(V) 2024 Q2 法說會逐字稿

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

歡迎參加 Visa 2024 年第二季財報電話會議。 （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 call over to your host, Ms. Jennifer Como, Senior Vice President and Global Head of Investor Relations. Ms. Como, you may begin.

現在我想將電話轉給主持人、資深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, Holly. Good afternoon, everyone, and welcome to Visa's Fiscal Second Quarter 2024 Earnings Call. Joining us today are Ryan McInerney, Visa's Chief Executive Officer; and Chris Suh, Visa's Chief Financial Officer.

謝謝，霍莉。大家下午好，歡迎參加 Visa 2024 年第二季財報電話會議。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 have 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發布了包含財務和統計要點的幻燈片。

Let me also remind you that this presentation includes forward-looking statements. These statements are not guarantees of future performance, and our actual results could differ materially as a result of many factors. Additional information concerning those factors is available in our most recent annual report on Form 10-K and any subsequent reports on Forms 10-Q and 8-K, which you can find on the SEC's website and the Investor Relations section of our website.

我還想提醒您，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 on this call, the related GAAP measures and reconciliation are available in today's earnings release and the 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。

Good afternoon, everyone. Thank you for joining us.

大家下午好。感謝您加入我們。

We delivered strong second quarter results with $8.8 billion in net revenue up 10%, GAAP EPS up 12%, and non-GAAP EPS up 20%.

我們第二季業績強勁，淨收入 88 億美元，成長 10%，GAAP 每股盈餘成長 12%，非 GAAP 每股盈餘成長 20%。

For our key business drivers, we saw relative stability. Overall payments volume grew 8% year-over-year in constant dollars, U.S. payment volume grew 6% year-over-year, and international payments volume grew 11%. Cross-border volume, excluding intra-Europe, rose 16% year-over-year, and processed transactions grew 11%.

對於我們的關鍵業務驅動因素，我們看到相對穩定。以不變美元計算，整體支付量年增 8%，美國支付量年增 6%，國際支付量成長 11%。跨國交易量（不包括歐洲內部）較去年同期成長 16%，處理的交易量成長 11%。

Visa's business performance demonstrates our strategy at work in consumer payments, new flows, and value-added services. Furthermore, across all of these growth levers, tremendous opportunity remains. I'll spend a few moments on each growth lever.

Visa 的業務表現證明了我們在消費者支付、新流程和增值服務方面的策略。此外，在所有這些成長槓桿中，仍然存在著巨大的機會。我將花一些時間討論每個成長槓桿。

Let's start with consumer payments. The opportunity in consumer payments is enormous. Based on the latest public data from calendar year 2022 and our analysis, we estimate that the total global purchase personal consumption expenditure, or PPCE, excluding Russia and China, was approximately $40 trillion. Within that $40 trillion, our addressable opportunity is more than $20 trillion. This includes 3 components.

讓我們從消費者支付開始。消費者支付的機會是巨大的。根據 2022 年的最新公開數據和我們的分析，我們估計全球購買個人消費支出總額（PPCE）（不包括俄羅斯和中國）約為 40 兆美元。在這 40 兆美元中，我們可利用的機會超過 20 兆美元。這包括 3 個組件。

One, cash and check, which is about half of the addressable opportunity. Tap to pay is a great example of how we are converting small-ticket cash transactions to Visa credentials.

一是現金和支票，這大約是可尋址機會的一半。觸碰付款是我們如何將小額現金交易轉換為 Visa 憑證的一個很好的例子。

Two, ACH and other electronic transactions. We have many examples in this space, including the work we are doing to extend Visa as a bill pay method in acceptance categories like rent, education and loan repayments.

二、ACH等電子交易。我們在這個領域有很多例子，包括我們正在做的工作，將 Visa 作為一種帳單支付方式擴展到租金、教育和貸款償還等接受類別。

And three, cards that run primarily on domestic networks. We have been focused on converting these domestic-based cards to Visa credentials in countries around the world. And I'll share a good example from Europe in a moment.

第三，主要在國內網路上運作的卡片。我們一直致力於將這些國內卡轉換為世界各國的 Visa 憑證。稍後我將分享一個來自歐洲的好例子。

There is a very long runway ahead, and I remain excited about Visa's future growth opportunity in consumer payments. We continue to capture that growth by delivering innovative and secure payment solutions for buyers and sellers, including new credentials and issuance, tap to pay and e-commerce. I'll briefly talk about each.

前面的路還很長，我對 Visa 在消費者支付領域未來的成長機會仍然感到興奮。我們透過為買家和賣家提供創新且安全的支付解決方案（包括新的憑證和發行、點擊支付和電子商務）來繼續實現這一成長。我將簡要討論每一個。

First, we're making great progress in expanding the number of Visa credentials. We have added over 100 million credentials from September to December for a year-over-year growth rate of 6%. One area of focus is in Europe, with the U.K. growing credentials at its fastest rate since 2016 driven in part by strong growth from fintech clients. In addition, from 2018 to 2023, we converted more than 20 million credentials in Europe that primarily ran on domestic networks to Visa Debit credentials, with millions more in the process of being migrated. This is a great example of the opportunity I mentioned a moment ago.

首先，我們在擴大簽證憑證數量方面取得了巨大進展。 9 月至 12 月，我們新增了超過 1 億個憑證，年成長率為 6%。其中一個重點領域是歐洲，英國的資信水準正以 2016 年以來最快的速度成長，部分原因是金融科技客戶的強勁成長。此外，從 2018 年到 2023 年，我們將歐洲超過 2,000 萬個主要在國內網路上運行的憑證轉換為 Visa 借記憑證，還有數百萬個憑證正在遷移過程中。這是我剛才提到的機會的一個很好的例子。

We're particularly excited as we prepare for the Paris Olympics, which are less than 100 days away. We have close to 300 clients across 85 countries globally working with Visa to activate our Olympic sponsorship for marketing campaigns and cardholder engagements such as credential issuance and on-site cardholder events. And in Europe alone, we expect our clients to have issued over 5 million Olympic- and Paralympic-branded Visa credentials before the start of the games.

距離巴黎奧運還有不到 100 天的時間，我們感到特別興奮。我們在全球 85 個國家擁有近 300 家客戶，與 Visa 合作，啟動我們對行銷活動和持卡人參與（例如證書頒發和現場持卡人活動）的奧運贊助。光是在歐洲，我們預計我們的客戶在奧運開始前就已經發放了超過 500 萬張奧運和殘奧品牌的 Visa 憑證。

Also this quarter in Europe, we renewed our relationship with Caixa Geral de Depósitos in Portugal across consumer credit, debit and prepaid and commercial credit and debit as well as a suite of value-added services, including risk solutions and analytics.

同樣在本季度，在歐洲，我們與葡萄牙的Caixa Geral de Depósitos 續簽了合作關係，涵蓋消費信貸、借記卡和預付卡、商業信貸和借記卡以及一系列增值服務，包括風險解決方案和分析。

Another area of strength is our co-brand issuance. Visa is the primary network partner for 8 of the top 10 co-brand partnerships in the U.S. today, and we are pleased that Visa has finalized a multiyear extension of our successful credit co-branded partnership with Alaska Airlines, a portfolio that benefits from a loyal customer base and high cross-border usage.

我們的另一個優勢領域是聯合品牌發行。如今，Visa 是美國 10 大聯合品牌合作夥伴中 8 個的主要網路合作夥伴，我們很高興 Visa 已完成與阿拉斯加航空成功的信用聯合品牌合作夥伴關係的多年延期，該合作夥伴關係受益於忠誠的客戶群和高跨境使用率。

We have also had significant co-brand momentum in CEMEA. First, we launched a new co-brand card in partnership with Qatar Airways, British Airways, and National Bank of Kuwait. Second, we expanded our strong global Marriott relationship to launch Qatar's first hospitality co-branded card with Qatar Islamic Bank. Across the United Arab Emirates, we now have exclusive agreements with all the leading airlines marked by a recent agreement with Emirates Skywards. And we also signed an inaugural airline co-brand agreement in Morocco with Royal Air Maroc.

我們在 CEMEA 也擁有顯著的聯合品牌動能。首先，我們與卡達航空、英國航空和科威特國家銀行合作推出了新的聯名卡。其次，我們擴大了萬豪在全球的強大關係，與卡達伊斯蘭銀行合作推出了卡達首張飯店聯名卡。在整個阿拉伯聯合大公國，我們現在與所有領先的航空公司簽訂了獨家協議，最近與阿聯酋航空 Skywards 簽訂了協議。我們也在摩洛哥與摩洛哥皇家航空簽署了首份航空公司聯合品牌協議。

Now newer digital issuers are equally important to our future growth in consumer payments. And in Saudi Arabia, fintech stc pay, which has over 12 million customers, is transitioning from a digital wallet to a full digital bank and expanding its Visa prepaid business into Visa Debit and Credit. Digital bank Maya in the Philippines has chosen Visa to offer its millions of mobile wallet users and bank depositors access to consumer credit cards with new issuance of affluent products.

現在，較新的數位發行機構對於我們未來消費者支付的成長同樣重要。在沙烏地阿拉伯，擁有超過 1,200 萬名客戶的 fintech stc pay 正在從數位錢包轉型為全數位銀行，並將其 Visa 預付業務擴展到 Visa 金融卡和信用卡。菲律賓數位銀行 Maya 選擇 isa 為其數百萬行動錢包用戶和銀行儲戶提供消費信用卡以及新發行的豐富產品。

In the U.S., we signed a newly expanded credit deal with brokerage platform Robinhood, including the launch of a new Robinhood Gold Card, which offers 3% cashback for all purchases.

在美國，我們與經紀平台 Robinhood 簽署了一項新擴大的信貸協議，包括推出新的 Robinhood 金卡，為所有購買提供 3% 的現金回饋。

In Europe, broker and savings platform Trade Republic has launched a new Visa card that combines spending and savings for their 4 million customers across 17 markets. Over 1 million people joined the waitlist for the card in just a few weeks.

在歐洲，經紀商和儲蓄平台 Trade Republic 推出了一款新的 Visa 卡，為 17 個市場的 400 萬客戶提供了消費和儲蓄相結合的服務。短短幾週內就有超過 100 萬人加入了該卡的候補名單。

As I've mentioned in the past, we feel great about our products, our value-added services, our new flows capabilities, our brand and our people, all coming together to deepen and expand our partnerships with our clients around the world.

正如我過去所提到的，我們對我們的產品、增值服務、新的流程能力、我們的品牌和我們的員工感到非常滿意，所有這些都共同加深和擴大了我們與世界各地客戶的合作夥伴關係。

As we think about Visa's growth, tap to pay and e-commerce are key drivers in the digitization of payments. This quarter, tap to pay grew 5 percentage points from last year to 79% of face-to-face transactions globally, excluding the U.S. Of note, Japan nearly doubled its penetration since last year to almost 30%. In the U.S., in the second quarter, we're nearing 50% penetration with New York City at over 75%, the first U.S. city to reach this milestone, up from 50% 2 years ago, demonstrating the impact that transit and our focused issuance and acceptance have on accelerating growth.

當我們思考 Visa 的成長時，觸碰支付和電子商務是支付數位化的關鍵驅動力。本季度，點擊支付比去年增長了 5 個百分點，佔全球面對面交易的 79%（不包括美國）。在美國，第二季度，我們的滲透率接近50%，其中紐約市的滲透率超過75%，是第一個達到這一里程碑的美國城市，高於兩年前的50%，這證明了交通和我們重點關注的影響發行和承兌加速成長。

On the e-commerce front, we continued to see Visa's U.S. e-commerce payments volume grow several points faster year-over-year than face-to-face spend. And the same is true in many key countries around the world, including Canada, Brazil, Australia, and India. And this matters to Visa's growth because in the e-commerce space, cash is not usually an option. And although e-commerce payments are a highly competitive environment, we believe our capabilities and our focus on safety, security, reliability, and user experience position us very well.

在電子商務方面，我們繼續看到 Visa 在美國的電子商務支付量同比增長速度比面對面支付快幾個百分點。世界上許多主要國家也是如此，包括加拿大、巴西、澳洲和印度。這對 Visa 的成長至關重要，因為在電子商務領域，現金通常不是一種選擇。儘管電子商務支付是一個競爭激烈的環境，但我們相信我們的能力以及對安全性、可靠性和用戶體驗的關注使我們處於非常有利的地位。

Adding to the potential for growth is tokenization, which brings several benefits to the ecosystem, especially in e-commerce, including reducing fraud, improving authorization rates and therefore, making it easier for a customer to purchase a good or service. As of the second quarter, we have over 9.5 billion tokens globally and have surpassed a milestone of 1 billion tokens in Asia Pacific, joining the ranks of the U.S. and Europe. We continue to be focused across all of these efforts in addition to seeking new areas of acceptance and spending.

標記化增加了成長潛力，它為生態系統帶來了多種好處，尤其是在電子商務領域，包括減少詐欺、提高授權率，使客戶更容易購買商品或服務。截至第二季度，我們在全球擁有超過 95 億枚代幣，並在亞太地區突破了 10 億枚代幣的里程碑，加入了美國和歐洲的行列。除了尋求新的接受和支出領域之外，我們將繼續關注所有這些努力。

Now moving to new flows. We mentioned last quarter that we see $200 trillion of opportunity, excluding Russia and China, and we are delivering Visa's commercial and money movement solutions to help digitize these flows. This quarter, new flows revenue growth improved to 14% year-over-year on a constant dollar basis, with Visa Direct overall transactions growing 31% for the quarter to 2.3 billion, and commercial volumes up 8% year-over-year in constant dollars.

現在轉向新的流程。我們在上季度提到，不包括俄羅斯和中國，我們看到了 200 兆美元的機會，我們正在提供 Visa 的商業和資金流動解決方案，以幫助實現這些流動的數位化。本季度，以固定美元計算，新流量收入年增 14%，Visa Direct 本季整體交易量成長 31%，達到 23 億筆，商業交易量以固定美元計算年增 8%。

Throughout the quarter, we remained focused on our Visa Direct strategy across several areas of growth, including through new use cases, expansion to new geographies and enablers. One recent example is our expanded agreement with Thunes, which increased the number of countries in which Visa Direct can enable push to wallet from 78 to 108. In addition, Thunes is implementing Visa Direct's push-to-card capability to enable payouts made to eligible Visa cards and accounts.

整個季度，我們仍然專注於跨多個成長領域的 Visa Direct 策略，包括透過新的用例、擴展到新的地區和推動因素。最近的一個例子是我們與Thunes 擴大了協議，將Visa Direct 可以支援推送到錢包的國家/地區數量從78 個增加到108 個。有條件的人付款Visa 卡和帳戶。

We have also expanded earned wage access in Canada through an agreement with Payfare and have brought our first Visa Direct cross-border capability into Taiwan with Taishin Bank.

我們還透過與 Payfare 達成協議，擴大了在加拿大的工資准入範圍，並與台新銀行將我們的第一個 Visa Direct 跨境功能引入了台灣。

On the enabler front, we are pleased that our long-time partner, J.P. Morgan Payments, will be seamlessly integrating Visa Direct into their acquiring operations to offer their business clients faster push payments capabilities. In addition, we continued to deepen our relationship with Chase in the small business market with investment and enhancements in products and services. And in accounts receivable and payable, we renewed and expanded our multiyear agreement with BILL on their accounts payable, spend and expense management platforms.

在推動者方面，我們很高興我們的長期合作夥伴 J.P. Morgan Payments 將 Visa Direct 無縫整合到他們的收單業務中，為他們的企業客戶提供更快的推播支付功能。此外，我們透過投資和增強產品和服務，持續深化與大通在小型企業市場的關係。在應收帳款和應付帳款方面，我們續簽並擴大了與 BILL 的應付帳款、支出和費用管理平台的多年協議。

We have also reached a global partnership with Taulia, an SAP company, and a leading provider of working capital management solutions. The collaboration will incorporate Visa's digital payment technology into Taulia's virtual cards, a solution that integrates with SAP ERP solutions and business applications to make embedded finance accessible for businesses through a seamless and streamlined payments experience for buyers and suppliers.

我們也與 SAP 公司、領先的營運資金管理解決方案供應商 Taulia 達成了全球合作夥伴關係。此次合作將把Visa 的數位支付技術整合到Taulia 的虛擬卡中，該解決方案與SAP ERP 解決方案和業務應用程式集成，透過為買家和供應商提供無縫、簡化的支付體驗，為企業提供嵌入式金融服務。

One vertical in new flows that has immense potential is government payments, representing over $15 trillion in annual payments volume opportunity where we are in a strong position to combine many of our new flows offerings. A recent example is in Kenya where we signed an agreement with Pesaflow, a technology partner for the government of Kenya, to expand card payments on eCitizen, the government's electronic platform with over 12 million users. We achieved this by bringing together Visa Virtual credentials and Visa Direct into the platform.

新流量中具有巨大潛力的一個垂直領域是政府支付，代表著超過 15 兆美元的年度支付量機會，我們處於有利地位，可以將我們的許多新流量產品結合起來。最近的一個例子是在肯亞，我們與肯亞政府的技術合作夥伴 Pesaflow 簽署了一項協議，以擴大 eCitizen（擁有超過 1,200 萬用戶的政府電子平台）上的銀行卡支付。我們透過將 Visa Virtual 憑證和 Visa Direct 整合到平台中來實現這一目標。

Now let me move on to value-added services where revenue was up 23% in the second quarter in constant dollars. Growth and opportunity in value-added services continue to be significant and broad-based.

現在讓我談談加值服務，以不變美元計算，第二季營收成長了 23%。增值服務的成長和機會持續顯著且廣泛。

In Acceptance Solutions, we signed an agreement with Millicom International Cellular in Latin America for CyberSource gateway, Decision Manager and token management solutions.

在驗收解決方案方面，我們與拉丁美洲的 Millicom International Cellular 簽署了一份關於 Cyber​​Source 閘道、決策管理員和代幣管理解決方案的協議。

As it relates to open banking, just about 2 years ago, we acquired Tink as we saw the opportunity in open banking to enable the movement of data and money and to provide consumers with control over their financial data. Over those 2 years, we have been expanding our presence in Europe, winning deals with Adyen and Revolut. We're now expanding open banking solutions through Tink into the United States, having signed several data access agreements, including with Capital One, Fiserv, and Jack Henry so that their customers may share data with Tink. We've also signed partnerships on the fintech and merchant side, including Dwolla and MaxRewards.

就開放銀行業務而言，大約兩年前，我們收購了 Tink，因為我們看到開放銀行業務有機會實現數據和資金的流動，並為消費者提供對其財務數據的控制。在這兩年裡，我們一直在擴大我們在歐洲的業務，贏得了與 Adyen 和 Revolut 的交易。我們現在正在透過Tink 將開放式銀行解決方案擴展到美國，並簽署了多項資料存取協議，包括與第一個資本、Fiserv 和Jack Henry 簽署了多項資料存取協議，以便他們的客戶可以與Tink 共享數據。我們也在金融科技和商家方面簽署了合作夥伴關係，包括 Dwolla 和 MaxRewards。

And across our risk offerings, we continue to bolster them through our technology, innovation, and AI expertise and are expanding their utility beyond the Visa network. Recently, we announced 3 such capabilities in our Visa Protect offering.

在我們的風險產品中，我們繼續透過我們的技術、創新和人工智慧專業知識來支援它們，並將其效用擴展到 Visa 網路之外。最近，我們在 Visa Protect 產品中宣布了 3 項此類功能。

The first is the expansion of our signature solutions, Visa Advanced Authorization and Visa Risk Manager for non-Visa card payments, making them network-agnostic. This allows issuers to simplify their fraud operations into a single fraud detection solution.

首先是針對非 Visa 卡支付的簽章解決方案、Visa 進階授權和 Visa 風險管理器的擴展，使其與網路無關。這使得發行人能夠將其詐欺操作簡化為單一詐欺偵測解決方案。

The second is the release of Visa Protect for account-to-account payments, our first fraud prevention solution built specifically for real-time payments, including P2P digital wallets, account-to-account transactions and Central Bank's instant payment systems. Powered by AI-based fraud detection models, this new service provides a real-time risk score that can be used to identify fraud on account-to-account payments. We've been piloting both of these in a number of countries, and our strong results thus far have informed our decision to roll these out globally.

第二個是針對帳戶到帳戶支付的 Visa Protect 的發布，這是我們第一個專為即時支付而構建的詐欺預防解決方案，包括 P2P 數位錢包、帳戶到帳戶交易和中央銀行的即時支付系統。這項新服務由基於人工智慧的詐欺檢測模型提供支持，提供即時風險評分，可用於識別帳戶間支付的詐欺行為。我們已經在許多國家/地區進行了這兩項試點，迄今為止的強勁成果決定了我們在全球範圍內推廣這些計劃。

The third solution is Visa Deep Authorization. It is a new transaction risk scoring solution tailored specifically to the U.S. market to better manage e-commerce payments powered by a world-class deep-learning recurrent neural network model and petabytes of contextual data.

第三種解決方案是Visa深度授權。它是一款專為美國市場量身定制的新型交易風險評分解決方案，旨在更好地管理電子商務支付，並由世界一流的深度學習循環神經網路模型和 PB 級上下文數據提供支援。

We also continue to make our offerings available through third-party platforms. We mentioned ServiceNow last quarter, and we are excited to have recently joined the AWS Partner Network to help seamlessly provide our clients' running systems in the cloud access to Visa solutions, initially starting with Currencycloud, now known as Visa Cross-Border Solutions, and Pismo. We also signed an agreement with Stripe for them to distribute Verifi solutions through a self-service dispute management platform for their merchants. All of these efforts are part of our strategy to build and offer our solutions for both Visa and our network of networks.

我們也繼續透過第三方平台提供我們的產品。我們上季度提到了 ServiceNow，我們很高興最近加入了 AWS 合作夥伴網絡，以幫助客戶在雲端中運行的系統無縫地存取 Visa 解決方案，最初從Currencycloud（現在稱為 Visa 跨境解決方案）開始，庇斯摩。我們也與 Stripe 簽署了一項協議，讓他們透過自助糾紛管理平台為其商家分發 Verifi 解決方案。所有這些努力都是我們為 Visa 和我們的網路網路建立和提供解決方案的策略的一部分。

Before I hand it to Chris, I wanted to note that we have commenced the exchange offer for Visa's Class B-1 common stock that is set to expire at the end of next week.

在將其交給 Chris 之前，我想指出的是，我們已經開始對 Visa 的 B-1 級普通股進行交換要約，該股將於下週末到期。

I also wanted to highlight that this quarter, after nearly 20 years of litigation, we have agreed to a landmark settlement with U.S. merchants, more than 90% of which are small businesses, lowering credit interchange rates and capping those rates into 2030 once approved by the court. The injunctive relief class settlement also provides updates to several key network rules, giving merchants more choice in how they accept digital payments.

我還想強調的是，本季度，經過近20 年的訴訟，我們與美國商家（其中90% 以上是小型企業）達成了一項具有里程碑意義的和解協議，降低了信用互換利率，並在獲得批准後將這些利率限制在2030 年。禁制令救濟集體和解也更新了幾項關鍵網路規則，讓商家在接受數位支付的方式上有更多選擇。

Last, let me share a few closing thoughts on the quarter and beyond. First, our second quarter was marked by stable results and strengthened relationships with clients across the globe. Second, as we head into the back half of our fiscal year and beyond, new flows and value-added services remain key areas of focus. We also see significant opportunity in consumer payments by digitizing cash and check, enhancing our capabilities in e-commerce, and building new solutions for our network of networks. I could not be more excited for what lies ahead.

最後，讓我分享一些關於本季及以後的總結想法。首先，我們第二季的業績穩定，與全球客戶的關係加強。其次，隨著我們進入本財年後半段及以後，新的流量和增值服務仍然是重點領域。透過現金和支票數位化、增強我們的電子商務能力以及為我們的網路建立新的解決方案，我們還看到了消費者支付方面的巨大機會。我對即將發生的事情感到非常興奮。

Finally, all of this is possible because of the 30,000 Visa employees who come to work every day in service of our clients and partners. I am grateful for everything that you do. Thank you.

最後，這一切之所以成為可能，是因為有 30,000 名 Visa 員工每天來工作，為我們的客戶和合作夥伴提供服務。我很感激你所做的一切。謝謝。

And now over to Chris.

現在輪到克里斯。

Thanks, Ryan. Good afternoon, everyone. As Ryan said, Q2 was a strong quarter with relatively stable growth across payments volume, processed transaction, and cross-border volume.

謝謝，瑞安。大家下午好。正如瑞安所說，第二季度是一個強勁的季度，支付量、處理的交易量和跨國交易量成長相對穩定。

Looking at our drivers. In constant dollars, global payments volume was up 8% year-over-year and processed transactions grew 11% year-over-year. Cross-border volume growth, excluding intra-Europe, was up 16% year-over-year in constant dollars.

看看我們的司機。以不變美元計算，全球支付量年增 8%，處理的交易量較去年同期成長 11%。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 second quarter net revenue was up 10% in nominal and constant dollars, which was slightly above our expectations, primarily due to lower-than-expected incentives and better-than-expected value-added services revenue that collectively more than offset lower-than-expected currency volatility.

第二財季淨收入按名義和不變美元計算增長了10%，略高於我們的預期，主要是由於低於預期的激勵措施和好於預期的增值服務收入共同抵消了低於預期的影響。

GAAP EPS was up 12%, and non-GAAP EPS was up 20% in nominal and 21% in constant dollars.

GAAP 每股盈餘成長 12%，非 GAAP 每股盈餘名義成長 20%，以固定美元計算成長 21%。

So let's go into the details, starting with total payments volume. Global payments volume growth in Q2 was 8%, consistent with Q1 growth. There are a couple of things I'd like to highlight when comparing Q2 to Q1. First, the extra day for leap year was a benefit to the quarter. This was offset primarily by slowing payments volume growth in Asia Pacific mostly due to macroeconomic weakness in Mainland China. When we adjust for Asia and some other smaller factors, we see second quarter global payments volume growth generally in line with the first quarter.

讓我們從總付款額開始詳細介紹。第二季全球支付量成長 8%，與第一季成長一致。在比較第二季和第一季時，我想強調幾點。首先，閏年的額外一天對該季度有利。這主要被亞太地區支付量成長放緩所抵消，主要原因是中國大陸宏觀經濟疲軟。當我們對亞洲和其他一些較小因素進行調整時，我們發現第二季度全球支付量成長與第一季基本一致。

Now on to the U.S. U.S. payments volume grew 6% year-over-year. Credit grew 6% and Debit grew 6%. Card-present spend grew 4% and card-not-present volume grew 8%. Reg II had a similar modest impact in Q2 as we saw in Q1. When we normalize for leap year, we see relatively stable U.S. payments volume growth. 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.

現在來看美國，美國的支付量年增 6%。信貸成長 6%，借記增長 6%。有卡消費成長 4%，無卡消費成長 8%。 Reg II 在第二季的影響與我們在第一季看到的類似，影響不大。當我們對閏年進行正常化時，我們會看到美國支付量的成長相對穩定。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 international markets where total payments volume growth was up 11% in constant dollars. Payments volume growth rates were strong for the quarter in most major regions, with Latin America, CEMEA and Europe, ex U.K., each growing more than 19% in constant dollars. Normalized for leap year and weakness in Mainland China, total international payments volume growth was relatively stable to the first quarter. As a reminder, domestic volumes in Mainland China drive a very small amount of revenue and therefore, the impact to our financial statements is not significant.

轉向國際市場，以不變美元計算，總支付量成長了 11%。本季大多數主要地區的支付量成長率均強勁，其中拉丁美洲、中歐、中東和非洲和歐洲（英國除外）以不變美元計算均成長超過 19%。由於閏年和中國大陸的疲軟，國際支付總量成長與第一季相比相對穩定。需要提醒的是，中國大陸的國內銷售帶來的收入非常小，因此對我們的財務報表的影響並不大。

Now to cross-border, which I'll speak to in constant dollars and excluding intra-Europe transactions. Total cross-border volumes were up a healthy 16% in Q2, generally in line with our expectations. Cross-border card-not-present volume growth, excluding travel and adjusted for cryptocurrency purchases, was in the mid-teens, stronger than expected. Cross-border travel volume was up 17% or 152% indexed to 2019.

現在談談跨境，我將以不變美元進行討論，不包括歐洲內部交易。第二季跨國交易總量健康成長 16%，整體符合我們的預期。不包括旅遊和加密貨幣購買調整後的跨國無卡交易量成長在十幾歲左右，強於預期。 2019 年跨境旅行量成長了 17%，即 152%。

Consistent with our expectations for the year, we continue to see strong travel volume growth in and out of LAC, Europe, and CEMEA and out of the U.S., ranging from 158% to 192% of 2019 levels. The U.S. inbound travel volumes have continued to recover within our expectations, up several points from Q1 versus 2019 levels. Asia Pacific travel volume continues to recover, but the pace has been slower than we anticipated.

與我們對今年的預期一致，我們繼續看到進出拉丁美洲和加勒比地區、歐洲、中東和非洲以及美國的旅客量強勁增長，較 2019 年水平增長 158% 至 192%。美國入境旅遊量持續恢復，符合我們的預期，較 2019 年第一季的水準上升幾個百分點。亞太地區旅遊量持續復甦，但速度低於我們的預期。

Travel volume into Asia indexed at 142% of 2019 levels for the quarter, up 8 points from Q1, while travel volume out of Asia was up 2 points to 124% of 2019. We see the primary drivers being, one, macroeconomic weakness in key markets like Australia and Mainland China; two, weakness in some Asia Pacific currencies, which is impacting consumer purchasing power, particularly for Japan; and three, airline capacity that is still below 2019 levels, particularly the Mainland China and North American corridor.

本季進入亞洲的旅遊量為2019 年水準的142%，較第一季上升8 個百分點，而離開亞洲的旅遊量則成長2 個百分點，達到2019 年的124%。一是宏觀經濟疲軟澳洲和中國大陸等市場；第二，有些亞太貨幣疲軟，影響了消費者的購買力，尤其是日本；第三，航空公司的運能仍低於 2019 年的水平，特別是中國大陸和北美走廊。

Altogether, we're pleased with our total cross-border volume growth, with e-commerce growth generally offsetting the travel weakness in Asia. And this is a great testament to the strength and diversification of our model.

總而言之，我們對跨境交易總量的成長感到滿意，電子商務的成長總體上抵消了亞洲旅遊的疲軟。這很好地證明了我們模式的實力和多元化。

Now let's review second quarter financial results, starting with the revenue components. Both service revenue and data processing revenue grew generally in line with their underlying drivers, which resulted in their respective revenue yields remaining relatively consistent to the first quarter.

現在讓我們回顧一下第二季度的財務業績，首先從收入組成部分開始。服務收入和數據處理收入的成長總體與其潛在驅動因素一致，這導致各自的收入收益率與第一季保持相對一致。

Service revenue grew 7% year-over-year versus the 8% growth in Q1 constant dollar payments volume. Data processing revenue grew 12% versus the 11% processed transaction growth. International transaction revenue was up 9% versus the 16% increase in constant dollar cross-border volume, excluding intra-Europe, impacted by lapping strong currency volatility from last year. As volatility reach lows that we haven't seen in about 4 years, the revenue growth was lower than we expected. Other revenue grew 37% primarily driven by strong consulting and marketing services revenue growth and, to a lesser extent, pricing.

服務收入年增 7%，而第一季固定美元支付量成長 8%。資料處理收入成長 12%，而處理的交易成長 11%。受去年強勁貨幣波動的影響，國際交易收入成長了 9%，而以固定美元匯率計算的跨國交易量成長了 16%（不包括歐洲內部）。由於波動性達到四年來的最低水平，收入成長低於我們的預期。其他收入成長 37%，主要得益於強勁的諮詢和行銷服務收入成長，以及較小程度的定價成長。

Client incentives grew 12%, lower than we expected due to client performance and deal timing. Across our 3 growth engines, consumer payments growth was driven by relatively stable payments volume, processed transactions, and cross-border volume.

由於客戶表現和交易時機，客戶激勵增加了 12%，低於我們的預期。在我們的三個成長引擎中，消費者支付的成長是由相對穩定的支付量、處理的交易和跨境交易量所推動的。

New flows revenue improved as expected to 14% year-over-year growth in constant dollars. Visa Direct transactions improved to 31% year-over-year growth, helped by growth in Latin America for interoperability among P2P apps. Commercial volume rose 8% year-over-year in constant dollars.

新流量收入以不變美元計算年增 14%，符合預期。 Visa Direct 交易年增 31%，這得益於拉丁美洲 P2P 應用程式互通性的成長。以不變美元計算，商業交易量較去年同期成長 8%。

In Q2, value-added services revenue grew 23% in constant dollars to $2.1 billion, primarily driven by issuing and Acceptance Solutions and Advisory Services.

第二季度，增值服務收入以不變美元計算成長 23%，達到 21 億美元，這主要是由發行和驗收解決方案以及諮詢服務推動的。

GAAP operating expense increased 29% driven by increases in the litigation provision and G&A expenses. Non-GAAP operating expenses grew 11%, primarily due to increases in G&A and personnel expenses. FX and Pismo each represented an approximately 0.5 point headwind.

由於訴訟撥備和一般及行政費用增加，GAAP 營運費用增加了 29%。非 GAAP 營運費用增加 11%，主要是由於 G&A 和人員費用的增加。 FX 和 Pismo 各自代表約 0.5 點的逆風。

Excluding net losses from our equity investments of $30 million, non-GAAP nonoperating income was $189 million. Our GAAP tax rate was 15.4% and our non-GAAP tax rate was 16% due to the resolution of some non-U.S. tax matters.

不包括 3,000 萬美元股權投資的淨虧損，非 GAAP 非營業收入為 1.89 億美元。由於解決了一些非美國稅務問題，我們的 GAAP 稅率為 15.4%，非 GAAP 稅率為 16%。

GAAP EPS was $2.29 and non-GAAP EPS was $2.51, up 20% over last year, inclusive of an almost 1 point drag from exchange rates and an approximately 0.5 point drag from Pismo.

GAAP 每股收益為 2.29 美元，非 GAAP 每股收益為 2.51 美元，比去年增長 20%，其中包括匯率造成的近 1 個百分點的拖累和 Pismo 造成的約 0.5 個百分點的拖累。

In Q2, we bought back approximately $2.7 billion in stock and distributed over $1 billion in dividends to our stockholders. At the end of March, we had $23.6 billion remaining in our buyback authorization.

第二季度，我們回購了約 27 億美元的股票，並向股東分配了超過 10 億美元的股利。截至 3 月底，我們的回購授權還剩 236 億美元。

Now let's move to what we've seen so far in April through the 21st. U.S. payments volume was up 4%, with Debit up 4% and Credit up 5% year-over-year, down from March primarily due to Easter timing. Processed transactions grew 9% year-over-year.

現在讓我們來看看 4 月到 21 日為止我們所看到的情況。美國支付量年增 4%，其中藉記卡成長 4%，貸記卡成長 5%，較 3 月有所下降，主要是由於復活節時間。處理的交易量較去年同期成長 9%。

Constant dollar cross-border volume, excluding transactions within Europe, grew 15% year-over-year. Travel-related cross-border volume, excluding intra-Europe, grew 15% year-over-year in constant dollars or 151% indexed to 2019. And cross-border card-not-present ex travel grew 15% in constant dollars.

不包括歐洲境內交易的固定美元跨國交易量年增 15%。與旅遊相關的跨國交易量（不包括歐洲內部）以固定美元計算年增 15%，以 2019 年指數計算成長 151%。

Now on to our expectations. Remember that adjusted basis is defined as non-GAAP results in constant dollars and excluding acquisition impacts. You can review these disclosures in our earnings presentations 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演示中查看這些披露以了解更多詳細資訊。

Let's start with the full year. We are reaffirming our prior year guidance for the full year for adjusted net revenue and operating expense growth in the low double digits and EPS growth in the low teens.

讓我們從全年開始。我們重申了去年全年的指導，調整後的淨收入和營運費用成長為低兩位數，每股盈餘成長為低雙位數。

As for drivers, things are progressing generally as we expected, except for the trends in Asia that we discussed. Accordingly, we are making a small adjustment to our outlook for total payments volume growth to the high single digits from the low double digits.

至於驅動因素，除了我們討論的亞洲趨勢外，一切進展大致符合我們的預期。因此，我們正在對總支付量成長的前景進行小幅調整，從低兩位數調整為高個位數。

Total cross-border volume, excluding intra-Europe, is expected to continue to grow strongly in the mid-teens, with the strength in e-commerce generally offsetting weakness in Asia travel. Remember that our drivers assume no recession or no further increase in Reg II impacts.

跨境總交易量（不包括歐洲內部）預計將在十幾歲左右繼續強勁增長，電子商務的強勢總體上抵消了亞洲旅遊的疲軟。請記住，我們的驅動因素假設 Reg II 影響不會出現衰退或不會進一步增加。

Currency volatility remained low, and we are assuming volatility in the third quarter continues at a similar rate to the second quarter and adjusts up slightly in the fourth quarter.

貨幣波動性仍然較低，我們假設第三季的波動性繼續與第二季相似，並在第四季略有調整。

Now on to the third quarter expectations. We expect adjusted net revenue growth in the low double digits, generally in line to the adjusted second quarter growth rate.

現在談談第三季的預期。我們預計調整後的淨收入成長將達到低兩位數，與調整後的第二季成長率基本一致。

Adjusted operating expenses in the third quarter are expected to grow in the low teens driven primarily by Olympic-related marketing expense due to the strong client engagement that Ryan referenced.

第三季調整後的營運費用預計將在十幾歲左右增長，這主要是由於瑞安提到的強勁的客戶參與度而導致的與奧運會相關的營銷費用的推動。

Nonoperating income is expected to be between $50 million and $60 million, and the tax rate is expected to be between 19% and 19.5% in Q3, with the full year unchanged. This puts third quarter adjusted EPS growth in the high end of low double digits.

第三季營業外收入預計在5,000萬美元至6,000萬美元之間，稅率預計在19%至19.5%之間，全年不變。這使得第三季調整後每股盈餘成長處於低兩位數的高端。

For the third quarter, Pismo is expected to have minimal benefit to net revenue growth and an approximately 1 point headwind to non-GAAP operating expense and an approximately 0.5 point drag to non-GAAP EPS growth.

預計第三季度，Pismo 對淨收入成長的影響微乎其微，對非 GAAP 營運費用的影響約為 1 個百分點，對非 GAAP 每股盈餘成長的影響約為 0.5 個百分點。

FX for the third quarter is expected to have an approximately 1 point drag to net revenue growth and approximately 1.5 point benefit to non-GAAP operating expense growth and an approximately 0.5 point drag to non-GAAP EPS growth.

預計第三季的外匯將對淨收入成長產生約 1 個百分點的拖累，對非 GAAP 營運費用成長產生約 1.5 個百分點的效益，對非 GAAP 每股盈餘成長產生約 0.5 個百分點的拖累。

In summary, we had another solid quarter in Q2 with relatively stable underlying drivers and strong financial results. We feel good about the momentum in our business as we head into the second half across consumer payments, new flows, and value-added services. We remain thoughtful with our spending plans as we continue to balance between short- and long-term considerations in the context of a changing environment.

總而言之，我們在第二季度又經歷了一個穩健的季度，具有相對穩定的基本驅動因素和強勁的財務業績。隨著下半年消費者支付、新流量和加值服務的發展，我們對業務的勢頭感到滿意。我們對支出計劃保持深思熟慮，在不斷變化的環境中繼續平衡短期和長期考慮。

So now Jennifer, let's do some Q&A.

現在，詹妮弗，我們來做一些問答。

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

謝謝，克里斯。霍莉，我們準備好回答問題了。

(Operator Instructions) Our first caller is Sanjay Sakhrani with KBW.

（操作員說明）我們的第一個來電者是 KBW 的 Sanjay Sakhrani。

Chris, a clarification question. You mentioned Easter was mainly affecting the quarter-to-date trends. Is it fair to assume that the growth rate would be commensurate with last quarter if you adjusted for that? And then just on a related matter, did the tax refund timings have any impact later in the quarter or in the quarter or into the quarter-to-date trends?

克里斯，一個澄清問題。您提到復活節主要影響本季至今的趨勢。如果您對此進行調整，那麼假設成長率將與上季相當是否公平？然後，就相關問題而言，退稅時間對本季稍後、本季或本季迄今的趨勢有任何影響嗎？

Yes, thanks for the question. So April volumes, as I said on the call, through the first 3 weeks, were lower than March, in the month of March. This was due to the timing of Easter, which again, was in March this year and April of last year. And so once you factor that into March and April growth rates, the change in growth rate is not meaningful. As far as tax payments, at this point, I don't really have an update. Largely, they remain consistent at this point year-to-date.

是的，謝謝你的提問。因此，正如我在電話會議上所說，前三週的 4 月銷量低於 3 月。這是因為復活節的時間安排，今年是三月，去年是四月。因此，一旦將其納入 3 月和 4 月的成長率中，成長率的變化就沒有意義了。至於納稅，目前我還沒有真正的更新。基本上，今年迄今為止，它們仍然保持一致。

Our next caller is Timothy Chiodo with UBS.

我們的下一個來電者是瑞銀集團的提摩西·奇奧多。

There were some helpful comments around the e-commerce strength within cross-border offsetting some of the travel weakness. When we think about the components of overall cross-border, clearly, there's the traditional travel, so card-present and card-not-present, and then there's the traditional e-commerce, right, so retail e-commerce. But there are other faster growing but smaller portions, whether it be the remittances or marketplace payouts, you gave the Thunes example earlier. I was wondering if you could maybe size, in aggregate, how large some of those other maybe faster-growing portions of cross-border have become as a part of the overall mix.

關於跨境電子商務的優勢，有一些有用的評論，抵消了旅行的一些弱點。當我們考慮整個跨境的組成部分時，很明顯，有傳統旅行，即有卡和無卡，然後有傳統電子商務，對吧，即零售電子商務。但還有其他成長較快但較小的部分，無論是匯款還是市場支出，您之前舉了圖恩斯的例子。我想知道您是否可以整體衡量其他可能成長較快的跨境業務部分在整體組合中所佔的比例有多大。

Yes, sure. Why don't I start? Yes, we don't have specifics to break out. As we talked about, the e-commerce business has been strong. It continues to grow above what we expected. The yields across our entire cross-border business are positive and accretive to Visa overall. And so we're happy with all flavors of cross-border, but I don't have a further breakout for you in terms of the pieces that you were asking about.

是的，當然。我為什麼不開始呢？是的，我們沒有具體細節可以透露。正如我們所說，電子商務業務一直很強勁。它繼續增長超出我們的預期。我們整個跨國業務的收益率均為正值，對 Visa 整體而言具有增值作用。因此，我們對各種風格的跨境作品感到滿意，但就您所詢問的作品而言，我沒有進一步的突破。

Our next call is Craig Maurer with FT Partners.

我們的下一個電話是 FT Partners 的 Craig Maurer。

I wanted to ask a question on the U.S. debit trends. April continued the trend of weakening that we've seen, that we saw also in March and basically since February. Wanted to know to what degree your guidance for both third quarter and the year embeds continued weakening in U.S debit. It seems if we look at the restaurant data released by the likes of Darden, the lower income portion of the U.S. is significantly reducing spend in certain areas, so curious on the commentary there.

我想問一個有關美國借記卡趨勢的問題。 4 月延續了我們在 3 月以及基本上自 2 月以來所看到的疲軟趨勢。想知道您對第三季和今年的指導在多大程度上體現了美國借記卡的持續疲軟。如果我們看一下達頓等機構發布的餐廳數據，就會發現美國的低收入群體正在大幅減少某些領域的支出，因此對那裡的評論感到好奇。

Yes. As we talked about on the call, we see relatively stable volumes in the U.S. across credit and debit, normalizing for the things that I talked about. And so in addition, as I talked about Reg II, the impact remains stable as well. And so from our perspective, our data indicates stable volume growth in the U.S.

是的。正如我們在電話會議上談到的那樣，我們看到美國的信貸和借記卡交易量相對穩定，我談到的事情正在正常化。此外，正如我談到的 Reg II 一樣，影響也保持穩定。因此，從我們的角度來看，我們的數據顯示美國的銷售量穩定成長。

Our next caller is Bryan Bergin with TD Cowen.

我們的下一個來電者是 TD Cowen 的 Bryan Bergin。

Wanted to ask on new flows, so a nice recovery there in growth. Can you give a comment on what areas were most pronounced in the underlying growth recovery relative to what you saw last quarter?

想詢問新的流量，因此成長有很好的恢復。您能否評論一下與上季相比哪些領域的潛在成長復甦最為明顯？

Yes. Let me talk about Q2 growth, the two pieces of information that we gave you in terms of Q2 growth. We saw commercial volume growth globally, 8%, stable to Q1 and, in fact, stable over the last several quarters. And we saw very strong growth in Visa Direct transactions, growing 31% for the quarter. New flows revenue, in total, growing 14%, which was in line with our expectations that we shared with you at the start of the year. I think the recovery that you're referencing to was because Q1 growth was lower, and that was really due to some lapping issues that were onetime in nonrecurring, which we've passed at this point.

是的。讓我談談第二季的成長，我們向您提供的兩個關於第二季度成長的資訊。我們看到全球商業銷量成長了 8%，與第一季持平，而且事實上在過去幾季也保持穩定。我們看到 Visa Direct 交易成長非常強勁，本季成長了 31%。新流量收入總計成長 14%，這符合我們在年初與您分享的預期。我認為你所指的復甦是因為第一季的成長較低，這實際上是由於一些一次性的非重複性問題造成的，我們目前已經通過了。

Our next caller is Will Nance with Goldman Sachs.

我們的下一個來電者是高盛公司的威爾·南斯。

A bit of a dual-part question on just some of the prior guidance you made around first half versus second half dynamics and some of the drivers of acceleration over the course of the year. And I guess specifically, I guess, incentives. You talked about a step down in the growth rate from first half to second half. Is that still your expectation despite that coming in a lot lower in the most recent quarter?

這是一個由兩部分組成的問題，涉及您之前圍繞上半年與下半年的動態以及全年加速的一些驅動因素所做的一些指導。我想具體來說，我想是激勵措施。你提到上半年到下半年成長率下降。儘管最近一個季度的數據要低得多，但這仍然是您的預期嗎？

And then sort of similar question on the volume growth trends. I guess I hear you on the Asia trends. But I guess overall, you had some kind of upbeat commentary on ticket sizes over the course of the year and kind of easing inflation comps. It seems the GAAP prices might help that as well. So just any commentary on ticket sizes and specifically the negative ticket sizes you've seen in the U.S., any commentary on kind of what's structural versus kind of more environmental there?

然後是關於銷售成長趨勢的類似問題。我想我聽到了你對亞洲趨勢的看法。但我想總體而言，您對這一年中的票價規模以及通膨比較寬鬆做出了某種樂觀的評論。公認會計原則（GAAP）價格似乎也可能有所幫助。那麼，對門票規模的任何評論，特別是您在美國看到的負面門票規模，對那裡的結構性與環境性的評論有什麼評論嗎？

Yes, okay. Let me start first with incentives, the first part of your question. So as you all have seen, from quarter-to-quarter, incentive growth can vary based on a number of factors: client performance, deal timing, which is what caused half 1 to come in lower than anticipated. For our outlook for the second half of the year, our expectations remain largely unchanged. We still expect year-over-year growth to be lower in the second half than in the first half as we lap the higher incentives that we saw starting in the second half of last year. And we do expect the Q4 incentive growth rate will be the lowest growth quarter of the year. So expectations for half 2 unchanged.

是的，好的。讓我先從激勵措施開始，這是你問題的第一部分。正如大家所看到的，每季的激勵成長可能會因多種因素而有所不同：客戶表現、交易時機，這就是導致 half 1 低於預期的原因。對於下半年的展望，我們的預期基本上保持不變。我們仍然預計下半年的同比增長將低於上半年，因為我們放棄了去年下半年開始的更高激勵措施。我們確實預期第四季的激勵成長率將是今年成長最低的季度。因此對 2 半的預期不變。

To your second question on ATS, there's a lot of moving parts in here, and so maybe I'll just kind of go through it in detail and unpack it bit by bit. Globally, Q2 ATS year-over-year growth was down slightly, which is consistent with the growth that we saw in Q1. Breaking that apart between the U.S. and international, in the U.S., ticket size growth actually continued to improve from Q1 to Q2, still slightly negative, but the trend improved from Q1 to Q2. And looking ahead in the U.S., this is something that we've spoken to previously, we do continue to expect ATS will turn positive in the second half of this year as we lap the lower ticket sizes in the second half of last year.

關於 ATS 的第二個問題，這裡有很多移動部件，所以也許我會詳細地瀏覽它並一點一點地解開它。從全球來看，第二季 ATS 年成長率略有下降，這與我們在第一季看到的成長一致。區分美國和國際，在美國，門票規模成長實際上從第一季到第二季持續改善，仍然略有負值，但趨勢從第一季到第二季有所改善。展望美國的未來，這是我們之前談到的，我們確實繼續預計 ATS 將在今年下半年轉為正值，因為我們經歷了去年下半年較低的票價規模。

Internationally, outside of Asia Pacific, let's set that aside for a second, we saw improvement in several regions, including the impact from higher inflation in several markets. And so overall, excluding Asia, we still expect ATS to turn positive in the second half based on the expected improvements in the U.S. With the impact of Asia factored in, global ATS will be slightly negative, and that was factored into the revised payment volume outlook that I gave for the full year.

在國際上，在亞太地區之外，我們先把這一點放在一邊，我們看到幾個地區的情況有所改善，包括幾個市場通膨上升的影響。因此，總體而言，排除亞洲，基於美國的預期改善，我們仍然預計下半年ATS 將轉為正值。中我對全年的展望。

Our next caller is Moshe Katri with Wedbush Securities.

我們的下一個來電者是 Wedbush Securities 的 Moshe Katri。

It seems that there was a pretty significant uptick sequentially in growth for value-added services. Is there anything to call out there?

增值服務的成長似乎出現了相當顯著的連續成長。那裡有什麼好喊的嗎？

I mean, I'll talk about the business just for a minute, Moshe. Thanks for the question. And then Chris, you can add any specific call-outs. I think I said in my prepared remarks, the business is really hitting its strides in a lot of different areas in terms of the product we're bringing to market, the success our sales teams are having around the world. We're really focused on 3 big areas of trying to drive growth. One is just deepening the penetration of products we have with existing clients. That's, if you think about it, the most near-term opportunity that we have. And we've got metrics client by client all around the world. What are they using? What are they not using? We're arming our sales teams with that. We're building case studies on how we can help them. And we're driving progress in terms of deepening the relationship we have with our existing clients.

我的意思是，我將談論這件事，Moshe。謝謝你的提問。然後克里斯，您可以添加任何特定的標註。我想我在準備好的發言中說過，就我們推向市場的產品以及我們的銷售團隊在世界各地的成功而言，該業務確實在許多不同領域取得了長足進步。我們確實專注於推動成長的三大領域。一是加深我們產品對現有客戶的滲透。如果你仔細想想，這就是我們最近擁有的機會。我們擁有世界各地各個客戶的指標。他們用什麼？他們不使用什麼？我們正在以此武裝我們的銷售團隊。我們正在建立案例研究來了解如何幫助他們。我們正在深化與現有客戶的關係方面取得進展。

And then we're building new products that we're bringing to market. I mentioned a few of those in my prepared remarks today, both in the risk and fraud space as well as in the open banking space. And then driving geographic expansion, I mentioned, I think, just one CyberSource deal in my prepared remarks. But CyberSource has been a great example of a platform where we've been having success growing in markets where we hadn't traditionally been as deep. AP is actually a positive example of that in the CyberSource space. So I don't know, those are a couple of call-outs, Moshe, in terms of kind of how we're just seeing the broader business.

然後我們正在開發新產品並將其推向市場。我在今天準備好的發言中提到了其中的一些內容，包括風險和詐欺領域以及開放銀行領域。然後推動地域擴張，我認為，我在準備好的發言中只提到了一項 Cyber​​Source 交易。但 Cyber​​Source 是一個很好的平台例子，我們在傳統上不那麼深入的市場中取得了成功的發展。美聯社實際上是 Cyber​​Source 領域的一個積極例子。所以我不知道，Moshe，這些只是我們如何看待更廣泛的業務的一些呼籲。

Our next caller is Cris Kennedy with William Blair.

我們的下一個來電者是克里斯·肯尼迪和威廉·布萊爾。

You talked about bringing Tink into the U.S. Can you talk about the open banking opportunity in the U.S. relative to Europe?

您談到了將 Tink 引入美國。

Yes. Thanks, Cris. Listen, I think Europe is the most developed open banking market in the world. We bought Tink 2 years ago, believing that it was the best platform in Europe, and I think that's proven true over the couple of years that we've had a chance to own it. On the client side in Europe, we've been making great progress. I think I mentioned a couple in my prepared remarks. We've been winning business and winning share with both fintechs as well as more traditional banks, merchants and others, both in the payment side of things and in the account information side of things.

是的。謝謝，克里斯。聽著，我認為歐洲是世界上最發達的開放銀行市場。兩年前，我們購買了 Tink，相信它是歐洲最好的平台，我認為這幾年來證明了這一點，我們有機會擁有它。在歐洲的客戶端方面，我們已經取得了巨大的進步。我想我在準備好的發言中提到了一些。無論是在支付方面還是帳戶資訊方面，我們一直在與金融科技公司以及更傳統的銀行、商家和其他機構贏得業務並贏得份額。

I would describe the U.S. market as less developed as Europe. And so I think it's an opportunity for us to take the learnings that we've had in the much more developed Europe market as well as the success we've had with our clients, the products, the services, the wins and the losses, and bring all of that to the U.S. market. So we're excited to do that. As I mentioned, I think the U.S. market is still at the very early stages of its development, so I think it's a good time for us to be a competitor in the market. And we're hopeful that over the coming quarters and years, we'll have a chance to share with you a lot of the success that we have in the U.S. market.

我認為美國市場不如歐洲發達。因此，我認為這對我們來說是一個機會，可以汲取我們在更發達的歐洲市場中學到的知識，以及我們在客戶、產品、服務、勝利和損失方面所取得的成功，並將所有這些帶到美國市場。所以我們很高興這樣做。正如我所提到的，我認為美國市場仍處於發展的早期階段，所以我認為現在是我們成為市場競爭對手的好時機。我們希望在未來幾季和幾年裡，我們將有機會與您分享我們在美國市場的許多成功。

Our next caller is Dan Perlin with RBC Capital Markets.

我們的下一位來電者是加拿大皇家銀行資本市場部的 Dan Perlin。

Ryan, I just wanted to ask a question on the Visa Deep Authorization commentary and kind of the market there. I just want to make sure I understand, are you doing this as a means with which to like equalize kind of e-commerce across the market for authorization rates, so that like acquirers need to be partnered with you more specifically and therefore, they're not competing maybe individually, kind of operates within e-commerce? Or is there something different within this platform?

Ryan，我只是想問一個有關 Visa 深度授權評論和市場類型的問題。我只是想確保我理解，您這樣做是否是為了平衡整個市場上的電子商務的授權率，以便像收單機構一樣需要與您進行更具體的合作，因此，他們'也許不是單獨競爭，而是在電子商務中運作？或者這個平台有什麼不同嗎？

Let me back up. I think it's a little different than what you were describing. What we found in the U.S. e-commerce market is that, on the one hand, it's the most developed e-commerce market on the planet. On the other hand, it's become the place of the most sophisticated fraud and attack vectors that we see anywhere in the world. And so what we are bringing to market with Visa Deep Authorization is an e-commerce transaction risk scoring platform and capability that is specifically tailored and built for the unique sets of attack vectors that we're seeing in the U.S.

讓我備份一下。我認為這與您所描述的有點不同。我們在美國電子商務市場發現，一方面，它是地球上最發達的電子商務市場。另一方面，它已成為我們在世界任何地方看到的最複雜的欺詐和攻擊媒介的地方。因此，我們透過 Visa Deep Authorization 向市場推出的是一個電子商務交易風險評分平台和功能，專門針對我們在美國看到的獨特攻擊向量集而定制和構建。

So as I was mentioning in my prepared remarks, it's built on deep learning technology that's specifically tuned to some of the sequential and contextual view of accounts that we've had in the U.S. market. And the whole goal is what we do with a lot of our fraud and authorization products. We want to make it a better buyer and seller experience. We want to reduce fraud rates, increase authorization rates, increase shopping conversion for our merchant partners. And we think Visa Deep Authorization is going to be yet another tool that will help do that.

正如我在準備好的演講中提到的，它建立在深度學習技術的基礎上，該技術專門針對我們在美國市場上擁有的帳戶的一些順序和上下文視圖進行了調整。整個目標就是我們對許多詐欺和授權產品所做的事情。我們希望為買家和賣家提供更好的體驗。我們希望為我們的商家合作夥伴降低詐欺率、提高授權率、提高購物轉換率。我們認為 Visa 深度授權將成為另一個有助於實現這一目標的工具。

Our next caller is Tien-Tsin Huang with JPMorgan.

我們的下一位來電者是摩根大通的黃天欽。

It sounded like the Middle East deal activity is in a good place here. I believe Emirates is a takeaway for you. I'm just curious if there's something new going on there from a pipeline perspective. It sounds like maybe some investing. Is this a growth market we should be paying more attention to maybe?

聽起來中東交易活動進展順利。我相信阿聯酋航空對您來說是外送。我只是好奇從管道的角度來看是否有新的事情發生。聽起來可能是一些投資。這是一個我們應該更加關注的成長市場嗎？

Thanks, Tien-Tsin. I think what you're seeing is good execution from our sales team, doing what we do when we do it best, which is in with our clients, listening, learning, obsessing about what's important to them, and then bringing them products and value propositions that are helping meet their needs and drive their strategies. And really, just kudos to our team on the ground there and the great work that they're doing.

謝謝田津。我認為您看到的是我們銷售團隊的良好執行力，做我們做得最好的事情，與我們的客戶在一起，傾聽、學習、專注對他們來說重要的事情，然後為他們帶來產品和價值有助於滿足他們的需求並推動他們的策略的主張。事實上，我要向我們的團隊以及他們所做的出色工作表示敬意。

Our next caller is Trevor Williams with Jefferies.

我們的下一個來電者是傑弗里斯的特雷弗威廉斯。

This one is for Ryan. Just wanted to go back to the merchant settlement. In the U.S., clearly, you guys aren't directly impacted by lower interchange. But I'm just curious kind of what you're expecting the downstream impact to be on Visa, the relationships between you and your issuing banks, and if you think it in any way kind of changes the competitive dynamics at all within the U.S. credit market.

這是給瑞安的。只是想回到商人聚落。顯然，在美國，你們並沒有受到交換率下降的直接影響。但我只是好奇您期望對 Visa 的下游影響、您與發卡銀行之間的關係，以及您是否認為這會以任何方式改變美國信貸領域的競爭動態市場。

Good news on this front is it brings clarity and stability to the market. This is litigation that's been out there for the better part of 20 years or so. I think there's been a lot of great work that's been done to bring this to a resolution.

這方面的好消息是它為市場帶來了清晰度和穩定性。這種訴訟已經持續了 20 年左右的時間。我認為為了解決這個問題已經做了很多偉大的工作。

Just to remind everyone what the main planks of the resolution are, it really is two different sets of things. One is it will reduce interchange for credit cards in the U.S. market for both Visa and Mastercard, and it will have no increases in interchange for the 5 years of the agreement. And then the second set of things are tools that give merchants more flexibility to how they manage payments, specifically as it relates to surcharging and things like that.

只是提醒大家決議的主要內容是什麼，這確實是兩套不同的事情。一是它將減少 Visa 和 Mastercard 在美國市場的信用卡互換量，並且在協議有效期 5 年內不會增加互換量。第二組是可以讓商家更靈活管理付款的工具，特別是與附加費等相關的工具。

I think overall, it's what I said, Trevor, which is clarity and stability that lets everybody who operates in the U.S. market move on, and move on continuing to grow the digitization of this great payments ecosystem that we've all collectively built in the United States.

我認為總體而言，這就是我所說的，Trevor，它的清晰度和穩定性讓在美國市場運營的每個人都能繼續前進，並繼續發展這個偉大的支付生態系統的數位化，這個生態系統是我們共同建立的。

Our next question is from Harshita Rawat with Bernstein.

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

So Ryan, I want to follow up on value-added services, such an important part of your growth story. I know you've talked about the 5 types of services you offer and how your top 250 clients use almost 2x the number of services versus the rest of your client base. Can you give us some sense on how these penetration numbers have evolved over time? And finally, as you kind of think about pricing for these services, to what extent it's a bundled pricing along with core versus kind of a separately priced service?

Ryan，我想跟進增值服務，這是您成長故事的重要組成部分。我知道您已經談到了您提供的 5 種服務，以及您的前 250 位客戶如何使用幾乎是其他客戶群兩倍的服務數量。您能否告訴我們這些滲透率數字是如何隨時間演變的？最後，當您考慮這些服務的定價時，在多大程度上是與核心服務一起進行捆綁定價，而不是單獨定價的服務？

You have a great memory. As we've said, our top 265 clients or so use, on average, about 22 of our value-added services. We don't talk about like how that's moved quarter-to-quarter. But the opportunity is enormous, just when you think about the number of clients we have around the planet. And so as I was mentioning earlier, kind of what we've done is we've earned our frontline teams with kind of client by client, what are they using, what are they not using, what are the opportunities to create value for the client by putting value-added services A, B, C or D to work for them. And we're having great success and you see that in the numbers.

你的記憶力很好。正如我們所說，我們的前 265 位客戶平均使用我們約 22 種增值服務。我們不會談論季度與季度之間的變化。但當你想到我們在全球擁有的客戶數量時，機會是巨大的。正如我之前提到的，我們所做的就是我們為一線團隊贏得了不同客戶的支持，他們使用什麼，不使用什麼，為客戶創造價值的機會是什麼為客戶提供增值服務A、B、C 或D。我們取得了巨大的成功，你可以從數字中看到這一點。

In terms of the pricing, it's different pricing models for different products and different suites of solutions, in different places around the world. We're always trying to come up with the right product-pricing mix that's going to work best for our products in the market. And we have a portfolio of value-added services that span from issuing to acceptance, to risk and identity, to advisory, and to open banking. And the competitive sets are deep and different in all of those markets, so we're bringing different pricing approaches to each and every market around the world to help meet the best that we can for our clients..

在定價方面，世界各地不同的產品和不同的解決方案套件有不同的定價模式。我們一直在努力提出最適合我們的產品在市場上銷售的正確產品定價組合。我們擁有一系列增值服務，涵蓋從發行到承兌、風險和身分、諮詢和開放銀行業務。所有這些市場的競爭都是深入且不同的，因此我們為全球每個市場提供不同的定價方法，以幫助我們為客戶提供最好的服務。

Our next caller is Ramsey El-Assal with Barclays.

我們的下一位來電者是巴克萊銀行的拉姆齊·阿薩爾。

I wanted to ask about one of the consumer payment opportunities that Ryan called out, namely taking share from domestic card networks. How do you drive that? Is it just a question of getting banks to issue more of your cards? Or is it more on the acceptance or on the consumer side? What are the levers that you have to basically speed that up?

我想問 Ryan 提出的消費者支付機會之一，即從國內信用卡網路中獲取份額。你怎麼駕駛它？這只是讓銀行發行更多卡片的問題嗎？還是更多的是接受度方面，還是在消費者方面？您必須採取哪些措施來加快速度？

Yes, thanks for the question. It's really the first of the things that you mentioned. Now, of course, we need to have great acceptance. We need to have great capabilities and all those types of things, which we do in every market we operate around the planet. So then it becomes sitting down with clients, helping them understand the value of, for example, a Visa Debit card versus a card that runs primarily on domestic schemes. And then you get into e-commerce capabilities that Visa Debit is able to provide their clients that maybe they don't get the same type of capabilities from the domestic scheme. You get to cross-border travel opportunities that their customers would have if they were using a Visa card versus one of those domestic schemes that I mentioned. You also get into the risk and fraud prevention capabilities that I mentioned earlier and the ability to have more transactions approved and lower fraud rates, tokenization.

是的，謝謝你的提問。這確實是你提到的第一件事。當然，現在我們需要得到廣泛的接受。我們需要擁有強大的能力和所有這些類型的東西，這是我們在全球運營的每個市場中所做的。因此，接下來就是與客戶坐下來，幫助他們了解 Visa 金融卡與主要在國內計劃上運行的卡片的價值。然後你會看到 Visa Debit 能夠為其客戶提供的電子商務功能，而他們可能無法從國內計劃中獲得相同類型的功能。如果他們的客戶使用 Visa 卡而不是我提到的國內計劃之一，你就會獲得跨境旅行的機會。您還可以了解我之前提到的風險和詐欺預防功能，以及批准更多交易並降低詐欺率和標記化的能力。

I mean, all these kind of benefits that you've heard us talk about over and over again, those are what our teams can sit down with the clients and explain to them. Often, the clients will do some pilots and some tests. They'll see the results. They'll see higher spend. They'll see higher client satisfaction. And then ultimately, the decision to issue Visa cards to their clients becomes a very clear decision for them.

我的意思是，您已經聽到我們一遍又一遍地談論的所有這些好處，這些都是我們的團隊可以與客戶坐下來向他們解釋的。通常，客戶會進行一些試點和測試。他們會看到結果。他們會看到更高的支出。他們會看到更高的客戶滿意度。最終，向客戶發行 Visa 卡的決定對他們來說是一個非常明確的決定。

Our next caller is Jamie Friedman with Susquehanna.

我們的下一個來電者是薩斯奎哈納的傑米·弗里德曼。

I was wondering if you could share some color on how Prosa is doing so far and how you view the opportunity in Mexico as you start to press and productize into the Mexican market?

我想知道您是否可以分享一些關於 Prosa 迄今為止的表現以及當您開始向墨西哥市場進軍和產品化時您如何看待墨西哥的機會？

Yes. Thanks, Jamie. We view the Mexican opportunity as a very significant one. Coincidentally, I was just down there a couple of weeks ago, meeting with clients and meeting with the Prosa team as well. So as I think I explained on one of these calls, today, because we don't process transactions domestically in Mexico, we're not able to deliver a lot of the value-added services that I've mentioned over the course of this call to our clients. And so first and foremost, our clients are very excited about us having the opportunity to have a majority ownership stake in Prosa and then bring these world-class capabilities that we've built to the Mexican market, the things I mentioned earlier, tokenization, the risk scoring algorithms that I mentioned, or the e-commerce capabilities that I mentioned, those types of things.

是的。謝謝，傑米。我們認為墨西哥的機會非常重要。巧合的是，幾週前我就在那裡與客戶會面，也與 Prosa 團隊會面。因此，正如我今天在其中一個電話中所解釋的那樣，因為我們不在墨西哥境內處理交易，所以我們無法提供我在此過程中提到的許多增值服務致電我們的客戶。因此，首先也是最重要的是，我們的客戶非常高興我們有機會擁有 Prosa 的多數股權，然後將我們建立的這些世界一流的能力帶到墨西哥市場，我之前提到的，代幣化，我提到的風險評分演算法，或我提到的電子商務功能，諸如此類的東西。

Now Prosa itself is a great asset. It's been operating for 50 years in Mexico. They have deep processing experience and at scale. They do more than 10 billion transactions annually. They have a great base of clients. So it's really the combination of Prosa's experience and deep footprint in the Mexican market combined with our experience, our technology, our track record in bringing a lot of these services to market. The combination of those two things gives us a lot of confidence and our clients a lot of confidence that we can digitize the significant amount of cash and check and electronic payments that exist today in Mexico.

現在 Prosa 本身就是一筆龐大的資產。它在墨西哥已經運作了 50 年。他們擁有深加工經驗和規模。他們每年進行超過 100 億筆交易。他們擁有龐大的客戶群。因此，這實際上是 Prosa 的經驗和在墨西哥市場的深入足跡與我們的經驗、技術以及將許多此類服務推向市場的記錄的結合。這兩件事的結合給了我們很大的信心，我們的客戶也很有信心，我們可以將墨西哥目前存在的大量現金、支票和電子支付數位化。

Our next question is from Andrew Schmidt with Citi.

我們的下一個問題來自花旗銀行的安德魯·施密特。

I wanted to go back to cross-border for a second. Obviously, a part of the back-half growth is the narrowing of the spread between cross-border revs and volumes. Maybe if you could talk a little bit about whether those assumptions have changed at all with FX vols coming down or if there's other puts and takes we should consider there.

我想再回到跨境。顯然，下半年成長的一部分是跨國轉速和銷售之間差距的縮小。也許你可以談談這些假設是否隨著外匯波動率的下降而改變，或者是否有其他我們應該考慮的看跌期權和看跌期權。

Yes, sure. Yes, I spoke at length about volatility so in Q2, we saw currency volatility at multiyear lows. This one is hard to predict. In Q3, our assumption, what's embedded in the guidance for Q3, is that the currency volatility levels remain at this low level. Again, embedded in our forecast, we do anticipate that Q4 improves slightly. That's generally in line with market expectations. But yes, that is our view of currency volatility. That said, the underlying health of our business as we enter the second half of the year, we feel really good about across consumer payments, across new flows, across value-added services. And so volatility is sort of the variable and we'll have to see how it comes in.

是的，當然。是的，我詳細談到了波動性，因此在第二季度，我們看到貨幣波動性處於多年低點。這很難預測。在第三季度，我們的假設（第三季度指引中所包含的內容）是貨幣波動水準保持在較低水準。同樣，根據我們的預測，我們確實預計第四季度會略有改善。這整體上符合市場預期。但是，是的，這就是我們對貨幣波動的看法。也就是說，隨著進入下半年，我們的業務基本上健康，我們對消費者支付、新流程和增值服務感到非常滿意。因此，波動性是一種變量，我們必須看看它是如何產生的。

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

我們的下一個問題來自美國銀行的 Jason Kupferberg。

Can you talk about your second half expectations for new flows and VAS revenue growth as well as cross-border travel volume growth?

您能否談談您對下半年新增流量、增值服務收入成長以及跨境旅遊量成長的預期？

Sure. Let me unpack that a little bit. As you heard us, we reaffirmed our prior year guide for the full year: adjusted net revenue growth, OpEx, EPS. And within that, I spoke about the fact that volatility is going to cause our currency volatility, treasury revenues in international to be lower than we anticipated in Q3. But again, full year, unchanged within that.

當然。讓我稍微解開一下。正如您所聽到的，我們重申了去年全年的指導：調整後的淨收入成長、營運支出、每股盈餘。其中，我談到了這樣一個事實，即波動性將導致我們的貨幣波動、國際財政收入低於我們在第三季的預期。但同樣，全年沒有變化。

Our expectations for new flows and VAS are consistent with the ones that we shared at the beginning of the year, which we anticipated. For the full year, new flows will grow faster than consumer payments weighted towards faster growth in the second half of the year. We're seeing that with the 14% growth in Q2. We anticipate continuing to see good growth in the second half of the year. Value-added services has grown over 20% in each of the first 2 quarters. The momentum there is pretty evident.

我們對新流量和加值服務的預期與我們年初所分享的預期一致。全年來看，新增流量的成長速度將快於下半年消費者支付的成長速度。我們在第二季度看到了 14% 的成長。我們預計下半年將繼續看到良好的成長。前兩季增值服務成長率均超過20%。那裡的勢頭非常明顯。

The second part of your question was, I think, around cross-border travel volumes in total. So we did make a little bit of adjustment, you heard me talk about, based on half 1 trends. And so again, this is one with a couple of parts, so let's just go through it in detail.

我認為你問題的第二部分是關於跨境旅行總量。所以我們確實根據 half 1 趨勢做了一些調整，你聽到我談到了。再說一次，這是由幾個部分組成的，所以讓我們詳細地討論一下。

First of all, we feel really good, we feel great, about our first half total cross-border performance, 16% growth in Q2, in line with our expectations. And within that, travel with 17%, and e-commerce growth, mid-teens better than expected. And so unpacking travel a bit, we've seen most of our travel volume expectations play out actually as we planned at the beginning of the year, which continues to be strong and healthy in most regions, LAC, Europe, CEMEA, all the ones that I talked about on the call, with Asia being the exception to that, which again, continues to improve, but the pace of recovery being slower than expected, offset again by strength in the e-commerce cross-border business, which is performing better than we expected.

首先，我們感覺真的很好，我們感覺很棒，關於我們上半年總的跨國業績，第二季成長16%，符合我們的預期。其中，旅遊成長 17%，電子商務成長超過預期。因此，稍微展開一下旅行，我們發現我們的大部分旅行量預期實際上都按照我們年初的計劃進行，在大多數地區、拉丁美洲和加勒比地區、歐洲、中東和非洲等所有地區，旅行量仍然強勁和健康。比我們預期的要好。

So we expect these trends to continue into the second half and thus, we've moderated our outlook for travel due to AP and upped our expectations on e-commerce. So putting that all together, overall, our view is that total cross-border volumes remain strong, growing in the mid-teens in the second half, which is, frankly, the better measure in relation to our financial performance, given the strong yields across both travel and e-comm.

因此，我們預計這些趨勢將持續到下半年，因此，我們因美聯社而調整了對旅行的展望，並提高了對電子商務的預期。因此，總的來說，我們的觀點是，跨境交易總量仍然強勁，下半年將增長到十幾歲左右，坦白說，考慮到強勁的收益率，這是與我們的財務業績相關的更好衡量標準橫跨旅遊和電子商務。

The last question comes from Ken Suchoski with Autonomous Research.

最後一個問題來自 Autonomous Research 的 Ken Suchoski。

A lot of my questions have been asked, but I just wanted to ask about the service yields, though, because they came in a little bit lighter than we were expecting. So can you just talk about what drove that? It looks like the service yield declined year-over-year, but maybe there's some offset with client incentives also coming a little bit lower in the quarter. So any detail there would be helpful, any thoughts on how to think about the year-over-year change in that yield going forward.

有人問了我很多問題，但我只想問一下服務收益率，因為它們比我們預期的要少一些。那麼您能談談是什麼推動了這一點嗎？看起來服務收益率年減，但本季客戶激勵措施也略有下降，這可能會抵消一些影響。因此，任何細節都會有幫助，任何關於如何思考未來收益率同比變化的想法。

As we talked about, both service revenue and data processing revenue grew generally in line with the underlying drivers. Service revenue at 7% versus the 8% in constant dollar PV. Q1 constant dollar PV, that's impacted by a number of smaller things, none of which I would call out as a single thing. Data processing revenue grew a little bit above processed transactions, [12%] versus 11%, and that was aided a little bit by pricing. From a yield perspective, I think the thing that's important is that our second quarter yield remained consistent with Q1 and consistent with the average over the last several quarters. And so we're seeing very stable yields across the business, and we're pleased to see that. And even more broadly, our net revenue yield across the whole company remained quite stable.

正如我們所討論的，服務收入和數據處理收入的成長總體上與潛在驅動因素一致。服務收入為 7%，而以固定美元現值計算，服務收入為 8%。第一季不變的美元PV，受到許多較小因素的影響，我不會將其中任何一個視為單一因素。資料處理收入的成長略高於已處理交易的成長（12% 與 11%），這在一定程度上得益於定價。從收益率的角度來看，我認為重要的是我們第二季度的收益率與第一季保持一致，並與過去幾季的平均值保持一致。因此，我們看到整個業務的收益率非常穩定，我們很高興看到這一點。更廣泛地說，我們整個公司的淨收入收益率保持相當穩定。

Our last question comes from Paul Golding with Macquarie Capital.

我們的最後一個問題來自麥格理資本的保羅·戈爾丁。

Ryan, you were talking about the addressable opportunity of $20 trillion, of which cash and check was half. I was wondering if you had given any thought to quantifying the ACH versus the domestic network conversion and where you think you are in that opportunity capture for each of those.

Ryan，您談到了 20 兆美元的潛在機會，其中現金和支票佔一半。我想知道您是否考慮過量化 ACH 與國內網路轉換，以及您認為您在抓住每個機會的過程中處於什麼位置。

Yes, thanks. So we're having great success in all 3. I'll give you examples. Some of our teams are ahead of others in different parts of the world and domestic schemes are more prevalent in some parts of the world than others, like I mentioned, Europe as an example. But the opportunity is enormous in all 3 of these areas, and we've been having really good success in all 3 of the areas.

對了謝謝。所以我們在這三個方面都取得了巨大的成功。我們的一些團隊在世界不同地區領先於其他團隊，國內計劃在世界某些地區比其他地區更普遍，就像我提到的，以歐洲為例。但這三個領域的機會都是巨大的，而且我們在這三個領域都取得了非常好的成功。

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。

And this concludes today's conference. Thank you for participating. You may disconnect at this time, and have a great rest of your day.

今天的會議到此結束。感謝您的參與。此時您可以斷開連接，並好好休息一天。