(V) 2023 Q2 法說會逐字稿

Welcome to Visa's Fiscal Second Quarter 2023 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 2023 財年第二季度收益電話會議。 （操作員說明）正在錄製今天的會議。如果您有異議，此時您可以斷開連接。

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

我現在想把會議轉交給你的主持人，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, Jordan. Good afternoon, everyone, and welcome to Visa's Fiscal Second Quarter 2023 Earnings Call. Joining us today are Ryan McInerney, Visa's Chief Executive Officer; and Vasant Prabhu, Visa's Vice Chair and Chief Financial Officer. This call is being webcast in 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，喬丹。大家下午好，歡迎來到 Visa 2023 財年第二季度財報電話會議。今天加入我們的有 Visa 首席執行官 Ryan McInerney； Visa 副董事長兼首席財務官 Vasant Prabhu。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 a result of many factors. Additional information concerning those factors is available in our most recent annual report on Form 10-K and any subsequent reports on Forms 10-Q and 8-K, which you can find on the SEC's website and the Investor Relations section of our website.

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，請參閱我們最近的 10-K 表格年度報告以及任何後續的 10-Q 和 8-K 表格報告，您可以在 SEC 網站和我們網站的投資者關係部分找到這些信息。

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

對於本次電話會議中披露的非 GAAP 財務信息，相關的 GAAP 措施和調節可在今天的收益發布中找到。

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

有了這個，讓我把電話轉給瑞安。

Hi, everyone. Good afternoon, and thanks for joining us. Our financial performance in the second quarter of 2023 was very strong with net revenues up 11% year-over-year. Non-GAAP EPS was $2.09, up 17%. Overall, our global quarterly payments volume was up 13% year-over-year, excluding Russia and China.

大家好。下午好，感謝您加入我們。我們在 2023 年第二季度的財務表現非常強勁，淨收入同比增長 11%。非 GAAP 每股收益為 2.09 美元，增長 17%。總體而言，我們的全球季度支付量同比增長 13%，不包括俄羅斯和中國。

In the U.S., quarterly payments volume was up 10%. Outside the U.S., excluding China and Russia, payments volume was up 17.5%. Excluding intra-Europe, total cross-border volume remained strong, up 32%, with cross-border travel volume at 130% of 2019.

在美國，季度支付量增長了 10%。在美國以外，不包括中國和俄羅斯，支付量增長了 17.5%。不包括歐洲內部，跨境總量保持強勁，增長 32%，跨境旅行量為 2019 年的 130%。

Process transactions grew 12% year-over-year. We remain confident that our strategy is focused on the right opportunities. In the second quarter, this strategy continued to deliver, driving strong growth through consumer payments, new flows and value-added services. I'll talk briefly about our progress in each area.

流程交易同比增長 12%。我們仍然相信我們的戰略專注於正確的機會。第二季度，這一戰略繼續發揮作用，通過消費者支付、新流量和增值服務推動強勁增長。我將簡要談談我們在每個領域的進展。

Let's start with consumer payments. Consumer payments remains a massive opportunity for Visa. Even with all the digitization over the last several decades, there is still a tremendous amount of cash and check spent globally. There is a very long runway for growth in this business.

讓我們從消費者支付開始。消費者支付對 Visa 來說仍然是一個巨大的機會。即使在過去幾十年中進行了所有數字化，全球仍有大量現金和支票被花費。這項業務的增長還有很長的路要走。

In consumer payments, the flywheel has 3 parts: grow credentials, more buyers on the network; grow acceptance, more sellers on the network; and drive engagement, more transactions. We continue to grow credentials, up 7% year-over-year through December and 11% excluding Russia. And we now have more than 6 billion tokenized credentials, up nearly 90% from last year, excluding Russia. We continue to grow acceptance with over 100 million merchant locations worldwide. And tap to pay continues to be a powerful driver of engagement.

在消費者支付中，飛輪有 3 個部分：增加憑證，網絡上的更多買家；越來越多的接受度，網絡上的賣家越來越多；並推動參與，更多交易。我們繼續增加證書，截至 12 月同比增長 7%，不包括俄羅斯在內增長 11%。我們現在擁有超過 60 億個令牌化憑據，比去年增長近 90%，不包括俄羅斯。我們在全球範圍內擁有超過 1 億個商戶，接受度不斷提高。自來水支付仍然是參與度的強大推動力。

Globally, 74% of all face-to-face transactions outside the U.S. are now taps. In the U.S., we're at 34%, up 7x from 3 years ago and up more than 10 percentage points from last year.

在全球範圍內，美國以外的所有面對面交易中有 74% 現在是通過點擊進行的。在美國，我們的比例為 34%，比 3 年前增長了 7 倍，比去年增長了 10 個百分點以上。

A couple of highlights in the second quarter include U.S. quick service restaurants, where penetration surpassed 40%. And in key metro areas across the United States, we continue to see great traction beyond the success in New York and San Francisco, L.A., Detroit, Seattle, San Diego and Oakland to Miami are all now over 40%.

第二季度的幾個亮點包括美國快餐店，滲透率超過 40%。在美國的主要都市區，我們繼續看到超越紐約和舊金山、洛杉磯、底特律、西雅圖、聖地亞哥和奧克蘭到邁阿密的成功的巨大吸引力，現在都超過 40%。

Mass transit continues to be one of the best ways to get people used to tapping, and we've set records. In the first half of 2023, we processed more than 745 million Visa tap to ride transactions globally, up 35% over the first half of last year. We've enabled 55 new transit systems, bringing our footprint to over 650.

公共交通仍然是讓人們習慣竊聽的最佳方式之一，我們已經創造了記錄。 2023 年上半年，我們在全球處理了超過 7.45 億筆 Visa tap to ride 交易，比去年上半年增長 35%。我們啟用了 55 個新的交通系統，使我們的足跡超過 650 個。

We also had some significant client wins in the quarter. Starting in North America, we are pleased to have renewed a multiyear agreement with TD, a top 10 North American bank for continued Visa credit and debit issuance in both Canada and the U.S.

我們在本季度還贏得了一些重要的客戶。從北美開始，我們很高興與 TD 續簽多年協議，TD 是北美排名前 10 的銀行，在加拿大和美國繼續發行 Visa 信用卡和借記卡。

In Canada, we renewed our relationship with CIBC with a new multiyear agreement for Visa credit issuance. We renewed our partnership with Marqeta, a leading fintech issuer processor and MoneyGram who is utilizing Visa Direct for cross-border money movement and just recently signed a consumer debit agreement.

在加拿大，我們通過新的多年期 Visa 信貸發行協議續簽了與 CIBC 的關係。我們續簽了與 Marqeta 的合作夥伴關係，Marqeta 是領先的金融科技發行商處理商，MoneyGram 使用 Visa Direct 進行跨境資金流動，並且最近剛剛簽署了消費者藉記協議。

In Asia Pacific, UOB, one of the leading banks in Asia, has renewed and expanded its relationship with us in Singapore, Malaysia, Thailand, Indonesia and Vietnam for both credit and debit cards. OCBC Bank, the second largest bank in Singapore by market cap, renewed its flagship product and portfolio with us, the OCBC 365 credit card.

在亞太地區，亞洲領先銀行之一的大華銀行更新並擴大了與我們在新加坡、馬來西亞、泰國、印度尼西亞和越南的信用卡和借記卡合作關係。新加坡市值第二大銀行華僑銀行與我們更新了其旗艦產品和產品組合，即 OCBC 365 信用卡。

MUFG Bank, the banking arm of Japan's largest financial group, renewed its long-term debit partnership. Chunghwa Post, Taiwan's post office and the largest debit issuer in Taiwan, has renewed its long-term exclusive partnership with Visa. And in India, we're very excited about a long-term consumer credit contract with Axis Bank, targeting new affluent customer segments.

日本最大金融集團的銀行部門 MUFG 銀行續簽了長期借記合作夥伴關係。台灣郵政局和台灣最大的借記卡發卡機構中華郵政與 Visa 續簽了長期獨家合作夥伴關係。在印度，我們對與 Axis Bank 的長期消費信貸合同感到非常興奮，該合同針對的是新的富裕客戶群。

Additionally, I want to highlight an exciting new product innovation that we launched in Japan with our long-time partner, SMBC. It is a single, flexible credential that a consumer can choose to use as a debit, credit or prepaid card. SMBC calls the product, Olive, and we think it could meaningfully enhance the buying experience for SMBC customers and users in many other countries around the world.

此外，我想強調一下我們與長期合作夥伴 SMBC 在日本推出的令人興奮的新產品創新。它是一種單一、靈活的憑證，消費者可以選擇將其用作借記卡、信用卡或預付卡。 SMBC 將該產品稱為 Olive，我們認為它可以顯著提升全球許多其他國家/地區的 SMBC 客戶和用戶的購買體驗。

Now to Europe. In Germany, we've signed a co-brand deal with Solaris and ADAC, which is Germany's largest automobile association with 21 million members. Visa is excited to be the new network of choice for one of the country's largest co-brand portfolios.

現在去歐洲。在德國，我們與 Solaris 和 ADAC 簽署了聯合品牌協議，ADAC 是德國最大的汽車協會，擁有 2100 萬會員。 Visa 很高興成為該國最大的聯合品牌組合之一的新選擇網絡。

In Israel, we renewed and expanded our relationship with our largest issuer, Bank Leumi. In Belgium, we recently reached agreements with 6 issuers to migrate over 2.6 million debit cards to Visa in the next few years, bringing our country total since 2021 to 6.5 million new Visa debit cards.

在以色列，我們更新並擴大了與我們最大的發行人 Bank Leumi 的關係。在比利時，我們最近與 6 家發卡機構達成協議，將在未來幾年內將超過 260 萬張借記卡遷移到 Visa，使我們的國家自 2021 年以來的新 Visa 借記卡總數達到 650 萬張。

And finally, in Latin America, from December 2019 to 2022, we have grown our credentials by 1.5x and our merchant locations by almost 2.5x. Over that time period, the percentage of our total volume that is point-of-sale payments versus getting cash out of an ATM has grown from 46% to 59%, demonstrating the cash digitization happening in the region.

最後，在拉丁美洲，從 2019 年 12 月到 2022 年，我們的證書增加了 1.5 倍，商戶位置增加了近 2.5 倍。在那段時間裡，我們銷售點支付與從 ATM 取款的總交易量的百分比從 46% 增長到 59%，表明該地區正在發生現金數字化。

In Colombia, we're pleased to partner on a co-brand with LATAM Airlines, the largest airline in Latin America. We continue to strengthen our position in Brazil, renewing our partnership with Itau, the largest private bank in the country. We also announced a new strategic deal with Banco de Brasilia that expands upon our existing agreement, including a popular credit program issued in partnership with one of Brazil's leading football teams with over 40 million fans.

在哥倫比亞，我們很高興與拉丁美洲最大的航空公司 LATAM Airlines 合作建立聯合品牌。我們繼續加強我們在巴西的地位，更新我們與該國最大的私人銀行 Itau 的合作夥伴關係。我們還宣布了與 Banco de Brasilia 的一項新戰略協議，該協議擴展了我們現有的協議，包括與巴西一支擁有超過 4000 萬球迷的領先足球隊合作發行的受歡迎的信貸計劃。

Also in Brazil, WhatsApp had already launched peer-to-peer service to facilitate money transfer using Visa Direct. And recently, they announced they will be offering payments from consumers to small businesses as well.

同樣在巴西，WhatsApp 已經推出了點對點服務，以促進使用 Visa Direct 進行匯款。最近，他們宣布他們也將提供消費者向小企業的支付服務。

And more and more, we see clients work with Visa on multiple levels across consumer payments, new flows and value-added services. Natura, the world's fourth largest beauty group with 4-point -- I'm sorry, 4 million beauty consultants in Latin America is a recent example. In 2020, we announced a deal with them, and we just renewed our agreement, which includes digital issuance of a Visa business credential and adds acceptance innovations as well as CyberSource risk management solutions.

我們越來越多地看到客戶在消費支付、新流程和增值服務等多個層面與 Visa 合作。世界第四大美容集團Natura，有4分——不好意思，拉美的400萬美容顧問就是最近的例子。 2020 年，我們宣布與他們達成協議，我們剛剛續簽了協議，其中包括 Visa 商業憑證的數字發行，並增加了驗收創新以及 CyberSource 風險管理解決方案。

Thus far in Brazil, we've issued card to almost 50% of the Natura consultants and we love working with clients that take advantage of our full range of solutions. It's Visa at our best, serving clients in multiple ways across our growth levers.

到目前為止，在巴西，我們已經向近 50% 的 Natura 顧問發放了卡片，我們喜歡與利用我們全方位解決方案的客戶合作。這是我們最好的 Visa，通過我們的增長槓桿以多種方式為客戶提供服務。

Now let me turn to new flows. The potential payment volume opportunity in new flows is enormous, 10x that of consumer payments. New flows revenue in our second quarter grew more than 20% in constant dollars, excluding Russia. Commercial volume was up 15% in constant dollars and Visa Direct transactions were up 32%, excluding Russia.

現在讓我轉向新的流程。新流量中潛在的支付量機會是巨大的，是消費者支付的 10 倍。我們第二季度的新流量收入按不變美元計算增長超過 20%，不包括俄羅斯。按不變美元計算，商業交易量增長了 15%，Visa Direct 交易增長了 32%，不包括俄羅斯。

We've been winning in new flows by executing our network of network strategy. And 2 weeks ago, we announced a new network called Visa Plus that further extends our network of networks. This new network allows users to send and receive payments among different P2P apps through a personalized payment address, a Visa Plus pay name. This enables P2P payments from 1 app directly to another app as well as gig, creator and marketplace payouts. This can be done through an app, a neobank or a wallet. We're connecting end points and form factors and enabling interoperability, our network of network strategy at work. We're launching pilots with several partners, including Venmo, PayPal, TabaPay and Western Union with more to come soon.

通過執行我們的網絡戰略網絡，我們一直在贏得新的流量。兩週前，我們宣布了一個名為 Visa Plus 的新網絡，進一步擴展了我們的網絡。這個新網絡允許用戶通過個性化的支付地址，即 Visa Plus 支付名稱，在不同的 P2P 應用程序之間發送和接收付款。這使得從一個應用程序直接到另一個應用程序的 P2P 支付以及演出、創作者和市場支付成為可能。這可以通過應用程序、新銀行或錢包來完成。我們正在連接端點和形式因素並實現互操作性，我們的網絡戰略正在發揮作用。我們正在與包括 Venmo、PayPal、TabaPay 和 Western Union 在內的多個合作夥伴一起啟動試點，更多合作夥伴即將推出。

Let me now turn to Visa Direct. Visa Direct is also a great example of our network of networks. Visa Direct utilizes 66 ACH networks, 11 RTP networks, 16 card-based networks and 5 gateways with the potential to reach nearly 7 billion endpoints globally.

現在讓我談談 Visa Direct。 Visa Direct 也是我們網絡網絡的一個很好的例子。 Visa Direct 利用 66 個 ACH 網絡、11 個 RTP 網絡、16 個基於卡的網絡和 5 個網關，有可能覆蓋全球近 70 億個端點。

We continue to grow Visa Direct with new use cases and partners. For example, in Peru, Banco de Credito del Peru, BBVA, Interbank and Scotiabank chose Visa Direct as their preferred network and YellowPepper is their technology enabler for the interoperability among their wallets and payment apps.

我們通過新的用例和合作夥伴繼續發展 Visa Direct。例如，在秘魯，Banco de Credito del Peru、BBVA、Interbank 和 Scotiabank 選擇 Visa Direct 作為他們的首選網絡，而 YellowPepper 是他們錢包和支付應用程序之間互操作性的技術推動者。

Last year, we announced our agreement with the payments infrastructure platform Thunes to add send to wallet capabilities to Visa Direct. Similarly, this quarter, our cross-border reach continued to grow, expanding coverage to 32 new wallet providers across 22 countries by connecting to TerraPay, a leading cross-border payments infrastructure company. Together, Visa Direct and TerraPay can enable P2P remittances for individuals as well as business payouts through accounts, wallets and cards.

去年，我們宣布與支付基礎設施平台 Thunes 達成協議，為 Visa Direct 添加發送至錢包功能。同樣，本季度，我們的跨境覆蓋範圍繼續擴大，通過連接到領先的跨境支付基礎設施公司 TerraPay，將覆蓋範圍擴大到 22 個國家/地區的 32 個新錢包提供商。 Visa Direct 和 TerraPay 可以共同實現個人 P2P 匯款以及通過賬戶、錢包和銀行卡進行的企業支付。

Enablers remain an important part of our strategy, and we're partnering with Fiserv to expand on their U.S. domestic Visa Direct business by commercially launching cross-border capabilities for their clients starting with outbound payouts.

推動者仍然是我們戰略的重要組成部分，我們正在與 Fiserv 合作，通過從出境支付開始為他們的客戶商業推出跨境功能，擴大他們在美國國內的 Visa Direct 業務。

I'll mention 2 other recent cross-border agreements. We signed a deal with Brightwell, a global payments technology company to leverage Visa Direct to expand cross-border remittances and payout capabilities for their customers in over 175 countries across a variety of industries such as travel and financial services. And earlier this quarter, PayPal's Zoom announced that customers in the United States can send money directly to an eligible Visa debit card in 25 countries utilizing Visa Direct. In the second quarter, Visa Direct cross-border P2P transactions, excluding Russia, grew nearly 50%.

我會提到其他 2 個最近的跨境協議。我們與全球支付技術公司 Brightwell 簽署了一項協議，利用 Visa Direct 為其在超過 175 個國家/地區的旅遊和金融服務等多個行業的客戶擴展跨境匯款和支付能力。本季度早些時候，PayPal 的 Zoom 宣布美國客戶可以使用 Visa Direct 直接向 25 個國家/地區符合條件的 Visa 借記卡匯款。第二季度，Visa Direct 跨境 P2P 交易（不包括俄羅斯）增長了近 50%。

While Visa Direct is growing fast, B2B is the largest component of new flows. And traditional issuance is the core of what we do today in B2B, comprising the majority of the over $760 billion in commercial payments volume year-to-date.

雖然 Visa Direct 增長迅速，但 B2B 是新流量的最大組成部分。傳統發行是我們今天在 B2B 領域所做工作的核心，佔今年迄今為止超過 7600 億美元商業支付量的大部分。

I'll highlight 3 important issuance deals. In Colombia, we renewed with Grupo Bancolombia, the largest issuer and acquirer in the country for commercial credit and prepaid as well as consumer credit. Financial Technology platform, Adyen, has expanded its offerings with a Visa commercial card initially targeted to its global merchant customers. Visa and Stripe's issuing partnership offers card issuance to enterprise and start-up consumers in the U.S., the U.K. and Europe.

我將重點介紹 3 項重要的發行交易。在哥倫比亞，我們與 Grupo Bancolombia 續約，Grupo Bancolombia 是該國最大的商業信貸和預付以及消費信貸發行人和收單方。金融技術平台 Adyen 擴大了其產品範圍，推出了最初面向全球商戶客戶的 Visa 商務卡。 Visa 和 Stripe 的發行合作夥伴關係為美國、英國和歐洲的企業和初創消費者提供發卡服務。

And for cross-border B2B money movement, which you all know is about Visa B2B Connect a solution that seeks to deliver predictability, speed, reliability, efficiency, data and flexibility to our clients.

對於跨境 B2B 資金流動，眾所周知，Visa B2B Connect 是一種旨在為我們的客戶提供可預測性、速度、可靠性、效率、數據和靈活性的解決方案。

We're building an entirely new network, and we're making progress. Over the last 6 months, we've signed nearly 30 banks in more than 20 countries and payments have been routed to 90 countries globally. And there are several areas for additional expansion in B2B such as new capabilities, new geographies and new verticals.

我們正在構建一個全新的網絡，並且正在取得進展。在過去的 6 個月裡，我們已經與 20 多個國家的近 30 家銀行簽約，付款已路由至全球 90 個國家。 B2B 中還有幾個領域需要進一步擴展，例如新功能、新地域和新垂直領域。

Today, I'll talk about 2 verticals, fleet and fuel, and agriculture. In fleet and fuel, we're seeing a big shift in this vertical where the historically closed loop systems are opening up and receiving the benefits of our investment and innovation. For example, the Standard Bank in South Africa will issue Visa fleet cards in South Africa with plans to roll out across 4 additional priority markets across Africa in 2024. Over the past 2 years, Visa has signed or launched fleet-focused solutions for over a dozen providers with more to come.

今天，我將談論 2 個垂直領域，車隊和燃料，以及農業。在車隊和燃料方面，我們看到了這個垂直領域的巨大轉變，歷史上的閉環系統正在開放，並從我們的投資和創新中受益。例如，南非標準銀行將在南非發行 Visa 車隊卡，併計劃於 2024 年在非洲另外 4 個優先市場推出。在過去的 2 年中，Visa 已簽署或推出以車隊為重點的解決方案，用於超過十幾家供應商，未來還會有更多供應商。

In Latin America, we're bringing our innovative capabilities to an untapped vertical, the agriculture industry. Agriculture represents nearly 15% of the workforce and nearly 25% of the exports in the region, which supplies nearly 15% of the world's food production. Visa has developed a solution called Visa Agro. It provides credit access to farmers in advance of their harvest so that they can buy inputs using Visa credentials with payment periods aligned with their production cycle. Visa Agro is live in 6 countries through partnerships with banks, fintechs, processors and marketplaces.

在拉丁美洲，我們正在將我們的創新能力帶到一個尚未開發的垂直領域，即農業。農業佔該地區近 15% 的勞動力和近 25% 的出口，供應世界近 15% 的糧食產量。 Visa 開發了一種名為 Visa Agro 的解決方案。它為農民在收穫前提供信貸，以便他們可以使用 Visa 憑據購買投入品，付款期限與他們的生產週期相一致。 Visa Agro 通過與銀行、金融科技公司、處理商和市場的合作關係在 6 個國家開展業務。

Now we'll touch on value-added services. Value-added services are equally important to Visa's accelerated growth. By offering compelling value-added services, we help to grow our clients' businesses and deepen our relationships with these clients, increase the yields on our own network volumes and expand beyond our own network by adding value to non-Visa transactions.

現在我們將談談增值服務。增值服務對於 Visa 的加速增長同樣重要。通過提供引人注目的增值服務，我們幫助發展客戶的業務並加深我們與這些客戶的關係，增加我們自己網絡容量的收益，並通過為非 Visa 交易增加價值來擴展我們自己的網絡。

Our existing suite of value-added services is impressive. In the second quarter, we had about $1.7 billion in value-added services revenue, up 20% in constant dollars. And our clients continue to add value-added services. An example is Wells Fargo. As they modernize their acquiring solutions, they're working with CyberSource to offer enhanced product features and functionality for their merchant services customers. Or in Europe, fiscal year-to-date, we've signed on nearly 80% more clients than last year across 11 countries in our popular risk products, Visa Advanced Authorization and Visa Risk Manager, which together delivered increased transactions through higher authorization rates while also lowering fraud.

我們現有的增值服務套件令人印象深刻。第二季度，我們的增值服務收入約為 17 億美元，按不變美元計算增長 20%。並且我們的客戶不斷增加增值服務。一個例子是富國銀行。隨著他們對收單解決方案進行現代化改造，他們與 CyberSource 合作，為他們的商家服務客戶提供增強的產品特性和功能。或者在歐洲，本財年迄今，我們在 11 個國家/地區通過我們廣受歡迎的風險產品 Visa Advanced Authorization 和 Visa Risk Manager 簽約的客戶數量比去年增加了近 80%，這些產品通過更高的授權率共同增加了交易量同時還可以減少欺詐。

Our network products, which includes services such as account and address verification, stop payments and smarter stand-in processing continued to grow at a rapid pace with nearly 500 clients added year-to-date globally.

我們的網絡產品，包括賬戶和地址驗證、停止支付和更智能的代理處理等服務，繼續快速增長，今年迄今在全球範圍內增加了近 500 個客戶。

We also have enhanced and developed new value-added services, which are helping to drive growth and innovation. I'll briefly share 3 examples: Visa Acceptance Cloud, managed services and risk as a service. We spoke about Visa Acceptance Cloud last year, which moves embedded payment processing from individual devices to the cloud. It eliminates the need for expensive terminals as well as the cost and time to certify the processing software. I'm pleased to share that First National Bank in South Africa has launched this solution and Visa expects more pilots to follow soon globally.

我們還增強和開發了新的增值服務，這有助於推動增長和創新。我將簡要分享 3 個示例：Visa Acceptance Cloud、託管服務和風險即服務。我們去年談到了 Visa Acceptance Cloud，它將嵌入式支付處理從個人設備轉移到雲端。它消除了對昂貴終端的需求以及認證處理軟件的成本和時間。我很高興與大家分享，南非第一國民銀行已經推出了這一解決方案，Visa 預計不久將有更多試點在全球範圍內跟進。

Next is managed services, part of our advisory solutions, which is when we embed Visa employees with subject matter expertise within a client's organization to execute on a specific actionable project such as an ongoing management of risk and fraud parameters, product implementations or execution of customer engagement strategies.

接下來是託管服務，這是我們諮詢解決方案的一部分，我們在客戶組織中安排具有主題專業知識的 Visa 員工執行特定的可操作項目，例如風險和欺詐參數的持續管理、產品實施或客戶執行參與戰略。

For example, one issuer for whom we provided end-to-end campaign execution enjoyed a 15% lift in spend and a 40% increase in activation. Managed services are bringing strong results for our clients and growing revenue twice as fast as our core advisory business through the second quarter.

例如，我們為其提供端到端活動執行的發行人的支出提高了 15%，激活率提高了 40%。託管服務為我們的客戶帶來了強勁的業績，第二季度的收入增長速度是我們核心諮詢業務的兩倍。

Finally, our risk as a service offerings also continue to be utilized, powered by network level data, AI capabilities and our risk experts. For example, our AI and machine learning-enabled monitoring service identify suspicious decline activity. For 1 client, we were able to identify a scheme where fraudsters were testing for valid accounts, and then using the accounts to make fraudulent purchases.

最後，我們的風險即服務產品也繼續得到利用，由網絡級數據、人工智能功能和我們的風險專家提供支持。例如，我們的 AI 和支持機器學習的監控服務可識別可疑的拒絕活動。對於一位客戶，我們能夠確定欺詐者測試有效賬戶，然後使用這些賬戶進行欺詐性購買的計劃。

Visa blocked over $7 million in attempted fraud in just 1 month on behalf of this client. This is just 1 example, but you can see how these risk services enable us to both help our clients and generate revenue for Visa. Since launching 6 months ago, we've added nearly a dozen direct clients across 3 regions with a very active pipeline.

Visa 代表該客戶在短短 1 個月內阻止了超過 700 萬美元的欺詐企圖。這只是 1 個示例，但您可以看到這些風險服務如何使我們能夠幫助我們的客戶並為 Visa 創造收入。自 6 個月前推出以來，我們已經在 3 個地區增加了近 12 個直接客戶，並且渠道非常活躍。

In closing, as you all know, I've been at Visa for nearly a decade. And I can say I've never been more excited about the opportunities in front of us. We have a compelling strategy, a world-class team, fantastic clients and an incredible set of capabilities that I believe are second to none. While the current environment still feels uncertain, we have contingency plans ready and are prepared to take action as needed. We're constantly seeking the right balance between the realities of the short term with the enormous opportunities ahead.

最後，眾所周知，我在 Visa 工作了將近十年。我可以說，我對擺在我們面前的機會從未如此興奮過。我們擁有令人信服的戰略、世界一流的團隊、出色的客戶以及我認為首屈一指的令人難以置信的能力。雖然目前的環境仍然不確定，但我們已準備好應急計劃，並準備根據需要採取行動。我們不斷尋求短期現實與未來巨大機遇之間的適當平衡。

So with that, now Vasant will lead us through the financial highlights for the quarter and our thoughts on the rest of the year.

因此，現在 Vasant 將帶領我們了解本季度的財務亮點以及我們對今年剩餘時間的看法。

Thank you, Ryan. Good afternoon, everyone. In our fiscal second quarter, net revenues were up 11% and GAAP EPS up 20%. Non-GAAP EPS was up 17%. In constant dollars, net revenues grew 13% and non-GAAP EPS grew 20%.

謝謝你，瑞安。大家下午好。在我們的第二財季，淨收入增長了 11%，GAAP 每股收益增長了 20%。非 GAAP 每股收益增長了 17%。按不變美元計算，淨收入增長 13%，非 GAAP 每股收益增長 20%。

Adjusted for the discontinuation of operations in Russia, net revenue growth was around 18% in constant dollars. Net revenue growth exceeded our expectations due to strong value-added services and new flows growth, high currency volatility and lower-than-anticipated client incentives.

因俄羅斯業務終止而調整後，按不變美元計算，淨收入增長約 18%。由於強勁的增值服務和新流量增長、高匯率波動以及低於預期的客戶激勵措施，淨收入增長超出了我們的預期。

A few key highlights. In constant dollars, global payments volume was up 10%. Excluding China and adjusted for Russia, global payments volume was up 13%. As a reminder, January and the early part of February lapped Omicron impacts last year.

幾個關鍵亮點。以不變美元計算，全球支付量增長了 10%。剔除中國並針對俄羅斯進行調整後，全球支付量增長了 13%。提醒一下，去年 1 月和 2 月初超過了 Omicron 的影響。

Index to 2019, excluding China and Russia, Global Payments volume was up 61%, which is a compound annual growth rate of approximately 12.5% over the pandemic years. U.S. payments volume was up 10% year-over-year, again helped by lapping the Omicron impact last year. Relative to 2019, U.S. payments volume was up 58%, compounding at 12% over the pandemic years.

截至 2019 年的指數，不包括中國和俄羅斯，全球支付量增長了 61%，與大流行年相比，複合年增長率約為 12.5%。美國支付量同比增長 10%，這再次得益於去年 Omicron 的影響。與 2019 年相比，美國的支付量增長了 58%，在大流行期間複合增長了 12%。

The cross-border travel recovery continues at the pace we expected, indexing at 130 versus 4 years ago, a 5-point improvement from Q1. As expected, the rebound in Asia is now the primary driver. Travel in and out of Asia reached 2019 levels in the quarter and travel into the U.S. was very close.

跨境旅行的複蘇繼續以我們預期的速度進行，與 4 年前相比指數為 130，比第一季度提高了 5 個百分點。正如預期的那樣，亞洲的反彈現在是主要驅動力。進出亞洲的旅行在本季度達到了 2019 年的水平，進入美國的旅行非常接近。

We believe there is more recovery to come. Travel from Mainland China has mostly benefited other parts of Asia so far, but early bookings suggest strong interest in Europe as the summer approaches.

我們相信還會有更多的複蘇。迄今為止，來自中國大陸的旅行主要惠及亞洲其他地區，但隨著夏季的臨近，提前預訂表明人們對歐洲產生了濃厚的興趣。

Our new flows and value-added services businesses continue to power ahead. Excluding Russia and in constant dollars, both businesses grew revenues at or about 20%. In the second quarter of fiscal year '23, we bought back approximately $2.2 billion in stock at an average cost of $222.09 and distributed $941 million in dividends.

我們的新流量和增值服務業務繼續向前發展。不包括俄羅斯和按不變美元計算，這兩家公司的收入均增長了 20% 左右。在 23 財年第二季度，我們以平均成本 222.09 美元回購了約 22 億美元的股票，並分配了 9.41 億美元的股息。

Now onto the details. In the U.S., credit grew 10.5% year-over-year, slightly faster than first quarter. U.S. debit grew 9.6%, up more than 1 point from Q1. U.S. card-present spend grew 8%, U.S. card-not-present volume, excluding travel, grew 9%.

現在進入細節。在美國，信貸同比增長 10.5%，略快於第一季度。美國借記增長 9.6%，比第一季度增長超過 1 個百分點。美國有卡消費增長 8%，美國無卡消費（不包括旅行）增長 9%。

As we look at the monthly cadence in the U.S. through the quarter, January and the early part of February benefited from lapping Omicron to varying degrees. In March, payments volume growth ticked down and has remained at similar growth levels through the first 3 weeks of April. The primary driver of the tick down in the growth rate has been U.S. ticket size, while transaction growth remains in line with Q1 levels at around 8%.

當我們觀察本季度美國的月度節奏時，1 月和 2 月初在不同程度上受益於 Omicron 的研磨。 3 月份，支付量增長略有下降，並在 4 月份的前 3 週一直保持在類似的增長水平。增長率下降的主要驅動因素是美國的機票規模，而交易增長與第一季度的水平保持一致，約為 8%。

Ticket size was up over 1% year-over-year in the first quarter and is down about 2% in March through April 21. Ticket sizes are declining as inflation moderates.

第一季度的票務規模同比增長超過 1%，而在 3 月至 4 月 21 日期間下降了約 2%。隨著通貨膨脹放緩，票務規模正在下降。

Most notably, starting in March and through the summer, we will be lapping the peaks in fuel prices last year. For example, in March 2023, fuel prices were nearly 20% lower than last year. In 2022, fuel prices continue to rise through spring and peaked in June.

最值得注意的是，從 3 月開始一直持續到整個夏季，我們將迎來去年燃油價格的峰值。例如，2023 年 3 月，燃油價格比去年下降了近 20%。 2022 年，燃油價格在整個春季繼續上漲，並在 6 月達到頂峰。

Also contributing is discounting in particular retail goods channels. You have heard various U.S. retailers comment publicly about price cuts they are implementing to clear out inventory or pass on reductions in costs. Across other categories of spend in the U.S., payments volume growth remained strong in services, in particular, travel and entertainment. Nondiscretionary spend growth in categories like food and drug is also holding up well.

還貢獻了特定零售商品渠道的折扣。您已經聽到許多美國零售商公開評論他們正在實施降價以清理庫存或轉嫁成本降低。在美國其他類別的支出中，服務業的支付量增長依然強勁，尤其是旅遊和娛樂。食品和藥品等類別的非自由支配支出增長也保持良好。

Another factor that is a potential drag on U.S. payments volume growth starting in March and through April is the impact of lapping higher tax refunds. Refunds are largely spent in the few weeks post receipt. Based on IRS reported data through April 14, tax refunds are 11% lower this year. We expect this headwind to abate as we get into May.

從 3 月到 4 月，可能拖累美國支付量增長的另一個因素是更高退稅的影響。退款主要在收到後的幾週內花掉。根據美國國稅局截至 4 月 14 日的報告數據，今年的退稅額減少了 11%。我們預計隨著進入 5 月，這種逆風會減弱。

Moving on to international markets. In constant dollars, international payments volume growth rate was strong through the quarter in the major markets. Latin America was up 27% due to improved growth in Mexico and the South Cone. Our CEMEA region, excluding Russia, grew 29%. Europe was up 13%. Excluding the U.K., Europe volumes grew 31%, reflecting share gains in multiple markets. Excluding portfolio conversion, volume trends in the U.K. improved.

走向國際市場。按不變美元計算，本季度主要市場的國際支付量增長率強勁。由於墨西哥和南錐體的增長改善，拉丁美洲增長了 27%。我們的 CEMEA 地區（不包括俄羅斯）增長了 29%。歐洲上漲了 13%。不包括英國在內，歐洲的銷量增長了 31%，反映了多個市場的份額增長。不包括投資組合轉換，英國的交易量趨勢有所改善。

Asia Pacific, excluding China, continued to recover, up 17%. Global process transactions are up 12%. Constant dollar cross-border volume excluding transactions within Europe, but including Russia in prior periods were up 32% year-over-year and up 46% versus 4 years ago.

亞太地區（不包括中國）繼續復甦，增長 17%。全球流程交易增長了 12%。不包括歐洲內部交易但包括俄羅斯在內的前期不變美元跨境交易量同比增長 32%，比 4 年前增長 46%。

Excluding Russia, year-over-year growth was higher by about 3 points and the index 4 years ago was higher by 5 points. Cross-border card-not-present volume growth, excluding travel and excluding intra-Europe, grew 6% year-over-year and was 77% above 2019.

不包括俄羅斯在內，同比增長率高出約 3 個百分點，而 4 年前的指數高出 5 個百分點。不包括旅行和歐洲內部在內的跨境無卡交易量同比增長 6%，比 2019 年增長 77%。

Adjusted for cryptocurrency purchases and Russia, cross-border e-commerce spending grew in the low double digits. Cross-border card not present, excluding travel and intra-Europe, represented over 40% of total cross-border volumes in the second quarter. Cross-border travel-related spend, excluding intra-Europe, grew 59% year-over-year. The cross-border travel, excluding intra-Europe, indexed to 4 years ago, went from 129 in December to 134 in March, or up 5 points.

經加密貨幣購買和俄羅斯調整後，跨境電子商務支出以較低的兩位數增長。不存在跨境卡（不包括旅行和歐洲內部）佔第二季度跨境交易總量的 40% 以上。跨境旅遊相關支出（不包括歐洲內部）同比增長 59%。與 4 年前相比，不包括歐洲內部的跨境旅行從 12 月的 129 次上升到 3 月的 134 次，上升了 5 個百分點。

Travel into Asia now exceeds 2019 levels, while travel out of Asia is around 2019 levels, improving 13 and 11 points, respectively, from the first quarter versus 4 years ago. Travel out of Mainland China is a key driver to watch. With airline capacity coming back fast and streamlined visa issuance, Southeast Asia has been the biggest beneficiary of travel from Mainland China.

進入亞洲的旅行現在超過了 2019 年的水平，而離開亞洲的旅行大約在 2019 年的水平，與 4 年前相比，第一季度分別提高了 13 和 11 個百分點。中國大陸以外的旅行是一個值得關注的關鍵驅動因素。隨著航空公司運力的快速恢復和簽證發放的簡化，東南亞一直是中國大陸旅行的最大受益者。

This is beginning to change as airline capacity is added in other corridors, especially Europe, and COVID-related requirements are eased. We expect the recovery of Asian and, in particular, Chinese travel to be a key driver of the final leg of the cross-border recovery.

隨著其他走廊（尤其是歐洲）的航空公司運力增加，以及與 COVID 相關的要求放寬，這種情況開始發生變化。我們預計亞洲，尤其是中國旅遊業的複蘇將成為跨境復甦最後一站的關鍵驅動力。

Travel outbound from the U.S. to all geographies continue to be strong in the low 150s indexed to 2019. Travel inbound to the U.S. is still hovering just under 2019 levels. A strong U.S. dollar, travel Visa backlog and COVID restrictions have been dragged from the recovery but all are beginning to ease.

從美國到所有地區的出境游在 2019 年的低 150 指數中繼續保持強勁。美國入境游仍徘徊在略低於 2019 年的水平。強勢美元、旅行簽證積壓和 COVID 限制已拖累復甦，但所有這些都開始緩解。

Europe, excluding intra-Europe, inbound and outbound, remained strong with the travel index to 2019 in the low 130s for outbound and high 140s for inbound. Traveling to Latin America and the Caribbean also remained very strong, indexing in the low 160s to 2019 levels.

歐洲（不包括歐洲內部、入境和出境）保持強勁，到 2019 年，出境旅遊指數處於 130 低位，入境旅遊指數處於 140 高位。前往拉丁美洲和加勒比海地區的旅行也仍然非常強勁，指數處於 160 年代的低位至 2019 年的水平。

Travels in and out of CEMEA index in the high 140s versus 4 years ago with outbound up more than 5 points from the first quarter and inbound up by about 10 points.

與 4 年前相比，進出 CEMEA 指數處於 140s 的高點，出境比第一季度上升 5 個多點，入境上升約 10 個點。

Moving now to a quick review of second quarter financial results. Service revenue grew 7% versus the 7% growth in first quarter constant dollar payments volume. Exchange rate drag was offset by growth from business mix and pricing. Data processing revenues grew 10% versus the 12% processed transactions growth. The primary reason is that our data processing revenues are impacted by Russia. However, our transaction growth is not. Adjusting for Russia, data processing revenues were up 14%, helped by value-added services strength.

現在開始快速回顧第二季度的財務業績。服務收入增長 7%，而第一季度不變美元支付量增長 7%。匯率拖累被業務組合和定價的增長所抵消。數據處理收入增長了 10%，而處理的交易收入增長了 12%。主要原因是我們的數據處理收入受到俄羅斯的影響。但是，我們的交易增長不是。對俄羅斯進行調整後，數據處理收入增長了 14%，這得益於增值服務的實力。

International transaction revenues were up 24% versus the 32% increase in constant dollar cross-border volume excluding intra-Europe. Revenue growth was helped by high currency volatility, although lower than the first quarter and pricing actions, offset by exchange rate shifts and business mix.

國際交易收入增長了 24%，而不包括歐洲內部的固定美元跨境交易量增長了 32%。收入增長得益於貨幣的高波動性，儘管低於第一季度和定價行為，但被匯率變化和業務組合所抵消。

Other revenues grew 16%, led by marketing and consulting services as well as benefiting from acquisitions. Client incentives were 26.7% of gross revenues below expectations due to some deal timing, client performance and other items.

其他收入增長了 16%，這主要得益於營銷和諮詢服務以及收購帶來的收益。由於某些交易時間、客戶表現和其他項目，客戶激勵佔總收入的 26.7% 低於預期。

Revenue growth was robust across our 3 growth engines. Consumer payments growth was led by the strength in domestic volume, transactions and cross-border volume as well as high currency volatility. New flows revenue grew over 20%, excluding Russia in constant dollars. Commercial volumes were up 15% in constant dollars and 60% over 4 years ago. Excluding Russia, Visa Direct transactions grew 32%. Value-added services revenue grew 20% in constant dollars, driven by higher volume, increased client penetration and select pricing actions.

我們的 3 個增長引擎的收入增長強勁。國內交易量、交易量和跨境交易量的強勁增長以及貨幣的高波動性帶動了消費者支付的增長。新流量收入增長超過 20%，不包括以不變美元計算的俄羅斯。按不變美元計算，商業交易量增長了 15%，比 4 年前增長了 60%。不包括俄羅斯在內，Visa Direct 交易增長了 32%。增值服務收入按不變美元計算增長了 20%，這得益於銷量的增加、客戶滲透率的提高和精選定價行為的推動。

GAAP operating expenses grew 11%. Non-GAAP operating expenses grew 13%, led primarily by personnel expenses from headcount additions over the past year.

GAAP 運營費用增長了 11%。非 GAAP 運營費用增長 13%，主要是由於過去一年增加員工而產生的人事費用。

Excluding losses from our equity investments of around $90 million, non-GAAP nonoperating income was $32 million, benefiting from higher interest income due to rising rates and a few other items.

不包括我們約 9000 萬美元的股權投資損失，非 GAAP 非營業收入為 3200 萬美元，受益於利率上升和其他一些項目帶來的更高利息收入。

Our GAAP tax rate was 19.3% and non-GAAP was 19.4%. GAAP EPS was $2.03, non-GAAP EPS was $2.09, up 17% over last year, inclusive of a 3-point drag from the stronger dollar.

我們的 GAAP 稅率為 19.3%，非 GAAP 稅率為 19.4%。 GAAP 每股收益為 2.03 美元，非 GAAP 每股收益為 2.09 美元，比去年增長 17%，包括美元走強帶來的 3 個百分點的拖累。

Through the first 3 weeks of April, U.S. payments volume was up 6%, with debit up 6% and credit also up 6%. Compared to 4 years ago, they are up 54%, 63% and 45%, respectively.

4 月的前 3 週，美國的支付量增長了 6%，借方增長了 6%，信貸也增長了 6%。與 4 年前相比，分別增長了 54%、63% 和 45%。

In key markets around the world, we saw continued strength. Processed transactions grew 10% year-over-year and up 50% above 4 years ago.

在全球主要市場，我們看到了持續的強勁勢頭。已處理交易同比增長 10%，比 4 年前增長 50%。

Constant dollar cross-border volume, excluding transactions within Europe, grew 28% and was 47% above 4 years ago. Card-not-present nontravel growth was 77% above 4 years ago, travel-related cross-border volumes were 31% over 4 years ago.

不包括歐洲境內交易的不變美元跨境交易量增長了 28%，比 4 年前增長了 47%。無卡非旅遊增長比 4 年前增長 77%，與旅遊相關的跨境交易量比 4 年前增長 31%。

Moving now to our outlook for the third quarter. Growth in domestic payments volumes remained stable around the globe. As we said last quarter, the recovery from COVID is behind us now for domestic volumes. Post the Omicron impact from last year in January and February, U.S. domestic volume growth rates have ticked down in March driven by the factors we discussed earlier. We believe that some of these factors will persist through the third quarter. As such, we are assuming March and April trends will continue in the U.S. for the rest of the quarter.

現在轉到我們對第三季度的展望。全球國內支付量的增長保持穩定。正如我們上個季度所說，國內銷量已經從 COVID 中復蘇。在去年 1 月和 2 月受到 Omicron 的影響後，受我們之前討論的因素的推動，美國國內銷量增長率在 3 月有所下降。我們相信，其中一些因素將持續到第三季度。因此，我們假設 3 月和 4 月的趨勢將在本季度剩餘時間內在美國繼續。

In aggregate, we expect the international growth trajectory remains largely unchanged from the second quarter. On the cross-border front, the travel recovery trend has been steady and generally in line with our expectations so far in fiscal year '23. The cross-border travel index to 2019, excluding intra-Europe, has been improving at a rate of 5 to 6 points each quarter. We're assuming this trend is sustained through the third quarter.

總體而言，我們預計國際增長軌跡與第二季度相比基本保持不變。在跨境方面，旅遊復甦趨勢一直穩定，總體上符合我們 23 財年的預期。截至 2019 年，不包括歐洲內部的跨境旅行指數一直以每季度 5 至 6 點的速度提高。我們假設這種趨勢將持續到第三季度。

The big driver is recovery in Asia continuing, especially driven by Mainland China. We expect Chinese travel to extend beyond Asia to Europe as we enter the summer.

主要推動力是亞洲的持續復甦，尤其是在中國大陸的推動下。我們預計隨著夏季的到來，中國人的旅遊將從亞洲延伸到歐洲。

On the cross-border e-commerce front, we're also assuming recent trends continue adjusted for crypto-related volatility. It is important to note that even as the cross-border business continues to recover relative to 2019, the year-over-year growth rate will continue to slow down as it has over the past few quarters. Also, currency volatility is moderating, and we are now lapping very high currency volatilities from the third quarter of last year.

在跨境電子商務方面，我們還假設近期趨勢繼續針對與加密相關的波動進行調整。需要注意的是，即使跨境業務相對於 2019 年繼續復甦，但同比增速仍將像過去幾個季度一樣繼續放緩。此外，貨幣波動正在緩和，我們現在正在應對去年第三季度以來非常高的貨幣波動。

Our value-added services and new flows businesses have grown much faster than our consumer payments business. Sustaining faster growth rates for these businesses remains a critical priority.

我們的增值服務和新流量業務的增長速度遠遠超過我們的消費者支付業務。保持這些業務更快的增長率仍然是當務之急。

Client incentives growth is expected to be higher in the second half than it was in the first. This was driven by some delays in renewals that were expected in the first half as well as some significant renewals that were anticipated in fiscal year '24, but are now happening in the second half fiscal year '23.

預計下半年客戶激勵增長將高於上半年。這是由於上半年預期的一些續約延遲以及 24 財年預計但現在發生在 23 財年下半年的一些重大續約所推動的。

In the first half, client incentives as a percent of gross revenue was below our outlook range of 26.5% to 27.5%. In the second half, this percentage is likely to run above the high end of the range. We expect to finish the year in the upper half of the 26.5% to 27.5% range.

上半年，客戶獎勵佔總收入的百分比低於我們 26.5% 至 27.5% 的預期範圍。下半年，這一百分比可能會高於該範圍的高端。我們預計今年將在 26.5% 至 27.5% 範圍的上半部分結束。

When you put all this together, third quarter net revenue growth is expected to be in the low double digits inclusive of an approximately 1 point drag from exchange rates. As we indicated previously, non-GAAP operating expense growth is expected to moderate through the year. Our expectations remain unchanged.

當您將所有這些放在一起時，預計第三季度淨收入增長將處於較低的兩位數，其中包括約 1 個百分點的匯率拖累。正如我們之前指出的那樣，非 GAAP 運營費用增長預計將在今年放緩。我們的期望保持不變。

Q3 non-GAAP operating expense growth is expected to be 2 to 3 points lower than the second quarter, inclusive of an exchange rate impact, which may add 0.5 point to growth. And Q4 non-GAAP operating expense growth will likely be another 2 to 3 points lower than Q3.

第三季度非 GAAP 營業費用增長預計將比第二季度低 2 至 3 個百分點，包括匯率影響，這可能會使增長增加 0.5 個百分點。第四季度非美國通用會計準則營業費用增長可能比第三季度再低 2 到 3 個百分點。

Non-GAAP results exclude certain acquisition-related items and the litigation provision from the third quarter last year. Nonoperating income will continue to benefit from the attractive rates we are earning on our cash balances. As you know, short-term rates have been high lately, which is very helpful, given that we always have very low durations on our cash balances.

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。非營業收入將繼續受益於我們從現金餘額中獲得的有吸引力的利率。如您所知，最近短期利率一直很高，這非常有幫助，因為我們的現金餘額的期限總是很短。

Interest income from cash will likely offset interest expense from debt by $5 million to $10 million in the third quarter. Our tax rate is expected to remain in the 19% to 19.5% range in the third quarter.

現金利息收入可能會在第三季度抵消債務利息支出 500 萬至 1000 萬美元。我們的稅率預計在第三季度將保持在 19% 至 19.5% 的範圍內。

As we've said previously, should there be a recession or a geopolitical shock that impacts our business slowing revenue growth below our assumptions, we will, of course, adjust our spending plan by reprioritizing investments, scaling back or delaying programs and pulling back as appropriate in personnel expenses, marketing spend, travel and other controllable categories.

正如我們之前所說，如果經濟衰退或地緣政治衝擊影響我們的業務，使收入增長放緩至低於我們的假設，我們當然會通過重新確定投資的優先次序、縮減或推遲計劃以及撤回計劃來調整我們的支出計劃。適用於人事費用、營銷費用、差旅和其他可控類別。

In summary, as Ryan said, Visa today has 3 robust growth engines: consumer payments, new flows and value-added services. Our results in the second quarter attest that growth remains healthy across all 3 businesses. The opportunity is vast and the runway for growth remains long.

總之，正如 Ryan 所說，Visa 今天擁有 3 個強勁的增長引擎：消費者支付、新流量和增值服務。我們在第二季度的業績證明，所有 3 項業務的增長都保持健康。機會是巨大的，增長的跑道仍然很長。

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

有了這個，我會把它轉回給詹妮弗。

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

謝謝，瓦桑特。有了這個，我們準備好接受提問了，喬丹。

(Operator Instructions) Our first question comes from Timothy Chiodo with Credit Suisse.

（操作員說明）我們的第一個問題來自瑞士信貸的 Timothy Chiodo。

I want to talk a little bit about Visa Plus a little bit on the mechanics and sort of what could be and then a brief follow-up. So on mechanics, my understanding is, and as you mentioned, apps, neobanks and wallets can be a part of this. But what about the prospect of any account being able to be attached to a pay name that's associated with Visa Plus, meaning traditional bank accounts, and also understand that, at present, the pay name concept in Visa Plus is domestic only, but potentially has the -- I guess, the chance to expand to cross-border?

我想談談 Visa Plus 的一些機制和可能的情況，然後進行簡短的跟進。所以在機制上，我的理解是，正如你提到的，應用程序、新銀行和錢包可以成為其中的一部分。但是，任何賬戶都可以附加到與 Visa Plus 相關聯的支付名稱的前景如何，這意味著傳統的銀行賬戶，並且還要了解，目前，Visa Plus 中的支付名稱概念僅限於國內，但可能有-- 我想，擴展到跨境的機會？

Thanks for the question. Just before I get into 2 specific parts that you asked about, just back up. Visa Plus is a great example of how a lot of innovations in Visa work. Our team started with a problem in the market, which is people have -- we all have these apps with money in them and it's not easy to get money from one app to another.

謝謝你的問題。在我進入您詢問的 2 個特定部分之前，先備份一下。 Visa Plus 是一個很好的例子，說明了 Visa 中的許多創新是如何運作的。我們的團隊從市場上的一個問題開始，這是人們遇到的——我們都有這些應用程序，裡面有錢，而且從一個應用程序到另一個應用程序賺錢並不容易。

And so starting with the problem, which then created the opportunity, we then together with a number of different parts of the company, laid out a road map and then announced the pay name feature in the Visa Plus network, I guess, it was a couple of weeks ago.

所以從問題開始，然後創造機會，然後我們與公司的許多不同部門一起制定了路線圖，然後宣布了 Visa Plus 網絡中的付費姓名功能，我猜，這是一個幾週前。

And like anything, to find product market fit, we are starting with kind of some very specific use cases. So yes, domestic. Yes, we've started with a few partners who happen to be -- but not just in the P2P wallet business like PayPal is with both Venmo and PayPal, we also mentioned Western Union, who is a launch partner with us.

和任何事情一樣，為了找到適合市場的產品，我們從一些非常具體的用例開始。所以是的，國內的。是的，我們已經開始與一些碰巧的合作夥伴合作——但不僅僅是像 PayPal 與 Venmo 和 PayPal 合作的 P2P 錢包業務，我們還提到了西聯匯款，它是我們的啟動合作夥伴。

In theory, the pay name construct could be extended to really any source of funds on any surface. But we're really focused on -- it's early days. We just launched. We think it's a great idea. We think it's got great product market fit. We've gotten really good feedback from the market. We're focused on launching in the U.S. with the partners that we mentioned, and we'll go from there. Thanks for the question, Timothy.

從理論上講，支付名稱結構可以擴展到任何表面上的任何資金來源。但我們真正關注的是——現在還為時尚早。我們剛剛推出。我們認為這是個好主意。我們認為它非常適合產品市場。我們從市場上得到了很好的反饋。我們專注於與我們提到的合作夥伴一起在美國推出，我們將從那裡開始。謝謝你的問題，蒂莫西。

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

我們的下一個問題來自摩根大通的 Tien-Tsin Huang。

Just -- I want to make sure just can we infer from the no change in the operating expense outlook here that Vasant went through that the modest slowdown you saw in March is limited to the U.S. and largely inflation and I think tax-related. And it sounds like it shouldn't extend beyond third quarter from what you see. And then otherwise, no real surprises, in the consumer globally. I just wanted to rehash that back to you.

只是 - 我想確保我們可以從這裡的運營費用前景沒有變化中推斷出 Vasant 經歷了你在 3 月份看到的適度放緩僅限於美國，主要是通貨膨脹，我認為與稅收有關。聽起來它不應該超出你所看到的第三季度。除此之外，在全球消費者中沒有真正的驚喜。我只是想把它重述給你。

Yes. The short answer is yes. We think the consumer is still in good shape. As we said, spending across most categories, other than a couple I mentioned, like fuel and some retail goods price cutting, very strong across services, strong across travel and entertainment, strong in nondiscretionary. So yes, that's how we feel.

是的。簡短的回答是肯定的。我們認為消費者仍然處於良好狀態。正如我們所說，除我提到的幾個類別外，大多數類別的支出，如燃料和一些零售商品降價，跨服務非常強勁，在旅遊和娛樂方面強勁，在非自由支配方面強勁。所以是的，這就是我們的感受。

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。

We've heard of a couple of instances of several large merchants who made the decision to start routing more e-commerce transactions over alternative networks over the past 3 to 5 months. So I just wanted to maybe get an update on your thoughts around some of the recent regulations in the U.S. based on conversations with acquirers, merchants and issuers. Are there any updated thoughts or expectations around the potential impact as new regulations are implemented over the next several months?

在過去的 3 到 5 個月裡，我們聽說過一些大型商家決定開始通過替代網絡進行更多電子商務交易的案例。因此，我只是想根據與收單機構、商家和發行人的對話，了解您對美國近期一些法規的最新看法。隨著新法規在未來幾個月的實施，是否有關於潛在影響的最新想法或預期？

No update, but I'll just kind of again summarize for you how we see things. The changes that the Fed put in place were consistent with our expectations. No changes to the card present side of things. Obviously, in the e-commerce side of things, requires issuers to enable to unaffiliated networks for e-com.

沒有更新，但我會再次為您總結一下我們是如何看待事物的。美聯儲實施的改革符合我們的預期。卡片呈現方面沒有任何變化。顯然，在電子商務方面，要求發行人啟用電子商務的獨立網絡。

Most Visa issuers were already in compliance. Those that aren't will be. We've said and continue to believe that there will be minimum impact in fiscal year '23. And beyond that, it's yet to be determined. We'll kind of see how the marketplace plays out. We continue to believe that merchants are going to want to choose to route transactions to Visa for a number of reasons.

大多數 Visa 發行人已經合規。那些不是的將是。我們已經說過並繼續相信，23 財年的影響將最小。除此之外，還有待確定。我們將看看市場如何發揮作用。我們仍然相信，出於多種原因，商家將希望選擇將交易路由至 Visa。

One is in the e-com space, the merchants bear the liability for fraud in e-commerce. So the ability to save a couple of basis points in cost have to be weighed against the risk that comes from the liability of fraud in the e-commerce space. We believe that our tools capabilities and platforms to help reduce fraud are second to none. We've got advanced fraud and risk processing capabilities that help both issuers, acquirers and sellers reduce fraud. And we've also got a product that has dual messaging functionality that in a number of different use cases, whether it's airlines or hotels or rental cars or in the retail space where there's ordering multiple products that are shipped at different times, the enhanced dual messaging functionality is really required.

一是在電子商務領域，商家承擔電子商務欺詐的責任。因此，必須權衡節省幾個基點成本的能力與電子商務領域欺詐責任帶來的風險。我們相信，我們幫助減少欺詐的工具能力和平台是首屈一指的。我們擁有先進的欺詐和風險處理能力，可幫助發卡行、收單方和賣家減少欺詐。我們還有一款具有雙重消息功能的產品，在許多不同的用例中，無論是航空公司、酒店、租車，還是在零售領域，在不同時間訂購多種產品，增強的雙重功能確實需要消息傳遞功能。

So as always, we're going to continue to compete vigorously. We're going to continue to invest in our products, our capabilities, our services. The market is very competitive today. It's going to get more competitive, but we like our chances to continue to win.

因此，一如既往，我們將繼續積極競爭。我們將繼續投資於我們的產品、我們的能力和我們的服務。今天的市場競爭非常激烈。它會變得更具競爭力，但我們希望有機會繼續獲勝。

Our next question comes from Trevor Williams with Jefferies.

我們的下一個問題來自 Jefferies 的 Trevor Williams。

I want to follow up on value-added services and how much cyclicality we should expect on that line? I mean they've been consistently growing faster than net revenue. Vasant, I know you said maintaining that elevated growth in new flows and value-added services is a priority. But if we are in an environment with slowing volume growth, just how do you expect value-added services in aggregate? And I know there's a wide range of what gets folded in under that label, but just in aggregate, how you expect value-added services to hold up relative to the consumer payments business?

我想跟進增值服務以及我們應該在這條線上期望多少週期性？我的意思是他們的增長速度一直快於淨收入。 Vasant，我知道你說過保持新流量和增值服務的高速增長是當務之急。但是，如果我們處於銷量增長放緩的環境中，您對總體增值服務的期望如何？而且我知道這個標籤下包含了很多內容，但總的來說，您期望增值服務相對於消費者支付業務的表現如何？

Yes, I'll start, and I'm sure Ryan will add. Yes, our goal, of course, is to grow the value-added services business faster than the consumer payments business. And you have to remember that the secular growth in that business coming from adding new services, which we are doing regularly from expanding services outside the U.S., which we're doing as well as deepening penetration with existing clients because not all of them buy all of the services. So there's already a secular growth component.

是的，我會開始，我相信 Ryan 會補充。是的，我們的目標當然是讓增值服務業務比消費者支付業務增長得更快。而且你必須記住，該業務的長期增長來自於增加新服務，我們經常通過擴大美國以外的服務來做這件事，我們正在做這件事以及加深對現有客戶的滲透，因為並非所有人都購買的服務。所以已經有一個長期增長的組成部分。

In terms of being affected by market trends, there are services clearly that are linked to transactions. That's true of many of our services like our DPS business, which is issuer processing or our CyberSource business and even, to some degree, the fraud businesses. So yes, these transactions are impacted in some way. There will be some impact on it. But there is underlying secular growth in that business. I don't know if you would add anything.

在受市場趨勢影響方面，有明顯與交易掛鉤的服務。我們的許多服務都是如此，例如我們的 DPS 業務，即發行人處理或我們的 CyberSource 業務，甚至在某種程度上，欺詐業務。所以是的，這些交易在某種程度上受到了影響。會有一定的影響。但該業務存在潛在的長期增長。我不知道你是否會添加任何東西。

Nothing to add. Well said.

沒什麼可補充的。說得好。

Our next question comes from Bob Napoli with William Blair.

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

I wanted to -- with all the growth in new flows and networks, I just wanted to follow up on the evolution of new technologies, AI and blockchain and how that's affecting your business, how Visa's utilizing those technologies and do they add any opportunities or risks to your business.

我想——隨著新流量和網絡的所有增長，我只想跟進新技術、人工智能和區塊鏈的發展，以及這對您的業務有何影響，Visa 如何利用這些技術，以及它們是否增加了任何機會或給您的業務帶來風險。

Bob, I think I heard the gist of the question cut in and out a little bit. Let me hit AI and blockchain. I think that's what you're asking . More broadly, we're obviously monitoring anything and everything that's impacting commerce and money movement around the world. And our approach is what it has been, which is to lean into those technologies and use them to add value to our products and services and clients and capabilities around the world.

鮑勃，我想我聽到了問題的要點。讓我打人工智能和區塊鏈。我想這就是你要問的。更廣泛地說，我們顯然正在監控影響全球商業和資金流動的任何事物。我們的方法一如既往，即依靠這些技術並利用它們為我們的產品和服務以及全球客戶和能力增加價值。

I guess, AI and blockchain. On AI, clearly, a lot of activity in generative AI right now. Before I get to that, I'll just mention that we have a long history developing and using predictive AI and deep learning. We were one of the pioneers of applied predictive AI. We have an enormous data set that we've architected to be utilized at scale by hundreds of AI and ML, different services that people use all across Visa. We use it -- we use it to run our company more effectively. We use it to serve our clients more effectively. And this will continue to be a big part of what we do.

我猜，人工智能和區塊鏈。在 AI 方面，很明顯，現在在生成 AI 方面有很多活動。在開始之前，我只想提一下，我們在開發和使用預測性人工智能和深度學習方面有著悠久的歷史。我們是應用預測人工智能的先驅之一。我們擁有一個龐大的數據集，我們設計這些數據集可以供數百種 AI 和 ML 以及人們在整個 Visa 中使用的不同服務大規模使用。我們使用它——我們用它來更有效地運營我們的公司。我們用它來更有效地為我們的客戶服務。這將繼續成為我們所做工作的重要組成部分。

As you transition to generative AI, this is where -- we see this as an opportunity to take our current AI services to the next level. We are kind of as a platform, experimenting with a lot of the new capabilities that are available. We've got people all over the company that are tinkering and dreaming and thinking and doing testing and figuring out ways that we could use generative AI to transform how we do what we do, which is deliver simple, safe and easy-to-use payment solutions.

當您過渡到生成式 AI 時，這就是 - 我們認為這是將我們當前的 AI 服務提升到一個新水平的機會。我們有點像一個平台，試驗許多可用的新功能。我們整個公司都有人在修修補補、夢想、思考、測試和找出我們可以使用生成 AI 來改變我們做事方式的方法，即提供簡單、安全和易於使用的服務支付解決方案。

And we're also spending a fair bit of time thinking how generative AI will change the way that sellers sell, and we all buy and all of the shop. So that is -- it's a big area of opportunity that we're looking at in many different ways across the company.

我們還花了相當多的時間思考生成式人工智能將如何改變賣家的銷售方式，以及我們都購買和所有商店的方式。這就是 - 這是一個很大的機會領域，我們正在整個公司以許多不同的方式尋找機會。

In terms of, I guess, blockchain and crypto, it's -- as far as we see, it's still early days, still emerging technologies. But as we've said in other venues, we see the potential for blockchain. We see the potential for stable coins. If you look at what we're doing in the market today, it's relatively basic, but I'd call it important work. We're enabling on and off ramps on crypto. We're working with exchanges around the world to issue their users Visa credentials, and we're developing the capability for our issuer and acquirer partners to have a choice to settle in stable coins. And we're engaging with central banks all around the world on CBDC priorities.

我想，就區塊鍊和加密而言，就我們所見，它仍處於早期階段，仍是新興技術。但正如我們在其他場合所說，我們看到了區塊鏈的潛力。我們看到了穩定幣的潛力。如果你看看我們今天在市場上所做的事情，它是相對基本的，但我稱之為重要的工作。我們正在啟用加密貨幣的上下坡道。我們正在與世界各地的交易所合作，向他們的用戶頒發 Visa 憑證，我們正在開發能力，讓我們的發行方和收單方合作夥伴可以選擇以穩定幣結算。我們正在與世界各地的中央銀行就 CBDC 的優先事項進行接觸。

Now the stuff we've got going in the lab, if you will, the R&D work that we're doing is we're testing and ideating on all sorts of different ideas on how we could leverage blockchain and Web 3 and Layer 1 and Layer 2 solutions, smart contracts. I mean we've got teams of people that are exploring all those different types of innovations. And we'll see how they play out in the market. And if there's things to scale, we want to be part of that.

現在我們在實驗室中進行的工作，如果你願意的話，我們正在做的研發工作是我們正在測試和構思各種不同的想法，關於我們如何利用區塊鍊和 Web 3 以及第 1 層和第 2 層解決方案，智能合約。我的意思是我們的團隊正在探索所有這些不同類型的創新。我們將看到它們如何在市場上發揮作用。如果需要擴展，我們希望成為其中的一部分。

Our next question comes from Sanjay Sakhrani from KBW.

我們的下一個問題來自 KBW 的 Sanjay Sakhrani。

Vasant, I'm just trying to think about all the areas that are impacting you differently than what you may have planned for, for the fiscal year, like this transitory impact that you mentioned in March and April that are persisting and then the moderating FX volatility. As we pull up and think about the fiscal year, do you feel like we're in about the same place where you started in terms of your forecast, given the strength in other places? Just trying to think through all of that.

Vasant，我只是想考慮所有對你產生不同影響的領域，而不是你計劃的財政年度，比如你在 3 月和 4 月提到的這種持續存在的暫時性影響，然後是緩和的外匯揮發性。當我們停下來思考本財年時，考慮到其他地方的實力，你是否覺得我們在你的預測方面與你開始的地方大致相同？只是想考慮所有這些。

Yes, I think that's right. Clearly, the moderation in volatility is not a big surprise. Volatility last year were very high by historical standards. If anything, they've held up better than we expected so far this year. And even now, they're, I'd say, a little bit higher than long run medians, but not -- last year was real highs that we haven't seen in a while. So that's not a surprise.

是的，我認為這是對的。顯然，波動性放緩並不令人意外。以歷史標準衡量，去年的波動性非常高。如果有的話，他們今年到目前為止的表現比我們預期的要好。即使是現在，我想說，它們也比長期中值高一點，但不是——去年是我們有一段時間沒見過的真正高點。所以這並不奇怪。

The cross-border business is recovering almost on track with our expectations, which, again, we had no real crystal ball, but we are very close to what we were expecting. And it's recovering nicely, and it's exactly as we expected. Asia driving it, China playing an important role.

跨境業務的複蘇幾乎符合我們的預期，同樣，我們沒有真正的水晶球，但我們非常接近我們的預期。它正在恢復得很好，並且完全符合我們的預期。亞洲在推動它，中國扮演著重要角色。

The cross-border e-commerce business. In general, the e-commerce business is holding up well. International is very strong, especially Europe. Europe is strong, defying what we may have expected going into the year. If there is a positive surprise, it's clearly Europe.

跨境電商業務。總的來說，電子商務業務表現良好。國際化很強，尤其是歐洲。歐洲很強大，出乎我們對今年的預期。如果有一個積極的驚喜，那顯然是歐洲。

And then other parts of the world like Latin America, many -- most parts of Latin America and the Middle East are also doing well. And Asia is recovering. So yes, I mean, as you would expect some things are better than you expect, some things are a little bit lower. But in aggregate, the business is doing as well or better than we expected, as you saw from our results.

然後是世界其他地區，如拉丁美洲，許多 - 拉丁美洲和中東的大部分地區也表現良好。亞洲正在復蘇。所以是的，我的意思是，正如您所期望的那樣，有些事情比您預期的要好，有些事情會比您預期的要低一些。但總的來說，正如您從我們的結果中看到的那樣，該業務的表現與我們預期的一樣好或更好。

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

我們的下一個問題來自美國銀行的 Jason Kupferberg。

Just going back to your initial expectations for fiscal '23 at the outset of the fiscal year. I believe you were forecasting that Q4 net revenue growth would accelerate versus Q3. Just wondering if that's still the case given some of the quarterly moving parts here, including on the incentive line.

回到你在本財年開始時對 23 財年的最初預期。我相信您曾預測第四季度淨收入增長將比第三季度更快。只是想知道考慮到這裡的一些季度變動部分，包括在激勵線上，情況是否仍然如此。

I don't think we gave you a quarterly revenue growth outlook. So I don't know exactly where that came from. I mean, we said -- we gave you some sense of our planning assumptions for the full year and said that we would give you 1 quarter out, our best sense of the quarter out, which we've done for Q3. And we'll give you our best sense of Q4 when we get to July.

我認為我們沒有給你季度收入增長前景。所以我不知道那是從哪裡來的。我的意思是，我們說 - 我們讓你了解了我們全年的計劃假設，並說我們會給你一個季度，我們對這個季度的最佳感覺，我們已經為第三季度做了。當我們到達 7 月時，我們將為您提供對第 4 季度的最佳感覺。

Our next question comes from Lisa Ellis with MoffettNathanson.

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

I have just a question on the upcoming official launch of FedNow in July. Ryan, you mentioned in your prepared remarks, of course, that Visa Direct works with dozens of other networks around the world. Are you anticipating connecting into FedNow? And can you just update us again on how you see the rollout of FedNow affecting Visa, particularly your ability to win in new flows?

我有一個關於即將於 7 月正式發布的 FedNow 的問題。 Ryan，你在準備好的發言中提到，當然，Visa Direct 與世界各地的許多其他網絡合作。您期待連接到 FedNow 嗎？您能否再次向我們介紹您如何看待 FedNow 的推出對 Visa 的影響，尤其是您贏得新流量的能力？

Thanks, Lisa. Yes, we want to connect to any real-time payment network on the planet, and that's been our track record so far. That's the short answer to the first part of your question. Just back up, and I'll just take a minute on this.

謝謝，麗莎。是的，我們想連接到地球上的任何實時支付網絡，這是我們迄今為止的記錄。這是對問題第一部分的簡短回答。只是備份，我會花一點時間。

Before I dive into FedNow, let me put it in context as it relates to Visa. Today -- I'll start with Visa Debit. Visa Debit is a feature-rich widely adopted safe, simple, secure payment option. And we've got global broad-based acceptance. We've got dual message capabilities, as I mentioned earlier, well-established disputes and charge-back processes, well-understood rules and accepted rules, not just in the U.S. but around the world. We've got zero liability fraud protection, tokenization capabilities, risk management tools, security services. And it's a really, really good customer experience. It's a great buying experience. It's a great selling experience. So that's Visa Debit.

在深入探討 FedNow 之前，讓我將其放在與 Visa 相關的上下文中。今天 -- 我將從 Visa 借記卡開始。 Visa Debit 是一種功能豐富且被廣泛採用的安全、簡單、可靠的支付選項。我們得到了全球廣泛的認可。正如我之前提到的，我們擁有雙重消息功能、完善的爭議和退款流程、易於理解和接受的規則，不僅在美國而且在世界各地。我們擁有零責任欺詐保護、令牌化功能、風險管理工具和安全服務。這是一種非常非常好的客戶體驗。這是一次很棒的購買體驗。這是一次很棒的銷售體驗。這就是 Visa 借記卡。

On Visa Direct, Visa Direct builds on all of those features, the scale, the ubiquity, the great experiences to deliver push payment solutions, both domestically and around the world, as I mentioned earlier, to 7 billion endpoints. And there, too, it's a really, really good customer experience, both for the user and for the kind of enabler of the experience.

在 Visa Direct 上，Visa Direct 建立在所有這些功能、規模、普遍性以及向 70 億端點提供推送支付解決方案的出色體驗的基礎上，包括國內和世界各地，正如我之前提到的那樣。而且，對於用戶和體驗的推動者來說，這也是一種非常非常好的客戶體驗。

So if you put FedNow in context of all of that. So just to talk specifically about FedNow, the first thing I would say is that modernizing the payments infrastructure in the United States is a smart thing to do. It's a necessary thing to do, and it's good for Americans. So that's -- it's something that is a good thing happening in the U.S. And I'd also say that any force digitizing money movement is a catalyzing force for all of us. And I expect that the FedNow, like TCH, it's going to take some time. It will eventually get traction, but it will take some time to build adoption.

所以如果你把 FedNow 放在所有這些的背景下。因此，就 FedNow 而言，我首先要說的是，對美國的支付基礎設施進行現代化改造是一件明智的事情。這是必須要做的事情，對美國人也有好處。這就是——這是在美國發生的一件好事。而且我還要說，任何將貨幣運動數字化的力量都是我們所有人的催化劑。我預計 FedNow 和 TCH 一樣需要一些時間。它最終會受到關注，但需要一些時間來建立採用率。

And one of the most -- I'd say it this way. One of the most powerful capabilities in payments is ubiquity. RTP doesn't have that yet in the U.S. It will happen, but it's going to take time. And the other thing I'd say is that an RTP transaction is a relatively simple transaction type. It's instant, it's permanent and it's irrevocable. I think over time, it will get enhanced, but that's kind of where we are. So if you take all that and say, what does it mean? I think the most instructive thing to do as we think about real-time payments in the U.S. is look around the world. And if you go to the U.K., we've had faster payments in the U.K. for 15 years now. We haven't seen much, if any, impact on Visa Debit. And the U.K. is also -- it's a robust and growing market for Visa Direct.

最重要的之一——我會這樣說。支付中最強大的功能之一是無處不在。 RTP 在美國還沒有。它會發生，但需要時間。我要說的另一件事是 RTP 交易是一種相對簡單的交易類型。它是即時的，它是永久的，而且是不可撤銷的。我認為隨著時間的推移，它會得到增強，但這就是我們所處的位置。因此，如果您接受所有這些並說，這是什麼意思？我認為，當我們考慮美國的實時支付時，最有啟發性的事情就是環顧世界。如果你去英國，我們在英國的支付速度已經有 15 年了。我們沒有看到對 Visa 借記卡的影響（如果有的話）。英國也是 - 它是 Visa Direct 的一個強勁且不斷增長的市場。

So just I think we'll see what happens. We'll see how things expand in the U.S., but kind of like I was saying earlier, we like our products. We love our clients. We love the capabilities and teams that we have, and we feel good about our ability to continue to add value and grow the businesses in the U.S.

所以我想我們會看到會發生什麼。我們會看到事情在美國如何發展，但有點像我之前說的，我們喜歡我們的產品。我們熱愛我們的客戶。我們喜歡我們擁有的能力和團隊，我們對我們繼續在美國增加價值和發展業務的能力感到滿意。

Our next question comes from Rayna Kumar with UBS.

我們的下一個問題來自瑞銀的 Rayna Kumar。

B2B Connect seems like it could be a big opportunity to capture B2B cross-border. I know, Ryan, you mentioned that over the last 6 months, Visa has signed nearly 30 banks for B2B Connect. Can you talk about the competitive environment and the sales process with those customers? And if you can give us a sense of how much volume has been flowing through B2B Connect.

B2B Connect 似乎是抓住 B2B 跨境的大好機會。我知道，Ryan，你提到在過去 6 個月裡，Visa 已經與近 30 家銀行簽署了 B2B Connect 協議。你能和那些客戶談談競爭環境和銷售過程嗎？如果您能告訴我們有多少流量通過 B2B Connect 流動。

Yes, thanks for the question. We're building out a new network. We know how to do that, and we also know it takes time. If I give you an example and then come back to your question, we're excited to talk with all of you about the success we're having with Visa Direct. The billions of transactions, the use cases, everything that we're seeing now, that journey started many, many years ago, country by country, client by client, working with our issuing clients, especially to get into their tech cues, build out the functionality. And then fast forward many years and we're having the success that we're having with that platform today. B2B Connect is in the earlier stages of that.

是的，謝謝你的提問。我們正在建立一個新的網絡。我們知道如何做到這一點，我們也知道這需要時間。如果我給你舉個例子，然後再回到你的問題，我們很高興能與大家討論我們通過 Visa Direct 取得的成功。數十億筆交易，用例，我們現在看到的一切，這段旅程始於很多很多年前，一個國家接一個國家，一個客戶接一個客戶，與我們的發行客戶合作，特別是了解他們的技術線索，建立功能。然後快進很多年，我們在這個平台上取得了今天的成功。 B2B Connect 處於早期階段。

So to your question around the sales cycles, we know how to do it. We've done it with other networks as we built out, but it takes time. Country-by-country around the world. We're working with our banks. We're helping them understand the value of the product and the solution, which almost unanimously is the easiest part of the sales process.

因此，對於您關於銷售週期的問題，我們知道該怎麼做。我們已經在構建其他網絡時做到了這一點，但這需要時間。世界各國逐個國家。我們正在與我們的銀行合作。我們正在幫助他們了解產品和解決方案的價值，這幾乎是銷售過程中最簡單的部分。

Like when you compare B2B Connect versus the alternatives that are out there, I mean, I mentioned in my prepared remarks, side-by-side to almost any other alternative that's out there, B2B Connect is a far superior product. But it takes work. so we're working on it country by country. I mentioned some of the numbers in my prepared remarks. I don't have any numbers to share today beyond those. And we expect, over time, we'll share more with you about the success we're hopefully having.

就像當您將 B2B Connect 與現有的替代品進行比較時，我的意思是，我在準備好的發言中提到，與幾乎所有其他現有的替代品並排，B2B Connect 是一個非常出色的產品。但這需要工作。所以我們正在逐個國家開展工作。我在準備好的發言中提到了一些數字。除了這些，我今天沒有任何數字可以分享。我們希望，隨著時間的推移，我們將與您分享更多我們希望取得的成功。

Our next question comes from Dave Koning with Baird.

我們的下一個問題來自 Baird 的 Dave Koning。

And my question, just personnel expenses up 24% year-over-year. It was one of the biggest increases we've seen, which is kind of in the face of a lot of tech companies that are cutting. Why was it up so much, I guess, is just the question?

我的問題是，人事費用同比增長 24%。這是我們所見過的最大增幅之一，這是面對許多正在裁員的科技公司。我想，為什麼漲了這麼多，這只是個問題？

Yes. It's additions, we had made over the last 12 months in headcount. There's also some unusual items that flow through there that are offset. This is the deferred comp. It hits you on the personnel line, but it's offset on the nonoperating income line. So that distorts it a little bit.

是的。這是我們在過去 12 個月中增加的人數。還有一些不尋常的項目流經那裡，這些項目被抵消了。這是延遲補償。它在人事線上影響了你，但它在非營業收入線上被抵消了。所以這有點扭曲它。

But you will see that growth rate start to decline quite a bit because we've been moderating headcount increases as we went through the year. And it's all incorporated in the outlook we gave you for expenses, which we told you, the growth of expenses will slow through the year. It was 2 or 3 points lower than last quarter. This quarter, it will be 2 to 3 points lower next quarter and another 2 to 3 points lower in the fourth quarter, and we're on track for that.

但是你會看到增長率開始下降很多，因為我們在過去一年中一直在緩和員工人數的增長。這一切都包含在我們給你的支出展望中，我們告訴過你，支出的增長將在今年放緩。比上一季度下降了2、3個百分點。本季度，下個季度將下降 2 到 3 個百分點，第四季度再下降 2 到 3 個百分點，我們正朝著這個目標邁進。

Our final question comes from Darrin Peller with Wolfe Research.

我們的最後一個問題來自 Wolfe Research 的 Darrin Peller。

Vasant, we heard your comments on third quarter growth expectations, but would just love to hear a little bit more on full year. You've obviously outperformed so far especially on -- really on both reported and constant currency basis, the first fiscal quarters. And then guidance seems to be shaping up better than your full year outlook. So just maybe a little more comment on how you see the full year versus guidance? And then I guess, Ryan, on the yields, it looks so strong. Was that -- do you see a long runway for value-added services to keep growing as a percentage of the yield -- of every transaction revenue mix going forward so that, that can keep being sustainable?

Vasant，我們聽到了您對第三季度增長預期的評論，但很想听到更多有關全年的信息。到目前為止，你顯然表現出色，尤其是在第一個財政季度——實際上是在報告和固定貨幣基礎上。然後指導似乎比你的全年展望更好。那麼，也許就您如何看待全年與指導相比發表更多評論？然後我想，Ryan，就收益率而言，它看起來非常強勁。那是——你是否認為增值服務在未來每項交易收入組合中的收益百分比繼續增長，以便保持可持續發展？

Yes. Look, I think we'll stick with what we said earlier. I think you have a good sense of the trends. And if the trends continue, you have -- it's very easy for you to assess what the fourth quarter would look like. And as it relates to value-added services, I don't know, Ryan, if you want to add anything. But clearly, I mean, the approach to value-added services is the yield enhancer. If you have the transaction, the more value-added services you can provide, the higher the yield you can get on the transaction, and that is clearly the objective.

是的。看，我想我們會堅持我們之前所說的。我認為你對趨勢有很好的了解。如果這種趨勢繼續下去，你就很容易評估第四季度的情況。由於它涉及到增值服務，我不知道，Ryan，你是否想添加任何東西。但很明顯，我的意思是，增值服務的方法是提高收益。如果你有交易，你能提供的增值服務越多，你在交易中獲得的收益就越高，這顯然是目的。

Yes. And I think we've got great sales teams, great product teams all around the world. They're doing a great job sitting with our clients, helping them understand these products and services and getting those products and services embedded into our clients. And we've got a very robust product pipeline across all of our various types of value-added services and we're optimistic about the ability to continue to grow that business.

是的。我認為我們在世界各地都有優秀的銷售團隊、優秀的產品團隊。他們與我們的客戶坐在一起，幫助他們了解這些產品和服務，並將這些產品和服務嵌入到我們的客戶中，做得很好。我們在所有各種類型的增值服務中都有一個非常強大的產品線，我們對繼續發展該業務的能力感到樂觀。

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.

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，祝你有美好的一天。