2024-07-23 Visa Inc. (V) Q3 2024 Earnings Call Transcript
Visa Inc. (NYSE:V) Q3 2024 Earnings Conference Call July 23, 2024 5:00 PM ET
Visa Inc. (NYSE:V) 2024 年第三季度收益电话会议 美国东部时间 2024 年 7 月 23 日下午 5:00
Company Participants 公司参与者
Jennifer Como - SVP and Global Head of IR
Jennifer Como - 高级副总裁兼投资者关系全球总监
Ryan McInerney - CEO Ryan McInerney - 首席执行官
Chris Suh - CFO Chris Suh - 首席财务官
Conference Call Participants
电话会议与会者
Darrin Peller - Wolfe Research
Darrin Peller - 沃尔夫研究公司
Andrew Jeffrey - William Blair
Bryan Keane - Deutsche Bank
布莱恩-基恩 - 德意志银行
Ken Suchoski - Autonomous Research
Ken Suchoski - 自主研究
Tien-Tsin Huang - JPMorgan
Gus Gala - Monness, Crespi, Hardt
Gus Gala - Monness、Crespi、Hardt
Will Nance - Goldman Sachs
Will Nance - 高盛集团
Timothy Chiodo - UBS Timothy Chiodo - 瑞银
James Faucette - Morgan Stanley
James Faucette - 摩根士丹利
Bryan Bergin - TD Cowen
Sanjay Sakhrani - KBW
Jason Kupferberg - Bank of America
Jason Kupferberg - 美国银行
Dan Perlin - RBC Capital Markets
Dan Perlin - 加拿大皇家银行资本市场
Harshita Rawat - Bernstein
Harshita Rawat - 伯恩斯坦
Operator 操作员
Welcome to Visa's Fiscal Third Quarter 2024 Earnings Conference Call. [Operator Instructions] Today's conference is being recorded. [Operator Instructions]
欢迎收听Visa 2024年第三季度财报电话会议。[今天的电话会议正在录制中[接线员指示]
I would now like to turn the conference over to your host, Ms. Jennifer Como, Senior Vice President and Global Head of Investor Relations. Ms. Como, you may begin.
现在请主持人、高级副总裁兼投资者关系全球主管 Jennifer Como 女士发言。科莫女士，请开始。
Jennifer Como 珍妮弗-科莫
Thank you. Good afternoon, everyone, and welcome to Visa's fiscal third quarter 2024 earnings call. Joining us today are Ryan McInerney, Visa's Chief Executive Officer; and Chris Suh, Visa's Chief Financial Officer. 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.
谢谢大家。大家下午好，欢迎收听Visa 2024财年第三季度财报电话会议。今天出席会议的有Visa首席执行官赖安-麦金纳尼（Ryan McInerney）和Visa首席财务官克里斯-苏（Chris Suh）。本次电话会议将在我们网站investor.visa.com的投资者关系部分进行网络直播。重播将在我们的网站上存档 30 天。
A slide deck containing financial and statistical highlights has been posted on our IR website. 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. Our comments today regarding our financial results will reflect revenue on a GAAP basis and all other results on a non-GAAP nominal basis unless otherwise noted. The related GAAP measures and reconciliation are available in today's earnings release and related materials available on our IR website.
包含财务和统计要点的幻灯片已发布在我们的投资者关系网站上。我还要提醒大家，本演示文稿包含前瞻性陈述。这些陈述并不是对未来业绩的保证，我们的实际结果可能会因多种因素而出现重大差异。有关这些因素的更多信息，请参阅我们最近的 10-K 表年报以及随后的 10-Q 表和 8-K 表报告，您可以在美国证券交易委员会网站和我们网站的 "投资者关系 "部分找到这些信息。我们今天就我们的财务业绩发表的评论将反映按美国通用会计准则计算的收入，除非另有说明，所有其他业绩均按非美国通用会计准则名义计算。相关的 GAAP 指标和调节情况可在今天的财报和我们 IR 网站上的相关材料中找到。
And with that, let me turn the call over to Ryan.
好了，现在请瑞安发言。
Ryan McInerney
Good afternoon, everyone. Thank you for joining us.
大家下午好。感谢大家的参与。
We delivered strong third quarter results with $8.9 billion in net revenue, up 10% year-over-year, and EPS up 12%. Our key business drivers were relatively stable as compared to Q2, adjusted for leap year. In constant dollars, overall payments volume grew 7% year-over-year, U.S.
我们在第三季度取得了强劲的业绩，净营收达到 89 亿美元，同比增长 10%，每股收益增长 12%。与第二季度相比，经闰年调整后，我们的主要业务驱动因素相对稳定。按固定汇率计算，整体支付业务量同比增长 7%，美国支付业务量同比增长 7%。
payments volume grew 5%, and international payments volume grew 10%. Cross-border volume excluding intra-Europe, rose 14%, and processed transactions grew 10% year-over-year. We recently received the results from our annual Global Client Engagement Survey where Visa achieved a Global Net Promoter Score, or NPS, of 76, up three points from last year.
支付量增长了5%，国际支付量增长了10%。不包括欧洲内部的跨境支付量上升了14%，处理的交易量同比增长了10%。我们最近收到了我们年度全球客户参与度调查的结果，Visa的全球净推荐值（NPS）达到了76分，比去年上升了3分。
中国银联以公司的形式存在，但不是上市公司，这些数据对观察经济动态是有帮助的。
We saw NPS increases across all of our client types, merchants, issuers, fintechs, and processors and across our regions, the results remain strong, with a notable 6-point NPS improvement in North America. I want to thank all of our 30,000 employees who helped deliver these fantastic results.
我们的所有客户类型，包括商户、发卡行、金融科技公司和处理商的 NPS 都有所提高，而且各地区的业绩依然强劲，北美地区的 NPS 显著提高了 6 个百分点。我要感谢帮助我们取得这些优异成绩的所有 30,000 名员工。
And as I review some highlights from the quarter, you'll see how this focus on serving our clients by meeting their needs, innovating, and helping them grow is fueling our success across consumer payments, new flows, and value-added services. Let's start with consumer payments, where we see more than $20 trillion of opportunity to capture cash, check, ACH, domestic schemes and other forms of electronic payment.
当我回顾本季度的一些亮点时，您将看到我们是如何通过满足客户需求、创新和帮助客户发展来专注于服务客户，从而推动我们在消费支付、新流程和增值服务方面取得成功的。让我们从消费者支付开始，我们在这里看到了超过 20 万亿美元的机会，以获取现金、支票、自动转账、国内计划和其他形式的电子支付。
In our client engagement survey, our clients ranked our strategic partnership and our brand as two of the most important factors to our successful relationships. I'll share some examples of how each of these played out this quarter. In strategic partnerships, we are constantly seeking ways to add more value and grow together with our clients.
在我们的客户参与度调查中，我们的客户将我们的战略合作伙伴关系和我们的品牌列为我们成功建立合作关系的两个最重要因素。下面我将举例说明这两个因素在本季度的表现。在战略合作伙伴关系中，我们不断寻求增加价值的方法，与客户共同成长。
We are pleased to have been named the Preferred Network Partner by Lloyds Banking Group, renewing our debit relationship and significantly expanding our relationship in credit, winning 10 million additional credit credentials across the Group's consumer and commercial business. Also in the U.K., NatWest has launched a new Visa Travel Reward credit card, following the signing of our partnership last year. They will also be utilizing many value-added services, including transaction controls and card benefits.
我们很高兴被劳埃德银行集团（Lloyds Banking Group）评为首选网络合作伙伴，这不仅延续了我们的借记卡合作关系，还大大拓展了我们的信用卡合作关系，为该集团的消费者和商业业务赢得了 1,000 万张额外的信用凭证。此外，在英国，NatWest 继去年与我们签订合作关系后，又推出了新的 Visa 旅行奖励信用卡。他们还将利用许多增值服务，包括交易控制和卡片优惠。
On the European continent, we worked with Raiffeisen Bank International AG, a leading bank in several markets. And recently, in the Czech Republic and Romania, we renewed our commercial business and expanded our consumer debit and credit business totaling over two million potential new credentials.
在欧洲大陆，我们与多个市场的领先银行 Raiffeisen Bank International AG 开展了合作。最近，在捷克共和国和罗马尼亚，我们更新了我们的商业业务，并扩大了我们的消费者借记和信贷业务，潜在的新客户总数超过 200 万。
In Korea, we deepened our partnership with leading issuer KB Kookmin Card. Already a user of Visa Direct cross-border money movement and a Visa consumer and commercial issuer, they will grow their consumer credit and debit portfolios with Visa and use value-added services, including consulting and marketing services.
在韩国，我们深化了与领先发卡机构KB Kookmin Card的合作关系。KB Kookmin 已经是 Visa Direct 跨境资金流动的用户，也是 Visa 消费者和商业发卡机构，他们将利用 Visa 增加消费信贷和借记组合，并使用增值服务，包括咨询和营销服务。
In Peru, we extended our partnership with leading issuer, Banco de Credito de Peru, across consumer and commercial portfolios with plans to launch additional new flows offerings and value-added services.
在秘鲁，我们与领先的发行商秘鲁信贷银行（Banco de Credito de Peru）在消费和商业组合方面扩大了合作关系，并计划推出更多新的流量产品和增值服务。
In the U.S., we extended our agreement with Wells Fargo. This will allow us to continue to support Wells Fargo's strategy to reinvent their credit business and provide additional growth by leveraging key Visa assets like consulting and Visa sponsorships such as FIFA and the Olympic and Paralympic Games.
在美国，我们延长了与富国银行的协议。这将使我们能够继续支持富国银行重塑其信贷业务的战略，并通过利用咨询和国际足联、奥运会和残奥会等 Visa 赞助活动等重要 Visa 资产实现额外增长。
On the brand front, with the Olympic Games opening ceremony later this week, it is exciting to see the engagement with the Visa brand and activation across the world in marketing campaigns, cardholder experiences and Olympic and Paralympic-branded Visa issuance, which I am happy to report in Europe is at nearly six million cards compared to the five million number I quoted just last quarter. We have also added nearly 100,000 new merchant locations in France in advance of the event.
在品牌方面，随着本周晚些时候奥运会开幕式的举行，Visa品牌在全球范围内的参与度以及在营销活动、持卡人体验和奥运及残奥会品牌Visa发卡量方面的活跃程度令人振奋。我们还在法国新增了近 10 万个商户网点。
Our brand also plays an important role in winning co-brand partnerships. In India, growing credit issuance and reaching affluent and cross-border consumers remain areas of focus. We are excited about the launch of a co-brand card with Adani One and ICICI Bank as India's first co-branded credit card with rich airport-linked benefits for their target base of 400 million customers through the Adani One platform.
我们的品牌在赢得联合品牌合作方面也发挥着重要作用。在印度，增加信贷发行量、接触富裕消费者和跨境消费者仍然是重点领域。我们很高兴与 Adani One 和 ICICI 银行合作推出联名卡，这是印度首张联名信用卡，通过 Adani One 平台为其 4 亿目标客户群提供丰富的机场联动优惠。
We also signed an agreement to launch a new co-brand card with Tata Digital, along with an Indian banking partner, building on the success of our existing credit co-brand relationship. This new co-brand offering consists of a multicurrency prepaid foreign exchange card that will target travelers from India, also benefiting from the rewards of the Tata Digital Super App, Tata Neu.
我们还与塔塔数字公司签署了一项协议，在现有信贷联合品牌关系成功的基础上，与印度银行合作伙伴共同推出新的联合品牌卡。这一新的联合品牌产品包括一张多币种预付费外汇卡，目标客户是印度旅行者，他们也将从塔塔数字超级应用程序 Tata Neu 的奖励中获益。
Across seven countries in Latin America, we will work with Unicomer, a major retailer and financial services provider with numerous brands to deliver a co-brand credit card in addition to using CyberSource. And in CEMEA, we reached a de novo co-brand arrangement with BinDawood, a leading grocer in the Kingdom of Saudi Arabia with 88 outlets and over five million loyalty program members.
在拉丁美洲的七个国家，我们将与拥有众多品牌的大型零售商和金融服务提供商 Unicomer 合作，除使用 CyberSource 外，还将提供联名信用卡。在中欧、中东和非洲地区，我们与 BinDawood 达成了一项全新的联合品牌安排，BinDawood 是沙特阿拉伯王国的一家领先杂货商，拥有 88 家分店和 500 多万忠诚计划会员。
On the travel side, we extended our relationship with Malaysia Airlines from a prepaid co-brand card targeting millennials and Gen Z customers to also launch a new co-brand credit card for the travel-minded affluent. And in the U.S., Turkish Airlines have chosen Visa to be their exclusive network partner for their new Miles and Smiles co-brand credit card. Our consumer payment strategy is focused on growing credentials as we are doing across all the partnerships I just mentioned and increasing acceptance locations.
在旅游方面，我们扩大了与马来西亚航空公司的合作关系，从针对千禧一代和 Z 世代客户的预付费联名卡，扩展到针对热爱旅游的富裕阶层推出新的联名信用卡。在美国，土耳其航空公司选择 Visa 作为其新的 "里程与微笑 "联名信用卡的独家网络合作伙伴。我们的消费者支付战略重点是不断扩大我刚才提到的所有合作伙伴的信誉度，并增加受理点。
And wallets are a great example of where this comes together, where Visa can be a funding source, an embedded credential, and an accepted form of payment by wallet merchants. This increases the value proposition for wallet providers and their users.
钱包就是一个很好的例子，在钱包中，Visa 既是资金来源，也是嵌入式凭证，还是钱包商户接受的支付方式。这增加了钱包提供商及其用户的价值主张。
Two wallet highlights this quarter are in Peru and Vietnam. Yape is a Peruvian super app with more than 15 million users who already have a Visa credential that enables them to send money across P2P apps via Visa Direct. And just recently, they launched Tap to Phone functionality for their more than two million merchants to accept Visa.
秘鲁和越南是本季度钱包业务的两个亮点。Yape 是秘鲁的一个超级应用程序，拥有 1,500 多万用户，这些用户已经拥有 Visa 证书，可以通过 Visa Direct 在 P2P 应用程序之间汇款。就在最近，他们还推出了 "Tap to Phone "功能，让 200 多万商户接受 Visa。
And in Vietnam, a country with approximately 50 million wallet users, the three leading digital wallets, MoMo, VNPAY, and ZaloPay are now enabling their users to utilize Visa cards as a funding source for transactions at over 500,000 QR acceptance points managed by these wallets. One additional area that we are very focused on is delivering simple, easy, and secure checkout experiences. Let me share a few recent examples.
在越南这个拥有约 5000 万钱包用户的国家，MoMo、VNPAY 和 ZaloPay 这三家领先的数字钱包现在都允许其用户在这些钱包管理的 50 多万个 QR 受理点使用 Visa 卡作为交易资金来源。我们非常关注的另一个领域是提供简单、方便和安全的结账体验。让我分享几个最近的例子。
First, we are integrating Click to Pay and the Visa Payment Passkey Service, enabling a customer to authenticate themselves using biometrics. Already, we have hundreds of issuers enabled for passkeys in Europe and a number of issuers who represent more than 50% of our e-commerce payments volume in Europe piloting the solution.
首先，我们正在整合 "点击支付 "和 Visa 支付密码钥匙服务，使客户能够使用生物识别技术进行身份验证。目前，我们已经在欧洲为数百家发卡机构启用了通行证服务，还有一些发卡机构正在试用这一解决方案，这些发卡机构的业务量占我们在欧洲电子商务支付业务量的 50%以上。
Second, we crossed 10 billion tokens this quarter, a significant milestone. And in 2023 alone, Visa tokens helped generate more than an estimated $40 billion in incremental e-commerce revenue for businesses globally and saved more than $600 million in fraud. Third is the ability to tap for more use cases on a mobile device.
其次，本季度我们的代币数量突破了 100 亿枚，这是一个重要的里程碑。仅在 2023 年，Visa 代币就帮助全球企业创造了超过 400 亿美元的电子商务增量收入，并在欺诈行为中挽回了超过 6 亿美元的损失。第三是能够在移动设备上挖掘更多的使用案例。
With tapping as one of the best in-person commerce experiences, we want to provide Visa users with more ways to tap, including Tap to Pay, tap to authenticate an identity, tap to add a card, or tap to send money to family or friends. And finally, this quarter, Tap to Pay grew four percentage points from last year to 80% of face-to-face transactions globally, excluding the U.S.
轻点是最佳的面对面商务体验之一，我们希望为 Visa 用户提供更多的轻点方式，包括轻点支付、轻点验证身份、轻点添加卡片或轻点给家人或朋友汇款。最后，本季度，轻点支付在全球（不包括美国）面对面交易中的比例比去年增长了四个百分点，达到 80%。
In the U.S., we surpassed 50% and have 30 U.S. cities above 60% penetration. Now moving on to new flows. This quarter, new flows revenue grew 18% year-over-year in constant dollars with Visa Direct overall transactions growing 41% for the quarter to 2.6 billion and commercial volumes up 7% year-over-year in constant dollars. Let me provide some updates, starting with B2B, where we have focused on penetrating new verticals and delivering innovative products and solutions.
在美国，我们的渗透率超过了 50%，有 30 个美国城市的渗透率超过了 60%。现在来谈谈新流量。本季度，按固定汇率计算，新流量收入同比增长 18%，Visa Direct 本季度整体交易量增长 41%，达到 26 亿笔，按固定汇率计算，商业交易量同比增长 7%。让我介绍一些最新情况，首先是在 B2B 领域，我们专注于渗透新的垂直市场，并提供创新的产品和解决方案。
In healthcare, we will work with AXA and Paysure to launch a commercial virtual card solution to simplify the claims processes for their customers worldwide. We have also expanded our virtual card acceptance with a key business services provider, Cintas, who offers uniform, safety, and fire protection services to over one million customers.
在医疗保健领域，我们将与 AXA 和 Paysure 合作推出商业虚拟卡解决方案，以简化其全球客户的理赔流程。我们还与一家重要的商业服务提供商 Cintas 扩大了虚拟卡受理范围，该公司为 100 多万客户提供制服、安全和消防服务。
Together with our partner, Billtrust, we will help Cintas streamline their payments, automate processes, and manage costs on Billtrust's Business Payments Network or BPN. We also just recently extended our long-standing BPN collaboration with Billtrust that connects suppliers and buyers to facilitate straight-through processing of virtual card payments with rich data that optimizes acceptance costs. Our products and solutions in B2B remain very important in winning and growing our business.
我们将与合作伙伴 Billtrust 携手，帮助 Cintas 在 Billtrust 的商业支付网络（BPN）上简化支付、实现流程自动化并管理成本。最近，我们还扩大了与 Billtrust 的长期 BPN 合作，该网络将供应商和买方连接起来，通过丰富的数据促进虚拟卡支付的直通式处理，从而优化收单成本。我们在 B2B 领域的产品和解决方案对于我们赢得和发展业务仍然非常重要。
One such solution is the enhanced B2B data that we can provide. In Brazil, together with Solero, a leading business financial management solution, we will provide issuers with enhanced visibility into small business spend by aggregating data across cards, bank accounts, boletos and more, enabling them to better manage their client relationships and offer compelling products.
其中一个解决方案就是我们可以提供的增强型 B2B 数据。在巴西，我们将与领先的企业财务管理解决方案 Solero 合作，通过汇总银行卡、银行账户、账单等数据，为发卡机构提供小企业支出的更高可见性，使他们能够更好地管理客户关系并提供有吸引力的产品。
Another solution is Spend Clarity, which provides expense program management, including card issuance, controls, and reporting. Wells Fargo has white-labeled our solution called Wells One Expense Manager, which has now onboarded 6,000 corporate clients representing over one million users, providing access to their spend data. Now moving on to Visa Direct.
另一个解决方案是 Spend Clarity，它提供支出项目管理，包括发卡、控制和报告。富国银行为我们的解决方案贴上了 "Wells One Expense Manager "的白标，目前已有 6,000 家企业客户加入，用户超过 100 万，可以访问他们的支出数据。现在进入 Visa Direct。
We continued to grow our transactions through expanded and new relationships. Over the past year, total Visa Direct cross-border P2P transactions have nearly doubled, with Europe and CEMEA being the largest regions. In CEMEA, we are very excited to have renewed our Visa Direct relationship with fintech Monobank in addition to renewing their consumer and commercial credit, debit, and prepaid portfolios.
我们通过拓展新的合作关系，继续增加交易量。过去一年，Visa Direct 跨境 P2P 交易总额几乎翻了一番，其中欧洲和中欧、中东和非洲地区的交易额最大。在中欧、中东和非洲地区，我们很高兴与金融科技公司 Monobank 续签了 Visa Direct 合作关系，此外还续签了他们的消费和商业信贷、借记卡和预付费产品组合。
In Asia Pacific, we are partnering with China Zhongsheng Bank on cross-border capabilities, including Visa Direct and Currencycloud, allowing the bank to support cross-border payments for their merchant clients. Canadian fintech Nuvei has extended its agreement with us for Visa Direct across all cross-border use cases in more than 30 countries for their merchant clients and recently became the first Visa Direct enabler in Colombia.
在亚太地区，我们与中国民生银行合作开发跨境功能，包括 Visa Direct 和 Currencycloud，使该银行能够为其商户客户提供跨境支付支持。加拿大金融科技公司 Nuvei 与我们扩大了协议范围，为其商户客户在 30 多个国家的所有跨境用例提供 Visa Direct 服务，并在最近成为哥伦比亚的首个 Visa Direct 支持者。
We also executed our first global agreement with WorldRemit and Sendwave, enabling their customers to eventually send Visa Direct cross-border remittances from 50 countries to recipients in 130 countries. Quickly, a leading South Asian marketplace, has enabled Visa Direct cross-border remittance solutions for U.S. customers to send money to relatives and friends in India and the rest of South Asia.
我们还与 WorldRemit 和 Sendwave 签订了首份全球协议，使它们的客户最终能够从 50 个国家向 130 个国家的收款人发送 Visa Direct 跨境汇款。领先的南亚市场 Quickly 为美国客户提供了 Visa Direct 跨境汇款解决方案，帮助他们向印度和南亚其他国家的亲友汇款。
And in earned wage access, we reached an agreement with Weaver, a U.K.-based embedded finance provider. In addition to card issuance, they will be utilizing Visa Direct to enable Weaver's business clients to offer employee expense reimbursement, reward and recognition, and earned wage access.
在工资收入通道方面，我们与英国一家嵌入式金融供应商 Weaver 达成了协议。除发卡外，他们还将利用 Visa Direct 为 Weaver 的企业客户提供员工费用报销、奖励和表彰以及工资收入查询服务。
Earned wage access provider PayActiv, who serves 4,000 businesses has renewed its agreement with us and will enable Visa+ for payouts. Similarly, we expanded our relationship with enabler, Astra. In addition to domestic disbursements, Astra will now offer cross-border remittances, implement Visa+ to reach domestic wallets in the U.S., and expand to additional use cases, including payroll, earned wage access and marketplaces.
为 4,000 家企业提供服务的赚取工资接入服务提供商 PayActiv 与我们续签了协议，并将启用 Visa+ 进行支付。同样，我们也扩大了与支持商 Astra 的合作关系。除国内支付外，Astra 现在还将提供跨境汇款服务，实施 Visa+ 以覆盖美国国内钱包，并扩展到其他使用案例，包括工资单、工资收入接入和市场。
Visa+ is still in the early stages but is fully rolled out and live for PayPal and Venmo users and more providers continue to join the platform. Wrapping up new flows, we also renewed an agreement with FIS, an important issuer processing partner to enable a suite of value-added services and new flows capabilities for their clients, including Visa Direct.
Visa+ 仍处于早期阶段，但已全面推出并向 PayPal 和 Venmo 用户开放，更多供应商将继续加入该平台。在总结新流程的同时，我们还与重要的发卡机构处理合作伙伴 FIS 续签了协议，为其客户提供一整套增值服务和新流程功能，包括 Visa Direct。
And now on to value-added services, where revenue was up 23% in the third quarter in constant dollars. Let me highlight some of the progress we have made in driving adoption and growth among our value-added services portfolio. First in issuing solutions. One area of strong revenue growth this quarter was in card benefits, where we enable our clients to offer unique value propositions tailored to their customer base in travel, entertainment, restaurants, insurance and more. Strong issuance in premium cards across most of our regions has fueled this growth in the third quarter.
现在谈谈增值服务，按固定汇率计算，第三季度增值服务收入增长了 23%。请允许我重点介绍一下我们在推动增值服务组合的采用和增长方面取得的一些进展。首先是发行解决方案。本季度收入增长强劲的领域之一是银行卡优惠，我们帮助客户在旅游、娱乐、餐饮、保险等方面为其客户群提供量身定制的独特价值主张。我们大部分地区的高端卡发行量强劲，推动了第三季度的这一增长。
这是AMEX的重点，是可以启到收敛效果的战略，看着还不是VISA最重要的业务。
For example, in Latin America, travel benefits have grown with over 370,000 unique visits to our Visa Infinite Airport Lounge in Brazil, representing customers from a number of leading issuers. In addition, since its launch in 2022, our Visa Infinite Fast Pass in Brazil, which allows cardholders to get through airport security more quickly, has screened over one million travelers.
例如，在拉丁美洲，旅行优惠不断增加，巴西 Visa 无限卡机场贵宾室的独立访问量已超过 37 万次，代表了多家领先发卡机构的客户。此外，自 2022 年在巴西推出 Visa 无限卡快速通行证（Fast Pass）以来，持卡人可以更快地通过机场安检，已为超过 100 万名旅客进行了安检。
These are among the top five card benefits in Brazil and deliver value to customers, issuers and Visa. We continue to add more benefits like the recently launched partnership with OpenTable to offer eligible Visa cardholders access to coveted restaurant reservations and experiences in the U.S., with plans to expand into Canada and Mexico. In Acceptance Solutions, third quarter growth was driven by increasing utilization across both token and e-commerce-related services.
这些都是巴西五大信用卡优惠之一，为客户、发卡机构和 Visa 带来了价值。我们将继续增加更多的优惠，例如最近与 OpenTable 建立的合作伙伴关系，为符合条件的 Visa 持卡人提供在美国预订令人垂涎的餐厅和体验的机会，并计划扩展到加拿大和墨西哥。在受理解决方案方面，第三季度的增长得益于令牌和电子商务相关服务使用率的提高。
In e-commerce, one such example is with iFood, the largest food delivery platform in Brazil who is utilizing our Verifi solution to help prevent disputes before they become chargebacks. In addition, they will be using our authentication solutions. In Risk & Identity Solutions, we continued to see strong adoption by new and existing clients, driven in part by growth in card-not-present transactions.
在电子商务领域，巴西最大的食品配送平台 iFood 就是这样一个例子，该平台正在使用我们的 Verifi 解决方案，以帮助防止纠纷演变为扣款。此外，他们还将使用我们的身份验证解决方案。在风险与身份解决方案方面，我们继续看到新客户和现有客户的大力采用，部分原因是无卡交易的增长。
In North America, acquirer Worldpay will be expanding their use of our authentication solutions from CardinalCommerce, fostering collaboration and real-time enhanced data exchange between Worldpay merchants and issuers during card-not-present transactions, reducing fraud and allowing more transactions to be properly authenticated and authorized securely. We are also pleased that the pilot of our account-to-account risk scoring solution Visa Protect with Pay.UK has had great results, showing an average 40% uplift in fraud detection over the 3-month pilot period.
在北美，收单机构 Worldpay 将扩大对 CardinalCommerce 认证解决方案的使用，促进 Worldpay 商户与发卡机构之间在非现金卡交易中的合作和实时增强型数据交换，减少欺诈行为，使更多交易得到正确认证和安全授权。我们还很高兴地看到，我们与 Pay.UK 合作开展的账户对账户风险评分解决方案 Visa Protect 的试点工作取得了很好的效果，在 3 个月的试点期间，欺诈检测率平均提高了 40%。
In addition, we are now launching Visa Protect in Argentina with a core payments technology company, Celsa after successfully piloting the solution there as well. The last two value-added services are open banking and advisory services.
此外，在阿根廷成功试行 Visa Protect 解决方案后，我们现在正与一家核心支付技术公司 Celsa 合作，在阿根廷推出 Visa Protect。最后两项增值服务是开放银行和咨询服务。
We continue to sign new partners with Tink in Europe and the U.S. And as I mentioned earlier, we continue to see strong growth in client demand for our consulting and marketing services, particularly around marquee events such as the Olympic and Paralympic Games. Our value-added services portfolio solutions is strong and is driving meaningful growth for our clients and for Visa.
正如我之前提到的，客户对我们的咨询和营销服务的需求继续强劲增长，特别是围绕奥运会和残奥会等大型活动。我们的增值服务组合解决方案非常强大，正在为我们的客户和 Visa 带来有意义的增长。
Before I close, I wanted to speak to the fact that the settlement reached for the injunctive relief class was rejected by the court. We are, of course, disappointed with this decision. We believe that the prior settlement provided meaningful relief to all merchants and we will continue to work towards another settlement.
在结束发言之前，我想谈一下为禁令救济集体达成的和解被法院驳回的事实。当然，我们对这一决定感到失望。我们认为，之前的和解方案为所有商家提供了有意义的救济，我们将继续努力，争取达成另一个和解方案。
To close, so far this fiscal year, we have seen strong revenue and EPS growth as a result of relatively stable volume and transaction growth. I remain very excited about the opportunity that lies ahead of us.
最后，本财年到目前为止，由于交易量和交易额的增长相对稳定，我们的收入和每股收益都实现了强劲增长。我仍然对未来的机遇充满信心。
At Visa, we come to work in service of our clients and partners and are focused on building and deploying the best solutions possible across consumer payments, new flows, and value-added services.
在 Visa，我们致力于为客户和合作伙伴服务，并专注于在消费支付、新流程和增值服务领域构建和部署最佳解决方案。
Now over to Chris. 现在交给克里斯。
Chris Suh 克里斯-苏
Thanks, Ryan. Good afternoon, everyone.
谢谢，瑞安。大家下午好
In Q3, we had another strong quarter with relatively stable growth across payments volume, cross-border volume, and processed transactions when compared to Q2, adjusted for leap year. In constant dollars, global payments volume was up 7% year-over-year and cross-border volumes, excluding intra-Europe, was up 14% year-over-year. Processed transactions grew 10% year-over-year.
与第二季度相比，第三季度我们在支付业务量、跨境业务量和已处理交易量方面都实现了相对稳定的增长，并对闰年进行了调整。以定值美元计算，全球支付业务量同比增长 7%，跨境业务量（不包括欧洲内部）同比增长 14%。处理交易量同比增长 10%。
Fiscal third quarter net revenue was up 10% in both GAAP and constant dollars, in line with our expectations. EPS was up 12% year-over-year and 13% in constant dollars. Now let's go into the details. In the U.S., payment volumes growth numbers were generally in line with Q2 adjusted for leap year, with total Q3 payments volume growing 5% year-over-year, with credit and debit also growing 5%. Card-present volume grew 2% and card-not-present volume grew 7%.
按美国通用会计准则和固定汇率计算，第三季度净营收增长了 10%，符合我们的预期。每股收益同比增长 12%，按固定汇率计算增长 13%。现在让我们来了解一下具体情况。在美国，支付量的增长数字与闰年调整后的第二季度基本一致，第三季度支付总量同比增长 5%，其中信用卡和借记卡也增长了 5%。有卡支付增长 2%，无卡支付增长 7%。
In the U.S., while growth in the high spend consumer segment remained stable compared to prior quarters, we saw a slight moderation in the lower spend consumer segment. Moving to international markets. Total payments volume was up 10% in constant dollars, relatively stable with Q2 when adjusted for leap year. Payments volume growth rates were strong for the quarter in most major regions, with Latin America, CEMEA, and Europe ex U.K. each growing more than 16% in constant dollars.
在美国，与前几个季度相比，高消费群体的增长保持稳定，而低消费群体的增长则略有放缓。国际市场方面。按固定汇率计算，总支付额增长了 10%，经闰年调整后与第二季度相对稳定。本季度，大多数主要地区的支付额增长率都很强劲，按固定汇率计算，拉丁美洲、中欧、中东和非洲地区以及除英国以外的欧洲地区的增长率都超过了 16%。
Asia Pacific payments volume slowed to less than 0.5 point of year-over-year growth in constant dollars for the quarter, driven primarily by the macroeconomic environment, most notably in Mainland China. Now to cross-border volume, which I will speak to today in constant dollars and excluding intra-Europe transactions.
本季度亚太地区支付业务量放缓，按固定汇率计算，同比增长不到 0.5 个百分点，主要是受宏观经济环境的影响，其中以中国大陆最为显著。我今天要谈的是跨境交易量，以定值美元计算，不包括欧洲内部交易。
无论怎么看，这种对比很明显。
Total cross-border volume was up 14% in Q3, relatively stable to Q2 adjusted for leap year. Cross-border card-not-present volume growth, excluding travel and adjusted for cryptocurrency purchases, was in the mid-teens, helped by continued strength in retail. Cross-border travel volume growth was also up in the mid-teens or 157% indexed to 2019.
第三季度跨境交易总额增长了 14%，经闰年调整后与第二季度持平。在零售业持续走强的帮助下，未出示银行卡的跨境交易量（不包括旅行并根据加密货币购买情况进行了调整）实现了中位数增长。跨境旅行交易量的增长也达到中位数，或按 2019 年指数计算增长 157%。
This quarter, we saw the inbound Asia Pacific Index improve nine points at a similar pace to Q2 to 151% of 2019. The improvement in Asia Pacific outbound travel, however, slowed from Q2 with the index increasing by less than one point to 125% of 2019.
本季度，亚太地区入境游指数上升了 9 个百分点，达到 2019 年的 151%，增速与第二季度相似。然而，亚太地区出境游的增长速度较第二季度有所放缓，指数增长不到一个点，为 2019 年的 125%。
We continue to see the same primary drivers as last quarter with some additional pressure from macroeconomic conditions. Now let's review our third quarter financial results. I'll start with the revenue components.
我们继续看到与上一季度相同的主要驱动因素，以及宏观经济条件带来的一些额外压力。现在让我们回顾一下第三季度的财务业绩。我先从收入部分开始。
Service revenue grew 8% year-over-year versus the 8% growth in Q2 constant dollar payments volume, with revenue yield improving sequentially and versus last year due to improving utilization of card benefit. Data processing revenue grew 9% versus 10% processed transaction growth with the revenue yield generally in line sequentially and versus last year.
服务收入同比增长 8%，而第二季度定值美元支付额增长 8%，由于银行卡福利利用率的提高，收入收益率连续提高，与去年同期相比也有所提高。数据处理收入增长 9%，而处理交易增长 10%，收入收益率与去年同期相比基本持平。
International transaction revenue was up 9% versus the 14% increase in constant dollar cross-border volume, excluding intra-Europe, impacted by lapping higher currency volatility from last year. Volatility levels remain consistent on average to last quarter. Other revenue grew 31%, primarily driven by strong consulting and marketing services revenue related to the Olympics and, to a lesser extent, pricing.
国际交易收入增长了 9%，而不变美元跨境交易量（不包括欧洲内部交易）增长了 14%，这主要是受到去年货币波动性较高的影响。平均波动水平与上一季度保持一致。其他收入增长 31%，主要得益于与奥运会相关的强劲咨询和营销服务收入，其次是定价收入。
Client incentives grew 11%. Now on to our three growth engines. Consumer payments growth was driven by relatively stable payments volume, cross-border volume and processed transaction growth. New flows revenue grew 18% year-over-year in constant dollars. Visa Direct transactions grew 41% year-over-year, helped by growth in Latin America for interoperability among P2P apps.
客户奖励增长了 11%。现在来谈谈我们的三大增长引擎。相对稳定的支付量、跨境支付量和处理交易量的增长推动了消费支付的增长。按固定汇率计算，新流量收入同比增长 18%。Visa Direct 交易额同比增长 41%，这得益于拉丁美洲 P2P 应用程序互操作性的增长。
S&P500过去50年税前利润的年增长速度是10%，VISA目前有这个平均值。
Commercial volumes rose 7% year-over-year in constant dollars. In Q3, value-added services revenue grew 23% in constant dollars to $2.2 billion, primarily driven by Issuing and Acceptance Solutions and Advisory Services.
按固定汇率计算，商业业务量同比增长 7%。第三季度，增值服务收入按固定汇率计算增长 23%，达到 22 亿美元，主要由发行与承兑解决方案和咨询服务驱动。
Operating expenses grew 14%, primarily due to increases in general and administrative personnel and marketing expenses, including spend related to the Olympics. FX was 0.5 point drag versus the 1.5 point benefit we expected. Pismo represented an approximately one point drag.
运营支出增长了 14%，主要是由于一般和行政人员以及营销支出（包括与奥运会相关的支出）的增长。外汇兑换带来了 0.5 个百分点的拖累，而我们预期的收益为 1.5 个百分点。Pismo 大约拖累了 1 个百分点。
Nonoperating income was $73 million. Our tax rate was 18.8% and EPS was $2.42, up 12% over last year, inclusive of an approximately 1.5 point drag from exchange rates and an approximately 0.5 point drag from Pismo.
非营业收入为 7300 万美元。我们的税率为 18.8%，每股收益为 2.42 美元，比去年增长了 12%，其中包括汇率带来的约 1.5 个百分点的影响和 Pismo 带来的约 0.5 个百分点的影响。
In Q3, we bought back approximately $4.8 billion in stock and distributed over $1 billion in dividends to our stockholders. At the end of June, we had $18.9 billion remaining in our buyback authorization. Now let's move to what we've seen so far in July through the 21st with volume growth in constant dollars.
第三季度，我们回购了约 48 亿美元的股票，并向股东派发了超过 10 亿美元的股息。截至 6 月底，我们的回购授权还剩余 189 亿美元。现在，让我们来看看 7 月至 21 日以不变价格计算的销量增长情况。
每年将近200亿美元的净利润，大部分用于回购了，老美很多企业不增加资本投入都能获得增长。
Cross-border is excluding intra-Europe. U.S. payments volume was up 4% with debit up 4% and credit up 3% year-over-year. The slight deceleration from Q3 does not appear to be from any one factor but likely a number of smaller factors such as weather, timing of promotional shopping events, and the technology outage, among others.
跨境支付不包括欧洲内部支付。美国支付量同比增长 4%，其中借记卡增长 4%，信用卡增长 3%。与第三季度相比略有下降，这似乎不是单一因素造成的，而可能是天气、促销购物活动的时间以及技术中断等一系列较小的因素造成的。
Cross-border volume grew 13% year-over-year, below Q3 levels with travel-related volume growing slightly less, which continued to be impacted by Asia Pacific and card-not-present ex travel volume growing at similar levels to Q3.
跨境交易量同比增长 13%，低于第三季度水平，与旅行相关的交易量增长略低，这继续受到亚太地区的影响，而未出示银行卡的旅行交易量增长与第三季度水平相似。
Processed transactions grew 9% year-over-year. Now on to our expectations. Remember that adjusted basis is defined as non-GAAP results in constant dollars and excludes acquisition impacts. You can review these disclosures in our earnings presentation for more detail. Let's start with the fourth quarter.
处理交易量同比增长 9%。现在谈谈我们的预期。请记住，调整后的基础是指按不变美元计算的非美国通用会计准则（Non-GAAP）结果，并且不包括收购的影响。您可以在我们的财报中查看这些披露，了解更多细节。让我们从第四季度开始。
We expect payments volume and processed transactions to grow at a similar rate to Q3. For total cross-border volume growth, we are expecting to end up slightly below Q3. Currency volatility continues to average around 4-year lows through July 21. And as such, we are making an adjustment to currency volatility expectations for Q4, now assuming volatility will stay in line with Q3 levels. Incentives are expected to be at their lowest growth rate all year.
我们预计支付量和处理交易量的增长率将与第三季度相似。在跨境交易总量增长方面，我们预计将略低于第三季度。截至 7 月 21 日，货币波动率继续保持在 4 年来的平均低位。因此，我们对第四季度的货币波动率预期进行了调整，现在假设波动率将与第三季度的水平保持一致。激励措施的增长率预计将达到全年最低水平。
Pulling it all together, we expect adjusted net revenue growth in the low double digits, which equates to a slight improvement from the 10% adjusted revenue growth rate in the third quarter. We expect our Q4 adjusted operating expenses to grow in the high single digits. Nonoperating income is expected to be between $40 million and $50 million. The tax rate is expected to be between 19% and 19.5% in Q4, which puts Q4 adjusted EPS growth rate in the high end of low double digits. Moving to the full year.
综合来看，我们预计调整后的净收入增长率将达到较低的两位数，与第三季度 10%的调整后收入增长率相比略有提高。我们预计第四季度调整后运营支出的增长率将达到较高的个位数。营业外收入预计在 4000 万到 5000 万美元之间。第四季度的税率预计在 19% 到 19.5% 之间，这使得第四季度调整后的每股收益增长率在两位数以下。展望全年。
With three quarters now complete, our expectations for full year adjusted net revenue growth remains unchanged from what we shared at the start of the year. Whilst absorbing the impact of lower currency volatility and the macroeconomic challenges in Asia, which have affected volumes, we still expect to reach low double-digit adjusted net revenue growth for the full year.
随着三个季度的结束，我们对全年调整后净收益增长的预期与年初的预期保持不变。虽然吸收了货币波动性降低和亚洲宏观经济挑战对销量造成的影响，我们仍预计全年调整后净收益将实现较低的两位数增长。
Full year adjusted operating expense growth will be in the high single digit to low double digits, reflecting the less favorable impact of FX. This keeps full year adjusted EPS growth in the low teens.
全年调整后营业费用的增长将在高个位数到低两位数之间，反映出外汇的有利影响较小。这将使全年调整后的每股收益增长率保持在较低的十位数。
部分来自增长，部分来自回购。
In closing, we delivered strong results this quarter, with new flows and value added services revenue growing faster than consumer payments. We extended our existing relationships, one new clients and invested to develop innovative products and solutions, all positioning us for continued growth into the future.
最后，我们在本季度取得了强劲的业绩，新流量和增值服务收入的增长速度超过了消费支付。我们拓展了现有关系，增加了新客户，并投资开发创新产品和解决方案，所有这些都为我们未来的持续增长奠定了基础。
But now Jennifer, it's time for some Q&A.
但现在，珍妮弗，是时候问答了。
Jennifer Como 珍妮弗-科莫
Thanks Chris. And with that, we're ready to take questions.
谢谢，克里斯。接下来，我们准备接受提问。
Question-and-Answer Session
问答环节
Operator 操作员
[Operator Instructions] Our first question comes from Darrin Peller from Wolfe Research. Please go ahead.
[操作员说明] 第一个问题来自沃尔夫研究公司的达林-佩勒。请说
Darrin Peller 达林-佩勒
Hi, thanks guys. Look, let me just start. The U.S. volume growth rate obviously is a bit softer. And if you could help us distill what you consider structural versus cyclical, I think that'd be a good place to start. But adding on to it really is, just the ability for you to grow double-digit revenue with only four, five, six, mid-single-digit U.S. volume growth is, coming from value added services. It's coming from cross border. Can you help us understand if that kind of trend, you believe the company has that capability to grow those rates on revenues, even in this context of U.S. volume trends? Thanks guys.
嗨，谢谢你们。让我先说说。美国的销量增长率显然有点疲软。如果你们能帮我们提炼出你们认为的结构性因素和周期性因素，我想这将是一个很好的开始。但更重要的是，在美国业务量只有 4、5、6 个中等个位数增长的情况下，你们还能实现两位数的收入增长，这种能力来自于增值服务。它来自跨境。你们能否帮助我们了解，即使在美国业务量趋势的背景下，你们是否相信公司有能力实现这种收入增长率？谢谢你们。
Chris Suh 克里斯-苏
Yes. Hi Darrin. So let me start with the U.S. Let me start with the first part of your question, and then we'll maybe get into zoom out and talk about maybe the longer question. So in the U.S. in Q3, we did see stable drivers relative to Q2, once you adjust for leap year. That's 5% payment volumes growth in the third quarter. In the 21 days since in July, that number did tick down to 4%.
是的，你好，达林。让我先从美国的情况说起。让我先回答你问题的第一部分，然后我们再把问题放大，讨论更长的问题。在美国，一旦考虑到闰年因素，我们在第三季度确实看到了相对于第二季度的稳定增长。第三季度的支付量增长了 5%。自 7 月份以来的 21 天内，这一数字确实降至 4%。
Maybe I'll just sort of give you the full arc of what we're seeing. So 4%, we'll just level set on those numbers, 4% in the 21 days versus 5% in Q3. And so for that, we did stare at a lot of the drivers, the factors that impacted those three weeks. And there was a lot going on and I referenced a few of them on the call and maybe I'll expand on those a bit. First, we had a major hurricane, Hurricane Beryl, and it impacted Texas and other parts of the U.S. nearby.
也许我可以给你们介绍一下我们所看到的全部情况。那么 4%，我们就把这些数字拉平，21 天内 4%，而第三季度为 5%。为此，我们研究了影响这三周的许多驱动因素。发生了很多事情，我在电话会议上提到了其中几个，也许我可以再详细介绍一下。首先，我们遭遇了一场大飓风贝里尔飓风，它影响了德克萨斯州和美国附近的其他地区。
The second, I referenced the timing of promotional e-commerce events. Maybe I can expand on that a little bit. The timing this year was later and then e-commerce customers are billed, when the goods are shipped. And so, some of that shipping periods fell out of that 21 period. So we had a little bit of difference in the 21 day period, to the comparable year ago.
第二，今年促销电子商务活动的时间稍晚，电子商务客户在商品发货时计费。因此，一些发货期不在那个21天的时间段内。所以我们在21天的时间段与去年同期相比有一些差异。
And third, obviously the major tech outage that happened at the end of last week, that also had some impact. So, when we look at that, no single factor drove that one point of change from Q3, to the first part of July. But all things considered, we actually feel pretty good about the three week results. Now the second part of your question really was around sort of the low double-digits in the context of cross-border, VAS and CMS.
第三，上周末发生的重大技术故障显然也产生了一些影响。因此，从第三季度到七月上半月的变化并不是单一因素造成的。但综合考虑，我们对这三周的业绩感觉还不错。你问题的第二部分是关于跨境、增值服务和内容管理系统方面的低两位数。
I'll sort of back into the question. We've had consistent strong performance in VAS, over $2 billion of revenue, over 20% growth for many quarters consecutively. And we're seeing strength across the business in issuing solutions and acceptance and advisory. That's a business that we feel great about the momentum in.
我再回到问题上来。我们在增值服务方面一直表现强劲，收入超过 20 亿美元，连续多个季度增长超过 20%。我们在发行解决方案、验收和咨询方面看到了整个业务的优势。我们对这项业务的发展势头非常看好。
With our new flows business, 18% growth, as Ryan talked about, in the quarter, that's the second quarter in a row, where we're seeing growth in the teens, great execution, stable volumes, and visa direct transactions growing at a high level. As you know, that business also, quarter-to-quarter, can vary a little bit in the growth rates, as we saw in the first half of the year.
我们的新流程业务增长了18%，正如Ryan所讨论的，在本季度，这是连续第二个季度我们看到的增长率在两位数，执行出色，交易量稳定，Visa Direct交易量在高水平增长。正如你所知，这个业务的季度增长率也会有所波动，就像我们在今年上半年看到的那样。
But all in all, feel really good about the continued strength in that business. And then cross-border, well, cross-border, maybe I'll just zoom out a little bit and talk about cross-border and what we've seen over the course of time. If you recall, pre-pandemic, cross-border grew, travel grew in the high single-digits to low double-digits. And e-commerce, which was about a third of the business, grew into the teens, sometimes into the mid-teens.
总体而言，我对业务持续的强劲表现感到非常满意。然后是跨境方面，嗯，跨境方面，也许我会稍微放大一点，谈谈跨境以及我们一段时间以来所看到的情况。如果你还记得，在大流行之前，跨境增长，旅行增长在高个位数到低两位数。而电子商务，大约占了业务的三分之一，增长到了两位数，有时达到了中两位数。
Obviously, the pandemic happened, travel really contracted, e-commerce grew faster. And since then, now post-pandemic, what we're seeing now is that e-commerce is roughly 40% of the business. And the growth rate has normalized. It's stabilized back to pre-pandemic levels. And so let's say, teens growth on e-commerce on 40% of the cross-border business. Travel after the post-pandemic run-up has normalized.
显然，大流行发生了，旅行大幅萎缩，电子商务增长更快。从那时起，现在大流行之后，我们所看到的是电子商务大约占了业务的40%。增长率已经正常化。它已经稳定回到大流行前的水平。所以让我们说，在跨境业务的40%中，电子商务增长了两位数。旅行在大流行后增长后也已经正常化。
It's a little hard to tell exactly where it's going to stabilize at, but we've seen high growth. We've seen it continue to normalize. But what we do know structurally, is that with e-commerce being a bigger portion of the business, that's a tail into the total cross-border growth. And so, we are confident that that will continue to be healthy relative to the domestic spend. I'll pause there and certainly if there's anything else to add, Ryan, or others, please jump in.
很难确切地说它会在何处稳定下来，但我们看到了高增长。我们看到它持续正常化。但我们知道的结构性情况是，随着电子商务在业务中占比更大，这将成为推动整体跨境增长的尾巴。因此，我们有信心，与国内消费相比，它将继续保持健康。我在这里暂停，如果有其他补充，Ryan或其他人，请加入。
一大段的解释几乎没有触及问题的重点。
Ryan McInerney
No, nothing to add from me, Chris. Thanks, Darrin.
不，我没什么要补充的，克里斯。谢谢，达林。
Jennifer Como 珍妮弗-科莫
Next question, please. 请回答下一个问题。
Operator 操作员
Next, we'll go to the line of Andrew Jeffrey from William Blair. Please go ahead.
接下来，我们请威廉-布莱尔公司的安德鲁-杰弗里发言。请说
Andrew Jeffrey 安德鲁-杰弗里
Hi. Good afternoon. Appreciate you taking the question. Very impressive value-added services growth this quarter at 23%. And I think as you mentioned, Chris, it's approaching 25% of total revenue, so perhaps driving more than half your consolidated revenue growth. Can you talk a little bit about at what point we might expect value-added services to sort of bend up the growth curve of Visa consolidated?
您好，下午好。感谢您接受提问。本季度增值服务增长非常令人印象深刻，达到了23%。正如您所提到的，Chris，它即将占到总收入的25%，因此可能推动了您合并收入增长的一半以上。您能否谈谈我们可能在什么时候期待增值服务在Visa合并的收入增长曲线上出现拐点？
Ryan McInerney
It's Ryan, Andrew. Thanks for the question. And yes, we're very excited about not only what we delivered, in terms of value-added services growth for the quarter. What we've been delivering consistently for several years now, since we shared with you all the strategy, and kind of became very purposeful about our go-to-market approach. I mean, you go back to I think it was 2021, we did about $5 billion in revenue, 2022, $6 billion.
我是瑞安，安德鲁。感谢您的提问。是的，我们不仅对本季度增值服务的增长感到兴奋。自从我们与大家分享了我们的战略，并对我们的市场推广方法有了非常明确的目标之后，我们已经持续提供了几年的服务。我的意思是，你可以追溯到 2021 年，我们的收入约为 50 亿美元，2022 年为 60 亿美元。
Last year was $7 billion. Like you said, we did $2.2 billion this quarter, up 23%. So I think what we've shown, is that we have delivered consistent growth quarter-after-quarter, and year-after-year in these businesses. And we're super optimistic about where we go from here. I mean, we think about the opportunities really in three different segments.
去年是 70 亿美元。正如你所说，我们本季度的业绩为 22 亿美元，增长了 23%。因此，我认为我们所展示的是，我们在这些业务上实现了逐季、逐年的持续增长。我们对今后的发展非常乐观。我的意思是，我们认为在三个不同的领域都有机会。
The first is, we have a series of value-added services, some of which Chris outlined in his previous answer that, are very focused on enhancing value for Visa transactions. Risk products like Visa Secure, dispute tools like Visa Resolve Online, card benefits, like I mentioned in my prepared remarks. And we've - that has historically been the largest part of our value-added services business.
首先，我们有一系列的增值服务，克里斯在前面的回答中概述了其中一些服务，这些服务非常注重提高Visa交易的价值。风险产品如 Visa Secure，争议解决工具如 Visa Resolve Online，卡片优惠，就像我在准备好的发言中提到的那样。这一直是我们增值服务业务的最大部分。
And we've shown that we can drive great growth in that area. Increasingly, we're building out a set of services that add value for non-Visa transactions. We've done some things in this space before. Some of our platforms like CyberSource, Authorize.Net, Verifi. But then you've heard me talk in the last couple of quarters about expanding our risk capabilities.
我们已经展示了在该领域可以推动巨大的增长。我们越来越多地构建了一系列为非Visa交易增值的服务。我们以前在这个领域做过一些事情。我们的一些平台，如CyberSource、Authorize.Net、Verifi。但是你们也听到我在最近几个季度谈到扩大我们的风险管理能力。
For example, to not just other card networks, but also to RFCP and account-to-account services. And I mentioned the great results we've had in both the U.K. and in Argentina on that front. And then the third area of opportunity for us, is expanding our value-added services beyond payments. Historically, we've had things like Visa Consulting and Analytics and our marketing services
例如，不仅是其他银行卡网络，还有 RFCP 和账户对账户服务。我提到了我们在英国和阿根廷在这方面取得的巨大成果。对我们来说，第三个机遇领域是拓展支付以外的增值服务。一直以来，我们的服务包括 Visa 咨询和分析，以及我们的营销服务。
And some of the open banking services delivered by Tink, but we're continuing to build out a portfolio of value-added services, for our clients and partners beyond payments things like the cyber protection capabilities that we've been bringing to market. So, we've demonstrated consistent growth. We believe we'll be able to continue to demonstrate consistent growth. We've got a product pipeline, and a go-to-market approach all over the world with a diverse set of clients, and we feel good about the opportunity.
除了 Tink 提供的一些开放式银行服务外，我们还在继续为客户和合作伙伴打造支付以外的增值服务组合，比如我们一直在推向市场的网络保护功能。因此，我们已经实现了持续增长。我们相信，我们将继续保持持续增长。我们的产品线和市场推广方式遍布全球，客户也多种多样，我们对机遇充满信心。
除了card benefits（消费积分）以外不知道在讲什么。
Jennifer Como 珍妮弗-科莫
Next question, please. 请回答下一个问题。
Operator 操作员
Next, we'll go to the line of Bryan Keane from Deutsche Bank. Please go ahead.
接下来请德意志银行的布莱恩-基恩发言。请说
Bryan Keane 布莱恩-基恩
Hi guys, good afternoon. Chris, just want to ask about incentives, being the lowest expectation will be for the fourth quarter. Can you just talk a little bit about how much of that is volume-driven, versus the amount of renewals you're seeing? And just trying to think about, as we head into next fiscal year, just what kind of growth or sustainable growth should we think about for incentives? Thanks.
你们好，下午好。克里斯，我想问一下激励机制的问题，因为第四季度的预期是最低的。你能谈谈其中有多少是由数量驱动的，而不是你看到的续约数量？在进入下一财年时，我们是否应该考虑激励机制的增长或可持续增长？谢谢。
Chris Suh 克里斯-苏
Thanks for the question. I'll even take us back a little bit about the expectations that, we had for incentives coming into the fiscal year. As we ended fiscal '23, that was a high year for us in terms of volume of renewals, a little higher than our typical sort of normal cadence. That did impact how we thought about the incentive volumes in FY '24. And even last year, we had sort of a different growth rate in the first half and the second half of the year.
感谢您的提问。我还想带大家回顾一下我们在本财年对激励措施的预期。在23财年结束时，我们的续保数量达到了一个很高的水平，比我们通常的正常水平要高一些。这确实影响了我们对 24 财年激励措施数量的考虑。即使是去年，我们上半年和下半年的增长率也有所不同。
And so as we looked across this year, we had a slightly lower volume of renewals this year. Obviously, year-to-date incentives have played out slightly differently, largely due to client performance, deal timing, things like that. And overall, it's been better than, as it's been lower, I guess, than what we anticipated. When we go into Q4, sort of the same trend applies.
因此，纵观今年，我们今年的续约数量略有下降。显然，年初至今的激励措施略有不同，这主要是由于客户表现、交易时机等因素造成的。总体而言，情况比我们预期的要好，因为我想，比我们预期的要低。进入第四季度后，也会出现同样的趋势。
We still expect Q4 to benefit from the lapping of the high incentives that, we saw in the second half of last year, which informs, again, the growth rate that we anticipate in Q4. We don't have a lot to share about FY 2025 at this point, but we'll share plenty in the next earnings call.
我们仍然预计第四季度将受益于去年下半年的高激励措施，这也是我们预计第四季度增长率的依据。关于 2025 财年，我们目前还没有太多的信息可以分享，但我们会在下一次财报电话会议上与大家分享。
Jennifer Como 珍妮弗-科莫
Next question, please. 请回答下一个问题。
Operator 操作员
Next, we'll go to the line of Ken Suchoski from Autonomous Research. Please go ahead.
接下来，我们将连线来自 Autonomous Research 的 Ken Suchoski。请说。
Ken Suchoski 肯-苏霍斯基
Hi, good afternoon. Thanks for taking the question. I wanted to ask about VAS and I think the team has talked about, how some of the VAS revenue is correlated with transaction growth. But you also have parts of that business that are more recurring, or less recurring in nature. So can you just help us understand how, you think about the cyclicality of VAS, and how that business might perform in a lower volume growth environment? And I also think the team has talked about pricing, for value in VAS. So how much more room is left to go there? And how does that help with the resiliency of the business? Thank you.
嗨，下午好。感谢您接受提问。我想问一下增值业务的问题，我想团队已经谈到了增值业务的部分收入与交易增长的关系。但你们也有一些业务是经常性的，或者是经常性较低的。那么，你能不能帮助我们了解一下，你是如何看待增值业务的周期性，以及该业务在交易量增长较低的环境下会有怎样的表现？我还认为，团队已经谈到了增值服务的定价和价值。那么，在这方面还有多少空间？这对业务的弹性有什么帮助？谢谢。
Ryan McInerney
Yes Ken, it's Ryan. On the second part of your question, our ability to price for value is a function of the value that we bring to the market, and we feel great about the value that we're bringing to the market. And I think you see it in our results. Across the various different areas of issuing solutions, Acceptance Solutions, Risk & Identity Solutions, Advisory.
是的，肯，我是瑞安。关于你问题的第二部分，我们的定价能力取决于我们为市场带来的价值，我们对我们为市场带来的价值感到非常满意。我想你可以从我们的业绩中看到这一点。在发行解决方案的各个不同领域，如承兑解决方案、风险与身份解决方案、咨询解决方案，我们都取得了很好的业绩。
I mean, we just continue to bring products and services that are ultimately, helping our clients grow their business, helping our clients reduce fraud, grow authorizations, those types of things. And we believe we'll continue to do that, and we believe we'll be able to continue to price for value. As I think I was saying earlier, there is - the biggest portion of our value-added services, are a function of Visa transactions.
我的意思是，我们将继续提供产品和服务，最终帮助客户发展业务，帮助客户减少欺诈，增加授权等。我们相信，我们将继续这样做，我们相信，我们将能够继续为价值定价。正如我刚才所说，我们的增值服务中最大的一部分是 Visa 交易。
And so obviously, Visa transactions, as they go up or down, have an impact on that, but so does our ability to sell more services. On previous calls, I've talked about the fact that we still have the majority of our clients that have yet to have the type of penetration and depth that, we've been able to achieve with others.
很明显，Visa 交易量的增减会对此产生影响，但我们销售更多服务的能力也会受到影响。在之前的电话会议上，我曾谈到，我们的大部分客户还没有达到我们与其他客户合作时的渗透率和深度。
So, as we continue to penetrate our clients, all around the world in the various markets that we deliver, as I was saying earlier, to the earlier question, I'm very optimistic about our ability to continue to grow this business as we have.
因此，随着我们继续在全球各个市场向我们的客户进行渗透，正如我之前在回答前面的问题时所说的，我对我们继续保持业务增长的能力非常乐观。
Jennifer Como 珍妮弗-科莫
Next question, please. 请回答下一个问题。
Operator 操作员
Next, we'll go to the line of Tien-Tsin Huang from JPMorgan. Please go ahead.
接下来请摩根大通的 Tien-Tsin Huang 发言。请说
Tien-Tsin Huang
Hi, thanks, good afternoon. Just curious if you're - if you've updated your U.S. outlook here in the second half, are you still expecting transaction sizes to accelerate in the U.S., especially in the fourth quarter?
嗨，谢谢，下午好。我只是好奇，如果你们更新了美国下半年的展望，你们是否仍然预计美国的交易规模会加速增长，尤其是在第四季度？
Chris Suh 克里斯-苏
Hi, Tien-Tsin. Thanks for the question. Yes, we had forecasted ATS, as you know, growth to improve throughout the pace of this year from quarter-to-quarter, and we did see that. We saw ATS improve in the third quarter. Specifically in the U.S., ATS was slightly better in Q3 than in Q2. It got to basically flat year-over-year in Q3. We saw improvement in a number of categories, sequentially, restaurant, QSR fuel, telecom, utilities, insurance, to name a few.
你好，Tien-Tsin。感谢您的提问。是的，正如你所知道的，我们曾预测 ATS 的增长在今年各季度都会有所改善，我们也确实看到了这一点。我们看到 ATS 在第三季度有所改善。特别是在美国，第三季度的 ATS 略好于第二季度。第三季度同比基本持平。我们看到，餐饮、QSR 燃料、电信、公用事业、保险等多个类别的业绩连续出现改善。
And we do anticipate in Q4 that we'll continue to see, slight improvement sequentially again. The one thing - the one watch out I'll call out is the fuel prices could impact that trajectory and so, we'll watch that closely. So yes, it is playing out as we anticipated. The pace is slightly varied from what we anticipated, but it is continuing to improve. And I think that's the important thing.
我们预计，第四季度的业绩将继续小幅增长。有一点--我想提醒大家注意的是，燃料价格可能会影响这一轨迹，因此我们会密切关注。是的，正如我们所预期的那样。速度与我们的预期略有不同，但仍在继续改善。我认为这才是最重要的。
Jennifer Como 珍妮弗-科莫
Next question, please. 请回答下一个问题。
Operator 操作员
Next, we'll go to the line of Gus Gala from Monness, Crespi, Hardt. Please go ahead.
接下来，我们请来自蒙内斯、克雷斯皮、哈特的加斯-加拉发言。请说
Gus Gala 加斯-加拉
Hi, guys. Thank you. Can we talk a little bit about the contactless payments penetration? Can you maybe highlight maybe what the gap is in penetration rates, across maybe some of your older cardholders or young cardholders? Just trying to get around to what a terminal level of penetration could look like? Thanks.
你们好谢谢。我们能谈谈非接触式支付的渗透率吗？你们能不能强调一下，在渗透率方面，你们的一些老年持卡人或年轻持卡人之间的差距有多大？只是想了解一下终端的渗透率是什么样的？谢谢。
Ryan McInerney
You're asking - just so I heard, you're asking about Tap to Pay?
你是在问--我只是听说，你是在问 "即点即付"？
Gus Gala 加斯-加拉
Yes. 是的。
Ryan McInerney
I mean, yes, maybe just back up first in the big picture of things. The fact that outside of the United States, eight out of 10 of all the Visa face-to-face transactions around the entire planet are Tap to Pay now, I mean, that just tells you right there that it's all segments, all demographics, all use cases, all product types. I mean, we're at 80% overall around the world.
我的意思是，是的，也许先从大局出发。事实上，在美国之外，全球所有 Visa 面对面交易中，每 10 笔就有 8 笔是点对点支付，我的意思是，这就告诉你，所有细分市场、所有人群、所有用例、所有产品类型都是点对点支付。我的意思是，我们在全球的总体比例是 80%。
We've got, I think, more than 55 countries that are now more than 90% contactless penetration. So increasingly, in most countries for most customers, for most products all around the world, that's just the default way that people are paying. And in the U.S., the curve is maturing exactly how we'd expect it based on what we've seen in 100-plus countries all around the world.
我认为，目前已有超过 55 个国家的非接触式支付普及率超过 90%。因此，在全球大多数国家，对于大多数客户和大多数产品来说，非接触式支付越来越成为人们的默认支付方式。而在美国，根据我们在全球 100 多个国家看到的情况，非接触式支付的发展曲线正趋于成熟。
As I said in my prepared remarks, now one out of every two transactions in the U.S. are taps. In a place like New York City, where many of you on the call spend time, we're above 75% now. So in New York City, where - which is one of the early adopters of transit, we're above, I think, 75%-plus of all face-to-face transactions. That's up from just 50% two years ago.
正如我在准备的讲话中所说，现在在美国，每两笔交易中就有一笔是轻触即付（tap）。在像纽约市这样的地方，你们在电话会议中度过很多时间，我们现在已经超过75%了。所以在纽约市，这是一个公共交通的早期采用者，我们现在已经超过面对面交易的75%以上。这比两年前的50%有所上升。
So again, at that level of penetration in a market the size of New York City, it's across the board in terms of products and issuers, and segments and the like. So, I think as we continue to see this growth happen, buyers, sellers, they love tapping as a way to pay. And we're going to continue to see that growth accelerate in a place like the U.S.
在纽约市这样规模的市场，这种渗透水平是全面的，涉及产品、发行者、市场细分等各个方面。因此，我认为随着我们继续看到这种增长的发生，买家和卖家都喜欢轻触即付作为一种支付方式。我们将继续看到在美国这样的地方，这种增长加速。
制度完善的地方反而进展慢一些，原来的技术因为制度完善运作的也不错，而在制度不够完善的地方，先进技术可以迅速解决混乱。
Jennifer Como 珍妮弗-科莫
Next question, please. 请回答下一个问题。
Operator 操作员
Next, we'll go to the line of Will Nance from Goldman Sachs. Please go ahead.
接下来，我们将连线高盛集团的威尔-南斯（Will Nance）。请说
Will Nance 威尔-南斯
Hi, guys. Thanks for taking the question. We've been getting a lot of questions around the litigation updates, and I totally understand the level of uncertainty is a lot higher now. But I guess the most common investor question that we're getting is, around the potential impacts to the overall ecosystem, if we see a much greater reduction in interchange rates from what was proposed. And I guess specifically how the production and interchange rates, could reverberate through renewal negotiations with issuers, and then longer term, how this may impact the trajectory of incentives and net yields. So just wondering if we could hear kind of your perspective, about the potential reduction, or a larger reduction in the overall size of sort of ecosystem revenue, and if that changes the direction of any of the key indicators that we're focused on over time? Thanks.
你们好。感谢你们接受提问。我们收到了很多关于诉讼更新的问题，我完全理解现在的不确定性更高。但我想，我们收到的最常见的投资者问题是，如果我们看到交换费率比提议的降幅更大，那么对整个生态系统的潜在影响。我想，具体来说，生产和交换费率会如何通过与发行商的续约谈判产生影响，以及从长远来看，这会如何影响激励机制和净收益率的轨迹。所以，我只是想知道，我们是否可以听听你的观点，关于潜在的减少，或生态系统收入整体规模的更大减少，以及这是否会改变我们长期关注的任何关键指标的方向？谢谢。
Ryan McInerney
Hi, Will. Thanks for the question. And you're asking about the MDL litigation. I guess I'll just back up. The first thing I would say is we strongly disagree with the judge's decision. We believe the settlement was fair. We believe the settlement provided meaningful relief to all merchants. The second thing, I would say is the decision failed to take into consideration a number of things, especially the complex multisided ecosystem that we operate in.
你好，威尔。谢谢你的提问。你问的是 MDL 诉讼。我想我还是回过头来说吧。首先我要说的是，我们坚决不同意法官的判决。我们认为和解是公平的。我们相信和解为所有商家提供了有意义的救济。其次，我想说的是，该判决没有考虑到很多事情，尤其是我们所处的复杂的多方生态系统。
The role that - the complicated role that many different players in the ecosystem delivered. So, but having said that, we're pursuing a revised settlement. It's too early to speculate on what that settlement is. So I just - I won't do that today. But I would ask everybody to keep in mind, a settlement can occur at any point before, during, or even after the trial. So just keep that in mind as the process plays out.
生态系统中许多不同的参与者所发挥的复杂作用。因此，尽管如此，我们仍在寻求修改后的解决方案。现在猜测解决方案是什么还为时过早。因此，我今天不会这样做。但我想请大家记住，和解可能发生在庭审前、庭审中甚至庭审后的任何时候。所以请大家在庭审过程中牢记这一点。
Jennifer Como 珍妮弗-科莫
Next question, please. 请回答下一个问题。
Operator 操作员
Next, we'll go to the line of Timothy Chiodo from UBS. Please go ahead.
接下来，我们请瑞银集团的蒂莫西-奇奥多（Timothy Chiodo）发言。请说
Timothy Chiodo 蒂莫西-基奥多
Hi. Thanks for taking the question. I want to hit on that at the same time tackles, both incentives and value-added services revenue. So it's the concept of value in-kind incentives. I was hoping you could talk a little bit about whether or not, these are becoming more prominent, meaning you're using them a little bit more in discussions with issuers. And then, if you could just briefly recap some of the mechanics around the revenue recognition, the contra revenue, the addition to deferred revenue. And then eventually, the value-added services revenue? Thanks a lot.
您好，感谢您的提问。我想同时触及激励措施和增值服务收入。所以这是实物激励的概念。我希望您能谈谈这些是否变得更加突出，我的意思是您是否在与发卡行的讨论中更多地使用它们。然后，如果您能简要回顾一下收入确认、抵消收入、递延收入的增加以及最终的增值服务收入的一些机制。非常感谢。
Ryan McInerney
Yes. I'll just give you the high level on this. The value in-kind is a great way for us to, as it says, to deliver value to our clients. And increasingly, our clients, as you see in our performance are preferring to buy our value-added services, versus just take incentives that might drop to the bottom line. So that is absolutely something that, our clients are asking for more of.
是的，我就给你介绍一下高层次的情况。对我们来说，实物价值是一种很好的方式，正如它所说的那样，可以为我们的客户带来价值。从我们的业绩中可以看出，我们的客户越来越倾向于购买我们的增值服务，而不仅仅是接受可能会降低底线的奖励。因此，这绝对是我们的客户要求更多的东西。
It's something that is helping our clients grow their businesses. And I talked earlier about just the last several years about our product pipeline, how we've gone to market, how we built new products to solutions and services for our clients. And that's what's driving the demand. So that's kind of become a more important part of our client renewals and our client renewal discussions.
这有助于我们的客户发展业务。我之前谈到了过去几年我们的产品线，我们是如何进入市场，如何为客户打造新产品、解决方案和服务的。这就是需求的驱动力。因此，这在我们的客户续约和客户续约讨论中变得更加重要。
And increasingly value-added services are becoming a way for us to differentiate ourselves with our clients, and grow our consumer payments business. Do you want to talk about the organics?
越来越多的增值服务正成为我们在客户中脱颖而出、发展消费支付业务的一种方式。你想谈谈有机产品吗？
Chris Suh 克里斯-苏
Tim, to the second part of your question, maybe I'll just give you a high-level summary. I think you have sort of the pieces you called out. At a high level, when value in-kind is offered in lieu of a cash incentive, it can - it would be recognized as a contra revenue at the time that it's granted or earned, depending on the nature of the contract. And then on the other side, when the client is able to utilize that value in-kind for services from Visa, commonly in our value-added services business, that's then recognized as revenue and the associated costs are also recognized in our P&L.
蒂姆，关于你问题的第二部分，也许我可以给你一个高层次的总结。我想你已经知道了你所说的那些部分。从高层次上讲，当以实物价值代替现金奖励时，根据合同的性质，在给予或获得实物价值时，可以将其确认为反收入。另一方面，当客户利用实物价值从 Visa 获得服务时，通常是在我们的增值服务业务中，这将被确认为收入，相关成本也将在我们的损益表中确认。
Jennifer Como 珍妮弗-科莫
Next question, please. 请回答下一个问题。
Operator 操作员
Next, we'll go to the line of James Faucette from Morgan Stanley. Please go ahead.
接下来请摩根士丹利的 James Faucette 发言。请说
James Faucette 詹姆斯-福塞特
Great. Thank you very much. I wanted to just ask a follow-up question on near-term trends. We've seen a little bit of further slowing in credit than in debit over the last couple of months, and in the past has been a little bit of an indication of consumer stress. And I'm just wondering how you're thinking about that. And it seems like you're looking for the rest of the September quarter that, there's a little bit of a re-acceleration, as we get past some of the issues that you identified in July. Just want to make sure that I'm understanding that correctly, and kind of how we should interpret a little bit of the divergence in credit and debit growth right now? Thanks.
您好，非常感谢。我想问一个后续问题，关于近期趋势。在过去的几个月里，我们看到了信用卡增长比借记卡进一步放缓，过去这有点是消费者压力的迹象。我只是想知道您是如何看待这个问题的。看来您预计在9月份剩余的时间里，随着我们度过7月份您指出的一些问题，会有一定程度的重新加速。我只想确认我的理解是否正确，以及我们现在应该如何解释信用卡和借记卡增长的轻微差异？谢谢。
Ryan McInerney
Let me just give a little context on it and then Chris, feel free to add or correct. Like Chris said, we're three weeks into the quarter. We had a hurricane. We had a tech outage across the country. We had a number of things happen. So, we're not kind of taking three weeks as a trend. We'll see kind of how things progress from here, in just terms kind of what happens for the rest of the quarter. I don't know if you want to talk about the credit-debit divergence.
我先介绍一下背景情况，克里斯可以补充或更正。正如克里斯所说，本季度已经过去了三个星期。我们遭遇了飓风。全国发生了技术故障。发生了很多事情。所以，我们不会把这三周当作趋势。我们会看看本季度接下来的情况如何。我不知道你是否想谈谈信用卡和借记卡的分歧。
Chris Suh 克里斯-苏
Yes. Well, I think I'll refer back to a little bit of a comment that we made, and we're seeing the July results. I also commented on the call that we are seeing a little bit of moderation in what I would call the lower spend band cohorts. And I think that's a little bit correlated, to some of the volume numbers that we're seeing in the quarter, related to credit versus debit. But all in all, when we look at it relative to, again, Q2 and Q3, we see it to be relatively stable once you factor in sort of the days mix with the leap year.
是的。好吧，我想我还是要回到我们的评论上来，我们看到了七月份的结果。我在电话会议上也说过，我们看到在我称之为较低消费段的人群中出现了一点缓和。我认为，这与我们在本季度看到的一些交易量数字有一点关联，与信用卡和借记卡有关。但总的来说，与第二季度和第三季度相比，一旦考虑到闰年的天数组合，我们会发现情况相对稳定。
Jennifer Como 珍妮弗-科莫
Next question, please. 请回答下一个问题。
Operator 操作员
Next, we'll go to the line of Bryan Bergin from TD Cowen. Please go ahead.
接下来请 TD Cowen 的 Bryan Bergin 发言。请说
Bryan Bergin 布莱恩-伯金
Hi, good afternoon. Thank you. Wanted to ask on new flows here. So you had a nice acceleration in growth really over the last two quarters on consistent comps. Can you add more color on the particular areas of strength that have picked up? I know Visa Direct was one of those. I'm just curious if you think you could sustain that level of expansion, or may that moderate a bit?
嗨，下午好。Thank you.我想问一下新流量的问题。在过去的两个季度里，你们的增长速度确实加快了，而且比较稳定。您能否进一步介绍一下哪些领域的业务有所增长？我知道 Visa Direct 是其中之一。我只是很好奇，你是否认为你可以保持这种扩张水平，或者可能会有所缓和？
Chris Suh 克里斯-苏
Yes. Thanks for the question. 18% growth, as I mentioned, feel really good about the execution and the momentum in the business. It is an enormous opportunity that we have in front of us, across both our commercial business and money movement with Visa Direct. I think you're familiar with the numbers, 41% growth in the transactions and stable commercial volumes as well.
是的，感谢您的提问。18% 的增长，正如我提到的，我们对业务的执行力和发展势头感到非常满意。无论是商业业务还是 Visa Direct 的资金流动，我们都面临着巨大的机遇。我想你们对这些数字并不陌生，交易量增长了 41%，商业交易量也保持稳定。
I think what - this acceleration that you're referring to, we had a unique situation in Q1 where we had some onetime items that really kind of depressed the growth, reported growth in Q1. And if you look at the last couple of quarters, it's more reflective, I think, of the underlying health in the business. That said, as we saw in Q1, that growth rate can vary from quarter-to-quarter, based on deal timing and terms and one-time items like the one that impacted Q1.
我认为，你所说的加速，是我们在第一季度遇到的特殊情况，我们有一些一次性的项目，这确实抑制了第一季度的增长和报告的增长。如果你看看过去几个季度的情况，我认为这更能反映业务的基本健康状况。尽管如此，正如我们在第一季度所看到的那样，基于交易时机和条款以及影响第一季度的一次性项目，增长率在每个季度之间都会有所不同。
And so overall, I'd say at the macro level, good momentum. The underlying business is healthy, and we're continuing to see that level of growth. And the growth rate should be healthier, and should continue to grow faster than consumer payments, with some normal expected variability quarter-to-quarter.
因此，总体而言，我认为宏观层面势头良好。基本业务是健康的，我们将继续看到这种增长水平。增长速度应该更健康，而且应该继续快于消费者支付的增长速度，但每个季度之间会有一些正常的预期变化。
Ryan McInerney
And just to build on Chris' points, I think we're in the very early stages of Visa Direct growth. We spent many, many years investing and building the platform, the infrastructure, the connectivity, domestic cross-border, working with issuers and acquirers and processors. And now we're able to be out there selling all around the world, finding new use cases, some of which I highlighted in my prepared remarks.
根据克里斯的观点，我认为我们正处于 Visa Direct 发展的早期阶段。我们花了很多很多年投资和建设平台、基础设施、连接性、国内跨境，与发卡机构、收单机构和处理商合作。现在，我们能够在世界各地进行销售，寻找新的使用案例，我在准备好的发言稿中强调了其中一些案例。
You go back to 2019, we did 2 billion Visa Direct transactions. We did 2.6 billion transactions this quarter. So this is just another great example of, when we go and we systematically identify the need in the market, we spend the time, we build the infrastructure. We build 8.5 billion end points, the connectivity, the reliability, the security, the fraud capabilities.
回溯到 2019 年，我们完成了 20 亿笔 Visa Direct 交易。本季度我们完成了 26 亿笔交易。因此，这只是另一个很好的例子，当我们系统地确定市场需求时，我们会花时间，建设基础设施。我们建立了 85 亿个终端点、连接性、可靠性、安全性和反欺诈能力。
I just think we're in the very early stages of what we're going to see, in terms of the growth of this business and the number of use cases and partners, many of which I highlighted in my prepared remarks that, are going to want to build their use cases on this platform.
我认为，从业务增长和用例数量以及合作伙伴的数量来看，我们正处于即将看到的早期阶段，我在准备好的发言稿中强调了许多合作伙伴，他们都希望在这个平台上构建自己的用例。
Jennifer Como 珍妮弗-科莫
Next question, please. 请回答下一个问题。
Operator 操作员
Next, we'll go to the line of Sanjay Sakhrani from KBW. Please go ahead.
接下来请 KBW 的 Sanjay Sakhrani 发言。请说
Sanjay Sakhrani
Thank you. I guess most of my questions have been asked and answered. But just on that last point, Ryan, you were making, I'm just wondering, where are we in the evolution of yield there? Can those go higher as you continue to expand in some of those categories with Visa Direct? And then just in terms of Reg II, is the full impact of Reg II now in the run rate, or should we expect there be any uncertainties related to that? Thank you.
谢谢。我想我的大部分问题都已经问完了并且得到了回答。只是在最后一点上，Ryan，你正在讨论的是，我只是想知道，我们在收益方面的演变处于什么阶段？随着我们在Visa Direct等类别中继续扩张，这些收益能否提高？然后关于Reg II，Reg II的全部影响现在是否已经计入了运行速率，或者我们是否应该预期与此相关的任何不确定性？谢谢。
Ryan McInerney
Yes. I'll take both of them. On the first one, we're still in the early evolution of the use cases. I mean, we weren't even talking about earned wage access a couple of years ago, Sanjay. And so as we've got - I think we've got 65 or so use cases now on the platform, our teams are finding new use cases all the time. So I think we're continuing to see the evolution of all of that and the economics of all that will play out.
是的，两个我都要。关于第一个问题，我们仍处于用例的早期发展阶段。我的意思是，几年前我们甚至还没有讨论过工资收入访问，Sanjay。因此，随着我们的平台上出现了 65 个左右的用例，我们的团队也在不断发现新的用例。因此，我认为我们将继续看到所有这些的演变，以及所有这些的经济效益。
What I would point you back to, is what I mentioned in my prepared remarks, the tremendous success we're having in cross-border. We've had great success in selling new use cases, and driving cross-border transaction growth in Visa Direct. As you know, the yields are higher in cross-border, given the value that we add. So again, feel good about all of that.
我想让大家注意的是，我在事先准备好的发言稿中提到，我们在跨境交易方面取得了巨大成功。我们在销售新用例和推动 Visa Direct 跨境交易增长方面取得了巨大成功。众所周知，鉴于我们的附加值，跨境交易的收益率更高。因此，我们对所有这一切都感觉良好。
Listen, I want to just emphasize in terms of Reg II, the e-commerce debit market is a very competitive market, and is going to be competitive for as far as we can see. So while Chris noted, I think noted that the impact has remained the same, we haven't seen any change in impact, and I don't - and we're not expecting any change in impact for the fourth quarter.
听着，我想强调的是，就 Reg II 而言，电子商务借记市场是一个竞争非常激烈的市场，而且就我们所见，竞争还将继续激烈。因此，虽然克里斯指出，我认为影响保持不变，但我们没有看到影响有任何变化，而且我不认为--我们预计第四季度的影响也不会有任何变化。
It is a competitive business. We are out there with clients day in and day out, helping them understand the benefits of processing transactions on Visa. And there are a lot of them, which is why we feel good so far in the evolution of Reg II, about how we've been able to grow that business.
这是一项竞争激烈的业务。我们日复一日地与客户打交道，帮助他们了解使用 Visa 处理交易的好处。这样的客户很多，这也是为什么我们对监管 II 的发展和业务增长感到满意的原因。
We feel great about the capabilities that a Visa data transaction offers, many of which I've talked about on these calls in the past. So we're out there, we're competing, we're selling, we're delivering our products, and we feel good about our win rate.
我们对 Visa 数据交易提供的功能感到非常满意，其中很多功能我在过去的电话会议上都谈到过。因此，我们正在进行竞争、销售和产品交付，我们对自己的胜率感觉良好。
Jennifer Como 珍妮弗-科莫
Next question, please. 请回答下一个问题。
Operator 操作员
Next, we'll go to the line of Jason Kupferberg from Bank of America. Please go ahead.
接下来，我们请美国银行的杰森-库费伯格发言。请说
Jason Kupferberg
Thanks guys. So just a clarification on revenue, and then a question on volumes for this fiscal year. So it sounds like for Q4, you're looking for revenue growth of, call it, 11% to 12%. I think that would put you at the low end of the low double-digit guide, you're maintaining for the year. So that's what I wanted to clarify. And then just a question on volumes. I think you said Q4 should be in line with Q3, which I think would bring the full year to around 7%, versus the high single-digit updated guide last quarter. So just as we start to tune our models for next year, what are some of the potential accelerants off that 7% level we should be considering?
谢谢你们。我想先澄清一下收入问题，然后再问一下本财年的销量问题。听起来，第四季度的收入增长在 11% 到 12% 之间。我认为这将使你们保持今年两位数的低增长。这就是我想澄清的。还有一个关于销量的问题。我想你说过第四季度应该与第三季度保持一致，我认为这将使全年增长率达到 7%左右，而上一季度的最新指导则是高个位数。那么，在我们开始调整明年的模型时，我们应该考虑哪些潜在的加速因素，会脱离 7% 的水平？
Chris Suh 克里斯-苏
Hi, Jason, let's unpack that. You had a couple of things in there, and I just want to - I think this is important, so we'll just be super clear. For Q4, my guidance, our guidance for our Q4 adjusted net revenue would be low double-digits. And sort of the directional guidance I also gave is it would be slightly above the Q3 level that we reported, which was the 10% growth in the quarter.
嗨，杰森，让我们来解释一下。你在其中提到了几件事，我只想说--我认为这很重要，所以我们会说得非常清楚。对于第四季度，我的指导，我们对第四季度调整后净营收的指导将是低两位数。我还给出了方向性指导，即略高于我们报告的第三季度水平，也就是本季度增长 10%。
And so sort of take that - take those two points and I would triangulate around that. And that would still get you sort of to the math of the low end of low double-digits, as you called it, for the full year. The second point was on drivers from Q3 to Q4. I did say that payment volume, payment transactions, we anticipate Q4 to be consistent with Q3. The one exception to that is in cross-border, where I did say it'd be slightly below the Q3 levels.
因此，从这两点出发，我将围绕这两点进行三角测量。这样，全年的销售额仍将达到你所说的两位数的低端水平。第二点是关于第三季度到第四季度的驱动因素。我确实说过，我们预计第四季度的支付量和支付交易量将与第三季度保持一致。唯一的例外是跨境业务，我确实说过会略低于第三季度的水平。
And that really is based on the travel circumstances and situation in Asia that we've talked about extensively, with outbound travel in Asia, in particular, being impacted and recovering slower than we anticipated at the beginning of the year. And so, those are the two variables in terms of the - to get the Q4 guidance consistent with the intent - that I communicated. And then as far as FY '25 goes, we're at the beginning end of planning, and as we always do, we'll share our expectations on '25 at the end of Q4.
这实际上是基于我们已经广泛讨论过的亚洲的旅游环境和形势，尤其是亚洲的出境游受到了影响，其恢复速度低于我们年初的预期。因此，这就是我所传达的第四季度指引与预期一致的两个变量。至于 25 财年，我们正处于规划的起始阶段，正如我们一贯所做的那样，我们将在第四季度末分享我们对 25 财年的预期。
Jennifer Como 珍妮弗-科莫
Next question, please. 请回答下一个问题。
Operator 操作员
Next, we'll go to the line of Dan Perlin from RBC Capital Markets. Please go ahead.
接下来，我们请加拿大皇家银行资本市场（RBC Capital Markets）的丹-佩林（Dan Perlin）发言。请说
Dan Perlin 丹-佩林
Thanks. I guess more of a big picture question here, Ryan. So your AI and gen AI investment, you've talked about, I think at conferences, your desire to kind of build out your own large language model. So I'm wondering, one, where do those investments stand today? I guess, two, what would be your expectation for early use cases of those investments, and kind of the payback period? And then three, is there an opportunity to drive, like true incremental sales, or better outcomes for your merchant constituents as opposed to just the banks? Thanks.
谢谢。我想这是一个大问题，Ryan。你在会议上谈到，你希望建立自己的大型语言模型。所以我想知道，第一，这些投资目前的情况如何？第二，你对这些投资的早期使用案例以及投资回收期有何预期？第三，是否有机会推动真正的增量销售，或为商户带来更好的结果，而不仅仅是银行？谢谢。
Ryan McInerney
Yes. Hi, Dan, thanks for the question on AI. First of all, to frame it is, we are all in on gen AI at Visa as we've been all in on predictive AI, for more than a decade. We're applying it in two broad-based different ways. One is, sort of adopting across the company to drive productivity, and we're seeing real results there. We're seeing great results, great adoption, great productivity increases from technology, to accounting to sales all across the company.
您好，Dan，感谢您关于人工智能（AI）的问题。首先，要说明的是，Visa对生成式人工智能（gen AI）的投入与我们过去十年多来对预测性人工智能的投入一样全面。我们正在以两种广泛不同的方式应用它。一种是在整个公司范围内采用以提高生产力，我们在这方面看到了真正的成果。从技术到会计再到销售，整个公司都看到了巨大的成果、极好的采用率和生产力的极大提升。
The second is applying generative AI to enhance the entire payment ecosystem. And to the latter part of your question, absolutely. I guess I'd give you one set of examples or some of the risk tools and capabilities that we've been deploying in the market. I mentioned the risk products that we're using on RTP and account-to-account payments. That is an opportunity to reduce fraud, both for merchants and for issuers.
第二，是将生成式AI应用于增强整个支付生态系统。对于您问题后半部分的回答，绝对是的。我想给您举一组例子，或者一些我们在市场上部署的风险工具和能力。我提到了我们正在使用的风险产品，这些产品用于RTP和账户到账户支付。这是一个减少欺诈的机会，无论是对商户还是对发卡行。
I think I mentioned on a previous call, we have our Visa Provisioning Intelligence Service, which is using artificial intelligence to help predict token provisioning fraud before it happens. That also is a benefit to both issuers and merchants. And the list goes on. So, we are very optimistic about the positive impact that generative AI can have, not just on our own productivity, but on our ability to help drive increased sales and lower fraud across the ecosystem.
我认为我在之前的电话会议中提到过，我们有Visa Provisioning Intelligence Service，它使用人工智能帮助预测令牌配置欺诈在发生之前。这对发卡行和商户都有好处。而且这样的例子还有很多。所以，我们对生成式AI可能带来的积极影响非常乐观，它不仅可以提高我们自己的生产力，还可以帮助推动整个生态系统的销售增长和降低欺诈。
Jennifer Como 珍妮弗-科莫
We'll do one more question, please.
请再回答一个问题。
Operator 操作员
For our final question, we'll go to the line of Harshita Rawat from Bernstein. Please go ahead.
最后一个问题，请伯恩斯坦公司的 Harshita Rawat 发言。请说。
Harshita Rawat 哈希塔-拉瓦特
Good afternoon. Ryan, Chris U.S. card volume growth of 5% in surface kind of suggests a little bit more of a mature market. Now I understand the category differences between card volume growth and DC growth, which influence the delta here. Ryan, you discussed your global down estimate of $20 trillion in consumer payments for Visa. How should we think about, the secular digitization opportunity and the growth algorithm for the U.S., which is your biggest market? Thank you.
下午好。Ryan，Chris，美国卡量增长5%表面上看起来似乎是一个更成熟的市场。现在我知道卡量增长和DC增长之间的类别差异，这些差异影响了这里的增量。Ryan，你讨论了你对Visa全球消费者支付20万亿美元的下调估计。我们应该如何考虑，美国这个最大的市场的长期数字化机遇和增长算法？谢谢。
Ryan McInerney
Okay. It was a little hard for us to hear you, Harshita, but I think I got the gist of your question around the growth algorithm for consumer payments, especially in mature markets. So as I've said before, we see more than $20 trillion of opportunity around the world. About a quarter of that is in the U.S., by the way. And that's cash, that's check, that's ACH, that's electronic transactions, that's cards that run on domestic networks and the like. And we're capturing that opportunity through a few different ways.
哈希塔，虽然我们听不太清楚你的问题，但我想我明白了你关于消费支付增长算法问题的要点，尤其是在成熟市场。正如我之前所说，我们在全球看到了超过 20 万亿美元的商机。顺便说一下，其中约四分之一在美国。其中包括现金、支票、ACH、电子交易、在国内网络上运行的银行卡等。我们正在通过几种不同的方式抓住这个机会。
One is continuing to expand acceptance and expand the places, where people can use cards. In the U.S., rent would be a great example. We've been having some really good success, penetrating the rent vertical. The second is making it easier to drive e-commerce growth and e-commerce transactions, which has an outsourced impact on our ability to drive growth on Visa, for those types of things.
一是继续扩大接受范围，扩大人们可以使用银行卡的场所。在美国，租房就是一个很好的例子。我们在打入房租垂直市场方面取得了巨大成功。其次是让电子商务增长和电子商务交易变得更容易，这对我们推动 Visa 卡增长的能力产生了外包影响。
And third is just continuing to innovate with new products and services that, make our issuers want to issue Visa and consumers want to use them. We announced a full slate of new product innovations at our Visa Payments Forum this year. And those are the types of products that, we believe are going to help us win in the marketplace, and help us capture and digitize a big chunk of that opportunity on the Visa network.
第三是继续创新，推出新产品和新服务，让发卡机构愿意发行 Visa 卡，让消费者愿意使用 Visa 卡。我们在今年的 Visa 支付论坛上宣布了一系列新的产品创新。我们相信，这些类型的产品将帮助我们赢得市场，并帮助我们抓住 Visa 网络中的大部分机会，并将其数字化。
Jennifer Como 珍妮弗-科莫
And with that, we'd like to thank you for joining us today. If you have any additional questions, please feel free to call or e-mail our Investor Relations team. Thanks again, and have a great day.
在此，我们感谢您参加今天的会议。如果您有任何其他问题，请随时致电或发送电子邮件给我们的投资者关系团队。再次感谢您，祝您今天愉快。
Operator 操作员
Thank you, all, for participating in the Visa fiscal third quarter 2024 earnings conference call. That concludes today's conference. You may disconnect at this time, and please enjoy the rest of your day.
感谢各位参加 Visa 2024 财年第三季度财报电话会议。今天的会议到此结束。您现在可以挂断电话，祝您生活愉快。
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