Visa Inc (V) 2025 Q2 法說會逐字稿

Welcome to Visa's fiscal second-quarter 2025 earnings conference call. (Operator Instructions) Today's conference is being recorded. (Operator Instructions)

歡迎參加 Visa 2025 財年第二季財報電話會議。（操作員指示）今天的會議正在錄製。（操作員指示）

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

現在，我想將會議交給主持人、高級副總裁兼全球投資者關係主管 Jennifer Como 女士。科莫先生，您可以開始。

Thank you. Good afternoon, everyone, and welcome to Visa's fiscal second-quarter 2025 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 2025 財年第二季財報電話會議。今天與我們一起參加活動的有 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.

本次電話會議將在我們網站 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 IR 網站上。

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

我還要提醒您，本簡報包含前瞻性陳述。這些聲明並不能保證未來的表現，而且由於許多因素，我們的實際結果可能會存在重大差異。有關這些因素的更多信息，請參閱我們最新的 10-K 表年度報告以及 10-Q 表和 8-K 表的任何後續報告，您可以在美國證券交易委員會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 of the 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.

除非另有說明，我們今天對財務結果的評論將反映基於 GAAP 的收入，而所有結果則反映基於非 GAAP 名義的收入。相關的 GAAP 指標和對帳可在今天的收益報告和我們 IR 網站上提供的相關資料中找到。

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

說完這些，讓我把電話轉給瑞安。

Thanks, Jennifer. Visa is one of the world's best businesses with strong growth and leading profitability powered by world-class brand, innovative technology, and unparalleled network and global scale. This quarter, we saw the strength of our business model with $9.6 billion in net revenue, up 9% year over year, and EPS of 10%.

謝謝，珍妮佛。Visa是全球最優秀的企業之一，憑藉世界一流的品牌、創新的技術以及無與倫比的網路和全球規模，擁有強勁的成長動能和領先的獲利能力。本季，我們的商業模式表現強勁，淨收入達 96 億美元，年增 9%，每股收益達 10%。

Our key business drivers were strong, even with the lapping of leap day from last year and consumer spending remained resilient in an uncertain and dynamic environment. In constant dollars, overall payments volume grew 8% year over year. US payments volume grew 6%, and international payments volume grew 9%.

儘管與去年同期相比閏日有所重疊，而且消費者支出在充滿不確定性和動態的環境中依然保持彈性，但我們的主要業務驅動力依然強勁。以不變美元計算，整體支付額年增 8%。美國支付量成長6%，國際支付量成長9%。

Cross-border volume, excluding entry Europe, rose 13% in constant dollars and process transactions grew 9% year over year. Our strategy across consumer payments, commercial and money movement solutions, and value-added services continues to resonate with our clients. And we remain focused on serving our clients through our innovation and product development.

不包括歐洲入境的跨國交易量以不變美元計算增加了 13%，而流程交易量則年增了 9%。我們的消費者支付、商業和資金流動解決方案以及增值服務策略繼續引起客戶的共鳴。我們將繼續致力於透過創新和產品開發為客戶提供服務。

I will start with quarterly highlights and then make a few comments on the current environment. In consumer payments, we continue to execute the fundamentals, expanding credentials and acceptance and driving user engagement in order to grow both carded and non-carded volumes.

我將從季度亮點開始，然後對當前環境發表一些評論。在消費者支付方面，我們繼續執行基本原則，擴大憑證和接受度並推動用戶參與，以增加有卡和無卡支付量。

Total credentials grew 7% with generally consistent growth across our regions. We added 1 billion tokens since last quarter to total 13.7 billion, and now nearly 50% of our e-commerce transactions globally are tokenized. We also crossed 1 billion tokens in Latin America and 0.5 billion in CEMEA.

總證書數量增加了 7%，各地區總體保持了持續成長。自上個季度以來，我們增加了 10 億個代幣，總數達到 137 億個，現在全球近 50% 的電子商務交易都已代幣化。我們在拉丁美洲的代幣發行量也超過了 10 億，在 CEMEA 的代幣發行量超過了 5 億。

And we continue to make progress displacing cash in key markets. For example, India, Mexico, and Brazil each added more than 1 million merchant locations in the last year as we have driven greater acceptance, including with smaller merchants.

我們在主要市場取代現金方面繼續取得進展。例如，隨著我們推動更大範圍的接受度，包括小型商家，印度、墨西哥和巴西在去年分別增加了 100 多萬個商家網點。

We recently signed an agreement with Effecty, one of the biggest cash networks in Colombia with over 30 million users. Effecty will launch 4.5 million consumer debit cards and build acceptance with their cash agents.

我們最近與 Effecty 簽署了一項協議，Effecty 是哥倫比亞最大的現金網路之一，擁有超過 3000 萬用戶。Effecty 將發行 450 萬張消費者金融卡，並爭取其現金代理商的認可。

We also convert closed-loop to open-loop opportunities. For example, I'll highlight two transit deals in Latin America, one in Argentina with Banco de la Nación, to launch an open-loop SUBE Visa card for use on public transportation. And two, in Chile with Metro Pago, also launch an open-loop Visa card and add acceptance locations at transit stops.

我們也將閉環機會轉化為開環機會。例如，我將重點介紹拉丁美洲的兩項交通交易，一項是與阿根廷國家銀行 (Banco de la Nación) 達成的，旨在推出可用於公共交通的開放式 SUBE Visa 卡。二是與智利 Metro Pago 合作，推出開放式 Visa 卡，並在公車站點增設受理點。

As we mentioned at Investor Day, what gives us confidence in our ability to grow consumer payments are our products and our solutions. They are enabling us to succeed in important high-value consumer payments use cases, innovations such as Tap to Everything, tokens, multi-currency cards, flex credentials, account to account solutions, and our differentiated card holder benefits platforms.

正如我們在投資者日所提到的，我們的產品和解決方案讓我們對增加消費者支付的能力充滿信心。它們使我們能夠在重要的高價值消費者支付用例中取得成功，這些創新包括 Tap to Everything、代幣、多幣種卡、靈活憑證、帳戶到帳戶解決方案以及我們差異化的持卡人福利平台。

I'll note some progress this quarter. Our efforts in Tap to Everything continued, driving cash digitization and habituation. Tap to Phone added nearly 2 million transacting device terminals since last quarter, with growth primarily driven by Latin America, the US, and Europe.

我會注意到本季的一些進展。我們繼續在 Tap to Everything 方面努力，推動現金數位化和習慣化。自上個季度以來，Tap to Phone 增加了近 200 萬個交易設備終端，成長主要來自拉丁美洲、美國和歐洲。

Tap to Pay penetration is now at 76% globally, with the US passing 60% for the first time. Penetration at US drugstores, retailers, and quick-service restaurants is now above 60% as well. Tap to Add Card continued to gain traction. And with the majority of fraud being eliminated as compared to manual entry, it's not surprising that we now have nearly 150 issuers participating globally in more than 35 countries and territories.

目前，全球點擊支付普及率已達 76%，美國首次超過 60%。美國藥局、零售商和快餐店的滲透率現在也超過 60%。「點選新增卡片」功能繼續受到青睞。與手動輸入相比，大多數詐欺行為都被消除了，因此，我們目前在全球 35 個國家和地區擁有近 150 個發行機構參與也就不足為奇了。

Tap to P2P is a Visa product that leverages tokenization for enhanced security. Visa's Tap Kernel and SDK technology for seamless contactless data transmission between devices, and the convenience of Visa Direct's real-time money movement for funds transfers.

Tap to P2P 是 Visa 的一款產品，它利用標記化來增強安全性。Visa 的 Tap Kernel 和 SDK 技術可實現裝置之間的無縫非接觸式資料傳輸，以及 Visa Direct 即時資金流動的資金轉帳便利。

We are soon launching our Tap to P2P products in the US with Samsung. Samsung Wallet will introduce this innovative P2P payments feature that will allow users to quickly send money to friends or family by just tapping a phone to a debit card or another phone, a strategy focused on enabling cross-platform functionality across mobile wallets.

我們很快就會與三星合作在美國推出我們的 Tap to P2P 產品。三星錢包將推出這項創新的 P2P 支付功能，用戶只需用手機觸碰借記卡或另一部手機即可快速向朋友或家人匯款，這項策略專注於實現行動錢包的跨平台功能。

Another development is in our stable coin offerings. We believe two important capabilities are interoperability and programmability. We have continued to expand our interoperability, including with our first seven-day a week stable coin settlement, recently surpassing $200 million in cumulative stable coin settlement volume.

另一個進展是我們的穩定幣發行。我們認為兩個重要的能力是互通性和可程式性。我們不斷擴大互通性，包括首次每週七天進行穩定幣結算，最近累計穩定幣結算量已超過 2 億美元。

On programmability, we also developed the Visa tokenized asset platform to help enable banks to issue and leverage stable coins for new types of programmable finance. Our first pilot partner, BBBA, plans to launch a stable coin later this year on the Ethereum blockchain.

在可程式性方面，我們也開發了 Visa 代幣化資產平台，幫助銀行發行並利用穩定幣實現新型可程式金融。我們的第一個試點合作夥伴 BBBA 計劃今年稍後在以太坊區塊鏈上推出一種穩定幣。

In our focus to attract and retain the affluent and cross-border traveler, we continue to evolve our infinite product and are excited about the launch of the Scotiabank Passport Visa Infinite Privilege Card, offering elite travel benefits for Canadians. The card provides travel rewards, insurance, and exclusive perks.

我們致力於吸引和留住富裕的跨境旅行者，並不斷改進我們的無限產品，並對豐業銀行護照簽證無限特權卡的推出感到興奮，該卡為加拿大人提供精英旅行福利。該卡提供旅遊獎勵、保險和專屬福利。

Moving to commercial and money movement solutions. As we drive further penetration of these opportunities, we have seen strong results in the second quarter, with commercial volume up 6% in constant dollars, Visa direct transactions up 28%, and CMS revenue up 13% year over year in constant dollars.

轉向商業和資金流動解決方案。隨著我們進一步滲透這些機會，我們在第二季度看到了強勁的業績，商業交易量以固定美元計算增長了 6%，Visa 直接交易量增長了 28%，CMS 收入按固定美元計算同比增長了 13%。

In Visa Commercial Solutions this quarter, we made progress on our strategy as we deepened our relationships with a number of existing clients. To capture the accounts receivable and accounts payable opportunity, we are utilizing product innovations such as embedded finance solutions to meet payers where they manage their business to drive adoption of cards. We are pleased that Lloyds has signed a deal with Taulia to issue and embed Visa virtual cards in the SAP ERP and procure to pay workflows of their customers.

本季度，在 Visa 商業解決方案方面，我們與許多現有客戶的關係不斷加深，策略也取得了進展。為了抓住應收帳款和應付帳款的機會，我們正在利用嵌入式金融解決方案等產品創新來滿足付款人管理業務的需求，從而推動信用卡的採用。我們很高興勞埃德銀行與 Taulia 簽署了一項協議，在 SAP ERP 中發行和嵌入 Visa 虛擬卡，並採購客戶的付款工作流程。

Our vertical specific strategies serve the needs of small, middle market, and large businesses. In that light, we are supporting Itaú in their Card-as-a-Service platform, which offers credit and debit card issuance, product lifecycle management, and digital accounts to businesses across agribusiness, real estate, auto and retailers.

我們的垂直特定策略可滿足小型、中型市場和大型企業的需求。有鑑於此，我們支援 Itaú 的卡即服務平台，該平台為農業綜合企業、房地產、汽車和零售企業提供信用卡和借記卡發行、產品生命週期管理和數位帳戶服務。

In the B2B travel vertical, we continue to see strong demand for innovative payment solutions to transact in multiple currencies while enhancing payment security, reconciliation, and operational efficiency. We expanded our agreement with LianLian Global to launch a B2B travel solution in Hong Kong. LianLian Global will also be utilizing Visa Direct's multi-currency capabilities to support end-to-end collections and payouts.

在 B2B 旅遊垂直領域，我們繼續看到對創新支付解決方案的強勁需求，這些解決方案可以以多種貨幣進行交易，同時提高支付安全性、對帳和營運效率。我們擴大了與 LianLian Global 的協議，在香港推出 B2B 旅遊解決方案。LianLian Global 也將利用 Visa Direct 的多幣種功能來支援端到端的收款和付款。

Continuing with Visa Direct. This quarter, we signed an important deal with Jack Henry to offer Visa Direct through their digital applications to facilitate rapid transfers among bank accounts and enable their community and regional financial institution clients to offer Visa Direct to their consumer account holders and SMBs.

繼續使用 Visa Direct。本季度，我們與 Jack Henry 簽署了一項重要協議，透過他們的數位應用程式提供 Visa Direct，以促進銀行帳戶之間的快速轉賬，並使他們的社區和地區金融機構客戶能夠向其消費者帳戶持有人和中小型企業提供 Visa Direct。

In the cross-border space, Checkout.com is the first acquirer in the UAE to launch Visa Direct's push-to-card solution, enhancing real-time money transfer capabilities for both cross-border and domestic transactions. And in the US, we expanded our agreement with TabaPay, a money movement platform serving more than 6,500 fintechs and enterprises.

在跨境領域，Checkout.com 是阿聯酋第一家推出 Visa Direct 推送到卡片解決方案的收單機構，增強了跨境和國內交易的即時匯款能力。在美國，我們擴大了與 TabaPay 的協議，TabaPay 是一個為 6,500 多家金融科技公司和企業提供服務的資金流動平台。

Visa Direct will now be enabling push-to-account and wallet in addition to push-to-card. These are all examples of our strategic focus to grow our domestic and cross-border business and expand with our existing customers for Visa Direct, the largest money movement platform in the world by transactions, volumes, and endpoints.

Visa Direct 現在除了支援推送至卡片功能外，還將支援推送至帳戶和錢包功能。這些都是我們策略重點的例子，即發展我們的國內和跨境業務，並與現有客戶一起擴大 Visa Direct 的業務，Visa Direct 是全球最大的資金流動平台（按交易量、交易量和終端計算）。

In value-added services, we continued to deepen our relationships with our existing customers and also focused on attracting new customers with some of our recently acquired assets. Value-added services revenue from 22% in constant dollars powered by strong growth across all portfolios. I'll share a few areas of success in the execution of our strategy.

在加值服務方面，我們持續深化與現有客戶的關係，同時也專注於利用我們最近收購的部分資產來吸引新客戶。增值服務收入以不變美元計算成長 22%，這得益於所有投資組合的強勁成長。我將分享我們在執行策略過程中取得的一些成功領域。

In issuing solutions, Pismo brings a holistic offering with credit, debit, prepaid, and commercial literal processing and core bank processing. We have a strong pipeline and we are well on our way to enter five new countries across four regions this year. Some recent deals to note include: first, in Latin America with Neki in Columbia and Banco de la Nación in Argentina; and in Asia Pacific, with T2P in Thailand and Xenos ForEx in India.

在發行解決方案方面，Pismo 提供了全面的服務，包括信用卡、金融卡、預付卡、商業文字處理和核心銀行處理。我們擁有強大的產品線，今年我們將順利進入四個地區的五個新國家。值得注意的一些近期交易包括：首先，在拉丁美洲與哥倫比亞的 Neki 和阿根廷的 Banco de la Nación 達成交易；在亞太地區，T2P 在泰國，Xenos ForEx 在印度。

Also in Issuing Solutions, we continue to grow our card benefits business. In Europe, Raiffeisen Bank International in Austria recently launched the Travelcentive Travel Platform, leveraging our solutions as well as added Visa's priority pass benefits to customers.

此外，在發卡解決方案方面，我們繼續發展我們的卡優惠業務。在歐洲，奧地利 Raiffeisen Bank International 最近推出了 Travelcentive 旅遊平台，利用我們的解決方案並為客戶增加了 Visa 的優先優惠。

In Acceptance Solutions, we recently announced two new product offerings. The first is a completely new version of Authorize.net, launching in the US next quarter and additional countries next year. It features a streamlined user interface; AI capabilities with an AI agent, ANET; improved dashboards for day-to-day management, and support for in-person card readers and tap-to-phone. It will help businesses analyze data, summarize insights, and adapt to rapidly changing customer trends.

在驗收解決方案方面，我們最近宣布了兩款新產品。第一個是全新版本的 Authorize.net，將於下個季度在美國推出，並於明年在其他國家推出。它具有簡化的使用者介面；具有 AI 代理 ANET 的 AI 功能；改進了日常管理的儀表板，並支援現場讀卡機和點擊電話。它將幫助企業分析數據、總結見解並適應快速變化的客戶趨勢。

The second is the new unified checkout experience, available in the US and in pilot stage in additional markets in Q4. As new ways to pay continue to emerge, merchants want to integrate once to accept all payment types to decrease the likelihood of lost sales at the point of checkout. Unified checkout can be launched in a few hours with a deploy-ready payment acceptance code. It is designed to deliver strong e-commerce conversion rates with an intuitive checkout experience orchestrating over 25 card and alternative payment options.

第二個是新的統一結帳體驗，將在美國推出，並將於第四季在其他市場進行試點。隨著新的支付方式不斷湧現，商家希望透過一次整合來接受所有付款類型，以減少結帳時銷售損失的可能性。使用可部署的付款接受代碼，統一結帳可以在幾個小時內啟動。它旨在提供強大的電子商務轉換率，並提供直覺的結帳體驗，協調超過 25 種卡和其他付款選項。

Because unified checkout is part of the Visa Acceptance Solutions platform, customers also have access to fraud management, 3D secure authentication, and tokenization management.

由於統一結帳是 Visa Acceptance Solutions 平台的一部分，客戶還可以存取詐欺管理、3D 安全認證和標記化管理。

We also continue to grow our client relationships in acceptance solutions this quarter. For example, we have now become the payment service provider of choice for sporting goods retailer Decathlon, who has more than 2,000 stores in nearly 80 countries. Decathlon will be using our gateway and decision manager capabilities for their e-commerce business.

本季度，我們也持續發展在受理解決方案方面的客戶關係。例如，我們目前已成為體育用品零售商迪卡儂的首選支付服務供應商，迪卡儂在近80個國家擁有2,000多家門市。迪卡儂將利用我們的網關和決策管理器功能來開展其電子商務業務。

In risk and identity solutions, since the closing of our acquisition of Featurespace, we have been actively pursuing deals and have signed over 20 clients globally. We also now provide an enhanced holistic fraud protection solution from Featurespace called the Adaptive Real-Time Individual Change Identification, or ARIC Risk Hub. This solution utilizes machine learning and AI solutions to enable clients to build more accurate risk profiles and more confidently detect and block fraudulent transactions, ultimately helping to increase approvals and stop bad actors in real time.

在風險和身分解決方案方面，自從我們完成對 Featurespace 的收購以來，我們一直在積極尋求交易，並已在全球簽署了 20 多個客戶。我們現在也提供來自 Featurespace 的增強型整體詐騙保護解決方案，稱為自適應即時個人變更識別 (ARIC Risk Hub)。該解決方案利用機器學習和人工智慧解決方案，使客戶能夠建立更準確的風險概況，更自信地檢測和阻止詐欺交易，最終有助於增加審批並即時阻止不良行為者。

In advisory and other services, our open banking platform powered by Tink provides payment initiation and account information services to sellers and payment providers, or PSPs, across Europe and the United States.

在諮詢和其他服務方面，我們由 Tink 提供支援的開放銀行平台為歐洲和美國的賣家和支付提供者（PSP）提供支付啟動和帳戶資訊服務。

In Germany, Tink and Adyen are working with Recharge and Vodafone to provide their customers the option to pay by bank when checking out. Tink has reached a milestone of over 10,000 merchants choosing Tink's Pay by Bank capability via our more than 10 European PSP partnerships.

在德國，Tink 和 Adyen 正在與 Recharge 和 Vodafone 合作，為他們的客戶提供結帳時透過銀行支付的選項。Tink 已達到一個里程碑，透過我們與 10 多個歐洲 PSP 的合作，已有超過 10,000 家商家選擇了 Tink 的銀行支付功能。

Across our VAS portfolio, our innovations are designed to address specific challenges in the payments ecosystem and to provide secure, efficient, and scalable solutions for businesses of all sizes. At Investor Day, I spoke about the evolution of our Visa-as-a-Service stack. The foundation of our stack is our global connectivity and the infrastructure that Visa is built on, our network, our network of networks, and access to our credentials and acceptance.

在我們的加值服務產品組合中，我們的創新旨在解決支付生態系統中的特定挑戰，並為各種規模的企業提供安全、高效和可擴展的解決方案。在投資者日，我談到了我們的 Visa-as-a-Service 堆疊的演變。我們的堆疊的基礎是我們的全球連接和 Visa 所依賴的基礎設施、我們的網路、我們的網路的網路以及對我們的憑證和接受的存取。

Then we have our services architecture, which contains the specific capabilities that we think of as the building blocks for everything that we do, like risk, settlement, and more. Using these services, we create client solutions. We are taking these componentized capabilities and investing in and enhancing them to create new features and capabilities to offer them to a much broader array of customers and partners, and we strive to make it easier than ever for our partners and clients to access these solutions.

然後我們有我們的服務架構，它包含我們認為是我們所做的一切的基礎的特定功能，例如風險、結算等。利用這些服務，我們創建客戶解決方案。我們正在利用這些組件化功能並對其進行投資和增強，以創建新的功能和功能，從而將其提供給更廣泛的客戶和合作夥伴，並且我們努力使我們的合作夥伴和客戶比以往更輕鬆地訪問這些解決方案。

I encourage all of you to tune in tomorrow to Visa's 2025 Product Drop, where we will share how we continue to evolve the Visa-as-a-Service stack to further our product development and lead in AI. You can watch live on our website at 10:00 AM Pacific Time.

我鼓勵大家明天收聽 Visa 的 2025 產品發表會，屆時我們將分享如何繼續發展 Visa 即服務堆疊，以進一步推動我們的產品開發並在人工智慧領域保持領先地位。您可以於太平洋時間上午 10:00 在我們的網站上觀看直播。

Before I hand over to Chris, I'll share some thoughts on our business performance and the current environment. Throughout our history, we have evolved our network and strategy to deliver the best innovation, serve our clients, and pioneer the future of payments. We saw the result of these efforts this quarter with our strong financial performance.

在將工作交給克里斯之前，我想分享一些關於我們業務表現和當前環境的想法。在我們的歷史中，我們不斷發展我們的網路和策略，以提供最佳創新、服務我們的客戶並開拓支付的未來。本季度，我們以強勁的財務表現見證了這些努力的成果。

Halfway through our fiscal year, consumer spending has been resilient and strong, but there's much uncertainty. Focusing on the US, in Q2 and through April 21, we have not seen any signs of overall consumer spending weakening. While spending growth differs among consumer spend bands, with the most affluent growing the fastest, all spend bands remain resilient and consistent with past quarters.

財政年度已過半，消費者支出表現強勁且富有彈性，但也存在許多不確定性。放眼美國，在第二季截至 4 月 21 日，我們尚未看到整體消費支出減弱的跡象。雖然不同消費者支出階層的支出成長有所不同，其中最富裕階層的成長速度最快，但所有支出階層都保持彈性並與前幾季保持一致。

Within spend categories, there are some select areas such as in travel with airlines and lodging where growth has decelerated, but overall discretionary and non-discretionary spend remains strong. Outside the US, we see similar stable trends. Within cross-border, volume growth was in line with Q4 2024 levels. We have seen some impacts from currency weakness and travel to specific countries, but the overall growth was above the pre-COVID trend.

在支出類別中，航空旅行和住宿等一些特定領域的成長已經放緩，但整體可自由支配和非可自由支配的支出仍然強勁。在美國以外，我們也看到了類似的穩定趨勢。跨國方面，交易量成長與 2024 年第四季的水準一致。我們看到貨幣疲軟和前往特定國家的旅行產生了一些影響，但整體成長高於疫情之前的趨勢。

To wrap up, while we are certainly not immune to the macroeconomic impacts, our incredibly diverse business model has proven to be resilient in the face of a variety of environments, most recently in Q2. And we see this resilience playing out in our financial outlook, which Chris will cover in a moment.

總而言之，雖然我們當然無法免受宏觀經濟的影響，但我們極其多樣化的商業模式已被證明在各種環境下都具有韌性，最近一次是在第二季度。我們看到這種韌性在我們的財務前景中發揮了作用，克里斯稍後會講到。

For the rest of the year and beyond, what I, our leadership team, and our more than 31,600 employees are focused on is serving our clients and capturing the enormous opportunities ahead. We focus on what we can control and stand ready to make thoughtful adjustments when necessary. I am confident that our business model, strategy, and employees will continue to keep Visa operating from a position of strength well into the future.

在今年剩餘時間及未來，我、我們的領導團隊以及我們超過 31,600 名員工的重點是服務我們的客戶並抓住未來的巨大機會。我們專注於我們能夠控制的事情，並隨時準備在必要時做出深思熟慮的調整。我相信，我們的商業模式、策略和員工將使 Visa 在未來繼續保持優勢地位。

And with that, I'll turn it over to Chris to review the financial results, discuss what we have seen so far in April, and provide our expectations for the rest of the year.

接下來，我將把時間交給克里斯來回顧財務業績，討論我們在四月份迄今為止看到的情況，並提供我們對今年剩餘時間的預期。

Thanks, Ryan, and good afternoon, everyone. Our second-quarter results reflected strength in our business. 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. Total processed transactions grew 9%.

謝謝，瑞安，大家下午好。我們第二季的業績反映了我們業務的強勁成長。以不變美元計算，全球支付額年增 8%；不包括歐洲內部的跨國交易量年增了 13%。總處理交易量增加了 9%。

Adjusting for the lapping of leap year, our trends were generally stable. Fiscal second quarter net revenue was up 9% year over year in nominal dollars and 11% in constant dollars, helped by resilient consumer spending, lower-than-expected incentives, and better-than-expected value-added services revenue. EPS was up 10% year over year and 11% in constant dollars, better than expected, primarily due to stronger operating performance and a lower tax rate than expected.

經過閏年的調整，我們的趨勢大致上是穩定的。受強勁的消費者支出、低於預期的激勵措施以及好於預期的增值服務收入的推動，第二財季淨收入以名義美元計算同比增長 9%，以固定美元計算同比增長 11%。每股盈餘較去年同期成長 10%，以固定美元計算成長 11%，優於預期，主要由於經營業績更強勁且稅率低於預期。

Let's go into the details. Total international payments volume was up 9% year over year in constant dollars in Q2, relatively consistent with Q1 when adjusted for leap year. US payments volume was up 6%, with e-commerce growing faster than face-to-face spend. Credit was up 5% and debit was up 7%.

讓我們來詳細了解一下。第二季國際支付總額以不變美元計算年增 9%，閏年調整後與第一季基本持平。美國支付量成長了 6%，其中電子商務的成長速度快於面對面支付。信用卡成長了 5%，金融卡成長了 7%。

When we look on a monthly basis in the US, we had a strong January, a dip in February, primarily due to the lapping of leap year and a relatively strong March, even with the fact that Easter was in March last year and in April this year, which resulted in Q2 year-over-year growth being below Q1 but better than Q3 and Q4 of 2024. When looking further at quarterly spend category data in the US, adjusted for leap year, we saw travel and entertainment growth decelerate, restaurant growth remained stable, and retail and fuel growth improvement, with strong and stable total discretionary and non-discretionary spend growth, reflecting resilience in consumer spending.

從美國月度數據來看，1 月份表現強勁，2 月份出現下滑，主要原因是閏年重疊，3 月份表現相對強勁，儘管去年復活節在 3 月，今年復活節在 4 月，但這導致 2024 年第二季度同比增長低於第一季度，但好於第三季度和第四季度。在進一步查看美國經閏年調整後的季度支出類別數據時，我們發現旅遊和娛樂增長放緩，餐飲增長保持穩定，零售和燃料增長有所改善，總可自由支配和非可自由支配支出增長強勁而穩定，反映出消費者支出的彈性。

Now to cross-border volume, which I'll speak to in constant dollars and excluding intra-Europe transactions.

現在談談跨國交易量，我將以不變美元計算，不包括歐洲內部交易。

Before going into the detailed results, I wanted to spend a moment to discuss the makeup of our cross-border business. From a geographic mix perspective, our total cross-border volume is fairly well distributed, with no reported region comprising more than 25% of total cross-border issued volume. Both e-commerce and travel issued volume reflect a broad distribution as well.

在介紹詳細結果之前，我想花點時間討論我們的跨國業務的組成。從地理分佈來看，我們的跨國總發行量分佈相當均勻，沒有一個地區的跨國發行量佔總發行量的 25% 以上。電子商務和旅遊發行量也反映出廣泛的分佈。

You may also recall that our total cross-border issued volume mix is about 40% e-commerce and 60% travel, so there is diversity by region and by spend type. Keep in mind that just as our cross-border volumes are distributed, so are the associated revenues.

您可能還記得，我們​​的跨境發行總量中約有 40％ 來自電子商務，60％ 來自旅遊，因此按地區和支出類型劃分存在多樣性。請記住，正如我們的跨國交易量分佈一樣，相關收入也是如此。

Now on to the results. Total cross-border volume was up 13%. E-commerce was up 14%, and travel was up 12%. There were several factors that contributed to the growth moderation from Q1 to Q2, including the lapping of leap year, the timing of Ramadan and Easter, weaker currencies in certain countries, and softer Canada to US travel. Some of these factors impacted our intra-quarter trends, which varied slightly for US payment volume trends.

現在來看看結果。跨境交易總量增加了13%。電子商務成長了 14%，旅遊業成長了 12%。導致第一季至第二季經濟成長放緩的因素有很多，包括閏年的重疊、齋戒月和復活節的時間、某些國家的貨幣貶值以及加拿大至美國的旅遊業疲軟。其中一些因素影響了我們的季度內趨勢，與美國支付量趨勢略有不同。

While we saw a strong January and a February impacted by leap year, we did see a somewhat softer March. Even with these factors, as Ryan mentioned, the total cross-border volume growth was in line with Q4 2024 levels and above the pre-COVID trend. With that as a backdrop, I'll move to discuss our financial results, which were strong.

雖然我們看到一月表現強勁，二月受閏年的影響，但三月表現略顯疲軟。即使存在這些因素，正如 Ryan 所提到的，跨境總交易量成長仍與 2024 年第四季的水平一致，且高於疫情之前的趨勢。在此背景下，我將討論我們強勁的財務表現。

Starting with the revenue components. Service revenue grew 9% year over year versus the 9% growth in Q1 constant dollar payments volume. Data processing revenue grew 10% versus 9% processed transaction growth, primarily due to value-added services and pricing. International transaction revenue was up 10%, below the 13% increase in constant dollar cross-border volume, excluding intra-Europe, but in line with nominal volume growth, reflecting the impact of FX.

從收入部分開始。服務收入年增 9%，而第一季固定美元支付額成長 9%。資料處理收入成長 10%，而處理交易量成長 9%，這主要歸功於增值服務和定價。國際交易收入成長 10%，低於不包括歐洲內部在內的恆定美元跨境交易量 13% 的增幅，但與名目交易量增長一致，反映了外匯的影響。

In addition, while we had higher volatility in Q2, this was offset by a number of factors, including client mix and hedging.

此外，雖然第二季度波動性較大，但客戶結構和對沖等一系列因素抵消了這種影響。

Other revenue grew 24%, primarily driven by growth in advisory and other value-added services, and to a lesser extent, pricing. Client incentives grew 15%, lower than expected, primarily due to factors related to deal timing.

其他收入成長了 24%，主要得益於諮詢和其他增值服務的成長，以及定價（在較小程度上）的成長。客戶激勵成長 15%，低於預期，主要原因是與交易時機相關的因素。

Now to our three growth engines. Consumer payments revenue was driven by strong payments volume, cross-border volume, and processed transaction growth. Commercial and money movement solutions revenue grew 13% year over year in constant dollars, driven by commercial payment volume growth of 6% year over year in constant dollars consistent with last quarter; and Visa Direct transaction growth of 28% year over year to 3 billion transactions, below Q1 growth, primarily due to the lapping of our initial ramp in Latin America for interoperability among P2P apps and the lapping of leap year.

現在來談談我們的三個成長引擎。消費者支付收入受到強勁的支付量、跨境交易量和處理交易成長的推動。商業和資金流動解決方案收入按不變美元計算同比增長 13%，這得益於商業支付量按不變美元計算同比增長 6%，與上一季度一致； Visa Direct 交易量同比增長 28%，達到 30 億筆，低於第一季的增幅，這主要是因為我們在拉丁美洲為實現 P2P 應用程序的初始操作性。

CMS revenue growth in Q2 moderated from the first quarter, primarily due to lower cross-border volume growth and the absence of the lapping benefit of one-time items. Value-added services revenue growth accelerated to 22% in constant dollars to $2.6 billion, with strength across all portfolios led by issuing solutions and advisory and other and inclusive of Featurespace.

第二季 CMS 營收成長較第一季放緩，主要原因是跨國交易量成長較低以及缺乏一次性專案的重疊效益。加值服務收入成長加速至 22%（以不變美元計算），達到 26 億美元，所有投資組合均表現強勁，其中以發行解決方案、諮詢及其他（包括 Featurespace）為首。

Operating expenses grew 7%, primarily driven by increases in personnel, marketing, and depreciation and amortization. This was lower than we expected, primarily due to a more favorable FX impact from balance sheet remeasurement and some marketing campaigns and advisory services-related expenses being shifted to Q3. Our tax rate for the quarter was 16.9%, lower than expected due to several items, including the change in our geographic mix of earnings.

營運費用增加了 7%，主要原因是人員、行銷以及折舊和攤提費用的增加。這低於我們的預期，主要是由於資產負債表重新計量帶來的更有利的外匯影響以及一些行銷活動和諮詢服務相關費用轉移到第三季。本季我們的稅率為 16.9%，低於預期，原因包括我們的收益地理分佈變化等幾個面向。

EPS was $2.76, up 10% over last year with an approximately 1.5-point drag from exchange rates and an approximately 0.5-point drag from acquisitions. In Q2, we bought back approximately $4.5 billion in stock and distributed $1.2 billion in dividends to our stockholders. At the end of March, we had $4.7 billion remaining in our buyback authorization. And in April, the Board of Directors authorized a new $30 billion multi-year share repurchase program.

每股收益為 2.76 美元，較去年同期成長 10%，匯率拖累了約 1.5 個百分點，收購拖累了約 0.5 個百分點。在第二季度，我們回購了約 45 億美元的股票，並向股東發放了 12 億美元的股利。截至三月底，我們的回購授權餘額還剩下47億美元。今年 4 月，董事會批准了一項新的 300 億美元多年期股票回購計畫。

Now let's move to what we've seen so far in Q3. Through April 21, driver trends have been strong, with some benefit from Easter and Ramadan timing. US payment volume was up 8%, with debit up 9% and credit up 7% year over year. Processed transactions grew 12% year over year. For constant dollar cross-border volume, excluding transactions within Europe, total travel and e-commerce cross-border volume each grew 13% year over year.

現在讓我們來看看第三季迄今為止的情況。截至 4 月 21 日，駕駛趨勢一直很強勁，並受到復活節和齋月的影響。美國支付量年增 8%，其中藉記卡成長 9%，信用卡成長 7%。處理的交易量較去年同期成長12%。以不變美元跨境交易量計算，不包括歐洲境內交易，總旅行和電子商務跨境交易量較去年同期成長 13%。

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 presentation for more detail.

現在談談我們的期望。請記住，調整後基礎定義為以不變美元計算的非 GAAP 結果，且不包括收購影響。您可以在我們的收益報告中查看這些揭露以了解更多詳細資訊。

As we said many times, we are not economic forecasters. The potential impacts from tariffs have led to higher levels of economic uncertainty. That being said, what we've seen thus far in our results is relative resilience in consumer spending. So with that as a backdrop, let me cover some of our key assumptions that are incorporated.

正如我們多次說過的，我們不是經濟預測者。關稅的潛在影響已導致經濟不確定性加劇。話雖如此，迄今為止我們在結果中看到的是消費者支出相對具有彈性。因此，以此為背景，讓我介紹一下我們所包含的一些關鍵假設。

For cross-border volume, our assumption is that Q3 and Q4 volumes are in line with the average of March and April, which normalizes for Easter and Ramadan timing as well as accounts for other factors I referenced when describing Q2 results. This puts Q3 and Q4 cross-border volume growth slightly below Q4 2024 levels.

對於跨國交易量，我們假設第三季和第四季的交易量與三月和四月的平均值一致，這根據復活節和齋月的時間進行標準化，同時也考慮了我在描述第二季結果時提到的其他因素。這使得第三季和第四季的跨國交易量成長略低於 2024 年第四季的水準。

For volatility, we have seen high FX volatility thus far in April but assume this will moderate starting in May and remain level for the remainder of Q3 and Q4. This puts Q3 just above Q2 and Q4 more in line with Q2.

就波動性而言，我們看到 4 月迄今外匯波動性較高，但預計這種波動性將從 5 月開始緩和，並在第三季和第四季的剩餘時間內保持水準。這使得 Q3 略高於 Q2，而 Q4 與 Q2 更加一致。

For incentives, as a result of some client performance adjustments and deal timing, we are assuming that the year-over-year growth in incentives in the back half will be higher than the first half, with sequential step-ups in Q3 and Q4. Pulling it all together, we expect third quarter adjusted net revenue growth in the low double digits, essentially in line with Q2.

對於激勵措施，由於一些客戶績效調整和交易時機，我們假設下半年激勵措施的年成長將高於上半年，並在第三季和第四季連續增加。綜合考慮所有因素，我們預計第三季調整後的淨收入成長率將達到兩位數，與第二季基本持平。

Moving to operating expenses. As we had some timing impacts of expenses in the second quarter, we now expect those to occur in the third quarter, with adjusted operating expense growth in the low double digits, relatively consistent with adjusted revenue growth.

轉向營運費用。由於第二季度費用對時間產生了一些影響，我們現在預計這些影響將發生在第三季度，調整後的營運費用成長率將達到兩位數的低位，與調整後的營收成長相對一致。

Non-operating income in the third quarter is expected to be approximately $150 million, which includes a benefit from the reversal of accrued interest expense due to the resolution of a tax matter. And our tax rate in the third quarter is expected to be between 17% and 17.5%. As a result, we expect third quarter adjusted EPS growth to be in the high teens.

第三季的非營業收入預計約為 1.5 億美元，其中包括因解決稅務問題而撥回應計利息費用的收益。我們第三季的稅率預計在17%至17.5%之間。因此，我們預計第三季調整後的每股盈餘成長率將達到百分之十幾。

For acquisition impacts, we expect a minimal benefit to net revenue growth and approximately 1 point contribution to operating expense growth and an approximately 0.5 point headwind to EPS growth in the third quarter.

對於收購的影響，我們預期第三季淨收入成長將受益甚微，營業費用成長將貢獻約 1 個百分點，每股收益成長將受到約 0.5 個百分點的阻力。

Moving now to the full year. Our full-year guidance for adjusted revenue growth, adjusted operating expense growth, non-operating income, tax rate, and adjusted EPS growth remains unchanged.

現在進入全年。我們對調整後收入成長、調整後營業費用成長、非營業收入、稅率和調整後每股盈餘成長的全年預期保持不變。

In summary, we delivered another strong quarter in Q2 and our business remains steady. As Ryan said, throughout our history, we've managed through different economic cycles, and we're confident we'll manage through this period as well.

總而言之，我們在第二季度再次表現出色，業務保持穩定。正如瑞安所說，在我們的歷史上，我們已經度過了不同的經濟週期，我們相信我們也能度過這個時期。

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

詹妮弗，現在是問答時間。

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

謝謝，克里斯。現在，我們準備好回答問題了。

(Operator Instructions) Tien-Tsin Huang, JPMorgan.

（操作員指令）Tien-Tsin Huang，摩根大通。

Good results here. It looks like the consumer is pretty resilient. So beyond volumes, I want to ask if you've seen any noticeable change in tone on client decision-making, pipelines, backlog. I'm definitely curious about international clients and maybe if they're changing the speed with which they're working with Visa. Thanks.

這裡的結果很好。看起來消費者的適應力相當強。因此，除了數量之外，我想問您是否看到客戶決策、管道、積壓訂單方面的基調有任何明顯變化。我確實對國際客戶很好奇，也許想知道他們是否正在改變與 Visa 合作的速度。謝謝。

Hi, Tien-Tsin. The bulk of the time we've been spending with clients over the last several months has been sharing our data, sharing our products and solutions, working with our advisory teams, really helping them to navigate this environment. That's been the bulk of what we've been doing. I mean, this is the time when we try to be at our best with our clients.

你好，Tien-Tsin。在過去幾個月裡，我們大部分時間都在與客戶分享數據、產品和解決方案，與顧問團隊合作，真正幫助他們適應這種環境。這就是我們一直在做的主要工作。我的意思是，這就是我們盡力為客戶提供最好的服務的時候。

I talk to our teams every week to make sure they're out in the offices of our clients, leaning in to work with them. And that's been the bulk of how we've been spending time with our clients, helping them make sure they have all the data and information and tools and solutions they need to run their business most effectively, which many of them run very, very complicated businesses.

我每週都會與我們的團隊交談，以確保他們在客戶的辦公室，並願意與他們合作。這就是我們花在客戶身上的大部分時間，幫助他們確保擁有最有效地經營業務所需的所有數據、資訊、工具和解決方案，其中許多客戶經營的業務都非常非常複雜。

Over time, there could be conversations about partnership arrangements and deals and those types of things, but that's not been the bulk of how we've been spending our time today.

隨著時間的推移，我們可能會討論合作安排、交易和諸如此類的事情，但這並不是我們今天所花的主要時間。

Next question.

下一個問題。

James Faucette, Morgan Stanley.

摩根士丹利的詹姆斯·福塞特。

Thank you so much. I wanted to ask about what you're seeing around -- bookings around international travel and travel generally. You highlighted there have been a little bit of slowing growth there maybe domestically, but overall still remain good and maybe impacted by FX, et cetera. But we've seen a lot of FX moves.

太感謝了。我想問一下您所看到的情況——國際旅行和一般旅行的預訂情況。您強調說，國內經濟成長可能略有放緩，但總體而言仍保持良好，可能受到外匯等因素的影響。但我們已經看到了很多外匯變動。

So I'm just wondering how you're feeling about the travel outlook on a go-forward basis and anything you can glean from early bookings, et cetera. Thanks.

所以我只是想知道您對未來的旅行前景有何看法，以及您可以從早期預訂等方面收集到任何資訊。謝謝。

Hi, James. Yeah, we covered a number of moving parts in our travel and cross-border business as it impacted Q2 and gave some assumptions about what we anticipated going into the back half of the year. I think I'll make two points.

你好，詹姆斯。是的，我們涵蓋了旅遊和跨國業務中的許多活動部分，因為它們影響了第二季度，並對我們對下半年的預期做出了一些假設。我想我要講兩點。

One is, obviously, the situation is quite fluid, and we're monitoring the data very closely, and we're really relying on facts and facts and the results as we see them. But the second point maybe is even more important is that when we look across our business, we talk about the diversity of our business across -- in many dimensions.

一是，顯然情況非常不穩定，我們正在密切監測數據，我們確實依賴事實以及我們所看到的結果。但第二點可能更為重要，那就是當我們縱觀我們的業務時，我們談論的是業務在多個維度上的多樣性。

Regional is one of them. But certainly, when we look at our cross-border business, whether that's issued or acquired, we also benefit from that diversity. And when it comes to inbound travel into the US, the US specifically actually is one of the smaller regions as measured by cross-border inbound travel volume, even though it does have strong yields.

區域性就是其中之一。但當然，當我們審視我們的跨國業務時，無論是發行還是收購，我們也受益於這種多樣性。而當談到美國入境旅遊時，儘管美國收益很高，但以跨境入境旅遊量來衡量，美國實際上是較小的地區之一。

And so we just keep that in mind. We'll have to watch how the data comes in, but we have great diversification in our cross-border business and we anticipate that we'll be able to navigate this period.

所以我們只要記住這一點。我們必須關注數據如何流入，但我們的跨國業務非常多樣化，我們預計我們能夠度過這段時期。

Next question.

下一個問題。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

Thank you. Chris, just to follow up on your point just now on the corridors and the US one, specifically. Obviously, we're hearing a lot of travel information, how things are falling off coming into the US, especially from Canada. Maybe you could just talk about what kind of assumptions you've made for the remainder of this year. Because I know that has an impact on sort of the economic return from each of those corridors, so maybe you could just help us with that.

謝謝。克里斯，我只是想跟進一下你剛才關於走廊以及美國走廊的觀點。顯然，我們聽到了很多旅遊訊息，前往美國的人數正在下降，尤其是來自加拿大的人數。也許您可以談談您對今年剩餘時間做了哪些假設。因為我知道這會對每條走廊的經濟回報產生影響，所以也許您可以在這方面幫助我們。

And then just curious, inside of the volumes that you saw intra-quarter and even early in April, did you see any evidence of a pull forward of spending? Thanks.

然後我很好奇，在您看到的季度內甚至 4 月初的交易量中，您是否看到了支出提前的跡象？謝謝。

Got it. Thanks, Sanjay. Two-part question. Let me address actually the second one first because that's a quick one. There was some evidence of pull forward in certain categories, electronics is one of them and was mostly in sort of the first part of April, and we shared with you the data through the 21st.

知道了。謝謝，桑傑。問題分為兩部分。讓我先來談談第二個問題，因為這是一個簡短的問題。有證據顯示某些類別出現了提前上漲，電子產品就是其中之一，而且主要出現在 4 月初，我們與大家分享了截至 21 日的數據。

And actually, while I'm speaking about April, I just saw the data through the 28th just this morning and that's relatively unchanged as well. And so there's no meaningful differences even as we get further into April. And so from a pull-forward standpoint, we may have seen a little bit in the first part of April, but by and large, not a meaningful impact to our total growth.

實際上，當我談論四月時，我今天早上剛剛看到了截至 28 日的數據，而且數據也相對沒有變化。因此，即使進入四月，也不會出現任何有意義的差異。因此，從前瞻的角度來看，我們可能在 4 月初看到了一些影響，但總的來說，對我們的整體成長並沒有產生重大影響。

And then going back to cross-border assumptions. So I shared a number of them, and I went through in my prepared comments a number of the items that impacted the cross-border numbers in the month of March and as it pertains also to the month of April. Ramadan and Easter were two that had timing differences that impacted March and April.

然後回到跨境假設。因此，我分享了其中的一些內容，並在我準備好的評論中詳細闡述了影響三月以及四月份跨境資料的一些事項。齋戒月和復活節是兩個時間上有差異的節日，對三月和四月產生了影響。

But then I spoke to two other factors. One, a broader category around currency weaknesses. And currency weaknesses have an impact on purchasing power, obviously, abroad. We had the US dollar weakening. But we also had currency weaknesses in LAC, in Mexico, in different countries throughout Asia. And so that's also impacting the results that we saw in March and April.

但隨後我又談到了另外兩個因素。第一，圍繞著貨幣疲軟的更廣泛的類別。貨幣疲軟顯然會對國外的購買力產生影響。美元正在走弱。但拉丁美洲和加勒比海地區、墨西哥以及亞洲其他不同國家的貨幣也出現疲軟。這也影響了我們在三月和四月所看到的結果。

And then the last one, of course, is Canada. And I referenced it on the call. I could give a little bit more color. I mean, we did see a meaningful slowdown in the Canada to US border. But again, keep in mind, the diversification of our business.

最後一個當然是加拿大。我在電話裡提到了這一點。我可以給更多一點的顏色。我的意思是，我們確實看到加拿大和美國邊境的通行速度明顯放緩。但再次提醒，請記住我們的業務是多樣化的。

And so the fact that -- as I just mentioned in the last question, the fact that the US is one of the smaller regions as measured by cross-border travel inbound volumes, and so when you add that up, it's really not a -- it's a very small percentage of our global travel volume and the revenue impact shouldn't be meaningful. And so what we did in terms of assumptions is we took the average of March and April, which we think accounts for all of those items, and we extended that through the remainder of the fiscal year. And that would put cross-border at just below what we finished FY24 at in Q4.

事實上，正如我在上一個問題中提到的那樣，美國是跨境入境旅遊量較小的地區之一，所以當你把這些加起來時，它實際上並不是——它只占我們全球旅遊量的很小一部分，對收入的影響應該不大。因此，就假設而言，我們取了 3 月和 4 月的平均值，我們認為這涵蓋了所有這些項目，然後我們將其延續到本財政年度的剩餘時間。這將使跨境收入略低於我們 24 財年第四季的水準。

Next question.

下一個問題。

Andrew Schmidt, Citi.

花旗銀行的安德魯·施密特。

Maybe you could dig into value-added services. Good to see the robust growth there. Maybe you could just unpack that and just talk about your viewpoint on how that performs through the cycle. Obviously, there's a range of revenue models, and they're transaction-based, project-based, and recurring/subscription. But if you could unpack that would be great.

也許你可以深入研究加值服務。很高興看到那裡的強勁增長。也許您可以簡單地解釋一下這個問題，並談談您對它在整個週期中的表現的看法。顯然，有多種收入模式，包括基於交易的、基於專案的以及經常性/訂閱的。但如果你能解開它那就太好了。

And then any detail on how you're thinking about value-add services growth in the back half would also be helpful. Thanks so much.

那麼，您如何看待下半年增值服務成長的任何細節也會有所幫助。非常感謝。

Yeah, why don't I just talk a little bit about the business, and then, Chris, I'll let you talk about some of the financial aspects of the question, both in terms of what drove the strong performance in the quarter and also where things are headed.

是的，我為什麼不先談一下業務呢？然後，克里斯，我會讓你談談這個問題的一些財務方面，包括推動本季強勁表現的因素以及事情的發展方向。

Yeah, we feel really good about the strategy, our execution, our products. I highlighted some really exciting new products in my prepared remarks. And I'm just going to go back to some of the things we shared with you at Investor Day about our execution approach.

是的，我們對我們的策略、執行和產品感到非常滿意。我在準備好的演講中重點介紹了一些真正令人興奮的新產品。我只是想回顧一下我們在投資者日與大家分享的有關執行方法的一些內容。

We're -- we've got -- you asked a little bit about some of the business drivers of what happens there. And we've said about 65% of our revenue is really about enhancing Visa payments, but we've been really making a lot of progress on the incremental opportunities to enable all different types of payments, not just Visa payments, and the services that then go beyond payments.

我們 - 我們已經 - 您詢問了一些有關那裡發生的一些商業驅動因素。我們說過，我們約 65% 的收入實際上來自於增強 Visa 支付功能，但我們在實現所有不同類型支付的增量機會方面確實取得了很大進展，不僅僅是 Visa 支付，還有超越支付範圍的服務。

If I kind of go back to an example in my prepared remarks, I talked about the Authorize.net platform that we've relaunched and we're relaunching. That's a great example of enabling all different types of payments. And that's going to be, we think, a really positive impact in the market specifically focused on growing our share in small business checkout. You go back to what I mentioned in terms of our unified checkout experience, that will impact all different sizes of sellers on our platforms.

如果我回到我準備好的發言中的一個例子，我談到了我們已經重新啟動並且正在重新啟動的 Authorize.net 平台。這是支援各種不同類型付款的一個很好的例子。我們認為，這將對市場產生真正積極的影響，尤其有利於擴大我們在小型企業結帳領域的份額。回到我提到的統一結帳體驗，這將影響我們平台上所有不同規模的賣家。

Those are two examples, obviously, in the acceptance business, but let me go back to our Issuing Solutions business. We're having great progress with Pismo and a lot of our other solutions there as well. Our risk and security solutions business, really excited about the progress and market we've made since we acquired Featurespace. And then in our advisory and other business, we've been having some really strong success as well. So thanks for that question.

顯然，這是承兌業務中的兩個例子，但讓我回到我們的發行解決方案業務。我們在 Pismo 以及許多其他解決方案方面也取得了巨大進展。我們的風險和安全解決方案業務，對我們自收購 Featurespace 以來所取得的進展和市場感到非常興奮。在我們的諮詢和其他業務方面，我們也取得了一些非常大的成功。謝謝你的提問。

Chris, do you want to hit a couple of the financial parts of it?

克里斯，你想談談其中的幾個財務部分嗎？

Sure, I'll just add on top of that. I think, Andrew, I think the heart of your question is how -- in addition, obviously, Ryan covered all the sort of the highlights of the business performance. I won't reiterate those.

當然，我只會在此基礎上添加一些內容。我認為，安德魯，我認為你的問題的核心是如何——此外，顯然，瑞安涵蓋了業​​務表現的所有亮點。我不會重複這些。

But I think part of your question was what could potentially happen to VAS in different sorts of cycles. And the way that I would think about it, the way we think about it is obviously a lot could happen. We're monitoring the sort of the macro situation. We're not economic forecasters.

但我認為你的問題的一部分是，在不同類型的周期中，VAS 可能發生什麼情況。而我對此的看法，以及我們對此的看法，顯然有很多事情可能會發生。我們正在監測宏觀形勢。我們不是經濟預測者。

But the thing I'll say about our business, I made the point about diversity previously. What does that mean with a little bit of color? We have, for example, our business today, if I compare it to previous economic cycles, we have more exposure to everyday spending. We have a bigger debit business. We have more e-commerce spend. We're more diverse geographically.

但我要說的是，關於我們業務，我之前就提到多元化。一點點顏色代表什麼？例如，如果將我們今天的業務與先前的經濟週期進行比較，我們會發現我們更專注於日常支出。我們的金融卡業務規模更大。我們在電子商務方面的支出有所增加。我們的地理分佈更加多樣化。

And so you got to think about sort of how the business might get impacted today, and it might be different from previous cycles, and we do have greater diversification broadly. And then as it comes to that, specifically as Ryan said, there's -- 65% of the business has a close correlation to Visa transactions.

因此，你必須考慮今天的業務可能會受到怎樣的影響，它可能與以前的周期不同，而且我們確實在廣泛方面實現了更大的多樣化。然後談到這一點，具體來說，正如 Ryan 所說，65% 的業務與 Visa 交易密切相關。

And so that part, depending on how the business would respond, could have a close relationship. But there's a great diversification there as well as we have a good portion of the VAS business that is independent of Visa transactions. And so when I think about that in total, I think there's a good resilience and diversification there as well.

因此，這部分取決於企業如何應對，可能會有密切的關係。但我們的業務也十分多樣化，因為我們的加值服務業務中有很大一部分是獨立於 Visa 交易的。因此，當我從總體上考慮時，我認為那裡也具有良好的彈性和多樣化。

Next question.

下一個問題。

Will Nance, Goldman Sachs.

高盛的威爾·南斯。

Chris, I was wondering if you could double-click again on some of the comments you shared around the incentive outlook. I think you've been talking about a pretty front-loaded renewal schedule. I thought I heard but correct me if I'm wrong, the outlook is for modest increases in the growth rate over the next two quarters, but I may have misheard that. But if that was the case, can you just talk through cadence and some of the drivers, kind of help square that with the front-loaded renewals? Appreciate it. Thank you.

克里斯，我想知道您是否可以再次雙擊您分享的一些有關激勵前景的評論。我認為您一直在談論一個相當前期的更新計劃。我以為我聽到了，但如果我錯了請糾正我，預計未來兩季的成長率將溫和上升，但我可能聽錯了。但如果情況確實如此，您能否談談節奏和一些驅動因素，以幫助解決前期更新的問題？非常感謝。謝謝。

Sure, Will. Thanks forthe question. You did hear correctly, and let me try to add a little bit of color and clarify. Q2 incentives grew 15%, came in lower than we had anticipated, primarily due to factors related to deal timing. I covered that on the call.

當然，威爾。謝謝你的提問。你確實聽對了，讓我嘗試添加一點色彩並澄清一下。第二季的激勵措施成長了 15%，低於我們的預期，主要是由於與交易時機相關的因素。我在電話裡提到了這一點。

In terms of what we expect for the full year and into the second half of the year, we've updated the expectation that in the back half of the year, our growth will be slightly higher than originally expected due to two factors that we called out.

就我們對全年和下半年的預期而言，我們更新了預期，由於我們提到的兩個因素，下半年我們的成長將略高於最初的預期。

One is client-related performance adjustments; and the second is deal timing, which means specifically anticipated early renewals. And so when we reforecast the second half of the year, we do expect the second half to grow higher than the first half of the year, and we do expect that sequentially to be Q3 a little higher than Q2 and Q4 to be a little higher than Q3.

一是客戶相關的業績調整；第二是交易時機，即具體預期的早期續約。因此，當我們重新預測下半年時，我們確實預計下半年的成長速度將高於上半年，我們預計第三季的成長速度將略高於第二季度，第四季的成長速度將略高於第三季度。

And then maybe the final thing I'll say is, when we look at the volume of payment volume that was impacted by renewals, we still believe that we have the same expectation that we started the year, which is 20% of the payment volumes being impacted.

然後，也許我要說的最後一件事是，當我們查看受續約影響的支付量時，我們仍然相信，我們的預期與年初相同，即 20％ 的支付量受到影響。

Next question.

下一個問題。

Timothy Chiodo, UBS.

瑞銀的提摩西·奇奧多。

Great. Thank you. Chris, I want to dig in a little bit more on the delta between nominal and cross-border volumes and nominal international revenue. I think you did a great job going through the items. But to recap, there's the FX volatility, there's the corridor and client mix, there's a pricing aspect, and then, of course, there's the hedging, which impacts the revenue but not the volumes.

偉大的。謝謝。克里斯，我想進一步深入探討名目交易量和跨境交易量以及名義國際收入之間的差異。我認為您在檢查這些物品方面做得很好。但總結一下，有外匯波動、有走廊和客戶組合、有定價方面，當然還有對沖，這些都會影響收入但不會影響交易量。

I think you touched on the FX volatility, meaning not assuming in the guide that the high levels will persist, which is a good conservative approach. You talked around corridor mix and the yields being higher for US inbound. The one I was hoping you could drill in a little bit more is pricing because I know previously, the guidance talked a little bit about pricing being a second half of the fiscal year event. So whether it be specific to cross-border or for the whole business, maybe you could just touch a little bit on that pricing topic.

我認為您提到了外匯波動，這意味著指南中不會假設高水準將持續下去，這是一種很好的保守方法。您談到了走廊組合以及美國入境的收益率更高。我希望您能更深入地了解定價問題，因為我知道，先前的指導中提到定價是財政年度下半年的事件。因此，無論是針對跨境業務還是整個業務，您都可以稍微談一下定價話題。

Sure. Hi, Tim. Yeah, let me parse those apart a little bit. You covered my point on international transaction revenue, as you pointed out, we grew 10%, which was in line with the nominal volume growth but below the 13% constant currency, that's the impact of FX. And I covered a number of items that impacted that in addition to FX, higher volatility, and some offsets there that you mentioned. Happy to give you more color on those, but let me hit your second point, which is our expectations on the full year on pricing.

當然。你好，提姆。是的，讓我稍微分析一下它們。您已經表達了我對國際交易收入的觀點，正如您所指出的，我們的收入增長了 10%，這與名目交易量增長一致，但低於 13% 的恆定貨幣增長率，這就是外匯的影響。除了外匯、更高的波動性以及您提到的一些抵銷因素之外，我還介紹了一些對此產生影響的因素。很高興為您提供更多詳細信息，但讓我談談您的第二點，即我們對全年定價的預期。

Just to remind everyone, at the start of the year, we said we would anticipate that the pricing contribution to growth in the full year would be similar to the previous year, but the timing would be a little bit different where we'd have more back-end loaded pricing. That's still our expectation. We don't have a different view. We do believe that pricing will benefit in the second half more than it did in the first half of this year.

只是提醒大家，在年初，我們說過，我們預計全年定價對成長的貢獻將與前一年相似，但時間會略有不同，我們將有更多的後端定價。這仍然是我們的期望。我們沒有不同的看法。我們確實相信，今年下半年的定價將比上半年更有利。

Next question.

下一個問題。

Darrin Peller, Wolfe Research.

達林·佩勒（Darrin Peller），沃爾夫研究公司。

Hey, guys. Thanks. If you don't mind just going a little deeper into the FX vol offset by what you just said, customer mix and hedging. I guess it's just -- if you can explain a little bit more. I know that corridor and mix on corridor could be a factor. As you said, US volume inbound could have a higher yield.

嘿，大家好。謝謝。如果您不介意的話，我們可以更深入地探討外匯波動率抵銷您剛才所說的客戶組合和避險。我想這只是──如果你能再解釋一下的話。我知道走廊和走廊上的混合可能是一個因素。正如您所說，美國入境量可能會有更高的收益。

But we haven't necessarily heard you call out hedging much before in the business and would assume that FX vol benefits would have been more of an offset. So maybe just explain a little more of the hedging or the mix dynamic and what exactly happened.

但我們之前在業務中並沒有聽過您多次呼籲進行對沖，並且認為外匯波動率的收益會更多地起到抵消作用。因此，也許可以稍微解釋一下對沖或混合動態以及究竟發生了什麼。

And then just a quick add-on would be de minimis and whether or not from an e-comm standpoint, cross-border e-comm and something that you're factoring in or thinking about having any way to think about how to factor that into the model going forward. Thanks, guys.

然後只需快速添加即可，無論從電子商務的角度來看，跨境電子商務以及您正在考慮的因素，或考慮以任何方式思考如何將其納入未來的模型中。謝謝大家。

Okay, got it. I got both of those questions, Darrin, so let me give a little bit more color. Again, just to give -- dimensionalize again, the 10% growth in transaction revenue, which is in line with the nominal growth. And so that 3-point delta, you could think the big portion of that is FX.

好的，明白了。達林，這兩個問題我都有，所以請容許我再詳細解釋一下。再一次，只是為了再次給出維度，交易收入成長 10%，這與名義成長一致。因此，您可能會認為 3 分增量中很大一部分是 FX。

And then to your point, higher volatility, which we said in April was higher in Q2 and throughout April. The two items, which I could give a little bit more color on, called out client mix and hedging. So client mix, we obviously have different clients throughout the portfolio there and different clients have different pricing and different yield dynamics.

然後回到您的觀點，波動性更高，我們說過，四月份的波動性在第二季度和整個四月份都更高。我可以更詳細地解釋這兩個項目，即客戶組合和對沖。因此，客戶組合方面，我們在整個投資組合中顯然有不同的客戶，不同的客戶有不同的定價和不同的收益動態。

And so it really depends on specific client performance, in which clients are growing and where and that could have an impact on our revenue yield. And in this case, it was a bit of a drag against the -- against -- relative to the 13% currency volume growth.

因此，這實際上取決於特定客戶的表現，哪些客戶在成長以及在哪裡成長，這可能會對我們的收入收益產生影響。在這種情況下，相對於 13% 的貨幣交易量增長，這有點拖累。

And then on hedging, we hedge a portion of our cash flow exposures. This quarter, we did have a gain in Q2. We had a year-over-year gain related to that hedging, but it was lower than the gain that we recognized a year ago in Q2. And so that became -- even though there was a gain, it was a drag again. It was a reconciling item between the two, the 13% and the 10%. So those are the two items that primarily offset the higher volatility that we recognized in international transaction revenue.

然後在對沖方面，我們會對部分現金流風險進行避險。本季度，我們在第二季度確實取得了收益。我們獲得了與該對沖相關的年比收益，但低於去年第二季實現的收益。因此，儘管有所收穫，但又變成了一種拖累。這是 13% 和 10% 之間的調和項目。因此，這兩項主要抵消了我們在國際交易收入中發現的較高波動性。

And then your second question, Darrin, on de minimis. If we look at sort of the whole situation with China, so far, we're not seeing a material impact from tariffs related to China, and specifically, spend associated with the de minimis exemption. It's just not a material portion of our volumes, and we wouldn't expect any material impact.

然後是你的第二個問題，達林，關於最低限度。如果我們看一下中國的整體情況，到目前為止，我們還沒有看到與中國相關的關稅產生實質影響，特別是與最低限度豁免相關的支出。這只是我們業務量中不重要的部分，我們預期不會產生任何實質影響。

Next question.

下一個問題。

Jason Kupferberg, Bank of America.

美國銀行的傑森‧庫普弗伯格（Jason Kupferberg）。

Wanted to ask about US volume growth. I know we went from 6% in the March quarter to 8% month to date. So I'm just curious if you normalize for effects of Easter. And I know Chris, you mentioned a little bit of pull-forward of spend out of the tariffs. Should we be just assuming some moderation off the April levels of 8% given those factors? Just want to make sure we've got the modeling square there so we don't overextrapolate from a few weeks of data. Thanks.

想詢問一下美國銷量的成長情況。我知道我們的成長率從 3 月季度的 6% 上升到了本月迄今的 8%。所以我只是好奇您是否會將復活節的影響標準化。我知道克里斯，你提到了從關稅中稍微提前一點支出。考慮到這些因素，我們是否應該假設 4 月的 8% 水準會有所緩和？只是想確保我們有模型，這樣我們就不會根據幾週的數據進行過度推論。謝謝。

Yeah. Good question, Jason. The overall environment, I'll go back to some of the comments Ryan made, the overall comment. The overall environment remains stable, healthy, and steady. Whenever we give the month-to-date data, I always disclaim it by saying two or three weeks or three weeks, in this case, don't make a trend. We'll have to see how the rest of the quarter plays out.

是的。問得好，傑森。整體環境，我會回顧 Ryan 所做的一些評論，整體評論。整體環境保持穩定、健康、平穩。每當我們提供月度至今的數據時，我總是否認這一點，說兩週、三週或三週，在這種情況下，不會形成趨勢。我們將拭目以待本季剩餘時間的表現。

The 8% in the month-to-date does reflect some benefits from the timing of Easter. I called that out earlier in the comments. We'll have to see how the quarter comes together. But I think the overall message that I would convey is that it's stable and consumer remains resilient, and I wouldn't read too much into the 6% versus 8% at this point.

本月迄今的 8% 確實反映了復活節時機帶來的一些好處。我之前在評論中提到過這一點。我們必須看看本季的進展如何。但我認為我要傳達的整體訊息是，經濟成長保持穩定，消費者仍然具有韌性，目前我不會過度解讀 6% 和 8% 之間的差異。

Next question.

下一個問題。

Bryan Keane, Deutsche Bank.

德意志銀行的布萊恩·基恩。

Just want to ask about the entertainment weakness, where you saw it exactly and do you expect that to continue going forward? And was just thinking about the different affluent group maybe growing faster versus other bands and just the outlook there. Thanks.

我只想問一下娛樂方面的弱點，您具體在哪裡看到了它，您預計這種情況會繼續下去嗎？我只是在考慮不同的富裕群體可能比其他樂團發展得更快，以及那裡的前景。謝謝。

Yeah, a couple of things I'd point to. One is sort of triangulating around the data. The most important thing, I think, to keep in mind is that when we see -- when we talk about discretionary versus non-discretionary, they're both quite strong and healthy relative to the previous quarter. And so within that, we did have some puts and takes. I mentioned, some travel and entertainment but also offset by retail goods as an example.

是的，我想指出幾件事。一種是對數據進行三角測量。我認為，最重要的是要記住，當我們談論自由裁量權與非自由裁量權時，它們相對於上一季相當強勁和健康。因此，我們確實有一些得失。我提到，有些旅遊和娛樂也被零售商品抵銷。

And so there are puts and takes. There are some moving parts within that, but overall, healthy, stable volumes, whether it's discretionary or non-discretionary. And as Ryan pointed out, even as we look across spend bands, the consistency of the performance in previous quarters. Well, obviously, higher spend bands are growing faster. They have been for several quarters. The quarter-on-quarter performance remains stable and consistent.

因此，存在著得與失。其中有一些變動因素，但總體而言，無論是自由支配的還是非自由支配的，數量都是健康、穩定的。正如瑞安 (Ryan) 指出的那樣，即使我們縱觀支出區間，也能看出前幾季的表現保持一致。嗯，顯然，消費水準較高的族群成長速度更快。他們已經這樣做了好幾個季度了。季度環比表現保持穩定和一致。

Next question.

下一個問題。

Dan Perlin, RBC Capital Markets.

丹‧佩林 (Dan Perlin)，加拿大皇家銀行資本市場部。

Thanks. Just given the geopolitical backdrop, I'm just wondering, Ryan, if it changes in any way your views of how you're placing like your investment bets. I mean, not the long-term ones, but maybe more near term. So like risk-on, your payback period, specific geos that maybe you were thinking were kind of more short duration in nature but now you want to throttle back, or even M&A opportunities that you might see that potentially could be created in this backdrop. Thank you.

謝謝。鑑於地緣政治背景，我只是想知道，瑞安，它是否會以某種方式改變你對投資押注的看法。我的意思不是長期的，但可能是近期的。因此，就像風險承擔、投資回收期、特定地理位置（您可能認為本質上持續時間較短，但現在您想要縮減）或甚至您可能看到的在這種背景下可能產生的併購機會。謝謝。

Yeah. Dan, maybe I'll back up one step and just kind of talk about the macro environment a little bit and then kind of zone in what you're saying. I mean, there's obviously more uncertainty today among consumers and businesses than there was several months ago. You see that in the consumer confidence metrics; it's not surprising.

是的。丹，也許我應該退一步，先稍微談論一下宏觀環境，然後再根據你所說的進行區域劃分。我的意思是，今天消費者和企業之間的不確定性顯然比幾個月前要多。您可以在消費者信心指標中看到這一點；這並不奇怪。

But I think what you've heard from us in our prepared remarks today and from the many questions that Chris has answered, if you look at the facts and what we can add to the conversation in terms of spending, it remains strong and resilient. You add to that, just looking in the US, employment remains strong, wage growth remains steady, inflation's moderated, consumer balance sheets remain relatively healthy.

但我認為，從我們今天的準備好的發言以及克里斯回答的許多問題中，如果你看一下事實以及我們可以在支出方面為討論補充的內容，你就會發現它仍然強勁而有彈性。除此之外，僅從美國來看，就業依然強勁，薪資成長維持穩定，通膨有所緩和，消費者資產負債表仍相對健康。

So we're kind of balancing the uncertainty that we all have with the facts. And the facts show a lot of resiliency in what we're seeing. And so when we look at all of that, we remain very committed to our product roadmap, our investment roadmap. We are as confident today as we've ever been in the opportunities that we're going after across all three of our growth levers, consumer payments, value-added services, and commercial and money movement solutions.

因此，我們正在平衡我們所有人的不確定性和事實。事實表明，我們看到了很大的彈性。因此，當我們審視所有這些時，我們仍然非常致力於我們的產品路線圖和投資路線圖。今天，我們對我們在三大成長槓桿，即消費者支付、增值服務以及商業和資金流動解決方案中追求的機會充滿信心。

But as I mentioned on the call, we're constantly looking at scenarios. We are very kind of dialed into what could happen. And if and when we see facts that lead to changes, we'll be ready to make changes in our investment profile and our product pipeline.

但正如我在電話中提到的，我們一直在研究各種情況。我們非常清楚接下來會發生什麼事。如果我們看到導致變化的事實，我們將準備好改變我們的投資狀況和產品線。

And then you mentioned M&A. I think if anything, from the position of strength that we operate, I'm optimistic that the current situation, as I described, it could create more opportunities for us around the world that might otherwise have happened. But we'll obviously have to just wait and see how that all plays out.

然後您提到了併購。我認為，從我們經營實力的角度來看，我樂觀地認為，正如我所描述的，當前的情況可以為我們在世界各地創造更多的機會，否則這些機會就可能無法實現了。但我們顯然必須拭目以待，看看這一切將如何發展。

Next question.

下一個問題。

Adam Frisch, Evercore ISI.

亞當‧弗里施 (Adam Frisch)，Evercore ISI。

My extrapolation of your guidance is if there's a little bit of weakness kind of just more related to cyclicality as opposed to anything more crazy, you guys can absorb that. Correct me if I'm wrong on that assumption. But if macro conditions shift materially and much more quickly than expected, can you remind us where your key levers are in terms of revenue, like pricing or cost management in terms of marketing and stuff that would allow you to keep pace with the rate of change if it were to be faster and protect your margins? Thanks.

我對您的指導的推斷是，如果存在一點弱點，這種弱點更多地與週期性有關，而不是更瘋狂的事情，那麼您可以吸收它。如果我的假設是錯誤的，請糾正我。但是，如果宏觀條件發生重大變化，而且變化速度比預期快得多，您能否提醒我們，在收入方面，您的關鍵槓桿在哪裡，例如行銷方面的定價或成本管理，以及如果變化速度更快的話，可以讓您跟上變化速度並保護您的利潤率的東西？謝謝。

Yeah. Hi, Adam. I touched on some of these points a little bit ago, but let me just expand on them because I think it's sort of an interesting way to think about it. Obviously, every recession is different. But over the course of time and over history, Visa has proven to be quite resilient even during these economic downturns.

是的。你好，亞當。我剛才談到了其中的一些觀點，但請容許我進一步闡述一下，因為我認為這是一種有趣的思考方式。顯然，每次經濟衰退都是不同的。但隨著時間的推移和歷史的變遷，Visa 已證明即使在經濟低迷時期也具有相當的韌性。

We don't know what's going to happen. We're not economic forecasters, but the management team here is ready to move decisively should the need arise.

我們不知道會發生什麼事。我們不是經濟預測者，但如果有需要，這裡的管理團隊已準備好採取果斷行動。

Now our business is resilient. I talked about the diversification of the business, more exposure to everyday spend, more exposure to debit. Even our cross-border volume is more e-commerce today than travel than it was, if I think about pre-COVID levels, and so that diversification helps us. And so if there was a downturn, I think our performance during this potential economic slowdown, we would be resilient. And it could impact our business.

現在我們的業務很有彈性。我談到了業務的多樣化，更多地接觸日常支出，並更多地接觸借記。如果考慮到新冠疫情之前的水平，我們現在的跨境電子商務交易量甚至比旅遊交易量還要大，因此這種多樣化對我們有幫助。因此，如果出現經濟衰退，我認為我們在這次潛在的經濟放緩期間的表現將是具有彈性的。這可能會影響我們的業務。

If you think about it between volume and revenue, volume's historically grown faster than PC. Even if the PC slows, we're confident that we can continue to grow faster than that for all the reasons I spoke about. And then the one other thing I'd add is on the revenue front. Remember that incentives are largely variable. And so to the extent that volume growth does get impacted, there could be an offset on incentive.

如果你從銷售和收入的角度來考慮，銷售的歷史成長速度比 PC 更快。即使個人電腦的發展放緩，我們也相信，基於我剛才提到的所有原因，我們能夠繼續保持更快的成長速度。然後我要補充的另一件事是關於收入方面。請記住，激勵措施是多種多樣的。因此，如果銷量成長受到影響，激勵措施可能會得到抵消。

On the expense side, I think we've also historically shown we could flex our expenses. We obviously want to balance between short- and near-term and long-term priorities. We don't want to overreact to anything. We want to be thoughtful about making sure that we're investing in the right areas to ensure that Visa is successful over the long term but we do have levers. And this is a management team that stands ready to act.

在支出方面，我認為我們的歷史經驗也顯示我們可以靈活調整支出。我們顯然希望在短期和長期優先事項之間取得平衡。我們不想對任何事情反應過度。我們希望深思熟慮，確保我們投資於正確的領域，以確保 Visa 的長期成功，但我們確實有槓桿。這是一個隨時準備採取行動的管理團隊。

Next question.

下一個問題。

Ramsey El-Assal, Barclays.

巴克萊銀行的拉姆齊‧埃爾-阿薩勒 (Ramsey El-Assal)。

Stablecoins seem to be having their moment, maybe helped along by clear regulations. I know you called out your strategy there, including this reaching $200 million of settlement flows. What are your latest thoughts on the demand for those stablecoin settlements or other stablecoin payments? Are you seeing or expecting an inflection? What are your clients saying? Thanks.

穩定幣似乎正迎來自己的黃金時代，或許得益於明確的監管。我知道您在那裡提出了您的策略，包括達到 2 億美元的結算流量。您最近對穩定幣結算或其他穩定幣支付的需求有何看法？您是否看到或預期會出現拐點？您的客戶怎麼說？謝謝。

It's still early, but we do see real potential, which is why we've been investing in the crypto space broadly, in the stablecoin space specifically for many years now. We've built up a team of real experts that I think are very well respected among the ecosystem.

雖然還處於早期階段，但我們確實看到了真正的潛力，這就是為什麼我們多年來一直廣泛投資加密領域，特別是穩定幣領域。我們已經建立了一支真正的專家團隊，我認為他們在生態系統中非常受尊重。

But it's early. On the one hand, $200 million is a great kind of milestone. On the other hand, it's still a relatively -- a very small portion of our overall settlement volume.

但現在還早。一方面，2億美元是一個偉大的里程碑。另一方面，它仍然只占我們整體結算額的一小部分。

I guess I'd say a couple of things. One is, we are optimistic about the kind of the US government passing more clear and pragmatic regulations, and I think not just in the US but hopefully other countries as well. We are continuing to push forward with the settlement work that you mentioned, but we're also exploring kind of a broader set of product opportunities and partnerships in the stablecoin space. I might use that as a little bit of a pitch to join our product drop tomorrow, which I mentioned in my prepared remarks, but our team will talk about some of those things as well.

我想我要說幾件事。一是，我們對美國政府通過更清晰、務實的法規感到樂觀，我認為不僅在美國，也希望其他國家也能如此。我們正在繼續推進您提到的結算工作，但我們也在探索穩定幣領域更廣泛的產品機會和合作夥伴關係。我可能會用這個來作為我們明天產品發布會的一個小宣傳，我在準備好的發言中提到過這一點，但我們的團隊也會談論其中的一些事情。

So as you said, there's a lot of activity and discussion about stablecoin space right now. I think the tipping point will be more clear pragmatic regulations. But I do think in the big scheme of things, certainly as it relates to our broader business, it's still very early in the development.

正如你所說，現在關於穩定幣領域有很多活動和討論。我認為轉捩點將是更明確務實的規定。但我確實認為，從總體上看，當然就與我們更廣泛的業務相關而言，它仍處於發展的早期階段。

Last question, please.

請問最後一個問題。

Harshita Rawat, Bernstein.

哈爾希塔·拉瓦特，伯恩斯坦。

Ryan, you guys managed government nationalism risk for decades as a company. How do you think about navigating that risk in the current environment being the US-based company operating globally during trade disputes? Thank you.

瑞安，幾十年來，你們公司一直致力於管理政府民族主義風險。作為一家在貿易爭端期間在全球營運的美國公司，您認為如何在當前環境中應對這種風險？謝謝。

Thanks. If I heard your question right, around how are we navigating all of this. We regularly engage with governments and regulators in every country where we operate. We have like a world-class government engagement team in all of our regions and all of our major countries. But it's also our country managers, day in and day out. They are deeply engaged with the governments and the countries in which we operate because we are an extraordinarily important partner and company in every country we operate around the world.

謝謝。如果我沒聽錯的話，你的問題是關於我們如何應對這一切。我們定期與我們經營所在的每個國家的政府和監管機構接觸。我們在所有地區和所有主要國家都擁有一支世界一流的政府參與團隊。但這也是我們日復一日的國家經理們。他們與我們開展業務的政府和國家有著密切的聯繫，因為我們是全球每個國家極其重要的合作夥伴和公司。

And our engagement now is -- it's important. It's as important as it's ever been, given the challenging and uncertain environment that you mentioned.

我們現在的參與非常重要。考慮到您提到的充滿挑戰和不確定性的環境，這一點比以往任何時候都更重要。

What I would say is nationalism is nothing new. As long as we are permitted to operate in a country or territory, even if it's been more difficult for us to operate there than it has historically, we have a proven track record of being successful. We're used to operating in highly regulated markets and environments around the world.

我想說的是，民族主義並不是什麼新鮮事。只要我們被允許在一個國家或地區開展業務，即使我們在那裡開展業務比歷史上更加困難，我們也已經有成功的記錄。我們習慣在世界各地嚴格監管的市場和環境中開展業務。

We've got tailored strategies, which we've tested in other markets with similar conditions. And we tailor those to the unique needs of our clients and our partners in every one of these markets. And we're working with our clients and partners to regularly educate the government and the regulators and the elected officials in those countries about not just what matters most domestically in their market but the complexities of the global payments market and what we need to be doing together to help them in their markets.

我們制定了量身定制的策略，並已在其他具有類似條件的市場進行了測試。我們根據每個市場的客戶和合作夥伴的獨特需求進行客製化。我們正在與客戶和合作夥伴合作，定期向這些國家的政府、監管機構和民選官員進行教育，不僅讓他們了解國內市場中最重要的問題，還讓他們了解全球支付市場的複雜性，以及我們需要共同做些什麼來幫助他們開拓市場。

So it is as complicated as I remember it, but we have the experience, the people, the products, and services to put to work in these countries around the world, and we feel good about our ability to navigate it.

所以它和我記憶中的一樣複雜，但我們擁有經驗、人才、產品和服務，可以在世界各地的國家使用，我們對我們駕馭它的能力感到滿意。

And with that, I'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.

最後，我要感謝你們今天參加我們的活動。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，祝您有愉快的一天。

Thank you, all, for participating in Visa's fiscal second-quarter 2025 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 2025 財年第二季財報電話會議。今天的會議到此結束。現在您可以斷開連接，並享受剩餘的一天。