Visa Inc (V) 2024 Q1 法說會逐字稿

Welcome to Visa's Fiscal First Quarter 2024 Earnings Conference Call. (Operator Instructions) Today's conference is being recorded. (Operator Instructions)

歡迎參加 Visa 2024 年第一季財報電話會議。 （操作員指示）今天的會議正在錄音。 （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。

Good afternoon, everyone, and welcome to Visa's Fiscal First Quarter 2024 Earnings Call. Joining us today are Ryan McInerney, Visa's Chief Executive Officer; and Chris Suh, Visa's Chief Financial Officer.

大家下午好，歡迎參加 Visa 2024 年第一季財報電話會議。今天加入我們的還有 Visa 執行長 Ryan McInerney；以及 Visa 財務長 Chris Suh。

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 a result of many factors. Additional information concerning those factors is available in our most recent annual report on Form 10-K and any subsequent reports on Forms 10-Q and 8-K, which you can find on the SEC's website and the Investor Relations section of our website.

我還想提醒您，本簡報包含前瞻性陳述。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。

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

對於本次電話會議中披露的非 GAAP 財務信息，相關 GAAP 衡量標準和調整表可在今天的收益發布中找到，並在我們的 IR 網站上找到相關資料。

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

接下來，讓我把電話轉給瑞安。

Hi, everyone. Good afternoon, and thank you for joining us.

大家好。下午好，感謝您加入我們。

We are off to a solid start in 2024. Consumer spending remained resilient with first quarter year-over-year payments volume growth at 8%. U.S. payments volume grew 5% year-over-year. International payments volume grew 11%. Cross-border volume, excluding intra-Europe, rose 16% year-over-year in constant dollars with cross-border travel at 142% of 2019 levels, up from 139% in the fourth quarter. Process transactions rose 9%. Our net revenues increased 9% with GAAP EPS up 20% and non-GAAP EPS up 11%.

2024 年我們將迎來一個良好的開始。消費者支出保持彈性，第一季支付量年增 8%。美國支付量年增 5%。國際支付量成長 11%。不包括歐洲內部的跨國交易量以固定美元計算年增 16%，跨國旅行佔 2019 年水準的 142%，高於第四季的 139%。流程交易成長 9%。我們的淨收入成長了 9%，其中 GAAP 每股盈餘成長 20%，非 GAAP 每股盈餘成長 11%。

As I reflect on the execution of our strategy this quarter across consumer payments, new flows and value-added services, I wanted to highlight a few key themes. One, we remain obsessed about serving our customers, including traditional bank partners, neobanks, fintechs, wallets, sellers, acquirers, and everyone else. Our focus on clients has enabled us to deepen our relationships with partners across all 3 pillars of our strategy. Two, we continue to seek new partnerships, new use cases and new verticals to drive our business forward with a particular emphasis on cross-border. Three, we have gone to market with innovative solutions across our network of networks, seeking to add value for all transactions no matter the network. And four, we are always looking for new and innovative ways to amplify our brand in service of our partners. With those themes in mind, let me provide some more details on the quarter.

當我反思本季我們在消費者支付、新流程和增值服務方面的策略執行情況時，我想強調幾個關鍵主題。第一，我們仍然致力於為客戶提供服務，包括傳統銀行合作夥伴、新銀行、金融科技公司、錢包、賣家、收單方和其他所有人。我們對客戶的關注使我們能夠在策略的所有三大支柱上加深與合作夥伴的關係。第二，我們繼續尋求新的合作夥伴、新的用例和新的垂直領域，以推動我們的業務向前發展，特別是跨國業務。第三，我們透過網路的創新解決方案進入市場，尋求為所有交易增加價值，無論網路為何。第四，我們一直在尋找新的創新方式來擴大我們的品牌，為我們的合作夥伴提供服務。考慮到這些主題，讓我提供有關本季度的更多詳細資訊。

Let's start with consumer payments. We saw continued growth in credentials, acceptance and engagement. Credentials grew 6%, and we now have more than 8.7 billion network tokens up 55%.

讓我們從消費者支付開始。我們看到證書、接受度和參與度持續成長。憑證成長了 6%，我們現在擁有超過 87 億個網路代幣，成長了 55%。

Acceptance locations grew 17%. And let me highlight two recent examples of where we have expanded acceptance. The first was in Brazil with Caixa for cash conversion at their over 10,000 lottery branches. They are now accepting Visa credit and debit cards to pay for utilities, tax collection, lotteries and voucher payments, which are called boletos. Another example was in Asia Pacific where we signed an agreement with bKash, the largest mobile financial services player in Bangladesh. Already a client with Visa Direct, they now have enabled Visa's 15 million-plus cardholders in the country to use their in-app QR code to pay at more than 550,000 bKash merchants. These examples demonstrate our local approach to expanding our global acceptance footprint.

受理地點增加了 17%。讓我重點介紹最近我們擴大接受度的兩個例子。第一個是在巴西與 Caixa 合作，在其 10,000 多個彩票分支機構進行現金兌換。他們現在接受 Visa 信用卡和金融卡來支付水電費、稅收、彩票和代金券付款（稱為 boletos）。另一個例子是在亞太地區，我們與孟加拉最大的行動金融服務提供者 bKash 簽署了協議。他們已經是 Visa Direct 的客戶，現在已經使該國超過 1500 萬 Visa 持卡人能夠使用其應用內二維碼在超過 550,000 個 bKash 商戶處付款。這些例子展示了我們擴大全球接受足跡的在地方法。

Tap to pay grew 5 percentage points from last year to 77% of face-to-face transactions globally, excluding the U.S. In the U.S., we reached 45% penetration. One highlight from the first quarter is that Lowe's has enabled tap to pay acceptance. We believe that tapping provides the best buyer and seller experience in the face-to-face environment, and we have seen that play out in the results. In a recent Visa study in the U.S., we saw, on average, two more transactions a month and spend lift of $70 a month for those who tap with a Visa debit card versus those who don't tap.

觸碰支付比去年增加了 5 個百分點，佔全球面對面交易的 77%（不包括美國）。在美國，我們的滲透率達到了 45%。第一季度的一個亮點是 Lowe's 啟用了觸碰支付功能。我們相信，點擊可以在面對面的環境中提供最佳的買家和賣家體驗，我們已經在結果中看到了這一點。最近在美國進行的一項 Visa 研究顯示，與不使用 Visa 金融卡的人相比，使用 Visa 金融卡刷卡的人平均每月多進行兩筆交易，每月花費增加 70 美元。

Now on to some noteworthy updates from the quarter which demonstrate our ability to deepen and expand partnerships as well as create new ones. In Europe, we renewed our agreement with Isbank, the largest private bank in Turkey, with 33 million cards for its consumer and commercial credit and debit portfolios. As part of that renewal, they will be issuing the first Olympic and Paralympic Games credit card in Europe outside of France, leveraging our sponsorship. In Poland, we signed a new issuing agreement with PKO Bank Polski, the largest issuer and acquirer in Poland and Central Eastern Europe for consumer and commercial debit. In Greece, we expanded our partnership with Piraeus Bank, the largest bank in the country, to become their exclusive payment network across their consumer and commercial credit and debit portfolios. These are all fantastic examples of the attractive position and strong pipeline in Continental Europe I spoke about last quarter.

現在介紹本季的一些值得注意的更新，這些更新表明我們有能力深化和擴大合作夥伴關係以及建立新的合作關係。在歐洲，我們與土耳其最大的私人銀行 Isbank 續簽了協議，為其消費者和商業信貸和借記組合提供 3,300 萬張卡片。作為更新的一部分，他們將利用我們的贊助，在法國以外的歐洲發行第一張奧運和殘奧信用卡。在波蘭，我們與波蘭和中東歐最大的消費者和商業金融卡發行人和收單機構 PKO Bank Polski 簽署了新的發行協議。在希臘，我們擴大了與該國最大銀行比雷埃夫斯銀行的合作夥伴關係，成為他們在消費者和商業信貸和借記組合中的獨家支付網絡。這些都是我上個季度談到的歐洲大陸有吸引力的地位和強大的管道的絕佳例子。

In Japan, we expanded our credit issuance partnership with EPOS, one of the fastest-growing issuers in the country affiliated with department store Marui. They will use Visa Managed Services, which is a part of our advisory solutions where we embed Visa employees within a client's organization to help execute against key initiatives. In Korea, we renewed and expanded our partnership with Shinhan Card, the largest issuer in the country, for consumer and commercial credit and debit. Shinhan has also committed to utilizing a suite of Visa's value-added services, including consulting and marketing to advance their business.

在日本，我們擴大了與 EPOS 的信貸發行合作夥伴關係，EPOS 是日本發展最快的發行人之一，隸屬於丸井百貨公司。他們將使用 Visa 託管服務，這是我們諮詢解決方案的一部分，我們將 Visa 員工嵌入客戶的組織中，以協助執行關鍵計畫。在韓國，我們續簽並擴大了與該國最大的消費和商業信用卡和借記卡發卡機構 Shinhan Card 的合作夥伴關係。 Shinhan 也致力於利用 Visa 的一系列增值服務（包括諮詢和行銷）來推進其業務。

In Mexico, we renewed our agreement with BBVA across consumer and commercial credit and debit along with value-added services, including risk, advisory and data tools.

在墨西哥，我們與 BBVA 續簽了涉及消費者和商業信貸和借記卡以及增值服務（包括風險、諮詢和數據工具）的協議。

And last, in the U.S., we extended our agreement with Bank of America for multiple value-added services, including Visa's loyalty platform service, CardinalCommerce 3D Secure service, Verifi Order Insight digital service and DPS debit processing.

最後，在美國，我們延長了與美國銀行的多項加值服務協議，包括 Visa 的忠誠度平台服務、CardinalCommerce 3D Secure 服務、Verifi Order Insight 數位服務和 DPS 借記處理。

We also continue to be a partner of choice for fintechs around the world. First, in the U.S., we renewed with leading fintech Shine for their debit and credit builder secured card portfolios as well as for Visa Direct. In Latin America, we renewed our debit and credit contracts with Rappi, one of the largest fintech and merchant clients in the region with more than 30 million customers. They will also utilize numerous value-added services, including CyberSource and Decision Manager. And finally, we are excited about a new global partnership with HSBC for their fintech initiative, Zing. Starting with the U.K., we are supporting the ambition to launch this multicurrency proposition in more than 30 markets. Visa's capabilities through Tink, Currencycloud and our consumer payment solutions offer a powerful customer proposition and rapid deployment for Zing and HSBC. Through these renewals and new partnerships, you can see how we are focused on building a deep relationship across all the capabilities Visa offers.

我們也持續成為全球金融科技公司的首選合作夥伴。首先，在美國，我們與領先的金融科技公司 Shine 續約了其金融卡和信用建設者擔保卡組合以及 Visa Direct。在拉丁美洲，我們與 Rappi 續簽了借記卡和信貸合同，Rappi 是該地區最大的金融科技和商業客戶之一，擁有超過 3000 萬客戶。他們還將利用眾多加值服務，包括 Cyber​​Source 和 Decision Manager。最後，我們很高興與匯豐銀行就其金融科技計劃 Zing 建立新的全球合作夥伴關係。從英國開始，我們支持在 30 多個市場推出這項多貨幣主張的野心。 Visa 透過 Tink、Currencycloud 和我們的消費者支付解決方案提供的功能為 Zing 和 HSBC 提供了強大的客戶主張和快速部署。透過這些續約和新的合作夥伴關係，您可以看到我們如何致力於在 Visa 提供的所有功能上建立深厚的關係。

Now moving to new flows. We have updated our sizing of the new flows opportunity using the latest market data available. Excluding Russia and China, we see $200 trillion of opportunity annually across B2B, B2C, P2P and G2C, certainly an enormous number. We are working with our clients to deliver Visa's commercial and money movement solutions to help digitize these flows on our network of networks.

現在轉向新的流程。我們使用最新的市場數據更新了新流量機會的規模。不包括俄羅斯和中國，我們每年在 B2B、B2C、P2P 和 G2C 領域看到價值 200 兆美元的機會，這無疑是一個巨大的數字。我們正在與客戶合作提供 Visa 的商業和資金流動解決方案，以幫助我們的網路上的這些流動數位化。

Starting with Visa Direct. Total transactions this quarter grew 20% to 2.2 billion. And on the P2P cross-border front, transactions grew more than 65% year-over-year.

從 Visa Direct 開始。本季交易總額成長 20%，達到 22 億筆。在P2P跨國方面，交易量較去年同期成長超過65%。

In terms of client highlights for this quarter, we have been developing partnerships for new use cases and verticals and we are continuing to drive cross-border volumes. First, in new use cases, in addition to our existing P2P partnership in the U.S., we have expanded our Visa Direct relationship with Meta, launching the ability for content creators on Meta's Family of Apps to cash out their earnings to a debit card. This launch, now live in the U.S., U.K., France and Italy, allows for creators to receive their payouts quickly and safely. Second, on cross-border volumes, we have continued to make progress in enabling global money movement across our 8.5 billion endpoints in nearly 200 countries and territories. Western Union is a great example. We just signed a long-term global partnership agreement with Western Union, covering issuance, Visa Direct and other services across 40 countries and 5 regions. This long-term collaboration will bring product innovations and digital-first customer experiences to enhance cross-border money movement.

就本季的客戶亮點而言，我們一直在為新用例和垂直領域發展合作夥伴關係，並且我們將繼續推動跨境交易量。首先，在新的用例中，除了我們在美國現有的P2P 合作夥伴關係之外，我們還擴大了與Meta 的Visa Direct 關係，為Meta 應用程式系列上的內容創作者推出了將其收入兌現到借記卡的功能。該服務現已在美國、英國、法國和義大利推出，讓創作者能夠快速、安全地收到付款。其次，在跨國交易量方面，我們在近 200 個國家和地區的 85 億個端點之間實現全球資金流動方面繼續取得進展。西聯匯款就是一個很好的例子。我們剛與西聯匯款簽署了長期全球合作夥伴協議，涵蓋40個國家和5個地區的發卡、Visa Direct等服務。這種長期合作將帶來產品創新和數位優先的客戶體驗，以增強跨境資金流動。

We also expanded our relationship with Remitly to enable customers from 30 countries to send cross-border payments to eligible debit cards and bank accounts in over 100 countries globally.

我們還擴大了與 Remitly 的關係，使來自 30 個國家/地區的客戶能夠向全球 100 多個國家/地區的合格借記卡和銀行帳戶發送跨境付款。

In Canada, we recently announced our agreement with CIBC and Simply to provide millions of clients the ability to send money to digital wallets in key remittance destinations, including the Philippines, China, and Bangladesh.

在加拿大，我們最近宣布與 CIBC 和 Simply 達成協議，為數百萬客戶提供向菲律賓、中國和孟加拉等主要匯款目的地的數位錢包匯款的能力。

On to the commercial side. Total payments volume grew 8% in constant dollars, and throughout the quarter, we continued to focus on new verticals. Let me highlight a few specific areas.

轉向商業方面。以不變美元計算，總支付量成長了 8%，整個季度，我們繼續專注於新的垂直領域。讓我強調幾個具體領域。

First, in the cross-border travel vertical, we recently expanded our agreement with Singapore-based B2B platform, Nium. Their virtual card B2B travel program will expand from the U.S. and Europe into Australia, Singapore, Hong Kong, and Japan. Also in B2B travel, we signed a new virtual card agreement with Worldline, a leading global payments provider for travel intermediaries to pay their suppliers more quickly.

首先，在跨國旅遊垂直領域，我們最近擴大了與新加坡 B2B 平台 Nium 的協議。他們的虛擬卡 B2B 旅行計畫將從美國和歐洲擴展到澳洲、新加坡、香港和日本。同樣在 B2B 旅遊領域，我們與全球領先的支付提供者 Worldline 簽署了一項新的虛擬卡協議，幫助旅遊中介機構更快地向供應商付款。

In the contractor vertical, we recently signed an agreement with United Overseas Bank and Doxa, a Singapore fintech for contractors. In partnership with Visa, the Doxa platform has further been enhanced to provide embedded financing capabilities. Subcontractors will be given the option to be paid for their services through UOB virtual cards. And also with UOB, we renewed and expanded our commercial relationship across commercial debit and credit, including the enablement of payment flows for the Singapore government.

在承包商垂直領域，我們最近與大華銀行和新加坡承包商金融科技公司 Doxa 簽署了一項協議。透過與 Visa 合作，Doxa 平台進一步增強，可提供嵌入式融資功能。分包商可以選擇透過大華銀行虛擬卡支付服務費用。此外，我們也與大華銀行合作，更新並擴展了我們在商業金融卡和信貸方面的商業關係，包括為新加坡政府提供支付流程。

Let me move on to value-added services. Our network of networks strategy is also playing a key role in value-added services. As a reminder, this has three components: one, moving money to all endpoints and to all form factors; two, using all available networks and being a single connection point for our partners; and three, providing our value-added services on all transactions no matter the network.

讓我繼續談談增值服務。我們的網路中的網路策略也在加值服務中發揮關鍵作用。提醒一下，這包括三個組成部分：第一，將資金轉移到所有端點和所有形式因素；第二，使用所有可用網路並成為我們合作夥伴的單一連接點；第三，為所有交易提供增值服務，無論網路為何。

We have continued to develop and expand our value-added services as part of this strategy. Let me cover three recent examples: processing capabilities for RTP networks, Pismo and Prosa. Last quarter, I noted that Visa is becoming a certified service provider for FedNow, enabling financial institutions to receive funds through the FedNow service. We have now enabled the ability to also send funds.

作為這項策略的一部分，我們繼續開發和擴展我們的增值服務。讓我介紹三個最近的例子：RTP 網路、Pismo 和 Prosa 的處理能力。上個季度，我注意到 Visa 正在成為 FedNow 的認證服務提供商，使金融機構能夠透過 FedNow 服務接收資金。我們現在也啟用了發送資金的功能。

The second example is Pismo, which we just closed last week. As I talked to clients around the world, particularly issuing clients, there are two priorities that are increasingly on the minds of CEOs. The first is, for many of our issuing clients, they've either recently embarked on or are considering embarking on a transformation of their tech stack from their legacy infrastructure to cloud-native API-based tech stacks. The second is that many clients, whether they be traditional issuers or fintechs, are increasingly looking to rapidly expand their issuance to new regions and countries, especially to more developing markets around the world. Our clients are looking to Visa to help them with both of these priorities. And with Pismo, we will be able to deliver to our clients the best cloud-native issuer processor and core banking platform in the world. Pismo offers global core banking and multiproduct issuer processing covering credit, debit and commercial with connectivity to local payment networks such as Pix. Our goal is for Pismo to be the platform of choice for our issuing partners around the world, enabling them to accelerate their global expansion and transition to cloud-native platforms.

第二個例子是 Pismo，我們上週才剛關閉。當我與世界各地的客戶，特別是發行客戶交談時，執行長們越來越多地考慮兩個優先事項。首先，對於我們的許多發行客戶來說，他們最近開始或正在考慮開始將其技術堆疊從遺留基礎設施轉變為基於雲端原生 API 的技術堆疊。其次，許多客戶，無論是傳統發行人或金融科技公司，都越來越希望將發行規模快速擴展到新的地區和國家，特別是全球更多的發展中市場。我們的客戶希望 Visa 能夠幫助他們解決這兩個問題。借助 Pismo，我們將能夠為客戶提供世界上最好的雲端原生發行處理器和核心銀行平台。 Pismo 提供全球核心銀行業務和多產品發行人處理，涵蓋信貸、金融卡和商業，並可連接到 Pix 等本地支付網路。我們的目標是讓 Pismo 成為我們全球發行合作夥伴的首選平台，使他們能夠加速全球擴張並過渡到雲端原生平台。

And the third example of our network of networks is our announcement to acquire a majority interest in Prosa, a payments processor in Mexico. A couple of things about the Mexican market: one, cash and check represent more than 50% of personal consumption expenditures; and two, today, Visa has limited ability to process domestically. We believe we can bring enhanced technology infrastructure and lay the groundwork to develop new innovative ways for consumers, small businesses and local issuers and acquirers in Mexico to pay and be paid. This includes improving safety, security and reliability and providing better experiences through our value-added services such as tokenization, risk products and more. We can also bring our innovation and commitment to continued investment for both face-to-face and online transactions. Together, these efforts will help further digitize payments in the country. The investment is subject to regulatory review, and we hope to close in the second half of calendar year 2024.

我們網路的第三個例子是我們宣布收購墨西哥支付處理商 Prosa 的多數股權。墨西哥市場有以下幾點：一是現金和支票佔個人消費支出的50%以上；第二，目前 Visa 的國內處理能力有限。我們相信，我們可以增強技術基礎設施，並為墨西哥消費者、小型企業以及當地發行人和收單機構開發新的創新方式奠定基礎。這包括提高安全性、保障性和可靠性，並透過我們的增值服務（例如代幣化、風險產品等）提供更好的體驗。我們還可以將我們的創新和承諾帶到面對面和線上交易的持續投資。這些努力將共同幫助該國進一步實現支付數位化。該投資尚需接受監管審查，我們希望在 2024 年下半年完成。

And finally, I want to highlight the opportunities to drive further growth in value-added services via the development of new partnerships. These enable us to enhance our overall offering and distribution reach. Yesterday, we announced an agreement with digital workflow leader, ServiceNow, to build solutions and distribute Visa's products and solutions to joint customers. To start, ServiceNow will launch an end-to-end disputes management solution for issuers with plans to expand to additional segments and products over time. This partnership showcases the demand for our value-added services and provides a compelling distribution channel to reach more customers around the globe.

最後，我想強調透過發展新的合作關係來推動增值服務進一步成長的機會。這些使我們能夠增強我們的整體產品和分銷範圍。昨天，我們宣布與數位工作流程領導者 ServiceNow 達成協議，共同建立解決方案並向共同客戶分發 Visa 的產品和解決方案。首先，ServiceNow 將為發行人推出端到端爭議管理解決方案，並計劃隨著時間的推移擴展到其他細分市場和產品。這種合作關係展示了對我們增值服務的需求，並提供了一個引人注目的分銷管道來接觸全球更多客戶。

So across consumer payments, new flows and value-added services, you can see the enormous opportunity as well as Visa's strong relationships, commitments to our clients and innovation in new ways to pay and be paid. What helps to amplify all of these efforts is our brand. We recently renewed our long-standing partnership with FIFA, creating a powerful opportunity to drive business for both Visa and our clients, improve brand lift and maximize global reach, not to mention providing an opportunity to showcase and implement Visa's innovative payment technology. We are also launching our first new global sports sponsorship in more than 15 years with the Red Bull Formula One teams. The partnership aligns our brand with 2 teams within Formula One, which is one of the fastest-growing sports on the planet, providing another opportunity to drive business for our clients. As we look ahead this year, we're excited to be activating our brand with our clients across all of these partnerships as well as the Olympic and Paralympic Games in Paris.

因此，在消費者支付、新流程和增值服務方面，您可以看到巨大的機會以及 Visa 的牢固關係、對客戶的承諾以及支付和收款新方式的創新。有助於放大所有這些努力的是我們的品牌。我們最近續簽了與FIFA 的長期合作夥伴關係，為Visa 和我們的客戶推動業務發展、提高品牌提升並最大限度地擴大全球影響力創造了強大的機會，更不用說提供了展示和實施Visa 創新支付技術的機會。我們也與紅牛一級方程式車隊推出了 15 年來首個新的全球運動贊助。這項合作使我們的品牌與一級方程式賽車中的兩支車隊保持一致，一級方程式賽車是全球發展最快的運動項目之一，為我們的客戶提供了另一個推動業務發展的機會。展望今年，我們很高興能夠透過所有這些合作夥伴關係以及巴黎奧運會和殘奧會與客戶一起激活我們的品牌。

Before I hand it over to Chris, I wanted to mention that we held our annual meeting on Tuesday. All of the proposals that the Board recommended passed, including the exchange offer program proposal. As such, we will be moving promptly to file an S-4 with the SEC relating to the initial exchange offer.

在我把它交給克里斯之前，我想提一下我們在星期二舉行了年會。董事會建議的所有提案均獲得通過，包括交換要約計畫提案。因此，我們將立即向 SEC 提交與初始交換要約相關的 S-4。

I also wanted to give a special thanks to my colleague, partner and friend, Al Kelly. As of Tuesday, he officially retired as Executive Chairman. Al, on behalf of the entire Visa family, thank you for your exceptional leadership. You led this business to incredible heights while also driving innovation, deepening our client relationships and strengthening our culture in so many ways. Your impact on Visa will be visible for generations.

我還要特別感謝我的同事、合作夥伴和朋友阿爾·凱利。截至週二，他正式從執行主席的職位上退休。 Al，我代表整個 Visa 大家庭，感謝您的卓越領導。您帶領這項業務達到了令人難以置信的高度，同時也推動創新，加深了我們的客戶關係，並以多種方式加強了我們的文化。您對 Visa 的影響將持續數代。

In closing, in the first quarter, Visa once again demonstrated the effective execution of our strategy across the globe. While uncertainty seems to be the norm, Visa has the experience and discipline to manage through the challenging environments, and I remain optimistic and confident about our future.

最後，第一季度，Visa 再次證明了我們在全球範圍內策略的有效執行。雖然不確定性似乎是常態，但 Visa 擁有應對充滿挑戰的環境的經驗和紀律，我對我們的未來保持樂觀和信心。

Now over to Chris.

現在輪到克里斯。

Thanks, Ryan. Good afternoon, everyone.

謝謝，瑞安。大家下午好。

As Ryan said, Q1 was a solid quarter with relative stable growth in overall payments volume and process transactions and strong growth in cross-border volume. Looking at our drivers. In constant dollars, global payments volume was up 8% year-over-year and process transactions grew 9% year-over-year. Cross-border volume growth, excluding intra-Europe, was up 16% year-over-year in constant dollars.

正如瑞安所說，第一季是一個穩健的季度，整體支付量和流程交易成長相對穩定，跨國交易量強勁成長。看看我們的司機。以不變美元計算，全球支付量年增 8%，流程交易量較去年同期成長 9%。以不變美元計算，不包括歐洲內部的跨國交易量成長年增 16%。

Fiscal first quarter net revenues were up 9% in nominal and constant dollars, which was on the high end of our expectations, primarily due to lower-than-expected incentives and less FX drag. GAAP EPS was up 20% and non-GAAP EPS was up 11% in nominal and 10% in constant dollars.

第一財季淨收入按名義和不變美元計算增長了 9%，處於我們預期的高端，這主要是由於低於預期的激勵措施和較少的外匯拖累。 GAAP 每股盈餘成長 20%，非 GAAP 每股盈餘名義成長 11%，以固定美元計算成長 10%。

Now on to the details, starting with the U.S. U.S. payment volumes grew 5% year-over-year, credit grew 6% and debit grew 5%. Card-present spend grew 3% and card-not-present volume grew 7%. As we look at the monthly total U.S. payments volume growth rates throughout the quarter, we saw a low in October and a peak in November, with December in between. Putting it all together, the step-down of about 80 basis points in total U.S. payments volume growth from Q4 to Q1 was primarily due to a less favorable mix of weekends and weekdays compared to last year and a combination of a few small items, including a softer October and modest impact from Reg II. Consumer spend across all segments from low to high spend has remained relatively stable. Our data does not indicate any meaningful behavior change across consumer segments.

現在來看細節，首先是美國。美國的支付量年增 5%，信貸成長 6%，借記增加 5%。有卡消費成長 3%，無卡消費成長 7%。當我們觀察整個季度美國每月支付總量成長率時，我們發現 10 月出現低點，11 月出現峰值，中間是 12 月。總而言之，從第四季度到第一季度，美國支付總量增長下降約 80 個基點，主要是由於與去年相比，週末和工作日的組合不太有利，以及一些小項目的組合，包括十月份較為疲軟，Reg II 的影響不大。從低支出到高支出的所有細分市場的消費者支出都保持相對穩定。我們的數據並未顯示消費者群體之間存在任何有意義的行為變化。

Moving to holiday spend, which is the period from November 1 to December 31. In the U.S., consumer holiday spend growth was in the mid-single digits on a year-over-year basis. Consumer retail spending growth was similar to last year. However, retail spending growth on key shopping days, from Thanksgiving to Cyber Monday, was much stronger. E-commerce increased its share of retail spending versus last year.

說到假期支出，即 11 月 1 日至 12 月 31 日期間。在美國，消費者假期支出年增率為中個位數。消費者零售支出成長與去年相似。然而，從感恩節到網路星期一等關鍵購物日的零售支出成長要強勁得多。與去年相比，電子商務在零售支出中所佔的份額有所增加。

Moving to international markets where total payments volume growth was up 11% in constant dollars, stable to Q4. Payments volume growth rates were strong for the quarter in most major regions, with Latin America, CEMEA and Europe ex U.K. each growing about 20% in constant dollars.

轉向國際市場，以固定匯率計算，總支付量成長 11%，第四季維持穩定。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、中東歐、非洲和歐洲（英國除外）以不變美元計算均成長了約 20%。

Now on to cross-border, which I'll speak to in constant dollars and excluding intra-Europe transactions. Total cross-border volume was up 16% year-over-year. Cross-border card-not-present volume growth, excluding travel, grew slightly faster than expected, in the low teens, adjusted for cryptocurrency purchases. Cross-border travel-related spend grew 19% year-over-year. The cross-border travel volume index to 2019 increased from 139% in Q4 to 142% in Q1.

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。跨境交易總量較去年同期成長 16%。根據加密貨幣購買情況進行調整後，跨境無卡交易量成長（不包括旅行）略快於預期，為十幾歲。跨境旅行相關支出較去年同期成長 19%。截至2019年，跨國旅遊量指數從第四季的139%上升至第一季的142%。

Travel volume into Asia, indexed at 132% of 2019 levels for the quarter, up 3 points from Q4; while travel volume out of Asia was up 4 points to 118%. This was lower than last quarter's expansion primarily due to relative weakness in Australia and Japan. Travel in and out of Mainland China continued to improve but both remained below 2019 levels. U.S. travel inbound continued to improve several points from Q4 versus 2019 levels. And we continue to see healthy travel volumes in and out of LAC, Europe and CEMEA and out of the U.S., ranging from 145% to 170% of 2019 levels.

亞洲旅遊量，本季指數為 2019 年水準的 132%，較第四季上升 3 個百分點；亞洲出境旅遊量成長 4 個百分點，達到 118%。這低於上季的擴張，主要是由於澳洲和日本的相對疲軟。進出中國大陸的旅行持續改善，但仍低於 2019 年的水準。與 2019 年第四季相比，美國入境旅遊人數持續提高幾個百分點。我們繼續看到進出拉丁美洲和加勒比地區、歐洲、中歐中東和非洲以及美國的旅客量保持健康成長，為 2019 年水準的 145% 至 170%。

Now let's review our first quarter financial results, starting with the revenue components. First, as any new pricing usually goes into effect in April and October, this quarter, each of our revenue components benefited as a result, and the growth rates were either further enhanced or offset by the additional factors as follows.

現在讓我們回顧一下我們第一季的財務業績，從收入組成部分開始。首先，由於任何新定價通常在四月和十月生效，本季度我們的每個收入組成部分都因此受益，並且增長率要么進一步提高，要么被以下其他因素抵消。

Service revenues grew 11% year-over-year versus the 9% growth in Q4 constant dollar payments volume with some additional help from card benefits. Data processing revenues grew 14% versus 9% process transaction growth helped by business mix and value-added services. International transaction revenues were up 8% versus the 16% increase in constant dollar cross-border volume, excluding intra-Europe, impacted by lapping strong currency volatility from last year. Other revenues grew 18% with strong consulting revenue growth but impacted by lapping 31% growth from 2023 primarily from FIFA-related value-added services revenue.

在卡片優惠的幫助下，服務收入較去年同期成長 11%，而第四季固定美元支付量成長 9%。在業務組合和增值服務的推動下，資料處理收入成長了 14%，而處理交易收入成長了 9%。受去年強勁貨幣波動的影響，國際交易收入成長了 8%，而以固定匯率計算的跨國交易量成長了 16%（不包括歐洲內部）。其他收入成長了 18%，諮詢收入成長強勁，但受到 2023 年 31% 成長的影響，主要來自 FIFA 相關增值服務收入。

Client incentives grew 20% but ended up lower than expected due to client performance and deal timing. Across our three growth engines, consumer payments growth was driven by relative stability in payments volume growth and process transactions as well as strong growth in cross-border volume.

客戶激勵成長了 20%，但由於客戶表現和交易時機的原因，最終低於預期。在我們的三個成長引擎中，消費者支付的成長是由支付量成長和流程交易的相對穩定以及跨境交易量的強勁成長所推動的。

This quarter, in new flows, the underlying drivers remained relatively stable. Commercial volumes rose 8% year-over-year in constant dollars and Visa Direct transactions grew 20%. Total new flows revenue grew in the low single digits year-over-year in constant dollars due to several onetime items and business mix impact. As you know, for any given period, there can be puts and takes, but most importantly, drivers are stable and we continue to expect full year 2024 new flows revenue to grow faster than consumer payments revenue.

本季新增流量中，基本驅動力保持相對穩定。以不變美元計算，商業交易量年增 8%，Visa Direct 交易量成長 20%。由於幾個一次性項目和業務組合的影響，以不變美元計算，新流量總收入同比增長較低的個位數。如您所知，在任何給定時期內，都可能存在變化，但最重要的是，驅動因素是穩定的，我們繼續預計2024 年全年新流量收入的增長速度將快於消費者支付收入的增長。

In Q1, value-added services revenue grew 20% in constant dollars to $2.1 billion with strength in issuing and acceptance solutions.

第一季度，憑藉發行和受理解決方案的實力，增值服務收入按不變美元計算增長了 20%，達到 21 億美元。

GAAP operating expenses declined 6%. The decrease in expenses was driven by a decrease in the litigation provision, somewhat offset by an increase in personnel expenses. Non-GAAP operating expenses grew 7%, primarily due to an increase in personnel expenses.

GAAP 營運費用下降 6%。費用減少是由於訴訟準備金減少所致，但在一定程度上被人事費用增加所抵銷。非 GAAP 營運費用增加 7%，主要是因為人事費用增加。

Excluding net gains from our equity investments of $4 million, non-GAAP nonoperating income was $84 million.

不計 400 萬美元股權投資淨收益，非 GAAP 非營業收入為 8,400 萬美元。

Our GAAP tax rate was 19.1% and our non-GAAP was 19% helped by larger-than-expected tax benefits. GAAP EPS was $2.39; non-GAAP EPS was $2.41, up 11% over last year, inclusive of an approximately 0.5 point benefit from exchange rates.

我們的 GAAP 稅率為 19.1%，非 GAAP 稅率為 19%，這得益於超出預期的稅收優惠。 GAAP 每股收益為 2.39 美元；非 GAAP 每股收益為 2.41 美元，比去年增長 11%，其中包括約 0.5 個百分點的匯率收益。

In Q1, we bought back approximately $3.4 billion in stock and distributed over $1 billion in dividends to our stockholders. At the end of December, we had $26.4 billion remaining in our buyback authorization.

第一季度，我們回購了約 34 億美元的股票，並向股東分配了超過 10 億美元的股利。截至 12 月底，我們的回購授權還剩 264 億美元。

Now let's move to what we've seen so far in January through to the 21st. U.S. payment volume was up 4% with debit up 3% and credit up 4% year-over-year, down from December, largely due to severe weather conditions in parts of the U.S. Process transactions grew 8% year-over-year. Constant dollar cross-border volume, excluding transactions within Europe, grew 16% year-over-year. Travel-related cross-border volume, excluding intra-Europe, grew 16% year-over-year or 146% indexed to 2019; and cross-border card-not-present ex travel grew 16%.

現在讓我們看看從 1 月到 21 日為止我們所看到的情況。與 12 月相比，美國支付量年增 4%，其中藉方增長 3%，貸方增長 4%，這主要是由於美國部分地區的惡劣天氣條件所致。流程交易量同比增長 8%。不包括歐洲境內交易的固定美元跨國交易量年增 16%。與旅遊相關的跨國交易量（不包括歐洲內部）年增 16%，截至 2019 年指數成長 146%；跨境無卡旅行（旅行除外）增加了 16%。

Now on to our expectations. Remember that adjusted basis is defined as non-GAAP results in constant dollar and excluding acquisition impacts. You can review these disclosures in our earnings presentation for more detail.

現在我們的期望。請記住，調整後的基礎被定義為以不變美元計算的非公認會計原則結果，並且不包括收購影響。您可以在我們的收益報告中查看這些揭露以了解更多詳細資訊。

For the full year, we have no material changes to our prior outlook for drivers, adjusted net revenues or EPS growth. Remember that our drivers assume no recession or a further increase in Reg II impacts.

對於全年而言，我們先前對驅動因素、調整後淨收入或每股盈餘成長的展望沒有重大變化。請記住，我們的驅動因素假設 Reg II 影響不會出現衰退或進一步增加。

Pismo is expected to have minimal benefit to full year net revenue growth and an approximately 0.5 point headwind to non-GAAP operating expense and EPS growth.

預計 Pismo 對全年淨收入成長的好處微乎其微，並且對非 GAAP 營運費用和每股收益成長產生約 0.5 個百分點的阻力。

FX is expected to have an approximately 0.5 point drag to net revenues growth and approximately 1 point benefit to non-GAAP operating expense growth and a minimal drag to non-GAAP EPS growth.

預計外匯將對淨收入成長產生約 0.5 個百分點的拖累，對非 GAAP 營運費用成長產生約 1 個百分點的收益，並對非 GAAP 每股收益成長產生最小的拖累。

Non-GAAP nonoperating income is expected to be between $350 million and $400 million, with nearly half in Q2 due to the resolution of some non-U.S. tax matters.

非公認會計原則非營業收入預計在 3.5 億美元至 4 億美元之間，其中近一半是由於一些非美國稅務問題的解決而在第二季度實現的。

Putting it all together, adjusted net revenues growth is unchanged at low double digits, adjusted operating expense growth is updated to low double digits, and adjusted EPS growth is unchanged at low teens.

總而言之，調整後的淨收入成長維持在低兩位數不變，調整後的營運費用成長更新為低兩位數，調整後的每股盈餘成長維持在低兩位數不變。

For the second quarter, similar to the full year, Pismo is expected to have a minimal benefit to net revenues growth and an approximately 0.5 point headwind to non-GAAP operating expense and EPS growth. FX is expected to have minimal drag to net revenues growth and an approximately 0.5 point benefit to non-GAAP operating expense growth and minimal benefit to non-GAAP EPS growth. We expect adjusted net revenues growth in the upper mid to high single digits and adjusted operating expense growth in the low double digits, north of 10%.

對於第二季度，與全年類似，預計 Pismo 對淨收入成長的影響微乎其微，並且對非 GAAP 營運費用和每股盈餘成長產生約 0.5 個百分點的阻力。預計外匯對淨收入成長的影響最小，對非 GAAP 營運費用成長的影響約為 0.5 個百分點，對非 GAAP 每股盈餘成長的影響也最小。我們預計調整後的淨收入成長將達到中高個位數，調整後的營運費用成長將達到低兩位數，超過 10%。

Nonoperating income is expected to be highest in Q2 due to the resolution of some tax matters, as I noted earlier. As such, the tax rate is expected to be between 16% and 16.5% in Q2 with the full year unchanged. This puts second quarter adjusted EPS growth in the high teens.

正如我之前指出的，由於一些稅務問題的解決，預計第二季的非營業收入將達到最高水準。因此，預計第二季稅率在16%至16.5%之間，全年稅率不變。這使得第二季調整後每股收益成長達到十幾歲。

In summary, we're off to a solid start in the first quarter. The fundamental drivers remain relatively stable, and with no material changes to our full year guidance, we remain focused on the execution of our growth strategy for the rest of 2024. As always, if the environment changes and there's an event that impacts our business, we will, of course, adjust our spending plans. We remain thoughtful on balancing between short- and long-term considerations.

總而言之，我們在第一季取得了良好的開局。基本驅動力保持相對穩定，我們的全年指引沒有重大變化，我們仍然專注於執行 2024 年剩餘時間的成長策略。一如既往，如果環境發生變化並且出現影響我們業務的事件，當然，我們會調整我們的支出計劃。我們仍然深思熟慮地平衡短期和長期考慮。

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

現在詹妮弗，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，我們準備好回答問題了。

(Operator Instructions) Our first question comes from Tien-Tsin Huang with JPMorgan.

（操作員指令）我們的第一個問題來自摩根大通的黃天欽。

Just want a clarification and a bigger question here. Just on the clarification, the new flows up low single digits versus mid-teens last quarter. How did that come in versus plan? Were there some onetime issues? Because it sounds like the other metrics were in line. And then my question was just on U.S. volume running in the mid-single digits here, it's pretty tight to PCE. I know there are a lot of factors like gas and e-com and Reg II, but just can you clarify your view on U.S. volume here in relation to PCE growth in the short to midterm?

只是想在這裡澄清一下並提出一個更大的問題。需要澄清的是，與上個季度的中位數相比，新流量增加了低個位數。與計劃相比，這是如何產生的？是否存在一些一次性問題？因為聽起來其他指標都是一致的。然後我的問題只是關於美國的交易量在中個位數運行，它對 PCE 來說非常緊張。我知道有很多因素，例如天然氣、電子商務和 Reg II，但您能否澄清您對美國中短期 PCE 成長的看法？

Tien-Tsin, it's Ryan. Why don't I start on the second part of your question and then Chris can answer the first part and add or correct any on the second part. I think let's back way up for a second in the U.S. U.S. remains a significant opportunity for us in consumer payments. I mean, there's still a lot of cash, a lot of checks, a lot of ACH. We're having great work with fintechs and banks to bring more people in on the carded front. We're doing work to expand acceptance, the service industry, whether it's plumbers or contractors, charities, vending, parking, tap to pay. I mean, we continue to be very, very excited about the U.S. market. I think as you said, and Chris can add some detail, in the quarter, there's some Visa-specific factors on the growth rate in the U.S. as it relates to PCE, like you were talking about. But as we look forward, it continues to be a big opportunity for us. We continue to be excited about it.

天進，是瑞安。為什麼我不從你問題的第二部分開始，然後克里斯可以回答第一部分並添加或更正第二部分的任何內容。我認為讓我們先回顧一下美國的情況。美國在消費者支付方面對我們來說仍然是一個重要的機會。我的意思是，仍然有很多現金、很多支票、很多 ACH。我們正在與金融科技公司和銀行進行出色的合作，以吸引更多的人參與信用卡領域。我們正在努力擴大服務業的接受度，無論是水管工或承包商、慈善機構、自動販賣機、停車、感應支付。我的意思是，我們仍然對美國市場感到非常非常興奮。我認為正如你所說，克里斯可以補充一些細節，在本季度，美國的成長率存在一些與個人消費支出相關的 Visa 特定因素，就像你所說的那樣。但展望未來，這對我們來說仍然是一個巨大的機會。我們仍然對此感到興奮。

Chris, do you want to take the first part of Tien-Tsin's question and add anything on the second?

克里斯，你想接受田津問題的第一部分並在第二部分添加任何內容嗎？

Sure. Yes, in new flows, so the underlying fundamentals of our commercial business remain sound. Commercial payment volumes grew 8% and Visa Direct transactions grew 20%. And importantly, the new flows business continues to be a growth engine for Visa. We do expect the full year revenue growth to exceed consumer revenue growth.

當然。是的，在新的流動中，我們商業業務的基本面仍然良好。商業支付量成長 8%，Visa Direct 交易量成長 20%。重要的是，新的流量業務仍然是 Visa 的成長引擎。我們確實預計全年收入成長將超過消費者收入成長。

Now specific to your question around the first quarter, it was impacted by a couple of factors: first, the mix of business, with cross-border volume growth slowing in Q1 as travel continued to normalize; and second, the growth was also impacted by a few onetime items that happened to be larger than we might typically see in any given quarter. But all in all, we feel great about the business and the long-term growth trajectory ahead.

現在具體到你關於第一季的問題，它受到幾個因素的影響：首先，業務組合，隨著旅行繼續正常化，第一季跨國交易量成長放緩；其次，成長也受到一些一次性項目的影響，這些項目碰巧比我們在任何特定季度通常看到的都要大。但總而言之，我們對這項業務和未來的長期成長軌跡感覺良好。

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 the new partnerships within value-added services. Ryan, it sounds like, as part of the priorities, you want to get value-added services on all the networks. And I think you were alluding to the fact that this is going to be maybe a bigger shared responsibility with this partnership growth, and ServiceNow is obviously a great example. But I'm just trying to reconcile kind of how we should be thinking about Visa maybe opening up those opportunities with these two partnerships and what that may do at some point to the financial picture of the company.

我只是想問一個有關增值服務中新合作夥伴關係的問題。 Ryan，聽起來，作為優先事項的一部分，您希望在所有網路上獲得增值服務。我認為您暗指這樣一個事實：隨著合作夥伴關係的發展，這可能會成為更大的共同責任，而 ServiceNow 顯然就是一個很好的例子。但我只是想協調我們應該如何考慮 Visa 可能會透過這兩個合作夥伴關係來開放這些機會，以及這在某些時候可能會對公司的財務狀況產生什麼影響。

Yes. Again, if I back up before I answer to the specific question about ServiceNow and partners, we're very excited about the progress that we've made on our value-added services strategy. We're excited about the momentum that we're seeing kind of in the market. We're excited to see our sales efforts really driving success and performance across issuing, acceptance, risk and identity, advisory and open banking.

是的。再說一次，如果我在回答有關 ServiceNow 和合作夥伴的具體問題之前再說一遍，我們對增值服務策略所取得的進展感到非常興奮。我們對市場上看到的勢頭感到興奮。我們很高興看到我們的銷售工作真正推動了發行、承兌、風險和身分、諮詢和開放銀行業務的成功和績效。

And it's exactly as you were saying with partners like ServiceNow. What we're finding is we can have great efforts selling to our partners directly around the world. But we're also getting a lot of demand from various different platforms that already have relationship with thousands or tens of thousands or, in some cases, more customers in any one country or region. And they're very excited to sell through our value-added services as a way of differentiating their platform and deepening relationships with their users and their customers. And so in the example of ServiceNow, they had been talking to their bank clients, and their bank clients had asked for and been interested in some of the dispute services that we provide. And so we're going to market first, as I said in my prepared remarks, with our dispute services via ServiceNow. We've got a pipeline of other products and services that we're working with them on. And we're deep in discussions with other platforms around the world about bringing our money movement solutions and our value-added services solutions as a way to differentiate their platform and add value to their users.

正如您對 ServiceNow 等合作夥伴所說的那樣。我們發現，我們可以付出很大努力直接向世界各地的合作夥伴銷售產品。但我們也從各種不同的平台中獲得了大量需求，這些平台已經與任何一個國家或地區的數千或數萬，或在某些情況下與更多客戶建立了關係。他們非常高興能夠透過我們的加值服務進行銷售，以此來使他們的平台脫穎而出並加深與用戶和客戶的關係。因此，在 ServiceNow 的範例中，他們一直在與銀行客戶交談，而他們的銀行客戶要求我們提供的一些爭議服務並對我們感興趣。因此，正如我在準備好的演講中所說，我們將首先透過 ServiceNow 推出我們的爭議服務。我們正在與他們合作開發一系列其他產品和服務。我們正在與世界各地的其他平台深入討論如何引入我們的資金轉移解決方案和增值服務解決方案，以此來使他們的平台脫穎而出並為其用戶增加價值。

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。

Craig, are you there?

克雷格，你在嗎？

Yes. Sorry, can you hear me?

是的。抱歉，你聽得到我說話嗎？

We sure can.

我們當然可以。

Okay. Great. I wanted to ask if you can be a little bit more detailed in the comments around Reg II and how you're seeing volume move perhaps off your network. And second, if you can just add some detail around the onetime items that impacted Visa in the U.S. in the quarter, I'd appreciate it.

好的。偉大的。我想問您是否可以在有關 Reg II 的評論中提供更詳細的信息，以及您如何看待流量可能會從您的網絡中轉移。其次，如果您能就本季影響 Visa 在美國的一次性項目添加一些細節，我將不勝感激。

So let me talk a little bit about the business aspect of Reg II, and then Chris, you can hit both of those specific questions, the Reg II and the onetime items. I think it's important at this point to just observe. We're 6 months in now since Reg II in the U.S. And we've had a chance to really engage with our clients and partners on the merchant side of what we do. And we're having really good discussions, really good dialogues. It's been a great opportunity for us to highlight our products, our services and especially the various different things that differentiate a Visa debit transaction from other alternatives. And to be honest, we're getting the chance to have conversations at more senior levels in the organization about the details of our products than we've ever had before, which is great. And so far, we're having great success. The sales conversations have been positive. The results client by client that we're finding as we're able to talk to them about the features and benefits of Visa Direct are great so far and feel really good about our results 6 months into this so far.

因此，讓我談談 Reg II 的業務方面，然後 Chris，您可以回答這兩個具體問題：Reg II 和一次性項目。我認為此時觀察很重要。自從美國實施 Reg II 以來已經過去 6 個月了，我們有機會在商業方面與我們的客戶和合作夥伴進行真正的互動。我們正在進行非常好的討論，非常好的對話。對我們來說，這是一個很好的機會來突出我們的產品、我們的服務，尤其是使 Visa 借記卡交易與其他替代交易不同的各種不同之處。說實話，我們有機會在組織中的更高層級就我們產品的細節進行對話，這是我們以前從未有過的，這很棒。到目前為止，我們取得了巨大的成功。銷售對話是正面的。到目前為止，我們能夠與客戶談論 Visa Direct 的功能和優勢，結果逐一發現都非常好，並且對 6 個月以來的結果感到非常滿意。

So Chris, you want to hit the two pieces specifically?

那麼克里斯，你想專門擊中這兩塊嗎？

Yes, will do. So yes, on Reg II, so as we indicated, we did see some modest impact in the U.S. Payment volumes growth in the U.S. was down about 80 basis points from Q4 to Q1. And that slowdown was primarily due to a couple of things. One is the mix of spend days, but also there were a few smaller things, a softer October and the modest impact from Reg II that we're talking about. So a couple of things. It's important to note, we've actually not seen any meaningful changes to volumes being routed away since October. So all in all, the impact is modest, really hasn't changed over the past quarter, and that's actually what we have assumed and we shared for the rest of the year.

是的，會的。所以，是的，在Reg II 上，正如我們所指出的，我們確實看到了對美國支付量增長的一些適度影響，從第四季度到第一季度，美國的支付量增長下降了約80 個基點。這種放緩主要是由於以下幾個原因造成的。其中之一是花費幾天的時間，但也有一些較小的事情，10 月的疲軟以及我們正在談論的 Reg II 的適度影響。有幾件事。值得注意的是，自 10 月以來，我們實際上沒有看到任何有意義的變化。總而言之，影響很小，在過去的季度中確實沒有改變，這實際上是我們的假設，也是我們在今年剩餘時間分享的。

Now to your second part of your question about onetime items, I talked a little bit about the things in the U.S., Reg II and the slow October. The other place where I talked about onetime items was in the new flows business. As I said, the revenue growth was impacted by a couple of things. One, I talked about the cross-border normalization as on travel. And then secondly, there were these onetime items, and I'll give you an example of one. In the normal course of our business, we regularly true up or true down our incentive and rebates with our clients based on their reported metrics. And in the first quarter, the net impact of these adjustments ended up being larger than we might typically see in a quarter. But all in all, it's not something that gives us concern. The underlying business fundamentals remain healthy. It doesn't change our expectations for full year growth for new flows revenue, which will continue to outpace consumer revenue.

現在，關於一次性物品的問題的第二部分，我談了一些美國的事情、Reg II 和緩慢的 10 月。我談論一次性專案的另一個地方是新流程業務。正如我所說，收入成長受到幾個因素的影響。第一，我談到了旅行方面的跨國正常化。其次，有一些一次性的項目，我將給您一個例子。在我們的正常業務流程中，我們會根據客戶報告的指標定期調整或調整我們的激勵和回饋。在第一季度，這些調整的淨影響最終比我們通常在一個季度看到的要大。但總而言之，這並不是讓我們擔心的事情。基本業務基本面保持健康。這並沒有改變我們對全年新流量收入成長的預期，新流量收入將持續超過消費者收入。

Our next question comes from Sanjay Sakhrani with KBW.

我們的下一個問題來自 KBW 的 Sanjay Sakhrani。

I guess just a question on the slower volumes year-to-date, on the severe weather. I'm just curious if there's been any softness beyond that. And then maybe, do you expect that spending to sort of reaccelerate because the weather has gotten better? Or maybe you can just speak about that a little bit.

我想只是關於今年迄今為止銷量放緩和惡劣天氣的問題。我只是好奇除此之外是否還有任何柔軟之處。也許，您是否預期支出會因為天氣好轉而重新加速？或者也許你可以簡單談談這一點。

Yes. Thanks, Sanjay. Yes, we did see that growth slow down in the first week of January. And we've looked really closely at it, and it's directly correlated to the extreme cold weather that's hit in many parts of the U.S. I'll give you a few examples. For anyone in Kansas City, they know this. We went from 45 degrees in the last week of December to negative 10 in the first few weeks of January. And so no one was out and about, and we saw growth in Kansas City go from mid-single digits growing to declining mid-single digits. To take another example, in San Diego, those that are lucky enough to be there, 60 degrees, and we've seen stable mid-single-digit volume growth into January. And maybe a third example that highlights the swings that we saw, in Dallas, it was nearly 60 in the first 2 weeks of January and then dropped to below 20 degrees in the third week, and we saw the exact same pattern following with our card-present volumes in that third week.

是的。謝謝，桑傑。是的，我們確實看到一月份第一周增長放緩。我們已經非常仔細地研究過它，它與美國許多地區遭受的極端寒冷天氣直接相關。我將舉幾個例子。對於堪薩斯城的任何人來說，他們都知道這一點。我們從 12 月最後一週的 45 度降到 1 月前幾週的負 10 度。所以沒有人出去走動，我們看到堪薩斯城的成長從中個位數成長到中個位數下降。再舉一個例子，在聖地牙哥，那些有幸在那裡的人，60 度，我們看到一月份銷量穩定在中個位數成長。也許第三個例子突出了我們所看到的波動，在達拉斯，一月份的前兩週氣溫接近 60 度，然後在第三週降至 20 度以下，我們在卡片上看到了完全相同的模式-在第三週呈現卷數。

And so to the second part of your question, the good news is we've seen these type of weather-related patterns before. They tend to be short blips, and over the course of the quarter, tend to get smoothed back out.

因此，對於您問題的第二部分，好消息是我們之前已經見過此類與天氣相關的模式。它們往往是短暫的現象，並且在整個季度中，往往會變得平滑。

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 wanted to ask about the EPS growth outlook. It looks like you're guiding to high-teens EPS growth in fiscal 2Q, which I think implies a mid-single-digit decline in the share count quarter-over-quarter. But I'm just trying to figure out why that doesn't flow through to the full year EPS growth figure where you're guiding it to low-teens growth. So if you can help us reconcile that, that would be great. Maybe there's some tax, certain OpEx impacts in the back half of the year that we're not accounting for.

我想問一下每股獲利成長前景。看起來您正在指導第二財季每股收益的高雙位數成長，我認為這意味著股票數量環比出現中個位數下降。但我只是想弄清楚為什麼這沒有影響到全年每股收益成長數據，而你將其引導至低雙位數成長。因此，如果您能幫助我們協調一致，那就太好了。也許下半年會有一些稅收和某些營運支出的影響，我們沒有考慮。

Yes. It is specific to Q2. I think I mentioned on the call, there were some tax matters that were resolved outside of the U.S. that brought our tax rate down in Q2 into the 16% range. That same matter also had some benefit that hit the NOI line, which also then helped the high-teens growth rate on EPS in Q2 specifically. For the full year, it doesn't change the tax rate. It doesn't change our prior outlook for EPS growth.

是的。它特定於 Q2。我想我在電話中提到過，一些稅務問題在美國境外得到解決，導致我們第二季的稅率降至 16% 的範圍。同樣的事情也對 NOI 線產生了一些好處，這也特別有助於第二季 EPS 的兩位數成長率。對於全年來說，稅率不會改變。它不會改變我們先前對每股收益成長的預期。

Our next question comes from Harshita Rawat with Bernstein.

我們的下一個問題來自 Harshita Rawat 和 Bernstein。

I want to follow up on services. Given how increasingly important these are to your revenue growth, can you give us some insights, quantification on the composition of your value-added services, DPS, CyberSource, risk, et cetera? And maybe also expand about the growth drivers here with regards to attach rates, processing penetration, geo expansion. They're growing almost 2x faster than your card volumes' overall services, so we are trying to just have a clear guidance here.

我想跟進服務。鑑於這些對您的收入成長越來越重要，您能給我們一些關於您的增值服務、DPS、Cyber​​Source、風險等的見解和量化嗎？也許還可以擴展這裡的成長驅動因素，包括附加率、處理滲透率、地理擴張。它們的成長速度幾乎比您的卡片數量的整體服務快兩倍，因此我們試圖在這裡提供明確的指導。

Yes, thank you. As I was saying earlier, I think the strategy is really firing on all cylinders. Our execution is firing on all cylinders. The client demand remains strong. The TAMs are large, as you were saying. Last year, we generated about $7 billion in revenue in the value-added services business. I think we said in the quarter, it was a little more than $2 billion and up 20% in constant dollars. Those are great results.

是的，謝謝。正如我之前所說，我認為該策略確實在全速運轉。我們的執行力正在全力以赴。客戶需求依然強勁。正如您所說，TAM 很大。去年，我們的加值服務業務收入約為 70 億美元。我想我們在本季說過，這一數字略高於 20 億美元，以不變美元計算成長了 20%。這些都是很棒的結果。

To get in a little bit into the details of your question, I mean, we run these businesses segment by segment. In issuing solutions, we're having great success with our network products around the world. DPS continues to have great success with clients in the U.S. I mentioned in my prepared remarks that we had renewed with Bank of America. That's one of our, as you might expect, largest clients in DPS, a fantastic partner, as well as a number of the other value-added services I mentioned. In the acceptance solutions business, CyberSource continues to have great success around the world, both with their omnichannel services as well as some of the value-added services they have, like token management service and the like. Our disputes business beyond just what I mentioned earlier around ServiceNow is having great success. Verifi is really firing on all cylinders, especially as it expands outside the U.S. Our risk and identity solutions business is really proving to be very resilient and high growth, both our Advanced Authorization Platform, Visa Risk Manager, Visa Secure, all the various different products that we've been bringing to market.

為了更詳細地了解你的問題，我的意思是，我們逐一細分地經營這些業務。在發布解決方案方面，我們的網路產品在全球範圍內取得了巨大成功。 DPS 繼續在美國客戶中取得巨大成功。我在準備好的發言中提到，我們已與美國銀行續約。正如您所料，這是我們 DPS 最大的客戶之一，是一個出色的合作夥伴，也是我提到的許多其他增值服務的合作夥伴。在受理解決方案業務中，Cyber​​Source 憑藉其全通路服務以及代幣管理服務等一些增值服務，繼續在全球取得巨大成功。除了我之前提到的 ServiceNow 之外，我們的爭議業務也取得了巨大的成功。 Verifi 確實在全力以赴，尤其是當它向美國以外的地區擴張時。事實證明，我們的風險和身分解決方案業務非常有彈性和高成長，包括我們的高級授權平台、Visa Risk Manager、Visa Secure以及所有各種不同的產品我們一直在推向市場。

And then our advisory services continue to do well. I mentioned in a few of the client wins in my prepared remarks, the success we've had with our managed services platforms where we're embedding teams of Visa employees in our clients, working shoulder to shoulder with our client partners day in and day out, week in and week out, month in and month out, helping them drive their business forward. I mean, that drives revenue growth. That diversifies our revenue. But more importantly than any of that, that embeds us in the building with our clients, helping them grow their businesses, makes our core business even more sticky. So yes, it's execution, it's product pipeline, it's delivery, and we feel really good about the results. Thanks for the question.

然後我們的諮詢服務繼續表現良好。我在準備好的演講中提到了一些客戶的成功，我們在託管服務平台上取得了成功，我們將 Visa 員工團隊嵌入到我們的客戶中，與我們的客戶合作夥伴日復一日地並肩工作週復一周、月復一月，幫助他們推動業務向前發展。我的意思是，這推動了收入成長。這使我們的收入多樣化。但比這更重要的是，這讓我們融入了客戶的團隊，幫助他們發展業務，使我們的核心業務更具黏性。所以，是的，它是執行，它是產品管道，它是交付，我們對結果感到非常滿意。謝謝你的提問。

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。

Just wanted to get a couple of clarifications. I think last quarter, Chris, you talked about growth would be at a low point in the first quarter, and then you would see that trough accelerate going forward. Just a nuance of the guide is mid to high single digits, so just trying to make sure if there was anything else new to report on Q2 versus Q1 being the trough. And then secondly, just a slightly higher operating expense in constant currency from, I think, it was high single to low double, just the low double now. Was there anything to factor in for that?

只是想得到一些澄清。我認為上個季度，克里斯，您談到第一季的成長將處於低點，然後您會看到該低谷在未來加速。該指南的一個細微差別是中高個位數，因此只是想確定第二季與第一季作為低谷時是否有其他新的報告。其次，以固定匯率計算，營運費用略有上升，我認為，從高單倍到低雙倍，現在只是低雙倍。有什麼需要考慮的因素嗎？

Yes. Thanks, Bryan. Yes, so just backing up to your point, going into Q1, you outlined the guidance that I gave. We set an expectation at that time, similar language, high to mid-single digits to high -- sorry, mid- to high single digits, and we did come in at the high end of that range, which was, again, largely benefiting from timing of incentive performance. We have a similar expectation in terms of the range of growth in Q2, but many of the variables that I talked about in terms of the half 1 versus half 2 a quarter ago, which was lapping high volatility, lapping high cross-border performance from a year ago and lapping lower incentive growth from a year ago, those, we continue to believe, hold true. And we do anticipate that growth will accelerate into the second half of the year.

是的。謝謝，布萊恩。是的，所以回到你的觀點，進入第一季度，你概述了我給的指導。我們當時設定了一個期望，類似的語言，高到中個位數到高——抱歉，中到高個位數，我們確實進入了該範圍的高端，這再次在很大程度上受益從激勵績效的時機來看。我們對第二季度的成長幅度有類似的預期，但我在一個季度前的一半 1 與一半 2 方面談到的許多變數都經歷了高波動性、高跨境表現與一年前相比，激勵成長較一年前有所下降，但我們仍然相信，這些都是正確的。我們確實預計今年下半年成長將加速。

In terms of your question on OpEx, yes, the changes that you picked up in terms of the full year guide primarily have to do with two things. One is we're now including the impact of the acquisition of Pismo into the guide for OpEx, and there's been some slight updates based on FX, the current FX rates.

就您關於營運支出的問題而言，是的，您在全年指南中發現的變化主要與兩件事有關。一是我們現在將收購 Pismo 的影響納入 OpEx 指南中，並且根據 FX（目前的外匯匯率）進行了一些細微的更新。

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。

Ryan, I wanted to dig in a little bit on the impressive 17% merchant acceptance growth. It sounds like that really highlights the possibility or the opportunity for continued volume growth even in markets maybe where the secular growth rate is slowing a little bit. Is that sustainable? Should we continue to think about that kind of mid-teens acceptance growth as being a key driver of overall volume expansion?

Ryan，我想深入了解 17% 的令人印象深刻的商家接受度成長。聽起來這確實凸顯了即使在長期成長率可能略有放緩的市場中，銷售持續成長的可能性或機會。這是可持續的嗎？我們是否應該繼續將這種十幾歲左右的接受度成長視為整體銷售擴張的關鍵驅動力？

Listen, when I'm talking to our sales teams around the world, I'm pushing them for as much as possible and more. I mean, if you travel around the world, there are still hundreds of millions of small businesses that aren't on our network. And then you add to that, Andrew, you add to that kind of the creator economy and what's happening there. You literally can think about the acceptance opportunity in billions. So our sales teams around the world are out there working hard, getting creative, figuring out different ways around the world that we can serve those 100-plus million small and micro businesses and ultimately, 1 billion, 2 billion, 3-plus billion individuals around the world that all ultimately could become acceptors of our products as you think about things like Tap to Phone rolling out at scale. I mean, you can imagine a world where every handheld device becomes a tap acceptor, and every device is a tap to pay opportunity where we can not only penetrate further into the C2B space but the P2P space and others.

聽著，當我與世界各地的銷售團隊交談時，我會敦促他們盡可能多地爭取更多。我的意思是，如果您環遊世界，仍然有數億家小型企業不在我們的網路中。然後你補充說，安德魯，你補充了這種創造者經濟以及那裡正在發生的事情。你可以想像一下數十億的接受機會。因此，我們在世界各地的銷售團隊都在努力工作，發揮創造力，找出不同的方式，為世界各地的 1 億多小微企業以及最終的 10 億、20 億、3 億個人提供服務當您考慮大規模推出「Tap to Phone」之類的產品時，世界各地的所有人最終都可能成為我們產品的接受者。我的意思是，你可以想像這樣一個世界：每個手持設備都成為一個點擊接受器，每個設備都是一個點擊支付機會，我們不僅可以進一步滲透到C2B 領域，還可以深入到P2P 領域和其他領域。

So we felt really good, as you were alluding to, for the last -- I think the last several quarters, we've been 17%, 18%, 19% growth in acceptance locations. I tried, in my prepared remarks, just to give you a little bit of color of the type of things that we're out there doing with players like bKash and Caixa. And we'll be pushing hard to continue to light up all those other opportunities in emerging markets and developed markets around the world.

因此，正如您所提到的，我們感覺非常好，在過去的幾個季度裡，我們的接受地點增加了 17%、18%、19%。在我準備好的發言中，我試著讓大家了解我們與 bKash 和 Caixa 等玩家所做的事情。我們將努力推動繼續發掘全球新興市場和已開發市場的所有其他機會。

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。

Wanted to touch on the cross-border travel volume growth. It looks like it slowed from roughly 25% to maybe 16% to 17% in January. And back when you're kind of outlining your assumptions for fiscal '24, you thought it would be in the low 20%, and we see a 4 to 5 percentage point improvement compared to 2019. Just wondering how we should think about that as an assumption going forward. Do you think we'll bounce back to that low 20s? Or do you think something closer to where you've seen in January makes more sense? Now this is an area that sometimes you have at least some forward visibility, so trying to get a sense of where we should be thinking about that component.

想談談跨境旅行量的成長。看起來 1 月增速從約 25% 放緩至 16% 至 17%。當你概述 24 財年的假設時，你認為它會在 20% 的低水平，與 2019 年相比，我們看到了 4 到 5 個百分點的改善。只是想知道我們應該如何看待這一點一個未來的假設。你認為我們會反彈到 20 多歲嗎？還是你認為更接近你在一月看到的情況更有意義？現在，這是一個有時您至少具有一些前瞻性可見性的領域，因此請嘗試了解我們應該在哪裡考慮該組件。

Yes. Great. Thanks, James. We had a really good quarter in Q1 to start the year on our cross-border business. Cross-border volumes, as you said, was up 16%. We feel great about that; and as you click into those, e-com growth in the low teens and 19% growth in travel, with the index going from 139% to 142%. And I'll just clarify one thing you said in terms of the guidance that we had provided into the low 20s, that was related to the travel portion of that, which came in at 19% or almost 20%.

是的。偉大的。謝謝，詹姆斯。我們的跨境業務在第一季取得了非常好的季度開局。正如您所說，跨境交易量增加了 16%。我們對此感覺很好；當你點擊這些內容時，電子商務成長了十幾歲，旅遊成長了 19%，該指數從 139% 上升到 142%。我只想澄清你所說的一件事，即我們向 20 歲以下提供的指導，這與旅行部分有關，該部分佔 19% 或幾乎 20%。

I do think when understanding the composition by region of our performance, and some of this is a little repetitious but I think important to go through, looking at it region by region is helpful. In LAC, CEMEA, Europe and U.S. outbound, strong results, indexing between 145% to 170% relative to the 2019 levels; second, U.S. inbound, which up until Q4 had lagged 2019, also continued to improve in Q1 and in line with our expectations; in AP, we did see continued expansion in and out of AP but a little bit slower than we saw in Q4, and that was specific to Australia and Japan. And it's probably also worth mentioning, well, not necessarily a large number, the war in the Middle East did have some impact on the cross-border numbers as well. But again, stepping back, we feel really good about our cross-border business in total. The Q1 results were strong, 16% growth; healthy growth for both travel and e-com. And we feel good about the outlook for the rest of the year.

我確實認為，在理解我們表演的各個區域的組成時，其中一些有點重複，但我認為重要的是要仔細檢查，一個區域一個區域地查看它是有幫助的。在拉丁美洲和加勒比地區、中歐、中東和非洲、歐洲和美國出境方面，業績強勁，指數較 2019 年水準在 145% 至 170% 之間；其次，美國入境人數在第四季之前一直落後於 2019 年，但在第一季也持續改善，符合我們的預期；在亞太地區，我們確實看到亞太地區內外的持續擴張，但比第四季的速度要慢一些，這是澳洲和日本特有的。也許也值得一提的是，雖然數量不一定很大，但中東戰爭確實對跨境數量也產生了一些影響。但話又說回來，我們對我們的跨境業務整體感覺非常好。第一季業績強勁，成長 16%；旅遊和電子商務的健康成長。我們對今年剩餘時間的前景感到樂觀。

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。

I just want to drill down into sort of expectations or implied expectations for second half of fiscal '24 given Q1 results, upper single digits; Q2 expectations around growth, mid- to high single digits, so there's an acceleration that's implied. And the question is, what drives it?

我只是想深入了解對 24 財年下半年的預期或隱含預期（考慮到第一季的業績）（較高個位數）；第二季的成長預期為中高個位數，因此隱含著加速成長。問題是，是什麼驅動它？

Yes. Thanks. I'm going to break that down into two questions because, one, you said how do we feel about the revenue guide and then I think the second question implied there was on drivers. And so let me talk to those because they are a little bit different. And maybe I'll even start with the second part first, which is with drivers. We're 1 quarter into the fiscal year. It was a solid quarter, stable trends from Q4. And importantly, the consumer has remained resilient. As we look into the rest of the year, we do anticipate drivers to continue to tick up slightly in the second half of the year for two reasons: one, average ticket sizes should improve, in particular, as we lap lower ticket sizes in the second half of last year in the U.S. and we see continued inflation in certain international regions; and second, we're continuing to execute against our growth initiatives in our global markets, for example, the processing wins that we've seen in LAC that we've shared progress about previously. So that's sort of the underlying drivers.

是的。謝謝。我將把這個問題分成兩個問題，因為，第一個問題，你說我們對收入指南有何看法，然後我認為第二個問題暗示了關於司機的問題。讓我談談這些，因為他們有點不同。也許我會先從第二部分開始，即驅動程式。本財年已進入第 1 個季度。這是一個堅實的季度，與第四季度相比趨勢穩定。重要的是，消費者仍然保持彈性。當我們展望今年剩餘時間時，我們確實預計下半年司機數量將繼續小幅上漲，原因有兩個：一是平均罰單金額應該會有所改善，特別是因為我們在美國去年下半年，我們看到某有些國際地區的通貨膨脹持續存在；其次，我們將繼續執行我們在全球市場的成長計劃，例如，我們在 LAC 看到的處理勝利，我們之前已經分享過進展。這就是潛在的驅動因素。

And then your first question actually was on revenue. We had a solid start for the year, a really good Q1, stable Q4 trends. Today, we've reaffirmed our full year guide on net revenue in constant dollars, and that includes the modest impact of Reg II that we talked about. So we feel good about Q1. We feel good about the outlook for the rest of the year, and we'll continue to focus on execution.

然後你的第一個問題實際上是關於收入。我們今年有一個良好的開端，第一季非常好，第四季趨勢穩定。今天，我們重申了以不變美元計算的全年淨收入指南，其中包括我們談到的 Reg II 的適度影響。所以我們對第一季感覺良好。我們對今年剩餘時間的前景感到滿意，並將繼續專注於執行。

Our next question comes from Timothy Chiodo with UBS.

我們的下一個問題來自瑞銀集團的提摩西·奇奧多。

I wanted to dig into Pismo a little bit. The website talks about large banks, marketplaces and fintechs. And you mentioned earlier the movement away from the legacy systems into more modern cores. I want to talk a little bit about the ambitions and the potential in terms of the bank sizing. And also, these core conversions, are they for new product and sort of sidecar cores, if you will? Or are we talking about the potential for your core kind of issuing clients in the U.S., midsized banks, to be moving their legacy core potentially over to something offered by Pismo in the future?

我想深入研究一下 Pismo。該網站談論大型銀行、市場和金融科技公司。您之前提到從遺留系統轉向更現代的核心。我想談談銀行規模方面的雄心和潛力。而且，這些核心轉換，是為了新產品還是某種邊車核心（如果您願意的話）？或者我們是在談論你們在美國的核心發行客戶、中型銀行未來可能將其傳統核心轉移到 Pismo 提供的東西上的潛力嗎？

So let me step back and talk a bit about how we found Pismo and then answer your question directly, Timothy. I mentioned in my prepared remarks these narratives and these priorities that we've been hearing from CEOs of banks all over the world, in the U.S. and all over the world, medium-sized, big-sized banks, which is, one, they're trying to make this transition from their legacy tech stacks to the cloud; and the second is they want to expand, especially in emerging markets where they don't have enough options of issuer processors to help them. That led us, hearing that over and over and over again, to go search the world for what we thought was the best cloud-based processor and core bank provider that we could find. And that led us to Pismo. And so while Pismo is based down in Brazil, their platform is global. Their clients today are a mix of some of the biggest and most sophisticated banks in the world as well as medium-sized banks and fintechs. So they already today have a mix of different client types. And our ambitions, our ambitions are what I said in my prepared remarks, which is we want this to be the preferred provider of banks around the world.

所以，讓我退後一步，談談我們是如何發現 Pismo 的，然後直接回答你的問題，蒂莫西。我在準備好的發言中提到了我們從世界各地、美國和世界各地的銀行首席執行官那裡聽到的這些敘述和優先事項，其中之一是，他們正在嘗試從傳統技術堆疊過渡到雲端；第二是他們想要擴張，特別是在新興市場，他們沒有足夠的發行處理商選擇來幫助他們。這促使我們一遍又一遍地聽到這個消息，開始在世界範圍內尋找我們認為可以找到的最好的基於雲端的處理器和核心銀行提供者。這把我們引向了庇斯摩。因此，雖然 Pismo 的總部位於巴西，但他們的平台是全球性的。如今，他們的客戶包括世界上一些最大、最成熟的銀行以及中型銀行和金融科技公司。因此，他們今天已經擁有不同類型的客戶。我們的雄心，我們的雄心壯志就是我在準備好的發言中所說的，就是我們希望它成為全球銀行的首選提供者。

You asked specifically about midsized banks in the U.S. for their core banking platform, the short answer is absolutely. As you think about large banks and their issuer processing capabilities not just for debit, which we have today in the U.S., but for debit, credit, prepaid, commercial, not just in the U.S. but globally, we think Pismo is absolutely a solution that our issuers could be using around the world. So yes, it is a global platform. We have global ambitions. Given the relationships that we have, the privileged relationships that we have with banks, big and small, in the U.S. and around the world, we feel good about our ability to distribute the product to them.

您具體詢問了美國中型銀行的核心銀行平台，簡短的回答是絕對的。當你想到大型銀行及其發行人的處理能力時，不僅是我們今天在美國擁有的借記卡，還包括借記卡、信用卡、預付卡、商業卡，不僅在美國，而且在全球，我們認為Pismo 絕對是一個解決方案我們的發行人可以在世界各地使用。所以是的，它是一個全球平台。我們有全球雄心。鑑於我們與美國和世界各地大大小小的銀行之間的關係，我們擁有特權關係，我們對向他們分銷產品的能力感到滿意。

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

我們的最後一個問題來自美國銀行的 Jason Kupferberg。

Just wanted to ask if we're still comfortable with low double-digit process volume and transaction growth for this year. I know both of those started off kind of in the high single-digit range, ticked down a little bit in January. And also, any change in your thoughts around fiscal '24 incentive guidance? I think we were looking for modestly less dollar growth than in F '23, but you did a little better than expected in Q1.

只是想問我們是否仍然對今年兩位數的低處理量和交易增長感到滿意。我知道這兩項數據一開始都處於較高的個位數範圍，在一月略有下降。另外，您對 24 財年激勵指導的想法有什麼改變嗎？我認為我們預計美元成長率將略低於 23 年，但第一季的表現比預期好一些。

Yes. Thanks, Jason. I think I answered some of the driver questions, but I'll just recap very quickly at a summary level. We're reaffirming the outlook for the full year on drivers, second half benefiting from average ticket sizes in the U.S. and inflation in certain international regions and continuing to executing a number of our growth initiatives in global markets. Processing wins in LAC is the example that I used a minute ago. And so yes to your first question about reaffirming the guide on drivers. And then sorry, repeat your second question for me.

是的。謝謝，傑森。我想我回答了一些驅動程式的問題，但我將快速概括地回顧一下。我們重申了全年司機的前景，下半年受益於美國的平均票價和某些國際地區的通貨膨脹，並繼續在全球市場執行我們的一些成長計畫。在 LAC 中處理勝利是我一分鐘前使用的範例。所以，對於你關於重申司機指南的第一個問題，是的。然後抱歉，請重複你的第二個問題。

Just on the incentive guide.

就在激勵指南上。

Incentives, yes. On incentives, yes, also no change in outlook for the full year. As you know, we manage the business to net revenue growth. That's where we're focused. We've updated our guidance for the full year and Q2 on that. And we'll continue to, like I said, focus on execution.

激勵措施，是的。在激勵方面，是的，全年前景也沒有改變。如您所知，我們管理業務以實現淨收入成長。這就是我們關注的焦點。我們已經更新了全年和第二季的指導。正如我所說，我們將繼續專注於執行。

Great. And with that, we'd like to thank you for joining us today. If you have additional questions, please feel free to call or e-mail our Investor Relations team. Thanks again, and have a great day.

偉大的。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。