Visa Inc (V) 2023 Q4 法說會逐字稿

Welcome to Visa's Fiscal Fourth Quarter and Full Year 2023 Earnings Conference Call. (Operator Instructions) Today's conference is being recorded. (Operator Instructions) I would now like to turn the conference over to your host, Ms. Jennifer Como, Senior Vice President and Global Head of Investor Relations. Ms. Como, you may begin.

歡迎參加 Visa 第四季和 2023 年全年財報電話會議。 （操作員指示）今天的會議正在錄音。 （操作員指示）我現在將會議轉交給東道主、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, Jordyn. Good afternoon, everyone, and welcome to Visa's Fiscal Fourth Quarter and Full Year 2023 Earnings Call. Joining us today are Ryan McInerney, Visa's Chief Executive Officer; and Chris Suh, Visa's Chief Financial Officer. This call is being webcast on the Investor Relations section of our website at investor.visa.com. A replay will be archived on our site for 30 days. A slide deck containing financial and statistical highlights has been posted on our IR website.

謝謝，喬丁。大家下午好，歡迎參加 Visa 2023 年第四季和全年財報電話會議。今天加入我們的還有 Visa 執行長 Ryan McInerney；以及 Visa 財務長 Chris Suh。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路直播。重播將在我們的網站上存檔 30 天。我們的投資者關係網站上已發布包含財務和統計要點的幻燈片。

Let me also remind you that this presentation includes forward-looking statements. These statements are not guarantees of future performance, and our actual results could differ materially as the result of many factors. Additional information concerning those factors is available in our most recent 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，本簡報包含前瞻性陳述。這些陳述並不是對未來績效的保證，由於許多因素的影響，我們的實際結果可能會有重大差異。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. Before we begin, I wanted to take a moment to acknowledge the tragic loss of life and suffering in Israel and Gaza. We are in constant contact with our teams in Israel and throughout the region, and I have the deepest admiration for their commitment to each other and their clients during this exceptionally challenging time. We continue to monitor the situation, prioritize the safety of our people and stay close to our clients to ensure the continuity of business operations.

下午好，感謝您加入我們。在我們開始之前，我想花一點時間承認以色列和加薩發生的悲慘生命損失和苦難。我們與以色列和整個地區的團隊保持著持續的聯繫，我對他們在這個異常充滿挑戰的時期對彼此和客戶的承諾深表欽佩。我們將繼續監控局勢，優先考慮員工的安全，並與客戶保持密切聯繫，以確保業務運作的連續性。

Turning now to our results. At the beginning of 2023, there was a lot of uncertainty around the macroeconomic environment with fears of a recession. There were many unknowns around FX, volatility, interest rates and inflation. There was also some noise in our growth rates in early 2023 due to the effects of Omicron and the suspension of operations in Russia. Against that backdrop, Visa delivered.

現在轉向我們的結果。 2023年初，宏觀經濟環境存在諸多不確定性，人們擔心經濟衰退。外匯、波動性、利率和通膨存在許多未知因素。由於 Omicron 和俄羅斯業務暫停的影響，我們 2023 年初的成長率也出現了一些噪音。在此背景下，Visa 兌現了承諾。

Total full fiscal year net revenues grew 11% with GAAP EPS up 18% and non-GAAP EPS up 17%. Credentials grew 7%. We also surpassed 7.5 billion tokens. Total transactions, including cash and payment transactions, were 276 billion, which means that Visa credentials were used, on average, 757 million times a day during the fiscal year.

整個財年總淨收入成長 11%，其中 GAAP 每股盈餘成長 18%，非 GAAP 每股盈餘成長 17%。證書增長了 7%。我們的代幣數量也超過了 75 億。包括現金和支付交易在內的總交易量為 2,760 億筆，這意味著該財年 Visa 憑證平均每天使用 7.57 億次。

We signed over 500 commercial partnerships with fintechs globally from early-stage companies to growing and mature players up 25% versus last year. Merchant locations were up 17%, helped by strong growth in Latin America and CEMEA. Global tap to pay penetration, excluding the U.S., grew 5 points from last year to 76% of total face-to-face transactions. And in the U.S., penetration expanded 13 points to surpass 40%. Global tap to ride transactions were 1.6 billion for the full year 2023, up over 30%, and we added nearly 150 new transit systems throughout the year, such as in Philadelphia and Bangkok, bringing the footprint to more than 750 systems. More than 40% of our transit system launches this year also included our value-added services, Acceptance Solutions.

我們與全球金融科技公司簽署了 500 多家商業合作夥伴關係，從早期公司到成長型成熟公司，比去年成長了 25%。由於拉丁美洲和中東和非洲地區的強勁成長，商家數量增加了 17%。除美國外，全球點擊支付滲透率較去年增加 5 個百分點，佔面對面交易總額的 76%。在美國，滲透率擴大了 13 個百分點，超過 40%。 2023 年全年，全球點擊乘車交易量為 16 億筆，成長超過 30%，我們全年新增了近 150 個新的交通系統，例如在費城和曼谷，使系統覆蓋範圍達到 750 多個。今年推出的超過 40% 的交通系統還包括我們的加值服務、驗收解決方案。

On the new flows side, total revenue grew 17% in constant dollars for the full year. I'll note a few highlights. Total commercial volume was $1.57 trillion, up 12% in constant dollars. We have increased the number of banks that have signed on to Visa B2B Connect by more than 70% this year, and activation continues to happen with the number of transacting banks more than doubling. Visa Direct had 7.5 billion transactions, up 19% year-over-year and nearly 30%, excluding Russia, across 65-plus use cases and over 2,800 programs helped by more than 500 enablers. Cross-border P2P transactions grew 65% year-over-year and reached a new record for payments volume in the fourth quarter. Value-added services revenue grew 18% for the full year in constant dollars. Across our hundreds of products, our top 265 largest clients used 22 products on average, up 8% from last year versus our overall clients who used 11 products on average.

在新流量方面，全年總收入以不變美元計算成長了 17%。我會指出一些亮點。商業總額為 1.57 兆美元，以不變美元計算成長 12%。今年，我們已將簽署 Visa B2B Connect 的銀行數量增加了 70% 以上，並且啟動工作仍在繼續，交易銀行數量增加了一倍多。 Visa Direct 的交易量達 75 億筆，年成長 19%，成長近 30%（不包括俄羅斯），涵蓋 65 多個用例和 2,800 多個項目，並得到 500 多個推動者的幫助。第四季跨國P2P交易量年增65%，支付量再創新高。以不變美元計算，全年增值服務收入成長 18%。在我們的數百種產品中，我們的前 265 位最大客戶平均使用 22 種產品，比去年增長 8%，而我們的整體客戶平均使用 11 種產品。

With all of this strong momentum and performance, we finished the fourth quarter with net revenue growth of 11% and GAAP EPS growth of 22%. Other highlights from the fourth quarter include the following in constant dollars: global payments volume grew 9%; U.S. payments volume grew 6%; international payments volume grew 11%; cross-border volume excluding intra-Europe grew 18% with cross-border travel up 26% year-over-year; and process transactions were up 10%.

憑藉所有這些強勁的勢頭和業績，我們第四季度的淨收入增長了 11%，公認會計原則每股收益增長了 22%。第四季的其他亮點包括以不變美元計算的以下內容：全球支付量成長 9%；美國支付量成長 6%；國際支付量成長 11%；不包括歐洲內部的跨國交易量成長 18%，其中跨國旅行較去年同期成長 26%；流程交易成長了 10%。

Across all our growth levers, we continued to drive progress in innovation and money movement. As I mentioned last quarter, when asked why Visa, our clients tell us they are 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 capabilities and our brand. We continued to see that play out in our fourth quarter. I'll walk through each one and highlight some examples.

在我們所有的成長槓桿上，我們繼續推動創新和資金流動的進步。正如我上季度提到的，當被問及為什麼選擇Visa 時，我們的客戶告訴我們，他們選擇深化和擴大與我們的合作關係有多種原因，包括我們的員工、我們的產品、我們的加值服務、我們的新流程能力和我們的品牌。我們在第四季繼續看到這種情況的發生。我將逐一介紹並重點介紹一些範例。

First, our people. We have the best team in the business, and our clients tell us that they deeply value the advice, local support and partnership from our outstanding teams who are laser-focused on helping our clients grow their businesses. Our clients also appreciate our thoughtful leadership on important and complex industry issues across the ecosystem.

首先，我們的人民。我們擁有業內最優秀的團隊，我們的客戶告訴我們，他們非常重視我們優秀團隊的建議、在地支援和合作夥伴關係，這些團隊專注於幫助我們的客戶發展業務。我們的客戶也讚賞我們在整個生態系統中重要而複雜的行業問題上的深思熟慮的領導力。

An example this quarter was with U.S. Bank, one of the largest issuers in the United States. They have renewed our long-term agreement for their consumer and commercial portfolios. In addition, we are engaging on consulting services and co-marketing projects that include leveraging our NFL sponsorship. Also in the U.S., we are very pleased to have renewed our long-standing relationship with top 20 U.S. issuer FNBO across consumer, commercial and value-added services.

本季的一個例子是美國最大的發行人之一美國銀行。他們與我們續簽了針對其消費者和商業產品組合的長期協議。此外，我們還參與諮詢服務和聯合行銷項目，其中包括利用我們的 NFL 贊助。同樣在美國，我們很高興與美國 20 強發行人 FNBO 在消費、商業和增值服務領域恢復了長期合作關係。

In Brazil, credit unions or cooperatives are fast growing, and we recently reached an expanded relationship with [Sicoob], whose system spans nearly 340 cooperatives and 7.5 million members. In addition to our people, our payment products and innovations consistently help us win. We are constantly driving innovation and delivering next-generation payment solutions and experiences that enable our clients to better serve their customers and grow their businesses.

在巴西，信用合作社或合作社正在快速發展，我們最近與 [Sicoob] 擴大了合作關係，其係統涵蓋近 340 個合作社和 750 萬會員。除了我們的員工之外，我們的支付產品和創新始終幫助我們獲勝。我們不斷推動創新並提供下一代支付解決方案和體驗，使我們的客戶能夠更好地服務他們的客戶並發展他們的業務。

In terms of our capabilities to serve fintechs, in Colombia, we expanded our partnership with Nequi, the first digital wallet in the country to enable their 17 million-plus account holders for tap to pay with digital credentials.

就我們為哥倫比亞金融科技公司提供服務的能力而言，我們擴大了與該國首個數位錢包 Nequi 的合作關係，使其超過 1700 萬帳戶持有人能夠使用數位憑證進行感應支付。

We also provide targeted offerings for certain customers. In India, we are focused on delivering market-leading offerings for affluent customers. With that in mind, we have signed with fintech [epiFi] for a consumer credit offering for high net worth and mass affluent customers. We also recently expanded our acceptance with fintech Razer Pay to enable Visa debit cards to purchase mutual funds and securities, offering greater convenience to customers with higher payment success rates versus traditional methods.

我們也為某些客戶提供有針對性的產品。在印度，我們專注於為富裕客戶提供市場領先的產品。考慮到這一點，我們已與金融科技公司 [epiFi] 簽署協議，為高淨值和大眾富裕客戶提供消費信貸服務。我們最近也擴大了對金融科技 Razer Pay 的接受範圍，使 Visa 金融卡能夠購買共同基金和證券，與傳統方法相比，支付成功率更高，為客戶提供了更大的便利。

And in the e-commerce seller space, we renewed our agreement with Shopify for the Balance card, allowing Shopify's U.S. sellers to access funds from sales by the next business day and receive cashback on everyday business expenses like shipping and marketing. We also signed a new issuing agreement for small business credit.

在電子商務賣家領域，我們與 Shopify 續簽了 Balance 卡協議，允許 Shopify 的美國賣家在下一個工作日之前從銷售中獲取資金，並獲得運輸和行銷等日常業務費用的現金回饋。我們也簽署了新的小型企業信貸發行協議。

Next, our value-added services are helping us win. They help our clients innovate and grow, provide risk management solutions and drive better outcomes for them and, in turn, for Visa. Our Acceptance Solutions, including CyberSource, have really resonated with clients this year. We sold more than 2,600 new acceptance services in over 100 countries. In North America, Costco has chosen Visa Acceptance Solutions, including CyberSource, for all of their U.S. and Canadian e-commerce transactions. Alaska Airlines has selected CyberSource to process their kiosk payments in support of their initiative to transform the airport lobby experience. In Asia Pacific, China Merchants Bank, the largest issuer in Mainland China, has renewed its consumer and small business portfolios.

接下來，我們的增值服務正在幫助我們獲勝。他們幫助我們的客戶創新和發展，提供風險管理解決方案，並為他們以及 Visa 帶來更好的成果。我們的驗收解決方案（包括 Cyber​​Source）今年確實引起了客戶的共鳴。我們在 100 多個國家/地區銷售了 2,600 多項新驗收服務。在北美，Costco 選擇使用 Visa Acceptance Solutions（包括 Cyber​​Source）來處理其在美國和加拿大的所有電子商務交易。阿拉斯加航空選擇 Cyber​​Source 來處理其自助終端付款，以支持其改變機場大廳體驗的舉措。在亞太地區，中國大陸最大的發行人招商銀行更新了其消費者和小型企業投資組合。

In addition to our flagship risk management services, Visa Advanced Authorization and Visa Risk Manager, they will also expand their use of consulting services. Bank of China and Aon Financial Service in Japan have also signed on to use VAA and VRM. In Latin America, we have been focused on expanding our processing penetration as it allows us to offer more value-added services to our customers. In Colombia, we have recently expanded our processing penetration through the addition of 4 more banks under our strategic agreement with [Credibanco], the market's largest acquirer and issuer processor. This positions us to reach nearly 80% of domestic transactions by the end of FY '24 from essentially 0 in 2019.

除了我們的旗艦風險管理服務 Visa Advanced Authorization 和 Visa Risk Manager 之外，他們還將擴大諮詢服務的使用範圍。中國銀行和日本怡安金融服務公司也已簽約使用VAA和VRM。在拉丁美洲，我們一直致力於擴大加工滲透率，因為這使我們能夠為客戶提供更多增值服務。在哥倫比亞，我們最近根據與市場上最大的收單機構和發行機構處理機構 [Credibanco] 的策略協議，增加了 4 家銀行，擴大了處理滲透率。這使我們能夠在 2024 財年末達到近 80% 的國內交易量，而 2019 年的國內交易量幾乎為 0。

As part of these agreements, banks have added anywhere from 4 to 11 value-added services, including risk and acceptance services. As part of our network of networks strategy, we continue to both collaborate with and offer our solutions in the real-time payment space, most recently with FedNow. In Q4, Visa became a certified service provider for FedNow. Using our service, Visa financial institution clients can receive funds in real-time through the FedNow service with origination capabilities to follow. This means that Visa is now processing FedNow payments with the clearinghouse RTP to follow in the next few months.

作為這些協議的一部分，銀行增加了 4 到 11 項增值服務，包括風險和承兌服務。作為我們的網路策略的一部分，我們繼續與即時支付領域合作並提供我們的解決方案，最近與 FedNow 合作。第四季度，Visa 成為 FedNow 認證服務提供者。使用我們的服務，Visa 金融機構客戶可以透過 FedNow 服務即時接收資金，並具有後續的發起功能。這意味著 Visa 目前正在透過清算所 RTP 處理 FedNow 付款，並將在未來幾個月內跟進。

Now on to our new flows capabilities, which are increasingly an important differentiator to our clients. On the B2B side, we are pleased to have reached an expanded long-term global agreement across more than 60 countries with Citibank for their commercial card business, which also encompasses over 20 value-added services. We also recently won the IBM commercial card business spanning T&E, meeting and purchasing card programs in over 60 countries, also with Citibank as the issuer. In Singapore, we renewed our long-standing partnership with DBS, the largest bank in Southeast Asia, to continue offering commercial debit and credit services for consumers and expanded into new commercial products for small businesses.

現在讓我們來談談我們的新流程能力，這對我們的客戶來說日益成為一個重要的差異化因素。在B2B方面，我們很高興與花旗銀行就商務卡業務達成了涵蓋60多個國家的長期全球協議，其中還包括20多項增值服務。我們最近也贏得了 IBM 商務卡業務，涵蓋 60 多個國家的差旅、會議和採購卡項目，花旗銀行也是其發行人。在新加坡，我們與東南亞最大的銀行星展銀行續簽了長期合作夥伴關係，繼續為消費者提供商業借記卡和信貸服務，並擴展到小型企業的新商業產品。

On the Visa Direct side, we continue to expand Visa Direct's reach, especially to wallet endpoints. Most recently, we signed an agreement with Tencent for the Visa Direct cross-border remittance business. This will bring the total wallet reach for Visa Direct to over 2.5 billion. We have expanded our partnership with Paysend from U.S. and U.K. payments to enable all of Paysend's customers across the globe to send money in real-time to eligible Visa cards across 170 countries and territories. Paysend is also a Currencycloud customer offering compelling cross-border solutions.

在 Visa Direct 方面，我們繼續擴大 Visa Direct 的覆蓋範圍，特別是錢包端點。最近，我們與騰訊簽署了Visa Direct跨境匯款業務協議。這將使 Visa Direct 的錢包總覆蓋範圍超過 25 億。我們已將與 Paysend 的合作關係擴展到美國和英國的支付領域，使全球所有 Paysend 客戶能夠即時向 170 個國家和地區的符合條件的 Visa 卡匯款。 Paysend 也是Currencycloud 的客戶，提供引人注目的跨國解決方案。

We also recently renewed with the largest issuer in Korea, Shinhan Card, for consumer and business credit, which also incorporates the provision of our data capabilities in value-added services and the enablement of Visa Direct for cross-border remittances. We have also continued to add new Visa Direct use cases with our partners such as with small ticket B2B payments and bill pay. In Brazil, [Banco RB] will enable Visa Direct for low-value, high-velocity cross-border payments as part of their corporate banking business. In the U.S., payment platform Everyware will be enabling bill payments with Visa Direct.

我們最近也與韓國最大的發卡機構新韓卡 (Shinhan Card) 續簽了消費和商業信貸協議，其中還包括提供我們的增值服務資料能力以及啟用 Visa Direct 跨國匯款。我們也繼續與合作夥伴一起新增新的 Visa Direct 使用案例，例如小票 B2B 支付和帳單支付。在巴西，[Banco RB] 將啟用 Visa Direct 進行低額、高速跨境支付，作為其企業銀行業務的一部分。在美國，支付平台 Everyware 將支援使用 Visa Direct 進行帳單支付。

And last but certainly not least, our brand. Visa's brand strength helps deliver added value to our clients and their customers, financial institutions, merchants and partners through a wide range of products and services as well as innovative brand and marketing efforts. We are pleased to have signed an agreement with Universal Destinations & Experiences to be the exclusive payment network for their new co-branded credit card that will be issued by FNBO. In addition, Visa is now the official way to pay at Universal Destinations & Experiences. And together, we will provide compelling benefits to Visa cardholders across their Orlando and Hollywood properties.

最後但同樣重要的是我們的品牌。 Visa 的品牌優勢有助於透過廣泛的產品和服務以及創新的品牌和行銷努力為我們的客戶及其客戶、金融機構、商家和合作夥伴提供附加價值。我們很高興與 Universal Destinations & Experiences 簽署協議，成為 FNBO 將發行的新聯名信用卡的獨家支付網絡。此外，Visa 現在已成為 Universal Destinations & Experiences 的官方支付方式。我們將共同為 Visa 持卡人在奧蘭多和好萊塢的酒店提供引人注目的優惠。

Also in the U.S., we have recently renewed the Fidelity Investments co-brand credit portfolio issued by U.S. Bank. And we signed with Coupang, a large retailer with 20 million customers in Korea for their inaugural co-brand card. And in CEMEA, we have signed a Saudi Airlines co-brand with Riyadh Bank, and we renewed our co-brand partnership with Etihad Guest, the loyalty program of Etihad Airways.

同樣在美國，我們最近更新了合眾銀行發行的富達投資聯名信貸投資組合。我們也與韓國擁有 2,000 萬名客戶的大型零售商 Coupang 簽署了首張聯名卡。在CEMEA，我們與利雅德銀行簽署了沙烏地阿拉伯航空聯合品牌合作協議，並與阿提哈德航空的忠誠計畫阿提哈德常旅客續簽了聯合品牌合作夥伴關係。

As we look ahead, we're excited to be activating our brand with clients and partners at the Paris 2024 and Milano Cortina 2026 Olympic and Paralympic Summer and Winter Games. Since 1986, Visa has been a proud sponsor of the Olympic Movement, which provides an unparalleled opportunity to promote the Visa brand at a regional and global level while also facilitating partnerships and joint business initiatives with clients. The games provide a unique platform for showcasing product innovation and engaging consumers and clients with exclusive experiences. We are looking forward to the upcoming games, and we have been building momentum in the business across Europe with a particular focus on the continent.

展望未來，我們很高興能夠在 2024 年巴黎奧運會和 2026 年米蘭科爾蒂納夏季和冬季奧運會和殘奧會上與客戶和合作夥伴一起激活我們的品牌。自 1986 年以來，Visa 一直是奧林匹克運動的贊助商，這為在區域和全球層面推廣 Visa 品牌提供了無與倫比的機會，同時也促進與客戶的合作夥伴關係和聯合業務計劃。這些遊戲提供了一個獨特的平台，用於展示產品創新並透過獨特的體驗吸引消費者和客戶。我們期待著即將到來的比賽，並且我們一直在歐洲各地的業務中建立勢頭，特別關注該大陸。

I'll share a few recent highlights for our European business. On the people front, payments is a local business, and we have expanded into 7 new locations over the past 5 years and have more than doubled our workforce in the market. On innovative products, we have well over 100 fintech relationships and have expanded our capabilities through the acquisitions of Tink and Currencycloud. In new flows, Visa Direct has more than 100 enablers and over 1,000 programs with transactions more than doubling over the past 2 years.

我將分享我們歐洲業務的一些近期亮點。在人員方面，支付是一項本地業務，在過去 5 年裡，我們已擴展到 7 個新地點，市場勞動力數量增加了一倍多。在創新產品方面，我們擁有超過 100 個金融科技合作夥伴關係，並透過收購 Tink 和Currencycloud 擴大了我們的能力。在新流程中，Visa Direct 擁有 100 多個推動因素和 1,000 多個計劃，過去 2 年交易量增加了一倍多。

And in value-added services, we have increased our client penetration. In VAA alone, the number of clients enrolled in the service has more than doubled since 3 years ago, and we will be introducing nearly 20 additional products in 2024. We have been steadily building an attractive position on the continent and have built a strong pipeline of signed deals for the future by competing uniquely in each market.

在加值服務方面，我們提高了客戶滲透率。僅在VAA 地區，註冊該服務的客戶數量自3 年前以來就增加了一倍多，我們將在2024 年推出近20 種新產品。我們一直在非洲大陸穩步建立有吸引力的地位，並建立了強大的管道透過在每個市場上進行獨特的競爭，為未來簽署的交易。

Active cards across Continental Europe have grown nearly 50% since 2019. Over the next few years, we expect to migrate more than 40 million cards across nearly 40 clients. And the nature of the portfolios we are winning in Continental Europe tend to include more cross-border volume, resulting in higher yields. So our brand, our capabilities, our people, all of these make a difference for Visa's clients.

自 2019 年以來，歐洲大陸的活躍卡片數量增加了近 50%。未來幾年，我們預計將在近 40 個客戶中遷移超過 4,000 萬張卡片。我們在歐洲大陸贏得的投資組合的性質往往包括更多的跨國交易量，從而帶來更高的收益率。因此，我們的品牌、我們的能力、我們的員工，所有這些都對 Visa 的客戶產生了影響。

2023 had many milestones and solid financial performance. As we are now 3 weeks into our new fiscal year, I would like to make a few general points, and then Chris will go into more detail. One, there is still macro uncertainty, but just like in fiscal year '23, I am confident that we can manage through it. Our strategy and focus remain the same: propelling growth across consumer payments, new flows and value-added services.

2023 年有許多里程碑和穩健的財務表現。新財政年度已經過去三週了，我想提出一些一般性的觀點，然後克里斯將進行更詳細的闡述。第一，宏觀不確定性仍然存在，但就像 23 財年一樣，我相信我們能夠度過難關。我們的策略和重點保持不變：推動消費者支付、新流程和增值服務的成長。

Two, we are focused on delivering for our stockholders. In that light, I'm sure that you saw that we released an 8-K back in September regarding our potential exchange offer program. We appreciate the dialogue we've had with Class A, B and C stockholders and the board is evaluating next steps as we continue to engage with investors. Finally, you may have seen today that we announced a $25 billion multiyear share repurchase program, which reflects our Board's confidence in our strategy and future potential. I continue to see tremendous opportunity ahead. Visa has the brand, the capabilities, the strategy and, most importantly, the people to propel our growth for years to come. And with that, let me hand it over to Chris.

第二，我們專注於為股東提供服務。有鑑於此，我相信您已經看到我們在 9 月發布了有關我們潛在交換要約計劃的 8-K。我們感謝與 A、B 和 C 類股東進行的對話，隨著我們繼續與投資者接觸，董事會正在評估後續步驟。最後，您今天可能已經看到，我們宣布了一項 250 億美元的多年期股票回購計劃，這反映了我們的董事會對我們的策略和未來潛力的信心。我仍然看到前方有巨大的機會。 Visa 擁有品牌、能力、策略，最重要的是，擁有推動我們未來幾年發展的人才。接下來，讓我把它交給克里斯。

Thanks, Ryan. Good afternoon, everyone. As Ryan said, Q4 was another good quarter, closing out a strong fiscal '23 driven by healthy growth in payments volume, cross-border volume and process transactions and continued solid execution of our strategy, with new flows and value-added services revenue growing faster than consumer payments. I'll first start with a high-level summary of our Q4 performance and then click into more details.

謝謝，瑞安。大家下午好。正如Ryan 所說，第四季度又是一個不錯的季度，在支付量、跨境交易量和流程交易的健康增長以及我們戰略的持續紮實執行的推動下，23 財年實現了強勁增長，新流量和增值服務收入不斷增長比消費者支付更快。我將首先對我們第四季度的表現進行高級總結，然後點擊查看更多詳細資訊。

Looking at our drivers. In constant dollars, global payments volume was up 9% year-over-year and process transactions grew 10% year-over-year, both stable to Q3. Cross-border volume excluding intra-Europe growth was strong, up 18% year-over-year in constant dollars. Fiscal fourth quarter net revenues were up 11% and 10% in constant dollars, with minimal impact from FX, in line with our expectations. GAAP EPS was up 22% and non-GAAP EPS was up 21% in both nominal and constant dollars.

看看我們的司機。以不變美元計算，全球支付量年增 9%，流程交易量年增 10%，兩者在第三季均保持穩定。不包括歐洲內部的跨國交易量成長強勁，以不變美元計算年增 18%。以固定美元計算，第四財季淨收入成長 11% 和 10%，外匯影響最小，符合我們的預期。以名目美元和不變美元計算，GAAP 每股盈餘成長 22%，非 GAAP 每股盈餘成長 21%。

Now on to the details, starting with the U.S. Payments volume was up 6% year-over-year, stable to Q3. Credit volume grew 6% year-over-year and debit volume grew 7%. Card-present spend grew 3% and U.S. card-not-present volume, excluding travel, grew 9%. U.S. process transactions growth was stable at 8%.

現在來看細節，首先是美國支付量年增 6%，第三季維持穩定。貸方交易量較去年同期成長 6%，借方交易量成長 7%。有卡消費成長了 3%，美國無卡消費（不包括旅行）成長了 9%。美國流程交易成長穩定在 8%。

Over the course of the quarter, we saw payments volume growth tick up from July to September, primarily driven by sequential improvement in ticket size growth that was mostly led by fuel with higher gas prices and easier year-over-year comparisons as well as a positive days mix impact. Consumer spend across all segments from high to low spend has remained stable since March. Our data did not indicate any behavior change across consumer segments.

在本季度中，我們看到支付量從7 月到9 月有所增長，這主要是由於門票規模增長的連續改善所推動的，而這主要是由汽油價格上漲和較容易進行同比比較的燃料帶動的，以及正面的日子混合影響。自三月以來，從高支出到低支出的所​​有細分市場的消費者支出均保持穩定。我們的數據並未顯示消費者群體的行為有任何變化。

In international markets, total payments volume growth was up 11% in constant dollars. Payments volume growth rates were strong through the quarter in most major regions with Latin America, CEMEA and Europe ex U.K. growing about 20% or more in constant dollars.

在國際市場，以不變美元計算，總支付量增加了 11%。本季大多數主要地區的支付量成長率都很強勁，其中拉丁美洲、CEMEA 和歐洲（英國除外）以不變美元計算成長約 20% 或更多。

Now to cross-border, which I'll speak to in constant dollars, excluding intra-Europe transactions. Total cross-border volume was up 18% and up 152% versus 2019. Cross-border card-not-present volume growth, excluding travel, grew 9% year-over-year and 173% versus 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 and consistent with the trends we have seen for most of the fiscal year.

現在談談跨國交易，我將以不變美元計算，不包括歐洲內部交易。跨境交易總量較 2019 年增長 18%，較 2019 年增長 152%。跨境無卡交易量增長（不包括旅行）同比增長 9%，較 2019 年增長 173%。- 邊境電子商務支出同比增長兩位數，與新冠疫情前的成長率一致，也與我們在本財年大部分時間看到的趨勢一致。

Cross-border travel-related spend grew 26% year-over-year. The cross-border travel volume index to 2019 increased from 139% in June to 143% in September, totaling 141% for the quarter, a 5-point improvement from Q3. We continued to see healthy travel volume levels in and out of LAC, Europe and CEMEA, ranging from 145% to 165% of 2019 levels. Travel volume into Asia continued to improve, indexing at 128% to 2019 levels for the quarter, up 10 points from Q3, while travel volume out of Asia was up 7 points to 114%. Looking at Mainland China specifically, cross-border travel volume continued to improve but remain below 2019 levels.

跨境旅行相關支出較去年同期成長 26%。 2019年跨國旅行量指數從6月的139%成長至9月的143%，季總計141%，較第三季提升5個百分點。我們繼續看到進出拉丁美洲和加勒比地區、歐洲和中東和非洲地區的旅客量保持健康水平，為 2019 年水平的 145% 至 165%。進入亞洲的旅遊量持續改善，本季指數達到 2019 年水準的 128%，比第三季上升 10 個百分點，而離開亞洲的旅遊量則成長 7 個百分點，達到 114%。具體來看中國大陸，跨境旅遊量持續改善，但仍低於 2019 年的水準。

Travel volume outbound from the U.S. to all geographies continued to be strong in the mid-150s indexed to 2019. U.S. inbound travel recovery accelerated this quarter, pushing the index above 2019 levels for the first time even as the dollar continued to remain strong relative to pre-COVID levels.

截至 2019 年，從美國到所有地區的出境旅遊量在 150 年代中期繼續保持強勁。本季度美國入境旅遊復甦加速，推動該指數首次高於 2019 年水平，儘管美元相對於美元繼續保持強勢新冠疫情前的水平。

Now let's review our fourth quarter financial results. Service revenues grew 12% year-over-year versus the 9% growth in Q3 constant dollar payments volume primarily due to business mix, pricing and card benefits. Data processing revenues grew 13% versus 10% process transaction growth led by value-added services and pricing.

現在讓我們回顧一下我們第四季的財務表現。服務收入年增 12%，而第三季固定美元支付量成長 9%，這主要是由於業務組合、定價和卡片優惠。資料處理收入成長了 13%，而在增值服務和定價的帶動下，處理交易收入成長了 10%。

International transaction revenues were up 10% versus the 18% increase in constant dollar cross-border volumes, excluding intra-Europe. Revenue growth lagged volume growth primarily due to declining currency volatility. Other revenues grew 35%, led by pricing, consulting and marketing services, and client incentives grew 20%.

國際交易收入成長了 10%，而以固定美元匯率計算的跨國交易量增加了 18%（不包括歐洲內部）。收入成長落後於銷售成長，主要是由於貨幣波動性下降。其他收入成長了 35%，其中定價、諮詢和行銷服務帶動成長，客戶激勵成長了 20%。

Now let me dive into revenues growth across our 3 growth engines. Consumer payments growth was driven by stability in domestic volume growth and process transactions as well as strong growth in cross-border volumes. New flows revenue grew 14% in constant dollars. Commercial volumes were up 9% in constant dollars and up 156% versus 2019. Remember that revenue is recorded based on last quarter's payment volumes growth, which was 9% in constant dollars in Q3. Visa Direct transactions grew 19% and, as we mentioned last quarter, were impacted by a client that transitioned its domestic P2P transactions to an internal ledger system and that was not meaningful to revenue. Value-added services grew 19% in constant dollars, driven primarily by strong advisory services, select pricing actions and higher volume.

現在讓我深入探討我們三個成長引擎的收入成長。消費者支付的成長是由國內交易量成長和流程交易的穩定以及跨境交易量的強勁成長所推動的。以不變美元計算，新流量收入成長了 14%。以固定美元計算，商業交易量增長了9%，與2019 年相比增長了156%。請記住，收入是根據上個季度的支付量增長記錄的，按固定美元計算，第三季度支付量增長了9%。 Visa Direct 交易成長了 19%，正如我們上季度提到的，受到一家客戶將其國內 P2P 交易轉換為內部分類帳系統的影響，這對收入沒有意義。以固定美元計算，增值服務成長了 19%，這主要得益於強大的諮詢服務、精選的定價行動和銷售的增加。

GAAP operating expenses increased 13%. Non-GAAP operating expenses grew 9%, primarily due to personnel expenses from growth in headcount, and FX had a nearly 2-point drag. Excluding net gains from our equity investments of $7 million, non-GAAP nonoperating income was $79 million, benefiting from higher interest income due to rising rates. Our GAAP tax rate was 16.9% and non-GAAP was 17% due to a tax benefit related to the extension of the U.S. foreign tax credit regulations, which resulted in an indirect tax expense in the operating expense line and a much larger tax benefit in the income tax provision. GAAP EPS was $2.27. Non-GAAP EPS was $2.33, up 21% over last year, inclusive of a little more than 0.5 point of drag from exchange rates.

GAAP 營運費用增加 13%。非 GAAP 營運費用增加 9%，主要是因為員工數量成長帶來的人員費用，而外匯則拖累了近 2 個百分點。不包括 700 萬美元股權投資的淨收益，非 GAAP 非營業收入為 7,900 萬美元，受益於利率上升導致的利息收入增加。我們的 GAAP 稅率為 16.9%，非 GAAP 稅率為 17%，這是由於與美國外國稅收抵免法規的延長相關的稅收優惠，導致營業費用項目中的間接稅費用和更大的稅收優惠所得稅規定。 GAAP 每股收益為 2.27 美元。非 GAAP 每股收益為 2.33 美元，比去年增長 21%，其中包括略高於 0.5 個百分點的匯率拖累。

In Q4, we bought back approximately $4.1 billion in stock and distributed $928 million in dividends to our stockholders. We also added $150 million to the litigation escrow account, which has the same effect as a stock buyback. At the end of September, we had $4.7 billion remaining in our buyback authorization. For the full fiscal year 2023, net revenues increased 11%. GAAP EPS of $8.28 was up 18% and non-GAAP EPS of $8.77 was up 17%, inclusive of an over 2-point drag from exchange rates.

第四季度，我們回購了約 41 億美元的股票，並向股東發放了 9.28 億美元的股利。我們也為訴訟託管帳戶增加了 1.5 億美元，這與股票回購具有相同的效果。截至 9 月底，我們的回購授權還剩 47 億美元。 2023 財年淨收入成長 11%。 GAAP 每股盈餘為 8.28 美元，成長 18%，非 GAAP 每股盈餘為 8.77 美元，成長 17%，其中包括匯率造成的超過 2 個百分點的拖累。

Now let's move to fiscal year 2024. Before we share our perspectives on the year, I want to make a few brief comments. In many ways, FY '24 will be as close to a normal year as we've had in a while. We have fully lapped the Russia and Omicron impacts and overall inflation continues to moderate in many of our markets. As such, we're pleased to resume our pre-COVID guidance practices and will provide our outlook for FY '24, which we will update each quarter. At the same time, we will no longer be providing the intra-quarter 8-Ks associated with interim driver updates.

現在讓我們進入 2024 財年。在我們分享對這一年的看法之前，我想做一些簡短的評論。從很多方面來說，24 財年將是我們一段時間以來最接近正常的一年。我們已經完全接受了俄羅斯和 Omicron 的影響，我們許多市場的整體通膨繼續放緩。因此，我們很高興恢復新冠疫情前的指導實踐，並將提供 24 財年的展望，我們將每季更新一次。同時，我們將不再提供與臨時驅動程式更新相關的季度內 8-K。

Now let's look at what we've seen through the first 3 weeks of October. U.S. payment volume was up 5% with debit and credit both up 5%. The sequential step down from September was primarily driven by the days mix impact in September and declining fuel prices in October. Excluding those 2 items, payments volume growth was relatively stable from September to October. Reg II has not meaningfully impacted volumes so far. Process transactions grew 10% year-over-year. Constant dollar cross-border volume, excluding transactions within Europe, grew 19%, and travel-related cross-border volumes were 144% indexed to 2019.

現在讓我們來看看 10 月前 3 週的情況。美國支付量成長 5%，其中藉記卡和貸記卡均成長 5%。與 9 月相比連續下降主要是由於 9 月的天數混合影響和 10 月的燃油價格下降。除去這兩項，9 月至 10 月支付量成長相對穩定。到目前為止，Reg II 尚未對銷售產生重大影響。流程交易量較去年同期成長 10%。不包括歐洲境內交易的固定美元跨國交易量增加了 19%，與 2019 年相比，與旅遊相關的跨國交易量增加了 144%。

Turning now to our key assumptions. As we said consistently, we're not economic forecasters, and so at a macro level, we are assuming no recession in our outlook. We're also not factoring in any impact from Reg II and student loan repayments because as I mentioned before, we've yet to see any meaningful impact. As the year progresses and we gather more information with regard to these assumptions, we will continue to provide updates.

現在轉向我們的關鍵假設。正如我們一貫所說，我們不是經濟預測者，因此在宏觀層面上，我們假設我們的前景不會出現衰退。我們也沒有考慮 Reg II 和學生貸款償還的任何影響，因為正如我之前提到的，我們還沒有看到任何有意義的影響。隨著時間的推移，我們會收集更多有關這些假設的信息，我們將繼續提供更新。

For key drivers, we are assuming that the trends we saw in Q4 generally continue throughout the year. Overall payments volume growth and process transaction growth are expected to be in the low double digits on a year-over-year basis. Cross-border, card-not-present ex travel and ex crypto volume growth will continue to be in the low double digits year-over-year on a constant dollar basis.

對於關鍵驅動因素，我們假設第四季的趨勢總體上會持續全年。整體支付量成長和流程交易成長預計將年比將維持在較低的兩位數水準。以美元不變計算，跨境、無卡旅行和加密貨幣交易量同比增長將繼續保持在較低的兩位數水平。

Cross-border travel volume, excluding intra-Europe, year-over-year growth will moderate to the low 20s in constant dollars and when compared to 2019 would equate to a 4- to 5-point improvement each quarter. This assumption is driven primarily by improving AP cross-border travel volume mostly from China and, to a lesser extent, improving U.S. inbound travel volume. In terms of what this means for the financials, I'll speak to the numbers on an adjusted basis, which we define as non-GAAP results presented in constant dollars and excluding acquisition impacts, which you can review in the footnotes in our earnings release and earnings presentation for more detail.

跨國旅行量（不包括歐洲內部）的年增率將放緩至 20 左右，與 2019 年相比，每季將成長 4 至 5 個百分點。這個假設主要是由於亞太地區跨境旅行量的增加（主要來自中國）以及美國入境旅行量的增加而推動的。就這對財務意味著什麼而言，我將談論調整後的數字，我們將其定義為以不變美元呈現的非公認會計原則結果，並排除收購影響，您可以在我們的收益發布的腳註中查看這些影響和收益演示以了解更多詳細資訊。

Okay. First, let's discuss net revenues. For the full year, we expect low double-digit adjusted net revenue growth. Based on current currency forward curves, FX will be approximately a 1-point drag for the year. We are assuming that currency volatility moderates slightly from Q4 levels but remains relatively stable throughout the year. On a year-over-year basis, incentives are expected to grow slightly less than what we saw in FY '23. For new flows and value-added services, we continue to expect those to grow faster than consumer payments in FY '24.

好的。首先，我們來討論淨收入。對於全年，我們預計調整後淨收入將實現低兩位數成長。根據目前的貨幣遠期曲線，今年外匯將拖累約 1 個百分點。我們假設貨幣波動性較第四季水準略有緩和，但全年仍保持相對穩定。與去年同期相比，激勵措施的成長預計將略低於我們在 23 財年看到的情況。對於新流量和增值服務，我們繼續預期 24 財年的成長速度將快於消費者支付。

Now moving to expenses. Our current plans are to grow adjusted operating expense in the high single digit to low double digits with approximately 1.5 points of FX benefit to nominal non-GAAP growth. Nonoperating income is expected to be between $250 million and $300 million. The tax rate is expected to be slightly favorable to our typical rate of 19% to 19.5% due to some offsetting factors.

現在轉向支出。我們目前的計劃是將調整後的營運費用從高個位數成長到低兩位數，外匯收益相對名目非公認會計原則增加約 1.5 個百分點。非營業收入預計在 2.5 億至 3 億美元之間。由於一些抵銷因素，預計稅率將略高於我們的典型稅率 19% 至 19.5%。

On the one hand, we have the impact of tax rate increases in certain countries, which puts our new run rate closer to 19.5% to 20%. However, we also anticipate some onetime tax benefits in the second half related to the resolution of certain tax matters. In total, this will put us between 18.5% and 19% for the full fiscal year. Putting all this together, we expect full year adjusted EPS growth in the low teens with about 0.5 point of FX drag to nominal non-GAAP growth.

一方面，我們受到某些國家稅率上調的影響，這使我們的新營運稅率接近 19.5% 至 20%。然而，我們也預計下半年會出現一些與解決某些稅務問題相關的一次性稅收優惠。總的來說，這將使我們整個財年的成長率在 18.5% 到 19% 之間。綜上所述，我們預計全年調整後每股收益成長將在十幾歲以下，而外匯對名目非公認會計準則成長的拖累約為 0.5 個百分點。

Also FY '24 will likely be a tale of 2 halves with variability in our growth rate from the first half to the second half. A few aspects to keep in mind. First, cross-border volume ex intra-Europe grew 31% year-over-year in the first half of FY '23 and 20% in the second half. Second, recall that we had relatively high currency volatility in the first half of FY '23, and it moderated considerably in the second half. Third, incentives were 16% higher in the second half of FY '23 versus the first half due primarily to deal timing and client performance. As a result, we expect overall adjusted net revenue growth to be lower in the first half than in the second half of FY '24. This will also be the case on a nominal basis, even with a slightly larger FX headwind in the second half of FY '24 than the first half.

此外，24 財年可能會分為兩個半期，從上半年到下半年我們的成長率會有所變動。有幾個方面需要牢記。首先，23 財年上半年除歐洲內部的跨國交易量年增 31%，下半年成長 20%。其次，請記住，我們在 23 財年上半年的貨幣波動性相對較高，而在下半年則大幅放緩。第三，23 財年下半年的激勵措施比上半年高出 16%，這主要是由於交易時機和客戶表現。因此，我們預計 24 財年上半年整體調整後淨收入成長將低於下半年。即使 24 財年下半年的外匯逆風比上半年稍大，名義上的情況也會如此。

On the expense side, as Ryan mentioned, this is an Olympics year, and we expect Q2 and Q3 expense to have the largest percentage increases as we ramp. But adjusted operating expense growth and the FX impact will roughly be the same in both half. The tax rate is expected to be lower in the second half than the first due to the anticipated onetime tax benefits I mentioned.

在費用方面，正如瑞安所提到的，今年是奧運年，我們預計第二季和第三季的費用隨著我們的增加而成長百分比最大。但調整後的營運費用成長和外匯影響在這兩個季度將大致相同。由於我提到的預期的一次性稅收優惠，預計下半年的稅率將低於上半年。

So for the first quarter specifically, given the variables I just described, Q1 is expected to have the lowest adjusted year-over-year net revenues growth rate with an improving trend throughout the year, and Q4 is expected to be at the highest adjusted growth rate. We expect first quarter net revenues growth in the upper mid- to high single digits on an adjusted basis.

因此，具體到第一季度，考慮到我剛才描述的變量，預計第一季的調整後淨收入同比增長率最低，全年呈改善趨勢，第四季度預計調整後增長率最高速度。我們預計第一季調整後的淨收入成長將達到中高個位數。

A few factors to keep in mind. Again, one, currency volatility was the highest in Q1 of '23; two, cross-border volume grew 31% in Q1 of '23; and three, Q1 '23 other revenue was strong due to FIFA World Cup-related value-added services revenue, and incentives were lower than expected due to client performance and other items.

需要記住的幾個因素。再次強調，貨幣波動性在 23 年第一季是最高的；二、23 年第一季跨國交易量成長 31%；第三，由於國際足總世界盃相關的增值服務收入，23 年第一季其他收入強勁，而由於客戶表現和其他項目，激勵措施低於預期。

Adjusted operating expense growth is expected to be in the high single digits, driven by headcount growth and salary increases. We anticipate approximately 0.5 point FX headwind to nominal net revenues growth and approximately 1.5 point benefit to nominal non-GAAP expense growth. The tax rate is expected to be closer to a new run rate of between 19.5% and 20% in Q1. This puts first quarter adjusted EPS growth in the upper mid-single digits with minimal impact from FX.

在員工人數成長和薪資成長的推動下，調整後的營運費用成長預計將達到高個位數。我們預計名目淨收入成長將受到約 0.5 個百分點的外匯阻力，而名目非 GAAP 費用成長將受到約 1.5 個百分點的影響。預計第一季稅率將接近 19.5% 至 20% 的新稅率。這使得第一季調整後每股收益成長處於中上個位數，而外匯的影響最小。

Keep in mind that the adjusted basis is defined as non-GAAP results presented in constant dollars and excluding acquisition impacts. And non-GAAP expenses and EPS exclude acquisition-related items and the litigation provision for the first quarter of 2023. For FY '24, the estimated results exclude approximately $20 million or $0.01 of acquisition-related costs and approximately $40 million or $0.02 from the amortization of acquired intangibles. And finally, moving to capital return. As Ryan said, the Board has authorized a $25 billion multiyear share repurchase program and increased our quarterly dividend by 16%.

請記住，調整後的基礎被定義為以不變美元呈現的非公認會計原則結果，並且不包括收購影響。非GAAP 費用和每股盈餘不包括2023 年第一季的收購相關項目和訴訟撥備。對於24 財年，預計結果不包括約2,000 萬美元或0.01 美元的收購相關成本，以及約4,000 萬美元或0.02 美元的收購相關成本。所購買無形資產的攤銷。最後，轉向資本回報。正如 Ryan 所說，董事會已批准一項 250 億美元的多年期股票回購計劃，並將我們的季度股息提高了 16%。

In summary, Visa's underlying business continues to be healthy and stable and the growth opportunities are significant. While there continue to be macro uncertainties, we feel confident in our ability to manage the business through a changing environment and deliver value for our stockholders.

綜上所述，Visa的基礎業務持續健康穩定，成長機會龐大。儘管宏觀不確定性仍然存在，但我們對自己在不斷變化的環境中管理業務並為股東創造價值的能力充滿信心。

And now, Jennifer, let's move to Q&A.

現在，珍妮佛，讓我們進入問答環節。

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

謝謝，克里斯。至此，我們準備好回答問題了。

(Operator Instructions) Our first question comes from Darrin Peller with Wolfe Research.

（操作員說明）我們的第一個問題來自 Wolfe Research 的 Darrin Peller。

Congrats on the quarter. Just when thinking about your guidance for the fiscal year ahead, it's good to see the constant currency double-digit growth rate. So I just want to make sure we understand the inputs and how you think about structural growth as far as some of the inputs like value-added services, new flows. So number one, I mean, maybe you can give us a little more color on what you're assuming for some of those -- some of the VAS and new flows growth potential. And then more importantly, do you believe that's the right algorithm medium term? Is the structural growth of this company sustainably at the same 10% to 12% rate it's been or has anything changed?

恭喜本季。就在考慮未來財年的指導時，很高興看到穩定的兩位數貨幣成長率。因此，我只是想確保我們了解投入以及您如何看待結構性成長，以及增值服務、新流量等投入。所以第一，我的意思是，也許你可以給我們一些關於你對其中一些假設的更多資訊——一些增值服務和新流量成長潛力。更重要的是，您認為從中期來看這是正確的演算法嗎？該公司的結構性成長是否可持續維持在 10% 至 12% 的水平，或者有什麼變化嗎？

Darrin, yes, let me address that. This is Chris. So yes, a couple of things I'll say about the FY '24 guide. First, the underlying drivers, as we shared, both payments volume and process transactions will be growing in the low double digits, which is very consistent and reflects the stable business trends that we see in the underlying drivers. I also said on the call commentary that we do expect VAS, value-added services, and new flows to continue to be our growth engine, growing faster than the consumer payments part of the business. And so I think that structure, which you described, is consistent in many ways to '23, and that's what we certainly expect to see in '24.

達林，是的，讓我解決這個問題。這是克里斯。是的，關於 24 財年指南，我要說幾件事。首先，正如我們所分享的，潛在驅動因素，支付量和流程交易都將以低兩位數成長，這是非常一致的，反映了我們在潛在驅動因素中看到的穩定的業務趨勢。我也在電話評論中表示，我們確實預期增值服務、增值服務和新流量將繼續成為我們的成長引擎，其成長速度快於業務中的消費者支付部分。因此，我認為您所描述的結構在許多方面與 23 年來是一致的，這也是我們當然期望在 24 中看到的。

Our next question comes from Dave Koning with Baird.

我們的下一個問題來自戴夫·科寧和貝爾德。

Good job. And I guess two quick ones. Asia Pacific constant currency volume growth was 4%, a little lower than normal. Maybe you could dive into that. And then tax rate longer term, basically in the out years, 19.5% to 20%, that's how we should think about it?

好工作。我猜有兩個很快的。亞太地區貨幣量恆定成長率為 4%，略低於正常水準。也許你可以深入研究一下。然後長期稅率，基本上在未來幾年，19.5％到20％，這就是我們應該如何考慮的？

It is. I'll talk about Asia and maybe put it in the context of what we're seeing around the world, and then Chris, you can take the tax rate. Just to answer your question specifically on Asia, as you said, growth ex China slowed 4 points from Q3. There's a couple of things going on there. One is we're lapping some strong COVID ramp in Q4 of '22, but we're also seeing a little softness in a couple of places, notably Australia is what I'd point you to.

這是。我會談談亞洲，也許會把它放在我們在世界各地看到的情況的背景下，然後克里斯，你可以考慮稅率。只是為了回答您關於亞洲的問題，正如您所說，除中國以外的成長較第三季放緩了 4 個百分點。那裡發生了一些事情。一是我們在 22 年第四季經歷了一些強勁的新冠肺炎疫情成長，但我們也看到一些地方出現了一些疲軟，尤其是我要指出的澳洲。

If you guys just kind of back up and look at that in kind of the bigger picture, what are we seeing around the world, outside of Asia, it sounds like you've looked at the numbers and you would have seen we're seeing resiliency. Outside of North America and Asia, if you look at Europe ex U.K., Latin America, CEMEA, most of these regions are growing at around 20% or more. So we feel good about what's happening there. On the tax rate, Chris, I'll turn it over to you, the long-term tax rate.

如果你們退後一步，從更大的角度來看待這個問題，我們在亞洲以外的世界各地看到了什麼，聽起來你們已經看過這些數字，並且你們會看到我們所看到的彈性。除了北美和亞洲之外，如果你看看歐洲（英國除外）、拉丁美洲、CEMEA，這些地區大多數的成長率都在 20% 左右或更高。所以我們對那裡發生的事情感覺很好。關於稅率，克里斯，我將把它交給你，即長期稅率。

Yes, sure. Hi Dave. Yes, I do think that's the right way to think about it. At least based on what we know now, the new run rate, we would put at about 19.5% to 20%. It does -- it is related to how our tax -- the mix of our tax jurisdictions around the world and certain tax increases in certain parts of the world. As we talked about in the next fiscal year, we'll be below that due to some of the benefits that we anticipate in the second half of the year. But based on what we know today, the new run rate is as you estimated.

是的，當然。嗨戴夫。是的，我確實認為這是正確的思考方式。至少根據我們現在所知的情況，新的運行率，我們認為約為 19.5% 至 20%。確實如此——這與我們的稅收方式有關——我們在世界各地的稅收管轄區的組合以及世界某些地區的某些稅收增加。正如我們在下一財年談到的那樣，由於我們預計下半年會帶來一些好處，我們的業績將低於這一水平。但根據我們今天所了解的情況，新的運行率正如您所估計的那樣。

Our next question comes from David Togut with Evercore ISI.

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

Good to see the 19% growth in Visa Direct transactions, and in particular, the 65% growth in cross-border P2P transactions year-over-year. As we look to FY '24, what are some of the biggest, most promising new use cases you're working on for Visa Direct?

很高興看到 Visa Direct 交易成長 19%，特別是跨境 P2P 交易年增 65%。展望 24 財年，您正在為 Visa Direct 開發哪些最大、最有前景的新用例？

Cross-border remittances is a big one. Since you called that out, I'll highlight it. And I mentioned, I think, on this call and some others, the work we're doing with Paysend and Shinhan and things we're doing around the world we've mentioned in previous calls with some of the both kind of traditional and fintech remittance players. 65% year-over-year growth is strong and continue to invest behind that with new partners and try to drive further growth going forward.

跨國匯款是一大筆交易。既然你提到了這一點，我就強調一下。我想，在這次電話會議和其他一些電話會議中，我們提到了我們與Paysend 和Shinhan 所做的工作，以及我們在世界各地所做的事情，我們在之前的電話會議中提到過一些傳統和金融科技公司匯款業者。 65% 的年成長十分強勁，並繼續與新合作夥伴進行投資，並努力推動未來進一步成長。

We're focused on bill payments. We're focused on earned wage access. We're focused on insurance disbursements. We continue to focus on P2P more broadly in new geographies around the world, both domestic and cross-border. If you just back up, I've said this, I think, on previous calls. I believe at this point in time, Visa Direct is the largest at-scale money movement network on the planet. We have made investments consistently year-over-year to get to a point where we now have 8.5 billion endpoints, 3 billion cards, 3 billion accounts with some of the news I announced in my prepared remarks, 2.5 billion digital wallets.

我們專注於帳單支付。我們專注於獲得工資。我們專注於保險支出。我們繼續在全球新地區（包括國內和跨境）更廣泛地關注 P2P。如果你支持的話，我想我在之前的電話中已經說過了。我相信目前 Visa Direct 是全球最大的大規模資金流動網路。我們逐年持續進行投資，現在我們擁有 85 億個端點、30 億張卡、30 億個帳戶（包括我在準備好的發言中宣布的一些消息）、25 億個數位錢包。

And we'll continue to invest in expanding the network even further. But now we've got the ability to work with enablers around the world, sell new use cases in and put this network to work. And we're going to continue to do that and look forward to hopefully talking to you about more of the results to come.

我們將繼續投資進一步擴大網路。但現在我們有能力與世界各地的推動者合作，銷售新的用例並使該網路投入使用。我們將繼續這樣做，並期待與您討論更多即將到來的結果。

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。

You guys had a lot of great commentary on commercial and B2B progress and deal wins in the quarter. Can you just give us a broader update on your commercial strategy? Where do you see the bigger opportunities there going forward?

你們對本季的商業和 B2B 進展以及交易成功發表了很多精彩評論。您能否向我們提供有關您的商業策略的更廣泛的最新資訊？您認為未來更大的機會在哪裡？

Yes, thanks. It was -- we did have some really good commercial wins in the quarter. I'd put it in a couple of different buckets. One is we're looking to expand our partnerships, right? So I mentioned Citi and IBM this quarter. I mentioned SAP last quarter. And we're just -- we're having good success building and expanding those partnerships around the world.

對了謝謝。我們在本季度確實取得了一些非常好的商業勝利。我會把它放在幾個不同的桶子裡。一是我們希望擴大我們的合作關係，對吧？所以我這個季度提到了花旗和IBM。我上個季度提到 SAP。我們只是——我們在世界各地建立和擴大這些合作夥伴關係方面取得了巨大成功。

Second thing we're focused on is expanding verticals. You've heard us talk about government, travel, fleet and fuel. I talked about agro, I think, last quarter, working and selling into marketplaces, like I mentioned, health care. So taking these products, innovating, creating new use cases and delivering them into new verticals. And then just making the products easier to use. Yesterday, we announced that actually we had a new product to make it easier to accept virtual cards. We call it virtual card acceptance platform. Virtual cards are a preferred acceptance of many suppliers, but they're not as easy to accept as sometimes we'd like them to be. So putting new platforms out to make the core products like virtual cards easier to use.

我們關注的第二件事是擴展垂直領域。您已經聽過我們談論政府、旅行、車隊和燃料。我想，上個季度我談到了農業、市場工作和銷售，就像我提到的，醫療保健。因此，利用這些產品進行創新、創建新的用例並將其交付到新的垂直領域。然後讓產品更易於使用。昨天，我們宣布實際上我們有一款新產品，可以更輕鬆地接受虛擬卡。我們稱之為虛擬卡受理平台。虛擬卡是許多供應商的首選接受方式，但有時它們並不像我們希望的那樣容易接受。因此，推出新平台以使虛擬卡等核心產品更易於使用。

And then continuing to invest in the partnerships that we've announced over the last couple of years. WEX is a great example of a partner that we announced a couple of years ago that we've invested in and growing in and really getting to see some of the benefits of that around the world. So I guess the last thing I would say, Ramsey, is just also taking these products more broadly around the world. In so many different countries outside of the most developed markets that we work in, there's opportunity to get some of the basic products into the hands of small businesses, for example.

然後繼續投資我們過去幾年宣布的合作夥伴關係。 WEX 是我們幾年前宣布的合作夥伴的一個很好的例子，我們對其進行了投資和發展，並真正在世界各地看到了它的一些好處。所以拉姆齊，我想我要說的最後一件事就是將這些產品更廣泛地推廣到世界各地。例如，在我們工作的最發達市場之外的許多不同國家，都有機會將一些基本產品交到小企業手中。

In a lot of countries we're doing business, there's still a lot of small businesses that are actually using consumer products instead of the more sophisticated advanced small business products, let alone the large and middle market products that we can get out there. So more partners, more use cases, more verticals, more countries, we'll continue to invest in that business.

在我們開展業務的許多國家，仍然有許多小型企業實際上在使用消費品，而不是更複雜的先進小型企業產品，更不用說我們可以提供的大中型市場產品了。因此，更多的合作夥伴、更多的用例、更多的垂直領域、更多的國家/地區，我們將繼續投資於該業務。

Our next question comes from Will Nance with Goldman Sachs.

我們的下一個問題來自高盛的威爾·南斯。

You had some interesting commentary around processing market share gains. Wondering if you could just give us kind of a state of the union of where you stand with that. And if there's any geographies that are kind of top of mind as opportunities to increase processing share, what would those be?

您對加工市場份額的成長有一些有趣的評論。想知道您是否可以向我們介紹一下您對此的立場。如果有任何地區被認為是增加處理份額的機會，那會是哪些地區？

Yes, sure. I mean, we're very focused on processing share for a couple of reasons, but the one I noted in my prepared remarks is a very important one, which is we can deliver more of our value-added services when we're actually processing the transaction. Obviously, we earn more yield when we process the transaction as well, just on the core processing of it. But the ability to serve our clients more effectively, deliver them our risk capabilities, our issuing capabilities, our loyalty capabilities and those types of things are enhanced when we actually process the transaction.

是的，當然。我的意思是，出於幾個原因，我們非常關注處理份額，但我在準備好的發言中指出的一個非常重要的原因是，當我們實際處理時，我們可以提供更多的增值服務交易。顯然，當我們處理交易時，我們也能獲得更多的收益，只是在交易的核心處理上。但是，當我們實際處理交易時，更有效地服務客戶、向他們提供我們的風險能力、我們的發行能力、我們的忠誠度能力以及這些類型的能力都會得到增強。

So we spend a lot of time on it. I think we've made very good progress over the last many years. I mentioned Colombia in my prepared remarks, and Colombia is a good use case. In a lot of these markets, to really unlock the processing, we have to work with the local processor, which we did in Colombia and then worked with the clients to get them on that processor. They will then test out the transaction, see how they're working and ultimately move those transactions to VisaNet, which we like.

所以我們花了很多時間在這上面。我認為我們在過去的許多年裡取得了非常好的進展。我在準備好的演講中提到了哥倫比亞，哥倫比亞是一個很好的用例。在許多這樣的市場中，要真正解鎖處理能力，我們必須與本地處理器合作，我們在哥倫比亞就是這麼做的，然後與客戶合作，讓他們使用該處理器。然後他們將測試交易，看看它們是如何運作的，並最終將這些交易轉移到我們喜歡的 VisaNet。

We've been very focused in Latin America. We've made some good strides in several different countries in Latin America, and I think we continue to have opportunity in Latin America. We're making strides in Europe, and we'll continue to focus on processing opportunities in several of the different countries that have local schemes in Europe as well as some places in Asia Pacific. So those are some of the opportunities we have, Will.

我們一直非常關注拉丁美洲。我們在拉丁美洲的幾個不同國家取得了一些良好的進展，我認為我們在拉丁美洲仍然有機會。我們在歐洲取得了長足的進步，我們將繼續關注在歐洲以及亞太地區一些地方制定了本地計劃的幾個不同國家的加工機會。這些就是我們擁有的一些機會，威爾。

Our next question comes from James Faucette with Morgan Stanley.

我們的下一個問題來自摩根士丹利的詹姆斯·福賽特。

Just want to circle back on the travel component of cross-border and how you're thinking about that in the coming year. I can appreciate, as you guys have often said, you're not necessarily economic forecasters. But can you just repeat for us what your underlying assumption is for the coming year? And then maybe give a little bit of color on inputs of how you're arriving at that expectation and target for the year?

只是想回顧跨境旅行的組成部分，以及您在未來一年如何看待它。我可以理解，正如你們經常說的那樣，你們不一定是經濟預測者。但您能否為我們重複一下您對來年的基本假設是什麼？然後也許可以對您如何實現今年的期望和目標進行一些說明？

Let me give some context on how we think about just cross-border travel in general, and then, Chris, you can add and/or fill in the blanks on the assumptions that we've made for the year. Here's how we think about it. In and out of Asia, we still have yet to normalize. So as Chris alluded to or said in his prepared remarks, we have opportunity to continue to catch up to pre-COVID travel levels in and out of Asia.

讓我介紹一下我們對跨境旅行的整體看法，然後，克里斯，您可以添加和/或填寫我們今年所做的假設的空白。這是我們的想法。在亞洲內外，我們仍未實現正常化。因此，正如克里斯在他準備好的演講中提到或所說的那樣，我們有機會繼續趕上新冠疫情之前進出亞洲的旅行水平。

There's also the opportunity to still catch up into the United States. But more broadly around the world, I would say we've got to normalize in terms of cross-border travel. But I think what's interesting is we've normalized at a growth rate higher than pre-pandemic levels. People are traveling international at this new normal at a faster rate than they would have been, all else equal, before the pre-COVID level. So in a couple of quarters, we still have an opportunity to catch up to what would be normalized levels. Around the rest of the corners around the world, I think we've normalized but at higher growth rates than we saw pre COVID. Do you want to mention the numbers for the year?

還有機會趕上美國。但從更廣泛的角度來看，我想說我們必須在跨境旅行方面實現正常化。但我認為有趣的是，我們的成長率已經高於疫情前的水準。在這種新常態下，人們國際旅行的速度比新冠疫情之前（其他條件相同）還要快。因此，在幾個季度內，我們仍然有機會趕上正常化水平。在世界其他地區，我認為我們已經恢復正常，但成長率比新冠疫情爆發前更高。你想提一下今年的數字嗎？

Sure. The only thing I'd really add and I covered a lot of the assumptions in the call commentary, the thing that I might just emphasize is that it is pretty healthy growth. And if you look at what we've shared in terms of what we expect the index to grow at 4 to 5 points a quarter, I think that does reflect what Ryan said, which is normalized in many cases and continuing to be elevated growth.

當然。我唯一要補充的是，我在電話評論中涵蓋了許多假設，我可能只是強調的是，這是相當健康的成長。如果你看一下我們分享的內容，即我們預計該指數每季度增長 4 到 5 個點，我認為這確實反映了 Ryan 所說的，在許多情況下這是正常化的，並且持續高速增長。

Our next question comes from Jamie Friedman with Susquehanna.

我們的下一個問題來自薩斯奎哈納的傑米·弗里德曼。

Ryan, in your prepared remarks, you called out CyberSource. I know it's a very important asset for you and always has been. But why is -- am I inferring that there's an increased cadence in the business? And if so, why would that be?

Ryan，在您準備好的發言中，您提到了 Cyber​​Source。我知道這對你來說是一項非常重要的資產，而且一直都是如此。但為什麼——我是否推斷業務節奏加快了？如果是這樣，為什麼會這樣呢？

Yes. As I said, Jamie, in my prepared remarks, we're seeing great strong client demand around the world for CyberSource. Why? I think it's a result of a lot of the investments we've made in the platform over the last several years. We've been very purposeful about investing in our omni-commerce capabilities for CyberSource. We've been very purposeful in investing in our tokenization capabilities, our risk management and fraud prevention capabilities. And a lot of that has been driven by sitting down with our clients and partners, understanding their road maps, understanding what they needed us to deliver, making those investments and then having success growing with our partners.

是的。 Jamie，正如我在我準備好的演講中所說的那樣，我們看到世界各地的客戶對 Cyber​​Source 的需求非常強勁。為什麼？我認為這是過去幾年我們在該平台上進行大量投資的結果。我們一直非常有目的地投資 Cyber​​Source 的全方位商務能力。我們一直非常有目的地投資我們的代幣化能力、風險管理和詐欺預防能力。其中很大一部分是透過與我們的客戶和合作夥伴坐下來，了解他們的路線圖，了解他們需要我們提供什麼，進行這些投資，然後與我們的合作夥伴一起成功成長而推動的。

And in any given market around the world, when clients start adopting the CyberSource platform and others look around at the success they're having with authorization rates or transaction success or others, that leads to new opportunities, and we've had the ability to sell into those. So thanks for the question.

在世界各地的任何特定市場中，當客戶開始採用 Cyber​​Source 平台並且其他人環顧他們在授權率或交易成功或其他方面所取得的成功時，這會帶來新的機會，而我們有能力賣給那些。謝謝你的提問。

Our next question comes from Sanjay Sakhrani with KBW.

我們的下一個問題來自 KBW 的 Sanjay Sakhrani。

I have a question on Reg II. Chris, you mentioned no impact yet and also sort of caveated the outlook. I'm just wondering, is there anything that gives you pause there? And then, Ryan, anything you guys are doing proactively to get in front of any adverse impacts?

我有一個關於 Reg II 的問題。克里斯，你提到還沒有影響，也對前景做出了警告。我只是想知道，有什麼事情讓你停頓下來嗎？然後，瑞安，你們正在積極採取哪些措施來應對任何不利影響？

Why don't I talk just contextually about Reg II and then you can answer anything else on Sanjay's question? So two things going on, obviously, with Reg II, let's just talk about them both. One is the change that was made last summer that went into effect with regards to routing in the e-comm space. As we mentioned in our prepared remarks there, we haven't seen any meaningful impact. Having said that, there's a lot of work happening around the ecosystem. And we're out there talking to clients and partners about our products and our value propositions, making sure they understand the benefits of a Visa transaction, especially in the e-commerce space, where often the merchant holds the fraud liability.

為什麼我不結合上下文來談談 Reg II，然後你就可以回答 Sanjay 問題上的任何其他問題？很明顯，Reg II 發生了兩件事，讓我們來談談它們。其中之一是去年夏天在電子商務領域的路由方面發生的變化。正如我們在準備好的演講中所提到的，我們沒有看到任何有意義的影響。話雖如此，圍繞生態系統正在進行大量工作。我們與客戶和合作夥伴討論我們的產品和價值主張，確保他們了解 Visa 交易的好處，特別是在電子商務領域，商家通常承擔詐欺責任。

So our sales teams are in with merchant clients and acquire clients day in and day out, explaining the value of our product, showing them the value of our products. And going forward, we feel good about our ability to compete.

因此，我們的銷售團隊日復一日地與商業客戶打交道並獲取客戶，向他們解釋我們產品的價值，並向他們展示我們產品的價值。展望未來，我們對自己的競爭能力感到滿意。

The second thing that's going on with Reg II that I'm sure people would have seen is the Fed has announced that they're going to, I think it's tomorrow, announce some changes potentially to the debit interchange rate in the U.S. We don't know what they're going to say. We'll obviously follow it very closely. And when they do publish something, we'll take a look and see if it merits a response on our behalf.

我相信人們會看到 Reg II 發生的第二件事是美聯儲已經宣布，我認為是明天，他們將宣布美國借記匯率的一些潛在變化。我們不這樣做。不知道他們會說什麼。我們顯然會非常密切地關注它。當他們確實發布某些內容時，我們會查看並看看是否值得代表我們做出回應。

And just as a reminder, interchange is the exchange value between the merchant and the issuer. And I think what's notable about our business model is we've proven that we can be resilient and have a strong business in regulated interchange markets, not regulated interchange markets, in markets that have higher regulated interchange and lower regulated interchange. So as you alluded to, a lot going on in the U.S. with Reg II, but we're all over it and we feel good about our ability to compete.

提醒一下，交換是商家和發行人之間的交換價值。我認為我們的商業模式值得注意的是，我們已經證明我們可以具有彈性，並且在受監管的互換市場（而不是受監管的互換市場）、在監管較高的互換市場和監管較低的互換市場中擁有強大的業務。正如您所提到的，美國在 Reg II 方面發生了很多事情，但我們已經克服了一切，並且對我們的競爭能力感到滿意。

Yes, and I'll just add on from a guidance perspective. Hopefully, we're very clear on the call, we have not seen any meaningful impact thus far, and therefore, haven't included any impact of that in our FY '24 guidance. But it is early days and there's a lot going on, as Ryan described at length, and so we'll keep you posted as things evolve in the coming months.

是的，我只是從指導的角度補充。希望我們在電話會議上非常明確，到目前為止，我們還沒有看到任何有意義的影響，因此，我們沒有將其任何影響納入我們的 24 財年指導中。但正如 Ryan 詳細描述的那樣，現在還處於早期階段，還有很多事情正在發生，因此我們將隨時向您通報未來幾個月事情的進展。

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 just wanted to ask a question around tokenization and the implications for just broader-based authorization rate improvements, and this is not just like domestic but like international. It just feels like a lot of your partners are able to drive higher authorization rates as a result of the token. So I'm just wondering how you're viewing that in the context of being able to drive incremental transactions back to Visa.

我只是想問一個關於標記化的問題以及對更廣泛的授權率提高的影響，這不僅像國內，而且像國際。感覺就像您的許多合作夥伴都能夠透過令牌獲得更高的授權率。所以我只是想知道，在能夠推動增量交易回到 Visa 的背景下，您如何看待這一點。

Yes, thanks for the question. Just for a reminder for everyone, tokenization is technology that we use that essentially helps protect issuers, merchants and consumers, and to your question, ultimately, drives higher authorizations and lower fraud. I think I said in my prepared remarks, we crossed 7.5 billion tokens as of the end of September. We're in 198 markets. I think we have 14 billion token transactions in the fourth quarter, which is growing at like 60%. So this is another example of a platform and a service that we invested in over many years and we're now scaling broadly around the world.

是的，謝謝你的提問。只是為了提醒大家，代幣化是我們使用的技術，它本質上有助於保護發行人、商家和消費者，對於你的問題，最終會推動更高的授權和更低的詐欺。我想我在準備好的發言中說過，截至 9 月底，我們的代幣數量已突破 75 億個。我們分佈在 198 個市場。我認為第四季我們有 140 億筆代幣交易，成長率約為 60%。這是我們多年來投資的平台和服務的另一個例子，我們現在正在全球廣泛擴展。

To your question, we are. We're seeing, on average, somewhere between 4% and 5% higher approval rates across our partners. And we also see it with a reduction in fraud, a 30% reduction in fraud. So you say, why do we have 7.5 billion tokens that are now out there in the ecosystem? Well, if you're one of our partners, as you said, and you can reduce your fraud rates 30% and drive your auth rates 4 or 5 percentage points, that is a great opportunity. That's higher sales, that's lower fraud, that's better customer experience.

對於你的問題，我們是。我們發現，我們的合作夥伴的支持率平均提高了 4% 到 5%。我們也看到詐欺行為減少了，詐欺行為減少了 30%。那你說，為什麼生態系現在有 75 億個代幣？好吧，如果您是我們的合作夥伴之一，正如您所說，您可以將詐欺率降低 30%，並將驗證率提高 4 或 5 個百分點，這是一個很好的機會。這就是更高的銷售額、更少的詐欺、更好的客戶體驗。

And we continue to invest in that platform as well. We see a lot of benefits to our issuers, to our consumers who ultimately use the products. You'll see more from us enhancing the platform in terms of using the Fido biometrics and enabling merchants to be able to authorize and authenticate customers across multiple devices and those types of things. So yes, higher auth, lower fraud. We love the platform, continue to invest in it.

我們也繼續投資該平台。我們看到我們的發行人以及最終使用這些產品的消費者有許多好處。您會看到我們在使用 Fido 生物識別技術方面增強了平台，並使商家能夠跨多個裝置和此類事物對客戶進行授權和身份驗證。所以是的，更高的身份驗證，更低的詐欺。我們喜歡這個平台，並繼續投資它。

Our next question comes from Trevor Williams with Jefferies.

我們的下一個問題來自杰弗里斯的特雷弗·威廉姆斯。

Chris, I wanted to clarify on incentives within the guide. I think you said you're assuming slightly slower growth than in fiscal '23. Just want to make sure, is that year-over-year growth in dollars or as a percentage of gross revenue? And then just the second part to that. You're framing this as a more normal year. Should we be interpreting that as meaning all else equal, a normal year incentive should be going up kind of plus or minus 100 basis points as a percentage of gross revenue?

克里斯，我想澄清指南中的激勵措施。我認為您說過您假設成長速度比 23 財年略慢。只是想確定一下，年成長是以美元計算還是以佔總收入的百分比計算？然後是第二部分。你將今年視為更正常的一年。我們是否應該將其解釋為意味著在其他條件相同的情況下，正常年度激勵措施佔總收入的百分比應增加正負 100 個基點？

Yes, let me try to clarify a bit. As I said, 2024 is, in many ways, a normal year. It's still normalizing in some aspects, but in many ways, it is normalizing. And as a result, we've made some changes. We've returned to pre-COVID practices on a number of fronts. We provided formal guidance as you went through -- as we went through in detail, and we talked about on this call, for the full year and next quarter, and we'll continue that practice.

是的，讓我試著澄清一下。正如我所說，2024 年在許多方面都是正常的一年。在某些方面仍然處於正常化，但在許多方面，它正在正常化。因此，我們做出了一些改變。我們在許多方面都回到了新冠疫情之前的做法。我們在您經歷的過程中提供了正式的指導——正如我們詳細經歷的那樣，我們在這次電話會議上討論了全年和下一季的情況，我們將繼續這種做法。

And that guidance is on net revenue guide specifically and directional commentary about the growth in incentives, which, to your specific question, it is a dollar year-over-year growth rate that we said will grow slower in '24 relative to '23. Importantly, this is very, very consistent and it's aligned with how we think about the business, how we manage the business going forward. We haven't guided on the percentage, which is the other part of your question because, again, this is consistent with how we manage the business.

本指南是針對淨收入的具體指南和有關激勵措施成長的定向評論，對於您的具體問題，我們表示，相對於 23 年，24 年的美元同比增長率將放緩。重要的是，這是非常非常一致的，它與我們對業務的看法以及我們未來管理業務的方式是一致的。我們沒有提供百分比指導，這是您問題的另一部分，因為這與我們管理業務的方式一致。

The thing that we do track very importantly is that we look at the yield across our net revenue yield specifically, and that's remained very stable, and that's very consistent again with how we think about deal economics.

我們追蹤的非常重要的事情是，我們特別關注淨收入收益率的收益率，它仍然非常穩定，這與我們對交易經濟學的看法非常一致。

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黃天欽。

I'm actually at Money20/20, it's really good energy here. I'm curious, Ryan, if you'd characterize the deal pipeline as being any different than what it was a year ago. How does that feel to you? And if you don't mind me asking just on the credential side, I think you said up 7%. I'm curious same thing, does pipeline there support that same kind of high single digit growth in fiscal '24, credentials?

我實際上在 Money20/20，這裡的能量真的很好。瑞安，我很好奇你是否認為交易管道與一年前有什麼不同。你感覺如何？如果您不介意我只問憑證方面的問題，我認為您說上漲了 7%。我很好奇同樣的事情，那裡的管道是否支持 24 財年的同樣高個位數增長，憑證？

Glad there's great energy at Money20/20, and I hope my Visa team members that are there are serving clients, finding sales opportunities growing our business. Yes, we see a great pipeline. We really do with clients issuing, fintechs, co-brands, with opportunities to grow credentials. I mentioned some of the new things on my prepared remarks.

很高興 Money20/20 充滿活力，我希望我的 Visa 團隊成員能夠為客戶提供服務，尋找銷售機會來發展我們的業務。是的，我們看到了一條很棒的管道。我們確實與發行客戶、金融科技公司、聯合品牌合作，並提供提昇資質的機會。我在準備好的發言中提到了一些新的事情。

And we're having good success. I think just some of the wins on the call, whether it's Citi or U.S. Bank, FNBO, Fidelity, Shinhan, China Merchants Bank, Shopify, I mean, list goes on, right? IBM, DBS, Etihad, Saudi. We feel good about the pipeline. We feel good about the way our teams are out there serving clients around the world. We feel good about the wins that we have and feel good about the growth that it's generating.

我們取得了巨大的成功。我認為這只是電話會議中的一些勝利，無論是花旗還是美國銀行、FNBO、富達、新韓、招商銀行、Shopify，我的意思是，這樣的例子不勝枚舉，對吧？ IBM、星展銀行、阿提哈德航空、沙烏地阿拉伯。我們對管道感覺良好。我們對我們的團隊為世界各地的客戶提供服務的方式感到滿意。我們對我們所取得的勝利感到滿意，並對它所帶來的成長感到滿意。

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 on the quarter. Questions on open banking. CFPB obviously proposed a rule to sort of jump-start competition, shift to open banking a few days back. You guys have dealt with open banking frameworks outside the U.S. in many different geographies. Just kind of curious how that translates in terms of products, in terms of acquisitions you made like Tink, Pismo and so on, to bring that over to the U.S.

恭喜本季。關於開放銀行的問題。 CFPB 顯然提出了一項規則來啟動競爭，幾天前轉向開放銀行業務。你們已經處理過美國以外許多不同地區的開放銀行框架。只是有點好奇這如何轉化為產品，轉化為你收購的 Tink、Pismo 等，並將其帶到美國。

Thanks for the question. I think the CFPB rule that they put out is good for Americans. I think it's great for clarifying the structure and the regulatory framework here in America. I think it's likely to be a catalyst for growth of open banking in the United States, is it gives clarity to all the various different players in the ecosystem. If you think about it, like it's a great opportunity for Americans to be able to put their own data to work in different types of digital tools that will help their own personal financial management, help them manage their financial lives better, get a better view of their finances across multiple different providers.

謝謝你的提問。我認為他們制定的 CFPB 規則對美國人來說是件好事。我認為這對於澄清美國的結構和監管框架非常有用。我認為它可能會成為美國開放銀行業務成長的催化劑，因為它為生態系統中的所有不同參與者提供了清晰的資訊。如果你想一想，這對美國人來說是一個很好的機會，可以將他們自己的數據運用到不同類型的數位工具中，這將有助於他們自己的個人財務管理，幫助他們更好地管理自己的財務生活，獲得更好的視角他們在多個不同提供者之間的財務狀況。

And then to your point, we've seen different regulatory frameworks in different markets around the world. Our Tink business continues to perform very well in Europe, which obviously was one of the leaders in terms of establishing a regulatory framework for open banking. And we look forward to the opportunity to bring Tink outside of Europe. So when we look at the proposed rules here in the U.S., we welcome that because we want to understand what the regulatory expectations are so that we can build a business that will thrive and serve our clients and serve consumers effectively. So thanks for the question.

然後就你的觀點而言，我們在世界各地的不同市場中看到了不同的監管框架。我們的 Tink 業務在歐洲繼續表現出色，歐洲顯然是建立開放銀行監管框架的領導者之一。我們期待有機會將 Tink 帶到歐洲之外。因此，當我們看到美國擬議的規則時，我們對此表示歡迎，因為我們想了解監管期望是什麼，以便我們能夠建立一個蓬勃發展的企業，並有效地為我們的客戶和消費者服務。謝謝你的提問。

Last question, Jordyn.

最後一個問題，喬丁。

Our final question comes from Harshita Rawat with Bernstein.

我們的最後一個問題來自 Harshita Rawat 和 Bernstein。

As you're looking into the next fiscal year and beyond, I want to ask about the cash digitization opportunity in your core business. As you know, this is always a persistent question for Visa investors and thinking about it again, given the pandemic pull forward and growing inflation tailwinds. So how are you thinking about the runway especially segmenting it between developed markets and also [EM] has a little bit more competition?

當您展望下一個財年及以後的財務年度時，我想詢問一下您的核心業務中的現金數位化機會。如您所知，鑑於疫情的蔓延和通膨的推動，這對 Visa 投資者來說一直是一個持續存在的問題，並需要重新思考。那麼，您如何看待跑道，特別是在已開發市場之間進行細分，而且[新興市場]的競爭也更加激烈？

Yes. Thanks for the question. We continue to be excited about the cash, check digitization opportunity around the world. We continue to digitize cash and check around the world, and economies continue to grow around the world. So I think continues to surprise many people when they look at developed markets like the United States, how much cash and check still exists. And certainly, when you look to the developing world, how much cash and checks still exist.

是的。謝謝你的提問。我們仍然對世界各地的現金、支票數位化機會感到興奮。我們繼續在世界各地實現現金和支票的數位化，世界各地的經濟持續成長。因此，我認為，當許多人看到美國等已開發市場時，仍然存在多少現金和支票，這仍然讓他們感到驚訝。當然，當你看看發展中國家時，仍然存在多少現金和支票。

So we continue to be excited about the runway. We think it offers us tremendous growth opportunity. And we're going to continue to work with our partners across the ecosystem to get more credentials into consumers' hands, get more acceptance out there in the ecosystem, especially among micro and nano merchants and work with our partners to drive more activation and usage among the credentials and feel good about that entire algorithm.

所以我們繼續對跑道感到興奮。我們認為它為我們提供了巨大的成長機會。我們將繼續與整個生態系統的合作夥伴合作，將更多憑證交到消費者手中，在生態系統中獲得更多認可，特別是在微型和奈米商家中，並與我們的合作夥伴合作推動更多激活和使用並對整個演算法感覺良好。

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.

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。

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。此時您可以斷開連線。