Visa Inc (V) 2024 Q4 法說會逐字稿

Welcome to Visa's fiscal fourth quarter and full year 2024 earnings conference call. (Operator Instructions) Today's conference is being recorded, if you have any objections, you may disconnect at this time. I would now like to turn the conference over to your host, Ms. Jennifer Como, Senior Vice President and Global Head of Investor relations. Ms. Como, you may begin.

歡迎參加 Visa 第四財季和 2024 年全年收益電話會議。 （操作員說明）今天的會議正在錄製中，如有異議，此時可以斷開連接。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。

Thank you. Good afternoon, everyone and welcome to Visa's fiscal fourth quarter and full year 2024 earnings call. Joining us today are Ryan McInerney, Visa's Chief Executive Officer; and Chris Suh, Visa's Chief Financial Officer.

謝謝。大家下午好，歡迎參加 Visa 第四季和 2024 年全年財報電話會議。今天加入我們的還有 Visa 執行長 Ryan McInerney；以及 Visa 財務長 Chris Suh。

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。包含財務和統計要點的幻燈片已發佈在我們的投資者關係網站上。

Let me also remind you that this presentation includes forward-looking statements. These statements are not guarantees of future performance and our actual results could differ materially as the result of many factors.

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，由於許多因素的影響，我們的實際結果可能會產生重大差異。

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

有關這些因素的更多信息，請參閱我們最新的 10-K 表格報告以及 10-Q 和 8-K 表格的任何後續報告，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。

Our comments today regarding our financial results will reflect revenue on a GAAP basis and all other results on a non-GAAP nominal basis. Unless otherwise noted, the related GAAP measures and reconciliation are available in today's earnings release and related materials available on our IR website. And with that, let me turn the call over to Ryan.

我們今天對財務表現的評論將反映按 GAAP 計算的收入以及按非 GAAP 名義計算的所有其他結果。除非另有說明，相關的公認會計原則措施和調節可在今天的收益報告中找到，並在我們的投資者關係網站上提供相關資料。接下來，讓我把電話轉給瑞安。

Good afternoon, everyone. Thank you for joining us. Our fourth-quarter results were very strong with $9.6 billion in net revenue, up 12% year-over-year, and EPS up 16%. Our key business drivers were relatively stable compared to Q3. In constant dollars, overall payment volume grew 8% year-over-year.

大家下午好。感謝您加入我們。我們第四季的業績非常強勁，淨收入為 96 億美元，年增 12%，每股收益成長 16%。與第三季相比，我們的主要業務驅動因素相對穩定。以不變美元計算，整體支付量年增 8%。

US payment volume grew 5% and international payment volume grew 10%. Cross-border volume, excluding intra-Europe, rose 13%, and processed transactions grew 10% year-over-year. As I reflect on this quarter and the full fiscal year, I'm incredibly proud of the more than 31,000 Visa employees who have been focused on delivering our strategy and enabling our clients with compelling solutions, which resulted in the company's strong performance.

美國支付量成長 5%，國際支付量成長 10%。跨國交易量（不包括歐洲內部）增加了 13%，處理的交易量年增 10%。當我回顧本季和整個財年時，我為超過31,000 名Visa 員工感到無比自豪，他們專注於實施我們的策略並為我們的客戶提供引人注目的解決方案，從而使公司取得了強勁的業績。

We have continued to grow our consumer payments business through an intense focus on product design and innovation. In new flows are targeted strategy for non-consumer payments is paying off. And in value added services, we have deepened our relationships with our clients through multiple different solutions and continued to expand our services to non-Visa transactions.

我們透過高度關注產品設計和創新，持續發展我們的消費者支付業務。在新的資金流中，針對非消費者支付的針對性策略正在發揮成效。在加值服務方面，我們透過多種不同的解決方案加深了與客戶的關係，並繼續將我們的服務擴展到非 Visa 交易。

We have done all this while further increasing our suite of solutions. Now let's dive into some of the highlights for the fourth quarter and the year. In consumer payments, we continued to increase credentials and acceptance. We have over [4.6 billion] credentials, up 7% year-over-year and 11.5 billion tokens with more than 30% of our total transactions tokenized.

我們在完成這一切的同時，也進一步增加了我們的解決方案套件。現在讓我們深入了解第四季和全年的一些亮點。在消費者支付方面，我們不斷提高信用度和接受度。我們擁有超過 [46 億] 個憑證，年成長 7%，擁有 115 億個代幣，其中超過 30% 的總交易已代幣化。

Global merchant locations crossed 150 million. The Olympics and Paralympics certainly helped with more than 7 million Paris 2024 branded cards issued and more than 130,000 merchant locations added in Europe, and I am particularly excited about new acceptance use cases.

全球商戶數突破1.5億個。奧運和殘奧無疑幫助發行了超過 700 萬張巴黎 2024 年品牌卡，並在歐洲增加了超過 13 萬個商家網點，我對新的受理用例感到特別興奮。

For example, we renewed an agreement with Cantaloupe, a leading provider of self-service commerce across sectors such as food and beverage automated retail with over 1 million active devices globally and more than 1 billion transactions annually.

例如，我們與 Cantaloupe 續簽了協議，Cantaloupe 是食品和飲料自動化零售等領域領先的自助商務提供商，在全球擁有超過 100 萬台活躍設備，每年交易量超過 10 億筆。

And in the Netherlands, we reached agreement with the country's largest grocer, Albert Heijn to expand in store acceptance to all Visa products. We also recently renewed our agreement with AppFolio in the US for rental payments acceptance. AppFolio is one of the largest software providers in the property management space and services 8 million-plus units across more than 20,000 clients.

在荷蘭，我們與全國最大的雜貨商 Albert Heijn 達成協議，以擴大商店對所有 Visa 產品的接受度。我們最近也與美國 AppFolio 續簽了接受租金付款的協議。 AppFolio 是物業管理領域最大的軟體供應商之一，為超過 20,000 個客戶的 800 多萬個裝置提供服務。

Throughout the year, we have continued to innovate in order to expand Visa's capabilities to non-card payments. This quarter, we announced Visa A2A, bringing the power of Visa's brand infrastructure and rules as well as consumer protections to enable simpler, safer and more secure account-to-account payments.

在這一年裡，我們不斷創新，將 Visa 的功能擴展到非卡支付。本季度，我們推出了 Visa A2A，利用 Visa 品牌基礎設施和規則以及消費者保護的力量，實現更簡單、更安全的帳戶到帳戶支付。

We are excited to be collaborating with several banks, including NatWest and Nationwide Building Society and several leading fintechs, including Modular, to deliver an industry driven solution to unlock the full potential of account to account transactions in the UK. And Visa A2A is open, open to any eligible bank open banking provider and verified biller.

我們很高興能夠與 NatWest 和 Nationwide Building Society 等多家銀行以及 Modular 等多家領先的金融科技公司合作，提供行業驅動的解決方案，以釋放英國帳戶到帳戶交易的全部潛力。而且 Visa A2A 是開放的，向任何符合資格的銀行開放銀行提供者和經過驗證的記帳機構開放。

Initially, this is targeted at bill payments and we plan to launch in 2025 in the UK. We are very excited to bring this to market. In prior quarters, I've mentioned, our account-to-account fraud risk-scoring solution, Visa Protect for A2A payments. It was recently announced as Juniper Researches Platinum Winner for Fraud and Security Innovation of the Year award and we will be piloting on 10 new RTP networks in 2025.

最初，它的目標是帳單支付，我們計劃於 2025 年在英國推出。我們非常高興將其推向市場。在之前的幾個季度中，我曾提到我們的帳戶到帳戶詐欺風險評分解決方案，即用於 A2A 支付的 Visa Protect。它最近被宣佈為瞻博網路研究公司年度詐欺和安全創新白金獎得主，我們將在 2025 年在 10 個新的 RTP 網路上進行試點。

We're also seeing very strong interest in our new flexible credential, which enables multiple payment options from one Visa credential. We have hundreds of issuers in the pipeline and several launches planned for 2025 in the US, Asia Pacific, Europe, and CEMEA. Last quarter, I mentioned the expansion of tapping use cases on a mobile device.

我們也看到人們對我們新的靈活憑證非常感興趣，該憑證可以透過一個 Visa 憑證提供多種付款選項。我們有數百家發行人正在籌備中，並計劃於 2025 年在美國、亞太地區、歐洲和 CEMEA 發行幾家發行人。上個季度，我提到了在行動裝置上點擊用例的擴充功能。

Tapped to add card is now enabled by issuers in more than 15 countries across our five regions. We know the transit is a key activator for tapping and global top to ride transactions exceeded 2 billion for the first time in fiscal year 2024, up 25% year-over-year. We added more than 110 new transit systems throughout the year in cities such as Boston, Athens, Beijing, Las Vegas and Lima to total over 870 globally. And more than 40% of these new systems also use our value added services Excel Upton solutions tap to pay penetration globally, excluding the US was at 82%, up 6 points from 2023.

我們五個地區超過 15 個國家的發卡機構現已啟用「點擊新增卡」功能。我們知道，交通是點擊量的關鍵推動因素，2024 財年全球頂級乘車交易額首次突破 20 億筆，較去年同期成長 25%。我們全年在波士頓、雅典、北京、拉斯維加斯和利馬等城市新增了 110 多個新交通系統，全球總數超過 870 個。這些新系統中超過 40% 也使用我們的加值服務 Excel Upton 解決方案進行支付，在全球範圍內的滲透率（不包括美國）為 82%，比 2023 年增長了 6 個百分點。

And in the US, it was at 54%, up 13 points from last year with 29 out of the top 30 US. Merchants accepting Tap to Pay. Now pivoting to some deal highlights. We had some significant renewals this quarter around the globe. First with one of our largest clients in Latin America, Grupo Pramerica in credit, debit and commercial across eight countries.

在美國，這一比例為 54%，比去年上升 13 個百分點，在美國前 30 名中佔 29 個百分點。接受 Tap to Pay 的商家。現在轉向一些交易亮點。本季度我們在全球範圍內進行了一些重大更新。首先是我們在拉丁美洲最大的客戶之一，Grupo Pramerica，在八個國家提供信貸、金融卡和商業服務。

Second with our largest Asia Pacific clients, SMCC across consumer and commercial credit. Third, with our largest CEMEA client, Alrajhi across consumer commercial and value added services, including Cybersource and Visa risk manager, our network agnostic risk product, and across both Asia-Pacific and CEMEA, with Standard Chartered Bank, a credit renewal across key markets in Asia, a debit renewal with key markets in Africa as well as a new expansion in the Middle East for credit.

其次是我們最大的亞太客戶 SMCC，涉及消費和商業信用領域。第三，與我們最大的CEMEA 客戶Alrajhi 合作，涵蓋消費者商業和增值服務，包括Cyber​​source 和Visa 風險管理器（我們的網路不可知風險產品），並與渣打銀行合作，在亞太地區和CEMEA 提供跨關鍵市場的信用更新在亞洲，在非洲主要市場進行借記更新，並在中東進行新的信貸擴張。

In addition, they will continue to use our value added services. In North America, we had three very important renewals. In Canada, we renewed our relationship with the country's top issuer RBC across consumer credit and debit, small business credit and commercial credit. In the US, we recently extended our long-standing partnership with US Bank to grow our relationship across their consumer and commercial portfolios.

此外，他們將繼續使用我們的加值服務。在北美，我們進行了三項非常重要的續約。在加拿大，我們與全國最大的發行人加拿大皇家銀行（RBC）在消費信貸和金融卡、小型企業信貸和商業信貸領域恢復了合作關係。在美國，我們最近擴展了與合眾銀行的長期合作夥伴關係，以發展我們在消費者和商業投資組合中的關係。

And we have renewed with USAA across both their consumer debit and credit portfolios. Finally in Europe, building upon our strong relationship in Italy and across 11 other markets. We are pleased to have renewed the strategic agreement with Intesa Sanpaolo, expanding our collaboration in Italy with the largest bank in the country for innovative solutions amongst businesses and consumers.

我們也與 USAA 續簽了其消費者金融卡和信貸投資組合。最後是歐洲，我們在義大利和其他 11 個市場建立了牢固的關係。我們很高興與聯合聖保羅銀行續簽策略協議，擴大我們在義大利與全國最大銀行的合作，為企業和消費者提供創新解決方案。

In addition, together, we will enable new value added services for their Visa customers. Across all of our regions and all of our fintech partners from early-stage to mature, we signed over 650 commercial partnerships, up 30% from last year. As you can see, we have continued to grow our businesses through active engagement with our clients and a relentless focus on new product innovations.

此外，我們還將共同為他們的 Visa 客戶提供新的加值服務。在我們所有地區以及所有從早期到成熟的金融科技合作夥伴中，我們簽署了超過 650 個商業合作夥伴關係，比去年增長了 30%。正如您所看到的，我們透過與客戶的積極互動和對新產品創新的不懈關注，不斷發展我們的業務。

Now moving to new flows where our targeted strategy for capturing newer areas of growth is paying off. This quarter, new flows revenue grew 22% year over year in constant dollars. Visa Direct transactions grew 38% for the quarter to 2.8 billion and commercial volumes grew 5% year over year. We finished the year with almost 10 billion Visa Direct transactions and 1.7 trillion in Commercial Payments volume.

現在轉向新的流程，我們捕捉新成長領域的目標策略正在發揮成效。本季度，以不變美元計算，新流量收入年增 22%。 Visa Direct 交易量本季成長 38%，達到 28 億筆，商業交易量較去年同期成長 5%。今年結束時，我們的 Visa Direct 交易量接近 100 億筆，商業支付量達到 1.7 兆筆。

Commercial credentials grew at 18% year over year, significantly faster than the 7% growth for total credentials that I mentioned earlier. We are very focused on growing B2B in new verticals such as travel. We are pleased to announce that we signed a virtual card issuing deal with JPMorgan Chase in Europe.

商業證書年增 18%，明顯快於我之前提到的總證書 7% 的成長速度。我們非常注重在旅遊等新垂直領域發展 B2B。我們很高興地宣布，我們與歐洲摩根大通簽署了虛擬卡發行協議。

This is a significant opportunity for Visa to further build on our strong issuing relationship in North America as well as further grow in the B2B travel vertical. Additionally, in Europe, we will be partnering with Adyen so that they can offer online travel agencies or OTAs Visa. Another area of focus is the cross-border B2B space where we offer significant value for complex payments through both Card and Visa B2B Connect.

對 Visa 來說，這是一個重要的機會，可以進一步鞏固我們在北美的強大發行關係，並在 B2B 旅遊垂直領域進一步發展。此外，在歐洲，我們將與 Adyen 合作，以便他們可以提供線上旅行社或 OTA Visa。另一個重點領域是跨國 B2B 領域，我們透過 Card 和 Visa B2B Connect 為複雜支付提供巨大價值。

For Visa B2B Connect, we increased the number of banks that have signed on by almost 40% year over year, and the number of transacting bank tax is up nearly 60%. In Korea, we reached two agreements with Hana Card. The first is a commercial and consumer credit and debit issuance partnership with enhanced multi-currency capabilities targeted towards the cross border needs of its customers.

對於Visa B2B Connect，我們簽約的銀行數量比去年同期增加了近40%，交易銀行稅的數量增加了近60%。在韓國，我們與韓亞卡達成了兩項協議。第一個是商業和消費者信貸和金融卡發行合作夥伴關係，具有增強的多貨幣能力，旨在滿足客戶的跨國需求。

The second is an agreement with Hana Card and the government trade agency KOTRA so that small business exporters can receive cross-border B2B payments via card. In Canada, we are very pleased to have won the multicurrency credit issuance with fintech loop, a cross-border banking platform for Canadian-based SMBs. In addition, our cross-border capabilities to currency cloud will provide FX solutions across accounts, digital wallets and international payments.

第二個是與 Hana Card 和政府貿易機構 KOTRA 達成協議，以便小型企業出口商可以透過卡片接收跨境 B2B 付款。在加拿大，我們很高興贏得了 Fintech Loop 的多幣種信貸發行，Fintech Loop 是一個針對加拿大中小企業的跨境銀行平台。此外，我們的貨幣雲跨境能力將提供跨帳戶、數位錢包和國際支付的外匯解決方案。

In Australia, we reached a multi-currency commercial debit agreement with OFX, a leading global money transfer company that offers foreign exchange services, international payment and spend management controls.

在澳大利亞，我們與 OFX 達成了多幣種商業借記協議，OFX 是一家提供外匯服務、國際支付和支出管理控制的全球領先匯款公司。

Now moving to Visa Direct, where we have continued to grow through new and expanded relationships. In Europe, we expanded our existing cross-border P2P partnership with Resolute to now allow real-time card transfers for their business customers via the Visa Direct platform form in over 78 countries supporting over 50 currencies.

現在轉向 Visa Direct，我們透過新的和擴展的關係不斷發展。在歐洲，我們擴大了與 Resolute 現有的跨境 P2P 合作夥伴關係，現在允許其企業客戶透過 Visa Direct 平台形式在超過 78 個國家/地區進行即時銀行卡轉賬，支援 50 多種貨幣。

In the US, we are excited about an expanded partnership with daily pay, whose users are currently accessing earnings on demand to be a Visa Direct to now seamlessly send those earnings as international remittances to friends and family around the world.

在美國，我們對與 daily pay 擴大合作夥伴關係感到興奮，其用戶目前可以透過 Visa Direct 按需獲取收入，現在可以將這些收入作為國際匯款無縫發送給世界各地的朋友和家人。

In Brazil, we reached a new agreement with Travelex Banco de Cambio, one of the largest foreign exchange banks in the country and the first to specialize in FX operations regulated by the Central Bank. The client will use Visa Direct for import and export payments and for remittances to a broad range of destinations.

在巴西，我們與通濟隆銀行 (Travelex Banco de Cambio) 達成了新協議，這是該國最大的外匯銀行之一，也是第一家專門從事受中央銀行監管的外匯業務的銀行。客戶將使用 Visa Direct 進行進出口付款以及向多個目的地進行匯款。

So across our new flows, we have seen our specific strategies succeeding in the marketplace and now on to value added services where revenue was up 22% in the fourth quarter and full year in constant dollars. Let's look at the progress we have made across our value added services, our issuance solutions, our core banking and issuer processing platform.

因此，在我們的新流程中，我們看到我們的具體策略在市場上取得了成功，現在又轉向增值服務，按固定美元計算，第四季度和全年收入增長了 22%。讓我們看看我們在增值服務、發行解決方案、核心銀行和發行人處理平台方面的進展。

Pismo has a good pipeline and its solutions are resonating with clients with nearly 12 billion API calls a month. Recently, Pismo renewed its agreement with Itau in Brazil. And in 2025, we plan to expand business offerings to clients in more than five countries across four regions. In risk and identity solutions, we recently announced our intent to acquire feature space, a developer of real-time artificial intelligence payments protection technology., it will enable Visa to provide enhanced fraud prevention tools to our clients and protect consumers in real time across various payment methods.

Pismo 擁有良好的管道，其解決方案每月有近 120 億次 API 調用，與客戶產生共鳴。最近，Pismo 與巴西 Itau 續簽了協議。到 2025 年，我們計劃向四個地區超過五個國家的客戶拓展業務。在風險和身分解決方案方面，我們最近宣布有意收購即時人工智慧支付保護技術開發商Feature Space，這將使Visa能夠為我們的客戶提供增強的詐欺預防工具，並在各種情況下即時保護消費者。

And worldwide, already a Visa partner and leading European acquirer will soon be launching an optimized fraud management solution, utilizing decision manager to provide businesses with AI based e-commerce fraud detection capabilities. In acceptance, food delivery platform, foodpanda has been a long-standing Cybersource client in Asia across several markets.

在全球範圍內，Visa 合作夥伴和領先的歐洲收單機構很快就會推出優化的詐欺管理解決方案，利用決策管理器為企業提供基於人工智慧的電子商務詐欺偵測功能。在食品配送平台方面，foodpanda 一直是亞洲多個市場的 Cyber​​source 長期客戶。

They will also soon be using our AI powered data token solution, which we had earlier this year, enabling customers to control how their data is used to experienced tailored shopping experiences. In advisory services, Visa consulting and analytics delivered more than 3,000 consulting engagements during the year, and we estimate that we help clients realize over $5 billion of incremental revenue as a result.

他們還將很快使用我們今年稍早推出的人工智慧數據令牌解決方案，使客戶能夠控制如何使用他們的數據來體驗量身定制的購物體驗。在諮詢服務方面，Visa 諮詢和分析在這一年中提供了超過 3,000 項諮詢業務，我們預計我們將幫助客戶實現超過 50 億美元的增量收入。

So our value added services have continued to show strong momentum across both Visa and non-Visa transactions and nonpayment value added services. Before I close, I wanted to make a few comments on the recent lawsuit by the Department of Justice. We believe the lawsuit is meritless and shows a clear lack of understanding of the payments ecosystem in the United States.

因此，我們的增值服務在 Visa 和非 Visa 交易以及非支付增值服務方面繼續表現出強勁的勢頭。在結束之前，我想就司法部最近的訴訟發表一些評論。我們認為該訴訟毫無根據，並顯示人們對美國支付生態系統明顯缺乏了解。

We will defend ourselves vigorously and are confident in our ability to demonstrate that Visa competes for every transaction in a thriving debit space that continues to grow and see new entrants. In closing, I'm proud of our team and all that we have accomplished. We delivered on our financial expectations while also investing in Visa's future through important product innovation.

我們將積極捍衛自己，並對我們的能力充滿信心，證明 Visa 在蓬勃發展的借記卡領域的每筆交易中都具有競爭力，而且借記卡領域不斷增長並不斷出現新的進入者。最後，我為我們的團隊和我們所取得的一切感到自豪。我們實現了財務預期，同時也透過重要的產品創新投資於 Visa 的未來。

Back at 2020, at our Investor Day, we set a goal for new flows and value-added services revenue to represent more than 30% of net revenue by the end of 2024. I am pleased to say that we have exceeded that goal and we will be hosting another Investor Day on February 20, 2025 here in San Francisco when we can talk more about our strategy to continue growing value, added services, new flows, and consumer payments. I see tremendous opportunity ahead and fuel cost confident in our plans to get us there.

回到2020 年，在投資者日，我們設定了一個目標，即到2024 年底，新流量和增值服務收入佔淨收入的30% 以上。我們將於 2025 年 2 月 20 日在舊金山舉辦另一場投資者日活動，屆時我們可以更多地討論我們繼續成長價值、增加服務、新流量和消費者支付的策略。我看到了未來的巨大機會和燃料成本，並對我們實現這一目標的計劃充滿信心。

Now over to Chris.

現在輪到克里斯。

Thanks Ryan. Good afternoon, everyone. We closed the year with another strong quarter. In Q4, we saw relatively stable growth across payments volume, cross border volume, and process transactions when compared to Q3. In constant dollars, global payments volume was up 8% year-over-year and cross border volume excluding Intra Europe was up 13% year-over-year process transactions grew 10% year over year. Fiscal fourth quarter, net revenue was up 12% above our expectations primarily due to lower than expected incentives stronger than expected other revenue and FX being less of a drag than expected.

謝謝瑞安。大家下午好。我們以另一個強勁的季度結束了這一年。與第三季相比，第四季支付量、跨境交易量和處理交易的成長相對穩定。以不變美元計算，全球支付量年增 8%，不包括歐洲內部的跨國交易量較去年同期成長 13%，流程交易量較去年同期成長 10%。第四財季淨收入比我們的預期成長 12%，主要是由於低於預期的激勵措施強於預期的其他收入以及外匯的拖累小於預期。

Net revenue was also up 12% in constant dollars. EPS was up 16% year over year and 17% in constant dollars, higher than expected from the strong net revenue performance and a lower than expected tax rate.

以不變美元計算，淨收入也成長了 12%。每股盈餘年增 16%，以固定匯率計算成長 17%，高於預期，原因是強勁的淨收入表現和低於預期的稅率。

Let's go into the details. In the US, total payments volume grew 5% year over year in line with Q3 credit and debit also each grew 5% card, present volume grew 2% and card not present volume grew 6%. Consumer spend across all segments from low to high spend has remained relatively stable to Q3. Our data does not indicate any meaningful behavior change across consumer segments from last quarter.

讓我們來詳細了解一下。在美國，總支付量年增 5%，與第三季信用卡和金融卡支付額各成長 5% 一致，卡片支付量成長 2%，無卡支付量成長 6%。到第三季度，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與上季相比有任何有意義的行為變化。

Moving to international markets. Total payment volume was up 10% in constant dollars stable to Q3. In most major regions, payments volume year over year growth rates in constant dollars were strong for the quarter with Latin America up 24%, CEMEA up 19%, and Europe up 12%. Asia Pacific payments volume saw a marginal improvement from Q3 in constant dollars for the quarter but was still less than 1% year over year growth primarily due to the macroeconomic environment most notably in Mainland China.

轉向國際市場。以固定匯率計算，總支付量與第三季相比成長了 10%。在大多數主要地區，以固定美元計算，本季支付量年增率強勁，其中拉丁美洲成長 24%，CEMEA 成長 19%，歐洲成長 12%。以固定美元計算，本季亞太地區的支付量較第三季略有改善，但年成長仍低於 1%，主要是由於宏觀經濟環境（尤其是中國大陸）的影響。

Asia Pacific payments volume growth excluding mainland China was relatively consistent to Q3. Now to cross border volume, which I will speak to today in constant dollars and excluding Intra Europe transactions. Total cross border volume was up 13% in Q4 below Q3 in line with our expectations, Q4 cross border e-commerce measured as card not present volume excluding travel and crypto purchases grew 15% which was faster than cross border travel volume growth at 12% in line with our expectations. Indexed to 2019, cross border travel was relatively consistent with Q3.

不包括中國大陸的亞太地區支付量成長與第三季相對一致。現在談談跨國交易量，今天我將以不變美元計算，不包括歐洲內部交易。第四季總跨境交易量成長13%，低於第三季度，符合我們的預期，第四季跨境電子商務以無卡交易量衡量（不包括旅遊和加密貨幣購買）成長15%，快於跨境旅行量成長12%符合我們的預期。以2019年指數來看，跨國旅行與第三季相對一致。

As we look at the travel corridors, the primary driver of the lower year over year cross border travel volume growth was Asia Pacific inbound and outbound, which continued to be impacted by the same primary factors we've been mentioning all year, macroeconomic conditions, currency weakness and flight bookings being below pre-COVID levels.

當我們審視旅行走廊時，跨境旅行量同比增長較低的主要驅動因素是亞太地區的入境和出境，這繼續受到我們全年提到的相同主要因素、宏觀經濟狀況、貨幣疲軟和航班預訂量低於新冠疫情前的水平。

We also saw a step down in CEMEA outbound travel volume growth compared to Q3 due to Ramadan timing. Normalized for this, the CEMEA growth was stable. Now, let's review our fourth quarter financial results. I'll start with the revenue components. Service revenue grew 8% year-over-year versus the 7% growth in Q3 constant dollar payments volume due to mix and improving utilization of card benefits.

由於齋戒月時間的原因，我們也發現 CEMEA 出境游量增速較第三季下降。對此進行標準化後，CEMEA 成長穩定。現在，讓我們回顧一下我們第四季度的財務表現。我將從收入部分開始。由於卡片優惠的混合和利用率的提高，服務收入年增 8%，而第三季以固定美元計算的支付量成長 7%。

Data processing revenue grew 8% versus 10% process transaction growth primarily due to fees and penalties being lower than the prior year. International transaction revenue was up 9% versus the 13% increase in constant dollar cross border volume excluding Intra Europe impacted by lapping higher currency volatility from last year, even with the average quarterly volatility being slightly higher in Q4 versus Q3.

資料處理收入成長 8%，而處理交易成長 10%，這主要是由於費用和罰款低於上一年。國際交易收入成長了9%，而不變美元跨國交易量成長了13%，不包括受去年貨幣波動性上升影響的歐洲內部交易量，儘管第四季的平均季度波動性略高於第三季度。

Other revenue grew 30%, primarily driven by strong marketing services revenue growth related to the Olympics consulting and to a lesser extent pricing, client incentives grew 6% as expected. Q4 was the annual low point for year over year growth due to lapping significant renewals from the prior year.

其他收入成長了 30%，主要是由於與奧運諮詢相關的行銷服務收入強勁增長，以及較小程度上的定價、客戶激勵措施如預期增長了 6%。由於與上一年相比出現大量更新，第四季度是同比增長的年度低點。

In addition, it was further lowered from some one-time adjustments due to client performance. While Ryan mentioned a significant amount of renewal activity in his remarks, the majority of that impact will begin in Q1 of '25. Now on to our three growth engines. Consumer payments revenue growth was driven by relatively stable payments volume, cross border volume, and process transaction growth.

此外，由於客戶表現而進行的一些一次性調整進一步下調。雖然 Ryan 在演講中提到了大量的更新活動，但大部分影響將在 25 年第一季開始。現在談談我們的三個成長引擎。消費者支付收入的成長是由相對穩定的支付量、跨境交易量和流程交易成長所推動的。

New flows revenue grew 22% year over year in constant dollars helped by a one-time rebate adjustment due to deal timing. Visa direct transactions grew 38% year over year helped by growth in Latin America for interoperability among P2P apps.

新流量收入以固定美元計算年增 22%，這得益於交易時機造成的一次性回扣調整。 Visa 直接交易年增 38%，這得益於拉丁美洲 P2P 應用程式互通性的成長。

Commercial volume rose 5% year-over-year in constant dollars below Q3 primarily due today's mix. Value added services revenue grew 22% in constant dollars to $2.4 billion led by strong growth in marketing services and consulting and issuing solutions. Operating expenses grew 11% led by increases in marketing and personnel expenses.

以固定美元計算，商業銷量年增 5%，低於第三季度，這主要是由於今天的組合。在行銷服務以及諮詢和發布解決方案強勁增長的帶動下，增值服務收入以固定美元計算增長了 22%，達到 24 億美元。由於行銷和人員費用的增加，營運費用增加了 11%。

FX was a minimal drag instead of the half point benefit we had expected. Our acquisition of Pismo represented an approximately half point drag as well. Non-operating income was $69 million. Our tax rate was 16.5% due to an update in our tax position across jurisdictions. EPS was $2.71 up 16% over last year with an approximately one point drag from exchange rates and an approximately half point drag from Pismo.

外匯的拖累很小，而不是我們預期的半點收益。我們對 Pismo 的收購也代表了約半個百分點的拖累。營業外收入為 6,900 萬美元。由於我們跨司法管轄區的稅務狀況更新，我們的稅率為 16.5%。每股收益為 2.71 美元，比去年增長 16%，匯率影響約 1 個百分點，Pismo 影響約 0.5 個百分點。

In Q4, we bought back approximately $5.8 billion in stock and distributed over $1 billion in dividends to our stockholders. We also funded the litigation escrow account by $1.5 billion which has the same effect as a stock buyback. At the end of September, we had $13.1 billion remaining in our buyback authorization. As we closed out fiscal 2024 and readied for fiscal 2025, I reflected on our full year performance relative to what we had expected at the start of the year.

第四季度，我們回購了約 58 億美元的股票，並向股東分配了超過 10 億美元的股利。我們也為訴訟託管帳戶提供了 15 億美元的資金，其效果與股票回購相同。截至 9 月底，我們的回購授權還剩 131 億美元。當我們結束 2024 財年並為 2025 財年做好準備時，我相對於年初的預期回顧了我們的全年業績。

With the strong Q4 full year, net revenue grew 10% in line with our expectations and EPS grew 15% above our expectations, a testament to Visa's diversified business model. Volatility started strong in Q1 but then declined and remained at lower than expected levels throughout most of the year.

由於第四季全年表現強勁，淨收入成長 10%，符合我們的預期，每股盈餘成長 15%，高於我們的預期，證明了 Visa 的多元化業務模式。波動性在第一季開始強勁，但隨後下降，並在全年大部分時間保持在低於預期的水平。

For incentives, we anticipated year over year growth will be lower than fiscal 2023 due primarily to smaller impacts from renewals in fiscal 2024. The growth rate ended up being even lower than we expected due to client performance adjustments and deal timing. On the business driver front process transactions grew 10% as expected.

對於激勵措施，我們預計同比成長將低於 2023 財年，主要是因為 2024 財年續約的影響較小。在業務驅動因素方面，前端流程交易量成長了 10%，符合預期。

Payments volume grew 8% in constant dollars below expectations due to a combination of weakness in Asia Pacific as we have discussed and in the US from ticket size not improving as expected and to a lesser extent from the Reg II impact.

以固定美元計算，支付量增加了 8%，低於預期，原因是亞太地區的疲軟（正如我們所討論的）、美國的票據規模未按預期改善以及較小程度的 Reg II 影響。

Total cross border volume growth excluding Intra Europe was 15% in constant dollars. generally in line with our original expectations, though the growth in cross border travel volume was lower, primarily due to Asia Pacific travel and card not present excluding travel volume growth performed better than we expected.

不包括歐洲內部的跨國交易總量成長以不變美元計算為 15%。整體符合我們原來的預期，儘管跨境旅行量增長較低，主要是由於亞太旅行和不帶卡旅行量增長表現好於我們的預期。

As we've seen this year volumes and transactions can swing quarter to quarter, as these drivers fluctuate, we work carefully to manage our business to deliver on our expectations. So as we thought about our budget and guidance philosophy, going into fiscal 2025, it's largely the same approach and represents our best view based on today.

正如我們今年所看到的那樣，隨著這些驅動因素的波動，交易量和交易量可能會逐季度波動，因此我們會謹慎地管理我們的業務，以實現我們的預期。因此，當我們考慮 2025 財政年度的預算和指導理念時，它基本上是相同的方法，代表了我們目前的最佳觀點。

So let's get into the guidance details and a quick note when I reference 2024 and 2025 I'm referring to our fiscal years. As we regularly say we are not economic forecasters, so we're assuming the macroeconomic environment stays generally where it is today.

因此，讓我們深入了解指導細節和快速說明，當我提到 2024 年和 2025 年時，我指的是我們的財政年度。正如我們經常說的那樣，我們不是經濟預測者，因此我們假設宏觀經濟環境整體保持現狀。

As such, we expect payments volume and process transaction growth to remain strong and generally in line with full year 2024 levels. For cross border volumes, we expect the Q4, '24 trend to generally continue with card not present excluding travel volume growing slightly more than travel volume.

因此，我們預計支付量和流程交易成長將保持強勁，並與 2024 年全年水準基本一致。對於跨國交易量，我們預計 24 年第 4 季的趨勢將普遍延續，不存在卡片的情況（不包括旅行量的成長略高於旅行量）。

Now let's cover our underlying assumptions for net revenue growth. First volatility, we're expecting that the full year currency volatility levels are roughly in line with the Q4, '24 average which implies that volatility will no longer be a drag starting with Q2, '25. Next pricing, we will continue to price to value in 2025 with the pricing impact being generally the same as 2024, however, the cadence is expected to be different as we expect the vast majority of the incremental pricing impact will take effect in April versus being more balanced between October and April as it was in 2024.

現在讓我們討論一下我們對淨收入成長的基本假設。首先是波動性，我們預期全年貨幣波動性水準大致與 24 年第四季的平均值一致，這意味著從 25 年第二季開始，波動性將不再成為拖累。下一步定價，我們將繼續在2025 年按價值定價，定價影響與2024 年基本相同，但是，預計節奏會有所不同，因為我們預計絕大多數增量定價影響將在4 月份生效，而不是2024年。

On incentives, first, there were a significant amount of renewals in Ryan's remarks that will be impacting Q1, '25 incentives. In total, we expect more than 20% of our payments volume to be impacted by renewals in 2025 compared to less than 15% that was impacted in 2024. Second, remember that in the first and second quarters of 2024 we called out client performance and deal timing as helping incentive. And in Q4, we had additional one time performance adjustments. Adding this up 2025 year over year incentives growth is expected to be significantly higher than 2024.

關於激勵措施，首先，Ryan 的言論中有大量更新，這將影響 25 年第一季的激勵措施。總的來說，我們預計2025 年超過20% 的付款量將受到續約的影響，而2024 年受影響的比例不到15%。我們對客戶績效和交易時機作為幫助激勵。在第四季度，我們進行了額外的一次性性能調整。加起來，2025 年激勵措施的年成長率預計將顯著高於 2024 年。

We expect to close on Prosa and Featurespace in 2025. And when we do, we will update our estimates for the acquisition impacts. We pull these assumptions together on an adjusted basis defined as non-GAAP results in constant dollars and excluding acquisition impacts. You can review these disclosures in our earnings presentation for more detail.

我們預計在 2025 年關閉 Prosa 和 Featurespace。我們在調整後的基礎上將這些假設匯總在一起，定義為以不變美元計算的非公認會計原則結果，並排除收購影響。您可以在我們的收益報告中查看這些揭露內容以了解更多詳細資訊。

In 2025 we expect full year adjusted net revenue growth to be in the high single to low double digits with incentives being the key driver of the difference between '24 and 2025. As always revenue performance is sensitive to several factors, so to the extent that that there are deal delays or significant deal performance adjustments and or macro volatility and driver performance that is better than expected adjusted net revenue growth would be on the higher end of the range.

到2025 年，我們預計全年調整後淨收入成長將達到高個位數到低兩位數，其中激勵措施是造成24 年與2025 年之間差異的關鍵驅動因素。因素敏感，因此在某種程度上存在交易延遲或重大交易業績調整和/或宏觀波動以及驅動業績好於預期的調整後淨收入增長將處於該範圍的較高端。

In terms of quarterly variability, we expect the second half revenue performance to be better than the first due to some of the dynamics, I have spoken about volatility pricing and to a lesser extent incentive. Now, moving to expenses, we currently expect to grow adjusted operating expense in the high single digit to low double digits as we continue to fund new flows and value added services projects, our sales efforts and growth initiatives in specific countries.

就季度變異性而言，由於一些動態因素，我們預計下半年的收入表現將好於上半年，我已經談到了波動性定價和較小程度的激勵措施。現在，轉向費用，隨著我們繼續資助新的流程和增值服務項目、我們在特定國家的銷售努力和增長計劃，我們目前預計調整後的營運費用將從高個位數增長到低兩位數。

Non-operating income is expected to be between $150 million and $200 million. As a result of lower interest rates, our tax rate is expected to be between 18% and 18.5%. On capital return, the Board has declared an increase to our quarterly dividend by 13% and we intend to return excess free cash flow to shareholders through buyback.

營業外收入預計在 1.5 億至 2 億美元之間。由於利率較低，我們的稅率預計在 18% 至 18.5% 之間。在資本回報方面，董事會宣布將季度股息增加 13%，並打算透過回購將多餘的自由現金流返還給股東。

All this results in adjusted EPS growth to be in the high end of low double digits. Now moving to Q1, for the first three weeks of October 21 with volume growth in costs and dollars us payments volume was up 6% with debit up 7% and credit up 6% year over year. Cross border volume excluding intra Europe grew 13% year over year. Process transactions grew 11% year over year.

所有這些導致調整後每股收益成長處於低兩位數的高端。現在進入第一季度，截至 10 月 21 日的前三週，成本和美元支付量年增 6%，其中藉方增長 7%，貸方增長 6%。不包括歐洲內部的跨國交易量年增 13%。流程交易量較去年同期成長 11%。

Now the financial expectations. We expect Q1 adjusted net revenue growth in the high single digits. Three things to note when we look at the step down in adjusted net revenue growth from the fourth quarter in 2024 to the first quarter in 2025. First incentives, there are a number of factors impacting incentives especially in Q1 and H1. So let me go through each part.

現在是財務預期。我們預計第一季調整後淨收入成長將達到高個位數。當我們看到調整後的淨收入成長從2024 年第四季到2025 年第一季的下降時，需要注意三件事。和上半年。讓我逐一介紹一下每個部分。

As I mentioned earlier, Q4 incentives growth was even lower than expected with the combined impact of the lapping of significant renewals in 2023 and the one-time adjustments due to client performance. As I also mentioned in 2025 we expect a significantly higher amount of our payments volume to be impacted by renewals approximately 20% compared to under 15% in 2024. This is a combination of the large amount of renewals in Q4, '24 that will go into effect plus the amount of renewals we expect in 2025.

正如我之前提到的，受 2023 年重大續約週期和客戶業績造成的一次性調整的綜合影響，第四季度激勵成長甚至低於預期。正如我在2025 年提到的，我們預計續約對我們的付款量的影響將顯著增加約20%，而2024 年這一比例將低於15%。的綜合影響。

In addition, the timing of the deal terms in 2025 is such that we expect about 60% of the 2025 renewal volume to go into effect in Q1. Putting those all together, we expect a significant step up in the dollar amount of incentives from Q4 of '24 to Q1 of '25. Second, the timing of pricing actions. As I mentioned, whereas in 2024, the pricing impact was similar quarter to quarter, this year we expect less pricing impact in the first half than the back half with Q1 having the smallest impact.

此外，根據 2025 年交易條款的時間表，我們預計 2025 年續約量的約 60% 將在第一季生效。綜上所述，我們預計從 24 年第四季到 25 年第一季度，激勵措施的金額將大幅增加。其次，定價行動的時機。正如我所提到的，雖然 2024 年每季的定價影響相似，但今年我們預計上半年的定價影響將小於下半年，其中第一季的影響最小。

Third other revenue as we do not have a major event in Q1 like the Olympics or FIFA, we anticipate lower growth in consulting and marketing services related revenue compared to Q4. We expect adjusted operating expense growth to be in the high single digit to low double digits on a year over year basis, remember that the first quarter of 2024 had a lower operating expense growth rate both from lapping FIFA related expenses in 2023 and from the allocation of Olympic related marketing spend to other quarters.

第三，其他收入，由於我們在第一季沒有像奧運或國際足總這樣的重大活動，因此我們預計與第四季度相比，諮詢和行銷服務相關收入的成長較低。我們預計調整後的營運費用年增將在高個位數到低兩位數之間，請記住，2024 年第一季的營運費用成長率較低，無論是由於2023 年FIFA 相關費用的計算還是分配的奧運相關行銷支出分配給其他方面。

Non-operating income is expected to be between $35 million and $45 million and our tax rate is expected to be around 18.5%. This puts our first quarter adjusted EPS growth in the low double digits. As always if the environment changes and there are events that impact our business, we will remain flexible and thoughtful and balancing short and long term considerations. As we are several weeks into fiscal 2025 Visa's underlying business continues to be healthy and the growth opportunities are significant. We look forward to discussing this and our long term growth algorithm at the upcoming Investor Day.

營業外收入預計在 3,500 萬美元至 4,500 萬美元之間，稅率預計在 18.5% 左右。這使得我們在第一季調整後每股收益成長處於較低的兩位數。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，我們將保持靈活和深思熟慮，並平衡短期和長期考慮。距離 2025 財年還有幾週時間，Visa 的基礎業務持續保持健康發展，成長機會龐大。我們期待在即將到來的投資者日討論這一問題以及我們的長期成長演算法。

And now Jennifer, I'll hand it back to you.

現在珍妮佛，我會把它還給你。

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

謝謝，克里斯。至此，我們準備好回答問題了。

(Operator Instructions)

（操作員說明）

Harshita Rawat, Bernstein.

哈希塔·拉瓦特，伯恩斯坦。

Good afternoon, Thank you for taking my question. A lot going on in the US regulatory fund with regards to the DOJ lawsuit, Reg II, MDL, CCA. Can you share your overall thoughts on the regulatory and litigation environment in the US, And Chris just as a follow up, can you help us maybe size your revenue exposure to US debit both including as well as excluding Visa DPS? Thank you.

下午好，謝謝你回答我的問題。美國監管基金在 DOJ 訴訟、Reg II、MDL、CCA 方面發生了很多事情。您能否分享一下您對美國監管和訴訟環境的整體看法？謝謝。

Yeah, thanks for the question. As you note a lot going on, not just in the US, but all over the world, I think regulators appropriately are looking at the payments ecosystem and want to ensure that there's fair competition that there's multiple options both for consumers and merchants and that's a process of engagement that we have in the US to your question, but also with regulators, elected officials all around the world.

是的，謝謝你的提問。正如您所注意到的，不僅在美國，而且在世界各地，我認為監管機構正在適當地關注支付生態系統，並希望確保公平競爭，為消費者和商家提供多種選擇，這是我們在美國就你的問題進行了接觸，同時也與世界各地的監管機構和民選官員進行了接觸。

And we feel very good about our ability to manage through that complexity, we feel very good about the ability to continue to run and grow our business. And we feel very good about the ability to continue to innovate and to continue to serve our clients. And in terms of revenue exposure, that's not something that, we disclose and as it relates to us debit or other parts of the business like that. But in terms of our ability to compete, we feel really good about it.

我們對自己管理這種複雜性的能力感到非常滿意，對繼續經營和發展業務的能力感到非常滿意。我們對持續創新和繼續服務客戶的能力感到非常滿意。就收入風險而言，這不是我們所揭露的內容，因為它與我們的借方或類似業務的其他部分相關。但就我們的競爭能力而言，我們感覺非常好。

Next question.

下一個問題。

Ramsey El-Assal, Barclays.

拉姆齊·阿薩爾，巴克萊銀行。

Hi. Can you give us your updated thoughts on the competitive environment, especially as it pertains to or specifically as it pertains to pay by bank? We're seeing Walmart move forward with a new product and chatter around some other offerings. We've seen these products in the past, but I'm just wondering if there's anything that sort of changed on the ground to make these a little more interesting for consumers. I know you guys are involved as well serving that part of the market now. So curious to get your comments.

你好。您能否向我們提供您對競爭環境的最新想法，特別是與銀行支付有關的競爭環境？我們看到沃爾瑪正在推出新產品，並圍繞著其他一些產品進行討論。我們過去曾見過這些產品，但我只是想知道是否有任何改變可以讓消費者對這些產品更感興趣。我知道你們現在也參與這部分市場的服務。很想得到你的評論。

Yeah, there's a lot going on with account to account payments in the US and around the world as you know, it as well pay by bank is not a new capability, it's not a new capability.

是的，正如你所知，美國和世界各地的帳戶到帳戶支付正在發生很多事情，它以及銀行支付都不是一種新功能，這不是一種新功能。

In the United States is not a new capability for Walmart. Actually, I think as of today, you can load three different bank accounts into your Walmart.com wallet to pay for things. And as you alluded to, they've also put some news out that they're going to have a new partnership that I think is going to further enhance that. We expect that account to account payments will continue to proliferate here and around the world. We think there's a lot that we can add in terms of value to account to account payments I mentioned some of those things in my prepared remarks.

在美國，這對沃爾瑪來說並不是什麼新功能。實際上，我認為從今天開始，您可以將三個不同的銀行帳戶加載到您的 Walmart.com 錢包中來支付費用。正如你所提到的，他們也發布了一些消息，稱他們將建立新的合作夥伴關係，我認為這將進一步加強這一點。我們預計，帳戶到帳戶支付將繼續在國內外激增。我們認為，在帳對帳支付的價值方面，我們可以增加很多東西，我在準備好的發言中提到了其中的一些事情。

But as I've talked about several times on this call. It's a very competitive environment in which we operate, but we feel very good about our products, our innovation, our ability to provide value to end users in terms of buyers and also sellers and therefore our ability to continue to grow the business.

但正如我在這次電話會議上多次談到的那樣。我們的經營環境競爭非常激烈，但我們對我們的產品、我們的創新、我們為買家和賣家的最終用戶提供價值的能力以及我們繼續發展業務的能力感到非常滿意。

Next question.

下一個問題。

Sanjay Sakhrani, KBW.

桑傑·薩赫拉尼 (Sanjay Sakhrani)，KBW。

Thank You. I had a question on commercial volumes. I know they decelerated these days mix. But I'm just wondering, what kind of growth rate we should expect on a go forward basis? I mean, I know there's some macro impact and maybe just talk about that specifically? Thanks.

謝謝。我有一個關於商業量的問題。我知道他們這些天的混合速度減慢了。但我只是想知道，未來我們應該期望什麼樣的成長率？我的意思是，我知道有一些宏觀影響，也許只是具體談談？謝謝。

Hi Sanjay, this is, Chris. Yeah, as you noted, we did see a day's mix impact in Q4 with commercial volumes. But if I just back way up, we're excited about the opportunity in new flows. We're optimistic about the big opportunity ahead and over time, we do anticipate that we'll see a continued growth of commercial volumes ahead of consumer volumes over time.

嗨，桑傑，我是克里斯。是的，正如您所指出的，我們確實看到了第四季度一天對商業量的混合影響。但如果我只是回退一下，我們就會對新流程中的機會感到興奮。我們對未來的巨大機會持樂觀態度，隨著時間的推移，我們確實預計，隨著時間的推移，我們將看到商業量的持續增長超過消費者量的增長。

Next question.

下一個問題。

Paul Golding, Macquarie.

保羅‧戈爾丁，麥格理。

Thanks so much. With the Featurespace acquisition in process, I just wanted to ask how you see AI playing into the business model. Do you see it more as driving vast or incremental business model uplift revenue or cost improvement or is it more of a competitive differentiator that will just keep you ahead of your competition? Thanks.

非常感謝。在收購Featurespace的過程中，我只是想問您如何看待人工智慧在商業模式中的作用。您是否認為它更多是推動巨大或增量的業務模式提高收入或成本改善，或者它更像是一種競爭優勢，可以讓您在競爭中保持領先地位？謝謝。

Yeah, thank you. In short, I see it as both, but let me unpack a couple of things that you said. First in terms of Featurespace, we're very excited about the opportunity to close on the Featurespace acquisition. As I travel around the world, financial crime, fraud is at the top of mind of clients, partners, regulators all around the world.

是的，謝謝。簡而言之，我認為兩者都是，但讓我來解釋一下你所說的一些事情。首先就Featurespace 而言，我們對有機會完成Featurespace 收購感到非常興奮。當我環遊世界時，金融犯罪和詐欺是世界各地客戶、合作夥伴和監管機構最關心的問題。

And Featurespace is a world leader in providing AI driven solutions to combat that fraud to reduce that fraud, to enable our clients and partners to continue to serve their customers in a safe way. So we're very excited about that.

Featurespace 是提供人工智慧驅動解決方案的世界領導者，以打擊欺詐，減少欺詐，使我們的客戶和合作夥伴能夠繼續以安全的方式為其客戶提供服務。所以我們對此感到非常興奮。

As it relates more broadly to especially generative AI at Visa. I see it really in two different buckets. The first is we are adopting it aggressively across our company to drive productivity and we've seen some great results from everywhere to our engineering teams, to our accounting teams, to our sales teams, our client service teams. And we're still in the early stages of, I think the very significant impact this will have on the productivity of our business.

因為它與 Visa 的生成式人工智慧有著更廣泛的關係。我確實在兩個不同的桶中看到了它。首先，我們正在整個公司積極採用它來提高生產力，我們已經看到我們的工程團隊、會計團隊、銷售團隊和客戶服務團隊都取得了一些出色的成果。我們仍處於早期階段，我認為這將對我們業務的生產力產生非常重大的影響。

I also see it as a real different differentiator to the products and services that we're putting in market. You've heard me talk about some of the new risk capabilities, risk management capabilities, for example, that we've deployed in the account to account space which are all enabled with generative AI, you mentioned Featurespace. We've had some really good success in other parts of both our value added services business, and the broader consumer payments business as well.

我還認為它是我們投放市場的產品和服務的一個真正不同的差異化因素。你聽我談論過一些新的風險功能，例如，我們在帳戶到帳戶空間中部署的風險管理功能，這些功能都是透過生成式人工智慧啟用的，你提到了特徵空間。我們在增值服務業務的其他部分以及更廣泛的消費者支付業務方面都取得了一些非常好的成功。

And we've got a product pipeline that is very heavily tilted towards, we think very exciting generative AI capabilities that hopefully you'll hear more from us on soon. One of those I mentioned in my prepared remarks, which was the data token that we're starting to pilot with foodpanda, which is one example of that. Thank you.

我們的產品線非常傾向於我們認為非常令人興奮的生成式人工智慧功能，希望您很快就能聽到我們的更多資訊。我在準備好的發言中提到的其中之一，就是我們開始用 foodpanda 試點的數據令牌，這就是一個例子。謝謝。

Next question.

下一個問題。

Tien-tsin Huang, JP Morgan.

黃天津，摩根大通。

Thank you. Just wanted to ask how growth in '25 might look different than '24 across consumer payments, new flows and value added services?

謝謝。只是想問「25 年」在消費者支付、新流量和加值服務方面的成長與「24 年」有何不同？

Yeah, hi, this is Chris. So we don't guide by consumer payments, new flows and value added services. But let me just give you a little bit more color on how we think about the guide that we did give. At the highest level, we took the same approach to guidance as we did a year ago, which is really to provide guidance based on our best estimate of what we expect to happen throughout the year.

是的，嗨，這是克里斯。因此，我們不以消費者支付、新流量和增值服務為指導。但是，讓我向您提供更多關於我們如何看待我們所提供的指南的資訊。在最高層，我們採取了與一年前相同的指導方法，這實際上是根據我們對全年預期發生的情況的最佳估計來提供指導。

And so, if we take all our assumptions and those assumptions play out, as we've articulated, we'd expect total revenue growth adjusted net revenue growth to be in the middle of the range that we provided, and obviously, if those assumptions, those variables turn out to be better, that could push us to the high end of revenue growth and vice versa, if those assumptions turn out to be slightly worse.

因此，如果我們採取所有假設並且這些假設得到實現，正如我們所闡述的那樣，我們預計總收入增長調整後的淨收入增長將處於我們提供的範圍的中間，顯然，如果這些假設，這些變量結果變得更好，這可能會將我們推向收入成長的高端，反之亦然，如果這些假設結果稍微更糟。

The key variables that I would call out are there's three probably four here to talk about. So one is incentives, our plan is based on our best estimate of renewals and deal activity. But as we saw in FY24 those results can vary quarter to quarter with client performance and timing of deals and lower growth could push revenue growth toward the upper end of the range.

我要指出的關鍵變數是這裡要討論的三個或四個。一是激勵措施，我們的計劃是基於我們對續約和交易活動的最佳估計。但正如我們在 2024 財年所看到的，這些結果可能會因客戶表現和交易時機而有所不同，而較低的成長可能會將營收成長推向區間上限。

Two, would be cross border volumes, higher or lower growth in cross border volumes would also contribute toward higher, lower within that revenue range. Third, would be volatility. We've assumed FY25 full year on average to the levels that we saw in Q4 and any significant swing could impact revenue in '25.

第二，跨國交易量，跨國交易量的較高或較低成長也將導致該收入範圍內的更高或更低。第三，波動性。我們假設 25 財年全年的平均水平達到我們在第四季度看到的水平，任何重大波動都可能影響 25 年的收入。

And of course, across all of it is the assumption on the macro economy. As we've always said, we're not forecasters of the economy, but in the event, in the US or globally, if PC grows faster than currently forecasted, then we should also see stronger growth as well. And so, all these factors can play a role. We feel good about the plan that we shared here for the full year at the start of the year. And we'll obviously continue to update you as the year unfolds.

當然，這一切都是對宏觀經濟的假設。正如我們一直所說的，我們不是經濟的預測者，但如果在美國或全球範圍內，如果個人電腦的成長速度快於目前的預測，那麼我們也應該看到更強勁的成長。因此，所有這些因素都會發揮作用。我們對年初在這裡分享的全年計劃感到滿意。隨著時間的推移，我們顯然會繼續向您通報最新情況。

Next question.

下一個問題。

Rayna Kumar, Oppenheimer.

雷娜·庫馬爾，奧本海默。

Good afternoon. Thanks for taking my question. Last week, the CFPB issued a final open banking rule for the US. Can you talk about what opportunities this could present for Visa from [Tink's] perspective and what potential headwinds it could create? Thank you.

午安.感謝您提出我的問題。上週，CFPB 發布了美國開放銀行業的最終規則。您能否從 [Tink] 的角度談談這可能為 Visa 帶來哪些機會以及可能帶來哪些潛在阻力？謝謝。

My understanding is that the new rules that they, I guess finalized are largely consistent with the CFPB's initial proposal. And you know, we are strong advocates for consumers having more control and more access to the financial data, but ensuring that it's in a safe and secure way.

我的理解是，我認為他們最終確定的新規則與 CFPB 的最初提案基本一致。您知道，我們強烈主張消費者擁有更多控制權和更多存取財務資料的機會，但要確保其安全可靠。

We're still evaluating all the details of the potential impacts from the more detailed regulations across the industry. But I -- it goes without saying our own capabilities will comply with the CFPB's rules as well as our clients. Very high bar for security and privacy. Widening the aperture a little bit to the opportunities that it creates.

我們仍在評估整個行業更詳細的法規所帶來的潛在影響的所有細節。但我——不用說，我們自己的能力將遵守 CFPB 的規則以及我們的客戶。安全和隱私的門檻非常高。稍微擴大光圈以創造機會。

I think, in an environment that open banking is even more available in the United States like it is in places like Europe. What we found is that the Visa brand can be a meaningful differentiator. The Visa brand can give confidence to end users and data providers and that if we can bring our capabilities to market like we've done in Europe.

我認為，在開放銀行業務在美國更普及的環境中，就像在歐洲等地方一樣。我們發現 Visa 品牌可以成為一個有意義的差異化因素。 Visa 品牌可以為最終用戶和數據提供者帶來信心，如果我們能夠像在歐洲一樣將我們的能力推向市場。

With Visa A2A, we can give more confidence to the whole ecosystem and help resolve a lot of the complexities that exist in open banking. So we remain excited about the opportunities to add value especially in the US where we're still in the pretty nascent stages of all this.

借助 Visa A2A，我們可以為整個生態系統帶來更多信心，並幫助解決開放銀行業務中存在的許多複雜問題。因此，我們仍然對增加價值的機會感到興奮，特別是在美國，我們仍處於這一切的初級階段。

Next question.

下一個問題。

Andrew Schmidt, Citi.

安德魯‧施密特，花旗銀行。

Hi, Ryan. Hey Chris, thanks for taking my questions this afternoon. I wanted to ask about value add services growth, it's really good to see the consistency there. Maybe you could just talk about the predictability and then maybe comment a little bit more on the planning process of how you sort of feed the engine and continue to drive that growth. I know there's an organic and inorganic components of penetration aspects to this. But if you could help unpack that, I know it's a lot of things in there if you could help unpack that, it'd be great. Thanks so much.

嗨，瑞安。嘿克里斯，謝謝你今天下午回答我的問題。我想詢問增值服務的成長情況，很高興看到那裡的一致性。也許您可以只談論可預測性，然後可以對如何為引擎提供動力並繼續推動成長的規劃過程進行更多評論。我知道滲透方面有有機和無機成分。但如果你能幫忙解開它，我知道裡面有很多東西，如果你能幫忙解開它，那就太好了。非常感謝。

Yeah, we too are very excited about the consistent growth. We've been able to deliver year after year with the value added services businesses. And we deliver that through planning, sales planning, client planning, product road mapping, all the things that you would expect we do business by business and the issuer solutions business, the acquirer solutions business, risk and advisory business, and so on and so forth.

是的，我們也對持續成長感到非常興奮。我們能夠年復一年地提供加值服務業務。我們透過規劃、銷售規劃、客戶規劃、產品路線圖、您期望我們按業務開展的所有事情以及發行人解決方案業務、收單方解決方案業務、風險和諮詢業務等等來實現這一點。

And when you think about the opportunity, here's how I would encourage you to think about it, which is the same way. We kind of plan to go to market. We deliver value added services for Visa transactions and these are offerings that are built to enable Visa to be the best way to pay and be paid market by market around the world, and we're continuing to invest to add new functionality to improve the payment, success and the security on the network.

當你想到這個機會時，我會鼓勵你這樣思考，也是同樣的方式。我們有點計劃去市場。我們為 Visa 交易提供增值服務，這些產品旨在使 Visa 成為全球各個市場支付和收款的最佳方式，並且我們將繼續投資添加新功能以改善支付、網路的成功和安全。

So these are products and services like Visa Account Updater, the risk products that we talk a lot about like Visa Secure, the dispute tools that we deliver, like Visa Resolve Online, the benefits that we offer. So that's kind of one component of the opportunity.

這些產品和服務包括 Visa Account Updater 等我們經常談論的風險產品，例如 Visa Secure，我們提供的爭議工具，例如 Visa Resolve Online，我們提供的福利。所以這是機會的一個組成部分。

The second part of the opportunity is services for non-Visa transactions. This is an area you've heard me and us talking a lot more about in recent quarters, this includes acceptance services like Cybersource, Authorize.net, Verifi, risk tools like Decision Manager, processing solutions like DPS like Pismo. And again, these are all capabilities that we're bringing to market for our clients that add value for all different types of payment transactions.

機會的第二部分是非 Visa 交易服務。這是您和我們在最近幾季中經常談論的一個領域，其中包括 Cyber​​source、Authorize.net、Verifi 等驗收服務，決策管理器等風險工具，以及 Pismo 等 DPS 等處理解決方案。再說一遍，這些都是我們為客戶推向市場的功能，可以為所有不同類型的支付交易增加價值。

And then the third sets of opportunities that we're going after our services beyond payments. This is a much broader category, it includes things like our consulting and analytics teams, our marketing services teams, open banking services such as Tink, we were talking about earlier in terms of their data aggregation solutions.

然後是我們在支付之外的服務中尋求的第三組機會。這是一個更廣泛的類別，它包括我們的諮詢和分析團隊、行銷服務團隊、Tink 等開放銀行服務，我們之前討論過他們的資料聚合解決方案。

We're now offering core banking platform services as part of the Pismo acquisition as well. So that hopefully gives you a sense of how we look at the opportunities, we look at the competitive sets, we build and deliver products. We build and deliver our sales motions and go to market and ultimately deliver the consistent growth that you referenced.

作為 Pismo 收購的一部分，我們現在也提供核心銀行平台服務。希望這能讓您了解我們如何看待機會、我們如何看待競爭、我們如何建構和交付產品。我們制定並交付我們的銷售計劃並進入市場，並最終實現您所提及的持續成長。

Next question.

下一個問題。

Dave Koning, Baird.

戴夫·科寧，貝爾德。

Yeah. Hey guys. Thank you. On the cross border line revenue growth was stable at 9% this quarter, same as last quarter, but reported volumes accelerated a percent. And I would think FX volatility was less bad, so that probably helped a little bit and mix seemed about the same. So I was wondering, is there anything else any other little headwinds emerging there? What, maybe -- what created the GAAP?

是的。嘿夥計們。謝謝。本季跨境收入成長穩定在 9%，與上季相同，但報告的交易量增加了 1%。我認為外匯波動性沒那麼嚴重，因此這可能會有所幫助，而且混合情況似乎大致相同。所以我想知道，還有其他的小阻力出現嗎？也許是什麼——是什麼創造了公認會計準則？

Yeah, sure. So a couple of things. So as you pointed out, international revenue grew slower than total cross border volumes, it really did have to do with the volatility. So Q4 volatility did improve from Q3 a bit, but it was lower than the volatility that we saw last year. And secondly, the associated volume, the cross border volume 13% in Q4 as expected, but also lower than the volume growth that we saw in Q4 a year ago. And so when you combine those things, that had the impact of the differential that you see between volumes and revenue.

是的，當然。有幾件事。正如您所指出的，國際收入的成長速度慢於跨國交易總量，這確實與波動有關。因此，第四季的波動性確實比第三季有所改善，但低於我們去年看到的波動性。其次，相關交易量，第四季跨境交易量按預期成長 13%，但也低於我們去年第四季看到的交易量成長。因此，當你將這些因素結合起來時，就會產生銷售量和收入之間差異的影響。

Next question.

下一個問題。

Tim Chiodo, UBS.

提姆‧奇奧多，瑞銀集團。

Great. Thank you for taking the question. So I wanted to dig into two specific aspects of value added services. So first being DPS and the second being Cybersource. I believe those two combined make up a reasonably large portion of the transaction based value added services. I think the last disclosure on DPS was about $2.5 trillion in volume and Cybersource in the roughly $1 trillion. I was hoping you could give sort of relative growth rates relative to the rest of value added services and maybe some updated stats if possible. Thanks.

偉大的。感謝您提出問題。所以我想深入研究增值服務的兩個具體方面。首先是 DPS，第二個是 Cyber​​source。我相信這兩者加起來構成了基於交易的增值服務的相當大的一部分。我認為 DPS 上最新披露的交易量約為 2.5 兆美元，而 Cyber​​source 的交易量約為 1 兆美元。我希望您能夠提供相對於其他增值服務的相對增長率，如果可能的話，也許還提供一些更新的統計數據。謝謝。

Yeah, thanks for the question. We're super proud about the progress that we're making in DPS and in Cybersource. DPS being primarily in the US, and in Cybersource being a really out scale global platform now. But we don't provide transaction, volume growth or break out of metrics at that level of reporting. So appreciate the interest. Sorry, not to be able to provide in more detail.

是的，謝謝你的提問。我們對 DPS 和 Cyber​​source 方面取得的進展感到非常自豪。 DPS 主要在美國，而 Cyber​​source 現在已經成為一個非常大規模的全球平台。但我們不提供該級別所報告的交易、交易量成長或突破指標。所以感謝你的興趣。抱歉，無法提供更詳細的資訊。

Next question.

下一個問題。

Bryan Keane, Deutsche Bank.

布萊恩‧基恩，德意志銀行。

Hi guys. Good afternoon. Wanted to ask about the pickup you've seen in October for volume growth, especially in debit. Looks like it's perked up a little bit to 7%. Anything you're seeing there in new wins or is that potentially a better economic environment driving that? And then just quickly secondly, on the price, the value, just a change in timing. What was the reason for the change? What -- why is the timing different this year?

嗨，大家好。午安.想詢問您在 10 月看到的交易量成長的回升情況，尤其是藉方交易量的成長。看起來它有點活躍到7%。您在新的勝利中看到了什麼，或者可能是更好的經濟環境推動了這一點？然後很快，第二，在價格、價值上，只是時間上的變化。改變的原因是什麼？什麼——為什麼今年的時間不同？

Sure. Okay. I'll start with your question about October and then, and then I think Ryan will handle your second part of your question. So in terms of October. So as we've consistently said, three weeks, don't make a trend. It was true in July when we started a little bit slower and then Q4 ended up being stable and it's, and we think it's true now, as we see a strong start to October.

當然。好的。我將從你關於十月的問題開始，然後我認為瑞安會處理你問題的第二部分。所以就十月而言。正如我們一直說的，三週內不要形成趨勢。 7 月確實如此，當時我們開始的速度有點慢，然後在第四季度最終穩定下來，我們認為現在也是如此，因為我們看到 10 月有一個強勁的開局。

Now that said, here's a couple of things that we see in terms of relative strength between the month of October and how we ended Q4. Two things that I point to one is, day's mix. So the growth in the month of September was lower due to today's mix. Last year, September had an extra Friday and Saturday, which are two of the highest spend days of the week.

話雖如此，從 10 月到第四季結束時的相對強度來看，我們看到了一些事情。我指出的兩件事之一是，一天的混合。因此，由於今天的混合，9 月的增長較低。去年，九月多了一個週五和週六，這是一週中消費最高的兩個日子。

And this September that was replaced with a Sunday and Monday, which are two of the lower spend days, and so that had an impact on September growth. And then secondly, in the US, in addition to that day's mix point, we are starting to lap the modest impact of Reg II that we started to talk about a year ago in Q1. And so those combined things are contributing to what we see is the start of October. But as we said, it's three weeks, let's see how the quarter plays out.

今年 9 月，這一天被周日和周一取代，這是支出較低的兩個日子，這對 9 月的成長產生了影響。其次，在美國，除了當天的混合點之外，我們還開始考慮一年前第一季我們開始討論的 Reg II 的適度影響。因此，這些綜合因素對我們所看到的 10 月初的情況做出了貢獻。但正如我們所說，現在已經三週了，讓我們看看這個季度的表現如何。

Hey, Bryan. Yeah, as you noted and we've said many times we price to value. So when we price the value, we have to ship products, we have to ship services. We have to deliver solutions that are adding value and increasing value to our clients. And our product pipeline in 2025 is a bit more backloaded especially as we bring some new and exciting products and services to the market. And so that really drives the difference in pricing cadence in 2025.

嘿，布萊恩。是的，正如您所指出的，我們已經多次說過，我們的定價是基於價值的。因此，當我們為價值定價時，我們必須交付產品，我們必須交付服務。我們必須提供能夠為客戶增加價值和增加價值的解決方案。到 2025 年，我們的產品線會更加擁擠，尤其是當我們向市場推出一些令人興奮的新產品和服務時。因此，這確實會導致 2025 年定價節奏的差異。

Next question.

下一個問題。

Jason Kupferberg, Bank of America.

賈森‧庫普弗伯格，美國銀行。

Thanks guys, just looking at the US card, present volume growth. I think we've been in the 2% range here for the past two or three quarters. So wondering if you're expecting that to accelerate in fiscal '25. And Chris, can you just quantify with that favorable adjustment to Q4 new flows revenues were? Thank you.

謝謝大家，只要看看美國卡，目前的銷售成長。我認為過去兩三個季度我們一直處於 2% 的範圍內。所以想知道您是否預計這種情況會在 25 財年加速。克里斯，您能否量化第四季新流量收入的有利調整？謝謝。

Got it, Jason, you cut out a little bit at the end. What was the second part of your question, Jason?

明白了，傑森，你最後刪掉了一點。傑森，你問題的第二部分是什麼？

The one time helper to new flows revenue in Q4, if you could quantify that?

第四季新流量收入的一次性幫助者，你能量化一下嗎？

Okay. Got it. I'll start with the second one since you just asked it. Yeah, we feel great about the momentum of new flows. Q3 was 18%, now the 22% in Q4. As I said on the call though Q4 was helped by this one time rebate adjustment due to deal timing. So we had expected a client to earn a rebate, which was contingent on them achieving a milestone, and they didn't achieve it. So as such, we recorded a one-time adjustment to that rebate which landed in Q4.

好的。知道了。既然你剛才問了，我就從第二個開始。是的，我們對新流動的動力感到非常高興。第三季為 18%，第四季為 22%。正如我在電話會議上所說，由於交易時機，第四季的一次性回扣調整對第四季有所幫助。因此，我們原本期望客戶能夠獲得回扣，這取決於他們實現一個里程碑，但他們沒有實現。因此，我們對第四季的回扣進行了一次性調整。

And I think your first question was around a card present and just sort of volumes as we look forward into FY25. And maybe that's where I'll go out, I'll just broaden it a little bit and said for our call, we, our overall assumptions on underlying drivers is that in '25 they may relative typically stable to the trends that we see both for the full year on payment volume and payment transactions relative to '24 and then on cross border to the trends that that we see in in Q4. And they will remain relatively strong and healthy. And like I said, we'll continue to update you throughout the course of the year.

我認為你的第一個問題是關於一張卡片以及我們對 2025 財年的展望。也許這就是我要出去的地方，我會稍微擴大一下範圍，並在我們的電話會議中說，我們對潛在驅動因素的總體假設是，在 25 年，它們可能相對通常穩定於我們看到的趨勢相對於24 年全年的支付量和支付交易，然後是我們在第四季度看到的跨境趨勢。他們將保持相對強壯和健康。正如我所說，我們將在這一年中繼續為您提供最新資訊。

Next question.

下一個問題。

Craig Maurer, FT Partners

克雷格·毛雷爾，《金融時報》合夥人

Hi, thanks everybody, for taking my questions. Wanted to ask first, haven't asked in a long time about your thoughts on operating leverage. And your growing expenses at a similar rate to revenue in the forecast for fiscal year '25. And going forward long term, is there a commitment to grow revenue faster than expenses or are we looking at limited operating leverage in the future?

大家好，謝謝大家回答我的問題。想先問一下，好久沒問你對經營槓桿的看法了。在 25 財年的預測中，您的支出成長速度與收入成長速度相似。從長遠來看，是否承諾收入成長速度快於支出成長速度，或者我們未來的營運槓桿有限？

And secondly, considering the fiscal year '25 guide, what are your assumptions around APAC embedded in the guide? Do you need acceleration in China to achieve that or is it basically assuming the same steady no growth situation there? Thanks.

其次，考慮到 25 財年指南，您對指南中包含的亞太地區的假設是什麼？中國是否需要加速才能實現這一目標，還是基本上假設那裡同樣穩定無成長？謝謝。

Well, I'll take the first question. You can take the second question, Chris. On your first question, as I said on this call and earlier calls, we have an enormous set of opportunities that we're pursuing and the way we're running the business day in and day out, quarter in quarter out, year in year out is, we're going through the assessment of those opportunities, we're figuring out the product pipeline that we can deploy. We're looking at inorganic and organic opportunities.

好吧，我來回答第一個問題。你可以回答第二個問題，克里斯。關於你的第一個問題，正如我在這次電話會議和之前的電話會議上所說的那樣，我們正在追求大量的機會，以及我們日復一日、季復一季、年復一年的業務營運方式問題是，我們正在評估這些機會，我們正在找出可以部署的產品管道。我們正在尋找無機和有機的機會。

And we're putting together a plan that we think maximizes the long term growth that we can deliver. That's the way we approach it, that's the way we think about it. And you see the results that we've delivered and you heard what Chris' comments were on the guide for this year. So that's kind of where we are with that

我們正在製定一項計劃，我們認為該計劃可以最大限度地實現我們可以實現的長期成長。這就是我們處理問題的方式，這就是我們思考問題的方式。您會看到我們交付的結果，也會聽到克里斯對今年指南的評論。這就是我們現在的情況

I'll address your comments on AP specifically. So again at a global basis, we expect overall trends to be relatively similar to where we're ending FY24. And the situation in AP so much of that has been driven by the macro-economic conditions in China. And as we've consistently said, we don't forecast the economy. And so again, in the context of relatively stable drivers, we'll see how AP performs, but again, it'll really be dependent on the health of the overall economy.

我將專門針對您對美聯社的評論進行評論。因此，在全球範圍內，我們預期整體趨勢將與 2024 財年結束時的情況相對相似。美聯社的情況很大程度上是由中國的宏觀經濟狀況所推動的。正如我們一直所說的，我們不預測經濟。因此，在相對穩定的驅動因素的背景下，我們將看到美聯社的表現如何，但同樣，它實際上取決於整體經濟的健康狀況。

Next question.

下一個問題。

Trevor Williams, Jefferies.

特雷弗威廉斯，杰弗里斯。

Great. Thanks a lot. Yeah, I wanted to follow up on value added services. I think the general framework you've given is roughly two-thirds of vast revenue is transaction linked in some form, of that portion that's tied to transactions or volume. How much of that today needs to be over VisaNet for you to be earning those vast revenue streams?

偉大的。多謝。是的，我想跟進加值服務。我認為您給出的總體框架是大約三分之二的巨額收入是以某種形式與交易相關的，其中一部分與交易或數量相關。如今，您需要透過 VisaNet 獲得多少收入才能獲得如此龐大的收入流？

Ryan, it sounds like most of it today is still running over your network, but maybe the off network piece should be increasing as a percentage of the mix over time, but anything more specific, there would be helpful? Thanks.

Ryan，聽起來今天的大部分內容仍然在您的網路上運行，但也許離線部分應該隨著時間的推移而增加，但更具體的內容會有幫助嗎？謝謝。

Yeah, I mean, the largest component of our vas revenue today is that first bucket of services I mentioned for Visa transactions, And obviously we've been doing that the longest time. And just to comment on that what that really does is it drives additional yield on top of our Visa transactions. So we're adding more value to the transaction, We're adding more value to the client and ultimately driving additional yield on top of the Visa payment volume growth that we see.

是的，我的意思是，我們今天的 vas 收入的最大組成部分是我提到的 Visa 交易的第一桶服務，顯然我們已經這樣做了最長的時間。只是評論一下，它真正的作用是在我們的 Visa 交易之上帶來額外的收益。因此，我們正在為交易增加更多價值，我們正在為客戶增加更多價值，並最終在我們看到的 Visa 支付成長的基礎上推動額外收益。

But as I said we also see we make meaningful progress building out our platforms to service non-Visa transactions. Cybersource I mentioned, Verifi I mentioned, Pismo I mentioned, Decision Manager I mentioned these are all becoming meaningful platforms for us with a meaningful opportunity. And you can just imagine the TAM that we're able to go after when we're not just delivering services for visa transactions, but we're able to work with clients to deliver services on top of a much broader array of payment transactions is just significant. So we're we remain very excited about both.

但正如我所說，我們也看到我們在建立服務非 Visa 交易的平台方面取得了有意義的進展。我提到的 Cyber​​source、我提到的 Verifi、我提到的 Pismo、我提到的 Decision Manager 這些都成為對我們有意義的平台，為我們帶來了有意義的機會。您可以想像，當我們不僅為簽證交易提供服務，而且能夠與客戶合作，在更廣泛的支付交易之上提供服務時，我們能夠追求的 TAM 是只是意義重大。所以我們對兩者都感到非常興奮。

Last question, please.

最後一個問題，請。

Darrin Peller, Wolfe Research.

達林佩勒，沃爾夫研究中心。

Hey, thanks guys. Look just coming off of the, I think it was 12% growth in incentives and rebates in '24. And now you're saying obviously higher '25 it's obviously great to see the activity should help us see in growth. Maybe just help us understand a little more around you mentioned a lot of renewals. But what about just net new business and market share gains?

嘿，謝謝大家。看看剛結束的情況，我認為 24 年激勵和回扣增長了 12%。現在你說25年明顯更高，很明顯很高興看到這項活動應該可以幫助我們看到成長。也許只是幫助我們更多地了解你周圍提到的許多續訂。但是淨新業務和市佔率的成長又如何呢？

How does that build in? And I guess related to that? Looks like this year is a big year of that contra revenue growth rate. So, does that have an impact on how you think about this year's growth versus long term? We think it could be actually more so even better this year being a little bit of an outline here in terms of growth and incentives and rebates if we're thinking about that correctly? Thanks guys.

這是如何建構的？我想與此有關？看起來今年是相對收入成長率的重要一年。那麼，這是否會影響您對今年成長與長期成長的看法？我們認為，如果我們正確地思考的話，今年在成長、激勵和回扣方面提供一點輪廓可能會更好？謝謝你們。

Yeah, Darrin. I mean, I don't think we're going to get into like the outer years, but I'd say a couple of things. One is we're winning, like we're winning region by region and market by market around the world. You look at the size and sophistication of some of those names that I mentioned in my prepared remarks and I've mentioned for the last couple quarters. We are winning and we feel really good about that market by market around the world.

是的，達林。我的意思是，我認為我們不會像前幾年那樣陷入困境，但我想說幾件事。一是我們正在獲勝，就像我們正在世界各地逐一地區、逐個市場贏得勝利一樣。你看看我在準備好的發言中提到的以及我在過去幾個季度中提到的一些名字的規模和複雜程度。我們正在獲勝，我們對全球各個市場都感到非常滿意。

The second thing is, as we've also talked about in the past. We can't necessarily predict the time of when these renewals are going to happen, when the competitive situation is going to happen in our client. We have to be ready at any given time to give our best and hopefully ultimately win. And as you were alluding to, there's been kind of a string of those recently and more of them this quarter that we're excited about.

第二件事是，正如我們過去也討論過的。我們不一定能預測這些續約何時發生，何時我們的客戶將會發生競爭狀況。我們必須在任何特定時間做好準備，竭盡全力並希望最終獲勝。正如您所提到的，最近出現了一系列這樣的情況，本季出現了更多這樣的情況，我們對此感到興奮。

So we'll continue to deploy a great product. We'll continue to, we've got a great team that I acknowledged during the prepared remarks that serving these clients, which is ultimately a big reason. They choose to both continue to do business with us and expand the business that they're doing with us. Expand the consumer business, expand in the commercial business, expand into new flows, and we feel really good about it.

因此，我們將繼續部署出色的產品。我們將繼續，我們擁有一支出色的團隊，我在準備好的演講中承認為這些客戶提供服務，這最終是一個重要原因。他們選擇繼續與我們開展業務並擴大他們與我們開展的業務。拓展消費業務、拓展商業業務、拓展新的流量，我們對此感覺非常好。

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

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

Thank you all for participating in Visa's fiscal fourth quarter and full year 2024 earnings conference call. That concludes today's conference. You may disconnect at this time, and please enjoy the rest of your day.

感謝大家參加 Visa 第四財季和 2024 年全年收益電話會議。今天的會議到此結束。您此時可以斷開連接，請享受接下來的一天。