Visa Inc (V) 2023 Q3 法說會逐字稿

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

歡迎參加 Visa 2023 年第三季度財報電話會議。 （操作員指示）今天的會議正在錄製。 （操作員說明）

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

現在我想將會議交給東道主、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 Third Quarter 2023 Earnings Call. Joining us today are Ryan McInerney, Visa's Chief Executive Officer; Vasant Prabhu, Visa's Vice Chair and Chief Financial Officer; and Chris Suh, Visa's Chief Financial Officer Designate.

謝謝，喬丹。大家下午好，歡迎參加 Visa 2023 年第三季度財報電話會議。今天加入我們的還有 Visa 首席執行官 Ryan McInerney； Vasant Prabhu，Visa 副主席兼首席財務官；以及 Visa 候任首席財務官 Chris Suh。

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.

本次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。包含財務和統計要點的幻燈片已發佈在我們的投資者關係網站上。

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

我還想提醒您，本演示文稿包含前瞻性陳述。這些陳述並不是對未來業績的保證，我們的實際結果可能會因許多因素而產生重大差異。有關這些因素的更多信息，請參閱我們最新的 10-K 表格年度報告以及 10-Q 和 8-K 表格後續報告，您可以在 SEC 網站和我們網站的投資者關係部分找到這些報告。對於本次電話會議中披露的非公認會計準則財務信息，相關的公認會計準則衡量指標和調節表可在今天的收益發布中找到。

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

接下來，讓我把電話轉給瑞安。

Good afternoon, and thank you for joining us.

下午好，感謝您加入我們。

Our financial performance in the third quarter of 2023 was strong, with net revenues up 12% year-over-year. Non-GAAP earnings per share was $2.16, up 9%. Overall, our global quarterly payments volume was up 9% year-over-year.

我們 2023 年第三季度的財務業績強勁，淨收入同比增長 12%。非 GAAP 每股收益為 2.16 美元，增長 9%。總體而言，我們的全球季度付款量同比增長 9%。

In the U.S., quarterly payments volume was up 6%, as expected, primarily due to moderating inflation. Outside the U.S., international payments volume was up 12%. Excluding intra-Europe, total cross-border volume remained strong, up 22%, with cross-border travel volume at 136% of 2019. Processed transactions grew 10% year-over-year.

在美國，季度支付量增長 6%，符合預期，主要是由於通脹放緩。美國以外的國際支付量增長了 12%。不包括歐洲內部，跨境交易總量依然強勁，增長了 22%，其中跨境旅行量佔 2019 年的 136%。處理的交易量同比增長 10%。

As I mentioned on our previous earnings call, my priorities are focused on doing everything that we can to accelerate our growth by executing our strategy, including supporting our go-to-market teams, delivering for our clients, shipping innovative products even faster and selling our solutions even more effectively. With those priorities in mind, I would like to review our progress across our 3 growth levers: consumer payments, new flows and value-added services.

正如我在之前的財報電話會議上提到的，我的首要任務是盡一切努力通過執行我們的戰略來加速我們的增長，包括支持我們的上市團隊、為我們的客戶提供服務、更快地交付創新產品以及銷售我們的解決方案更加有效。考慮到這些優先事項，我想回顧一下我們在三個增長槓桿上取得的進展：消費者支付、新流量和增值服務。

We continue to make great strides growing and expanding our consumer payments business, winning with new and existing clients and shifting volume to Visa from a wide array of local, regional and global competitors around the world. Our clients tell us they're choosing to deepen and expand their partnerships with us for a number of reasons, including our people, our products, our value-added services, our new flows and our brand. I'll share a few examples.

我們繼續取得長足進步，發展和擴大我們的消費者支付業務，贏得新老客戶的青睞，並將業務量從世界各地的眾多本地、區域和全球競爭對手轉移到 Visa。我們的客戶告訴我們，他們選擇深化和擴大與我們的合作夥伴關係有多種原因，包括我們的員工、我們的產品、我們的增值服務、我們的新流程和我們的品牌。我將分享幾個例子。

First, our people. We consistently hear from our clients that they deeply value the advice, local support and partnership they receive day in and day out from our outstanding team members around the world. They also appreciate our thoughtful industry leadership on important and complicated issues across the ecosystem. In fact, in our latest global Net Promoter Score survey, our clients rated us at 73.

首先，我們的人民。我們不斷從客戶那裡聽到，他們非常重視我們每天從世界各地的優秀團隊成員那裡獲得的建議、本地支持和合作夥伴關係。他們還讚賞我們在整個生態系統中重要而復雜的問題上的深思熟慮的行業領導力。事實上，在我們最新的全球淨推薦值調查中，我們的客戶對我們的評分為 73。

In the U.S., we retained our position of serving 8 of the top 10 credit unions by recently renewing one of the largest players in the space, Pentagon Federal Credit Union. While there are many reasons for our success with PenFed, our people and our local market relationship model made the difference, just like it has for over 350 U.S. community bank and credit union renewals this year to date.

在美國，我們最近與該領域最大的參與者之一五角大樓聯邦信用合作社續約，從而保持了為十大信用合作社中的 8 家提供服務的地位。儘管我們與 PenFed 取得成功的原因有很多，但我們的員工和當地市場關係模式發揮了重要作用，就像今年迄今為止超過 350 家美國社區銀行和信用合作社續籤的情況一樣。

Payments is a local business, and our priority to invest locally with great talent has paid off. For example, across Eastern Europe, Intesa Sanpaolo will issue Visa debit in Croatia, Hungary, Romania, Slovakia and Slovenia representing over 3 million Visa credentials. Second, our payment products and innovations consistently help us win. Our clients tell us they choose Visa because our innovative products help ensure they are delivering leading-edge payment solutions to their customers.

支付是一項本地業務，我們優先在本地投資優秀人才已經取得了回報。例如，在整個東歐，聯合聖保羅銀行將在克羅地亞、匈牙利、羅馬尼亞、斯洛伐克和斯洛文尼亞發行 Visa 借記卡，代表超過 300 萬張 Visa 憑證。其次，我們的支付產品和創新始終幫助我們獲勝。我們的客戶告訴我們，他們選擇 Visa 是因為我們的創新產品有助於確保他們向客戶提供領先的支付解決方案。

For example, in Korea, we recently renewed our partnership with Hyundai Card. As part of our new partnership, Hyundai will be taking advantage of our digital payment solutions like data and analytics services to launch a series of new innovations. Hyundai will grow their share of Visa cards in credit and debit for consumer and business.

例如，在韓國，我們最近與現代卡續簽了合作夥伴關係。作為我們新合作夥伴關係的一部分，現代汽車將利用我們的數據和分析服務等數字支付解決方案來推出一系列新的創新。現代汽車將增加其在消費者和企業信用卡和借記卡領域的 Visa 卡份額。

Our innovation also comes from targeted value propositions in traditional products, and we are very pleased to have signed a new long-term partnership with the NatWest Group for consumer debit and credit.

我們的創新也來自於傳統產品的有針對性的價值主張，我們很高興與 NatWest 集團在消費者藉記和信貸方面簽署了新的長期合作夥伴關係。

Third, our value-added services are helping us win in consumer payments. Our value-added services, such as consulting and analytics, AI-driven data solutions, risk solutions and processing, are a critical differentiator that helps our clients innovate and grow, often without having to use their most scarce resources: technology and engineering.

第三，我們的增值服務正在幫助我們贏得消費者支付。我們的增值服務，例如諮詢和分析、人工智能驅動的數據解決方案、風險解決方案和處理，是幫助我們的客戶創新和發展的關鍵差異化因素，通常無需使用他們最稀缺的資源：技術和工程。

For example, Rakuten Card, a subsidiary of Rakuten Group, which operates the largest e-commerce marketplace in Japan, has signed a new credit deal with Visa to further their strategy to become a top global player. As part of our partnership, Rakuten Card will utilize Visa's processing capabilities and dedicated Visa consulting, data science and analytics teams to support them on strategic initiatives.

例如，經營日本最大電子商務市場的樂天集團旗下子公司樂天卡已與 Visa 簽署了一項新的信貸協議，以進一步推進其成為全球頂級參與者的戰略。作為我們合作夥伴關係的一部分，Rakuten Card 將利用 Visa 的處理能力和專門的 Visa 諮詢、數據科學和分析團隊來支持他們的戰略計劃。

Fourth, our new flows capabilities. Increasingly, our new flows capabilities such as Visa Direct are an important differentiator to our clients when they're making consumer payments decisions. A great example is Cash App. With 53 million monthly transacting actives, Cash App has renewed and expanded agreement globally, encompassing card issuance, Visa Direct and value-added services.

第四，我們的新流動能力。我們的新流程功能（例如 Visa Direct）日益成為我們的客戶在做出消費者支付決策時的重要差異化因素。現金應用程序就是一個很好的例子。 Cash App 每月的交易活躍量達到 5300 萬次，在全球範圍內續簽並擴展了協議，涵蓋發卡、Visa Direct 和增值服務。

And last, but certainly not least, our brand. In many cases, our clients ask their customers, "Which brand do you prefer? Would you spend more if we issued this brand or that brand?" And our clients consistently tell us that consumers overwhelmingly prefer Visa.

最後但同樣重要的是我們的品牌。很多時候，我們的客戶會問他們的顧客：“您更喜歡哪個品牌？如果我們發行這個品牌還是那個品牌，您會花更多的錢嗎？”我們的客戶一直告訴我們，絕大多數消費者更喜歡 Visa。

We see this particularly play out with co-brands. For example, for many of the largest airline co-brands in the world, we remain a partner of choice, and we recently renewed with Korean Air and signed a new agreement with Breeze Airways. We also won a co-brand portfolio with Allegiant Travel Company, the parent company of Allegiant Air. In addition, in Latin America, we expanded our relationship with LifeMiles, Avianca's frequent flyer program from our existing portfolios in 9 countries with 18 issuing banks to an additional 4 countries in the Caribbean region.

我們發現這種情況在聯合品牌中尤其明顯。例如，對於世界上許多最大的航空公司聯合品牌來說，我們仍然是首選合作夥伴，我們最近與大韓航空續約，並與微風航空簽署了新協議。我們還贏得了與 Allegiant Air 母公司 Allegiant Travel Company 的聯合品牌組合。此外，在拉丁美洲，我們將與 Avianca 常旅客計劃 LifeMiles 的關係從現有的 9 個國家（擁有 18 家發卡銀行）的投資組合擴展到加勒比地區的另外 4 個國家。

And finally, we signed a co-brand agreement with Indian conglomerate, Adani, serving 400 million customers through retail, airports and online travel services, among others.

最後，我們與印度企業阿達尼簽署了聯合品牌協議，通過零售、機場和在線旅遊服務等為 4 億客戶提供服務。

Let me now turn to new flows, again, with a focus on how effectively we are delivering on our priorities. Total new flows revenue was up 20% in constant dollars. Commercial volumes increased 9% in constant dollars to total $405 billion. In terms of how we go to market, we are focused on adding commercial products to our existing consumer relationships.

現在讓我再次談談新的流程，重點關注我們如何有效地實現我們的優先事項。按不變美元計算，新流量總收入增長了 20%。按不變美元計算，商業交易額增長了 9%，達到 4050 億美元。就我們如何進入市場而言，我們專注於將商業產品添加到我們現有的消費者關係中。

KBank, a leading bank in Thailand, has renewed its relationship across debit and co-brand as well as signing a new deal to launch a new business debit card to serve SMEs and micro businesses. PagSeguro, a key Brazilian fintech client, already leveraging our consumer credit and prepaid and commercial prepaid products will expand in the commercial space with the launch of Visa Business Credit for their base of 28 million clients.

泰國領先銀行開泰銀行更新了借記卡和聯合品牌關係，並簽署了一項新協議，推出新的商業借記卡，為中小企業和微型企業提供服務。 PagSeguro 是巴西重要的金融科技客戶，已經利用我們的消費信貸、預付費和商業預付費產品，將通過為其 2800 萬客戶群推出 Visa 商業信貸來擴展其商業領域。

As we do in the consumer space, we are also constantly working with commercial clients as a strategic partner to develop and deploy unique and innovative solutions. A recent example is with SAP, the global market leader in enterprise application software, which has signed a deal with us across multiple countries in Asia Pacific. We will integrate Visa's virtual card and business solution payment provider capabilities into SAP's business technology platform.

正如我們在消費領域所做的那樣，我們也作為戰略合作夥伴不斷與商業客戶合作，開發和部署獨特的創新解決方案。最近的一個例子是 SAP，全球企業應用軟件市場的領導者，它與我們在亞太地區的多個國家簽署了一項協議。我們將把Visa的虛擬卡和商業解決方案支付提供商的能力整合到SAP的商業技術平台中。

SAP serves more than 46,000 customers across Asia Pacific. This deal will create an embedded finance solution for their customers to make B2B payments, helping to improve their working capital positions and enhance their supply chains.

SAP 為亞太地區超過 46,000 家客戶提供服務。這筆交易將為他們的客戶創建一個嵌入式金融解決方案來進行 B2B 支付，幫助改善他們的營運資金狀況並增強他們的供應鏈。

For Visa Direct, third quarter transactions grew 20% and were $1.8 billion. In Latin America, we had a bank client transition its onus domestic P2P transactions to an internal ledger system. And while it could be impactful to our transactions over the next several quarters, the impact to revenue is expected to be minimal. At the same time, for their other transactions, this client will continue to utilize our interoperability capabilities provided by YellowPepper.

Visa Direct 第三季度交易額增長 20%，達到 18 億美元。在拉丁美洲，我們的一家銀行客戶將其國內 P2P 交易的責任轉移到內部分類賬系統。雖然這可能會對我們未來幾個季度的交易產生影響，但預計對收入的影響很小。同時，對於其他交易，該客戶將繼續利用 YellowPepper 提供的互操作功能。

I'm very excited about Visa Direct, particularly as we enter new markets and increase our cross-border presence. Recently, we have expanded or entered several key markets, including in France, with Lydia, the leading P2P provider with over 7 million users. We renewed our issuance relationship, and we have signed a Visa Direct deal to enable their users to top up their wallets using an eligible card.

我對 Visa Direct 感到非常興奮，特別是當我們進入新市場並增加跨境業務時。最近，我們與擁有超過 700 萬用戶的領先 P2P 提供商 Lydia 一起拓展或進入了幾個關鍵市場，包括法國。我們更新了發行關係，並簽署了 Visa Direct 協議，讓他們的用戶能夠使用符合條件的卡為錢包充值。

In Bolivia, with fintech libélula's new app called Lula, Visa Direct will be enabling domestic P2P transactions within the app, and YellowPepper will be providing alias directory services.

在玻利維亞，通過金融科技 libélula 的新應用程序 Lula，Visa Direct 將在該應用程序內啟用國內 P2P 交易，而 YellowPepper 將提供別名目錄服務。

In Mexico, with fintech [Alchemy Pay], Visa Direct will enable B2B cross-border supplier payments for thousands of SME clients in industries, including textiles, software, hardware and electronics across multiple corridors.

在墨西哥，通過金融科技 [Alchemy Pay]，Visa Direct 將為紡織、軟件、硬件和電子等多個行業的數千家中小企業客戶提供 B2B 跨境供應商付款。

And we've also continued to expand corridors with important cross-border partners. For example, Revolut, with over 30 million users, has expanded its remittance service with Visa Direct to 89 markets after just launching in July of 2022. Similarly, TransferGo, a cross-border provider in the U.K., serving 6 million customers, have expanded its Visa Direct-enabled corridors from 32 in 2020 to over 160. New flows continue to be an important part of Visa's growth story and our teams are effectively selling and activating our solutions.

我們還繼續擴大與重要跨境合作夥伴的走廊。例如，擁有超過 3000 萬用戶的 Revolut 在 2022 年 7 月剛剛推出後，已通過 Visa Direct 將其匯款服務擴展到 89 個市場。同樣，為 600 萬客戶提供服務的英國跨境提供商 TransferGo 也已將其匯款服務擴展到了 89 個市場。支持 Visa Direct 的通道將從 2020 年的 32 個增加到 160 多個。新流量仍然是 Visa 增長故事的重要組成部分，我們的團隊正在有效地銷售和激活我們的解決方案。

Now I will touch on value-added services. Our go-to-market approach remains focused on 3 growth areas: deepening client penetration of existing products, expanding geographically and building and launching new solutions. Unlike our core business, our growth in value-added services is often driven by selling a larger number of smaller solutions. This quarter, we succeeded in selling more than 300 new issuing services, 600 new acceptance services and almost 500 new risk and identity services, in some cases, even within the same client.

現在我要談談增值服務。我們的市場進入方法仍然側重於 3 個增長領域：加深客戶對現有產品的滲透、擴大地域範圍以及構建和推出新的解決方案。與我們的核心業務不同，我們增值服務的增長通常是通過銷售大量小型解決方案來推動的。本季度，我們成功銷售了 300 多項新發行服務、600 多項新承兌服務以及近 500 項新風險和身份服務，在某些情況下，甚至是在同一客戶內。

Our sales teams continue to work day in and day out with our clients to understand and resolve their pain points and realize new growth opportunities. Altogether, in the third quarter, we generated $1.8 billion in value-added services revenue, up 19% in constant dollars.

我們的銷售團隊繼續日復一日地與客戶合作，以了解和解決他們的痛點並實現新的增長機會。第三季度我們總共創造了 18 億美元的增值服務收入，按不變美元計算增長了 19%。

A couple of examples of new value-added services to highlight this quarter. First, our partnership with Pay.UK, the account-to-account payments operator in the U.K. was recently announced. We will be piloting our new fraud capability, RTP Prevent, which is uniquely built for instant payments with deep learning AI models. Using RTP Prevent, we can provide a risk score in real time so banks can decide whether to approve or reject the transaction on an RTP network. This is a great example of building and deploying entirely new solutions and our network of network strategy.

本季度重點介紹幾個新的增值服務示例。首先，我們最近宣布與英國賬戶間支付運營商 Pay.UK 建立合作夥伴關係。我們將試用新的欺詐功能 RTP Prevent，該功能專為利用深度學習 AI 模型進行即時支付而構建。使用 RTP Prevent，我們可以實時提供風險評分，以便銀行決定是否批准或拒絕 RTP 網絡上的交易。這是構建和部署全新解決方案以及我們的網絡戰略的一個很好的例子。

Second, our recent announcement of our definitive agreement to acquire cloud native issuer processing and core banking platform, Pismo. We believe that Pismo will allow us to strategically serve our clients through additional capabilities, with core banking ledger and issuer processing through cloud-native APIs; additional geographies with operations in Latin America, Asia Pacific and Europe; and additional products with credit, debit, prepaid and commercial cards, as well as connections to local networks, including PICs in Brazil.

其次，我們最近宣布了收購雲原生髮行人處理和核心銀行平台 Pismo 的最終協議。我們相信，Pismo 將使我們能夠通過額外的功能，通過雲原生 API 進行核心銀行賬本和發行人處理，從戰略上為客戶提供服務；在拉丁美洲、亞太地區和歐洲開展業務的其他地區；以及帶有信用卡、借記卡、預付卡和商務卡的其他產品，以及與本地網絡（包括巴西的 PIC）的連接。

From a network perspective, issuer processing and core banking have become important elements to support issuers, activate card credentials and distribute value-added services. The transaction is subject to customary closing conditions, including applicable regulatory reviews and approvals and is expected to close by the end of 2023.

從網絡角度來看，發卡機構處理和核心銀行業務已成為支持發卡機構、激活卡憑證和分發增值服務的重要元素。該交易須滿足慣例成交條件，包括適用的監管審查和批准，預計將於 2023 年底完成。

To wrap up, over the last few months, I have traveled across the globe meeting with clients, partners and regulators, and I continue to see enormous opportunity and momentum. Our brand capabilities, innovation and partnership approach continue to position us well for Visa's future growth, but the most important aspect is our people.

最後，在過去的幾個月裡，我在全球各地與客戶、合作夥伴和監管機構會面，我繼續看到了巨大的機遇和動力。我們的品牌能力、創新和合作方式繼續為 Visa 的未來發展奠定良好的基礎，但最重要的方面是我們的員工。

And with that in mind, I would like to welcome the newest member of our executive team, Chris Suh, who will become Visa's Chief Financial Officer on August 1.

考慮到這一點，我謹歡迎我們執行團隊的最新成員 Chris Suh，他將於 8 月 1 日成為 Visa 的首席財務官。

Chris brings to Visa more than 25 years of finance leadership experience from global high-growth companies. His deep experience in finance and technology, plus his leadership in growing and scaling businesses, will be extraordinarily valuable to us as we continue to drive growth and better serve our clients and customers around the world.

Chris 為 Visa 帶來了來自全球高增長公司超過 25 年的財務領導經驗。他在金融和技術方面的豐富經驗，加上他在發展和擴大業務方面的領導力，對於我們繼續推動增長並更好地服務世界各地的客戶和消費者來說將非常有價值。

Plus, as I'm sure you will soon learn, Chris is a real hands-on business builder with a passion for technology and an intense focus on people who will fit in well with the culture of Visa. I've asked Chris to join the Q&A portion of our call today, but please remember he isn't our CFO for a few more days.

另外，我相信您很快就會了解到，Chris 是一位真正的親力親為的業務建設者，對技術充滿熱情，並且非常關注能夠很好地融入 Visa 文化的人才。我已邀請克里斯參加今天電話會議的問答部分，但請記住，他還有幾天將不再擔任我們的首席財務官。

Before the Q&A, let me hand it over to Vasant to provide financial highlights for the quarter and our thoughts on the rest of the year. But first, Vasant, I know I speak on behalf of all of Visa and our investors that we are deeply grateful to you for your outstanding strategic and financial leadership. I have worked shoulder to shoulder with Vasant for the past 8 years, and I continue to be in awe of him. He is a world-class CFO, And if there is a CFO Hall of Fame, I am confident he will be a first ballot inductee.

在問答之前，讓我將其交給 Vasant，提供本季度的財務亮點以及我們對今年剩餘時間的想法。但首先，Vasant，我代表所有 Visa 和我們的投資者發言，我們對您出色的戰略和財務領導力深表感謝。在過去的八年裡，我與 Vasant 並肩工作，我仍然對他心存敬畏。他是世界級的首席財務官，如果有首席財務官名人堂，我相信他將成為第一批入選者。

Vasant, we wish you all the best. So for likely the last time on an earnings call in your career, over to you, Vasant.

瓦桑特，我們祝您一切順利。 Vasant，這可能是您職業生涯中最後一次召開財報電話會議了。

Thank you, Ryan. Good afternoon, everyone. Fiscal third quarter net revenues were up 12%. And GAAP EPS, up 25%. Non-GAAP EPS was up 9%. In constant dollars, net revenues grew 13%, and non-GAAP EPS grew 11%. We have now lapped the impact of Russia.

謝謝你，瑞安。大家下午好。第三財季淨收入增長 12%。 GAAP 每股收益增長 25%。非 GAAP 每股收益增長 9%。按不變美元計算，淨收入增長 13%，非 GAAP 每股收益增長 11%。我們現在已經超越了俄羅斯的影響。

A few key highlights. In constant dollars, global payments volume was up 9%. Index to 2019, global payments volume was up 48%. U.S. payments volume was up 6% year-over-year, consistent with expectations and stable since March. Transactions growth has remained steady at pre-COVID levels of 8%. Average ticket size is down 2%, largely due to declining fuel prices and the general moderation of inflation across multiple categories. Relative to 2019, U.S. payments volume was up 54%.

幾個關鍵亮點。按不變美元計算，全球支付量增長了 9%。截至 2019 年，全球支付量增長了 48%。美國支付量同比增長 6%，符合預期，並且自 3 月份以來保持穩定。交易量增長穩定在新冠疫情前 8% 的水平。平均票價下降了 2%，主要是由於燃油價格下降以及多個類別的通脹普遍放緩。與 2019 年相比，美國支付量增長了 54%。

International payments volume growth was up 12%. The uptick in international payments volume since the last quarter is the result of lapping the discontinuation of Russian operations. Relative to 2019, international payments volume was up 43%.

國際支付量增長 12%。自上季度以來國際支付量的上升是俄羅斯業務停止的結果。與 2019 年相比，國際支付量增長了 43%。

The cross-border travel recovery continues at the pace we expected with volume ex intra-Europe indexing at 1.36 versus 4 years ago, a 6-point improvement from the second quarter. Summer travel across most regions picked up, with travel in and out of Asia seeing strong gains, along with travel inbound to CEMEA and outbound from Europe. Travel into the U.S. is still hovering at 2019 levels.

跨境旅行複蘇繼續按照我們預期的速度進行，歐洲內部交易量指數為 1.36，與 4 年前相比，較第二季度提高了 6 個百分點。大多數地區的夏季旅遊有所回升，進出亞洲的旅遊、CEMEA 的入境旅遊和歐洲的出境旅遊均出現強勁增長。美國旅遊仍徘徊在 2019 年的水平。

Our new flows and value-added services businesses continued to grow at almost 20% in constant dollars. In the third quarter, we bought back approximately $3 billion in stock at an average cost of $229.19 and distributed $937 million in dividends. We also added $500 million to the litigation escrow account, which has the same effect as a stock buyback.

我們的新流量和增值服務業務繼續以按不變美元計算近 20% 的速度增長。第三季度，我們以平均成本 229.19 美元回購了約 30 億美元的股票，並分配了 9.37 億美元的股息。我們還向訴訟託管賬戶增加了 5 億美元，這與股票回購具有相同的效果。

Now on to the details. In the U.S., credit grew 5% year-over-year. Debit grew 6%, generally in line with March growth rates post the uptick in January and February due to lapping of Omicron in 2022. U.S. card present spend grew 3%. Adjusted for fuel, which saw a significant price increase last year, U.S. card presence spend was up 5%. U.S. card-not-present volume, excluding travel, grew 8%. U.S. processed transactions growth was stable at 8%. The step-down in U.S. payments volume growth since March was driven by a 2% decline in average ticket size. When we look at spend by category, ticket sizes are declining most significantly in fuel and, to a lesser extent, in retail goods, travel and food and drug.

現在詳細介紹。在美國，信貸同比增長 5%。由於 2022 年 Omicron 的淘汰，借記卡增長了 6%，與 1 月和 2 月的增長基本一致，與 3 月的增長率一致。美國信用卡消費增長了 3%。去年燃料價格大幅上漲，經過調整後，美國信用卡消費增長了 5%。美國無卡交易量（不包括旅行）增長了 8%。美國加工交易增長穩定在 8%。自 3 月份以來，美國支付量增長放緩是由於平均票據金額下降 2%。當我們按類別查看支出時，燃料費用下降最為顯著，零售商品、旅行以及食品和藥品方面的費用下降幅度較小。

As you know, fuel prices spiked last year due to the Ukraine war. Travel prices spiked as the world reopened post Omicron. Goods prices spiked due to supply chain bottlenecks and commodity inflation. Excluding these 4 categories, average ticket size growth is positive.

如您所知，去年由於烏克蘭戰爭，燃油價格飆升。隨著世界在 Omicron 後重新開放，旅行價格飆升。由於供應鏈瓶頸和商品通脹，商品價格飆升。排除這 4 個類別，平均門票規模呈正增長。

Consumer spend across all spend bands from affluent to low spend remained stable since March. Our data did not indicate any behavior change across consumer segments.

自 3 月份以來，從富裕到低消費的所有消費類別的消費者支出均保持穩定。我們的數據並未表明消費者群體的行為發生任何變化。

Putting all this together, we continue to believe that the primary driver of the step-down in U.S. payments volume growth since March is moderating inflation and that the consumer has remained resilient so far.

綜上所述，我們仍然認為，自 3 月份以來美國支付量增長放緩的主要驅動力是通脹放緩，而且消費者迄今為止仍保持彈性。

Moving on to international markets. In constant dollars, international payments volume growth rates were strong through the quarter in the major markets. Latin America was up 20%. Our CEMEA region grew 28%. We're now lapping the impact of Russia. Europe was up 10%. Excluding the U.K., Europe volumes grew 23%. Asia Pacific, excluding China, grew 12%. Global process transactions were up 10%.

進軍國際市場。以不變美元計算，本季度主要市場的國際支付量增長率強勁。拉丁美洲增長了 20%。我們的 CEMEA 地區增長了 28%。我們現在正在研究俄羅斯的影響。歐洲上漲10%。除英國外，歐洲銷量增長了 23%。亞太地區（不包括中國）增長了 12%。全球流程交易量增長 10%。

Constant dollar cross-border volume, excluding transactions within Europe, were up 22% year-over-year, up 49% versus 4 years ago. Cross-border card-not-present volume growth, excluding travel and excluding intra-Europe, grew 9% year-over-year and 74% above 2019. Adjusted for cryptocurrency purchases, cross-border e-commerce spending grew year-over-year in the low double digits, in line with pre-COVID growth rates.

不包括歐洲境內交易的固定美元跨境交易量同比增長 22%，較 4 年前增長 49%。跨境無卡交易量增長（不包括旅行和歐洲內部）同比增長 9%，比 2019 年增長 74%。根據加密貨幣購買進行調整後，跨境電子商務支出同比增長年增長率為兩位數，與新冠疫情爆發前的增長率一致。

Cross-border travel-related spend, excluding intra-Europe, grew 34% year-over-year. The cross-border travel, excluding intra-Europe index to 4 years ago, went from 134 in March to 139 in June. Travel into Asia continue to improve, indexing at 118 for the quarter, up more than 10 points from Q2, while travel out of Asia was up almost 10 points to 107.

跨境旅行相關支出（不包括歐洲內部）同比增長 34%。四年前，不包括歐洲內部的跨境旅行指數從 3 月份的 134 次增至 6 月份的 139 次。進入亞洲的旅遊繼續改善，本季度指數為 118，比第二季度上升超過 10 個點，而出境亞洲的旅遊則上升近 10 個點，達到 107。

Looking at Mainland China specifically, cross-border travel continued to improve but remains well below 2019 levels. Travel outbound from the U.S. to all geographies continue to be strong in the mid-150s index to 2019. The inbound travel recovery remains sluggish, still just under 2019 levels.

具體來看中國大陸，跨境旅行持續改善，但仍遠低於 2019 年的水平。到 2019 年，從美國到所有地區的出境游仍然保持強勁，指數在 150 左右。入境游復甦依然緩慢，仍略低於 2019 年的水平。

While some of the mitigating factors eased this quarter, the dollar remained quite strong relative to pre-COVID levels. In Europe, excluding intra-Europe, inbound and outbound travel remains robust with the index for 2019 in the low 140s for outbound, improving 10 points from the second quarter, and in the low 150s for inbound.

儘管本季度一些緩解因素有所緩解，但美元相對於新冠疫情前的水平仍然相當堅挺。在歐洲（不包括歐洲內部），入境和出境旅遊依然強勁，2019 年出境旅遊指數處於 140 多點的低位，較第二季度提高 10 個點，入境旅遊指數位於 150 多點的低位。

Travel into Latin America and the Caribbean also remained very strong, indexing in the low 160s to 2019 levels. Travel out of CEMEA indexed in the 140s versus 4 years ago, and inbound improved more than 10 points to the low 160s.

拉丁美洲和加勒比地區的旅遊業也仍然非常強勁，指數到 2019 年的水平在 160 左右。與 4 年前相比，CEMEA 出境旅遊指數為 140 多點，入境旅遊指數提高了 10 多點，降至 160 多點。

Moving now to a quick review of third quarter financial results. Service revenues grew 15% versus the 10% growth in second quarter constant dollar payments volume. Exchange rate drag was more than offset by business mix and pricing. As a reminder, third quarter service fees reflect second quarter payments volume growth, which was helped by lapping Omicron in fiscal year '22.

現在快速回顧一下第三季度的財務業績。服務收入增長了 15%，而第二季度固定美元支付量增長了 10%。匯率拖累被業務組合和定價所抵消。提醒一下，第三季度的服務費反映了第二季度支付量的增長，這得益於 Omicron 在第 22 財年的表現。

Data processing revenues grew 15% versus 10% processed transactions growth. They have fully lapped the Russia impact, and the key drivers of performance were value-added services and pricing. International transaction revenues were up 14% versus a 22% increase in constant dollar cross-border volumes excluding intra-Europe.

數據處理收入增長了 15%，而處理的交易增長了 10%。他們充分接受了俄羅斯的影響，業績的關鍵驅動因素是增值服務和定價。國際交易收入增長了 14%，而按美元匯率計算（不包括歐洲內部）跨境交易量增長了 22%。

Revenue growth lagged volume growth primarily due to declining currency volatility and exchange rate shifts. Other revenues grew 15% led by pricing, consulting services and card benefits. Client incentives were 28.1% of gross revenues, in line with our expectations.

收入增長落後於銷量增長，主要是由於貨幣波動性下降和匯率變化。在定價、諮詢服務和卡優惠的帶動下，其他收入增長了 15%。客戶激勵佔總收入的 28.1%，符合我們的預期。

Revenue growth was robust across our 3 growth engines. Consumer payments growth was driven by stability in domestic volume growth and transactions as well as growth in cross-border volumes. New flows revenue grew 20% in constant dollars. Commercial volumes were up 9% in constant dollars and 58% over 4 years ago. Visa Direct transactions grew 20%, and as Ryan mentioned, were impacted by a bank client that transitioned its domestic P2P transactions to an internal ledger system. While it could be impactful to transactions over the next several quarters, the impact to revenue is expected to be minimal.

我們的三個增長引擎的收入增長強勁。消費者支付的增長是由國內交易量增長和交易的穩定以及跨境交易量的增長推動的。按不變美元計算，新流量收入增長了 20%。按不變美元計算，商業銷量增長了 9%，比 4 年前增長了 58%。 Visa Direct 交易增長了 20%，正如 Ryan 提到的，受到一家銀行客戶將其國內 P2P 交易轉換為內部分類賬系統的影響。雖然這可能會對未來幾個季度的交易產生影響，但預計對收入的影響很小。

Value-added services revenue grew 19% in constant dollars driven by higher volume, strong advisory services and select pricing actions. GAAP operating expenses decreased 1%. Non-GAAP operating expenses grew 10%, driven primarily by personnel expenses from headcount additions over the past year.

在銷量增加、強大的諮詢服務和精選定價行動的推動下，增值服務收入按固定美元計算增長了 19%。 GAAP 運營費用下降 1%。非 GAAP 運營費用增長了 10%，這主要是由於去年員工人數增加帶來的人員費用推動的。

Excluding gains from our equity investments of $85 million, non-GAAP nonoperating income was $37 million, benefiting from higher interest income due to rising rates. Our GAAP tax rate was 19.2%, and non-GAAP was 19.4%. GAAP EPS was $2. Non-GAAP EPS was $2.16, up 9% over last year, inclusive of a nearly 1.5 point drag from the strong dollar.

不包括 8500 萬美元的股權投資收益，非 GAAP 非營業收入為 3700 萬美元，受益於利率上升帶來的利息收入增加。我們的 GAAP 稅率為 19.2%，非 GAAP 稅率為 19.4%。 GAAP 每股收益為 2 美元。非 GAAP 每股收益為 2.16 美元，比去年增長 9%，其中包括強勢美元帶來的近 1.5 個百分點的拖累。

We have signed a definitive agreement to acquire Pismo for $1 billion in cash, subject to customary closing conditions. We will keep you posted on closing timing and financial impact.

我們已簽署最終協議，以 10 億美元現金收購 Pismo，但須符合慣例成交條件。我們將隨時向您通報交割時間和財務影響。

In May, we upsized our revolving credit facility to $7 billion and renewed it for 5 years. Through the first 3 weeks of July, U.S. payments volume was up 6%, with debit up 6% and credit up 6%. Compared to 4 years ago, they are up 56%, 65% and 47%, respectively. REG II has not measurably impacted volumes so far.

5 月份，我們將循環信貸額度擴大至 70 億美元，並續展 5 年。 7 月前 3 週，美國支付量增長 6%，其中藉方增長 6%，貸方增長 6%。與4年前相比，分別增長了56%、65%和47%。到目前為止，REG II 尚未對銷量產生明顯影響。

In several key markets around the world, growth was in line with the third quarter. Process transactions grew 10% year-over-year and up 54% about 4 years ago. Constant dollar cross-border volume, excluding transactions within Europe, grew 20% and was 51% about 4 years ago. Card-not-present non-travel growth was 72% about 4 years ago. Travel-related cross-border volumes were 41% over 4 years ago.

在全球幾個主要市場，增長與第三季度一致。流程交易量同比增長 10%，大約 4 年前增長 54%。不包括歐洲境內交易的固定美元跨境交易量增長了 20%，大約 4 年前為 51%。大約 4 年前，無卡非旅行增長率為 72%。與 4 年前相比，與旅行相關的跨境交易量增長了 41%。

Moving now to our outlook for the fourth quarter. Growth in domestic payments volumes remained stable around the globe. As such, we're assuming recent trends will sustain in the U.S. and key international markets for the rest of the quarter. On the cross-border front, the travel recovery trend has been steady and generally in line with our expectations so far for 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 are assuming this pace of recovery continues into the fourth quarter. The region to monitor closely is Asia, especially travel in and out of Mainland China.

現在轉向我們對第四季度的展望。全球國內支付量增長保持穩定。因此，我們假設美國和主要國際市場的近期趨勢將在本季度剩餘時間內持續下去。在跨境方面，旅行複蘇趨勢一直穩定，總體符合我們迄今為止對 23 財年的預期。截至 2019 年，跨境旅行指數（不包括歐洲內部）每季度以 5 至 6 點的速度改善。我們假設這種複蘇步伐持續到第四季度。需要密切監控的地區是亞洲，尤其是進出中國大陸的旅行。

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 just as we saw in the third quarter, even as the cross-border business continues to recover relative to 2019, the year-over-year growth rate will continue to slow down. Also, currency volatility is moderating, and we are now lapping very high currency volatility from the fourth quarter last year.

在跨境電子商務方面，我們還假設近期趨勢繼續根據加密貨幣相關的波動進行調整。值得注意的是，正如我們在第三季度看到的那樣，儘管跨境業務相對2019年繼續復甦，但同比增速仍將繼續放緩。此外，貨幣波動性正在放緩，與去年第四季度相比，我們現在面臨著非常高的貨幣波動性。

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. In the fourth quarter, we expect incentives as a percent of gross revenues to be between 27.5% to 28.5% to finish the year at the high end of the 26.5% to 27.5% range.

我們的增值服務和新流量業務的增長速度遠遠快於我們的消費支付業務。保持這些企業更快的增長速度仍然是首要任務。我們預計第四季度激勵措施佔總收入的百分比將在 27.5% 至 28.5% 之間，年底將達到 26.5% 至 27.5% 範圍的高端。

When you pull all this together, we expect fourth quarter net revenue growth of around 10% in nominal dollars with minimal impact from exchange rate shifts. The sequential slowdown is driven by 3 factors: the quarter lag in recognizing service fees, the expected slowdown in cross-border growth and moderating currency volatility lapping very high levels reached last year.

當你把所有這些綜合起來時，我們預計第四季度淨收入以名義美元計算將增長 10% 左右，匯率變化的影響最小。經濟環比放緩是由三個因素驅動的：確認服務費的季度滯後、跨境增長的預期放緩以及貨幣波動性放緩，超越了去年達到的非常高的水平。

As we indicated previously, non-GAAP operating expense growth in Q4 will likely be another 2 to 3 points lower than Q3. Non-GAAP results exclude certain acquisition-related items from the fourth quarter last year. Nonoperating income will continue to benefit from the attractive rates we're earning on our cash balances. Interest income from cash will more than offset interest expense from debt by around $30 million in the fourth quarter. Our tax rate is expected to remain in the 19% to 19.5% range in Q4.

正如我們之前指出的，第四季度的非 GAAP 運營費用增長可能會比第三季度再低 2 至 3 個百分點。非公認會計準則業績不包括去年第四季度的某些收購相關項目。非營業收入將繼續受益於我們現金餘額的有吸引力的利率。第四季度現金利息收入將超過債務利息支出約 3000 萬美元。預計第四季度我們的稅率將保持在 19% 至 19.5% 的範圍內。

Assuming the performance expected in the fourth quarter, we will deliver low double-digit net revenue growth and mid-teens EPS growth in fiscal year '23 despite concerns about a slowdown and an exchange rate drag. This once again demonstrates the resilience of our business, the large opportunity that remains available to digitize cash globally and the opportunity to accelerate our growth by developing vast new use cases while layering on additional value-added services.

假設第四季度的業績符合預期，儘管擔心經濟放緩和匯率拖累，我們仍將在 23 財年實現兩位數的淨收入增長和十幾歲左右的每股收益增長。這再次證明了我們業務的彈性、全球現金數字化的巨大機會以及通過開發大量新用例同時提供額外增值服務來加速我們增長的機會。

To finish, this will be my last earnings call as CFO of Visa. I want to thank all of you for your trust and support. At all times, you kept us on our toes with our nose to the grindstone. Hopefully, we've delivered for you. This is also my last call as a public company CFO. I started this journey in September 2000, almost exactly 23 years ago. To use a cricketing term some of you will understand, I did not hit a century of earnings calls. I fell as I entered the '90s.

最後，這將是我作為 Visa 首席財務官的最後一次財報電話會議。我要感謝大家的信任和支持。無論何時，你們都讓我們保持警惕，埋頭苦幹。希望我們已經為您送貨了。這也是我作為上市公司首席財務官的最後一次通話。我於 2000 年 9 月開始這段旅程，幾乎整整 23 年前。用你們中一些人會理解的板球術語來說，我並沒有參加一個世紀的財報電話會議。當我進入90年代時，我就跌倒了。

On October 1, I will be switching over to your side as a shareholder of Visa, cheering from the stands as Ryan, Chris and the team lead Visa to another double and triple. Thank you, Ryan. We've had a great run together. It's over to you, Chris. I'm going to miss my finance team and the wonderful people of Visa. And as far as the CFO Hall of Fame goes, I'm sure no CFO would invest in that business proposition.

10 月 1 日，我將轉而成為 Visa 股東，在看台上為 Ryan、Chris 和團隊帶領 Visa 再次奪得雙冠王和三冠王而歡呼。謝謝你，瑞安。我們一起跑得很開心。克里斯，一切都交給你了。我會想念我的財務團隊和 Visa 的優秀員工。就首席財務官名人堂而言，我確信沒有首席財務官會投資於該業務主張。

And now, Jennifer, it's time for some Q&A.

現在，詹妮弗，是時候進行一些問答了。

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

謝謝，瓦桑特。喬丹，我們準備好回答問題了。

(Operator Instructions) Our first question comes from Harshita Rawat with Bernstein.

（操作員說明）我們的第一個問題來自 Harshita Rawat 和 Bernstein。

I want to ask about the Block lawsuit. They have been close partner of yours and all the issuers of Cash App, Visa cards on which they ought to benefit from interchange. And Ryan, you talked about the current partnership there. Any comments you have on the lawsuit will be helpful. And also just broadly, how should we think about the relationships with fintech and [Cash App].

我想問一下關於布洛克訴訟的事。他們一直是您和所有 Cash App、Visa 卡發行商的密切合作夥伴，他們應該從這些卡的互換中受益。瑞安（Ryan），您談到了目前的合作關係。您對訴訟的任何評論都會有所幫助。從廣義上講，我們應該如何考慮與金融科技和[現金應用程序]的關係。

Yes. Thanks for the question. We have a wonderful relationship with Block, a deep partnership across many different elements, as I mentioned. As it relates to the lawsuit, there was some confusion in the market by the lawsuit. There's really nothing new here. The lawsuit is included in the MDL 1720. And thus, the lawsuit itself is covered litigation under our share class structure. So I would really put it in the category of nothing new here. And all the way back to the beginning of your question, we deeply value our relationship with Block and feel great about the deep and extended partnership we have with them.

是的。謝謝你的提問。正如我所提到的，我們與 Block 有著良好的關係，這是跨越許多不同元素的深厚合作夥伴關係。由於涉及該訴訟，該訴訟引起了市場的一些混亂。這裡確實沒有什麼新鮮事。該訴訟包含在 MDL 1720 中。因此，該訴訟本身屬於我們股份類別結構下的涵蓋訴訟。所以我真的會把它歸為沒什麼新鮮的類別。回到你問題的開頭，我們非常重視與 Block 的關係，並對我們與他們建立的深厚而廣泛的合作夥伴關係感到非常高興。

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

我們的下一個問題來自加拿大皇家銀行資本市場的 Dan Perlin。

I wanted to just touch base real quickly on value-added services from the standpoint of penetration for a second. I think it's around 20% or so of the company's net revenues. It's clearly yield enhancing. So it seems like a pretty large business. But Ryan, every time you talk about it, it sounds like there's so much room for growth, and it's hard for us to kind of pinpoint where you are in terms of penetration within your existing business. So any way you could frame that either anecdotally or quantitatively would be great.

我想從滲透的角度真正快速地接觸一下增值服務。我認為這大約占公司淨收入的20%左右。這顯然可以提高產量。所以這看起來是一個相當大的生意。但是瑞安，每次你談到這個問題時，聽起來都有很大的增長空間，而我們很難確定你在現有業務中的滲透程度。因此，任何可以通過軼事或定量的方式來構建這一點的方式都會很棒。

Yes. Thanks for the question. I mean the truth is we are at the beginning of the journey across all of our value-added services businesses. They all have enormous TAM. We all have -- they have enormous runway in terms of the opportunity to continue to penetrate. Our Acceptance Solutions business, whether it's CyberSource or Verifi or Visa Acceptance Cloud, I mean enormous amount of runway there.

是的。謝謝你的提問。我的意思是，事實是我們所有增值服務業務正處於起步階段。他們都有巨大的 TAM。我們所有人都擁有——他們在繼續滲透的機會方面擁有巨大的跑道。我們的驗收解決方案業務，無論是 Cyber​​Source、Verifi 還是 Visa Acceptance Cloud，我的意思是那裡有大量的跑道。

In issuing, we've talked about the opportunity we have now with Pismo when we close on that deal, and the same thing with DPS risk and identity advisory. I mean it really is -- they're all businesses that have enormous TAM. We're in the very early innings of our penetration, and we don't see in any of those businesses anywhere close to running out of runway anytime.

在發行時，我們討論了當我們完成交易時我們現在與 Pismo 的機會，以及 DPS 風險和身份諮詢方面的同樣的事情。我的意思是確實如此——它們都是擁有巨大 TAM 的企業。我們正處於滲透的早期階段，我們沒有看到任何這些業務隨時會耗盡跑道。

Our next question comes from Craig Maurer with FT Partners.

我們的下一個問題來自 FT Partners 的 Craig Maurer。

Sorry, wasn't quick enough on the unmute button. So I wanted to ask about the loss of what I think I heard was a Visa Direct client in LatAm and why the transition to an internal system for them. And that leads to my follow-on which is, can you discuss the trends you're seeing globally in terms of domestic payments moving away from or back to domestic networks?

抱歉，取消靜音按鈕的速度不夠快。因此，我想詢問一下我聽說的拉丁美洲 Visa Direct 客戶的流失情況，以及為什麼要為他們過渡到內部系統。這引出了我的後續問題，您能否討論一下您在全球範圍內看到的國內支付從國內網絡轉移或返回國內網絡的趨勢？

Your comments in the beginning of the call seemed to indicate that there might be an acceleration toward the global networks to take advantage of what has clearly been greater investment levels into the capabilities.

您在電話會議開始時的評論似乎表明，全球網絡可能會加速利用對這些能力的明顯更高的投資水平。

Craig, thanks for the two questions. I'll take the second one first. We are continuing to see the benefits of our investment all around the world. As I mentioned in my prepared remarks, we're seeing issuers, consumers shift share to Visa, shift their preference to Visa. And it happens in different ways in different countries versus the domestic schemes. But it is coming back to what you said, which is our ability to consistently invest in security features and tokenization and new digital use cases, we believe, is what's helping us win in that space.

克雷格，謝謝你提出的兩個問題。我先拿第二個。我們正在繼續看到我們在世界各地的投資所帶來的好處。正如我在準備好的發言中提到的，我們看到發行者、消費者將份額轉向 Visa，將他們的偏好轉向 Visa。與國內計劃相比，不同國家的情況有所不同。但回到你所說的，我們相信，我們有能力持續投資於安全功能、代幣化和新的數字用例，這才是幫助我們在這個領域獲勝的原因。

If you go back to the first part of your question, these types of things are going to happen when you're building out a new platform like we are in Visa Direct. It's still the very early days of building out Visa Direct. We're expanding in geographies and use cases. And as different partners use Visa Direct and they start to try it for different use cases, they'll find some of them work great. And other ones, they'll find opportunities to use it differently. In the case of the situation in Latin America that I mentioned, they started the journey of what they were working on using Visa Direct. They found it to be a more efficient way to get going in their journey, and then they found that they built an internal ledger system that they didn't have originally. But as I mentioned, they're going to continue to use our services for a number of things that they do.

如果您回到問題的第一部分，當您構建像我們 Visa Direct 這樣的新平台時，就會發生這些類型的事情。 Visa Direct 的建設仍處於早期階段。我們正在擴大地域和用例。隨著不同的合作夥伴使用 Visa Direct 並開始嘗試不同的用例，他們會發現其中一些效果非常好。而其他人，他們會找到以不同方式使用它的機會。就我提到的拉丁美洲的情況而言，他們使用 Visa Direct 開始了他們正在開展的工作。他們發現這是一種更有效的方式來開始他們的旅程，然後他們發現他們建立了一個他們原來沒有的內部分類賬系統。但正如我所提到的，他們將繼續使用我們的服務來完成他們所做的許多事情。

And listen, I think as we all talk over the coming quarters and years as we build out this platform, there's going to be ebbs and flows. There's going to be use cases that grow faster than others and things that stick and others that don't, and that's what building a new global business that has the reach of our platform is going to have.

聽著，我認為當我們在未來幾個季度和幾年裡討論構建這個平台時，將會有起起落落。將會有一些用例比其他用例增長得更快，一些東西會堅持下去，而另一些則不會，這就是建立一個能夠覆蓋我們平台的新的全球業務所需要的。

Our next question comes from Sanjay Sakhrani with KBW.

我們的下一個問題來自 KBW 的 Sanjay Sakhrani。

Congratulations, Vasant. Despite the concerns of choppy economy and disinflation, Vasant, you mentioned when we look at the July trends, and obviously, the trends in general over the course of the year, they've been very encouraging. And you mentioned the different categories. But as we look across the next 12 months, anything to parse out or think about in terms of the comps or how you see things playing out as we get maybe preliminary views on 2024?

恭喜你，瓦桑特。 Vasant，儘管人們擔心經濟波動和通貨緊縮，但當我們查看 7 月份的趨勢時，您提到，顯然，全年的總體趨勢非常令人鼓舞。你提到了不同的類別。但當我們展望未來 12 個月時，在比較方面有什麼需要解析或思考的，或者在我們對 2024 年獲得初步看法時您如何看待事情的發展？

Thanks, Sanjay. Yes. I mean the general term we've used all along is stability, and we think things are still very stable. You look at transactions growth, it's been very stable in the U.S., around 8%. If you just adjust for the Omicron uptick we had last quarter, and you go back to pre-COVID trends or first quarter trends, transactions growth has been very stable. Clearly, some of the change in trends we pointed to ticket size.

謝謝，桑傑。是的。我的意思是我們一直使用的通用術語是穩定，我們認為事情仍然非常穩定。你看一下交易增長，美國的交易增長非常穩定，約為 8%。如果你只是根據上季度 Omicron 的增長進行調整，然後回到新冠疫情之前的趨勢或第一季度的趨勢，交易增長就非常穩定。顯然，我們指出的一些趨勢變化與門票規模有關。

I don't think I want to get into talking about next year. We'll leave that to Ryan and Chris in October, which is when we normally do talk about next year. But more -- in the more near term, the fourth quarter, the biggest hit to ticket size has been fuel, and fuel comparisons are going to moderate. And so that should help us a bit in the fourth quarter, and that's reflected in our expectations.

我想我不想談論明年的事情。我們將在 10 月份將這個問題留給 Ryan 和 Chris，通常我們會在這個時候討論明年的事情。但更重要的是，在更近期的第四季度，票價受到的最大打擊是燃料，而燃料比較將會放緩。因此，這應該對我們第四季度有所幫助，這反映在我們的預期中。

In general, I would say the trends we're seeing across the board are unchanged from where they've been for the past several months.

總的來說，我想說我們所看到的全面趨勢與過去幾個月相比沒有變化。

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。

Vasant, best of luck to you. I wanted to actually ask about surcharging. I know Visa recently lowered the cap on the credit card surcharging to 3% from 4%. Just wanted to know, is this in response to a trend of more merchants employing surcharges, whether that might be in a compliant or a noncompliant manner? If so, are there any implications for Visa we should be considering from surcharging?

瓦森特，祝你好運。其實我想問的是附加費的事。我知道Visa最近將信用卡附加費上限從4%下調至3%。只是想知道，這是否是為了應對越來越多的商戶收取附加費的趨勢，無論是以合規還是不合規的方式？如果是這樣，我們應該考慮附加費對 Visa 有什麼影響嗎？

No implications you should be considering. It won't surprise you, we don't feel great that consumers get surcharge. But of course, in certain jurisdictions in the U.S. and around the world, merchants have the ability to do that, and some choose to do it. Many choose to do it, and then they choose to pull back on it because it's not a great customer experience. The small adjustment that we made that you referenced was one. Just making sure that when consumers do get surcharge, it's something that's fair and equitable, and that was the purpose of the change.

您不應該考慮任何影響。你不會感到驚訝，我們對消費者收取附加費感到不高興。但當然，在美國和世界各地的某些司法管轄區，商家有能力這樣做，有些人選擇這樣做。許多人選擇這樣做，然後又選擇放棄，因為這不是一個很好的客戶體驗。您提到的我們所做的小調整就是其中之一。只是確保當消費者確實獲得附加費時，這是公平和公正的，這就是變革的目的。

Our next question comes from Bryan Keane with Deutsche Bank.

我們的下一個問題來自德意志銀行的布萊恩·基恩。

Vasant, since it's your last earnings call, I got to ask you about incentives. You got to go out on an incentives question, at least. So as incentives look like they're going to be towards the higher end of the range, just the puts and takes that pushed it towards the high end. Was there more deal activity this fiscal year or different volumes that changed the incentives towards the high end?

Vasant，由於這是您最後一次財報電話會議，我得問您有關激勵措施的問題。至少你必須解決激勵問題。因此，由於激勵措施看起來將接近範圍的高端，因此只有看跌期權和賣出期權才將其推向高端。本財年是否有更多的交易活動或不同數量的交易改變了對高端市場的激勵？

Yes. I mean it's -- well, thanks for saying those nice things. I -- in general, on incentives, they were in line with what we expected. So there were no surprises there. And incentives, everybody focuses on the percentage. If you look at what really counts, which is net revenue growth, we had healthy net revenue growth in the quarter. Even with the exchange rate drag, we were almost 12%, and the exchange rate drag would have added another point.

是的。我的意思是——嗯，謝謝你說了這些好話。我——總的來說，在激勵方面，它們符合我們的預期。所以那裡並沒有什麼意外。至於激勵，大家都關注百分比。如果你看看真正重要的是什麼，那就是淨收入增長，我們在本季度實現了健康的淨收入增長。即使受到匯率拖累，我們也接近 12%，匯率拖累還會再增加一點。

If you look at yields, net revenue yields are higher than they were a year ago. We did have some renewals happen earlier than we expected. So we did have some renewals come into this year and Q3 that we might have thought would happen next year, but we're happy about that. We're always happy to renew clients even if we have to do it a little earlier. So all in all, no surprises there.

如果你看一下收益率，就會發現淨收入收益率高於一年前。我們確實有一些更新比我們預期的要早。因此，我們確實在今年和第三季度進行了一些續訂，我們可能認為這些續訂會在明年發生，但我們對此感到高興。我們總是很樂意續約客戶，即使我們必須提前一點。總而言之，沒有什麼驚喜。

Our next question comes from Lisa Ellis with MoffettNathanson.

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

Welcome, Chris. And Vasant, you'll be missed. I wanted to follow up on the prepared remarks call-out on the partnership with Pay U.K. around RTP Prevent. Can you elaborate a bit more on that? These are the types of value-added services I know we've all been eagerly waiting to see. So can you talk a little more about sort of what the scope is of the pilot and exactly how that service works and how you'll be monetizing it, if not in the pilot, then over the longer term?

歡迎，克里斯。還有瓦桑特，我們會想念你的。我想跟進有關 RTP Prevent 與 Pay U.K. 合作的準備好的評論。您能詳細說明一下嗎？我知道這些都是我們都熱切期待看到的增值服務類型。那麼，您能否多談談試點的範圍以及該服務的具體運作方式以及如何將其貨幣化（如果不是在試點中，那麼從長遠來看）？

Lisa, yes, thanks. So it is one of the things we've been talking about is how we can build value-added services for new networks, specifically for RTP as it starts to grow and expand around the world. So I guess how it works to the core of your question. So first of all, what we've done is we've built a real-time risk score. We've built it uniquely for instant payments, where there's often unique cases of fraud in terms of how they work. We built it using deep learning AI models.

麗莎，是的，謝謝。因此，我們一直在討論的事情之一就是如何為新網絡構建增值服務，特別是隨著 RTP 開始在全球範圍內發展和擴展。所以我猜它是如何解決你問題的核心的。首先，我們所做的是建立了實時風險評分。我們專門為即時支付而構建了它，因為即時支付的工作方式經常存在獨特的欺詐案例。我們使用深度學習人工智能模型構建它。

And what it does is it enables banks to be able to decide whether to approve or reject the transaction in real time, which is a capability that most banks or most real-time payments networks around the world have been very hungry for. It's a score from 1 to 99. It comes with an instant real-time code that explains the score. And what it does is it leverages our proprietary data that kind of we have used to enhance our own risk algorithms as well as the data that we see on a lot of our payment platforms, including Visa Direct.

它的作用是使銀行能夠實時決定是否批准或拒絕交易，這是世界上大多數銀行或大多數實時支付網絡都非常渴望的功能。分數從 1 到 99。它帶有一個即時實時代碼來解釋分數。它的作用是利用我們用於增強我們自己的風險算法的專有數據，以及我們在包括 Visa Direct 在內的許多支付平台上看到的數據。

And one of the benefits of us bringing that to market is it integrates with the bank's existing fraud and risk tools. Because we're often providing these types of risk scores to banks and they're ingesting them from us, it directly integrates into their fraud and risk tools, so the real-time information, their systems know how to use it. It can be automated into their decisioning algorithms and those types of things.

我們將其推向市場的好處之一是它與銀行現有的欺詐和風險工具集成。因為我們經常向銀行提供這些類型的風險評分，而他們從我們那裡獲取這些風險評分，所以它直接集成到他們的欺詐和風險工具中，因此實時信息，他們的系統知道如何使用它。它可以自動融入他們的決策算法和此類事物中。

So think about it -- if you want -- if you back way up, if you think about it, it's similar to our Visa Advanced Authorization service that we offer on VisaNet. But we've built from the bottoms up, clean sheet of paper, a customized solution, leveraging deep learning AI models and integrated that directly into the bank system so that they can ingest that in real time.

所以想一想——如果你願意的話——如果你往回想一下，如果你想一想，它類似於我們在 VisaNet 上提供的 Visa 高級授權服務。但我們已經自下而上地構建了一個定制的解決方案，利用深度學習人工智能模型，並將其直接集成到銀行系統中，以便他們可以實時獲取。

The pilot is just getting going. It's very early days, so we'll report back as we learn more. And hopefully, we'll have more examples like this to talk about around the world.

試點剛剛開始。現在還為時過早，所以我們會在了解更多信息後進行報告。希望我們能有更多這樣的例子在世界各地談論。

Our next question comes from Ashwin Shirvaikar with Citi.

我們的下一個問題來自花旗銀行的 Ashwin Shirvaikar。

Congratulations, gentlemen. Also, Chris, welcome. And Vasant, thank you for your help and partnership over the years. I wanted to ask about value-added services. Revenue yield there was quite solid and wanted to ask what's leading to that. Would you call it sort of structural at this point? Or is it more episodic? Like in the past, you had benefits from, say, FX volatility or incentives, things like that. So that's the question.

恭喜，先生們。另外，克里斯，歡迎。 Vasant，感謝您多年來的幫助和合作。我想問一下增值服務。那裡的收入非常穩定，我想知道是什麼導致了這種情況。您現在可以稱之為結構性的嗎？或者說它更具有情景性？就像過去一樣，你可以從外匯波動或激勵等方面受益。這就是問題所在。

Yes, FX volatility would not affect value-added services. We don't count our treasury revenues in value-added services. So value-added services are benefiting from structural and secular things. First, it's deepening our penetration of existing clients. So it's a concerted effort to sell more services to existing clients.

是的，外匯波動不會影響增值服務。我們不將我們的財務收入計入增值服務。所以增值服務正在受益於結構性和世俗性的東西。首先，它加深了我們對現有客戶的滲透。因此，這是向現有客戶銷售更多服務的共同努力。

Second is some of the services were not operating globally. We are now making these services available around the world. So it allows us to clearly increase the scope of the market. And then third, as you know, we've been adding services over time. So this is a long-term growth engine for us. Our goal is to continue to grow it at a very hefty clip. And think about it as, to get a transaction and the more services you can layer on and the more value you can add to the transaction, the more yield you can get on it. So it's very much a growth engine, one of three, and we think it can grow for a very long time.

其次，一些服務並未在全球範圍內運營。我們現在正在世界各地提供這些服務。因此它使我們能夠明顯擴大市場範圍。第三，如您所知，隨著時間的推移，我們一直在增加服務。所以這對我們來說是一個長期增長引擎。我們的目標是繼續大幅增長。想一想，為了獲得交易，您可以提供的服務越多，為交易添加的價值越多，您可以獲得的收益就越高。因此，它在很大程度上是一個增長引擎，是三個增長引擎之一，我們認為它可以持續增長很長一段時間。

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。

I just wanted to ask about cross-border. Obviously, Visa is shaking some headwinds on the yield side in this business. Can you just talk about how much more of a headwind you think this is going to be in fiscal 4Q and fiscal 1Q of next year compared to what we saw this past quarter?

我只是想問一下跨境的事顯然，Visa 正在克服該業務收益率方面的一些阻力。您能否談談您認為明年第四財季和第一財季的不利因素與我們上個季度看到的情況相比會有多大？

Yes. So just to correct, the way to think about value-added services yield, and I know you're looking at the revenue and dividing it by the volume, is there's the yield on the transaction and then there's the yield on the exchange rate translation services we provide. Where the yield has gone down, because it was very high last year, is on the exchange rate translation service, what we call our treasury revenues, because currency volatility last year was 30% to 40% higher than it is right now.

是的。因此，為了更正一下，思考增值服務收益的方法，我知道您正在查看收入並將其除以數量，是交易收益，然後是匯率換算收益我們提供的服務。由於去年的收益率非常高，收益率下降的地方是匯率轉換服務，即我們所說的國庫收入，因為去年的貨幣波動性比現在高出 30% 至 40%。

Currency volatility right now is a little higher than the long-term average. But last year, it was an extraordinary highs. In fact, in the fourth quarter, we will lap some of the highest levels of currency volatility reached last year. And based on where volatilities are today versus last year, volatilities are down almost 40%. So it's a sizable move. So any yield difference you see in that line is because of treasury revenues. It's not from our core cross-border yields, which remain very steady. It's going to fluctuate based on currency volatility. And really, it's still decent. It's just that it was very high last year.

目前的貨幣波動性略高於長期平均水平。但去年，這是一個非同尋常的高點。事實上，在第四季度，我們將超越去年達到的貨幣波動最高水平。根據今天的波動率與去年相比，波動率下降了近 40%。所以這是一個相當大的舉動。因此，您在該行中看到的任何收益率差異都是由於國庫收入造成的。這不是來自我們的核心跨境收益率，該收益率仍然非常穩定。它會根據貨幣波動而波動。事實上，它仍然很不錯。只是去年這個數字非常高。

Our next question comes from Darrin Peller with Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的達林·佩勒。

Visa right now is net cash for the first time, I think, since 2016, since pre the Visa Europe deal, and gross debt below 1x. I know your target generally is 1 to 1.5x. And the buyback, frankly, was a little bit light also tracking at about 76%. Last year, you paid out about 76% of net income and buybacks. So I think you need to do a pretty big catch-up in this quarter.

我認為，自 2016 年 Visa 歐洲交易之前以來，Visa 現在首次實現淨現金，總債務低於 1 倍。我知道你的目標通常是 1 到 1.5 倍。坦率地說，回購力度也有點小，約為 76%。去年，您支付了約 76% 的淨收入和回購。因此，我認為您需要在本季度進行相當大的追趕。

So just curious to hear how you're thinking about capital allocation. I guess, Ryan, the multiple is lower versus the market's been in a while. Do you see this as a good opportunity for buybacks to pick up pace? Or are there other reasons why you'd want to allocate capital different ways, guys?

所以只是想知道您如何考慮資本配置。瑞安，我想，與市場一段時間以來的市盈率相比，市盈率較低。您認為這是加快回購步伐的好機會嗎？或者還有其他原因讓您想要以不同的方式分配資本嗎？

Yes, I'll start, and maybe Ryan can add. No, there's no change in capital allocation strategy, which is pay a dividend. The dividend has a certain set of criteria we use between a certain percentage range of our EPS. It gets to a certain yield, and it's almost $1 billion a quarter now.

是的，我先開始，也許瑞安可以補充。沒有，資本配置策略沒有改變，就是派發股息。股息有一套特定的標準，我們在每股收益的一定百分比範圍內使用。它達到了一定的收益率，現在每個季度接近 10 億美元。

We do buybacks generally out of free cash flow. We have historically not borrowed to do buybacks. And clearly, our first priority is to invest in the core business and to do acquisitions that make sense. And as you can see, we've been doing both.

我們通常利用自由現金流進行回購。我們歷來沒有借錢進行回購。顯然，我們的首要任務是投資核心業務並進行有意義的收購。正如您所看到的，我們一直在做這兩件事。

In terms of the volume of buybacks, remember that we did contribute $850 million to the escrow account, which is also equivalent to a buyback. So if you count that in, we are probably around $9 billion or so in buybacks, if I remember right, so far this year.

就回購量而言，請記住，我們確實向託管賬戶貢獻了 8.5 億美元，這也相當於回購。因此，如果你算進去的話，如果我沒記錯的話，今年到目前為止我們的回購額可能約為 90 億美元左右。

Clearly, we have more capacity if you want to do buybacks. We've always said that if we felt there was a disruption in the market and stock was trading at levels that did not reflect intrinsic value, we would be willing to step up our buybacks and borrow money if that made sense. So obviously, we'll keep you posted if any of our plans change. Ryan, you may want to add some things.

顯然，如果你想回購，我們有更多的能力。我們總是說，如果我們認為市場出現混亂，並且股票交易水平無法反映內在價值，那麼如果有意義的話，我們願意加大回購力度並藉錢。顯然，如果我們的計劃有任何變化，我們會及時通知您。瑞安，你可能想補充一些東西。

Nothing to add to your very well-said comments, Vasant.

Vasant，您說得很好，沒有什麼可補充的。

Our next question comes from Andrew Jeffrey with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Andrew Jeffrey。

Vasant, best of luck to you. It's been a pleasure. Ryan, I wanted to ask about the -- some of the commercial efforts that Visa is making. I know it's a pretty important driver of sort of new flows, the nonconsumer part of your business growth. And this quarter, it was a little bit slower than overall volume. Can you just comment on the pipeline and what you see as the opportunities in commercial and how we should think about that business growing over the next few years?

瓦森特，祝你好運。這是我的榮幸。 Ryan，我想問一下 Visa 正在做出的一些商業努力。我知道這是一種非常重要的新流動驅動力，即業務增長的非消費者部分。而本季度，它比整體銷量要慢一些。您能否簡單評論一下管道以及您認為的商業機會以及我們應該如何看待未來幾年該業務的增長？

Sure. Thanks for the question. We remain very excited about B2B in general. It's an enormous TAM, and we're just kind of scratching the surface, and we're very excited about commercial specifically. We have the largest commercial business on the planet, as we've talked about in the past. I think it's in the neighborhood of $1.5 trillion of payment volume, and we've been releasing numbers of innovations into the market in that space. We've released Visa Spend Clarity, which helps our clients with expense management; Visa Commercial Pay, which helps with control. There's a lot of things we've done around enabling acceptance around the world. So we feel good about it.

當然。謝謝你的提問。總的來說，我們對 B2B 仍然非常興奮。這是一個巨大的 TAM，我們只是觸及了表面，我們對商業化感到非常興奮。正如我們過去所談到的，我們擁有地球上最大的商業業務。我認為支付量約為 1.5 萬億美元，我們一直在該領域向市場發布大量創新產品。我們發布了 Visa Spend Clarity，幫助我們的客戶進行費用管理； Visa Commercial Pay，有助於控制。為了讓世界各地都接受我們，我們做了很多事情。所以我們對此感覺良好。

As it relates to the volume, some of the dynamics that we're seeing in the commercial space are similar to what we're seeing in the consumer space, you have the impact from fuel and those types of things. But as we think over the next 1, 2, 3, 4, 5 years, we've never been more excited about the opportunities that we've got. And we've never felt better about the product that we're putting in the market, and we're getting great feedback from our clients as well.

由於與數量相關，我們在商業領域看到的一些動態與我們在消費領域看到的類似，您會受到燃料和此類事物的影響。但當我們思考未來 1、2、3、4、5 年時，我們對我們所擁有的機會感到前所未有的興奮。我們對投放市場的產品感覺從未如此好過，而且我們也從客戶那裡得到了很好的反饋。

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拉姆齊·阿薩爾。

Congratulations to you Vasant. I wanted to ask for a follow-up on Reg II. You mentioned not seeing any impact yet. I'm just wondering from your vantage point, whether you're now seeing that routing choice more broadly available to kind of -- all merchants or are we still in the midst of an implementation and rollout.

恭喜你，瓦桑特。我想詢問 Reg II 的後續情況。您提到尚未看到任何影響。我只是想知道，從您的角度來看，您現在是否看到該路由選擇更廣泛地可供所有商家使用，或者我們是否仍在實施和推出過程中。

And then just quickly and separately, your tax rate guidance would imply no impact from the recent Brazil tax [law] changes that did impact Mastercard, but I'm just double checking if that's the case.

然後，快速而單獨地，您的稅率指導將意味著最近確實影響萬事達卡的巴西稅收[法律]變化不會產生影響，但我只是仔細檢查情況是否如此。

Why don't I -- I'll take the first part and let Vasant take the second part. It's early days with Reg II. There's been a lot of work that happened ahead of the July 1 date, but there's also work still happening. As it relates to our views on our ability to compete in the space, we're -- we continue to be very excited and confident about our ability to compete. We think that many merchants are going to still choose to route to Visa.

為什麼我不——我會做第一部分，讓 Vasant 做第二部分。 Reg II 還處於早期階段。在 7 月 1 日之前已經完成了很多工作，但也有一些工作仍在進行中。由於這關係到我們對自己在該領域競爭能力的看法，因此我們仍然對自己的競爭能力感到非常興奮和自信。我們認為許多商戶仍會選擇使用 Visa。

As you all know, merchants bear liability for fraud in the e-commerce space. So when they're making decisions, it's not just a cost-based decision. And we bring a lot to merchants in terms of the way we help them with managed risk. We have advanced fraud tools, advanced risk scoring capabilities. And as you know, we also have the product functionality enabled by dual messaging to enable a lot of use cases that are key in the e-commerce space.

眾所周知，電子商務領域的欺詐行為，商家要承擔責任。因此，當他們做出決策時，這不僅僅是基於成本的決策。我們在幫助商家管理風險方面為他們帶來了很多好處。我們擁有先進的欺詐工具、先進的風險評分能力。如您所知，我們還擁有通過雙重消息傳遞啟用的產品功能，以支持電子商務領域的許多關鍵用例。

So we are -- we feel very good about our ability to compete. And there's a lot that's going to happen over the course of the next many months and quarters, and we'll keep you posted on how it evolves.

所以我們——我們對自己的競爭能力感到非常滿意。在接下來的幾個月和幾個季度中將會發生很多事情，我們將隨時向您通報其演變情況。

Yes. On the Brazil topic, you should ask Mastercard what was unique to them, really no change from our standpoint as it relates to Brazil.

是的。關於巴西的話題，你應該問萬事達卡他們有什麼獨特之處，從我們的角度來看，這與巴西有關，實際上沒有任何變化。

Our next question comes from Timothy Chiodo with Credit Suisse.

我們的下一個問題來自瑞士信貸銀行的蒂莫西·奇奧多。

Vasant, thank you for always being a gentlemen for all the help over the years. I want to dig a little bit -- actually, this question is for you, Vasant. On the gap between nominal cross-border volumes ex inter Europe and international revenue on a nominal basis, you talked about the FX volatility part plenty. I was just hoping you could dig into a little bit about the other factors that drive that gap, meaning quarter mix and any pricing and how we should think about those over the coming quarters.

Vasant，感謝您多年來一直作為紳士提供的所有幫助。我想深入挖掘一下——實際上，這個問題是給你的，Vasant。關於歐洲間名義跨境交易量與名義國際收入之間的差距，您多次談到了外匯波動部分。我只是希望您能深入了解導致這一差距的其他因素，這意味著季度組合和任何定價以及我們應該如何考慮未來幾個季度的這些因素。

Yes. Yes, it is largely volatility-driven because of the very high volatilities we had last year and more normal volatilities we're getting to now. Beyond that, there's some FX impact, obviously. That line is always affected by FX more than any other line in the P&L. And other than that, there are always mix factors. It depends on corridors and all that. There's always some impact from that. But I would say the bulk of it is the two we talked about, volatility and exchange rates.

是的。是的，它很大程度上是由波動性驅動的，因為去年的波動性非常高，而現在的波動性更加正常。除此之外，顯然還有一些外匯影響。該行始終比損益表中的任何其他行更容易受到外彙的影響。除此之外，總是存在混合因素。這取決於走廊等等。總會有一些影響。但我想說，其中大部分是我們討論的兩個問題：波動性和匯率。

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黃天欽。

Last question. So I won't ask you, for Vasant. That's my gift and way to thank you, so I'll spare you a macro question. I'll ask Ryan instead on Pismo if that's okay. Ryan, you mentioned -- I think you mentioned shipping products faster in your upfront remarks. That made me think about Pismo a little bit. Is buying Pismo an indication in any way that Visa is more interested in owning tech and infrastructure that touches products, the consumer and that gives you a chance to develop products faster? Just I'm curious to get your thoughts on that. It feels like you're widening the swim lane a little bit here. Is that fair to say? I would love your thoughts.

最後一個問題。所以我不會問你，為了瓦桑特。這是我的禮物，也是我感謝你們的方式，所以我不會向你們提出一個宏觀問題。我會在 Pismo 上問 Ryan 是否可以。瑞安，你提到過——我想你在前面的評論中提到過更快地運送產品。這讓我想起了Pismo。購買 Pismo 是否表明 Visa 對擁有涉及產品、消費者並讓您有機會更快開發產品的技術和基礎設施更感興趣？只是我很想知道你對此的想法。感覺就像你在這裡稍微拓寬了泳道。這麼說公平嗎？我會喜歡你的想法。

Tien-tsin, what we're trying to do is serve our clients. I mean that's where it all starts with. And what our clients are looking for is they're looking for innovative processing solutions. They're increasingly looking for cloud-native API-based services. Processing is certainly one of those.

天進，我們所做的就是為客戶服務。我的意思是這就是一切的開始。我們的客戶正在尋找創新的加工解決方案。他們越來越尋找基於雲原生 API 的服務。加工當然是其中之一。

We've heard from clients around the world that many of them are embarking on digital transformations in their processing platforms. And so when we hear that from our clients, we immediately get to work on how we can help them, how we can serve them. We went through a global process looking at all the different players around the world, and we identified Pismo as the best. We literally studied hundreds of companies. We met with dozens of them.

我們從世界各地的客戶那裡得知，他們中的許多人正在其處理平台上進行數字化轉型。因此，當我們從客戶那裡聽到這一消息時，我們立即開始研究如何幫助他們，如何為他們服務。我們經歷了一個全球流程，考察了世界各地所有不同的參與者，我們認為 Pismo 是最好的。我們確實研究了數百家公司。我們會見了其中的數十人。

And after a deep, thorough scan, we identified Pismo. And yes, Pismo is the kind of tech platform, Tien-tsin, that you were alluding to. That is the type of tech that our clients are increasingly looking for. And in this example, it was an opportunity for us to buy the leading player that could help clients serve their customers, expand globally and deliver a lot of new leading edge use cases to their customers. So we're very excited about it. Thanks for the question.

經過深入、徹底的掃描，我們確定了 Pismo。是的，Pismo 就是您提到的那種科技平台 Tien-tsin。這正是我們的客戶日益尋求的技術類型。在這個例子中，我們有機會購買領先的參與者，可以幫助客戶服務他們的客戶，在全球範圍內擴張並向他們的客戶提供許多新的領先用例。所以我們對此感到非常興奮。謝謝你的提問。

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, and please join me in wishing Vasant the best.

在此，我們要感謝您今天加入我們。如果您還有其他問題，請隨時致電或發送電子郵件給我們的投資者關係團隊。再次感謝，祝您有美好的一天，請和我一起祝 Vasant 一切順利。

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。