Visa Inc (V) 2022 Q2 法說會逐字稿

Welcome to Visa's Fiscal Second Quarter 2022 Earnings Conference Call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time.

歡迎參加 Visa 2022 財年第二季度收益電話會議。 （操作員說明）今天的會議正在錄製中。如果您有任何異議，您可以在此時斷開連接。

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

現在，我想將會議轉交給您的主持人，高級副總裁兼投資者關係主管 Jennifer Como 女士。科莫女士，你可以開始了。

Thanks, Jordan. Good afternoon, everyone, and welcome to Visa's fiscal second quarter 2022 earnings call. Joining us today are Al Kelly, Visa's Chairman and Chief Executive Officer; and Vasant Prabhu, Visa's Vice Chair and Chief Financial Officer. This call is being webcast on the Investor Relations section of our website at www.investor.visa.com. A replay will be archived on our site for 30 days. A slide deck containing financial and statistical highlights has been posted on our IR website.

謝謝，喬丹。大家下午好，歡迎參加 Visa 的 2022 財年第二季度財報電話會議。今天加入我們的是 Visa 董事長兼首席執行官 Al Kelly； Visa 副主席兼首席財務官 Vasant Prabhu。本次電話會議正在我們網站 www.investor.visa.com 的投資者關係部分進行網絡直播。重播將在我們的網站上存檔 30 天。包含財務和統計亮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. Additional information concerning those factors is available in our most recent reports on Forms 10-K and 10-Q, which you can find on the SEC's website and the Investor Relations section of our website.

我還要提醒您，本演示文稿包含前瞻性陳述。這些陳述不是對未來業績的保證，我們的實際結果可能會因許多因素而產生重大差異。有關這些因素的更多信息，請參閱我們關於 10-K 和 10-Q 表格的最新報告，您可以在 SEC 網站和我們網站的投資者關係部分找到這些報告。

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

對於本次電話會議中披露的非 GAAP 財務信息，相關的 GAAP 措施和對賬可在今天的收益發布中獲得。

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

有了這個，讓我把電話轉給 Al。

Good afternoon, everybody, and thank you for joining. Before jumping in, I want to acknowledge that this is Jennifer Como's first earnings call in her new position. About 2 months ago, Jennifer was promoted to Head of Investor Relations, which was a very well-deserved recognition of her work over the last 3 years with us.

大家下午好，感謝您的加入。在加入之前，我想承認這是 Jennifer Como 在新職位上的第一次財報電話會議。大約 2 個月前，Jennifer 被提升為投資者關係主管，這是對她在我們過去 3 年的工作的當之無愧的認可。

I want to start by briefly addressing the situation in Russia and Ukraine. I have seen firsthand the pain brought about by Russia's attack on Ukraine and its people, including our colleagues in both Ukraine and Russia. We are very focused on supporting them. The bravery, strength and resilience of our colleagues is incredibly inspiring, as is the grit of the Ukrainian military.

我想首先簡要談談俄羅斯和烏克蘭的局勢。我親眼目睹了俄羅斯襲擊烏克蘭及其人民，包括我們在烏克蘭和俄羅斯的同事所帶來的痛苦。我們非常專注於支持他們。我們同事的勇敢、力量和韌性令人難以置信，烏克蘭軍隊的勇氣也是如此。

Even with the invasion of Ukraine and lingering impacts of Omicron, volumes, transactions and credentials drove strong second quarter performance. Overall, PV was up 135% versus 3 years ago. Cross-border volumes, excluding intra-Europe, were 112% versus 3 years ago. And it's important to note that travel-related cross-border rose to 82% versus 3 years ago, up 5 points from Q1. Processed transactions were 138% versus 3 years ago.

即使在烏克蘭入侵和 Omicron 的影響揮之不去的情況下，數量、交易和憑證仍推動了第二季度的強勁表現。總體而言，與 3 年前相比，PV 增長了 135%。不包括歐洲內部的跨境交易量與 3 年前相比增長了 112%。值得注意的是，與 3 年前相比，與旅行相關的跨境業務增長至 82%，比第一季度增長了 5 個百分點。與 3 年前相比，已處理的交易量增加了 138%。

In terms of the big picture, after the short 4- to 5-week impact of Omicron in December and January in the United States and many other parts of the world, the recovery continues to be robust. At this stage, in terms of volumes, we have seen no noticeable impact due to inflation, supply chain issues or the war in Ukraine.

從大局來看，經過 Omicron 在 12 月和 1 月對美國和世界許多其他地區的短暫 4 到 5 週的影響，復甦繼續強勁。在這個階段，就數量而言，我們沒有看到由於通貨膨脹、供應鏈問題或烏克蘭戰爭造成的明顯影響。

In the U.S., payments volume index to 2019 was 144 in the quarter. Volume growth relative to 3 years ago has been stable and strong now for 4 quarters in a row. When looking at specific spend categories for credit cards, we saw greater than a 10 percentage point improvement in the 3-year index from Q1 to 2Q -- Q2 in travel, retail goods, food and drug, restaurant, QSR and fuel.

在美國，截至 2019 年的季度支付量指數為 144。相對於 3 年前的銷量增長已經連續 4 個季度保持穩定和強勁。在查看信用卡的特定支出類別時，我們看到從第一季度到第二季度的 3 年指數提高了 10 個百分點以上——第二季度在旅遊、零售商品、食品和藥品、餐廳、QSR 和燃料方面。

As a reminder, debit is growing over a quarter in fiscal '21, where there were 2 stimulus distributions. Even as credit continues to recover, debit remains 20% above the prepandemic trend line. Across all products, spend categories representing 88% of PV are over 120% indexed -- over 120 indexed to 3 years ago, and nearly 2/3 are between 140 and 160. Against this backdrop, Visa's performance was very strong. Net revenues grew 25% year-over-year, and non-GAAP EPS was $1.79, up 30%.

提醒一下，在 21 財年，借方增長超過四分之一，其中有 2 次刺激分配。即使信貸繼續復甦，借方仍比大流行前趨勢線高出 20%。在所有產品中，佔 PV 的 88% 的支出類別的指數超過 120%——3 年前指數超過 120，近 2/3 的指數在 140 到 160 之間。在此背景下，Visa 的表現非常強勁。淨收入同比增長 25%，非 GAAP 每股收益為 1.79 美元，增長 30%。

As we look ahead, our business will have a reset due to Russia, but we still expect accelerated revenue growth versus pre-COVID over the coming years. This is because there's still ample opportunity around the world across our 3 growth levers of consumer payments, new flows and value-added services, and our strategy is yielding excellent results.

展望未來，我們的業務將因俄羅斯而重置，但我們仍預計未來幾年收入增長將比新冠疫情前加速。這是因為我們的消費支付、新流量和增值服務這三個增長槓桿在全球範圍內仍有充足的機會，而且我們的戰略正在產生出色的成果。

First, in consumer payments, we continue to displace cash at a strong rate. In Q2, we saw debit cash volumes at Visa grow 2%, while debit payments volumes grew 12%. Cash displacement continued around the world. Year-over-year, across debit and credit, there were 7.9 billion more payments transactions and 16 million less cash transactions. Last quarter, I highlighted the shift from cash to payments volume in Latin America, and that trend continued in this quarter. Additionally, CEMEA is experiencing a similar shift. In full year 2019, cash was 59% of total volume. Last year in Q2, it was 50%. And this quarter, it was 46%.

首先，在消費者支付方面，我們繼續以強勁的速度取代現金。在第二季度，我們看到 Visa 的借記現金量增長了 2%，而藉記支付量增長了 12%。世界各地的現金轉移仍在繼續。與去年同期相比，借記卡和貸記卡支付交易增加了 79 億筆，現金交易減少了 1600 萬筆。上個季度，我強調了拉丁美洲從現金向支付量的轉變，這一趨勢在本季度繼續存在。此外，CEMEA 正在經歷類似的轉變。 2019 年全年，現金佔總量的 59%。去年第二季度，這一比例為 50%。而本季度，這一比例為 46%。

Growth in consumer payments is driven by adding credentials and acceptance and deepening engagement. Our card credentials recently increased to over 3.9 billion, up 9% in 1 year, including 10% growth in the United States. On the acceptance side, we have 80 million merchant locations, including small businesses behind players like Stripe and Square, the number is actually over 100 million. We have seen very strong performance location growth recently in our Latin America and Asia Pacific regions, up 30% and 20%, respectively.

消費者支付的增長是通過增加憑證和接受度以及深化參與來推動的。我們的卡憑證最近增加到超過 39 億張，在 1 年內增長了 9%，其中美國增長了 10%。在接受方面，我們有 8000 萬個商家位置，包括像 Stripe 和 Square 這樣的玩家背後的小企業，這個數字實際上超過了 1 億。我們最近在拉丁美洲和亞太地區看到了非常強勁的業績增長，分別增長了 30% 和 20%。

Let me just highlight a few regional examples of progress in consumer payments. In Europe, overall credentials grew 6%, which is nearly double the historic rate for each of the past 8 quarters, helped by previously announced deals, with BNP Paribas Fortis in Belgium contributing more than 4 million credentials since their announcement to issue with Visa.

讓我強調一下消費者支付方面取得進展的幾個地區性例子。在歐洲，整體憑證增長了 6%，幾乎是過去 8 個季度歷史增長率的兩倍，這得益於之前宣布的交易，比利時的法國巴黎銀行富通銀行自宣布與 Visa 合作以來貢獻了超過 400 萬個憑證。

Across Europe, we continue to strengthen our debit business. We recently announced the win with Rabobank, representing a multimillion credential opportunity. We also renewed our business with one of the largest banks in the Nordics, Nordea.

在整個歐洲，我們繼續加強我們的借記卡業務。我們最近宣布了與荷蘭合作銀行的勝利，這代表了數百萬的憑證機會。我們還與北歐最大的銀行之一 Nordea 重新開展業務。

On the acceptance front, we continue to pioneer new areas of acceptance even in mature digital markets. One recent example in Europe is with electronic -- electric vehicle charging. We were the first payments and financial services company to joined the charging interface initiative and are working with manufacturers to open up what is estimated to represent 3 million potential acceptance points in Europe by 2030.

在接受方面，即使在成熟的數字市場中，我們也會繼續開拓新的接受領域。歐洲最近的一個例子是電子——電動汽車充電。我們是第一家加入充電接口計劃的支付和金融服務公司，並正在與製造商合作，以在 2030 年之前在歐洲開放估計代表 300 萬個潛在接受點的地方。

In Latin America, we saw strong credential growth, up 21% year-over-year. Two renewals to highlight this quarter: Porto Sakura, Brazil's third largest issuer for credit portfolio; and digital bank Neo Pagamentos, one of Brazil's fastest-growing fintechs with over 15 million clients for their credit and prepaid portfolios.

在拉丁美洲，我們看到了強勁的證書增長，同比增長 21%。本季度有兩個值得關注的續約：Porto Sakura，巴西第三大信貸組合發行人；數字銀行 Neo Pagamentos 是巴西發展最快的金融科技公司之一，其信貸和預付組合擁有超過 1500 萬客戶。

In Africa, Visa has signed a partnership with Vodacom South Africa. This deal, together with previously announced partnerships with M-PESA Africa and Safaricom, covers 130 million customers in the entire Vodacom Group in Sub-Saharan Africa. Through this partnership, Vodacom will exclusively issue Visa payment credentials, deploy new payment flows through Visa Direct and utilize CyberSource.

在非洲，Visa 與南非 Vodacom 簽署了合作協議。這筆交易連同之前宣布的與 M-PESA Africa 和 Safaricom 的合作夥伴關係，覆蓋了整個 Vodacom 集團在撒哈拉以南非洲的 1.3 億客戶。通過此次合作，Vodacom 將獨家頒發 Visa 支付憑證，通過 Visa Direct 部署新的支付流程並利用 CyberSource。

In the United States, we renewed and won several partnerships this quarter. First, Visa and USAA have recently renewed our long-standing issuing partnership. Second, we extended our existing relationship agreement with M&T Bank as their issuance partner, including migrating the business resulting from their recently completed acquisition of People's United. Over the past 2 years, merger activity of regional banks has increased, and this is another example of Visa successfully partnering to grow with our clients.

在美國，本季度我們續簽並贏得了多個合作夥伴關係。首先，Visa 和 USAA 最近更新了我們長期的發行合作夥伴關係。其次，我們擴展了與 M&T 銀行作為其發行合作夥伴的現有關係協議，包括遷移他們最近完成對人民聯合的收購所產生的業務。在過去的 2 年裡，區域性銀行的合併活動有所增加，這是 Visa 成功與客戶合作發展的又一例證。

Finally, supporting the U.S. government is an important priority for us, and we retained our business with the financial agent that manages the U.S. debit card program. This Visa-branded program is a key component of Treasury's goal to deliver 99% of federal payments digitally by 2030.

最後，支持美國政府是我們的一個重要優先事項，我們保留了與管理美國借記卡計劃的金融代理的業務。這個以 Visa 為品牌的計劃是財政部目標的關鍵組成部分，即到 2030 年以數字方式提供 99% 的聯邦支付。

A key vector of growth in consumer payments are co-brand cards, which are particularly attractive to the affluent customer. In Q2, affluent credit card spending was well above 2019 levels in several markets, including the U.S. and the U.K. Our U.S. co-brand active cards were up nearly 30% from 2019 to 2022. And we have 7 of the top 10 co-brands in the United States and 8 of the top 10 co-brands globally.

消費者支付增長的一個關鍵載體是聯合品牌卡，這對富裕的客戶特別有吸引力。在第二季度，包括美國和英國在內的多個市場的富裕信用卡支出遠高於 2019 年的水平。從 2019 年到 2022 年，我們的美國聯合品牌活動卡增長了近 30%。我們擁有前 10 名聯合品牌中的 7 個在美國和全球前 10 大聯合品牌中的 8 個。

This past quarter, we renewed our co-brand relationship with AAA, Visa's longest-standing co-brand partner, an over 40-year relationship. In India, we're pleased to have signed a long-term co-brand agreement with Airtel, one of the largest mobile operators in the world with nearly 356 million subscribers. In CEMEA, Emirates NBD, a leading banking group, has expanded its long-standing partnership with Visa by introducing the premium co-brand program with Etihad Guest, the loyalty program of Etihad Airlines with 8 million members.

上個季度，我們與 Visa 歷史最悠久的聯合品牌合作夥伴 AAA 續簽了超過 40 年的聯合品牌合作關係。在印度，我們很高興與 Airtel 簽署了長期聯合品牌協議，Airtel 是世界上最大的移動運營商之一，擁有近 3.56 億用戶。在 CEMEA，領先的銀行集團阿聯酋航空 NBD 通過推出與阿提哈德貴賓 (Etihad Guest) 的高級聯合品牌計劃，擴大了與 Visa 的長期合作夥伴關係，這是阿提哈德航空公司擁有 800 萬會員的忠誠度計劃。

In Uganda, we partnered with the Uganda National Social Security Fund to issue co-brand cards to 2 million beneficiaries. And just a few weeks ago, it was announced that the U.S. Amazon Prime Rewards Visa Signature Card has been renewed with Chase and Visa. Visa is also pleased to have reached a broad global agreement with Amazon. This agreement includes the acceptance of Visa at all Amazon stores and sites today, as well as a joint commitment to collaboration on new product and technology initiatives to ensure innovative payment experiences for our customers into the future.

在烏干達，我們與烏干達國家社會保障基金合作，向 200 萬受益人發放聯名卡。就在幾週前，宣布美國亞馬遜 Prime Rewards Visa 簽名卡已與 Chase 和 Visa 續簽。 Visa 也很高興與亞馬遜達成廣泛的全球協議。該協議包括今天在所有亞馬遜商店和網站接受 Visa，以及共同承諾在新產品和技術計劃方面進行合作，以確保我們的客戶在未來獲得創新的支付體驗。

In Q2, we also continued to enable new ways to pay from installments to crypto. In the installment space, we previously announced a global deal with Klarna. They have now issued their co-branded card in Europe and recently opened a wait list in the United States, where they have 25 million customers.

在第二季度，我們還繼續啟用從分期付款到加密貨幣的新支付方式。在分期付款領域，我們之前宣布與 Klarna 達成全球協議。他們現在已經在歐洲發行了他們的聯名卡，最近在美國開設了等候名單，他們在美國擁有 2500 萬客戶。

In the crypto space, we continue to work with governments globally on potential CBDCs. This quarter, we were selected as the finalist in Brazil's CBDC LIFT Challenge. The concept is a B2B solution that seeks to leverage CBDC to help small businesses access global investors and drive financial inclusion.

在加密領域，我們繼續與全球政府合作開發潛在的 CBDC。本季度，我們被選為巴西 CBDC LIFT 挑戰賽的決賽選手。該概念是一種 B2B 解決方案，旨在利用 CBDC 幫助小企業接觸全球投資者並推動金融包容性。

On the engagement front, tap to pay continues to accelerate growth. In the United States, we are over 20% tap to pay penetration, marking the second largest market by number of taps. And Target has become the first U.S. retail merchant to surpass 50% tap to pay penetration of face-to-face payments.

在參與方面，點擊支付繼續加速增長。在美國，我們的水龍頭支付滲透率超過 20%，按水龍頭數量計算，是第二大市場。塔吉特成為美國首家通過面對面支付滲透率超過 50% 的零售商。

Transit is one of the best ways to habituate tapping, and the first half of fiscal '22 has set records. We enabled 50 cities around the world, including Thailand, Japan, Turkey, Italy, Switzerland, Norway and Canada, bringing our tap to ride footprint to over 500 travel transit authorities. We processed over 500 million Visa tap to ride transactions globally versus 700 million for all of last year.

過境是習慣敲擊的最佳方式之一，22 財年上半年創下了記錄。我們為全球 50 個城市提供支持，包括泰國、日本、土耳其、意大利、瑞士、挪威和加拿大，將我們的乘車足跡帶到了 500 多個旅行中轉當局。我們在全球範圍內處理了超過 5 億次 Visa Tap 交易，而去年全年為 7 億次。

To summarize, there is significant opportunity in consumer payments, Visa continues to grow credentials and acceptance while deepening engagement and Visa enables innovation and scale for players across the ecosystem from installments to crypto to merchants.

總而言之，在消費者支付方面存在重大機遇，Visa 在深化參與的同時繼續提高憑證和接受度，Visa 為從分期付款到加密到商家的整個生態系統的參與者提供創新和規模。

Now moving to new flows, which in Q2 had over 20% revenue growth. In Q2, our commercial payments volume was 138% of 2019. What's more, this recovery is relatively broad-based across segments and spend types. On the B2B carded front, in the U.S., Umpqua Bank announced 2 commercial solutions for middle market businesses. One, Visa Commercial Preferred, a commercial rewards card designed to help manage daily business spend; and two, Visa Commercial Pay, which will help improve cash flow management, reconciliation and reporting.

現在轉向新的流量，第二季度的收入增長超過 20%。在第二季度，我們的商業支付量是 2019 年的 138%。此外，這種複蘇在各個細分市場和支出類型中的基礎相對廣泛。在 B2B 梳理方面，在美國，Umpqua 銀行宣布了 2 個面向中間市場業務的商業解決方案。一，Visa Commercial Preferred，一種商業獎勵卡，旨在幫助管理日常業務支出；第二，Visa Commercial Pay，這將有助於改善現金流管理、對賬和報告。

In Latin America, we saw a carded progress with B2B fintech, Tribal, which has chosen Visa for card issuance, including virtual cards, on its modern corporate card and spend management platform tailored for startups in 9 countries.

在拉丁美洲，我們看到 B2B 金融科技 Tribal 取得了長足進步，該公司選擇 Visa 在其為 9 個國家/地區的初創公司量身定制的現代公司卡和支出管理平台上發卡，包括虛擬卡。

Airwallex, a global platform enabling digital businesses to manage payments and money movement across borders, previously launched programs with Visa in Australia, Hong Kong and the U.K. Recently, they introduced virtual Visa cards in the United States, Netherlands and Singapore to enable businesses to easily make digital card payments around the world.

Airwallex 是一個使數字企業能夠管理跨境支付和資金流動的全球平台，之前在澳大利亞、香港和英國推出了與 Visa 合作的計劃。最近，他們在美國、荷蘭和新加坡推出了虛擬 Visa 卡，使企業能夠輕鬆在世界各地進行數字卡支付。

In our cross-border B2B business, Visa B2B Connect continues to expand its global footprint. And in the first half of 2022, we added banks for the first time in Tanzania, Uganda, Angola, Thailand and Poland.

在我們的跨境 B2B 業務中，Visa B2B Connect 繼續擴大其全球足跡。 2022 年上半年，我們首次在坦桑尼亞、烏干達、安哥拉、泰國和波蘭新增銀行。

Now turning to Visa Direct. Transactions in the second quarter grew 20%. Vasant will speak more about this, but Russia was our second largest market for Visa Direct and represented about 17% of our transactions in fiscal 2021. So in short, Visa Direct will be impacted by the suspension of Russian operations.

現在轉向Visa Direct。第二季度的交易量增長了 20%。 Vasant 將對此進行更多說明，但俄羅斯是我們 Visa Direct 的第二大市場，占我們 2021 財年交易的約 17%。因此，簡而言之，Visa Direct 將受到俄羅斯業務暫停的影響。

But even with the Russia business -- without the Russia business, we will see growth ahead driven by many use cases and countries. For example, domestic P2P, which accounted for the majority of our Russian business, is still a large opportunity, and we continue to expand to new markets. We will soon launch our inaugural Visa Direct use case in Israel for P2P in partnership with BIT, the largest P2P app in the market.

但即使有俄羅斯業務——沒有俄羅斯業務，我們仍將看到由許多用例和國家推動的增長。例如，占我們俄羅斯業務大部分的國內P2P仍然是一個很大的機會，我們將繼續向新市場拓展。我們很快將與市場上最大的 P2P 應用程序 BIT 合作，在以色列推出首個用於 P2P 的 Visa Direct 用例。

I'll focus on 2 other use cases today, payouts and remittances. First, with payouts, we see -- we're seeing momentum in a number of industries, and transactions are up 35% year-over-year.

今天我將重點介紹另外兩個用例，即付款和匯款。首先，我們看到了支出——我們看到許多行業的發展勢頭，交易量同比增長 35%。

In travel, we launched Visa Direct with Booking.com to enable customer refunds and loyalty payouts. In the gig economy, Payfare, a leading fintech that has partners such as Uber, Lyft and Doordash, has added Visa Direct to its platform to help facilitate real-time payment experiences for over 0.5 million gig workers they serve. And digital commerce partner, Payoneer, will use Visa Direct to enable cross-border payments for their 5 million customers, including marketplaces and gig economy players.

在旅行方面，我們通過 Booking.com 推出了 Visa Direct，以實現客戶退款和忠誠度支付。在零工經濟中，擁有優步、Lyft 和 Doordash 等合作夥伴的領先金融科技公司 Payfare 已將 Visa Direct 添加到其平台中，以幫助為其服務的超過 50 萬零工員工提供實時支付體驗。數字商務合作夥伴 Payoneer 將使用 Visa Direct 為其 500 萬客戶（包括市場和零工經濟參與者）實現跨境支付。

Second, cross-border P2P or global remittances, which are higher yielding Visa Direct transactions, represent a significant opportunity. While we are just getting started this quarter, transactions grew nearly 50% year-over-year.

其次，收益較高的 Visa Direct 交易的跨境 P2P 或全球匯款代表了重大機遇。雖然我們本季度才剛剛開始，但交易量同比增長了近 50%。

After announcing our relationship in fiscal fourth quarter with Paysend, an international card-to-card payments platform, which serves over 6 million customers and 17,000 SMEs, they have now launched their cross-border service with Visa Direct from the U.K. and U.S. to over 100 corridors.

在第四財季宣布我們與 Paysend 建立合作關係後，Paysend 是一個為超過 600 萬客戶和 17,000 家中小企業提供服務的國際卡對卡支付平台，現在他們已通過 Visa Direct 從英國和美國推出跨境服務至超過100 條走廊。

While the U.S. is the top source for remittances, the UAE is the second largest source for country remittances followed by Saudi Arabia according to the World Bank. Altogether, the Gulf Cooperation Council countries account for more than $100 billion in outbound remittances. This past quarter, we added several partnerships to help digitize remittances in the region.

根據世界銀行的數據，雖然美國是最大的匯款來源國，但阿聯酋是第二大國家匯款來源國，其次是沙特阿拉伯。海灣合作委員會國家的境外匯款總額超過 1000 億美元。在上個季度，我們增加了幾個合作夥伴，以幫助該地區的匯款數字化。

First, Al Muzaini Exchange, the largest exchange house in Kuwait. Second, Enjaz, the remittance and payment arm of Bank Albilad and market leader for ongoing remittances in the Kingdom of Saudi Arabia. And third, in the UAE with LuLu Money powered by Lulu International Exchange and Network International to enable the 5 million users of Lulu app to send money to cross-border.

首先是科威特最大的交易所Al Muzaini Exchange。其次，Enjaz，Albilad 銀行的匯款和支付部門，也是沙特阿拉伯王國持續匯款的市場領導者。第三，在阿聯酋，LuLu Money 由 Lulu International Exchange 和 Network International 提供支持，使 Lulu 應用程序的 500 萬用戶能夠跨境匯款。

Adyen and Strike, key Visa Direct enablement partners, have both signed agreements to deepen relationships in existing geographies and to expand to net new markets globally across numerous use cases.

Visa Direct 支持的關鍵合作夥伴 Adyen 和 Strike 均已簽署協議，以加深在現有地區的關係，並通過眾多用例擴展到全球新市場。

In sum, we've made excellent early progress against the $185 trillion new flows opportunity, but there is tremendous room for accelerated growth ahead.

總而言之，我們在應對 185 萬億美元的新流動機會方面取得了出色的早期進展，但未來還有巨大的加速增長空間。

Now let me move to value-added services, which had Q2 revenue growth of over 20% as well. First, we recently closed our acquisition of Tink. Tink is the European open banking platform that connects to more than 3,400 banks that reach over 250 million bank customers across Europe. Through a single API, Tink enables its customers to move money, access aggregated financial data and use smart financial services such as risk insights and account verification. Visa brings proven infrastructure and sustained investment and resilience, cybersecurity and fraud, which will help accelerate the adoption of open banking and create a secure, reliable platform for innovation.

現在讓我談談增值服務，它的第二季度收入增長也超過了 20%。首先，我們最近完成了對 Tink 的收購。 Tink 是歐洲開放式銀行平台，可連接 3,400 多家銀行，覆蓋歐洲超過 2.5 億銀行客戶。通過單一 API，Tink 使其客戶能夠轉移資金、訪問匯總的金融數據並使用風險洞察和賬戶驗證等智能金融服務。 Visa 帶來了久經考驗的基礎設施和持續的投資和彈性、網絡安全和欺詐，這將有助於加快開放銀行業務的採用，並創建一個安全、可靠的創新平台。

Let me highlight some other progress in value-added services. First, Visa Consulting & Analytics. Last quarter, I announced the launch of our specialized global crypto advisory practice. We have seen interest from hundreds of clients globally and have committed engagements with 30 already covering their digital currency strategy, product development and their go-to-market plans.

讓我強調增值服務方面的其他一些進展。首先，簽證諮詢與分析。上個季度，我宣布推出我們專業的全球加密諮詢業務。我們已經看到全球數百名客戶的興趣，並已承諾與 30 家客戶進行合作，涵蓋他們的數字貨幣戰略、產品開發和上市計劃。

Second, risk identity and authentication. In tokenization, we have now crossed the 3.5 billion token mark across more than 8,600 issuers in over 150 markets at 1.2 million merchants. Tokens have led to a 2.5 point increase in approval rates and a 28% reduction in fraud rates this past quarter in card-not-present payments.

第二，風險身份和認證。在代幣化方面，我們現在已經在 150 多個市場和 120 萬商戶的 8,600 多家發行人中跨越了 35 億代幣大關。在過去的一個季度，代幣使無卡支付的批准率提高了 2.5 個百分點，欺詐率降低了 28%。

Our key risk solutions, Visa Advanced Authorization and Visa Risk Manager, screened about 30% more transactions in the first half of 2022 versus 2021. Third, CyberSource, our gateway capability, has seen considerable progress, just crossing the milestone of the 1 millionth merchant account onboarded.

我們的主要風險解決方案 Visa Advanced Authorization 和 Visa Risk Manager 在 2022 年上半年篩選的交易比 2021 年增加了約 30%。第三，我們的網關能力 CyberSource 取得了長足的進步，剛剛跨過第 100 萬商戶的里程碑帳戶已入職。

I spoke about transit before in CyberSource, which could play a key role in transit acceptance, added nearly 15 projects in the first half in Thailand, Italy and Japan, among others.

我之前在 CyberSource 中談到過中轉，它可以在中轉驗收中發揮關鍵作用，上半年在泰國、意大利和日本等地增加了近 15 個項目。

So to summarize, our value-added services represent a compelling way to diversify our revenue streams while helping our clients in bringing innovation to the payments ecosystem. Our global infrastructure is providing connectivity through our network of networks to power more traditional payment types and newer ways to pay and move money. Our brand is strong. Our network of networks is expanding. Our business is performing well and our people are motivated and passionate. We expect all our efforts will help power accelerated growth in the years to come.

總而言之，我們的增值服務代表了一種引人注目的方式，可以使我們的收入來源多樣化，同時幫助我們的客戶為支付生態系統帶來創新。我們的全球基礎設施正在通過我們的網絡網絡提供連接，以支持更傳統的支付類型和更新的支付和轉移方式。我們的品牌很強大。我們的網絡網絡正在擴大。我們的業務表現良好，我們的員工充滿動力和熱情。我們預計我們的所有努力將有助於推動未來幾年的加速增長。

And with that, let me turn it over to Vasant.

有了這個，讓我把它交給 Vasant。

Thank you, Al. Good afternoon, everyone. Despite Omicron, Russia and Ukraine, our fiscal second quarter results were very strong, with net revenues up 25% and GAAP EPS up 23%. Non-GAAP EPS was up 30%. In constant dollars, net revenue growth was approximately 27% and non-GAAP EPS growth was 30%.

謝謝你，阿爾。大家下午好。儘管有 Omicron、俄羅斯和烏克蘭，但我們的第二財季業績非常強勁，淨收入增長 25%，GAAP 每股收益增長 23%。非公認會計原則每股收益增長了 30%。以固定美元計算，淨收入增長約為 27%，非公認會計原則每股收益增長為 30%。

A few key highlights. Global payments volume growth has remained strong and stable relative to pre-COVID levels. In constant dollars, the U.S. index was 2 points higher than the first quarter at 1.44 versus 3 years ago. The international index, ex China, was down 2 points at 140 versus 2019 due to the impact of Omicron in early January.

幾個關鍵亮點。相對於 COVID 之前的水平，全球支付量增長保持強勁和穩定。以美元不變價計算，美國指數比第一季度高出 2 個點，為 1.44，與 3 年前相比。由於 1 月初 Omicron 的影響，除中國外的國際指數較 2019 年下跌 2 點至 140。

Omicron impact on most domestic volumes was short-lived as we hoped it would be. The robust cross-border travel recovery that started in the fall as borders reopened, resumed in February as Omicron impact faded. Border restrictions were lifted quickly and pent-up demand for travel remains very high.

Omicron 對大多數國內銷量的影響是短暫的，正如我們所希望的那樣。隨著邊境重新開放，在秋季開始的強勁跨境旅行複蘇，隨著 Omicron 影響的消退，在 2 月恢復。邊境限制迅速解除，被壓抑的旅行需求仍然很高。

Index to 2019, cross-border travel, excluding transactions within Europe, jumped from a low of 71 in January to 94 in March. The first 2 weeks of March saw a spike in cross-border volumes from Russia and Ukraine due to displacement caused by the invasion. After we suspended operations in Russia in mid-March, there were no more cross-border transactions in or out of Russia. Adjusted for Russia and the spike from Ukraine, the March cross-border travel index relative to 2019 was around 90.

到 2019 年，不包括歐洲境內交易的跨境旅行指數從 1 月份的低點 71 躍升至 3 月份的 94。 3 月的前兩週，由於入侵造成的流離失所，來自俄羅斯和烏克蘭的跨境貨運量激增。我們在 3 月中旬暫停在俄羅斯的業務後，不再有進出俄羅斯的跨境交易。根據俄羅斯和烏克蘭的飆升進行調整後，相對於 2019 年的 3 月跨境旅行指數約為 90。

So far, we are not seeing any material impact on cross-border travel in other corridors as a result of Russia's invasion of Ukraine. Our 3 growth engines, consumer payments, new flows and value-added services, all grew revenues well over 20%. During the quarter, we bought back $2.9 billion in stock at an average price of around $2.10 -- $210. On March 10, we closed on the Tink acquisition.

到目前為止，我們沒有看到俄羅斯入侵烏克蘭對其他走廊的跨境旅行產生任何實質性影響。我們的 3 個增長引擎，消費者支付、新流量和增值服務，收入增長均超過 20%。在本季度，我們以 2.10 美元至 210 美元的平均價格回購了 29 億美元的股票。 3 月 10 日，我們完成了對 Tink 的收購。

Finally, our second quarter P&L and balance sheet reflect our best estimates for the impact of suspending operations in Russia. This includes revenues and expenses from terminating all client and supplier contracts, resolution of settlement balances and the deconsolidation of our Russian business. We have adjusted 2 items from our GAAP earnings, expenses to support our employees in Russia and Ukraine and a charge related to net assets in our Russian legal entity.

最後，我們的第二季度損益表和資產負債表反映了我們對暫停俄羅斯業務影響的最佳估計。這包括終止所有客戶和供應商合同、結算餘額的解決以及我們俄羅斯業務的分拆所產生的收入和費用。我們調整了 GAAP 收入中的 2 個項目、支持我們在俄羅斯和烏克蘭的員工的費用以及與我們俄羅斯法人實體的淨資產相關的費用。

Now on to the details. In constant dollars, global payments volume was up 17% year-over-year and 35% versus 2019. Debit spend remained resilient as credit spend continued to improve. Excluding China, total payments volume growth was 18% or 42% higher than 2019. U.S. payments volume grew 16%, up 44% versus 2019, which was 2 points better than the first quarter. Credit grew 27% and improved 4 points to 35% over 2019, helped by the affluent consumer.

現在談談細節。以固定美元計算，全球支付量同比增長 17%，與 2019 年相比增長 35%。隨著信貸支出持續改善，借記支出保持彈性。不包括中國，總支付量增長比 2019 年高 18% 或 42%。美國支付量增長 16%，比 2019 年增長 44%，比第一季度好 2 個百分點。在富裕消費者的幫助下，信貸增長了 27%，比 2019 年提高了 4 個百分點至 35%。

Debit grew only 6% year-over-year, reflecting the impact of stimulus last year, but growth remained very strong versus 2019 at 53%. As Al indicated, debit is indexing well above the pre-COVID trend line, benefiting from accelerated cash digitization.

借方同比僅增長 6%，反映了去年刺激措施的影響，但與 2019 年的 53% 相比，增長仍然非常強勁。正如 Al 指出的那樣，得益於加速的現金數字化，借方指數遠高於 COVID 之前的趨勢線。

U.S. card presence spend grew 17% and was 21% above 2019 at its highest quarterly level since the pandemic. Card-not-present volume, excluding travel, grew 10% and was 70% above 2019. Relative to 3 years ago, e-commerce levels remain well above the pre-COVID trend line even as card-present spend continues to recover.

美國信用卡消費增長 17%，比 2019 年高出 21%，達到自大流行以來的最高季度水平。不包括旅行在內的無卡交易量增長了 10%，比 2019 年高出 70%。相對於 3 年前，電子商務水平仍遠高於 COVID 之前的趨勢線，儘管有卡消費繼續恢復。

International constant dollar payments volume, excluding China, grew 22% and was 40% above 2019.

不包括中國的國際固定美元支付額增長了 22%，比 2019 年增長了 40%。

A few regional highlights. Latin America was up 44% year-over-year and 99% higher than 2019, with robust performance across the region, fueled by cash digitization and client wins.

一些區域亮點。拉丁美洲同比增長 44%，比 2019 年增長 99%，在現金數字化和客戶贏得的推動下，該地區表現強勁。

Our CEMEA region grew 18% year-over-year and 76% higher than 2019, led by client wins and cash digitization. Excluding Russia, the CEMEA region was up 100% over 2019.

在客戶贏得和現金數字化的帶動下，我們的 CEMEA 地區同比增長 18%，比 2019 年增長 76%。除俄羅斯外，CEMEA 地區比 2019 年增長了 100%。

Europe was up 21% year-over-year and 31% higher than 2019. Following an Omicron dip in January, we saw a rapid recovery in most European markets. Ex U.K., Europe volumes grew 36% year-over-year and were 54% above 2019. Asia Pacific, excluding China, remains our weakest region, up 16% year-over-year and 25% versus 2019. Due to COVID restrictions, recovery across most of Asia has stalled while Hong Kong declined relative to 2019.

歐洲同比增長 21%，比 2019 年增長 31%。在 1 月份 Omicron 下跌之後，我們看到大多數歐洲市場迅速復蘇。除英國外，歐洲的銷量同比增長 36%，比 2019 年增長 54%。除中國外，亞太地區仍然是我們最薄弱的地區，同比增長 16%，與 2019 年相比增長 25%。由於 COVID 限制，亞洲大部分地區的複蘇停滯不前，而香港相對於 2019 年有所下降。

India recovered strongly, up almost 20 points from December. India has been our fastest-growing market in Asia, up almost 80% since 2019, fueled by a tripling of e-commerce volumes.

印度強勁復甦，較 12 月上漲近 20 個百分點。印度一直是我們在亞洲增長最快的市場，自 2019 年以來增長了近 80%，這得益於電子商務交易量增長了兩倍。

Global processed transactions were up 19% year-over-year and 38% versus 2019. Constant dollar cross-border volume, excluding transactions within Europe, were up 47% year-over-year and 12% over 2019. Cross-border card-not-present volume growth, excluding travel, remained strong, up 16% year-over-year and well above the pre-COVID trend line at 67% above 2019.

全球處理的交易量同比增長 19%，與 2019 年相比增長 38%。不包括歐洲境內交易在內的固定美元跨境交易量同比增長 47%，比 2019 年增長 12%。跨境卡-不包括旅行在內的非當前銷量增長仍然強勁，同比增長 16%，遠高於 COVID 之前的趨勢線，比 2019 年高出 67%。

Cross-border travel-related spend, excluding intra-Europe, grew 111% year-over-year and indexed at 82% of 2019 levels. As I mentioned earlier, after an Omicron-driven dip to 71 in January, the cross-border travel index to 2019 rose sharply to 94 in March. Many corridors are now indexing above 90 relative to 2019. Inbound travel to Latin America, the Caribbean and parts of the Middle East has been above 2019 levels for some time now.

不包括歐洲內部的跨境旅行相關支出同比增長 111%，指數為 2019 年水平的 82%。正如我之前提到的，在 1 月份由 Omicron 推動跌至 71 之後，到 2019 年的跨境旅遊指數在 3 月份急劇上升至 94。相對於 2019 年，許多走廊的指數現在都高於 90。一段時間以來，前往拉丁美洲、加勒比和中東部分地區的入境旅行一直高於 2019 年的水平。

There's plenty of recovery to come in one important corridor inbound to the U.S., which indexed only at 70 in Q2. Asia indexed in the high 30s, both inbound and outbound in Q2. The pace of travel recovery to and from Asia will be a key driver of the future trajectory. Most Asian borders are now open, except for China, and restrictions remain in place in Japan, Korea and Taiwan.

進入美國的一個重要走廊將出現大量復甦，該走廊在第二季度的指數僅為 70。亞洲在第二季度的入境和出境指數均處於 30 年代的高位。往返亞洲的旅行複蘇步伐將是未來發展軌蹟的關鍵驅動力。除中國外，大多數亞洲邊境現已開放，日本、韓國和台灣仍然存在限制。

Moving now to a quick review of second quarter financial results. Service revenues grew 24%, faster than the 20% nominal growth in Q1 payments volume. We were able to bill and collect service revenues in Russia through early March. As such, in the second quarter, we recorded almost 2 quarters of service revenues related to Russia.

現在快速回顧第二季度的財務業績。服務收入增長 24%，快於第一季度支付量 20% 的名義增長。我們能夠在 3 月初之前在俄羅斯對服務收入進行計費和收取。因此，在第二季度，我們記錄了近兩個季度與俄羅斯相關的服務收入。

Service revenues were also helped by increasing utilization of card benefits. Data processing revenues grew 16%, below the 19% processed transactions growth, mostly due to exchange rate changes. International transaction revenues were up 48% versus the 42% increase in nominal cross-border volumes, excluding intra-Europe. Revenue growth was helped by high currency volatility and select pricing modifications, partially offset by business mix.

服務收入的增加也得益於卡福利的增加。數據處理收入增長 16%，低於 19% 的處理交易增長，主要是由於匯率變化。國際交易收入增長 48%，而名義跨境交易量增長 42%，不包括歐洲內部。收入增長得益於高匯率波動和精選定價修改，部分被業務組合抵消。

Other revenues grew 21%, led by consulting, data and marketing services as well as travel benefits. Revenue growth was robust across our 3 growth engines, each growing well over 20%. Consumer payments growth was led by improving cross-border volumes and continued strong domestic volumes and transactions. New flows growth was driven by Visa Direct and carded B2B recovery.

在諮詢、數據和營銷服務以及旅行福利的帶動下，其他收入增長了 21%。我們的 3 個增長引擎的收入增長強勁，每個增長都超過 20%。跨境交易量的增加以及國內交易量和交易量的持續強勁推動了消費者支付的增長。 Visa Direct 和梳理的 B2B 復甦推動了新的流量增長。

Visa Direct transactions grew 20%, impacted by lapping a strong quarter in the U.S. last year and a suspension of Russian operations. As Al indicated, Russia was the second largest market for Visa Direct, accounting for 17% of transactions. This is an unfortunate setback but the Visa Direct business is ramping fast in other international markets as well as in use cases such as cross-border remittances, earned wage access and other B2C payouts.

Visa Direct 交易增長了 20%，受去年美國季度表現強勁以及俄羅斯業務暫停的影響。正如 Al 指出的那樣，俄羅斯是 Visa Direct 的第二大市場，佔交易量的 17%。這是一個不幸的挫折，但 Visa Direct 業務在其他國際市場以及跨境匯款、工資准入和其他 B2C 支付等用例中發展迅速。

Commercial, or B2B volumes, grew 29% year-over-year, and up 38% versus 2019. Growth was driven by continued strength of small business and the recovery of large businesses across the portfolio of diverse spend categories.

商業或 B2B 交易量同比增長 29%，與 2019 年相比增長 38%。增長是由小型企業的持續實力和各種支出類別投資組合中大型企業的複蘇推動的。

Value-added service growth was led by consulting and marketing services, card benefits as well as risk and identity solutions. Revenue growth drivers include the acceleration of e-commerce, client growth in international markets and select pricing actions. Client incentives were 25.8% of gross revenues, at the lower end of expectations. This was driven by better revenue mix due to the faster-than-expected recovery of our cross-border business and by deal timing, with some Q2 deals being pushed into Q3.

增值服務增長由諮詢和營銷服務、信用卡福利以及風險和身份解決方案引領。收入增長的驅動因素包括電子商務的加速、國際市場的客戶增長和選擇定價行為。客戶獎勵佔總收入的 25.8%，處於預期的低端。這是由於我們的跨境業務復甦快於預期以及交易時機改善的收入組合推動的，一些第二季度的交易被推到第三季度。

GAAP operating expenses grew 11%. Non-GAAP operating expenses grew 16%. We recorded losses from our equity investments of $127 million. Excluding investment losses, non-GAAP nonoperating expense was $133 million. Our non-GAAP tax rate was 19.6%, GAAP EPS was $1.70, non-GAAP EPS of $1.79, up 30% from last year. Including our quarterly dividend of $0.375 per share and our stock buybacks, we returned $3.7 billion of capital to shareholders in the quarter.

GAAP 運營費用增長 11%。非公認會計原則的運營費用增長了 16%。我們的股權投資損失為 1.27 億美元。不計投資損失，非公認會計原則的營業外支出為 1.33 億美元。我們的非 GAAP 稅率為 19.6%，GAAP 每股收益為 1.70 美元，非 GAAP 每股收益為 1.79 美元，比去年增長 30%。包括我們每股 0.375 美元的季度股息和我們的股票回購，我們在本季度向股東返還了 37 億美元的資本。

A few comments on our trends through the first 3 weeks of April. On a year-over-year basis, U.S. payments volume was up 12%, with debit up 2% and credit up 26%. Debit volumes are lapping the impact of stimulus payments in 2021. U.S. Airtel spend growth versus 3 years ago was up 45%, with debit up a robust 54% and credit up 37%. These trends are relatively consistent with performance in major markets around the world with the exception of CEMEA where we now have no payments volume from Russia. Processed transactions grew 17% year-over-year, up 36% versus 2019.

對我們 4 月前 3 週的趨勢的一些評論。與去年同期相比，美國的支付量增長了 12%，其中藉方增長了 2%，貸方增長了 26%。借方數量在 2021 年受到刺激支付的影響。與 3 年前相比，美國 Airtel 支出增長了 45%，借方增長了 54%，貸方增長了 37%。這些趨勢與全球主要市場的表現相對一致，除了 CEMEA，我們現在沒有來自俄羅斯的支付量。處理的交易同比增長 17%，與 2019 年相比增長 36%。

Constant dollar cross-border volume, excluding transactions within Europe, grew 47% year-over-year, and were 15% over 2019. Card-not-present non-travel growth was 62% about 2019. Travel-related cross-border volumes were at a 92 index to 2019. The small decline in this index relative to March is mostly due to the loss of Russia. Total cross-border volume was up 28% over 2019.

不包括歐洲境內交易的固定美元跨境交易量同比增長 47%，比 2019 年增長 15%。2019 年左右無卡非旅行增長為 62%。與旅行相關的跨境交易量到 2019 年的指數為 92。該指數相對於 3 月份的小幅下降主要是由於俄羅斯的損失。跨境交易總量比 2019 年增長 28%。

Moving now to our outlook for the rest of fiscal 2022. Just as 2021 was a year of 2 distinct halves due to the recovery, 2022 will be a year of 2 halves due to Russia. The suspension of our business in Russia will reduce second half revenues by about 4%. Russia will also negatively impact the payments volume and cross-border volume index to 2019, each by 4 points. The impact on processed transactions index to 2019 will be under 1 point since we did not process domestic transactions in Russia. Ex Russia and Ukraine, our domestic volume growth has stayed robust and stable for the past 4 quarters relative to 2019.

現在轉到我們對 2022 財年剩餘時間的展望。正如 2021 年是由於經濟復甦而分兩半的一年，由於俄羅斯，2022 年將是分兩半的一年。我們在俄羅斯的業務暫停將使下半年的收入減少約 4%。俄羅斯還將對 2019 年的支付量和跨境量指數產生負面影響，各增加 4 個百分點。由於我們沒有在俄羅斯處理國內交易，因此對 2019 年的已處理交易指數的影響將低於 1 點。除俄羅斯和烏克蘭外，與 2019 年相比，過去 4 個季度我們的國內銷量增長保持強勁和穩定。

Our outlook for the second half assumes that these trends are sustained. While there are uncertainties created by high inflation, supply chain disruptions, rising interest rates and the invasion of Ukraine, there is no evident impact on our global payments volumes. E-commerce spend, both domestic and cross-border, has remained strong and stable relative to 2019 at well above the pre-COVID trend line, even as pandemic effects fade, and we are assuming this will continue.

我們對下半年的展望假設這些趨勢將持續下去。雖然高通脹、供應鏈中斷、利率上升和烏克蘭入侵造成了不確定性，但對我們的全球支付量沒有明顯影響。與 2019 年相比，國內和跨境電子商務支出保持強勁和穩定，遠高於新冠疫情之前的趨勢線，即使大流行的影響消退，我們假設這種情況將繼續下去。

In line with payments volumes, we expect processed transactions growth relative to 2019 to remain strong and stable, with the variability largely driven by the extent to which small ticket card-present everyday spend comes back. It is important to note that year-over-year growth rates will moderate as we lap the strong second half recovery in fiscal year '21.

與支付量一致，我們預計與 2019 年相比，已處理交易的增長將保持強勁和穩定，其變化主要由小額票卡日常支出的回歸程度所驅動。值得注意的是，隨著我們在 21 財年下半年強勁復甦，同比增長率將放緩。

Ex Russia and Ukraine we're assuming no spillover effects on other corridors in our cross-border business. Given where we ended the second quarter, we now expect cross-border travel, ex intra-Europe, to fully recover to 2019 levels by the end of our fiscal year, despite the loss of Russian business. Including intra-Europe, that would put cross-border travel above 2019 levels.

除俄羅斯和烏克蘭外，我們假設跨境業務對其他走廊沒有溢出效應。鑑於我們在第二季度結束時所處的位置，我們現在預計，儘管俄羅斯業務流失，但歐洲內部的跨境旅行將在本財年結束時完全恢復到 2019 年的水平。包括歐洲內部，這將使跨境旅行高於 2019 年的水平。

With these assumptions, third quarter net revenues are expected to grow at the upper end of the mid-teens range in constant dollars. This includes Tink & Currencycloud, which add approximately 0.5 point to net revenues. The dollar has strengthened and the exchange rate drag will likely reduce nominal net revenue growth by around 2.5 points.

有了這些假設，第三季度的淨收入預計將增長到 10 歲左右的上限，以固定美元計算。這包括 Tink & Currencycloud，它為淨收入增加了大約 0.5 個百分點。美元走強，匯率拖累可能會使名義淨收入增長減少約 2.5 個百分點。

Due to some deals moving into the third quarter from the first half and the expectation that certain milestones will be achieved on some key contracts, incentives will run higher in the third quarter, between 26.5% to 27.5% of gross revenues. We expect non-GAAP operating expenses in constant dollars to grow in the mid-teens, including expense savings from Russia and almost 3 points of added expense from Currencycloud and Tink. Exchange rates will likely reduce nominal operating expense growth by about 1.5 points. Our tax rate is expected to be in the 19% to 19.5% range.

由於一些交易從上半年進入第三季度，並且預計一些關鍵合同將實現某些里程碑，第三季度的激勵措施將更高，佔總收入的 26.5% 至 27.5%。我們預計非 GAAP 運營費用（按固定美元計算）將在十幾歲左右增長，包括來自俄羅斯的費用節省以及來自 Currencycloud 和 Tink 的近 3 個額外費用。匯率可能會使名義運營費用增長減少約 1.5 個百分點。我們的稅率預計在 19% 到 19.5% 之間。

At this point, we expect fourth quarter trends to be generally in line with the third quarter. As always, we will update our fourth quarter outlook in July. Based on results to date and our outlook for the second half, we expect full year net revenue growth in constant dollars in the high teens to 20% range, including approximately 0.5 point of contribution from Tink and Currencycloud.

在這一點上，我們預計第四季度的趨勢將與第三季度基本一致。與往常一樣，我們將在 7 月更新第四季度展望。根據迄今為止的業績和我們對下半年的展望，我們預計全年淨收入增長將在十幾歲至 20% 的範圍內，其中包括 Tink 和 Currencycloud 約 0.5 個百分點的貢獻。

Exchange rates will likely drag nominal growth rates down by around 2 points. There is no change in our expectation for full year incentives. Incentives as a percent of gross revenues are expected to range between 25.5% to 26.5%. We expect constant dollar non-GAAP operating expense growth at the upper end of mid-teens. This includes savings from the suspension of Russian operations and almost 2 points of added expense from Currencycloud and Tink.

匯率可能會拖累名義增長率約 2 個百分點。我們對全年獎勵的預期沒有變化。激勵措施佔總收入的百分比預計在 25.5% 至 26.5% 之間。我們預計美元非 GAAP 營業費用將保持在 10 多歲的高位。這包括因暫停俄羅斯業務而節省的費用，以及來自 Currencycloud 和 Tink 的近 2 點額外費用。

Nominal operating expense growth will be around 1.5 points lower due to the stronger dollar. Our full year tax rate is expected to be in the 19% to 19.5% range.

由於美元走強，名義營業費用增長將下降約 1.5 個百分點。我們的全年稅率預計在 19% 至 19.5% 之間。

Despite the uncertainties caused by inflation, interest rates, the invasion of Ukraine and our exit from Russia, we expect fiscal year '22 will be a very strong year of above-trend top and bottom line growth.

儘管通貨膨脹、利率、烏克蘭入侵和我們退出俄羅斯造成了不確定性，但我們預計 22 財年將是一個非常強勁的高於趨勢頂線和底線增長的一年。

As we enter the post-COVID era, we remain confident we can sustain a rate of growth above pre-COVID levels for all the reasons outlined, which I will summarize again. First, an acceleration away from cash and check for merchant payments, both domestic and cross-border, as digitization becomes pervasive across consumers and businesses globally. Second, acceleration of cash, check and wire transfer displacement as our new flows initiatives penetrate a broad range of new use cases with very large total addressable markets.

隨著我們進入後 COVID 時代，我們仍然有信心，由於上述所有原因，我們可以維持高於 COVID 前水平的增長率，我將再次總結這些原因。首先，隨著數字化在全球消費者和企業中的普及，國內和跨境的商家支付加速不再使用現金和支票。其次，隨著我們的新流動計劃滲透到具有非常大的總目標市場的廣泛新用例，現金、支票和電匯轉移的速度加快。

Third, sustainable high-teens growth across value-added services, both from existing services and new offerings. As new flows and value-added services become a larger part of our revenue mix, growing faster than consumer payments, the sustainable growth rate will continue to rise. We are and will continue to invest in the capabilities required to capture the extraordinary growth opportunity ahead of us.

第三，來自現有服務和新產品的增值服務的可持續青少年增長。隨著新流量和增值服務成為我們收入組合的重要組成部分，增長速度快於消費者支付，可持續增長率將繼續上升。我們正在並將繼續投資於捕捉我們面前非凡的增長機會所需的能力。

With that, I'll turn this back to Jennifer.

有了這個，我會把它轉回給詹妮弗。

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

謝謝，瓦桑特。有了這個，我們準備好回答問題了，喬丹。

(Operator Instructions) Our first question comes from Harshita Rawat from Bernstein.

（操作員說明）我們的第一個問題來自 Bernstein 的 Harshita Rawat。

Vasant, I want to ask about cross-border. So had the pandemic not happened, your cross-border volumes would have been at least 20% to 30% above 2019 levels if you just kind of go with historical run rates.

Vasant，我想問一下跨境。因此，如果大流行沒有發生，如果您只是按照歷史運行率計算，您的跨境交易量將至少比 2019 年的水平高出 20% 到 30%。

Now clearly, the travel probably has been solid these past few months. My question is how important is it that Asia, specifically China, comes back for you to have cross-border travel, not just going to 2019 levels, but eventually kind of returning to the pre-pandemic rate of growth?

現在很明顯，過去幾個月的旅行可能一直很順利。我的問題是，亞洲，特別是中國，回來進行跨境旅行對你來說有多重要，不僅僅是回到 2019 年的水平，而是最終恢復到大流行前的增長率？

Yes, Harshita, that is a great question. As you know, 2 things, we told you on the last call, have remained true. One, that generally countries around the world want to keep borders open, China being one exception. And some restrictions in Japan, Korea and Taiwan. And I include Hong Kong also in that list. Other than that, you can travel pretty freely anywhere else in the world. Some of them need tests, some don't even need tests. So that's true.

是的，Harshita，這是一個很好的問題。如您所知，我們在上次通話中告訴您的兩件事仍然正確。一，世界各國普遍希望保持邊境開放，中國是一個例外。在日本、韓國和台灣也有一些限制。我也將香港也包括在該列表中。除此之外，您可以在世界其他任何地方自由旅行。其中一些需要測試，有些甚至不需要測試。所以這是真的。

The second is the pent-up demand for travel remains very high. And early indications on summer bookings, et cetera, as you heard from other people, have been very good. So in our sort of calculations, certainly, we've been surprised so far even though we were bullish with how fast things have recovered. As you saw after January, the recovery has been very robust. At this point, we're pretty optimistic that inbound to the U.S., which is still indexing only at 70 as of the end of March -- as of the end of the second quarter, is on a good recovery track. There's still some recovery left in and out of Europe. So those things will certainly help us get back to 2019 levels.

二是被壓抑的旅遊需求仍然很高。正如您從其他人那裡聽到的那樣，夏季預訂等方面的早期跡象非常好。因此，在我們的計算中，當然，到目前為止，我們一直感到驚訝，儘管我們對事情恢復得如此之快持樂觀態度。正如你在一月份之後看到的那樣，復甦非常強勁。在這一點上，我們非常樂觀地認為，截至 3 月底 - 截至第二季度末，美國的入境指數仍僅為 70，正處於良好的複蘇軌道上。歐洲內外仍有一些復甦。所以這些東西肯定會幫助我們回到 2019 年的水平。

And you're absolutely right, I think the -- how fast and how far we get to, where we should have been prepandemic, will depend on Asia coming back. Asia indexed at under 40 in the second quarter. China is an important part of Asia. It is still incredibly depressed. Japan, Korea and Taiwan are also important parts of Asian cross-border travel. Asia is recovering. We're seeing some good trends in Asia. Certainly, travel into parts of Asia like India, Thailand, Indonesia, et cetera, Australia and New Zealand are picking up fast.

你是絕對正確的，我認為——我們能達到多快和多遠，我們應該在哪裡發生流行病，將取決於亞洲的回歸。第二季度亞洲指數低於 40。中國是亞洲的重要組成部分。它仍然令人難以置信的沮喪。日本、韓國和台灣也是亞洲跨境旅遊的重要組成部分。亞洲正在復蘇。我們在亞洲看到了一些好的趨勢。當然，前往印度、泰國、印度尼西亞等亞洲部分地區、澳大利亞和新西蘭的旅行正在快速增長。

But you're right. I mean, getting all the way to 130 will depend on the remaining big travel components in Asia, which would be China, Japan and Korea, really coming back. And we'll have to wait and see on that, and we'll update you on the next call.

但你是對的。我的意思是，一直到 130 將取決於亞洲剩餘的大型旅遊組成部分，即中國、日本和韓國，是否真的回來了。我們將不得不拭目以待，我們會在下一次電話會議上通知您。

Our next question comes from Lisa Ellis from MoffettNathanson.

我們的下一個問題來自 MoffettNathanson 的 Lisa Ellis。

I had a follow-up call -- a question on commercial cards. I think you called out that your commercial card volumes are running at 138% of 2019 levels, so pretty healthy growth there. Can you talk more broadly, I feel like this is maybe a piece of the business that doesn't get the attention it should, given how much cash and checks and wire and other forms of payment there still are in commercial. Can you maybe talk a little bit about the initiatives you've got underway to accelerate the digitization or the converting more of these B2B payments into cards.

我接到了一個後續電話——一個關於商業卡的問題。我想你已經說過你的商業卡數量是 2019 年水平的 138%，所以那裡的增長非常健康。你能說得更寬泛些嗎，我覺得這可能是一個沒有得到應有關注的業務，因為商業中仍有多少現金、支票、電彙和其他形式的支付方式。您能否談談您為加速數字化或將更多此類 B2B 支付轉換為卡而採取的舉措。

Well, thank you, Lisa. This B2B segment is about a $122 trillion opportunity, of which $20 trillion is in the carded space and then $10 trillion in the cross-border space. So in the carded space, we already are the largest provider of commercial card volume. And our focus has continued to be on growing the number of issuers that are issuing commercial cards because it's a lot less than the number of people issuing consumer cards.

嗯，謝謝你，麗莎。這個 B2B 細分市場大約有 122 萬億美元的機會，其中 20 萬億美元在卡片領域，然後 10 萬億美元在跨境領域。所以在卡片領域，我們已經是最大的商業卡片供應商。我們的重點仍然是增加發行商業卡的發卡機構的數量，因為它比發行消費卡的人數要少得多。

And we're also very focused on the travel and fuel use cases, in addition to obviously purchasing cards and corporate cards, which are a more traditional element of this carded B2B space.

我們也非常關注旅行和燃料用例，除了顯然購買卡和公司卡，這是這個卡片式 B2B 空間中更傳統的元素。

We're also trying to continue to grow acceptance. There are acceptance gaps in the commercial space that hold us back from getting all the volume that we could potentially get. We are making strides, but there's still a ways to go in terms of having an acceptance footprint that mirrors the type of broad-based acceptance footprint that we have on the commercial side.

我們也在努力繼續提高接受度。商業領域存在接受差距，使我們無法獲得我們可能獲得的所有數量。我們正在取得長足的進步，但在獲得反映我們在商業方面的廣泛接受足跡類型的接受足跡方面仍有一段路要走。

It's a very important part of the business. It has attractive yields. It generally, has the ability to grow -- it was growing faster than consumer prior to COVID, and we believe that it can grow faster than consumer when we get back to a more normal time post the pandemic. And obviously, one big factor there will be the pace at which business travel returns.

這是業務中非常重要的一部分。它具有誘人的收益。一般來說，它有增長的能力——在 COVID 之前它的增長速度比消費者快，我們相信，當我們在大流行後恢復到更正常的時間時，它的增長速度會比消費者快。顯然，一個重要因素將是商務旅行的回歸速度。

In the cross-border space. Obviously, our major thrust there is B2B Connect. And our major focus on B2B Connect continues to be to grow out the network by having more and more banks in more and more countries involved in the network, and that has been and continues to be our focus more so than driving transactions at this point.

在跨界空間。顯然，我們的主要推動力是 B2B Connect。我們對 B2B Connect 的主要關注點仍然是通過在越來越多的國家/地區擁有越來越多的銀行參與網絡來擴展網絡，這一直是我們關注的重點，而不是在這一點上推動交易。

And our belief is that once we get the network to a level where it is quite robust, the transaction flow will happen fairly quickly. So those are some of the things that we're focused on to try to drive this very, very important space, which I continue to believe is an enormous opportunity for us going forward.

我們的信念是，一旦我們將網絡提升到相當穩健的水平，交易流將很快發生。所以這些是我們關注的一些事情，試圖推動這個非常非常重要的空間，我仍然相信這對我們前進來說是一個巨大的機會。

Our next question comes from Tien-Tsin Huang from JPMorgan.

我們的下一個問題來自摩根大通的 Tien-Tsin Huang。

A very strong broad-based results, which is what I want to ask about. With you far exceeding your revenue outlook, it looks like the client incentive plan is at the very low end of your expectations. So I just want to make sure I understand the relative performance there between the 2. Is it something that the upside and revenue brings with it very little incentive pressure? Or is it more complicated than that?

一個非常強大的基礎廣泛的結果，這是我想問的。由於您的收入遠超預期，客戶激勵計劃似乎處於您預期的極低端。所以我只是想確保我了解兩者之間的相對錶現。這是上行和收入帶來的激勵壓力很小的東西嗎？還是比這更複雜？

No, it's 2 things, Tien-Tsin, as I said in the comments. Number one, you saw that our cross-border recovery in the quarter was stronger than we expected. We did expect a good recovery, but this was stronger than we expected. That improves our mix. But even with the strong recovery, our mix of cross-border is still lower than it was prepandemic. So the mix affects the percentage. As you know, the percentage is numerator and denominator. When cross-border grows disproportionately, the denominator grows without a commensurate increase in the numerator just given the nature of how many of our incentives work. And that helps that percentage, and that's why the percentage came at the lower end of the range.

不，正如我在評論中所說，這是兩件事，Tien-Tsin。第一，您看到我們在本季度的跨境復甦比我們預期的要強。我們確實預計會有良好的複蘇，但這比我們預期的要強。這改善了我們的組合。但即使復蘇強勁，我們的跨境組合仍然低於疫情前的水平。所以混合會影響百分比。如您所知，百分比是分子和分母。當跨境增長不成比例時，分母會增長，而分子不會相應增加，這取決於我們有多少激勵措施起作用的性質。這有助於該百分比，這就是為什麼該百分比位於該範圍的低端。

The second reason is there are all these timing factors, timing factors in terms of renewals, timing as in when we recognize incentives linked to achieving certain milestones that contracts have, and that has pushed some of those incentives into the third quarter. So we expected third quarter to run above the upper end of the range, so to speak.

第二個原因是存在所有這些時間因素，續約方面的時間因素，時間因素，例如我們何時認識到與實現合同具有的某些里程碑相關的激勵措施，並將其中一些激勵措施推到第三季度。因此，可以說，我們預計第三季度將高於該範圍的上限。

For the full year, we still expect to be in the range we gave you. So it's all driven by a combination of mix and timing.

全年，我們仍然希望在我們給你的範圍內。所以這一切都是由混合和時間組合驅動的。

The only thing I would add, Tien-Tsin, you followed us for a while. I mean, there's art and science to this in forecasting. And a lot of times, just dealing with the timing point that Vasant was talking about, we make assumptions about when deals will get done. We then make assumptions about how long it will take to get a deal launched or get a migration going, and then we make assumptions about the performance of that deal.

我唯一要補充的是，Tien-Tsin，你跟著我們走了一段時間。我的意思是，預測中有藝術和科學。很多時候，只要處理 Vasant 所說的時間點，我們就會對交易何時完成做出假設。然後，我們假設啟動交易或進行遷移需要多長時間，然後我們對交易的績效做出假設。

And the odds of us getting all of that right across hundreds of deals that happen during the course of the year make this not the easiest thing to always forecast. But I think we do a largely good job, at the explanation that Vasant gave about why we came in at the low end this quarter is those main 2 factors of timing and mix, driven by outperformance across the border.

我們在一年中發生的數百筆交易中獲得所有這些權利的可能性使得這並不是最容易預測的事情。但我認為我們在很大程度上做得很好，因為 Vasant 解釋了為什麼我們在本季度進入低端的原因是時機和組合的主要 2 個因素，受跨境表現的驅動。

Our next question comes from Sanjay Sakhrani from KBW.

我們的下一個問題來自 KBW 的 Sanjay Sakhrani。

Vasant, you spoke to the 4 percentage point impact in the second half from Russia. And obviously, it seems like you're able to overcome some of that with the stronger cross-border trends. Maybe you could just parse through a little bit of the impact to EPS and the flow through for us? I know there's some expenses that you mentioned that can offset Russia, maybe just help us through that.

Vasant，您談到了俄羅斯在下半年的 4 個百分點的影響。顯然，您似乎能夠通過更強的跨境趨勢克服其中的一些問題。也許您可以分析一下對 EPS 的影響以及對我們的影響？我知道你提到的一些費用可以抵消俄羅斯，也許只是幫助我們度過難關。

Sure. So it is a 4-point revenue impact from Russia. So that's pretty much what the revenue impact would be. We gave you a sense of what our revenue expectations are for the quarter in constant dollars, upper end to mid-teens. If it hadn't been for Russia, you'd have added 4 points to that. So it's still strong despite that. And as you said, it's because the loss of Russia is offset to some degree by the cross-border business being stronger.

當然。所以這是來自俄羅斯的 4 點收入影響。所以這幾乎就是對收入的影響。我們讓您了解了我們對本季度的收入預期，以固定美元計算，從高端到十幾歲。如果不是俄羅斯，你會加 4 分。所以儘管如此，它仍然很強大。正如你所說，這是因為俄羅斯的損失在一定程度上被跨境業務的強大所抵消。

We have a similar issue or similar impact on the expense side, mid-teens expense growth helped by Russian expenses going away and there are 2 main Russian expenses that go away. We used to pay the processor in Russia for processing transactions. We no longer have to pay them. Obviously, when you're in business, you do marketing and provide a bunch of other services.

我們在費用方面有類似的問題或類似的影響，俄羅斯費用的減少有助於青少年費用增長，並且有 2 項主要的俄羅斯費用消失。我們曾經向俄羅斯的處理器支付處理交易的費用。我們不再需要付錢給他們。顯然，當您開展業務時，您會進行營銷並提供許多其他服務。

Some of our personnel-related costs in Russia will remain. We made some commitments to our employees in Russia about other roles. So those don't all go away. So that does reduce our expenses in the second half probably in the range of about 2 to 3 points. On the other hand, we do have Tink and Currencycloud now that are coming in, which were not there last year, and that's about 3 points. So it sort of washes and goes in the other direction. And then finally, exchange rates will help expenses to the tune of about 1.5 points.

我們在俄羅斯的一些與人事相關的成本將繼續存在。我們就其他角色向我們在俄羅斯的員工做出了一些承諾。所以這些都不會消失。所以這確實減少了我們下半年的開支，大概在 2 到 3 個百分點的範圍內。另一方面，我們現在確實有 Tink 和 Currencycloud 進來了，去年還沒有，這大約是 3 分。所以它有點洗滌並朝另一個方向發展。最後，匯率將幫助支出大約 1.5 個百分點。

So those are all the moving parts. Our expenses would have been probably 2 or 3 points higher if Russia had not been -- if operations in Russia had not been suspended.

所以這些都是活動的部分。如果沒有俄羅斯，我們的費用可能會高出 2 或 3 個百分點——如果沒有暫停在俄羅斯的業務。

Okay. Great. And you probably get more flow-through from the cross-border outperformance, correct?

好的。偉大的。而且你可能會從跨境表現中獲得更多的流量，對嗎？

Well, partially. Mainly, because the incentives that go with it tend to be lower, and it's a higher-yielding business. Yes.

好吧，部分。主要是因為隨之而來的激勵往往較低，而且它是一項收益較高的業務。是的。

Our next question comes from Darrin Peller from Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Darrin Peller。

Listen, it's great to see your constant currency guidance increase for the full year, despite what's obviously happening in Russia, Ukraine, in organic and to some degree with a small help from acquisitions. Just to be clear, we're still getting a follow-up from a couple of investors asking to make sure that includes the impact for the full year of Russia as well, right?

聽著，很高興看到你全年不變的貨幣指導增加，儘管俄羅斯、烏克蘭顯然發生了一些事情，在有機方面，在某種程度上，在收購方面的幫助很小。需要明確的是，我們仍然收到一些投資者的後續跟進，要求確保其中包括對俄羅斯全年的影響，對吧？

And then, Al, I just want to double check. I mean, you guys continuously highlight the potential to exit the pandemic at an accelerated growth rate, and I'm sure it has a lot to do with the new flows and some of the new services opportunities you're seeing grow so well. Can you just reiterate on that and just go into a little more detail on what gives you the confidence there? And what kind of growth rates you should be able to achieve?

然後，艾爾，我只想仔細檢查一下。我的意思是，你們不斷強調以加速增長的速度退出大流行的潛力，我相信這與新的流動和你們看到的一些新的服務機會增長得如此之好有很大關係。你能否重申一下，並詳細說明是什麼讓你有信心？你應該能夠達到什麼樣的增長率？

Well, I think the biggest thing, Darrin, for me is we didn't take the last couple of years off in terms of going out and trying to convert business, sign fintechs, increase our business with traditional partners. We also have phenomenally grown our acceptance footprint in certain parts of the world. So there's actions that we have taken that -- you haven't seen the flow through because of the fact that the pandemic has, in many cases, suppressed spending. But as I think we come out of the pandemic, you'll see the flow-through of the various actions that we took.

嗯，我認為最重要的事情，達林，對我來說，過去幾年我們並沒有在走出去嘗試轉換業務、簽署金融科技、增加與傳統合作夥伴的業務方面休息。我們還在世界某些地區顯著擴大了我們的接受度。所以我們已經採取了一些行動——你沒有看到流動性，因為在許多情況下，大流行抑制了支出。但是，當我認為我們已經擺脫了大流行時，您會看到我們採取的各種行動的流程。

And then I think the pandemic itself has accelerated people's usage of card-not-present in e-commerce, and I think that's a sustaining model that's going to help drive growth on a going-forward basis as well. So I think we're going to see ourselves taking advantage of that.

然後我認為大流行本身加速了人們在電子商務中使用無卡的情況，我認為這是一種可持續的模式，也將有助於推動未來的增長。所以我認為我們會看到自己利用這一點。

And then, certainly, we have continued to add use cases to things like Visa Direct. We've continued to build out our risk and identity tools. We've continued to grow our Visa consulting service. So I think that my view is that the market hasn't seen the flow-through of a lot of the investments -- the full flow-through of a lot of the investments that we've made over the last 27 months-or-so when we've been operating in this kind of odd world driven by the pandemic. And I think that as we start to come into a more normal environment, I think you're going to see it. So that's the biggest factor.

然後，當然，我們繼續在諸如 Visa Direct 之類的東西中添加用例。我們繼續構建我們的風險和身份工具。我們繼續發展我們的簽證諮詢服務。所以我認為我的觀點是市場沒有看到很多投資的流轉——我們在過去 27 個月中所做的很多投資的全部流轉——或者——因此，當我們一直在這種由大流行驅動的奇怪世界中開展業務時。我認為隨著我們開始進入一個更正常的環境，我想你會看到的。所以這是最大的因素。

Vasant, do you want to address Darrin's first question on, I guess, it was Russia?

Vasant，你想回答 Darrin 的第一個問題，我猜是俄羅斯嗎？

Yes. Yes, Darrin, our full year outlook incorporates the impacts of Russia in the second half. It reflects the fact that the second quarter was as strong as it was. So when you look at the first half and what growth we had in the first half, despite the impact of Russia on the second half, in constant dollars, we still expect to be in the high teens to 20%.

是的。是的，達林，我們的全年展望包含了俄羅斯在下半年的影響。它反映了第二季度和以前一樣強勁的事實。因此，當您查看上半年以及上半年的增長情況時，儘管俄羅斯對下半年產生了影響，但以固定美元計算，我們仍預計將保持在 20% 到 20% 的高位。

Our next question comes from Ashwin Shirvaikar from Citi.

我們的下一個問題來自花旗的 Ashwin Shirvaikar。

Great quarter. I wanted to just shift gears away from cross-border and ask about Tink and how you intend to use Tink, grow it, including both geographical growth and functional proliferation as it relates to debit, Visa Direct, broad payments functionality, things like that.

很棒的季度。我想從跨境轉移話題，詢問 Tink 以及您打算如何使用 Tink、發展它，包括與借記卡、Visa Direct、廣泛支付功能等相關的地理增長和功能擴散。

Well, thank you. Just as a reminder for everybody, I highlighted Tink in my remarks, but I didn't talk about the fact that it's got thousands of developers on the other side of the 3,400 banks that I did cite. And today, it operates in 18 markets across Europe.

嗯，謝謝。為了提醒大家，我在講話中強調了 Tink，但我沒有提到在我引用的 3,400 家銀行的另一邊有數千名開發人員的事實。如今，它在歐洲的 18 個市場開展業務。

Its revenue model is largely a per API call, although there are some subscription basis on some of its value-added services. Our goal is to position ourselves in the middle of open banking in a place in the world where it's most advanced, which is Europe. And we believe that our complementary capabilities will help drive adoption of Tink's capabilities and provide incremental value to clients.

它的收入模式主要是每個 API 調用，儘管它的一些增值服務有一些訂閱基礎。我們的目標是將自己定位於開放銀行業務的中心，在世界上最先進的地方，即歐洲。我們相信，我們的互補能力將有助於推動 Tink 能力的採用，並為客戶提供增量價值。

Clearly, our -- maybe not clearly, but I'll make it clear. Our focus initially is going to be on Europe. That's where Tink is strong, that's where it's got a large presence, and that's where we think that we could be additive in terms of driving their business forward. But certainly, we will -- we anticipate and anticipated when we looked at Tink and made the decision to buy it, that we will leverage its capabilities and extend their capabilities to other markets.

顯然，我們的——也許不是很清楚，但我會說清楚。我們最初的重點將放在歐洲。這就是 Tink 強大的地方，這就是它擁有大量業務的地方，這就是我們認為我們可以在推動他們的業務發展方面發揮作用的地方。但可以肯定的是，我們會 - 當我們看到 Tink 並決定購買它時，我們預計並預期我們將利用它的能力並將其能力擴展到其他市場。

But we want to make sure that our investment is focused. We never like to kind of peanut butter our investment across too many places at one time. So it's better, we think, to perfect our partnership together in the place where we both have strength, which is Europe, and we'll go from there.

但我們要確保我們的投資有重點。我們從不喜歡一次在太多地方投資一種花生醬。因此，我們認為，在我們雙方都有實力的地方，也就是歐洲，一起完善我們的伙伴關係會更好，我們將從那裡出發。

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

我們的下一個問題來自美國銀行的 Jason Kupferberg。

So I was just curious, for the quarter itself here in Q2, I think you had expected net revenue growth to be at the high end of high teens. Obviously, that was before the war started. You ended up in the mid-20s. So I'm just curious in terms of order of magnitude, like, which revenue lines really surprised you the most to the upside? To what extent was inflation a meaningful contributor?

所以我只是好奇，對於第二季度的季度本身，我認為你曾預計淨收入增長將處於青少年的高端。顯然，那是在戰爭開始之前。你到了 20 多歲。所以我只是對數量級感到好奇，比如，哪些收入線最讓你感到驚訝？通貨膨脹在多大程度上是一個有意義的貢獻者？

And then it sounded like maybe you pulled forward some Russia service revenues. I think Vasant, you made a comment there. I was hoping you could maybe quantify that piece as well.

然後聽起來你可能會增加一些俄羅斯服務收入。我認為 Vasant，你在那裡發表了評論。我希望你也可以量化那件作品。

Sure. So the primary factors that allowed the quarter to be stronger than we expected was clearly international revenues. And international revenues were not only stronger in terms of cross-border volumes being stronger than we expected. The recovery was from 71 to about 94 index to '19 between the end of January and March, which was clearly very, very strong. So that definitely was one of the outperformers.

當然。因此，使該季度比我們預期更強勁的主要因素顯然是國際收入。國際收入不僅在跨境交易量方面強於我們的預期。從 1 月底到 3 月，從 71 到 94 指數的複蘇顯然非常非常強勁。因此，這絕對是表現出色的公司之一。

Because of the war in Ukraine, currency volatility was also high, and the fact that the cross-border business helps volumes add in currency volatility and our treasury revenues were also higher than we expected. So those were 2 major contributors.

由於烏克蘭戰爭，貨幣波動性也很高，而且跨境業務幫助交易量增加了貨幣波動性，我們的財政收入也高於我們的預期。所以這是兩個主要貢獻者。

And on the service line, as you know, we recognize service fees with a lag. In the case of Russia, because operations were being suspended, we were able to bill and collect revenues for the second quarter through when we suspended operations, and that added probably it would be less than 1 point to revenues, maybe a little over 0.5 point. So that did help. But other than that, it was all driven by just strength across the board. Value-added services performed very well, too.

如您所知，在服務線上，我們承認服務費存在滯後性。以俄羅斯為例，由於運營暫停，我們能夠在第二季度到我們暫停運營時計費和收取收入，這可能會使收入增加不到 1 個百分點，可能略高於 0.5 個百分點.所以這確實有幫助。但除此之外，這一切都是由全面的實力驅動的。增值服務也表現出色。

Our next question comes from Bob Napoli with William Blair.

我們的下一個問題來自 Bob Napoli 和 William Blair。

I mean, Visa has obviously been consistently active on the M&A front and on venture investing. With valuations down, would we -- should we expect to see Visa being more active in both areas? And if so, what areas, products, geographies, I guess, verticals would be most attractive for Visa incrementally to add to invest?

我的意思是，Visa 顯然一直活躍在併購領域和風險投資領域。隨著估值下降，我們是否應該期望看到 Visa 在這兩個領域更加活躍？如果是這樣，我想，哪些領域、產品、地理區域對 Visa 逐漸增加投資最具吸引力？

Well, Bob, I'll start and Vasant can add any color he wants. We still have a stated preference for whatever we could do ourselves to do it ourselves. That said, we have a very robust and qualified corporate development function that looks at all kinds of various possibilities. And we're in constant review of various lists to determine what might be of interest and what might not be of interest. Where we can do it faster and get people who have unique skills that we might not have, and we could build that it's just much faster than building the capability ourselves, we'll certainly look to buy.

好吧，鮑勃，我會開始，Vasant 可以添加他想要的任何顏色。我們仍然有一個明確的偏好，無論我們自己可以做什麼來自己做。也就是說，我們有一個非常強大和合格的企業發展職能，可以著眼於各種可能性。我們正在不斷審查各種列表，以確定哪些可能感興趣，哪些可能不感興趣。如果我們可以更快地做到這一點，並獲得具有我們可能沒有的獨特技能的人，並且我們可以建立它，它比我們自己建立能力要快得多，我們肯定會考慮購買。

And without getting too specific, I think that continuing to grow our toolbox as it relates to new flows and value-added services and things that would help us do that would be certainly areas that would be attractive to us. I probably wouldn't want to say more than that at this point.

在沒有太具體的情況下，我認為繼續發展我們的工具箱，因為它與新的流程和增值服務以及有助於我們做到這一點的事情有關，這肯定是對我們有吸引力的領域。在這一點上，我可能不想多說。

The only other thing I'd say is that we're really not -- we don't really look to be an active venture investor. Many of our -- and most of our investments, things where we're following on a commercial agreement. And often, when we do a commercial agreement with a smaller player, they ask us for us to endorse them a bit by making a small investment so they can add up to the roster of players that are investors in their company.

我唯一要說的另一件事是，我們真的不是——我們真的不希望成為一個積極的風險投資者。我們的許多——以及我們的大部分投資，都是我們根據商業協議進行的。通常，當我們與較小的玩家簽訂商業協議時，他們會要求我們通過小額投資來支持他們，這樣他們就可以加入作為他們公司投資者的玩家名冊。

But we're not out there speculating and looking for just venture investments where the vast majority of them, and Vasant can add or delete, almost 100% of them are because we've got a commercial deal in place first, that's the most important aspect to us. Vasant, anything you want to add?

但我們不是在外面投機和尋找風險投資，其中絕大多數，Vasant 可以添加或刪除，幾乎 100% 是因為我們首先達成了商業交易，這是最重要的對我們來說。 Vasant，你有什麼要補充的嗎？

No. I think what you will see in the future is more of what you've seen in the past. Acquisitions that can add to our capabilities, like Tink did, like Currencycloud did, expand the suite of services we can offer, which is what both Tink and Currencycloud do. Acquisitions where we decide it's faster or cheaper to buy than to build. In some cases, it could be acquisitions that expand the scope of an existing service like Earthport did with our payouts business around the world.

不，我認為你在未來看到的更多是你在過去看到的。收購可以增加我們的能力，就像 Tink 所做的那樣，像 Currencycloud 所做的那樣，擴展了我們可以提供的服務套件，這正是 Tink 和 Currencycloud 所做的。我們認為購買比建造更快或更便宜的收購。在某些情況下，收購可能會擴大現有服務的範圍，就像 Earthport 對我們在全球的支付業務所做的那樣。

And yes, to the extent that the correction we're seeing in public markets carries over to private markets over a period of time, certainly, we expect to be more active. And we have no specific objectives in terms of we're going to do X amount in acquisitions every year. It's going to be based on what makes sense to do and where we can create value.

是的，就我們在公開市場看到的修正在一段時間內延續到私人市場而言，當然，我們預計會更加活躍。而且我們沒有具體的目標，我們每年要進行 X 數量的收購。它將基於什麼是有意義的，以及我們可以在哪裡創造價值。

Our next question comes from Timothy Chiodo with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Timothy Chiodo。

I want to touch on Visa Direct. Clearly, it's a much bigger but still fast-growing portion of your business. You talked a little bit about the growth this quarter and the Russia impact. And you also mentioned it as the second largest geographic market. Maybe you could talk a little bit about that geographic mix? And list some maybe the other large markets, but more importantly, maybe the markets where there's a big opportunity?

我想談談 Visa Direct。顯然，這是您業務中更大但仍在快速增長的部分。您談到了本季度的增長和俄羅斯的影響。您還提到它是第二大地理市場。也許你可以談談這種地理組合？並列出一些可能是其他大型市場，但更重要的是，也許是有很大機會的市場？

And the brief follow-up would be if you could just recap the mechanic around your ability to, of course, send to Visa Credentials, but also how does it work when you want to send to a Mastercard credential and that capability?

簡短的後續行動是，如果你可以回顧一下你的機制，當然，發送到 Visa 憑證的能力，但當你想發送到萬事達卡憑證和這種能力時，它是如何工作的？

The -- for competitive reasons, I'd be reluctant to get too into the weeds on this. But obviously, our biggest market is the United States. Russia was our second largest market. And then there's a number of markets across the world that are maybe a half dozen to 10 that are somewhat together in terms of size that they represent. And our focus at this stage is to: a, build greater penetration of the use cases that we have today; secondly, to develop new use cases; and thirdly, to grow the geographic footprint of all of our use cases. And we have built up a team completely focused on Visa Direct. We do utilize our account executives around the world as our frontline sales agents. And then from there, we'll bring in solution experts who know much more about the specifics of Visa Direct.

- 出於競爭原因，我不願意在這件事上過於糾結。但顯然，我們最大的市場是美國。俄羅斯是我們的第二大市場。然後世界上有許多市場可能有六到十個，就它們所代表的規模而言，它們在某種程度上是一致的。我們現階段的重點是：a，對我們今天擁有的用例進行更大的滲透；其次，開發新的用例；第三，擴大我們所有用例的地理足跡。我們已經建立了一個完全專注於 Visa Direct 的團隊。我們確實利用我們在世界各地的客戶經理作為我們的一線銷售代理。然後，我們將引進更了解 Visa Direct 細節的解決方案專家。

But we're -- so basically, I talked about payouts and remittances. We're continuing to look at the ability to pay gig economy workers, which is a growing and hugely growing segment around the world. We're looking at global money movement use cases beyond the ones that I've talked about in P2P, which we've talked about before. We're looking at digitizing disbursements by replacing checks and slow ACH wherever we can around the world.

但我們 - 所以基本上，我談到了支付和匯款。我們正在繼續研究支付零工經濟工人的能力，這是全球範圍內一個不斷增長且增長巨大的細分市場。我們正在研究的全球資金流動用例超出了我之前在 P2P 中討論過的那些用例。我們正在通過在世界各地盡可能更換支票和減慢 ACH 來實現數字化支付。

The reality is that I think there are applications everywhere and one of our challenges, especially as we look to replace some of the volume from Russia, is going to be to determine where to invest versus having to find places to invest. There are plenty of places to invest, which is the great news. We're just going to have some work to do to figure out exactly where the hottest opportunities are to drive transaction growth for us as we look forward at various use cases.

現實情況是，我認為到處都有應用程序，我們面臨的挑戰之一，尤其是當我們希望取代來自俄羅斯的部分數量時，將是確定投資地點而不是尋找投資地點。有很多地方可以投資，這是個好消息。當我們期待各種用例時，我們將要做一些工作來確切地找出最熱門的機會來推動我們的交易增長。

Excellent. And were you able to help on that mechanical one around maybe the difference in terms of mechanics or economics when you send to a Mastercard credential?

優秀的。當您發送萬事達卡憑證時，您是否能夠幫助解決機械或經濟方面的差異？

Yes. It's part of our network of networks approach. So we're network agnostic, and acquisitions like YellowPepper and what we did with Earthport are the kinds of capabilities that allow us to send to any credential, including a bank account as part of -- we'll get your money there and part of the way maybe on the rail that's not ours.

是的。這是我們網絡方法的一部分。所以我們是網絡不可知論者，像 YellowPepper 這樣的收購以及我們對 Earthport 所做的都是允許我們發送到任何憑證的功能，包括作為其中一部分的銀行賬戶——我們將在那裡獲得你的錢和一部分這條路可能在不屬於我們的鐵路上。

Our next question comes from James Faucette from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 James Faucette。

I appreciate all the details and color. Wanted to -- gotten a few questions from investors just around the impact that inflation may be having. And a, can you help quantify it maybe how that's benefiting Visa? But also and maybe more importantly, can you talk about if you're seeing any shift in spending behavior by consumers and that mix between discretionary and nondiscretionary spend. And if that has any impact at all on how you're formulating your outlook.

我很欣賞所有的細節和顏色。想要——從投資者那裡得到一些關於通脹可能產生的影響的問題。還有，你能幫我量化一下這對Visa有什麼好處嗎？但也許更重要的是，您能否談談您是否看到消費者的消費行為發生任何轉變，以及可自由支配和非可自由支配支出之間的混合。如果這對你如何制定你的前景有任何影響。

So there are -- the inflation has some puts and takes on our business. Service fees and international fees are basis points on volume. So inflation typically lifts transaction size. But offsetting that, incentives are also tied to volume, so there's some offset to that lift.

所以有 - 通貨膨脹對我們的業務有一些影響。服務費和國際費用是數量的基點。因此，通貨膨脹通常會提高交易規模。但抵消這一點，激勵措施也與數量掛鉤，所以這種提升有一些抵消。

Fuel prices go up. But then on the other hand, sometimes consumers tend to moderate their buying in times of large increases in gas to the degree that, over time, if it was to happen, the dollar was to weaken, that increases inbound cross-border flows and the U.S. inbound corridor is one of our largest and higher-yielding corridors.

燃油價格上漲。但另一方面，有時消費者傾向於在天然氣大幅增加時減少購買，以至於隨著時間的推移，如果發生這種情況，美元將會貶值，這會增加入境跨境流量和美國入境走廊是我們最大、收益最高的走廊之一。

Expenses for personnel and marketing, professional fees could go up. But I'd say 2 things and then ask Vasant to add anything he wants. So far, we're not -- as I said and I think Vasant said in his remarks, we're really not seeing much impact that's causing us any concern in our numbers.

人員和營銷費用，專業費用可能會上漲。但我會說兩件事，然後讓 Vasant 添加他想要的任何內容。到目前為止，我們還沒有——正如我所說的，我認為 Vasant 在他的講話中說，我們真的沒有看到太大的影響，這讓我們對我們的數字感到擔憂。

And then the last thing I'd say, net-net, historically, inflation has been positive for us.

然後我要說的最後一件事是，從歷史上看，通貨膨脹對我們來說是積極的。

Yes. Just to add to what Al said, I mean we clearly have seen -- we've seen ticket sizes go up in the U.S., in particular, in Europe, but it's not all inflation. Some of it is mix. It's mix driven by the fact that the card-present transactions, which often tend to be smaller transactions, have not yet fully come back. It's mix also because e-commerce transactions, even when you do everyday purchases, can be larger ticket sizes. We could even see ticket sizes go down in inflationary times as card-present comes back.

是的。補充一下艾爾所說的，我的意思是我們清楚地看到了——我們已經看到美國，特別是歐洲的門票規模增加了，但這並不全是通貨膨脹。其中一些是混合的。這是由於有卡交易（通常是較小的交易）尚未完全恢復這一事實所驅動的。它也是混合的，因為電子商務交易，即使您進行日常購買，也可以是更大的票數。隨著卡片禮物的回歸，我們甚至可以看到門票規模在通貨膨脹時期下降。

So as Al said, there's multiple impacts from inflation. Net-net, it's a positive for us. We have not seen any impact on discretionary spending that we can discern. If anything, discretionary spending, especially from affluent consumers and credit cardholders has been going up quite healthily. So in general, there isn't any evidence impact -- evident impact on inflation, but obviously, we'll keep looking for it.

正如艾爾所說，通貨膨脹有多重影響。 Net-net，這對我們來說是積極的。我們沒有看到任何我們可以辨別的對可自由支配支出的影響。如果有的話，可自由支配的支出，尤其是來自富裕消費者和信用卡持有人的支出一直在相當健康地增長。所以總的來說，沒有任何證據影響——對通脹有明顯影響，但顯然，我們會繼續尋找它。

James, I'll just share 1 quick data point with you. We recently looked at restaurant spending by various strata, and the highest-performing strata in terms of growth is the $100 to $300 ticket price, and the second best performing strata was over $300. So that just gives you some sense. That's very recent data of the affluent being back in the market and not afraid to spend, an important spend category.

詹姆斯，我將與您分享 1 個快速數據點。我們最近查看了各個階層的餐廳支出，在增長方面表現最高的階層是 100 至 300 美元的票價，而表現第二好的階層則超過 300 美元。所以這只是給你一些意義。這是富人重返市場並且不怕消費的最新數據，這是一個重要的消費類別。

Our final question comes from Jamie Friedman with Susquehanna.

我們的最後一個問題來自 Jamie Friedman 和 Susquehanna。

Vasant, I may be misremembering this, but my recollection was that you had contemplated returning to 90% travel index by September. I apologize if I got that wrong. You had -- you were going kind of quick with the updated assumptions. Can you repeat what you were contemplating now in terms of where travel would end the fiscal year?

Vasant，我可能記錯了，但我記得你曾考慮在 9 月之前恢復 90% 的旅行指數。如果我弄錯了，我很抱歉。你有 - 你對更新的假設有點快。您能否重複一下您現在正在考慮的關於本財年旅行將在哪裡結束的想法？

Yes. So we talk about cross-border travel, ex intra-Europe, and we are now expecting, given where it ended the second quarter, to be at or above slightly 2019 levels by the end of our fiscal year.

是的。因此，我們談論的是歐洲內部的跨境旅行，鑑於第二季度結束的情況，我們現在預計到本財年結束時將達到或略高於 2019 年的水平。

And you're absolutely right, the last time we talked to you, we said we'd probably be around 90%. We're running better than we expected so far, so we've definitely raised our view of that. Now inclusive of intra-Europe, that would put us about 2019 levels by the end of our fiscal year. So yes, I think you got it right.

你說的完全正確，上次我們和你交談時，我們說我們可能會在 90% 左右。到目前為止，我們的運行情況比我們預期的要好，所以我們肯定已經提出了我們的看法。現在包括歐洲內部，這將使我們在財政年度結束時達到 2019 年的水平。所以，是的，我認為你是對的。

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

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

Thank you for your participation in today's conference. You may disconnect at this time.

感謝您參加今天的會議。此時您可以斷開連接。