

And that reflects what we had said last quarter. That is expense growth will moderate through the year, both as we moderate the rate of increase and also as we lap higher levels of expenses from last year. So those pretty much are the sort of the broad outlines of what we said last quarter. And then we'll update you once again on our next call with any changes we might have based on trends.

這反映了我們上個季度所說的話。也就是說，今年的費用增長將放緩，既是因為我們放慢了增長率，也是因為我們將去年的費用水平提高了。所以這些幾乎就是我們上個季度所說內容的大致輪廓。然後，我們將在下一次電話會議上再次向您通報我們可能根據趨勢做出的任何更改。

Our final 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。

Congrats to Al and Ryan. Excited for both of you. On the renewal front and new deal front, I'll ask on that if you don't mind. Any call-outs on pricing contract requirements, that kind of thing? I know you'd named a bunch of big names on the renewal front. Mastercard talked about the Citizens win there. Just curious what's happening in the whole balance of trade area.

恭喜艾爾和瑞安。為你們倆感到興奮。在續約和新交易方面，如果你不介意的話，我會問一下。關於定價合同要求的任何標註，諸如此類？我知道你在續約方面提到了很多大人物。 Mastercard 談到了 Citizens 在那裡的勝利。只是好奇整個貿易平衡領域發生了什麼。

Well, it's a competitive world out there, Tien-tsin, as you well know. I think that there's a price that you need to get to, and then a lot of it has to do with the combination of incumbency or not, the capabilities you have, what your lineup of customers' clients are in that market, what kind of experience you've had, what kind of innovative ideas you bring to the table, the other kinds of capabilities that we have in terms of services and new flows.

好吧，這是一個競爭激烈的世界，Tien-tsin，正如你所知。我認為你需要達到一個價格，然後很多都與在職與否、你擁有的能力、你的客戶在那個市場中的客戶陣容、什麼樣的你有過的經驗，你帶來了什麼樣的創新想法，我們在服務和新流程方面擁有的其他類型的能力。

So every deal is different and potentially hinges on different things depending upon the needs of a particular client. And we tried to be very bespoke when we look at deals and talk to clients because their needs and their situation will always tend to be a bit different.

因此，每筆交易都是不同的，並且可能取決於特定客戶需求的不同因素。當我們查看交易並與客戶交談時，我們試圖做到非常定制，因為他們的需求和情況總是會有所不同。

And with that, we'd like to thank you for joining us today. If you have additional questions, please feel free to reach out to the Investor Relations team. Thanks again, and have a great day.

因此，我們要感謝您今天加入我們。如果您有其他問題，請隨時聯繫投資者關係團隊。再次感謝，祝你有美好的一天。

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。